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Real Estate Insider: February 2023

Posted on February 14th 2023 by Lalovich

It’s almost tax time, Real Estate Insiders! This month we’re covering a shiny new tax credit you won’t want to miss out on, the Smith Manoeuvre, Canadian tax changes, the First Time Home Buyer Savings Account, and much more. Let’s dive in!

What’s Cooler Than Cool?

B.C.’s new “cooling off” period might have missed the mark, now providing an opportunity for deal manipulation in favour of the buyer with a three-day cooling-off period. As one agent says it won’t be necessary for another few years, this “Get Out of Jail Free Card” would allow buyers to leverage the rescission period as an opportunity to tie up more than one property and only follow through on one. How do you feel about this tool?

Where There’s Smoke, There’s Fire

If you have one furnace heating multiple units, you now are required to install an Induct Smoke Detector. Learn more about this potentially life saving device here!

Follow The Money

This blogger is correcting the falsehoods tied to the “More Homes Built Faster Act” and to where the savings in development charges are really going.

Read: Correcting The Falsehoods Around Development Charges

New Tax Credit For Accessible Home Renovations

Tax refunds have been announced for renovations made for senior or disabled family members. Find out if you qualify.

Read: Feds Announce New Tax Credit For Home Renovations

The Smith Manoeuvre: What You Need To Know

No, it’s not slapping Chris Rock on stage. This sophisticated mortgage and investing tactic could make a difference in how and when you retire. Learn about the Smith Manoeuvre and which banks provide the best ones!

The First Time Home Buyer Savings Account

Read here for all the stuff you need to know about!

Investing In A First Time Home Buyer Savings Account

The question isn’t necessarily if you can, but rather where you should invest the funds within your First Time Home Buyer Savings Account—especially if you have a short time horizon.

The Days Are Numbered For “Free Money” Lending

A bank regulator has several proposals that will tighten the bank’s lending ability. In an already tough lending environment—and with the interest rates so high—is this the right move?

Read: Bank Regulator Proposes New Rules To Tighten Mortgage Lending

Capital Gains 101

Read this breakdown on how capital gains tax is calculated in Canada. You might not be paying as much as you think!

Garage To ADU: Is It For You?

Discover the steps involved in converting a garage to an additional living unit.

Read: How To Convert Your Garage To A Suite

Mutual Driveway Dispute Goes To Court

When neighbours refused to honour the easement of a mutual driveway, the new owners had no choice but to go to court. Seems like a good start to their relationship—see who won here!

The Name’s Bond…Bond Market

Tied to both inflation and fixed mortgage rates, 2023 will be the year we watch the bond market. Are better rates on the horizon? Read here to find out!

Read: 2023 To Be All About The Bond Market

White House Pushing For More Tenant Protection In New Proposals

Standardized leases, grace periods, sealed eviction records, and more are on the table.

Read: White House Mulls Tenant Protections As Local Rent Control Push Grows

The Best High-Interest Savings Accounts For 2023

If you’re sitting on a chunk of change, read here for some of the best accounts available!

Tax Changes In Canada For 2023

These are 10 changes you need to know about if you pay taxes in Canada!