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Tag: ontario real estate

Levy Zavet Lawyers: A Real Estate Lawyer’s Top Tips for First-Time Homebuyers in 2020

As 2019 came to a close, many Canadians are setting their sights on 2020 and making plans for the next decade. If one of your New Year’s resolutions is to purchase your first home, then you will definitely want to read our top tips for first-time home buyers! Tip #1: Learn about government programs that may apply to you. One […]

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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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Ontario’s new real estate cooling off plan and the 15% foreign buyer tax!

Ontario’s new real estate cooling off plan has the following changes: 1) 15% Non-Resident Speculation Tax on residential single family dwellings purchased by non-citizens or non-permanent residents that are not subsequently attaining citizenship or permanent residency. 2) Applying Rent Control to all forms of residential rentals capping increasing to no more than 2.5% at a time. 3) Making it more difficult for landlords to evict tenants for their own use of the premises. 4) Uniforming residential leases with additional provisions/explanations for tenants.

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