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The Federal Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) requires financial institutions and REALTORS®, among other professionals and services covered by the legislation, to identify customers who conduct financial transactions. These include buying and selling real estate or depositing funds. The Act also requires REALTORS® to keep these identification records for five years. What…

1. Furnace/Boiler Tune-up and Replace Filters Before you experience an issue with the furnace or boiler, it is best to call in a heating contractor to service the equipment. They will clean it out, test it for safety and replace all filters as needed. While you are at it, have the water heater inspected as well.…

Last week’s Federal Election will have ripple effects across every Canadian market, and housing is no different. In fact, home ownership was one of the hottest issues during the campaign, as it featured prominently in nearly every leadership debate. Though it’s difficult (if not impossible) to truly know which campaign talking points will make their…

Property vs. Business Income If you’re a landlord, your rental income will be treated either as property income or business income, and each brings different tax implications to the table. According to the CRA, to differentiate between these two, you should consider the numbers and services that you offer to your tenants. Most often, you’re…

For the first time in years, Canada’s first-time buyers have a reason to feel optimistic. September 2, 2019, marked the launch of the Canadian Mortgage and Housing Corporation’s all-new First-Time Home Buyers Incentive (FTHBI), a financial incentive designed to help middle-class Canadians buy their first property.   The Perfect Time for the FTHBI The timing…

Presale and pre-construction condos seduce consumers with the promise of highly designed, sleek spaces but savvy home buyers need to assess the risks before they commit. “Pre-sale is one of the most speculative real-estate investments you could make because you’re basically buying a floor-plan on a screen or piece of paper – you and your agent need…

Across Canada, consumers are drawn to the slick billboards that adorn empty lots and construction sites because they’re afraid of missing out on the next best condo development. Pre-sale condos are irresistible for a wide variety of emotionally-driven and highly practical reasons: Slick & Glossy: Consumers are seduced by the romance, beauty and possibilities presented by pre-sale condos’ sophisticated…

List today! Buy tomorrow! That makes perfect sense if some parts of Canada, but in other cities you should seriously consider buying before you list your property. Toronto is very much a seller’s market with buyers competing for a limited number of listings, while Vancouver continues to have more properties available than interested buyers. “In Toronto, 80 to 90% of…

Don’t know what a leasehold property is? Don’t worry. Here’s a basic introduction with some finer talking points. What Exactly is a Leasehold Property? A leasehold property means that the owner owns the house/townhouse/condo itself but not the land it is built on. That land is leased to the home owner by the land owner. Leasehold land…

Of all the compromises that come with condo ownership, living with noise might be the biggest. Whether you have a neighbour with creaky hardwood floors or a penchant for practicing freestyle clarinet solos or late-night acrobatics, you know all too well how noise can affect your life. Although most strata corporations have bylaws restricting noise…