Diana Victoria Quinn

Many people think that doing an assignment of a home purchase agreement is a simple transaction, but the reality is far different. It is an extremely complex transaction and, if not handled properly, can result in the loss of a lot of money. There are two issues relating to harmonized sales tax (HST) in Ontario that assignors (sellers) and assignees (buyers) should consider: 1. HST on assignment fees. In Ontario, HST is payable on an assignment sale of an Agreement of Purchas...e and Sale (APS). Remember, when you do an assignment, you are not selling the house or property you are selling only your APS. The issue is what you pay the HST on, who pays it and how much that will be. Your assignment agreement must be clear to show what the profit is on the transaction, as it should only be the profit that is subject to HST. The standard realtor’s form of an assignment agreement does not include sections on crucial issues regarding HST. It is important you get a lawyer to help carefully draft the assignment agreement to reduce the risk of future issues with CRA. In a resale home situation, HST is payable on the profit only provided the assignment agreement is properly drafted. 2. HST new housing rebate. The builder will want to collect the HST on closing of the original purchase where there has been an assignment sale, and the buyer will need to get the HST back later. Newly built properties are subject to HST, but some or all of the HST payable can be recovered immediately on closing through the HST New Housing Rebate (the Rebate). In pre-construction condominium assignments with occupancy closings, an assignee must confirm whether the unit has ever been occupied. If a unit has been occupied, then the assignee may not be eligible for the Rebate. The moral of the story is that you really should retain an experienced lawyer and Realtor to help you through these issues, whether buying or selling. Source:Nexthome.ca #toronto #torontorealestate

Wild and Free #toronto #torontoliving #torontolife #realestate #torontorealestate #home #city #cityliving #winter #canadianwinter

What's in it for you to register with a pre-construction realtor? 1 Early notice. If you’re interested in buying and you want first choice of homes, lots, suites and views, it’s smart to register. As a registrant, you will receive information about the project before it opens to the general public. You will also have the opportunity to buy before the public. 2 Personal preferences. Like number of bedrooms, family size, type of home you are seeking and your price range. This ...helps us send you relevant choices, which makes the process more efficient. 3 Promotions and incentives. By registering, you will be first to receive information about promotions and incentives that the builder makes available from time to time. Some developers offer significant incentives such as free parking spaces, lockers, appliances, E-bikes and large cash discounts, including decor dollars on upgrades. People who don’t register really miss out on excellent opportunities to save money and receive valuable inclusions. #registernow #contactusnow #signupnow #callnow #buynow #vipaccess #preconstruction #newconstruction #realestate #toronto #torontorealestate

Average home prices in multiple Canadian cities far outstrip the median household incomes in these markets, according to BMO Capital Markets senior economist Sal Guatieri. In a recent research note, Guatieri said that the trend of housing costs steadily outpacing incomes of Canadians is especially risky in a struggling economy. Asset prices start to raise red flags when they consistently outrun growth in underlying income or earnings, Guatieri wrote, pointing to Ontario as ...particularly emblematic of the development. Using data from the Canadian Real Estate Association, Guatieri said that the benchmark home price in the Greater Toronto Area went up by $98,900 annually in January. This was far above the region’s most recently calculated median income of $86,670. The situation isn’t much better in Peterborough, where the benchmark was up by $97,400 annually, while the median income was $84,100. The Hamilton-Burlington area had one of the most glaring disparities, with average home prices growing by $154,000 year over year in January, while the median household income was $75,464. Some markets outside Ontario have also shown these distressing indicators. British Columbia’s Fraser Valley posted average home price growth of $75,900 last year, while the median income was at $69,289. In Greater Montreal, the benchmark home price grew by $62,000 annually, while the median household income stood at $61,790. It’s clearly unsustainable in the long run, as affordability would deteriorate pretty quickly if it continued, Guatieri told HuffPost Canada. However, the economist emphasized that a market correction is unlikely in 2021 as demand is simply too strong relative to limited supply, but we do expect sales levels and price growth to moderate as affordability weakens and pent-up demand from teleworkers ebbs. #toronto #torontorealestate #torontorealestatenews #dianavictoriaquinn #dianavictoriarealestate #buy #sell #bmo #bankofmontreal #realestatemarkets

This year is already off to a strong start, with January home sales totalling nearly 7,000 up more than 50 per cent year over year and the average selling price up 15.5 per cent to $967,885. SUPPLIED The average price of a resale home in the Toronto area is expected to climb 10 per cent this year over last, eclipsing the $1-million mark for the first time, the Toronto Region Real Estate Board (TRREB) predicts. That increase would bring the average home price across all ho...using categories, including condominiums, to $1.025 million, according to TRREB’s Market Year in Review & Outlook 2021 Report. And with market conditions for low-rise homes expected to remain very tight as sales rise at a faster pace than listings, bidding wars are likely to continue. The pandemic certainly resulted in an unprecedented year for real estate in 2020 but it hasn’t put a damper on the overall demand, says TRREB chief market analyst Jason Mercer. Looking ahead, a strengthening economy and renewed (Greater Toronto Area) population growth following widespread vaccinations will support the continued demand for both ownership and rental housing. But over the long run, the supply of listings will remain an issue, particularly in low-rise segments. Source:TorontoSun #toronto #torontorealestate #torontorealestatenews #realestate #dianavictoriaquinn #dianavictoriarealestate #realtor #condo #home #buy #sell