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 So even therefore the capital gains exemption on primary residents should be rescinded.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.
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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.
There are a lot of benefits to moving during the winter and it can actually be cheaper and more convenient. There are some reason why it can be economic during the winter and in this blog we’ll discuss some of those reasons.
Spring has always been considered the best time of the year to move or list your property on the market. The weather is more ideal and people can be outside without being cold or have to worry about snow.
Benefits of Moving During the Colder Months
However, there will always be sellers who need to list their homes and buyers need to buy, even in the dead of winter. Less buyers mean that there will be less biding wars, less stress and more chances to get the home of your dreams.
Another benefit your can take advantage of is that real estate agents are more available. Since the warmer months are the busiest, during the winter you will be able to have more attention from your agent.
Sellers are also a lot more motivated because there are less people looking to purchase a new home. Which also means less competition for you to worry about, and gives you even more opportunity to find your dream home.
Hiring Movers During The Colder Months
When it comes to your moving day you’re going to need movers and since it’s the winter, finding one and booking a truck won’t be as difficult. You also won’t have to worry about booking your movers months in advance.
However, there’s nothing wrong with planning your move in advance, that way you’re able to stay organized. There’s nothing worse than finding yourself stressed out and unorganized on moving day.
Contact Lori VanDinther and Team Today
Please feel free to contact Lori if you have any questions or concerns about COVID-19 protocols. 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.
There are many factors home buyers should take into account when looking for that ideal home in Burlington, Ontario. Buying a home isn’t a simple process and you should put a lot of thought into it. This is why it’s always a good idea to get professionals, such as Team VanDinther, to guide you through the whole process.
So what are those factors to consider? What makes a home an ideal home? Ideal home is located in the right spot, and the home itself is accommodating your lifestyle and needs. Sound easy but in reality it can be tricky. And sometimes what we want and what’s available are not the same. Also, first thing is first. Figure out your purchase power. This will be the ultimate say in what you can attain.
Location. As the old phrase goes: Location, location, location! This is very important for a number of reasons. For one the price of your home will largely be determined by the location of the land and what’s around. The value of your home appreciates as you live in an area that’s “happening” and has everything close by. You could have the most beautiful home, but if it’s too far from everything and isolated, you’ll end up not liking it as much. We’re talking major roads and highways, amenities, schools, parks, community centers, businesses, restaurants, etc. Well established communities, that support quality life. Consider where you work, how do you like to spend your free time, where are your friends and family, is waterfront important to you, or perhaps you like a more secluded area a bit outside the city. You don’t want to pick a house located too far from everything, even if that house is absolutely amazing. Unless you’re buying in an area that will grow in the years to come and you’re aware of that and OK with that.
Your Lifestyle. Where you are in life will determine the type and size of home you need. For example if you are thinking about starting a family? or have one already you need a place that will be accommodating to that in the few years to come, at least. Think about how many rooms/bathrooms you’d need, what style of home? are too many stairs a problem? backyard size? number of garages? Do you need a shed for tools and tinkering around. Figure out how many years you’d want to stay in this home, and then try to picture your life 2 years from now, 4 years, 6 years, and so on? Does it work for everyone that will be living in the house? If you are not planning kids but have lots of pets, you may need a bigger backyard or parks close by, rather that lots of bedrooms. If you are parents you need to take into considerations schools and where you want to send you kids to? Check out our blog post The Best Ranked Schools in Burlington, Ontario. You want your home to be able to accommodate your lifestyle.
Neighbourhood. What’s around your area? What can you do with your family or friends on the weekend? How does a typical evening feel like? What about morning rush hour? Try to see your potential neighbourhood in different times of the day to avoid surprises. Ask other home owners what do they love most about the neighborhood, what do they dislike? Do you like neighbourhoods that are easily walkable. For example if you go to www.redfin.com/how-walk-score-works and type in your address, neighbourhood what score does it give? Are you OK with that? Get a good feel of the neighbourhood because once you step outside your house, this is what you’re be immersed in. You wanna feel right at home. Some of Burlington’s best neighbourhoods for families are: Millcroft, The Orchard, Alton Village. South Burlington is primarily older neighbourhoods but closer to the Lake Ontario and very beautiful mature lots. Downtown core, Aldershot, Corporate tend to be suitable for young professionals or retirees.
If you are planning to buy a home in Burlington, best mid-sized city in Canada, and need some help in finding that ideal home, please don’t hesitate to ask us for help. That’s what we’re here for. We’ve connected hundreds of people with their ideal homes and we can do the same for you too. Call 905-330-2002 today or learn more about our Burlington real estate services.