Real Estate News

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CRA PROBES TORONTO PRE-CONSTRUCTION CONDO FLIPPING CASES FOR TAX AVOIDANCE
Canada Revenue Agency is analyzing 2,810 transactions involving cases of pre-construction condominium flipping in Toronto to determine whether audits need to be carried out to find tax evaders. In the Toronto area in particular, audit work has increased substantially on what are called “assignment sales” or “shadow flipping” in which a condo is purchased from a developer
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EXPERTS SAY NEW MORTGAGE RULES ARE BAD NEWS FOR CANADA’S REAL ESTATE MARKET
Things are about to get a lot tougher for Canadian home buyers applying for a mortgage. That’s because yesterday, Canada’s biggest banking regulator, the Office of the Superintendent of Financial Institutions (OSFI), announced its new mortgage qualification stress test. Starting January 1, all uninsured mortgage borrowers will need to qualify at either the Bank of
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HUDAK TALKS REAL ESTATE REFORM
Ontario Real Estate Association chief executive officer Tim Hudak said the federal government’s mortgage means test, which took effect last week, goes too far. “I think it’s overkill,” the former leader of the Ontario Progressive Conservative Party said in remarks in Owen Sound at the annual general meeting of the Realtors Association Grey Bruce Owen
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ONTARIO TOWN ENTICES NEW RESIDENTS WITH 90 PER CENT OFF LAND
A northern Ontario town nearly ruined by the collapse of its local paper industry is offering generous incentives to those who want to move there and help rebuild the community. Smooth Rock Falls, Ont., saw its population cut nearly in half and its revenues tumble 40 per cent since the 2006 closure of the pulp
Canadian-Real-Estate-Prices-Fall-For-A-Third-Month-In-A-Row-Royal-York-Property-Management
CANADIAN REAL ESTATE PRICES FALL FOR A THIRD MONTH IN A ROW
Canadian real estate markets are taking a breather. Canadian Real Estate Association (CREA) numbers show 2017 is the first-time in years we’ve seen national prices decline. Markets that made the largest gains over the past year, are seeing the largest monthly drops. Meanwhile, cities that did not boom over the past year, are finally starting to see
Canadian-Real-Estate-Buyers-Are-About-To-Lose-25-Of-Their-Buying-Power-Royal-York-Property-Management
CANADIAN REAL ESTATE BUYERS ARE ABOUT TO LOSE 25% OF THEIR BUYING POWER
Canadian real estate buyers could lose up to 25% of their mortgage buying power in a few weeks. TheOffice of the Superintendent of Financial Institutions (OSFI) is currently holding public consultation on new guidelines designed to prevent people from taking on too much mortgage debt. Whether you’re for or against the proposed rules, you’re probably going
New-mortgage-stress-test-to-hit-‘move-up’-home-buyers-Royal-York-Property-Management
New mortgage stress test to hit ‘move-up’ home buyers
Expanded stress testing of mortgages will have “a significant dampening effect” on the housing market and could hit move-up home buyers hardest, says BMO financial group chief economist Doug Porter. The latest lending restrictions announced by the Office of the Superintendent of Financial Institutions (OSFI) on Tuesday, could also slow interest rate increases next year