On October 17, 2018 cannabis was officially legalized throughout Canada. The legalization of recreational cannabis is one of the largest policy changes in Ontario as of late. Here's what you need to know: Individuals of age are permitted to possess up to 30 grams of cannabis Tougher drug-impaired driving laws including zero tolerance for young and novice drivers Up to 4 plants may be grown per household including in apartments. Note that it is per residence, not per... [read more]

What is Kitec? Kitec plumbing is a type of pipe that's vulnerable to premature failure which may damage a home and result in costly repairs. It was commonly used in homes built between 1995 and 2007, and otherwise for general plumbing repairs or renovations. The Kitec system was sold under a number of different brand names and in a variety of colours. In 2005, it was recalled because the pipes and fittings were found to have a tendency to corrode quickly and can fail entirely, which can... [read more]

Rental Market Currently, buildings built before 1991 were exempt from rental increase guidelines. Ontario plans to expand rent control to all private rental units, including new condos Standardized leases and other changes to the Residential Tenancies Act Multi-residential apartment buildings will be taxed at similar rates to other residential properties More funding to encourage construction of new rental apartment buildings Foreign Buyers & Real Estate... [read more]

If you sold your home any time from January 1, 2016 or after, you now have to declare it on your income tax return.  If your home was a primary residence, you are still exempt from capital gains taxes. Failing to report the sale could cost you up to $8,000 in penalties. This new rule is meant to reduce tax evasion and to close a loophole exploited by real estate speculators. Without a requirement to disclose the sale of a primary residence, house flippers bought and sold properties... [read more]

The evolution of technology has positively changed the way businesses operate as well as how we live our daily life - but it can also operate as a double-edged sword. From an owner's perspective, Airbnb can be great. Short-term rentals can be profitable each time you host but what happens when you find out your tenant is listing your condo unit without your permission? In major metropolitan cities like Toronto, it is becoming increasingly common. Each condo corporation varies in their... [read more]

As spring quickly approaches, Toronto's real estate market is gearing up for a busy season and is expected to outperform itself. According to a Bloomberg report, Toronto's market is even hotter than New York's and shows no signs of slowing down any time soon. The evidence is in the bidding wars. Gone are the days detached homes would sell for $30,000 over asking. We are seeing homes selling for as much as half a million dollars over asking! The inventory simply cannot keep up with... [read more]

The exact cost of updating your home will depend on its size, what kind of work needs to be done and the types of finishes you choose. Knowing your numbers ahead of time is crucial. After this article, you should be able to set a budget for your project(s) and conclude on needs vs. wants. Paint plays a major role in renovating but the big ticket items are appliances and cabinets - kitchens and bathrooms. Good news is, these two rooms also provide the most return on investment. Here's... [read more]

Effective March 17, 2017, Canada's federal housing agency will be increasing the cost of mortgage loan insurance for homebuyers as part of new regulatory requirements to offset risks in Canada's hot real estate markets, particularly Toronto and Vancouver. It is an attempt to slow down the appreciation of homes by making it more difficult to enter the real estate market. CMHC says the new premium changes are calculated based on the loan-to-value ratio of the mortgage being... [read more]

Just weeks after Ontario's Finance Minister announced that first-time home buyers would receive double the rebate on provincial land transfer tax effective January 1, 2017, the city of Toronto is in talks to "harmonize" its land transfer tax with the province's. The Toronto Real Estate Board (TREB) and realtors warn against this move. First-time home buyers are already cash-strapped and facing increasing competition as home prices continue to rise astronomically. Many homes... [read more]