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在加拿大生活学习了十几年， 积累了丰富的社会经验， 并拿到加拿大省立大学的工商管理学士的学位。 Tony 做事专业， 严谨、认真，永远是根据客人的要求并结合我的经验去做事， 把客人的利益放在首位， 谈判技巧娴熟， 帮客人拿到最好的DEAL。 根据客人不同的背景、需求， 设定合理的方案。 为您提供专业诚信的服务, 是我对您永远的承诺。
Be prepared for what is coming in 2019
Be prepared for what is coming in 2019
As a result of recent announcements by the Federal, Provincial and Municipal
governments, change is coming to the real estate industry and real estate agents and their
clients must be prepared in order to adapt and succeed in the coming year. Here are 5
things to know.
1. New Federal assistance for qualified first time buyers
The Federal government, through CMHC, will be offering first time homebuyers with
assistance for resale or new home purchases from a builder. To qualify, the buyers must have
total household income less than $120,000 and can qualify to purchase a home up to
$500,000.00. The government will provide a no-interest equity mortgage of 5% for a re-sale
home and up to 10% for a new home from a builder. The program is scheduled to begin on
September 1, 2019. It is not clear as to the terms of repayment, but given that it is announced
as an equity loan, you can assume that if you sell your home later and make a profit, part of
the profit will have to be shared with the government. This should also mean that if you lose
money in the future on a resale, the government should share in the loss. More details will be
given prior to the proposed launch of the program.
2. RRSP Homebuyer withdrawal limit increased to $35,000 per person, $70,000 per couple
First time buyers will also receive the benefit of increased withdrawals from their RRSP’s to
put into their down payment. It is important to remember that if you are topping up your
contribution this year to plan for this, the money must be in your RRSP account at least 90
days before it can be withdrawn. Make sure you review this when you are setting any closing
date for your home purchase so that you will be able to withdraw the funds in time for
closing. The money is repayable over 15 years, to your own RRSP.
3. Toronto council looking to increase Land Transfer Taxes on Luxury properties
It is being proposed that the City of Toronto raise the Land Transfer Tax rate on luxury
homes in Toronto to raise revenues. The proposal would be to raise the Municipal Land
Transfer Tax, which is currently the same as the Provincial Land Transfer Tax, to 3% or
3/5% for the values of a property worth more than three million dollars and even 4% for a
property worth more than four million. For example, the Toronto Municipal Tax today on a
3.5 million dollar property is $66,475.00. At 3 per cent, this would rise to $71,475.00.
4. Silent Auctions may be coming
The Ontario government has been asking for feedback about the current bidding war process
in Ontario. One of the suggestions has been to permit a form of silent auction in a bidding
war, where all buyer bids are transparent. While there are arguments both for and against this
proposal, it is expected that some form of silent auction will be permitted, as long as it has
the express consent of the seller and every buyer who is involved.
5. Will escalation clauses be banned?
“I agree to pay $1,000.00 more than anyone else.” This is an example of an escalation clause
which is used in a bidding war to try and achieve an advantage for one of the buyers. There is
controversy at the moment as to whether this type of clause is even legal, due to how it is
used or accepted in any offer. It is expected that when the new government changes are
announced with bidding wars in general, they will also advise whether this type of clause is
not permitted in any future bidding war.
Have a Great Spring!