Friday, 30 September 2016

Forecasts for a Bank of Canada interest-rate cut this year are building.

The possibility of a rate cut started to creep up after the BOC said on Sept. 7 that risks to inflation had “tilted somewhat to the downside.”
Canada’s main inflation rate decelerated to 1.1 per cent in August from 1.3 per cent in the month prior

The Canadian dollar weakened 0.1 per cent to $1.3099 per U.S. dollar at 11:08 a.m. in Toronto. The currency is expected to weaken to $1.32 by the end of the year, according to forecasts compiled by Bloomberg.

The bank’s next announcement is on Oct. 19.

Thursday, 29 September 2016

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Monday, 26 September 2016

Ten-tower condo development in downtown Mississauga to be unveiled Tuesday

Rogers Real Estate Development Limited will be unveiling its plans for a 10-tower development on 15 acres of land, located at the southwest corner of Burnamthorpe Road West and Confederation Parkway.
The early site map Rogers Real Estate provided to the City outlines plans for what it called GardenCity Mississauga, a 10-tower development on a downtown Mississauga site bounded by Burnhamthorpe Road to the north, Confederation Parkway to the east, Webb Drive to the south, and Pinnacle International’s Grand Park development on the west.
The site in Mississauga, a large suburban city just west of Toronto, is the last remaining parcel of undeveloped land of its size in the area.
Proposed towers range in height from 21 to 30 storeys up to 51 to 60 storeys. Podiums would be three to six storeys high. “The broad range of tower heights at GardenCity will contribute to visually distinctive and rapidly evolving Mississauga skyline,” text accompanying the map reads. “Towers should be oriented to take advantage of views of City Centre, Lake Ontario, and major open spaces.

Sunday, 25 September 2016

What marijuana legalization could mean for Canada's real estate market

Calgary Eyeopener explores possibilities, both good and bad, for owners and buyers

By Falice Chin, CBC News Posted: Sep 15, 2016 12:01 PM MT Last Updated: Sep 16, 2016 2:47 PM MT (News Courtesy)
Imagine if every Canadian adult was allowed to grow marijuana at home. What would this do to our real estate market?
The answer depends on who you ask.
In Colorado, where pot has been legal since 2014, homeowners can keep up to half a dozen pot plants indoors — and that's causing a "green boom" in cities like Denver.
"A lot of people are into the grow-your-own movement out here in Colorado and most of my people are growing cannabis for medical use," said Rona Hanson, a longtime realtor in Denver who runs a grow-friendly listing called Need Room to Grow
"I find houses that have areas in them or spaces that people can have small home gardens, whether it's for growing cannabis or just doing herbs or whatever they like," said Hanson, adding homes with proper greenhouses tend to sell more quickly.
"We have 120,000 people moving to our state each year for reasons that include the cannabis freedom that we have."

Mould, vermin, chemical contamination concerns

If you want to grow cannabis at home (for medical use only) north of the border, you have to apply for a licence through Health Canada.
The Access to Cannabis for Medical Purposes Regulations came into effect in August 2016. Because these personal licences involve sensitive medical information, it's difficult to find out who is growing at home and where.
As the Liberal government moves ahead to legalize marijuana in 2017, the scope of the law could very well expand.
And, if we go the way of Colorado, home buyers best start looking for a good house inspector.
"The marijuana plant requires a lot of humidity for it to prosper," said Gary Barnes, president of Western Site Technologies in Calgary.
"Even for six plants, that is ultimately going to cause problems unless you have proper air exchange."
Good airflow costs money, and Barnes doubts most homeowners would actually pony up the cash for a small weed operation.
"I don't think you're going to put in a multi-thousand-dollar air exchange system in your house in order to control that. Therefore you're going to get mould."
And mould is not good.
"Depending the extent of the damage, whole walls might have to be ripped out," said Adam Jackson, who works with government officials to oversee the remediation of grow-op homes in Alberta.
But mould is just the tip of the iceberg in terms of potential damages.
"There are a number of nuisances that take place," said Jackson.
"It can be anything from the chemicals and fertilizers being dumped down the drain, or they're leaching through the carpets and the walls. Bugs are another big thing. People will use pesticides."

