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TRREB: GTA Competition increases due to tight market conditions 

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TRREB: GTA Competition increases due to tight market conditions In March 2023, the Greater Toronto Area (GTA) housing market tightened. Compared to March 2022, sales accounted for a higher percentage of listings, indicating that buyer rivalry is increasing. For the first time since May 2022, the average selling price exceeded the average list price in Toronto. “As the first quarter progressed, Toronto Regional Real Estate Board (TRREB) members increasingly reported that buyer competition was heating up in numerous GTA neighborhoods.” “The most current numbers support this,” TRREB President Paul Baron remarked. “Latest consumer polling also indicates that demand for owning homes will remain strong this year.” As high average rents come more nearly in line with the cost of ownership, expect first-time buyers to lead this rebound.” In March 2023, GTA REALTORS® reported 6,896 sales through TRREB’s MLS® System, a 36.5 per cent decrease from March 2022. Actual and seasonally adjusted sales increased month over month. New postings were likewise falling year over year, albeit at a significantly higher yearly pace. This indicates that market conditions are tighter than they were last year. “Lower inflation and financial market uncertainty have caused medium-term bond rates to trend downward.” This has resulted in decreased fixed-rate borrowing rates this year and will continue to do so. Reduced borrowing rates will assist with affordability, particularly when tighter market circumstances push up selling prices in the second half of 2023,” TRREB Chief Market Analyst Jason Mercer said. The composite benchmark for the MLS® House Price Index was down 16.2 percent year over year, but up month over month on both an actual and seasonally adjusted basis. Similarly, the average selling price fell 14.6% year on year to $1,108,606. On both an actual and seasonally adjusted basis, the average selling price increased month over month. “As population growth accelerates due to immigration, first-time buyer intentions will stay robust.” Since the quantity of available properties for sale is projected to remain limited, a considerable rental supply will be required. Sadly, we do not have this option at the moment. “Over the next several years, we need to see a policy emphasis on bringing more purpose-built rental units online,” TRREB CEO John DiMichele said. Related posts 11 April 2023 TRREB: GTA Competition increases due to tight market conditions  08 April 2023 Why Canadian Homeowners Aren’t Selling Why Canadian Homeowners Aren’t Selling There hasn’t been the usual rush of vendors at Canada’s… 08 April 2023 Toronto Real Estate Correction Pauses, Prices Upto $27k Toronto Real Estate Correction Pauses, Prices Upto $27k Is the Greater Toronto real estate market overpriced?… 05 April 2023 Canadian real estate prices will “rip” higher: SCOTIABANK Canadian real estate prices will “rip” higher: SCOTIABANK Canadian real estate may be sluggish… 05 April 2023 After just 86 days, Canada quietly reversed sections of its foreign buyer ban After just 86 days, Canada quietly reversed sections of its foreign buyer ban After hours of enforcement,… 31 March 2023 Non-Canadians can buy property more easily Non-Canadians can buy property more easily Certain limitations on foreigners buying residential property… 21 March 2023 What You Should Know About the Toronto Vacant Home Tax What You Should Know About the Toronto Vacant Home Tax The Toronto Housing Affordability Task Force has…

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Why Canadian Homeowners Aren’t Selling

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Why Canadian Homeowners Aren’t Selling There hasn’t been the usual rush of vendors at Canada’s popular Spring market thus far. Investors may have a greater issue than slow sales, BMO Capital Markets said. They point to many causes but ultimately conclude there is no incentive to sell. Less than a year after the Canadian real estate market started falling, the government is implementing a series of stimulus measures. Homeowners in Canada aren’t rushing to put their properties on the market Most Canadian homeowners wait until the spring market to put their home up for sale, but activity has been modest thus far. Toronto (-44%) and Vancouver (-34%), two market leaders, decreased in new listings in March. Although data from other areas has yet to be reported, brokers from throughout the nation say the data from the middle of the month will reveal that sellers were limited in all markets. Toronto may have a greater problem than slow sales, according to BMO economist Robert Kavcic. Investors, he said, should be aware that last month was the region’s slowest for new listings since 2001. Following are some of his observations that might explain the slowdown: They are not obligated to sell in such a poor market. This is not a recession, with its accompanying layoffs and forced home sales, but rather a correction in asset prices. As a result, most homeowners in today’s market aren’t under significant payment pressure. As a result of OSFI’s buyer stress testing, no transactions were ever forced. People are remaining put because of the high price of relocating or trade. The rental sector provides solid returns for investors. There must be a reason to buy or sell an asset All valid arguments, incentives, in particular, seem to be at the heart of most. Asset holders in any given market will do so for as long as they see a benefit in doing so. Would you part with a mystical piece of paper that guaranteed you $20,000 per month? Very likely not. You’ll probably attempt to use the worth of the paper to get even more “magic” paper. Several financiers are buying homes with negative cash flow. This occurs when the speculator/landlord must supplement the tenant’s rent in order to meet the property’s carrying expenses. In this case, investors still made money despite a small inconvenience by increasing rents. Holding back causes a severe scarcity in the market, which in turn drives up the price. As prices rise, there is less of a surplus to store, which causes supplies to become even more limited. While prices are dropping, an unexpected influx of stock is common. The motivation to avoid having your gains wiped away lies in the fact that you don’t earn any money until you sell. The cheaper pricing made possible by the larger inventory encourages even more buying. Major trend shifts are more likely to occur with a financialized asset when there is momentum in either way. Most people treat real estate as if it were an investment vehicle, analyzing market forces like supply and demand. There are x persons in need of a home, thus they will place bids on y properties. Investments don’t function that way; rather, their value is determined by how much cash they can be converted into. Due to investors seeking returns through asset inflation, there will never be enough “affordable” homes built. House prices tend to fall as interest rates rise because buyers can’t take advantage of as much debt. In times of crisis, central banks are expected to step in as a “lender of last resort.” Governments shouldn’t offer economic stimulus just because they can, but rather when there has been a sustained shortage of investment. Since the 2008 financial crisis, that is not how things have worked. As expected, rising interest rates stifled lending and drove down housing prices. Nevertheless, Canada lacks the stomach for tough love less than a year later. As a financial liquidity crisis bolstered moral hazard by suggesting credit stimulus was on the horizon, the market is now salivating. The Federal government has also recently increased subsidized demand while also opening the market to international investment only days after deciding it was essential to limit such activity. The message to potential investors is clear: Canada is essentially a house-trading hub. In other words, the motivation to hang onto your inventory is larger than any correction factor at this time since it couldn’t endure a complete year without providing stimulation. Why would anybody sell before your government, which is basically an army of real estate speculators, buys up all the available properties? They are incentivised to artificially inflate the asset in which they have a financial stake. Related posts 08 April 2023 Why Canadian Homeowners Aren’t Selling Toronto Real Estate Correction Pauses, Prices Upto $27k There hasn’t been the usual rush of vendors… 08 April 2023 Toronto Real Estate Correction Pauses, Prices Upto $27k Toronto Real Estate Correction Pauses, Prices Upto $27k Is the Greater Toronto real estate market overpriced?… 05 April 2023 Canadian real estate prices will “rip” higher: SCOTIABANK Canadian real estate prices will “rip” higher: SCOTIABANK Canadian real estate may be sluggish… 05 April 2023 After just 86 days, Canada quietly reversed sections of its foreign buyer ban After just 86 days, Canada quietly reversed sections of its foreign buyer ban After hours of enforcement,… 31 March 2023 Non-Canadians can buy property more easily Non-Canadians can buy property more easily Certain limitations on foreigners buying residential property… 21 March 2023 What You Should Know About the Toronto Vacant Home Tax What You Should Know About the Toronto Vacant Home Tax The Toronto Housing Affordability Task Force has… 18 March 2023 Canadian real estate prices rise for the first time in almost a year The fundamentals of the underutilised housing tax The real estate market in Canada has been experiencing…

