6 Things You Must Know About Toronto Real Estate in 2024!
Channel: Tim Yew
Date: 2024-01-13

Stay ahead of the real estate game with the top 6 things you need to know about Toronto real estate in 2024. I dive into the Vacant Home Tax, the Foreign Buyer Ban, and Non-Resident Speculation Tax on Toronto's real estate landscape. Uncover the ins and outs of the property flipping tax and get a grasp on the property tax assessments and HST on assignments. 

Whether you're a buyer, seller, or just curious about the market, this video will help you understand a bit more about the Toronto real estate process. 

Sources and Links
Vacant Home Tax Article - https://www.cp24.com/news/toronto-city-council-approves-hike-in-vacant-home-tax-amid-scarcity-of-housing-1.6597160?cache=yesclipId10406200text%2Fhtml%3Bcharset%3Dutf-80404%2F7.452950%2F7.452950

Vacant Home Tax Toronto City - https://www.toronto.ca/services-payments/property-taxes-utilities/vacant-home-tax/#:~:text=Vacant%20Home%20Tax%20Calculation,months%20during%20the%20previous%20year

Foreign Buyer Ban CMHC - https://www.cmhc-schl.gc.ca/professionals/housing-markets-data-and-research/housing-research/consultations/prohibition-purchase-residential-property-non-canadians-act

Non Resident Speculation Tax - https://www.ontario.ca/document/non-resident-speculation-tax

Property Flipping Rule - https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/federal-government-budgets/residential-property-flipping-rule.html

Property Assessments - https://www.mpac.ca/en/UnderstandingYourAssessment/NoticesandNotifications

HST on Assignments - https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/gi-120/assignment-a-purchase-sale-agreement-a-new-house-condominium-unit.html

0:00 - Greetings & Introduction
0:29 - Vacant Home Tax
1:33 - Foreign Buyer Ban
3:01 - Non Resident Speculation Tax
4:05 - Property Flipping Rule
5:12 - Property Tax Assessments
6:11 - HST on Assignments
8:00 - Final Thoughts