Buyer beware, especially during transition period

In the past, when someone grew pot at home, that person was breaking the law. Police had every right to bust the criminal.
But now that some Canadians have been given private licences to grow at home, it has become a confusing, transitional period — and Barnes said law enforcers are more reluctant to crack down.
In the past, Alberta Health Services appointed Western Site Technologies about 60 remediation cases per year. This year, the company has received two.
"I'm sure there are houses on the market right now that have been grows that are going to have no disclosure and it's buyer beware," Barnes said, adding that this is an issue that affects any type of house.
"You think you're going to into an upscale neighbourhood and buy a house that's a million dollars and you figure nobody's going to put a grow on that? You're wrong."

Friday, 23 September 2016

Real estate groups lobby against calls for GTA foreign buyers tax

Calls for the implementation of a tax on foreign buyers of property in the Greater Toronto Area are "premature," a pair of real estate groups say.
In letters to Ontario Finance Minister Charles Sousa and Toronto Mayor John Tory, the heads of the Toronto Real Estate Board (TREB) and the Ontario Real Estate Association (OREA) say introducing such a tax would be "a knee-jerk reaction to a problem which we do not fully understand."
TREB president Larry Cerqua and OREA president Ray Ferris wrote that a foreign buyers tax will do "little to address the growing affordability challenges facing many Ontarians and may have negative consequences for our broader economy."
The groups argue that more information is needed to get a better understanding of foreign buyer involvement in Toronto's housing market.

Slower activity

The government of British Columbia recently introduced a 15 per cent tax on foreigners buying property in Greater Vancouver. In the wake of the tax's introduction, housing activity in Vancouver area has slowed considerably. Reaction seems to have been swift — the Real Estate Board of Greater Vancouver said house purchases declined by 26 per cent in August compared with the same month a year earlier.
The arrival of the tax in Vancouver led to suggestions that foreign interest in real estate will shift to other markets, including Toronto, which has already seen significant home price gains, just not on the same scale as Vancouver. High-end real estate seller Sotheby's recently said it expects a lot of demand in Vancouver's luxury market to move to Toronto.

Little choice: economist 

There have been a pair of calls recently for a tax on foreign homebuyers in the Toronto area to help cool the market. 
CIBC economist Benjamin Tal said Ontario will have little choice but to implement a tax similar to that of British Columbia. Tal said the main reason behind higher prices around Toronto is a policy-driven lack of land supply, leaving a tax as one of the only levers available to influence the market.
In addition, former federal finance minister Joe Oliver, writing in the National Post this week, said Ontario should quickly impose a 15 per cent tax on purchases by non-residents and foreigners of residential property in certain Toronto-area communities.
Sousa said earlier this week there are no plans at the moment to implement a tax in Toronto similar to Vancouver's.
"Our government will continue monitoring the housing market in both Ontario and B.C. over the course of the next few months to see the impacts of the recent decision by the government of B.C.," Sousa said in a written statement.

Thursday, 22 September 2016

Mississauga condo developer forgets to put 120 bathrooms in brand new building

Condo living is supposed to be simple. So you can imagine the shock of some Mississauga condo owners when they moved into their units and discovered that something simple was missing: None of the units in the 35 storey building had been equipped with a bathroom.
News Courtesy

