The real estate update summarizes residential real estate activity in the Greater Toronto Area (GTA) for December 2013 and the full year 2013. It reported that home sales in December 2013 increased by almost 14% compared to the previous year. Total home sales for 2013 increased by 2% compared to 2012. The average home price in December 2013 increased by 9% compared to the previous year. The average home price for all of 2013 increased by 5.2% compared to 2012. Strong seller's market conditions are expected to continue pushing home prices higher in 2014.
Saco Maine Real Estate Development Opportunity- 17% Cap RateMark McClure
Over 55 Development community in sunny Saco, Maine. Opportunity to own a package of cottages in one of of the hottest real estate markets in the country and create and incredible, long term income.
Presentation on Single Family Home sales in Providence over the first two quarters of 2009 compared to 2008. Libby Isaacson, COO of Residential Properties, Ltd. gave the presentation.
Saco Maine Real Estate Development Opportunity- 17% Cap RateMark McClure
Over 55 Development community in sunny Saco, Maine. Opportunity to own a package of cottages in one of of the hottest real estate markets in the country and create and incredible, long term income.
Presentation on Single Family Home sales in Providence over the first two quarters of 2009 compared to 2008. Libby Isaacson, COO of Residential Properties, Ltd. gave the presentation.
Elocin Nire Marketing is a recognized leader in acquisition, development, conversion, and sale of real estate for its clients on an international basis. While Elocin Nire is focused on finding opportunistic properties that align with their clients’ needs, we are most recognized for distinguishing underperforming or underutilized assets and repositioning them in conjunction with consumer demand. This varies from high rise and waterfront condo’s to fitness and lifestyle resorts.
Go Zone Now Real Estate Investment Guide Bayside Parkelocinnire
The GO Zone 50% Bonus Depreciation Allowance can provide exceptional tax advantages to those who qualify. It is strongly suggested to work with a knowledgeable team of professionals who understand where and when to invest for these amazing tax benefits. We provide Investing Classes to help you become well acquainted with the complex nature of investing in the GO Zone and a Resource List of service providers and useful links. www.gozonenow.com www.elocinnire.com
John Helfrich Real Estate Newsletter January February 2012John Helfrich
East End Toronto Homes Newsletter for January and February 2012 - by Toronto Real Estate Agent John Helfrich. Topics:Toronto Real Estate Market activity. Property Tax Assessments - Is your assessment fair - and what to do if it's not. Toronto condo Market, RRSP, TFSA or mortgage?
Toronto real estate statistics june 2011John Helfrich
Toronto Real Estate Market Statistics for June 2011. Focus on East End Toronto Homes and East End Toronto Real Estate. The Beaches, Riverdale, Leslieville, Danforth Village, East Danforth, Danforth Mosaic
Elocin Nire Marketing is a recognized leader in acquisition, development, conversion, and sale of real estate for its clients on an international basis. While Elocin Nire is focused on finding opportunistic properties that align with their clients’ needs, we are most recognized for distinguishing underperforming or underutilized assets and repositioning them in conjunction with consumer demand. This varies from high rise and waterfront condo’s to fitness and lifestyle resorts.
Go Zone Now Real Estate Investment Guide Bayside Parkelocinnire
The GO Zone 50% Bonus Depreciation Allowance can provide exceptional tax advantages to those who qualify. It is strongly suggested to work with a knowledgeable team of professionals who understand where and when to invest for these amazing tax benefits. We provide Investing Classes to help you become well acquainted with the complex nature of investing in the GO Zone and a Resource List of service providers and useful links. www.gozonenow.com www.elocinnire.com
John Helfrich Real Estate Newsletter January February 2012John Helfrich
East End Toronto Homes Newsletter for January and February 2012 - by Toronto Real Estate Agent John Helfrich. Topics:Toronto Real Estate Market activity. Property Tax Assessments - Is your assessment fair - and what to do if it's not. Toronto condo Market, RRSP, TFSA or mortgage?
Toronto real estate statistics june 2011John Helfrich
Toronto Real Estate Market Statistics for June 2011. Focus on East End Toronto Homes and East End Toronto Real Estate. The Beaches, Riverdale, Leslieville, Danforth Village, East Danforth, Danforth Mosaic
Space travel is dangerous and expensive, but it doesn't have to be. Find out about an alternative way to reach orbit that is rapidly becoming feasible and may eventually change how we view our world.
