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3 New Taxes in the 2021 Federal Budget

A few weeks ago, some banks urged the government to take immediate actions to cool the housing market. 

We went through some of the BMO suggestions in a previous post. 

The ones that got the most attention or debates were the ones related to adding new taxes, especially applying the capital gain tax on principal residences. 

So the federal government delivered the 2021 budget on April 19. 

It’s the first budget since the pandemic and it’s massive in both size and spending. We have a 725 page document proposing $101 billion dollars in new spending. And the federal debt is expected to climb over $1.2 trillion dollars in the current fiscal year. In this video, we’re going to take a look at the top 3 government spendings in the 2021 budget. 

Then we’re going to talk about the top 3 revenue measures. Yup, that means new taxes and one of them is a housing related tax. 

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Toronto Real Estate Market

Market News – What’s Next for the Toronto Real Estate Market?

A few days ago, I had a chat with the restaurant owner next door to my office.

He’s 60 years old and has owned the restaurant for 30 years.

He has lost a lot of business since the pandemic but good thing he has enough to survive through.

He told me that he’s going to up the price in his menu by quite a bit when things fully reopen…

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Toronto Real Estate Market

40% of Toronto Condo Investors Plan to Sell Due to the New Vacant Home Tax

40% of condo investors in Toronto plan to sell due to the new vacant home tax.

It’s all over the internet.

Sounds alarming, doesn’t it?

What’s my take on that?

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Toronto Real Estate Market

Is it worth your money to upgrade and stage your unit?

Today, we’re going to discuss 2 controversial topics.

  1. Is it worthwhile spending money on upgrades?
  2. Does staging make a difference in selling your home?

Let’s consider 2 brand new units and you’ll see the answers for yourself.

These 2 units are 1+Den units with the exact same layout.

The 1st one is vacant with all standard finishes.

The 2nd one is loaded with upgrades and professionally staged with furniture and decorations.

Alright, let’s go!

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Toronto Real Estate Market

A Mistake You Want to Avoid in a Multiple Offer Situation

Multiple offers are so common these days and I’ve hit into this tricky situation a few times already in the past month.

I’m surprised that many realtors don’t even know the answer to the situation and often cause unnecessary fights.

Let me share this with you so you’ll be well informed.

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Toronto Real Estate Market

3 Impacts of the 2nd Lockdown on Toronto Real Estate Market

Again… We’re going back into lockdown again.

The first time that we ever experienced a lockdown was March 17, 2020.

10 months later, when we thought we were getting out of Covid…

We’re actually going back into lockdown.

But did you notice a big difference now that we’re doing it for the second time?

How did you feel when you heard about lockdown for the very first time?

Fearful.  Anxious.  Uncertain.  Panicky.

Because we had no idea what to expect at all.

What about this time around?

Frustrated.  Annoyed.  Fatigue.

But we don’t really panic anymore because we pretty much know what to expect.

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Toronto Real Estate Market

Why didn’t the mortgage deferrals crash the housing market?

Back in the early days of Covid, almost 800,000 Canadians applied for mortgage deferrals.

So the Canadian Mortgage and Housing Corporation warned us that many people might be unable to pay back their mortgages upon deferral expiry.

As a result, we may see streets filled with foreclosure signs and CMHC forecasted a huge housing price drop possibly up to 18% over a 12 month period.

Now that we’re in 2021, over 93% of the mortgage deferrals have expired.  

Opposite to the forecast, the housing market across Canadian cities has been booming.

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Toronto Real Estate Market

2021 Predictions on the Toronto Real Estate Market

Welcome to 2021!

The whole world was so excited to kick 2020 away.  Don’t worry, the sky is always the darkest just before sunrise, things always seem to get worse before they get better.

So, we’re going to have an exciting year ahead because everything will be climbing up from the rock bottom.

A return to normal is now in sight because most Canadians are expected to get vaccinated by September.

And if you’re opportunistic, we actually have that once a decade opportunity to grow our wealth from a recession recovery right now.

Let me share with you, my 2021 predictions on the Toronto real estate market.

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Toronto Real Estate Market

Is it worthwhile to sue the developer for a project cancellation?

Over the past couple years, there have been a few pre-construction condo project cancellations and they range from a few hundred units to over a thousand units.

After this pandemic, we might see more project cancellations.

So why would developers cancel their projects?

There are the legal reasons and the real reasons.

Categories
Toronto Real Estate Market

2020 Year End Toronto Real Estate Market Update

As we enter the winter months, did the housing market lose momentum?

How did the second wave of Covid impact the market?

The November market statistics just came out and it was yet another record month of super strong sales.

In this episode, we’re not going to focus on the November numbers.

Instead, we’re going to look at trends.

And we’re going to break things down into the city vs the suburbs, low rise vs high rise.

We have lots to cover, so let’s dive in!