Wednesday, 21 September 2016

Vision for LRT transit stops in Mississauga taking shape

News Courtesy Mississauga News By Rachael Williams 
Iconic transit station designs are in the works at four locations along the 20-kilometre Hurontario light rail transit line in Mississauga.
Port Credit, Cooksville, Rathburn and Hwy. 407 have been characterized as high priority stops along the city’s $1.3 billion LRT transit line. Identified in an “LRT stop hierarchy” staff report, presented to general committee on Wednesday, greater detail will be paid to the stations’ architecture, volume and scale, materials, passenger comfort and lighting.
“I think this is the most vital piece, the aesthetic piece, the place-making exercise, making this thing warm, fuzzy and sexy,” said Ward 7 Coun. Nando Iannicca.
The four stations were identified as level three signature stops because they represent important gateways and entrances to the City.
Port Credit and the Hwy. 407 stops bookend the 22-stop route. Rathburn Road and Hurontario Street is located in the heart of Mississauga, near the Civic Centre, Celebration Square, the Living Arts Centre and Square One Shopping Centre, while the Cooksville stop will connect the LRT with the Milton GO train line and will undergo a major transformation as part of Vision Cooksville.
Level two stops, or “boosted design” stops, are second on the three-tier hierarchy and are slated to receive some visual enhancements and added design features.
Details are yet to be released on the specifics of the design. The city will be using a Metrolinx procurement process since the provincial agency is footing the bill for the LRT. That procurement process is much less prescriptive than that of the municipality, and will rely on the creativity of companies who will submit bids for the design and construction of the project. As such, costs have yet to be determined.
Level two stops have been identified as follows: Derry, Matheson, Eglinton, Robert Speck, Duke of York, The Exchange, Dundas and Queensway.
The base design stops, or level one stops, will be constructed in lower density areas along the corridor.
Steven Bell, manager of downtown collaborative for the city, said the base stops will not be utilitarian, but rather, will “set the minimum threshold for stop design that projects a strong civic quality and aesthetically pleasing form.”
These include: Courtneypark, Britannia, Bristol, Matthews Gate, Central Parkway, North Service and Mineola.
Closing the discussion was Mayor Bonnie Crombie, who issued a stern warning to staff and council: “In 1995, the new government of the day cancelled the Eglinton-Crosstown Subway. We don’t want to be victim to that same fate. So we just want to make sure that this, our plans, are so far down the line that when we break ground in 2018, should there be a new government, they would never think about cancelling our shiny new train.”
Construction for the proposed LRT is set to begin in 2018.

Tuesday, 20 September 2016

Tax on foreign homebuyers would be 'horrible,' Toronto real estate lawyer warns

Tax on foreign homebuyers would be 'horrible,' Toronto real estate lawyer warns

A 15% tax on homes would tell foreigners Toronto is 'closed for business,' Bob Aaron says

News Courtesy : By Chris Glover, CBC News Posted: Sep 20, 2016 6:40 PM ET Last Updated: Sep 20, 2016 6:40 PM ET

