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Don’t Say I Didn’t Warn You!
Don’t help sell the competition!
#competition #forterie #livinginforterie #movingtoforterie #niagara #livinginniagara #movingtoniagara #realtor #realtorinforterie #realtorinniagara #realestate #realestatepractice #homeforsale #homeforsaleniagara#houseforsale #barbarascarlett
GST/HST on Assignment Sale 2023
The Canadian Government is cracking down on speculation that contributes to higher home prices by applying the Goods and Services Tax/Harmonized Sales Tax (GST/HST) to all assignment sales of newly constructed or substantially renovated residential housing, effective May 7, 2022. Assignment sales are when a house is resold before it is even constructed or lived in.
If you’re considering buying or selling a newly constructed or substantially renovated home, it’s important to understand the implications of the GST/HST and how it will affect your transaction. If you have questions about assigning your purchase, please reach out to me directly today.
#pov #forterie #livinginforterie #movingtoforterie #niagara #livinginniagara #movingtoniagara #realtor #realtorinforterie #realtorinniagara #realestate #realestatepractice #homeforsale #flexeveryangle #passthegreatness #homeforsaleniagara #houseforsale #barbarascarlett
MultiGenerational Home Tax Credit in Canada
Do you live or want to live with your loved ones who is a senior or with a disability?
If Yes, then this post is for you. Expanding your family to a new home or an additional build to your existing one is now more doable than ever.
The MultiGenerational Home Tax Credit in Canada is an exciting new initiative that provides up to $7,500 in support for constructing a secondary suite for a family member who is a senior or an adult with a disability. Starting January 1, 2023, this tax credit will help ease the burden of creating a safe, comfortable, and accessible home for your loved ones.
With this tax credit, you can ensure your family member will be able to access the care and support they need, while still maintaining their independence and autonomy. This is a great opportunity to move in a family member while receiving the financial support you need to make it happen.
Here is the link for you to know more: https://tinyurl.com/9fzkcww8 (https://tinyurl.com/9fzkcww8)
If you want to look into moving into a bigger home for you and your extended family, let me h elp you. Send me a message now!
238 Houses Sold and Climbing
The January Real Estate Market Update for the Niagara Region is a must-watch for anyone interested in buying or selling a home in the area.
The video provides an in-depth look at the latest trends in the market, including average sale prices, days on market, and inventory levels. It also covers the impact of the post pandemic on the housing market, and offers advice on what to expect going forward. With the help of this video, you can stay up to date with the latest market trends, and gain valuable insight into what to expect in the coming months.
Selling and Buying Properties at Niagara Falls? If you are looking for a house for sale in the Niagara Region, one of our top realtors can help. Over more than 18 years of first-hand market experience in assisting people to be related to realtors. You can visit our website and take a look at our MLS listing. www.barbara-scarlett.c21.ca/ What are you waiting for? Book your consultation now!
Here is the full Video:
Vacant Home Tax
The government of Canada has implemented an annual 1% Vacant Home Tax on foreign-owned unused homes. As a result of this, our out-of-country friends will need to make a decision of renting, continue not using or even sell the property.
Now that you know the facts, if you want to discuss the implications of the Vacant Home Tax, let me help you.
Here is the link for more details: https://www.canada.ca/en/services/taxes/excise-taxes-duties-and-levies/underused-housing-tax.html
Canada Housing Benefit
In September 2022, the government introduced a top-up to the Canada Housing Benefit, which upon Parliamentary approval, will deliver a tax-free payment of $500 directly to 1.8 million low-income renters who are struggling with the cost of housing.
The federal benefit will be available to applicants with an adjusted net income below $35,000 for families or below $20,000 for single Canadians, who pay at least 30 percent of their income towards rent.
I got a great apartment for you, choose one or two:
- 516 GARRISON Road Unit #9, Fort Erie, Ontario L2A 1N2
- 344 RIDGE Road N Unit #202, Ridgeway, Ontario L0S 1N0
Here is the link for more details: https://www.canada.ca/en/services/taxes/child-and-family-benefits/top-up-canada-housing-benefit.html
Market Update January 12, 2023
The real estate market has been a rather steady increase of activity in every marketplace, both the inventory and number of sales have seen a slow and steady increase with the exemption of Lincoln. A number like this is very typical at this time of year in Niagara. As we move thru the remainder of January and into February, we should continue to see this number grow in every marketplace in Niagara. The average price range through the region and my immediate market place which is Fort Erie remains fairly consistent from one another, which is at $650000. Remember that the statistics above is just a snapshot of the region for the past 7 days.
Foreign Buyer Ban : What is Prohibited and Penalties?
The law bars the purchase directly or indirectly of residential buildings with 3 units or less, as well as single family, a semi-detached or a condo unit. The prohibition also applies to vacant land without a “habitable dwelling” zoned for residential or mixed use.
Indirect purchases include purchases made through partnerships, trusts or other entities seeking to avoid the prohibition.
Non-Canadians violating the prohibition, or any person or entity that knowingly helps, can be fined up to $10,000.
A Sales Agreement Signed in violation of the law will be valid and be required to close. Subsequently, the government would, by court order, require the property be sold. It can’t sell for more than what was paid as the buyer would not be allowed to profit from the sale.
Foreign Buyer Ban Will It Affect You?
The Federal Government’s Prohibition on the Purchase of Residential Property by Non-Canadians Act will be in effect as of January 1, 2023.
Who Does it Prohibit?
- Foreign Individuals: The Act prohibits non-Canadians from buying for two years. So if an individual is not a Canadian citizen, is not a permanent resident or is not registered under the Indian Act they are prohibited from buying.
- Foreign Corporations: The Act also prohibits the following foreign corporations from buying directly or indirectly.
- Corps based in Canada that are privately held,
- Corps not listed on a Canadian stock exchange,
- Corps that are controlled by someone who is a non-Canadian,
- Entities formed under Canadian or provincial laws controlled by a non-Canadian,
- Entities not formed under Canadian or provincial laws.
A non-Canadian or a foreign-controlled corp. is defined as an entity in which a con-Canadian owns 3% or more or has 3% or more voting rights.
Mortgage Rates at the Start of 2023
- The 5-yr fixed high ratio 5.40% to 5.74%.
- The 5-yr variable high ratio: 5.50% to 6.40%
- The 5-year fixed conventional: 5.10% to 6.14%
- The Prime Rate is 6.45%
NOTE: Rates shown are for “A” rated deals only and don’t apply for BFS, rentals, vacation homes, second home purchases, etc.
Rates are Based On Approved Credit, May vary between geographic areas
(Source: Centum Financial Group Inc.)