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Toronto Real Estate Correction Pauses, Prices Upto $27k

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Toronto Real Estate Correction Pauses, Prices Upto $27k Is the Greater Toronto real estate market overpriced? The composite benchmark, or average house, had a price increase in March, according to statistics from the Toronto Regional Real Estate Board (TRREB). Despite the uptick, home sales have been dismal, and that isn’t expected to change anytime soon, according to industry analysts. For a second consecutive month, though, purchasers drove prices significantly higher. Home values in the Greater Toronto Area increased by $27,000 in only one month A year after interest rate rises, property prices in the Greater Toronto Area have surged. In March, the TRREB standard surged 2.5% (+$27,200) to $1,118,500. Toronto’s benchmark also increased, reaching $1.101 million (a gain of 2.2%, or +$24,100) from the previous month. The BoC’s annual inflation objective is 2%, therefore, this month’s rise was higher than that. Real estate prices in the Greater Toronto Area may have reached bottom Real estate prices in the Greater Toronto Area are still falling, but they may be bottoming out. Prices in TRREB have decreased by 16.2% (-$216,200) and in the City of Toronto by 13.1% (-$167,500) during the last year. But, the worst of the last year’s decline is over, and prices have risen by around 1 point relative to each benchmark. There is no sign of a rebound in the Greater Toronto Area’s housing market There was no increase in house sales to blame for the price increase. March existing home sales in the Greater Toronto Area dropped 36.5% to 6,896 units. That’s down considerably from the previous year and the lowest level seen in at least the past five years. There won’t be a dramatic shift in sales, according to industry experts. According to National Bank of Canada analyst Daren King, “despite these early indications of stabilization, sales remain significantly below their historical norm, having plummeted by 49.8 percent from their previous high in February 2022.” (NBF). Nevertheless, “…the possibility of a rebound in the housing market remains modest since we estimate the Bank of Canada to hold its policy rate at the present restrictive level for most of 2023,” they write. So, in the future months, sales should continue to be below their long-term average. The Supply of Preexisting Properties Declines Reduced stock levels may be attributed to retailers responding to improved credit availability. According to King, March’s drop in new listings followed a 24% drop in February. As a result, the number of active listings (as opposed to the total number of listings) has dropped by 21%. According to King, “as a consequence, market conditions in Toronto are somewhat tighter than the historical norm,” as measured by the active-listings-to-sales ratio.The Canadian real estate market, which is driven by moral hazard, has come to believe that a poor economy is beneficial to property values. Although King may be correct that sales will be flat for most of the year, investors are looking forward to lenient loan terms as a result of the worldwide financial crisis. The current narrative is that the state’s attempts to foster low-cost development will lead to a spike in property prices. Whether or whether they are incorrect is unclear at this time. Related posts 08 April 2023 Toronto Real Estate Correction Pauses, Prices Upto $27k 05 April 2023 Canadian real estate prices will “rip” higher: SCOTIABANK Canadian real estate prices will “rip” higher: SCOTIABANK Canadian real estate may be sluggish… 05 April 2023 After just 86 days, Canada quietly reversed sections of its foreign buyer ban After just 86 days, Canada quietly reversed sections of its foreign buyer ban After hours of enforcement,… 31 March 2023 Non-Canadians can buy property more easily Non-Canadians can buy property more easily Certain limitations on foreigners buying residential property… 21 March 2023 What You Should Know About the Toronto Vacant Home Tax What You Should Know About the Toronto Vacant Home Tax The Toronto Housing Affordability Task Force has… 18 March 2023 Canadian real estate prices rise for the first time in almost a year The fundamentals of the underutilised housing tax The real estate market in Canada has been experiencing… 18 March 2023 The fundamentals of the underutilised housing tax The fundamentals of the underutilised housing tax There has been some confusion over who will be required…

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Canadian real estate prices will “rip” higher: SCOTIABANK