A Toronto real estate lawyer warns introducing a tax on foreign homebuyers would be devastating for the Toronto housing market.
His warning came Tuesday after a prominent economist said it was only a matter of time before the surcharge would come into effect in the Greater Toronto Area.
"So much of [Toronto's real estate] is owned by foreign owners, and we welcome their investments," said Toronto real estate lawyer Bob Aaron.
"It's important to our economy to have foreigners investing here. If we cut off the supply it's going to say Canada is no longer open for business, we're closed for business, we don't want your money; that's going to reverberate throughout the economy."
This summer, British Columbia introduced a 15 per cent tax on foreigners buying property in Greater Vancouver. In a statement Tuesday, Ontario's finance minister Charles Sousa explained there are no plans at the moment to implement a similar tax in Toronto.
"Our government will continue monitoring the housing market in both Ontario and B.C. over the course of the next few months to see the impacts of the recent decision by the government of B.C." Sousa said in a written statement.
Sales in Vancouver dropped 26 per cent in August compared to a year ago, following the introduction of the tax on Aug. 2.
"The perception of the tax, rather than the tax itself caused a slump in the market and if we had a slump in the market the default rate in mortgages across the board would be horrible," Aaron said. "The banks cannot risk that level of default, and it will happen."
Prices in Vancouver continued to rise, however, with the benchmark price for all residential properties climbing 31.4 per cent from a year ago to $933,100.
Some industry observers, including CIBC senior economist at Benjamin Tal, have voiced concerns that Vancouver's new 15 per cent tax on foreign buyers could send investors to Toronto, driving up prices in a market that is already scorching.
At City Hall Tuesday, Mayor John Tory said he would continue to give the same "non-answer" he's given for months on the tax — he's not sure the foreign buyer phenomenon in B.C. is a problem in the GTA.
"I know there's a problem with affordability ... and as yet, there's no one that's reached any conclusions or given me any advice that there's an identifiable problem that we can attach a solution to."
The mayor said more details about his plans for the future of housing in Toronto would be made available Sep. 30 at the Affordable Housing Summit in Toronto.
"We are watching it very closely and the main thing that I'm focused on ... is increasing the supply of affordable housing. That, I think, is the single thing that I know we can do," said Tory.
The Toronto Real Estate Board (TREB) echoed the mayor's concern that it is too early to support or nix the idea of a tax on foreign homebuyers.
"I don't think there's enough information there to make the hard and fast conclusion that we have seen a carry over of would be foreign buyers from Vancouver into the Toronto market," said Jason Mercer, the director of market analysis with TREB.
The provincial government and the housing industry isn't in a position to create policy on foreign buyers, because no one tracks the amount of foreign buyers purchasing homes in Toronto, Mercer said.
The Canadian Mortgage and Housing Corporation (CMHC) recently issued a report highlighting that the share of foreign ownership of condos in the Toronto CMA was 3.3 per cent in 2015.
In the last federal budget, $500,000 was allocated to address the "data gap" on the amount of foreign activity in Canada's housing market.
But stakeholders, including TREB, say the priority needs to be ending the chronic shortage of supply of housing in Toronto.

Monday, 19 September 2016

Your Home Made More Than You Did Last Year..

In other words, for the typical Canadian, your home made more than you did last year, 

“And that pile of bricks (or lumber, or plaster, or glass) just sat there, while you had to grind it out every weekday and maybe more.”

Here’s how much your house made — or lost — by city of residence.

Greater Toronto: $107,362Average house price: $746,546, up 16.8 per cent in a year

Greater Vancouver: $103,881Average house price: $1.026 million, up 11.3 per cent in a year

Montreal metro area: $12,317 Average house price: $353,535, up 3.6 per cent in a year

Halifax-Dartmouth: $8,212 Average house price: 290,421, up 2.9 per cent in a year

Calgary: $752 Average house price: $466,717, up 0.2 per cent in a year

Edmonton: -$1,257 Average house price: $374,365, down 0.3 per cent in a year

Ottawa: -$5,287 Average house price: $378,389, down 1.4 per cent in a year

Article Courtesy

Sunday, 18 September 2016

Condo Buyers' Demands Are Changing Like Never Before

 Courtesy :Wayne Karl  huffingtonpost

There's no question condominiums are an increasingly popular housing choice for Canadians for a variety of reasons -- lower costs and prime inner city locations chief among them. But this also means condo buyers' demands are changing like never before.

