Province rebating the provincial portion of the HST for first-time home buyers of most new homes TORONTO — As part of its plan to protect Ontario, lower costs and help more families realize the dream of homeownership, the provincial government is proposing to rebate the full 8 per cent provincial portion of the HST… Continue reading Ontario Lowering Costs for First-Time Home Buyers
Effective January 1, 2025, the City of Toronto (“City”) has implemented a 10% tax on the purchase of residential properties by foreign entities, including individuals and corporations, that do not reside in Canada. This tax is payable on the closing date. The primary objective of the MNRST is to safeguard and enhance the availability… Continue reading Toronto’s new tax on foreign purchasers
The Government of Canada has passed the Prohibition on the Purchase of Residential Property by Non-Canadians Act that prevents non-Canadians and corporations controlled by non-Canadians from purchasing residential property in Canada for 2 years starting on January 1, 2023. The Canadian government has extended the Prohibition on the Purchase of Residential Property by Non-Canadians Act until… Continue reading Canada’s ban on foreign homebuyers comes into effect on January 1, 2023
All Toronto residential property owners must submit a declaration of their property’s 2022 occupancy status by February 2, 2023. The declaration portal is now open. Click Here to Submit Declaration An annual tax will be levied on vacant Toronto residences, payable beginning in 2023. A property is considered vacant if it has been unoccupied for a total… Continue reading Toronto Vacant Home Tax
Looking for an apartment or house to rent can be stressful. Rental prices have rebounded well above their pandemic lows and are now among the major inflation pain points for American consumers, along with food and gas prices. Several factors have contributed to the rising rents, including low housing inventories. It is a vicious cycle:… Continue reading Renting an apartment or home? Here is what real estate experts say you need to know
It may come as a surprise that not all Ontario rental units are subject to rent control. New buildings, additions to existing buildings and most new basement apartments that are occupied for the first time for residential purposes after November 15, 2018, are exempt from rent control. Click Here for Residential Rent Increase Guidelines What Units… Continue reading Exemptions to Ontario Rent Control: The Ability to Increase Rents for New Residential Units Occupied After Nov. 15, 2018
It can be challenging to navigate the new home buying process. We are here to help – and have compiled a few tips on purchasing a pre-construction home or condo. 1. Research your builder The Ontario Builder Directory (OBD) is an online resource that can help you confirm if your builder is licensed… Continue reading Tips On Buying A Pre-Construction Home In Ontario
