Following a huge run up in the real estate market in and around the GTA in 2021 and early 2022 (up to mid March), there was a massive and abrupt correction resulting in a very high number of breached real estate contracts. Many of these breached real estate contracts have settled prior to going to the courts, but there is still a significant number that went before the judge. Almost 3 years have passed since the market turned south and quite of few of the lawsuits have now appeared on... [read more]

RRSP HBP withdrawal limit increased from $35,000 to $60,000. As of April 16th, 2024, the qualified first time home buyers can withdraw up to $60,000 from their RRSP as part of the RRSP First Time Home Buyer Plan. The 2024 federal budget approved the increase from $35,000 to $60,000. Please click on the links above to learn more about the RRSP HBP and the increased limit, and let us know if you have any questions. [read more]

The short-term rental market became very popular over the last few years, and a hot topic. Since this is a complex tax issue, we will only suggest anyone who is thinking about selling, buying or changing the use of residential property to short term rentals to contact a qualified professional. In the meantime, below are links to comments written by qualified professionals on this subject. Pallett Valo LLP – Tax court of Canada holes that the sale of an Airbnb rental property is... [read more]

An absorption rate is a measure of evaluating the strength of the real estate market by calculating the number of properties sold (usually within a month) versus the number of properties available for sale at the end of the period. The higher the number, the stronger the market. The calculation shows how long it would take to sell all the current inventory available for sale given the current market conditions. For example, we have 1,000 active listings, and within the last month 200... [read more]

On September 24, 2024 The Government of Canada announced significant changes to the mortgage rules qualifications. The two changes are: Increasing the $1M price cap for insured mortgages to $1.5M. Expanding the eligibility for the 30-year mortgage amortizations to all first-time home buyers, and to all home buyers of preconstruction homes.   Increasing the $1M price cap from $1M to $1.5M for insured mortgages. This is a significant change for buyers who could afford... [read more]