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Canadian real estate prices will “rip” higher: SCOTIABANK Canadian real estate may be sluggish right now, but a major bank believes it will “rip” shortly. According to a recent Scotiabank study, the Federal government is at conflict with the Bank of Canada’s (BoC) aims. The country’s central bank is attempting to restrict demand and thereby inflation, while the Fed is doing everything possible to stimulate excess demand. As a result, devising a better strategy to boost housing prices would be difficult. Let’s break into what Scotiabank is on about. Pressure creates diamonds, but dead things are required first According to the bank, and the BoC has been attempting to reduce demand while the Fed has been attempting to increase it. The labor deficit in Canada is one of the most severe in decades. The bank views this as inevitable, given that the Fed has added 420,000 jobs since 2020. That is nearly similar to Halifax’s population and 51% of employment creation. It’s an unusual option for the Fed to boost its own employment program amid a labor shortage. According to Scotiabank, the same rationale is being applied to housing. The Fed says it wants to lower house prices but is actively attempting to raise them. “In a larger public policy perspective, Ottawa’s housing approach remains perplexing,” argues Derek Holt, VP and head of Scotiabank’s Capital Markets.”The Bank of Canada is attempting to limit inflationary pressures and cool previously blazing home prices.” The Fed has opened the floodgates to immigration into a market with no supply, while another tax subsidy to housing begins on Saturday in the shape of the first-time homebuyers tax-free home savings account, which enables one to store up to $40k tax-free with yearly payments of $8k. Housing will rip after a brief retrenchment, and so will the BoC’s efforts.” If you are not fluent in Bankster, this may need some unpacking to properly comprehend what is going on. Canada’s immigration policy is generous in the same way as the British West Indies were to India One of the most effective and mutually beneficial connections was Canada’s immigration program. Immigrants have always been quite successful in Canada. Regrettably, it is not the circumstance they are in right now. High-skilled immigrants are underemployed and living in substandard housing. There is a continual emphasis on how much immigration Canada needs, yet the government does not even have a plan for basic shelter. It’s evident that this is about increasing demand rather than a mutually beneficial development opportunity. Scotiabank is not alone in this regard. RBC, Canada’s biggest bank, has expressed similar sentiments. They said immigration is the quickest way to solve Canada’s demographic challenge. But it takes time; you can’t suddenly ratchet up the numbers and expect turnover. The bank cautioned that an increasing number of people without a strategy for work and housing would lead to increased inflation and higher housing prices. If you still believe this is 1980 and that immigrants gain by it, you are misinformed. Recent immigrants in Canada report feeling mislead, with two out of every five planning to return home. The government is governed like a sleazy business that exploits employees through a nefarious temp agency. They don’t care whether you can satisfy your fundamental necessities; they simply need someone to occupy the seat. A shady factory, on the other hand, may generate profits. Higher rents are a significant victory in this scenario. As borrowing rates fall, this may lead to greater housing prices. This weekend marks the start of Canada’s new tax subsidy to boost home prices Another artificial demand-side pressure described by Holt is the tax subsidy. In case you missed it, the First-Time Homebuyers Tax-Free House Savings Program begins tomorrow. It is a registered account, similar to your RRSP, RESP, or TFSA, that provides tax advantages for putting money aside for housing. Opponents felt that it was a flawed approach from the start. It is not intended to replace the current Home Buyers Programme (HBP), which enables first-time purchasers to borrow up to $35,000 from their RRSP. It also exists to encourage further home investment. How many Canadians have informed you that their house is their greatest investment? It most likely was. Since all the incentives are geared toward housing, they most likely made minor investments. As a result, Canadians have been investing less in production and more in non-productive asset trading. It’s become so terrible that Canada currently owns the OECD forecast slot originally held by Greece during the Great Recession. The siphoning of tax-based incentives had a significant part in driving up American property prices in the early 2000s. It also had a big impact on driving up Canadian property values after the 2019 election. The role of the asset holder in a market is to collect as much money as feasible. If the federal government is pushing you to invest more money into a property, the responsibility of the seller is to grab that extra cash. That’s how markets function, particularly regarding housing, which Canada regards as a bond you live in. Shelter and Financial Issues Also, additional leverage is being introduced into the real estate market. The price of an item is decided by what someone is prepared to pay, not by how many people desire it. Since housing in Canadian real estate market is mortgage-dependent, the role of finance has a significant effect in the price of a house. To appreciate this, you must first grasp how wrong economists were about interest rates. Lower interest rates, it is often assumed, decrease the cost of housing. The common myth among central bankers is that lower interest rates indicate more money flows to principle. The demand for available supply has a direct impact on home prices. Even the BoC has recognized it was a huge mistake. A BoC executive discovered that consumers adjusted their spending to credit after reviewing 30 years of data. They just continued to spend the same proportion of their income on the asset

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After just 86 days, Canada quietly reversed sections of its foreign buyer ban

