Empty Homes Tax
Homes that are deemed empty will be subject to a tax of 1% of the property’s assessed value.
Most homes will not be subject to the tax, as it does not apply to principal residences or homes rented on a long-term basis.
The Empty Homes Tax will come into effect in January 2017, but it will not be assessed and payable until 2018.
Net revenues from the Empty Homes Tax will ...
IMPORTANT changes to lending! If you're looking at buying a new home and require mortgage insurance, your budget could be affected!
New rules coming:
"The federal government announced regulation changes for new government-backed insured mortgages today. Effective October 17, 2016, insured homebuyers will have to qualify at the posted five-year qualifying rate. Previously, only variable rate ...
10 Things to know about the 2016/2017 Provincial Budget:
Buyers of newly-built homes, condos and townhouses (see link below for Newly Built Home Exemption criteria) worth up to $750,000 will be exempt from the property transfer tax, saving up to $13,000. This is effective Feb 17, 2016 and is ONLY for Canadian citizens or permanent residents. There is a partial exemption for homes between $7 ...