May 2022 Real Estate Updates

A new 2-year ban of no foreign buying that includes condos, apartments, and single residential units. (Exempt are recreational units.)
Loopholes? As always there are a few: The ban does not apply to foreign students, permanent residents, foreign workers, or foreigners who are purchasing their primary residence in Canada. Also, recreational properties are exempt.

With commodity prices cooling we continue to expect a lower Canadian dollar

I stated over and over that in tough times, bad money wants to be changed into ‘good ‘money.’ The US dollar remains a reserve currency – valued as such by individuals around the world. In tough times they flee into the dollar. More money coming in drives up the value. Period. We see that continue

Big Banks Raise 5-Year Fixed Rates Above 4%

Most of the country's big banks are now advertising special-offer 5-year fixed rates above 4%.

All assignment sales on newly constructed or substantially renovated residential homes will be taxable.
    • "Budget 2022 proposes to make all assignment sales of newly constructed or substantially renovated residential housing taxable for GST/HST purposes, effective May 7, 2022."
    1. Starting May 7, the government will add taxes on home flippers who buy properties to renovate and put them back on the market less than 12 months later. Who will want to renovate now? Loopholes: Looks like multiple exceptions again for permanent residents, foreign students, etc.


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