Resale volume sees a slight increase in April. This month learn about a new research tool and how to design a kitchen. Also, as always the ever popular pearls of wisdom return.
Can I claim home renovations as tax deductions.pptxCantor Carnevale
As a homeowner, there may be several questions plaguing your mind about the welfare of the home and that of your pocket. As you keep your home in a semblance of order with certain home improvements, a question must have crossed your mind: “can I claim home renovations as tax deductions?” While you are thinking about how to get a tax break for all the money spent on home improvements, there are many possible answers. For details contact info@cantoraccounting.com.au.
RidgeCrest is a premiere community developed by ProFriends located at Molino, Cavite near SM Molino. It offers Madison house unit, a 3-storey 4-bedroom house.
Millennials account for 30% of the new-home buying market, young generation Xers account for 20%, and retirees account for 14%. Millennials are purchasing homes at an increased rate compared to other generations, but they typically don’t have years of savings built up like the other generations. Structural warranties and systems and appliance warranties are a great solution to this lack of savings. They provide homeowners with a plan of action should any issues arise in their home – preventing financial ruin from an expensive repair. These home warranties are also a great option for home builders and professional real estate agents. Check out PWSC’s infographic to learn more.
Welcome to the Elite Edition! This complimentary newsletter is published every month by The Debra West Team. Our goal is to provide information to our past, present, and future clients about what is going on in the local real estate market and provide fun and useful information for homeowners. Check out the latest issue here!
Similar to James Metcalfe's Toronto Real Estate Update January 2014 (20)
James Metcalfe's November Real Estate UpdateJames Metcalfe
This month we saw a 6% rise in the average cost of homes in the GTA. Also we look at status certificates and some important tips on evaluating adjustable rate mortgages. The ever popular pearls of wisdom also return
James Metcalfe's Real Estate Update August 2012James Metcalfe
In the August 2012 Real Estate Update July home prices were on the rise and basement apartment legalities were in question. Mold can be a major issue in homes, so we have provided some helpful tips on how to identify it, how it's growth is affected and what exactly it is.
Referans Bahcesehir which is being constructed, in the center of the most regional destination as Bahçeşehir, shines out with its central location and unique landscape including social facilities such as a fitness center, sauna, sports facilities, children’s playground and recreational areas.
Not only drawing attention for immediate surroundings including commercial centers and private schools but also providing the easily accessible location with closeness to Tem Highway and connection roads, ongoing construction of 3rd Bridge Connection roads and Metro Projects
Bahcesehir is a rising value in the great city of Istanbul… Located at a new transportation junction in the northwest of the City… Located at such a spot that the access roads for the 3rd bridge and for the 3rd Airport will reach the region in 2016. The Marmaray and the Subway will extend all the way to Referans Bahcesehir respectively in 2018 and 2019.
465 flats and 34 stores are designed with an outstanding approach and arranged with a unique perspective offering the following options: 1 plus 1, 2 plus 1, 3 plus 1, 3.5 plus 1, 4 plus 1, and 4.5 plus 1. It is planned so as to safeguard you and your loved ones based upon a modern, technological safety approach. As you experience the joy and luxury here, you will be content and feet at ease.
It is worth seeing both inside and outside with heart-warming cafes, tasty restaurants and elegant stores… And it is ready to offer a vivacious social life with a warm and cozy space design.
A folding swimming pool and indoor swimming pools, playgrounds, Turkish bath, sauna… It has them all. Everything you need for your well-being and for having a pleasant time will be at your service. You simply need to align the rhythm of life with the rhythm of Referans Bahcesehir.
https://listingturkey.com/property/referans-bahcesehir/
Avrupa Konutlari Yenimahalle - Listing TurkeyListing Turkey
Welcome to Avrupa Konutları Yenimahalle, where luxury living meets unparalleled convenience in the heart of Istanbul. Developed by Artaş Holding, one of Turkey’s leading construction companies, this prestigious residential project offers a contemporary lifestyle experience like no other.
https://listingturkey.com/property/avrupa-konutlari-yenimahalle/
500 acres of brilliance await you here at Riverview City which offers modern living, effortless convenience, and a beautiful natural setting. It is a mega township by Magarpatta City in Loni Kalbhor, Pune. Enjoy easy access to work, schools, and fun while experiencing a perfect work-life balance.
