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]

What is the interim occupancy, and occupancy fee. When it comes to buying new pre construction properties, things can get complicated and are quite often full of surprises, items which are often misunderstood are the interim occupancy period and the occupancy fees. What is the interim occupancy period? The interim occupancy period is when the buyer can move in and enjoy the property, the project hasn’t been fully completed, and the title hasn't been transferred. The occupancy... [read more]

Some buyers wonder if they should hire a buyer’s agent, or they should represent themselves. Below we will discuss different options, what to be aware of, pay attention to and what to avoid. First off it is important to mention that the buyers aren’t required to use an agent, they can represent themselves, in Ontario you as a buyer are required to use a lawyer to complete the transaction, but you are not required to use a realtor when buying the property. There are over... [read more]