For many buyers, proximity to transit is essential, while others prefer a location in the heart if the city. Some want a parking spot, and others are OK with a nearby car-share service. Many want on-site recreational facilities, while for some, Wi-Fi is one of their must-haves. Some unit owners want to simply come and go, while others want to sit on the condo management board so they have a say in building operations.
In Toronto, where Canada Mortgage and Housing Corp. recently confirmed the market is not being overbuilt, buyers there might have completely different needs than those in Vancouver or Calgary.
In Toronto, a dearth of supply of lowrise housing is leading to skyrocketing prices in that category, leading many buyers to opt for condos.
"If you don't want a ghastly commute, a downtown condominium has been the choice for many cash-strapped Torontonians," says condo market analyst Ben Myers. "Interestingly, countless condo dwellers who were once very skeptical about highrise living, have converted to loving the walkable convenience of downtown, and the maintenance free lifestyle that a condominium provides."
"Many major condo developments are turning into self-sustaining communities," Toronto broker Anthony Jong told YPNextHome. "They are essentially a neighbourhood within a neighbourhood. These projects combine retail, commercial offices, residential condos and an abundance of creative amenities in one community that benefits a variety of lifestyles."
Condo developers are increasingly thinking about lifestyle and designing projects that appeal to residents looking to live in a particular neighbourhood for very specific reasons. Think unique common spaces and amenities to afford occupants more freedom; expanded spaces for a variety of lifestyle choices, encouraging residents to step outside of their unit and enjoy their new community.
Then there's the whole question of investors, who have a completely different set of condo buyers' demands than primary homebuyers. "All investors care about is making money," one industry expert told YPNextHome recently. "They could care less about the bells and whistles."
These bells and whistles might be something as simple as green features such as energy efficient appliances and lighting -- valued inclusions for those who buy a unit to live in. For investors, however, these luxuries -- or anything else that results in higher unit purchase costs or condo fees -- may cut into their bottom line.
And that's if developers even make the latest available tech features available in their projects. Not all of them do, until any new technology is tried and true -- and they know consumers want and are willing to pay for it.
Operating costs are an important consideration -- even if many condo unit owners don't realize it - -and focus only on purchase price. "Maintenance fees are the number one issue for condo dwellers," says Jeanhy Shim, president of Housing Lab Toronto, adding that 30 to 40 per cent of a building's operating costs are related to energy.
There are some very tangible reasons, then, why condo buyers should care about being green, energy consumption and building technology.
Indeed, the list of condo buyers' demands is vast, varied and growing all the time.

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Adnan Hashmi Realtor

Saturday, 17 September 2016

Canadian Real Estate Isn't That Expensive Thanks To The Loonie: Bank Of America

You can buy a Canadian home for less now than you could at any time between 2010 and 2014.
If you're American. Or Chinese.
The bank's conclusion may be tough for Canucks to hear, especially after the national average sale price climbed 5.4 per cent in August from a year prior, the Canadian Real Estate Association (CREA) reported this week.
But look at the issue through a foreign currency lens and it actually makes sense.
"Homes are cheaper on both a U.S. dollar adjusted and Chinese renminbi basis than in 2010-2014," the bank said in a note released on Tuesday.
"Despite the high rates of home price appreciation, the continued appeal of Canadian real estate is reflected when adjusting home prices for the substantially weaker Canadian dollar."


Friday, 16 September 2016

Goodbye Vancouver: Foreign buyers now flooding Seattle and Toronto real estate markets

Courtesy Online Producer  Global News
Foreign buyers are leaving Vancouver en masse, instead heading to cities like Seattle and Toronto to invest in real estate, according to numbers provided to Global News from Chinese realty website is “where Chinese find international property” according to their website. They claim to have over 2.4 million real estate listings across 58 countries and have for a long time, marketed Vancouver to their clientele as an attractive place to purchase homes.

But the allure of Vancouver may be fading, according to numbers from the company that suggest there was an 81 per cent drop in buying inquiries in Vancouver in August compared to August 2015.
The recorded drop comes the month after a 15 per cent foreign buyers tax was introduced in Metro Vancouver to thwart off the foreign demand that has helped to fuel an unprecedented rise in home prices across the region.