Visit - magarpattacity.developerprojects.in
Lixin Azarmehr, a Los Angeles-based real estate development trailblazer, co-founded JL Real Estate Development (JL RED) in 2015 and serves as its CEO. Her expertise has propelled the firm to specialize in luxury residential and mixed-use commercial projects, with a portfolio that features upscale retail spaces and sophisticated care facilities.
Omaxe Sports City Dwarka stands out as a premier residential and recreational destination, offering a blend of luxury and sports-centric living. Located in the thriving area of Dwarka, this project by Omaxe Limited is designed to cater to modern lifestyle needs while promoting a healthy, active living environment.
Presentation to Windust Meadows HOA Board of Directors June 4, 2024: Focus o...Joseph Lewis Aguirre
Presentation to Windust Meadows HOA Board of Directors June 4, 2024: Focus on Public Safety as Job #1, Engagement, Wealth of HOA, Branding, Communication, Culture, Civic Responsibility
Brigade Insignia offers meticulously designed apartments with modern architecture and premium finishes. The project features spacious 3,3.5,4 and 5 BHK units, each thoughtfully planned to provide maximum comfort, natural light, and ventilation.
https://www.newprojectbangalore.com/brigade-insignia-yelahanka-bangalore.html
Investing In The US As A Canadian… And How To Do It RIGHT!! (feat. Erwin Szet...Volition Properties
=== Investing In The US As A Canadian… And How To Do It RIGHT!! (feat. Erwin Szeto) ===
Ever been curious about Real Estate Investing in the US?? At Volition, for the past 14 years, we have been focused on helping investors invest in over $250M of real estate and generate $100M of wealth in the Toronto market, but we are always open to learning more about other business models and learning from other investors.
The US has always been an intriguing market to invest in. But the US is a big place… if you’re interested in investing in the US, you probably have a lot of questions, like:
☑️ Specifically WHERE should you invest?
☑️ What are the best markets to invest in and why?
☑️ How much are property prices there?
☑️ What are the returns like?
☑️ What is cashflow like?
☑️ Compared to investing in Toronto or other cities in Ontario, what are the benefits / tradeoffs?
☑️ What ownership structure should I use?
☑️ What are the tax implications?
☑️ Can I get financing?
☑️ What are tenants like?
Enter Erwin Szeto, a longtime friend of Volition. Since 2005, Erwin Szeto and his team have navigated the challenging landscape of being landlords in Ontario. Now, they are shifting their focus and guiding their clients' investments toward the more landlord-friendly environment of the USA. This decision comes after assisting Canadian clients in transacting over $440,000,000 in income properties. Faced with issues like affordability constraints, tenant-friendly laws, rent control, and rental licensing in Canada, Erwin sees a clear opportunity in the U.S. Here, there is a significant influx of investments leading to the creation of high-paying manufacturing jobs. Erwin and his clients are poised to capitalize on these opportunities where landlord rights are stronger and there is no rent control.
To facilitate this transition, Erwin has partnered with and become a client of SHARE, a one-stop-shop U.S. Asset Manager. Founded by Canadians for Canadians, SHARE enables as passive an ownership experience as possible for landlords in the U.S., while still maintaining direct, 100% ownership.
Erwin is “Making Real Estate Investing Great Again”!!
Website: https://www.infinitywealth.ca/
Facebook: https://www.facebook.com/iwinrealestate and https://www.facebook.com/ErwinSzetoOfficial
Podcast: https://www.truthaboutrealestateinvesting.ca/
Instagram: https://www.instagram.com/iwinrealestate/ and https://www.instagram.com/erwinszeto/
MC Heights-Best Construction Company in jhanglaraibfatim009
MC Heights stands as the epitome of excellence in construction within Jhang. With a commitment to unparalleled quality and innovative design, MC Heights redefines urban living in the heart of Jhang. Offering luxurious residential spaces, cutting-edge commercial complexes, and vibrant community areas, MC Heights caters to the diverse needs of modern lifestyles. Our dedication to superior craftsmanship and customer satisfaction ensures that every aspect of MC Heights exceeds expectations, making it the premier choice for those seeking unparalleled sophistication and comfort in Jhang.
