Real Estate Insider: April 2023
Posted on April 18th 2023 by Lalovich
Welcome to April, Real Estate Insiders! This month we’re tackling the major topics of last-minute tax tips, Canada’s housing crisis, immigration, Bill 23, additional dwelling units, and much more. Let’s dive in!
The New Underused Housing Tax
If you’re a Canadian with a full house, you might have filing obligations! Find out if you’re affected and what to do before the May 1st deadline.
Read: Underused Housing Tax Act Applies to You
A Loser Can Be A Winner If They Aren’t A Quitter
This blogger—who re-lives a winless football season as a kid—reflects on how loss and perseverance instilled resiliency, humility, and adaptability. Discover how he correlates the experience with the current economy and workforce.
Read: My Most Valuable Season
Goodbye CERB Cheques, Hello Ultra Low Mortgage Rates
While this stimulus largely affects Americans who can lock in for their entire term, even Canadians locked in for sub-3% mortgage rates will continue to see the benefits until at least 2025-26.
Read: An Ongoing Stimulus In The Economy For Years To Come
Winning The Immigration Race Is Only Half the Battle
Statistics show that immigrants to Canada are much more likely to be overqualified for the jobs available to them, additionally landing them the “short end of the stick” when it comes to housing. If Canada fails to improve the quality of life for current immigrants, attracting highly-skilled, highly-educated immigrants in the future may be difficult.
Read: Canada’s Population Boom Fuelled By Underutilised Immigrants With Insufficient Shelter: RBC
Bill 23 And Me
Despite this new legislation aiming to build “more homes faster”, Bill 23 says nothing about affordability, location, or where the lost revenue will be recovered. Can this bill be implemented without major impacts on property taxes, existing homes values, and the environment?
Read: Bill 23: Are new property tax hikes on the way?
GTA Project Approval Time Among Worst In Canada
With a 32–month average approval time in 2022, the GTA must revamp their approval process if they expect to get even remotely meet their 10–year projected housing targets.
Read: GTA Lagging In Time It Takes To Get Projects Approved
This Article Gets Two Big (Financial Rule Of) Thumbs Up!
Find out how this blogger is going back to basics on good financial rules to follow for a comfortable financial future.
Read: Financial Rules Of Thumb
Are You Aware Of Your Home’s Zoning Bylaw?
Youtube channel Suite Additions covers the ‘W’ of their W-E-A-L-T-H acronym as part of their Max Suite Strategy. If you don’t know WHAT can be build on your property, this video is for you!
ChatGPT: Preparing You For Tax Season
This accountant and blogger asked ChatGPT to give them some tips for tax season—and it spit out some relevant info! How long before it can file your taxes for you?
“Buy land—they aren’t making any more of it—then develop it or we’ll tax the crap out of you.” — Detroit
Considering a “Land Value” Tax to accelerate development, Detroit aims to discourage people from sitting on vacant land as an investment. Claiming this will also reduce the tax on homes and buildings in the process, is it a step in the right direction?
Read: Detroit Eyeing Land-Value Tax To Spur Development
Why Didn’t Housing Prices Crash When Interest Rates Shot up?
Despite a crash in housing activity, there’s little incentive to sell or build in this high interest rate environment. Pricing won’t see a rapid decline with such low inventory, but this blogger thinks it could be more of a “slow burn”.
Read: Why Aren’t Housing Prices Crashing?
Strongest Lender Of 2022: The Bank Of Mom And Dad
More than half of Canadians received financial help from family members to boost their down payment. See the stats on how different generations are buying homes.
Canada: All Demand, No Supply
Set to have 1.45 million new homebuyers by 2025, Canada has nowhere near enough housing to meet this demand. Is the problem “over-housed empty nesters”, or is zoning the villain in this story?
How Rental Income Is Taxed In Canada
This accountant and blogger breaks down how your rental property income is taxed and what you can do to help reduce your tax bill!
Trust Me: You Ought To Know About A Trustee
This video breaks down what everyone should know about Trust accounts, Trustees, and Trust Agreements.
A First-Timer’s Guide To The First Home Savings Account
Coined “the Renter’s RRSP”, this financial planner explains the top hacks to getting the most out of the new FHSA plus how to set up for financial success.
Mortgage Interest And Tax Deductions: Easier South Of The Border?
Find out if, how, and when Canadians can write off mortgage interest—and if the “Smith Maneuver” is right for you.
How To Convert A Garage To An ADU
These guys break down the cost of converting a detached garage to a one-bedroom garden suite. Converting an existing structure can greatly reduce the cost as opposed to building from scratch.
