Vivien Wong

Living, working & playing in Toronto ✨TRREB Top 7% '24 & 8% '23
✨Bosley Top 10 Transaction volume '24
✨Bosley Founders Club '23
📧 [email protected]

[Scott Ingram REALTOR® @areacode416]

Distribution of current Condo Apts for sale in the 416.
Lot's in the $500Ks.

Median list price: $649K
25th/75th percentile: $549K/$808K

Median DOM = 29 days
(source: The Habistat via TRREB)

[Vivien Wong @gtabuzz]

Ontario launches new energy efficiency programs to save you money during home renovations. More details available Jan 28 2025 https://t.co/zZunp1ATEu

[John Pasalis @JohnPasalis]

Toronto's housing market has been cooling down since March as inventory levels have surged

But sales have outpaced new listings for 4 weeks in a row so inventory levels are suddenly trending ⬇️

Has the market turned a corner or is this a short-term blip?

[Ron Butler @ronmortgageguy]

And if you think BoC Governor Tiff Macklem is finished at 3.5% you're delusional

We will see a 3% BoC Rate and most likely 2.75% by late Spring next year

I know at this point lots of folks are firing up replies with reasons why the Bank of Canada will not get below 3%

3/

[Bank of Canada @bankofcanada]

Bank of Canada reduces policy rate by 25 basis points

https://t.co/vh3hq6sEA4

#economy #cdnecon

[Marie-Claude Bibeau @mclaudebibeau]

My statement on taxes for non-resident landlords
///
Ma déclaration sur les impôts de propriétaires non-résidents

[Benjamin Felix @benjaminfelix]

Realizing a large capital gain before June 25 may be tempting, but pre-paying tax now - even at the lower rates - might make you worse-off in the long-run.

We modeled this trade-off and made our model available to the public.

Link below.

[Canadian Tax Guy (Mohammed Al-khooly) @CanadaTaxGuy]

If you’re planning to sell something or leave Canada before June 25, you need to understand the tax implications of AMT.

Generally for tax purposes, when you leave Canada, you’re deemed to sell everything you own (with certain exceptions). So imagine owning shares you bought for $5,000, and they go to $20,000, you would have to pay tax on that $15,000 gain if you leave.

Now that the capital gain tax rates are increasing, selling or leaving Canada before June 25 may sound like a good idea. Pay the lower capital gain tax on the (deemed) sale of all your assets vs higher rates after June 24.

But not so fast…

One reason you may want to hold off is that there is a secondary tax called AMT. It’s a tax that you have to pay if you’re not paying enough regular taxes. You can get AMT back in the following 7 years if you pay a sufficient amount of tax in those years.

The issue with leaving Canada or selling before June 25 is that you may pay AMT. If you won’t pay enough tax in the following 7 years or if you leave Canada (since you’re not here for the following 7 years), you may not get that AMT back. It becomes a permanent tax.

The inclusion rate for capital gains for AMT could be 100% (currently 80% but proposed to be 100% for 2024), although with a lower tax rate. Compare that to the inclusion rate going from 50% to 67% for regular tax purposes.

Get professional advice.

[Daniel Foch @danielfoch]

% change in homebuyers since 2015

[Canadian Tax Guy (Mohammed Al-khooly) @CanadaTaxGuy]

Can you write off your home office for your business?

I see a lot of errors being made here. Just because you do some work at home, it does not necessarily mean you can write off your home workspace.

Thread below:

[Chrystia Freeland @cafreeland]

You should be able to buy a home if you want and this is how we’re making it easier for you to own a home:

✅30-year mortgages for first time buyers purchasing a new build
✅First Home Savings Account
✅increasing withdrawal from RRSP to $60,000

[Vivien Wong @gtabuzz]

@JonFlynnREstats Rent payment credit reporting helps newcomers that don't have credit history or have limited credit history to build up their score quicker.

It blemishes the credit for non paying tenants and this is helpful to see this record in the event future landlords are considering them.

[Steve Saretsky @SteveSaretsky]

CMHC says it’s ending the first-time homebuyer incentive program. The shared equity scheme offered interest free loans up to 10% of the purchase price. The program had horrible adoption and was destined to fail from the start.

[Aaron Hector, R.F.P., CFP, TEP @AaronHectorCFP]

You might know that you can carry forward your 2023 FHSA tax deduction to a future year if you believe it will be worth more to you in the future, but you might wonder… how (exactly) do I do that? 👇

[Ron Butler @ronmortgageguy]

Another Great Report: What Kind of Mortgage Amortizations Do We Find At The Big Banks

Hanif & team at @WOWA_Canada produce interesting & timely info

Here's a dive into where Mortgage Amortizations are sitting at Canada's Big Banks

Definitely worth a follow

[The Rob Campbell @therobcampbell]

We now have fixed mortgage rates starting with a 4 again in Canada.

[Jon Flynn | Real Estate Data & Analysis @JonFlynnREstats]

What will happen in ON on Friday when sellers are allowed to disclose offer details. Here's a copy of the form that will be used. Note, this form limits agents to disclosing details only to other offers. The rules however allow them to disclose to anyone with written direction.

[Ron Butler @ronmortgageguy]

BOOM!! Federal Government Moves Against Airbnb!!

I rarely post on Sunday but this is news

The Federal Government will attack Short Term Rental through CRA

@TorontoStar broke the story this morning

I knew the Feds were planning something since @cafreeland focused on it

2/

[Jennifer Keesmaat @jen_keesmaat]

Brilliant.

Mayor @BonnieCrombie uses the authorities given to her by the Province - known as strong-mayor powers - to overturn Council's failed 4-plex motion (which failed on a tie).

This will likely ensure Mississauga qualifies for $120 million of Federal funding for housing, through Minister @SeanFraserMP's Housing Accelerator Fund.

[steve cornwell @steve_cornwell]

BREAKING: #Mississauga Mayor @BonnieCrombie will use her strong-mayor powers to override council's vote last week that ended with a motion supporting 4-plexes failing to pass. Wording of the override below. She tells me she has spoken with @SeanFraserMP.