Need MCA leads? No sweat! MCAs are great for small biz funding. Learn how to snag top-notch leads: businesses needing cash, with repayment ability, decision-makers, and accurate contacts. Use content, social ads, lead platforms, partnerships, and capture processes for quality leads.
https://www.leadgeneration.media/blog/b/streamline-your-mca-sales-process-with-pre-qualified-leads
Oeiras Tech City, Developed by RE Capital and REIG, Will Become Lisbon's Futu...Newman George Leech
Oeiras Tech City, a historic development in the Oeiras municipality of Lisbon, is acquired by RE Capital and REIG. It is located on a 93,000-square-meter plot of land and combines co-living, business, and residential areas. It highlights ESG principles and is close to Tagus Park, which improves the urban landscape of Lisbon.
Torun Center Residences Istanbul - Listing TurkeyListing Turkey
THERE IS LIFE IN ITS CENTER!
The most energetic spot of the city that will add utterly different pleasures to your life, with a park that will make Istanbul breathe, delighting indoor and outdoor bistros, cafes, restaurants, the brand-new Food Hall concept, where dozens of unique tastes are served together, market area, cinema, theater, fitness club, SPA and event venue...
All the pleasures that will enrich your lives are awaiting you on the most beautiful side of the city, at Torun Center Residences. In Mecidiyeköy, where the heart of Istanbul beats, business, life and entertainment opportunities are located at the exact center, at Torun Center, the most beautiful side of the city.
Penthouse apartments and different styles of flats from 1 + 1 to 4 + 1, from 100 to 425 square meters in a 42-story residence tower, have been designed for those who want to live in the center of magnificence. Torun Center is the redefinition of a better life with specially landscaped floor gardens, apartment options with private balconies, and automatic glass systems equipped with Trickle Ventilation that offers clean air comfort.
Business and life in the same place
Excellent service
Torun Center has many delightful details, from a swimming pool to sunbathing and resting terrace. With 24/7 concierge services, 24/7 security, valet, technical service, closed-circuit camera system (CCTV), central heating and cooling system, it makes your life easier.
Delightful details
The two-story Torun Center Lounge, with its indoor and outdoor seating areas, children's playroom, private dining and TV lounge, promises unforgettable memories to you and your loved ones with its unique Istanbul view.
Neighboring to the most pleasant square of Istanbul
A few steps from the Torun Center Residences, you can reach the city's most modern city square and open the doors of a quality city life. Torun Center Residences brings together on the same project the long-awaited city life for Istanbul and gourmet restaurants, cafes, gym and SPA, and state-of-the-art cinema and Artı Stage, hosting the most famous plays of the season.
Located at the intersection of alternative public transportation options such as the metro and Metrobus, Torun Center comes to the fore as the most accessible office for both sides of Istanbul. With a central location and rich transportation lines, Torun Center offices make life easier for employees and increase productivity.
Scanning tenants in NYC requires a thorough and compliant approach to ensure you find reliable renters. For a positive rental experience, consider hiring a property management service. Belgium Management LLC specializes in NYC rental property management and tenant relationship management. We prioritize tenant satisfaction, making us a trusted name in New York property management. Our dedicated team ensures tenants feel valued and supported throughout their lease.
Rixos Tersane Istanbul Residences Brochure_May2024_ENG.pdfListing Turkey
Tersane Suites Residences is a luxurious real estate project located in the heart of Istanbul, next to the beautiful Golden Horn. This unique development offers hotel concept residences with Rixos management, making it the perfect choice for both homeowners and investors.
The Tersane Suites Residences offers a wide range of options, from studio apartments to spacious four-bedroom units, all designed to the highest standard. The suites are finished with high-quality materials and feature modern, open-plan living spaces, fully-equipped kitchens, and large balconies with stunning views of the city and sea.