The demand may have shifted south of the border and to other cities across the country, according to Juwai.
Seattle property searches on the site grew by 143 per cent year-over-year in August, making it the third busiest month in the last three years for number of inquiries in the city.
In Seattle’s King County, the median home price increased 11 per cent to just under $500,000 in August, according to Northwest MLS.
Juwai said Seattle is the number one city in North America for Chinese buyer inquiries. The U.S. National Association of Realtors reports Chinese buyers bought $1.6 billion worth of real estate in Washington state in 2015. That’s out of $27 billion spent across the country that year.
In comparison, data from the B.C. government found that international buyers invested $1 billion into B.C. real estate over five weeks from June to July.
Foreigners hoping to purchase in Canada are now looking at Toronto, Calgary and Ottawa.
Toronto saw a 142 per cent increase in property inquiries in August compared to 2015, according to Juwai.
“Vancouver has been losing local and overseas buyers all year,” Matthew Moore, president of the Americas for, said. “The shift is towards cities with similar appeal but lower entry prices.”
He added that August was the single-highest ranked month for searches in Toronto in the last three years.
Tom Gradecak of Vancouver’s Westside Realty has multiple properties on the market listed for over $20 million. A foreigner purchasing a home at that price would incur a $3 million tax on top of the existing Property Transfer Tax.
Prior to the tax, he said the majority of interest for a home at that price came from foreign buyers.
“We definitely noticed the slowdown, there’s no question,” Gradecak said.
He suspected that the proportion of foreign buyers on the Westside was as high as 25 per cent, much higher than the data provided by the provincial government.
He now says his wife has an American client who wants to sell his downtown penthouse because “he doesn’t feel welcome.”
“He brought a tech company up here from Silicon Valley… and moved a bunch of employees up here, and he’s basically saying that he’s out of here. He wants to sell his penthouse and likely move his business back down south.”
West Vancouver realtor Brent Eilers says he too has witnessed a “dramatic drop.”
According to Eilers, he has a waterfront property currently listed that has seen a little interest from offshore buyers. Had it been listed in May, he said, buyers would be bidding at over the asking price. Now, they’re asking how much under the asking price they could get it for.
“Foreign buyers are pissed off right now.”
MLS sales data obtained by Global News for a selection of homes sold under asking across Burnaby, Richmond, and Vancouver over the last 10 days show price drops between 3.5 and 20 per cent.
Sotheby’s International Realty Canada reported this week that Toronto is set to lead Canada in the number of $1 million-plus residential sales this fall.
The city experienced the greatest year-over-year gains in sales over $1 million during the first half of 2016 with a 65 per cent increase in sales volume. Vancouver grew by 26 per cent.
“The two cities that have been at the forefront of the Canadian real estate market have been Toronto and Vancouver, and we are going to see a clear divergence between their performance this fall,” Brad Henderson, president and CEO of Sotheby’s Canada, said in a statement.
“Vancouver’s record-setting sprint will return to a more moderate pace, but Toronto’s market cadence is set to accelerate.”
While the long-term effect of the foreign buyers tax remains to be seen, evidence shows offshore money may be on the move elsewhere, but even Moore admits Juwai’s data may be premature.
“There can be big variations in the data from month to month, so trends sometimes aren’t truly apparent until after six, 12 or even 18 months. Looking at a short period like this may not give us an accurate view of long-term trends,” Moore said.
The B.C. government is expected to release more data on the impact of the foreign buyer tax on Metro Vancouver real estate next week.

Wednesday, 14 September 2016

Foreign buyers expected to boost Toronto home market as Vancouver cools: Sotheby's

Foreign buyers expected to boost Toronto home market as Vancouver cools: Sotheby's

Growing interest from foreign buyers could fuel high-end Toronto market

News Courtesy by CBC News Posted: Sep 14, 2016 3:51 PM ET Last Updated: Sep 14, 2016 3:51 PM ET
oronto is expected to lead the country in sales of homes worth more than $1 million as the market in Vancouver cools off, Sotheby's International Realty Canada said Wednesday.
The firm said Vancouver sales of single-family homes in the $1 million-plus range declined by 30 per cent in July and by 65 per cent in August, compared with the same months last year. 
Sales of Vancouver luxury homes over $4 million were off by 33 per cent year-over-year in July and by 46 per cent in August.
Condominium sales dropped sharply in Vancouver during the two months. From sales of 93 units worth more than $1 million in July, sales skidded to 49 in August, while sales of condos over $4 million went from seven units in July to zero last month.
Sotheby's said the introduction of the 15 per cent foreign buyer tax by the provincial government on Aug. 2 "injected uncertainty" into the market and is expected to moderate sales activity in the fall. 
B.C. brought in the foreign buyer tax to curb property speculation. It also gave the city the power to tax empty homes, a move that Vancouver Mayor Gregor Robertson on Wednesday said could result in some homeowners soon paying as much as an extra two per cent tax on their properties.