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After just 86 days, Canada quietly reversed sections of its foreign buyer ban After hours of enforcement, Canada’s restriction on sales to the foreign buyer should be relaxed. The nation discreetly eased limits on non-resident investors and temporary residents only 86 days after adopting limitations on non-resident purchasers. The prohibition was probably only a diversion from the rumors circulating within the House. Foreigners may once again purchase undeveloped land in Canada Canada is changing its policy and will now sell the residential and mixed-use empty property to foreign purchasers. The nation claims this would increase the availability of houses, but the amendments make it clear that the property may be utilized for “any purpose.” It’s clear that progress is beneficial, but are there any drawbacks? They obviously haven’t considered the implications in one crucial area, land banking, with just two months to go and no information on beneficial ownership yet. The term “land banking” refers to the practice of accumulating land for future development. Due to the lack of a definitive timeframe, the phrase is in quotation marks. While land banking has been a concern since its inception, its prevalence has increased dramatically after the 2008 financial crisis (GFC). Since low-interest rates coincided with the movement of money throughout the globe, wealthy people from all over the world started buying property nearly everywhere to reduce their reliance on any one market. Vancouver was recommended as a safe haven for the money of Asian oligarchs by BlackRock itself. The influx of foreign cash into the market may be beneficial if everyone involved is on the same page. It’s an unusual decision that may put upward pressure on house prices to invite non-resident capital to use your unoccupied property as a deposit certificate to redeem (i.e. develop) without a timeframe in a nation that claims to be experiencing a housing crisis and a dearth of vacant land. Canada’s Real Estate Regulations Are Eased for Foreign Corporations The restrictions on foreign corporations buying property in Canada are being relaxed. This exemption applies to publicly traded Canadian corporations with foreign ownership or control. No need to fear; the regulations apply equally to private corporations. The previously established cap of 3% on non-resident ownership has been raised to 10%. A primary shareholder not located in the country where the company is incorporated would be legal under this scenario. Canada Relaxes Requirements for Visiting Foreigners to Purchase Permanent Residence Temporary residents with work permits will no longer be subject to the law. Every visitor to the nation who has at least 183 days remaining on their work visa may now legally purchase the property. It is important to note that this is the number of days remaining on their permit, not the minimum number of days they must spend in the country. Formerly, a foreign buyer could buy homes so long as they met certain requirements, such as having paid taxes for the previous five years, being physically present in the nation for at least 244 days each year, and the property’s worth not exceeding $500,000. Buying a property on your first day is possible if your work visa is valid for at least 183 days, a huge jump from the previous requirement of five years of residence. It seems that a sizable and unjustly punished market consists of purchasers seeking to acquire property on a temporary visa before paying taxes in Canada The laws for a non-resident purchasing property in Canada have not been altered in any other way. Recreational or vacation properties, as well as multi-unit structures, are still legal for a foreign buyer to own. However, it only applies to census areas with populations above 100,000, therefore, the vast majority of the nation was free of any limitations. In addition, there are still very few regulations placed on property-like acquisitions. While a pre-sale assignment, for instance, is not a house until the development is finished, it may still be purchased and resold before the end of construction. The buyer gets exclusive assignment rights to the subject property. When the residence is finished being built and transferred, non-resident speculation taxes do not apply to assignments. Since the “foreign buyer mini-bubble” in 2017-2018, which was mostly centered in Greater Toronto and Vancouver, there has been little indication that non-resident speculation has been a substantial portion of the market. There have been very few purchases recorded in British Columbia’s beneficial ownership register. Very low-interest rates and a surge in domestic investors drove price increases to record highs throughout the epidemic. Notwithstanding the fact that 38% of federal elected officials have such an investing plan, the prohibition was a useful distraction during the past election. The headline-making statement was also a chance to boast about keeping one’s word. The elected speculators are obviously attempting to build a market now that no one is paying attention, and rate cuts are expected by year’s end. Or at least a big enough market to stimulate home-market demand and raise prices Related posts 05 April 2023 Scotiabank predicts Canadian real estate prices will “rip” higher due to Fed 05 April 2023 After just 86 days, Canada quietly reversed sections of its foreign buyer ban Non-Canadians can buy property more easily After hours of enforcement, Canada’s restriction on… 31 March 2023 Non-Canadians can buy property more easily Non-Canadians can buy property more easily Certain limitations on foreigners buying residential property… 21 March 2023 What You Should Know About the Toronto Vacant Home Tax What You Should Know About the Toronto Vacant Home Tax The Toronto Housing Affordability Task Force has… 18 March 2023 Canadian real estate prices rise for the first time in almost a year The fundamentals of the underutilised housing tax The real estate market in Canada has been experiencing… 18 March 2023 The fundamentals of the underutilised housing tax The fundamentals of the underutilised housing tax There has been some confusion over who will be required… 07 March 2023 Is the Buggy Light Justified? Is the Buggy Light Justified?

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Non-Canadians can buy property more easily

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Non-Canadians can buy property more easily Certain limitations on foreigners buying residential property were loosened by the government mere months after the new laws went into effect. Residential property can now be purchased by non-Canadians with a work permit or legal authorization to work in Canada. To qualify, they must have at least 183 days remaining on their work permit or work authorisation and only buy one home. In June of 2022, Parliament approved the Ban on the Acquisition of Residential Property by Non-Canadians Act, which made it illegal for foreign nationals to buy homes in Canada. Starting at the beginning of this year, foreign nationals will be unable to purchase a primary residence in Canada due to a new rule. In response to soaring property prices, the Liberals promised these restraints during the 2021 federal election campaign. Any foreign worker legally authorised to work in Canada may now also buy a home in the country. Work permit holders must not already be homeowners and must have at least 183 days remaining on their permit at the time of purchase. For development purposes, non-Canadians and foreign enterprises can now buy residential property and unoccupied land zoned for residential or mixed-use. In its original form, the law exempted people with temporary work permits from having to work full-time or file tax returns for at least three of the prior four years. Some people at the time worried that the policy would “create hurdles” for immigrants to Canada because the exemptions were so narrow. But, with these revisions in place, requirements like tax returns and prior employment histories no longer apply. Minister of Diversity and Inclusion Ahmed Hussen made the announcement on Monday. The Canadian Mortgage and Housing Corporation (CMHC) issued a press release saying the new policies would be implemented immediately. With these changes, “newcomers will be able to put down roots in Canada through home ownership, and businesses will be able to generate jobs and build homes by increasing the housing supply in Canadian communities,” Hussen stated in a press statement. To prevent homes from being utilised as speculative investment by foreign investors, these changes “find the correct balance.” Modifications to the foreign control, threshold and purchase of vacant land Vacant land in residential and mixed-use zones will no longer be subject to the prohibition under the new regulations. This opens up the possibility of residential development on the land to non-Canadian buyers. Another exception is being established to enable overseas investors to purchase residential land for the construction of new homes. The changes make this exemption valid for Canadian publicly traded corporations created by foreigners who do not have majority voting rights. The federal government has proposed four adjustments, the last of which concerns raising the threshold for foreign control of a corporation. If a non-Canadian owns at least 10% of a corporation, the law currently considers it foreign-controlled. In the past, 3% was considered sufficient. The original three per cent criterion impeded home developers that foreigners partially owned, the Canadian Home Builders’ Association (CHBA) said in a press release issued in February. The new changes were called “extremely needed” by the CHBA in a separate press release released on March 28. Many Canadians still worry about whether or not they will be able to purchase a home, despite the fact that the national average price has declined since its peak nearly a year ago. According to a new survey by Mortgage Professionals Canada, an all-time high proportion of renters in the country are pessimistic about ever becoming homeowners. Some market analysts believe that the prohibition will increase Canadians’ access to housing by making the market less competitive for foreign buyers of residential homes. Yet, CMHC data collected in 2017 shows that foreign buyers only bought a small number of homes in different Canadian cities. In addition, the impact of the laws on Canada’s housing market has been met with conflicting opinions from real estate specialists. Related posts 31 March 2023 Non-Canadians can buy property more easily Non-Canadians can buy property more easily Certain limitations on foreigners buying residential property… 21 March 2023 What You Should Know About the Toronto Vacant Home Tax What You Should Know About the Toronto Vacant Home Tax The Toronto Housing Affordability Task Force has… 18 March 2023 Canadian real estate prices rise for the first time in almost a year The fundamentals of the underutilised housing tax The real estate market in Canada has been experiencing… 18 March 2023 The fundamentals of the underutilised housing tax The fundamentals of the underutilised housing tax There has been some confusion over who will be required… 07 March 2023 Is the Buggy Light Justified? Is the Buggy Light Justified? Everyone knows that bugs that fly are drawn to light. We can’t stand… 07 March 2023 Three common components tips for new homeowners Three common components tips for new homeowners The convenience of having a low-maintenance lifestyle… 01 March 2023 Want to Build on Your Own Land? Here Are Five Things You Can Count On From Your Contractor Want to Build on Your Own Land? Here Are Five Things You Can Count On From Your Contractor If you want…