One of the standout features of Tersane Suites Residences is the Rixos management, which provides a truly exclusive and upscale living experience. Residents will have access to a range of luxury amenities, including a fitness center, spa, and indoor and outdoor swimming pools. Plus, the on-site restaurants and cafes provide a taste of the local and international cuisine.
The Tersane Suites Residences also offers a great opportunity for investors, as it provides a rental guarantee program. This means that investors can enjoy a steady income stream, with the peace of mind that their property is being managed by a reputable and experienced team.
The location of Tersane Suites Residences is also unbeatable, with easy access to the city’s main transportation links and within close proximity to the historic center, making it the perfect base for exploring all that Istanbul has to offer.
Simpolo Tiles & Bathware
Tile ho,
toh Simpolo.
Since the first steps were taken in 1977, Simpolo Ceramics has carved its niche as a consistently growing organisation with unparalleled innovation and passion rooted in simplicity.
We endure gratification for every experience we offer, created to share something meaningful. It may not resonate with the majority, but that makes us a class apart. If only a handful were to understand the purpose of our existence, we would be proud to have found our believers. Rather, people with whom we can share our beliefs.
VISUALIZER
Design your space in your style with our very own Visualizer. Now, you can choose the tiles of your liking from our wide selection and see how they would look in a space. Select the tile from the multiple options and the visualiser will replace the surfaces in the image with the selected tiles. This way, instead of just your imagination, you can choose the tiles for your place by getting an actual picture of how they would look in a space. So, design your space the way you desire digitally and implement it in real life to get the best results!
You can also share this visualiser with others to help them design their space.
Committed to delighting customers with world-class ceramic products and services. Make Simpolo synonymous with the best quality and set new benchmarks of excellence for all stakeholders. Pursue best business practices with utmost integrity to make Simpolo an exciting organisation to work with, for vendors, channel partners, investors and employees alike.
Gain worldwide recognition in the field of ceramic building products through Research and Innovation and bring an enhanced lifestyle within reach for every household.
One FNG by Group 108 Sector 142 Noida Construction UpdateOne FNG
One FNG by Group 108 is launching a new commercial project in Sector 142 Noida. Office space and high street retail shops on the FNG and Noida Expressway. For more information visit the website https://www.onefng.com/
Elegant Evergreen Homes - Luxury Apartments Redefining Comfort in Yelahanka, ...JagadishKR1
Experience unmatched luxury at Elegant Evergreen Homes, offering exquisite 2, 3, and 4 BHK apartments in the serene locality of Yelahanka, Bangalore. These meticulously crafted homes blend modern design with timeless elegance, providing a harmonious living environment. Enjoy top-tier amenities and a prime location, making Elegant Evergreen Homes the ideal choice for discerning homeowners.
Green Homes, Islamabad Presentation .pdfticktoktips
Green Homes Islamabad offers beautifully designed 5, 8, and 10 Marla homes near the airport and motorway. Enjoy luxury, convenience, and high rental returns in a prime location.
Urbanrise Paradise on Earth - Unveiling Unprecedented Luxury in Exquisite Vil...JagadishKR1
Immerse yourself in the epitome of luxury living at Urbanrise Paradise on Earth. These opulent 4 BHK villas, nestled off the prestigious Kanakapura Road in Bangalore, redefine elegance and sophistication. With meticulous craftsmanship, breathtaking design, and unparalleled amenities, Urbanrise Paradise on Earth offers a sanctuary where every moment is infused with luxury and serenity. Experience a life of grandeur and indulgence at this exclusive residential enclave.
Urbanrise Paradise on Earth - Unveiling Unprecedented Luxury in Exquisite Vil...
James Metcalfe's Toronto Real Estate Update January 2014
1. REAL ESTATE UPDATE
JANUARY 2014
STRONG DECEMBER CLOSES HEALTHY 2013
Despite the inclement weather, Greater Toronto REALTORS®
reported 4,078 residential transactions through the TorontoMLS
system in December 2013 - up by almost 14% compared to the
3,582 sales reported in December 2012. While volume increases
occurred across all four key market segments, the biggest gains
were recorded in the townhome and condo apartment segments:
single-detached (+7%), semi-detached (+3%), townhomes
(+15%) and condo apartments (+28%). Total sales for calendar
year 2013 came in at 87
,111 and were up by 2% compared to the
85,496 transactions recorded in 2012. After a slow start to the
year, sales growth accelerated to a very brisk pace in the second
half of 2013. Given current borrowing costs and home affordability
levels, a further volume increase for 2014 is expected.
