Sylvia Schmidt

Toronto Vacant Home Tax in Effect January 1, 2023

Posted on Dec 29, 2022 in Homeownership Advice

The City of Toronto's Vacant Home Tax (VHT) is a policy implemented by the city of Toronto in an effort to address the issue of housing affordability and to encourage the use of under-utilized housing units by increasing the supply of housing in the city. The tax takes effect January 1, 2023 and applies to all Toronto residential properties that ar...

Non-Canadians Banned from Purchasing Residential Property

Posted on Dec 14, 2022 in Buying Tips

Did you know...

On June 23, 2022 the Canadian government passed the Prohibition on the Purchase of Residential Property by Non-Canadians Act (also known as the Foreign Buyers Ban). Coming into force January 1, 2023 and effective until December 31, 2024. This legislation prohibits non-Canadian citizens and non-permanent residents from purchasing resi...

Toronto Real Estate Market Update - December 2022

Posted on Dec 08, 2022 in Market Update

Homeownership market activity in November continued to be influenced by the impact of higher borrowing costs on affordability. Sales were down markedly compared to the same period last year, following the trend that unfolded since the commencement of interest rate hikes in the spring. New listings were also down substantially from last year, and at...