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]

Many people during their lifetime move from one property to another and if you are an owner quite often buying and selling around the same time is a necessity. The questions arise about what to do first, buy or sell as well as what everyone should know when planning on buying and selling at the same time. There are many factors that will influence this decision. Market condition. Typically, in real estate the markets are classified as sellers, balanced and buyers market. Sellers... [read more]

Why Are Condo Fee So High? In this article we will look at why are condo fees so high. The amount to be paid for monthly condo fees can range anywhere from $200 for a studio unit in the brand new condominium building to many thousands of dollars for a large penthouse in older building with many amenities, in most cases the fees will be anywhere between $300 to $1,000 per month, sometimes they seem reasonable, in other cases quite excessive, they only go up, and we often ask ourselves... [read more]

In 2023 Fall Economic Statement, among other changes the federal government is introducing the measures to crack down on illegal short-term rentals as well as financial assistance to the municipalities to help enforce the municipal short-term rental rules. We have compiled a list of rules and regulations for GTA by municipalities. The rules will be implemented on January 1, 2024. The federal government will be denying expense deductions on any short-term rentals where the... [read more]

Since in this blog we are discussing tax rules, I would strongly suggest you to get the advice from a qualified tax specialist. What prompted us to write a blog on the subject is frequent misinformation posted on various popular online forums stating that one must reside in the property for 1 year or more in order to qualify for the hst new construction rebate. Before we get to it let’s quickly recap what is the new construction hst rebate, and how it works in Ontario. A... [read more]