8
9
12,000
GTA RESALE HOME SALES
10 11 12
2011
2012
2013
The month of December also witnessed a healthy increase in
prices, with an average selling price of $520,398. This was up
by 9% versus the December 2012 average price of $477
,756.
Price growth was solid across all four key market segments,
but particularly in the low rise segments which showed doubledigit increases: single-detached (+13%), semi-detached (+12%),
townhomes (+11%) and condo apartments (+6%). The average
price for 2013 as a whole was $523,036, which represented an
increase of 5.2% as compared to the calendar year 2012 average
of $497
,130. The seller’s market conditions that drove price
growth in the latter stages of 2013 will remain intact in much of
the GTA. As a result, the average selling price is expected to rise
again in 2014 by more than the rate of inflation.
8 $560,000
9
10,500
GTA AVERAGE RESALE PRICE
10 11 12
2011
$540,000
2012
2013
esale Home SalesGTA Resale Home Sales
9,000
$520,000
7,500
$500,000
6,000
$480,000
4,500
$460,000
3,000
$440,000
$420,000
1,500
FEB
APR
JUN
AUG
OCT
DEC
FEB
APR
JUN
AUG
OCT
DEC
for more detailed GTA statistics: JAMESMETCALFE.INFO
James Metcalfe BROKER
416-931-4161
Royal LePage Real Estate Services Ltd.
Johnston & Daniel Division, Brokerage
477 Mount Pleasant Rd., Toronto, ON M4S 2L9
www.OurHomeToronto.com | Service@OurHomeToronto.com
1
2. TRENDY
CORNER
ALTERNATIVE OPTIONS FOR YOUR KITCHEN BACKSPLASH
Installing or updating your backsplash is an easy and impactful way
an entirely different feel to your decor. Large sheets of stainless
to add value to your kitchen. The right texture, design or colour can
steel give your kitchen a striking industrial look. A brushed, matte
tie the whole theme of your kitchen together. When renovating a
finish is popular but you can also experiment with hammered,
kitchen, it’s best to choose your backsplash design and material at
quilted or swirled finishes to add textural interest.
the same time as you’re deciding on your cabinetry and countertops
since all of these features will appear at eye level together.
Metal can also be used to give your kitchen a charming vintage feel.
Embossed tin was popular in the 1900s, most commonly used as
The traditional backsplashes you grew up with may have been
ceiling tiles. Nowadays you can get self-adhesive tin tiles for your
rectangular or square ceramic with accent tiles interspersed
backsplash to make the job even easier. Otherwise, the panels can
throughout. Ceramic tile backsplashes are still very popular today
be affixed with small nails or glue. You can even prime and paint
due to their durability, ease of installation and relatively low cost. You
embossed tin to suit your kitchen decor. A lighter, pale shade of your
can modernize your ceramic backsplash by switching up the layout
chosen colour will help to bring out the unique texture of the tin.
– align rectangular tiles vertically instead of the traditional horizontal
installation for a unique finish.
While small glass tiles are a tried-and-tested backsplash option –
especially for bathrooms – using large custom-fit sheets of glass
Ceramic subway tiles, despite their traditional origin, are quite a
creates a look that is not only stunning but is durable and easy to
popular material for modern kitchen backsplashes. As the name
clean. This is a great option for those who may have distinct or
suggest, this style of rectangular tile was first used in the New York
difficult-to-find colour requests as you can simply paint the wall
City Subway system in 1904. Subway tiles are traditionally 3 inches
behind or the back of the glass in your desired colour.
by 6 inches, have a flat tile surface and are very tightly set with a thin
grout line. However, nowadays you can find subway tiles in a variety
of sizes to suit your needs.
The methods above can be quite costly, especially when custom-fit
materials are involved. But there are still plenty of great options for
backsplashes on a budget. Vinyl wallpaper is a more durable, kitchenfriendly alternative to traditional wallpaper and comes in a variety of
designs. As you can cut-to-fit, installation is simple.
