November 2016 - Ontario's real estate policies changes

Dear Friends,

As 2016 winds down, we're looking ahead to updates being made to Ontario's real estate policies that will begin rolling out in the new year. Two changes in particular will alter how we view buying and selling houses.

Starting January 1st, first-time homebuyers will be eligible to receive a refund of up to $4000 from the land transfer tax rebate (twice the current refund of $2000 for new homebuyers). The increase in this rebate will hopefully encourage more young people to make their first big purchase by reducing their closing costs and helping them save money for their down payment.

You can read more about the First-time Homebuyer's Land Transfer Rebate in the Ottawa Citizen
 


The second big change comes from the Canada Revenue Agency, and will affect something that many Canadians know little about: taxation on primary residences.

Most home sellers know that the gains of their sale are protected from taxation by the Primary Residence Exemption (PRE). Other properties, however--like vacation homes, or homes that buyers "flip" and re-sell--are not primary residences, and therefore are not exempt. The CRA will soon make reporting every sale of a primary residence on your tax forms mandatory, whether you owe taxes on the property or not. A key thing to note is that foreign investors in Canadian real estate will now be forced to abide by Canadian tax rules, as will Canadians who often dodged paying tax on their primary residences in the past. 

Still have questions? Give us a call, or send us an email--we're always ready to give you up-to-date information on what you need to keep your property finances in order!

Sincerely

  

 
Rachel Hammer

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Real-estate reform: What you need to know about Ottawa’s overhaul


The federal government is throwing some cold water on Canada’s overheated housing market, hoping to keep Canadians out of unaffordable debt and slow down foreign investment in Toronto and Vancouver’s real-estate markets. Here’s a guide on what has happened so far, what it means and what’s next.

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This month's question:


What kind of home construction is considered to be the safest in seismic areas?
 
The first five individuals to respond correctly will win a $10.00 gift card to Starbucks. Thank you and good luck!
Email your answers to: rachel@rachelhammer.com.
 
(Only one winner per household will be awarded a gift card and all previous winners must wait a minimum of 30 days before being able to win this trivia question)

 

Last Month's Question and Winners

What real estate board game became the best-selling game in America just one year after it was created?
Answer: Monopoly

 

Congratulations to:

Amanda G., Chris B., Jamie G., Joe N. and Chantal W. who correctly answered last month and won a $10.00 gift card to Starbucks.
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