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What You Should Know About the Toronto Vacant Home Tax

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What You Should Know About the Toronto Vacant Home Tax The Toronto Housing Affordability Task Force has proposed a new 1% vacant home tax that could go into effect as soon as the beginning of 2022. The Toronto City Council voted in favor (24-1) in December to implement the tax levy on vacant homes in order to increase the housing supply, thereby opening the housing and rental markets and to generate post-pandemic tax revenue for Toronto in order to fund necessary affordable housing projects throughout the city. After the law is enacted, homeowners will have to declare annually by the due date whether or not their home is vacant, and the city may conduct an audit to confirm the status of the property. Now, city officials propose wrapping up public consultations so that the tax can go into effect on January 1, 2022, with the first annual property declarations in regard to the 2022 taxation due in 2023. A staff report published this week describes the vacant home tax as a policy tool that “encourages the conversion of units that are being held vacant into ones that are occupied” by addressing “housing market disparities between the lack of rental housing on the one hand and readily available empty homes on the other.” As stated in the report, the primary goal of the tax is to decrease the number of vacant homes that could be used to meet the growing demand for affordable housing. A secondary benefit of this tax is the revenue it generates for the city from people who choose not to live in their own homes, which could be used to subsidize the construction of more low-cost rental units. The goal of the tax is to encourage homeowners to keep their homes occupied or, if they choose to let them sit empty, to alter their habitation patterns. The proposed starting tax rate is 1% of the property’s assessed value, as proposed by the staff. If the assessed value of a vacant home is $1,000,000 in 2022, for instance, the owner would be required to pay $10,000 in annual tax. Staff wrote in the report, “It can be reasonably assumed that some owners of vacant properties may seek out tenants in 2021 to avoid paying the tax.” The effective taxation date of the tax is January 1, 2022. Workers believe the COVID-19 pandemic may have contributed to the reasons why so many Toronto homes have been abandoned. The City claims that until the tax declaration and audit process is fully implemented and carried out in early 2023, it will not be possible to determine the exact number of vacant homes in Toronto. Suppose 1% of Toronto’s housing stock is vacant and subject to the tax, at a 1% tax rate on average Toronto’s current value assessment. In that case, the vacant home tax could yield $55 to $66 million in (gross) tax revenue per year, based on data from a similar tax in Vancouver as a proxy for Toronto. How will the vacant home tax work? Each year, homeowners will have to verify for themselves whether or not their property is zoned for residential use. This will determine whether or not the vacant home tax applies to the property. Household property owners have no further obligations. Vacant property owners must pay a tax equal to one per cent of their property’s current market value (CVA). If a home was unoccupied in 2022, the owner will have to start paying the tax the following year in 2023. How to declare? The tax declaration form for homeowners can be filed electronically. One can also opt for the traditional paper version. According to Toronto, tax notices will be mailed out in March and April, with May 1 as the deadline for making payments. Exemptions The tax does not apply to some houses that are vacant. Examples of such cases are: A fatality in the home Occupancy is prohibited due to a court order because the primary resident is a patient in a hospital or resident in a nursing home. Owner currently resides outside of the Greater Toronto Area but will need to use the property for at least six months of the year due to work-related relocation. Adjustments and refurbishments Authorized change of legal ownership Ratehub.ca’s director of content, Penelope Graham, advised those who have received tax exemptions or who might otherwise fall through the cracks to maintain regular contact with local government. She stressed the importance of keeping in touch with the local government and staying one step ahead of any potential problems. Possible Fines Penelope Graham, advised homeowners to submit on time to avoid hefty fines ranging from $250 for late submission to $10,000 for submitting a false declaration. In a phone interview with BNNBloomberg.ca on Monday, she warned homeowners that the city is “quite stringent” in terms of fines if they don’t comply. Those who fail to file a declaration may also be subject to the full Vacant Property Tax. Overdue tax payments will accrue interest at a rate of 1.25 percent per month for as long as the payments are late. In the event of nonpayment, Toronto has stated that they will assess a penalty against the property owner. The City of New York should implement a tax on empty homes as a means of easing the housing shortage. Joe Cressy, a member of Toronto’s city council, said that the tool has been used effectively in other cities. More than fifth fewer empty homes were found in Vancouver after the city instituted a vacancy tax. Cressy argued that lowering Toronto’s vacancy rate would increase the number of rental units available to those who make their living in the city rather than just flipping them for a profit. Based on tax data from Vancouver, the new law has the potential to bring in $55 to $66 million annually, although it is currently unknown how many homes in Toronto are vacant. In addition, the federal government has declared its

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Canadian real estate prices rise for the first time in almost a year

