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Tag: 2017

The Ontario Real Estate market meets its April 2017 Budget; are we in crisis?

April 2017 will possibly go down as the turning point in Ontario/Canada’s economy. Although the brunt of the straws that broke the camel’s back were dropped in Ontario, it’s obvious that this province is Canada’s strongest at the moment. Remember presently, Real Estate, Construction and Mortgage/Finance are pretty much the only above positive performing industries in Canada. To recap collectively what transpired in April here are the following in layman terms (excuse my spelling and grammar, can’t be bothered):1) 15% foreign real estate buyer tax, essentially taxing well to do non-citizens and non-permanent residents investing in real estate in the better part of Ontario. These dollars will no doubt be diverted elsewhere away from real estate entrepreneurs, retirees looking to down size and leave an inheritance to their kids and grandchildren looking to get into real estate themselves, real estate developers employing tens of thousands of contractors and sub-trades, contractors and sub-trades busy building homes for which their contracts will dwindle, tens of thousands of realtors making a living helping others buy and sell real estate, tens of thousands of mortgage brokers helping buyers borrow money, and much more

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New 2017 Ontario and Toronto Municipal Land Transfer Tax Rates

The new City of Toronto Land Transfer Tax Rates which are effective March 1, 2017 are as illustrated below. The City has decided to harmonize their rates with the recently announced Ontario, Provincial Land Transfer Tax changes. The difference between the City and the Ontario Provincial rules is that the City’s changes do not include grand-parenting provisions to exempt transactions that are initiated prior to March 1, 2017.In addition to the changes in the Toronto Land Transfer Taxes, also effective for all conveyances and dispositions made on or after March 1, 2017, the maximum rebate for eligible first time purchasers will increase from $3,725.00 to $4,475.00 (i.e. first $400,000.00 consideration is not subject to the tax). The City has also amended the eligibility of the first time home buyer rebate to Canadian citizens or permanent residents of Canada (to be consistent with the provincial rules).

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