Capital Gains Tax House key

Capital Gains Tax Exemption

Capital Gains Tax in Canada

There has been a lot of talk lately about rescinding the capital gains tax exemption on primary residents in Canada. However, there’s not a chance of that happening according to real estate lawyer Bob Aaron. He says that “the chances of that happening in our country are slim.”

This is not because it could be politically dangerous, but that it’s also because Canadians view this tax as their right. So what happen’s if the government did try to implement this? They might have to then try to make mortgage interest rates tax deductible, which is similar to what they do in the U.S.

Housing Market in Canada

Another thing to think about banks, they have sounded the alarm in the “runway” housing market that we are currently in. With real estate prices that are causing the banks to lobby policymakers to intervene. So even therefore the capital gains exemption on primary residents should be rescinded.

Bob Aaron believes that the we might be heading toward a recession, so that proposing the capital gains has sparked enough alarm. Now the Toronto Real Estate Board (TRREB) has even published an op-ed to express their feelings against the idea.

“Currently, the sale of a principal residence is exempt from capital gains tax. This makes sense for many reasons, not the least of which is the fact that homeownership is the cornerstone of retirement planning for many people. Unfortunately, while the federal government has denied any plans to change this policy, the idea continues to be discussed in various corners. This should stop.” – TRREB’s president and the boards CEO.

The Toronto Real Estate Board has also pointed out that the capital gains would change the rules and that first-time home buyers, who already feel as though they have greater challenges, would be penalized further.

Contact Lori VanDinther and Team Today

We will continue to monitor this developing story and report back when there is more to share. For now let’s concentrate on finding you your dream home!

Make sure you contact Lori VanDinther and her team today if you’re interested in buying or selling your home. If you’re interested in learning what your home is worth, try our free home evaluation.

Burlington real estate

Burlington Real Estate Market Is Hot

Hamilton-Burlington Real Estate Market

It doesn’t come as new information at this point that the Hamilton-Burlington real estate market is on fire. With the average price of a residential property having an increase of 54 per cent in February and new listings up by 61.9 per cent since January 2021. 

There’s a lot that attracts people to this area such as the beautiful Royal Botanical Gardens, various beachs, waterfront properties, historic areas and incredible restaurants. Home buyers have been seeking the Burlington and Hamilton area to escape the busy cities like Toronto for something with more room to move. Especially during this time in our lives when COVID-19 is having us at home more often. 

Real Estate Statistics for February 2021 

The REALTORS® Association of Hamilton-Burlington (RAHB) reported that sales in the market area were 25 per cent higher-year over -year. With the average cost of a residential property being $787,840, an 8 per cent increase compared to the previous year. The average cost of a residential property in Burlington was reported to be up by 27 per cent to $1,067,867. Burlington also saw 375 new listings and an average of 14 days on the market.  

“In the RAHB market area, we saw an above average increase of 7.7 per cent in the average price of a home month over month. There are several pandemic related factors which have contributed to the high demand for housing combined with the low supply levels we have experienced in our market area. The good news is the number of new listings broke a 10-year record for February and our active listings increased by 28 per cent from January 2021. As we recover from these ultra low inventory numbers, buyers should start to see more selection and a bit less competition. Additionally, new listing numbers should stay strong and inventory levels should continue to increase to a more normal level as more of the RAHB market area moves out of lockdown and control zones.” – RABH President President Donna Bacher

Why The Hamilton-Burlington Market Is Attractive

It has been reported that unemployment is declining and in January 2021 there were 1,600 employment opportunities within the region. This fact alone makes the area more attractive to potential buyers. There are excellent schools and job opportunities in the area only adding to the rush of buyers looking for their next dream home. 

Burlington’s most sought after neighbourhood Milcroft saw 85 sales in February, with an average residential property price of $983,974. There are many great reasons to purchase your home in Burlington and the time is now. COVID-19 has played a role in why the market is the way it is. 

“COVID-19 continues to place logistical hurdles on families trying to get their home onto the market; however, as spring weather arrives and if COVID-19 restrictions are eased, families should be in a better position to leave their home to accommodate necessary showings which should increase the number of active listings in the RAHB market area,” – RABH President President Donna Bacher

Contact Lori VanDinther 

If you have any questions about what other tips there are about curb appeal, we will be happy to help! 

Make sure you contact Lori VanDinther and her team today if you’re interested in buying or selling your home. If you’re interested in learning what your home is worth, try our free home evaluation.

Home Renovations

Home Renovations

Home renovations are a great first step when preparing for your home to be listed. Home renovations can include anything from simple and easy improvements to full on more expensive details. Today we want to talk about things you can do yourself and it’ll help improve your ROI.

If you have lived in your home for a long time, it might be hard to see what really needs to be done. There might be a wall colour that you’re so used to that you might not realize that it needs an refreshment, a fresh coat of paint. That’s really how simple these home improvements can be. Today we’ll talk about paint, doors and hardware and countertops.

Painting Your House

It’s time to pick out some paint colours and get creative. If you’re considering painting the outside of your home, it would be best to consult a professional, as it can be dangerous, leave that to the pros. For the inside of your home, you can use a professional or do it yourself. All you need to do is pick out some colours and choose the rooms that need to have a refresh.

Painting can really go a long way and it’s not the most complicated ways to improve a room. When you’re putting your home on the market, try hiring a professional to come and do the job for you. They can often help you select the palette and they can seal trim and repair minor damage. It might not be the most glamorous renovation but it will help the room feel like new again. Now let’s talk about door and hardware.

Doors and Hardware

When it comes to investing in new interior doors and hardware and replacing the front door, you will see an improvement. I mean, how could you not? The doors and hardware can be updated to something more modern if you’re living in an older home. The new hardware doesn’t have to just apply to door, it can also apply to kitchen cabinets and bathroom cabinets too.

If you have the budget for it, take an inventory of all the hardware around your home and see what can be updated. Also consider adding a nice quality lockset, baseboards, crown moulding and wainscoting. They’re all good examples of inexpensive improvements that can offer immediate appeal to your home, inside and out. Lastly, we’ll discuss countertops and see what can be done.

Countertops

Sometimes all it can take in a kitchen is some new countertops to give the room life again. Consider a quality stone such as granite or quartz. There are also less inexpensive countertop solutions that you can find at your local hardware store, such as Home Depot, and they have professionals that will make you have it installed the right way. There are so many choices and so many ways to add little improvements to your home and get it ready to be listed.

Contact Lori VanDinther

If you have any questions about what other tips there are about curb appeal, we will be happy to help! 

Make sure you contact Lori VanDinther and her team today if you’re interested in buying or selling your home. If you’re interested in learning what your home is worth, try our free home evaluation.