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The fundamentals of the underutilised housing tax The real estate market in Canada has been experiencing a precipitous decline; could this trend soon reverse? According to the latest figures from the Canadian Real Estate Association (CREA), the average price of a home across the country rose in February. Since the beginning of the rate increases almost a year ago, the benchmark price of the national composite has not increased. While a single price hike cannot be considered indicative of a rising trend, it may indicate that buyers believe monetary policy will no longer affect prices. A $7,000 increase in the price of Canadian real estate Last month, real estate prices in Canada reversed their downward trend and rose for the first time in nearly a year. In February, the overall average increased by 1.0%, or $7,100, to $715,400. Despite the increase, prices are still 15.8 percent (-$133,900) lower than they were during the same month in 2017. It’s hard to miss the absence of price increases for homes over the past 11 months. A record 12-month decline in annual growth was recorded in 2018 Those who only looked at the annual growth rate probably didn’t notice the shift because of the base effect skew. The 12-month movement of the benchmark dropped by 3 points in February compared to the previous month. A month of price increases wasn’t enough to match the enormous increase seen the year before. Even accounting for inflation, this resulted in the steepest decline in annual growth rate in history. Rising House Prices in Canada As of this February, the average price drop for a home that was on the market in March of 2022 has been 16.9 percent, or -$145,600. The record decline came to an end in February thanks to a rise of $7,100. Keep in mind that one month’s data does not constitute a trend, and neither do price changes. Nevertheless, buyers who have been on the fence might want to take note of a reversal in the trend. This development is being driven by a shift in buyer attitudes, not by changes in supply. Perhaps there is a dearth of stock? Well, not exactly; restrictions were eased the previous month. The prefered measure of inventory absorption in the industry, the Sales to New Listings Ratio (SNLR), dropped to 56.7% in February, down from 57.2% in January and down 20.2% from February of last year. This quotient is priced reasonably given the level of demand, and thus falls within the “balanced” range of the market. The pressure was eased because sales dropped much more rapidly than inventory. Is it shortage of supplies? If not, what else could be driving up prices? A shift in opinion is cited as the reason for the recent success in Toronto. The “pause” in interest rates announced by the Bank of Canada (BoC) in January was interpreted as the market’s recognition of the interest rate’s peak. The Governor’s explanation, in which high levels of consumer debt played a role, carried more weight because debt levels don’t drop like a rock. When they admitted they were struggling, the market took that as a sign of weakness. This view is likely to harden in the wake of the current bank run crisis in the United States. While there is still the possibility that low rates will stimulate demand and, in turn, inflation. Even though no one expected double-digit inflation in the early 1980s, it was sparked in part by an early relaxation of policy. Related posts 18 March 2023 Canadian real estate prices rise for the first time in almost a year The fundamentals of the underutilised housing tax The real estate market in Canada has been experiencing… 18 March 2023 The fundamentals of the underutilised housing tax The fundamentals of the underutilised housing tax There has been some confusion over who will be required… 07 March 2023 Is the Buggy Light Justified? Is the Buggy Light Justified? Everyone knows that bugs that fly are drawn to light. We can’t stand… 07 March 2023 Three common components tips for new homeowners Three common components tips for new homeowners The convenience of having a low-maintenance lifestyle… 01 March 2023 Want to Build on Your Own Land? Here Are Five Things You Can Count On From Your Contractor Want to Build on Your Own Land? Here Are Five Things You Can Count On From Your Contractor If you want… 28 February 2023 Canada’s population growth driven by underutilized immigrants without shelter: RBC Canada’s population growth driven by underutilized immigrants without shelter: RBC Canada’s… 28 February 2023 Fitch Expects World’s Biggest Real Estate Price Correction in Canada Fitch Expects World’s Biggest Real Estate Price Correction in Canada A major credit rating agency…

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The fundamentals of the underutilised housing tax

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The fundamentals of the underutilised housing tax There has been some confusion over who will be required to pay the new underutilised housing tax (UHT) since the federal government announced it as part of the 2021 federal budget. In a nutshell, the UHT is a tax of one percent on the value of vacant or underutilised residential real estate owned by non-residents who are not Canadian citizens or permanent residents. Bruce Ball, FCPA, vice-president of taxation for CPA Canada, warns that while the tax is generally aimed at non-residents of Canada, many may not know that there are situations where the rules could apply to Canadian citizens or Canadian residents (referred to as Canadians henceforth). He explains that while most people won’t have actually to pay the tax, they will still have to file a tax return and claim an exemption. UHT: What is it? As Ball puts it, this is “basically a housing tax” levied by the federal government on non-residents in cases where a property is not being used as intended. For more information on the UHT and its requirements and exemptions, check out this post from the tax blog of CPA Canada. UHT regulations mandate annual reporting and impose a tax equal to 1% of the market value of a home. There are three types of homeowners in regards to their UHT reporting and tax obligations: those who have no responsibility, those who are required to file a UHT return and pay tax, and those who are required to file a UHT return but have no tax payable due to an exemption. In cases where a return or payment is due, April 30 is the date by which it must be submitted (although the deadline for 2022 returns will be May 1 since April 30 falls on a Sunday) To whom does this rule apply? Under the UHT, a non-resident may be required to pay tax on any residential property they own that is unoccupied or underutilised. Despite the government’s best intentions, Ball warns that Canadians may be affected by the UHT if it is imposed on non-residents. “Don’t think that because you’re not a resident that the UHT doesn’t affect you. A person may be required to file if they own a home in a name other than theirs, or face a fine of $2,500 to $5,000. Ball gives the example of a mentally ill person living in a house owned by Ball’s brother, who is acting as trustee. “Even if the individual was living there permanently and the brother is Canadian, a UHT return would still have to be filed because the property was held in trust by the brother,” he says. Even though an exemption may apply, the brother is still required to submit a tax return. For Canadians, other areas of concern include trusts used as will substitutes, farm properties, and vacation properties held in trust. While tax may not be due in any of these cases due to underlying Canadian ownership, failing to file a return that includes a claim for exemption will result in a penalty. Ball notes that the issue of shared ownership of single-family homes is raising some eyebrows. In other words, do they own the property jointly or form a legal partnership to do so? While this may not be a major consideration when calculating your personal income tax, it could be a deciding factor when determining if you are required to file the UHT. As such, it is essential to ascertain whether or not a partnership exists, and the reasons for either conclusion should be recorded. Who has to file it? There will be some groups that don’t have to file at all, and there will be some groups that have to file but not pay tax, so the UHT rules are confusing, according to Ball. “Excluded owners” are “individual Canadians who own property directly,” he explains. Publicly traded Canadian corporations, certain trusts (such as a mutual fund trust, real estate investment trust, specified investment flow-through trust, or estate controlled by the executor), registered charities, cooperating housing corporations, municipal organisations and other public institutions and government bodies, Indigenous governing bodies or corporations, and “prescribed persons” not yet defined by r are all excluded owners. Where are the exceptions? For other ownership structures, where they are not excluded owners, the situation becomes more convoluted. As was previously mentioned, a return is needed and an exemption for a specified Canadian corporation, specified Canadian trust, or specified Canadian partnership is generally available in situations where indirect ownership involves a corporation, trust, or partnership where the underlying ownership is Canadian (in Part 6 of the UHT form). For the most part, non-resident owners are obligated to file the UHT return and are either exempt from or subject to the tax. To help out non-locals, the tax is waived for those who use the home as their primary residence, for their partner, or a dependent student attending a local university. In addition to the aforementioned exemptions, there are exemptions based on the residential property’s accessibility, location, or intended use. How can the accountant help Certified Public Accountants (CPAs) can assist their clients in determining whether or not their ownership situation falls under the UHT rules, and in making sure they fully understand the potential filing and/or tax implications of such a determination.”Many Canadian property owners don’t understand the UHT, or in some cases, even know it exists,” says Ball. He suggests that homeowners investigate the possibility that they own a piece of property that will be regulated. If you want to avoid paying fines that aren’t necessary, “it’s essential that you get up to speed on the UHT,” says Ball. To get started, I recommend consulting with your tax preparer. Related posts 18 March 2023 The fundamentals of the underutilised housing tax 07 March 2023 Is the Buggy Light Justified? Is the Buggy Light Justified? Everyone knows that bugs that fly are drawn to light. We can’t stand… 07 March 2023 Three