Shifting interest

The foreign buyer tax in Vancouver could mean more interest in the luxury home market in the Greater Toronto Area, which Sotheby's said had a more active summer than anticipated.
Year-over-year sales of single-family homes worth more than $1 million in July and August were up by 83 per cent in the Greater Toronto Area and by 55 per cent in the city of Toronto.
Sales of condos in that same price range also showed a bigger summer jump, rising 89 per cent in the Greater Toronto Area and 86 per cent within the city of Toronto.
Sotheby's said the high-end market in the Greater Toronto Area is expected to keep rolling through the autumn, propelled, in part, by local demand and growing interest from foreign buyers.
"Hints of newly redirected interest from international investors following the introduction of Vancouver's foreign buyer tax have been observed by industry observers, and is expected to gain traction in the fall, particularly within the top-tier single family home market," the firm said.

Tuesday, 13 September 2016

Canada Revenue Agency probes tax loopholes in real estate speculation

Tax agency has stepped up its monitoring of B.C. and Ontario housing markets

News Courtesy CBC News Posted: Sep 13, 2016 10:37 AM ET Last Updated: Sep 13, 2016 4:31 PM ET
The Canada Revenue Agency is looking deeper into tax evasion in some of the country's hottest housing markets after reports suggesting many speculators are abusing the system and not paying enough tax on their gains.
The move comes after a Globe and Mail report last week on a Vancouver property speculator who paid virtually no tax on gains from millions of dollars worth of home flips during the same calendar year.
"Like all Canadians, I am very concerned over allegations that some wealthy Canadians are not paying their fair share of taxes," Diane Lebouthillier, minister of national revenue, said in a statement. "That is unacceptable and I've since asked Canada Revenue Agency officials to look into the specifics of the case."

Frothy market

Foreign money in Canada's housing market has been a hot topic of late, as policymakers seek to get rid of some of the excess speculation without starting a panic. The province recently implemented a 15 per cent tax on foreign buyers in the Greater Vancouver Area, and the issue of the capital gains exemption on a primary residence has also drawn scrutiny from the CRA and other agencies.
Lebouthillier said that between April of last year and June 2016, the CRA had conducted 2,500 audits related to real estate in British Columbia and Ontario, and levied some $11.6 million in penalties to tax filers who were subsequently found to have demonstrated "gross negligence in failing to report their tax obligations correctly."
"Those trying to avoid paying their tax obligations now face an increasing likelihood of getting caught," she said. "Canadians expect and deserve a fair tax system and that is what we are committed to delivering."
Prime Minister Justin Trudeau addressed the topic of tax leakage in the housing market later on Tuesday afternoon, when asked by a journalist at a press conference for his thoughts.
"One of the issues that we highlighted recently is the need for continued enforcement of the tax code and making sure that we're cracking down on people who are avoiding paying their fair share of taxes," he said, adding that the government earmarked more than $400 million in the last budget to beef up the CRA's ability to "make sure that there is better enforcement [so that] everyone pays their fair share of taxes."

Saturday, 10 September 2016

Waterloo in News

Canada’s newest technology darling, Shopify Inc., is making a big push into one of the country’s hottest tech hubs, announcing plans to add hundreds of people to its office in Waterloo.

Startup city: The high-tech fever reshaping Kitchener-Waterloo..1,845 new technology startups have formed in the area many call KW, raising at least $650-million in investment.

One of the best places in the world to build a technology company
The names Research In Motion and BlackBerry will always define Waterloo

Kitchener, Waterloo, and Cambridge make for the 5th largest metro area in Ontario