Rising interest rates pushed amortization periods beyond 35-yr, posing risks to borrowers. Canadian lenders reduced mortgages exceeding 35-yr by 27% to $220B.Read more
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Halal mortgages in the budget enhance housing for Muslim Canadians and diverse communities. Strategies to back the initiative: Changing tax rules for these products Setting up a financial regulatory spaceRead more
Focus on cash flow: Invest based on today's rental income, not future appreciation of the property value. Mitigate risk of missed rent: Consider rent default insurance or require tenants to buy it.Read more
Increase for high earners: After June 25, 2024, capital gains tax increases for profits exceeding $250,000.The $250,000 threshold applies to individuals, including gains through partnerships or trusts.Read more
Nearly 40% of Canadian households are renters, while just over 60% are homeowners. Since the Bank of Canada started raising rates in 2022, about half of mortgage holders have refinanced at higher rates. Mortgage interest costs have increased by over 20% annually, contributing significantly to Canadian inflation. The Bank of Canada may soon begin cuttingRead more
Newmarket Mayor believes more housing dollars should go towards new builds rather than capital repairs, as York Region is set to save $219 million in community housing. The region plans to renegotiate mortgage agreements with providers, with debate on allocating savings between capital repairs and new projects. Continue to full articleRead more
Homes in Durham Region, especially Ajax, sell rapidly. Ajax properties, including detached homes and condos, sell in 10 days.Read more
York Region in Early-Q2: – Avg home price: ↓ 0.6% MoM & ↓ 3.2% yearly to $1.3M – Total home sales: ↓ 7.3% yearly to 1,270 Detached Houses: – Avg price: ↑ 2.1% MoM & ↑ 0.9% yearly to $1.7M – Sales: 627 – Avg DOM: 19Read more
Aggregate home price in GTA ↑ 5.2% yearly to ~$1.2M in Q1 2024. Median price of single-family detached home ↑ 3.9% yearly to ~$1.4M; condo price ↑ 3.7% to ~$734K.Read more
Eligible employees who worked from home in 2023 will be required to use the Detailed Method to claim home office expenses. The temporary flat rate method does not apply to the 2023 tax year. As an employee, you may be able to claim certain home office expenses (work-space-in-the-home expenses, office supplies, and certain phone expenses).Read more
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