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Is the Buggy Light Justified?

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Is the Buggy Light Justified? Everyone knows that bugs that fly are drawn to light. We can’t stand it when they buzz around and hit our light fixtures over and over again. They leave after the lights go out, which is good. What if they don’t, though? What if they decide to live in your light fixtures for good? In their first year as homeowners, a couple, Dave and Donna, had to deal with this problem. Small bugs were able to get into the light fixture and stay there even after their own lights went out. Dave and Donna thought that a problem with their light fixture caused this ugly problem and that their new home warranty would cover it. When their builder said no, the couple decided to put it on their warranty form at the end of the year and seek help. How to fix the problem of bugs The exact procedure for resolving an issue with a light fixture will vary according to the nature of the malfunction. Turn off the power to the light fixture: Ensure the light fixture’s power is turned off at the circuit breaker or fuse box before doing any maintenance. Inspect the fixture: Examine the light fixture to see if there are any obvious issues, including a cracked lens or frayed wires. Look around for spider webs or other detritus that could indicate an insect problem. Clean the fixture: Remove dust and insects from the light fixture with a soft brush or vacuum. Replace any damaged parts: If you detect broken pieces, such as a cracked lens or frayed cables, you should replace them. Hardware stores are a good place to look for spare components. Check the wiring: Inspect the connections of the wiring within the light fixture to ensure everything is wired correctly. It is your responsibility to reconnect any cables you find loose or otherwise unattached. Test the fixture: Turn the power back on and test the fixture to verify it is working properly after any repairs. If the issue persists or you lack experience working with electrical components, you should seek the assistance of a professional electrician. Related posts 07 March 2023 Is the Buggy Light Justified? 07 March 2023 Three common components tips for new homeowners Three common components tips for new homeowners The convenience of having a low-maintenance lifestyle… 01 March 2023 Want to Build on Your Own Land? Here Are Five Things You Can Count On From Your Contractor Want to Build on Your Own Land? Here Are Five Things You Can Count On From Your Contractor If you want… 28 February 2023 Canada’s population growth driven by underutilized immigrants without shelter: RBC Canada’s population growth driven by underutilized immigrants without shelter: RBC Canada’s… 28 February 2023 Fitch Expects World’s Biggest Real Estate Price Correction in Canada Fitch Expects World’s Biggest Real Estate Price Correction in Canada A major credit rating agency… 18 February 2023 Despite the slowdown, Canadian mortgage debt continues to rise Despite the slowdown, Canadian mortgage debt continues to rise Despite the housing market recession,… 15 February 2023 StatCan: Nearly Half of Canadians Worry About Shelter Costs StatCan: Nearly Half of Canadians Worry About Shelter Costs Many Canadians worry that they are only a…