Vinyl tiles are also incredibly easy to install and are friendly on the
wallet too. Peel-and-stick tiles make the job even easier. You can
choose a design that mimics the appearance of expensive stone
such as marble or travertine to get a luxurious look without the high
price tag.
But if you’re still set on using higher-end materials, consider opting for
a shorter 4-inch backsplash instead of the traditional 18-inch height to
save on costs. Extending your countertop into a shorter backsplash,
If you’re looking for something a bit bolder than the classic ceramic,
there are a variety of alternative materials available to create an
inspiring backsplash for your kitchen. Using metal, you can give
2
especially if it’s granite, marble or stainless steel, creates a seamless
transition while also offering aesthetic impact.
3. LEGALLY
t
SPEAKING
HST REBATE RULES DON’T INCLUDE ALL YOUR RELATIVES
Many buyers of new homes and condominiums may be surprised to
back to the builder as is typical, CRA will ask for it to be paid back,
receive a demand from Canada Revenue Agency (CRA) to repay as
with interest. In other words, all of the buyers must qualify, not just
much as $24,000 in HST new-home rebates that they received on
most of them. There is no percentage allocation.
closing their purchases.
The amount of the lost rebate can be substantial. The federal portion
The CRA claim arises when a third party, who is not a close relation,
of the rebate is calculated at 36 per cent rebate of five per cent of
has been placed on title at the insistence of a mortgage lender.
the price, up to a maximum of $6,300 for homes or condos costing
This often occurs when the buyers themselves do not qualify for a
$350,000 or less. The rebate gradually drops to zero on homes
mortgage.
priced between $350,000 and $450,000.
Noah Okell is a real estate lawyer in the city of Vaughan. He recently
In addition, there is a rebate of 75 per cent of the eight per cent
told me that two of his clients were recently dinged for more than
provincial portion of the HST on the purchase price up to a maximum
$26,000, including interest, because an uncle was registered as a
of $24,000.
one per cent owner for mortgage purposes.
Philip Davidson, of Calgary, got caught in this rebate trap back in
According to CRA, this disentitles all the buyers to the entire HST
1999 when he bought a new duplex from a builder. The price of the
rebate. The Excise Tax Act says that if even one buyer registered on
unit he occupied was $131,841.50. In order for Davidson to qualify
title fails to qualify for the rebate because the home is not his or her
for a mortgage, the lender required that title be taken in his own
primary residence and the person is not a close relation, then all the
name along with Carol Waterhouse, who was named as owner for
buyers are disentitled to the rebate.
mortgage purposes only.
Here’s how it works. The purchase price of a newly constructed
Since Waterhouse was not a relative of Davidson, and wasn’t using
home is subject to HST. Typically, the price in a builder offer assumes
the duplex as her primary residence, Davidson did not qualify for
that the purchaser is eligible for a rebate of part of the HST, and
the rebate. The Tax Court of Canada ruled that he had to pay the
assigns it back to the builder as required by the purchase agreement.
government back the entire tax rebate.
In order to qualify for the HST rebate, the house or condominium
Buyers who take title along with spouses, parents, grandparents or
must be acquired for use as the primary place of residence of the
siblings for mortgage purposes are not disqualified from receiving the
titled purchaser or his or her relation.
HST rebate. But aunts, uncles, cousins, nephews or nieces, friends
The tax law defines a relation to mean a blood relationship, including
a child and grandchild, a brother or sister, and relationships by
marriage or common-law partnerships. Cousins, aunts, uncles,
and business associates who sign on — even for a small percentage
— just to satisfy the lender’s requirements, will disqualify the buyer
from receiving the entire HST rebate.
nephews or nieces, friends and business associates are excluded
In these situations, buyers who have received past rebates but
from eligibility.
failed to qualify for them should not be surprised to receive a very
As a result, if just one of the buyers does not qualify, even as the
unwelcome letter from the CRA audit team.
owner of a one per cent interest in the property, none of the buyers
This situation is unfair and illogical. It’s time for the federal
can get the rebate. If they received it on closing, and assigned it
government to change the rules.
This article was contributed by Bob Aaron, a prominent Toronto-based real estate lawyer. Please visit him at www.aaron.ca
3