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Condominium homeowners

Three common components tips for new homeowners

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Three common components tips for new homeowners The convenience of having a low-maintenance lifestyle is a major selling point for a condominium for homeowners. Not to bother about yard work, gardening, or pressure cleaning the driveway. Yet, this does not give you the licence to disregard the shared spaces in your building completely. Discover the common elements Homeowners of a condominium share ownership of the common features, which include the building’s infrastructure, grounds, and amenities. This includes anything outside of your apartment: Laundry rooms Fitness rooms and pools Garages Roofs Gardens Lobbies Utility systems (e.g., heating, cooling, electrical, security) Hallways Walkways and steps to building entrances Elevators There are also “exclusive-use common elements,” which are used in a way that is different from their more common counterparts. Patios, balconies, and parking spots all fall within this category. Since these features are shared amongst multiple units, only the owners of the units directly adjacent to them can use them. Go to your Disclosure Statement or recorded Declaration and Description if you are unsure of the location of your unit’s borders in relation to common areas. Condominium fee information Each unit of homeowners in your building must contribute to the overall expense of upkeep and repair of the building’s common areas. Condominium dues are typically calculated monthly based on the size of your living space. Other monthly housing expenses must be taken into account besides the mortgage and property taxes. Common area upkeep is included in your monthly condo fee and includes things like landscaping, waste collection, recycling, outside window cleaning, snow removal, carpet cleaning, and energy payments. Condominium dues can include funding for the maintenance and upkeep of shared areas. Your condo association dues include money set aside in case of emergency repairs or replacements. In rare instances, however, additional funds from property owners may be required.home Learn your warranty’s terms and conditions Condominiums may qualify for warranty protection under Ontario’s New Home Warranties Plan Act, which might apply to individual units and the building’s shared infrastructure. Tarion will hear warranty claims from both individual unit owners and the condo association itself in regard to the unit’s individual components and the common areas. The period of interim occupancy, which can run anywhere from a few weeks to a few months, begins when you move into your unit and ends when you become the registered owner. When you move in temporarily, the warranty protections for your unit will kick in. It’s possible that the rest of the building won’t be done during your temporary occupation time before registration. During this time, your builder will finish the communal areas and any remaining units. Until the condominium project is registered, the warranty period for the common areas will not begin. Thus, your coverage will be inadequate during this time. Your home is still warranted even though the warranty has expired. Hence, if you see something in the common areas that you think needs fixing, let the property management know so that they can get in touch with the developer. The Common Element Building Performance Standards might help you figure out if the builder’s warranty covers your problem. Suppose your builder isn’t addressing your complaints. In that case, you can create an ad hoc committee of three to five unit owners who will communicate with Tarion’s common components warranty team on your behalf if the builder doesn’t. If you’re new to condo living, the shared areas can be especially challenging to figure out. Related posts 07 March 2023 Is the Buggy Light Justified? Is the Buggy Light Justified? Everyone knows that bugs that fly are drawn to light. We can’t stand… 07 March 2023 Three common components tips for new homeowners Three common components tips for new homeowners The convenience of having a low-maintenance lifestyle… 01 March 2023 Want to Build on Your Own Land? Here Are Five Things You Can Count On From Your Contractor Want to Build on Your Own Land? Here Are Five Things You Can Count On From Your Contractor If you want… 28 February 2023 Canada’s population growth driven by underutilized immigrants without shelter: RBC Canada’s population growth driven by underutilized immigrants without shelter: RBC Canada’s… 28 February 2023 Fitch Expects World’s Biggest Real Estate Price Correction in Canada Fitch Expects World’s Biggest Real Estate Price Correction in Canada A major credit rating agency… 18 February 2023 Despite the slowdown, Canadian mortgage debt continues to rise Despite the slowdown, Canadian mortgage debt continues to rise Despite the housing market recession,… 15 February 2023 StatCan: Nearly Half of Canadians Worry About Shelter Costs StatCan: Nearly Half of Canadians Worry About Shelter Costs Many Canadians worry that they are only a…

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Want to Build on Your Own Land? Here Are Five Things You Can Count On From Your Contractor

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Want to Build on Your Own Land? Here Are Five Things You Can Count On From Your Contractor If you want your custom-built new home in Ontario to be covered by the province’s new home warranty programme, you must hire a contractor or builder registered with the province as a new home builder and seller. Do you plan to construct your ideal home in 2023? If so, you could have already begun seeking a contractor to help you realise your vision. It is important to protect yourself from things like construction flaws, scams, and more. Therefore, it’s crucial to familiarise yourself with the standards governing new house construction before you get too deep into the design phase. Included here is everything that your custom home builder must do. Beginning from the time they break ground to the time you move in. When interviewing potential builders for your project, it is important to take the time. Ensure to go over these points to ensure you are speaking with the correct person Get a registered builder and supplier of new houses The Home Construction Regulatory Authority is responsible for issuing licences to home builders and real estate agents in Ontario (HCRA). Your builder needs a licence before he can sign a contract with you. Checking a builder’s licencing status and warranty history is easy with the help of the Ontario Builder Directory. Tarion registration is a must All new homes in Ontario must, with rare exceptions, be registered with the Tarion warranty programme before construction can begin. Enrolling your home in a warranty programme gives you access to benefits. This include financial reimbursement for losses if your builder fails to deliver as promised before the home is finished. You can verify your home’s enrollment with Tarion through the HCRA’s Ontario Builder Directory as well. Have a legally binding contract drawn up, including any applicable warranties Your new home purchase agreement should contain a Warranty Information Sheet that summarises the coverage provided by the builder and any additional warranties you may purchase. Before signing any real estate transaction, it is wise to have it evaluated by an attorney Have a last walkthrough before the scheduled delivery date Pre-delivery inspections (or PDIs) are conducted before a home is officially handed over to the buyer. This is done to document any issues with the home’s condition prior to delivery, such as items that are missing, incomplete, damaged, or not functioning as they should. You can also get answers to your inquiries concerning the care and maintenance of household goods at this time. At this point, you should also receive a copy of your warranty certificate from your builder. Provide a warranty on the new construction After you accept ownership, you have seven years to make a claim on the builder’s workmanship and materials warranty. Coverage for items like code violations and major structural flaws is included. Your builder must promptly investigate and resolve any issues you bring to their attention that are covered by the warranty. The time, effort, and resources required to construct a bespoke home are substantial. Your chances of having a successful building project increase significantly if you are familiar with the regulations in advance and check to see that your builder is adhering to them. Related posts 07 March 2023 Three common components tips for new homeowners Three common components tips for new homeowners The convenience of having a low-maintenance lifestyle… 01 March 2023 Want to Build on Your Own Land? Here Are Five Things You Can Count On From Your Contractor Want to Build on Your Own Land? Here Are Five Things You Can Count On From Your Contractor If you want… 28 February 2023 Canada’s population growth driven by underutilized immigrants without shelter: RBC Canada’s population growth driven by underutilized immigrants without shelter: RBC Canada’s… 28 February 2023 Fitch Expects World’s Biggest Real Estate Price Correction in Canada Fitch Expects World’s Biggest Real Estate Price Correction in Canada A major credit rating agency… 18 February 2023 Despite the slowdown, Canadian mortgage debt continues to rise Despite the slowdown, Canadian mortgage debt continues to rise Despite the housing market recession,… 15 February 2023 StatCan: Nearly Half of Canadians Worry About Shelter Costs StatCan: Nearly Half of Canadians Worry About Shelter Costs Many Canadians worry that they are only a… 30 January 2023 How can homeowners safeguard against title fraud? How can homeowners safeguard against title fraud? There are new reports of title fraud every week, and…

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