Industry leaders are cautioning agents working Toronto’s west end, warning them about a seemingly ideal client intent on luring them to vacant properties.
Four months after having its hand slapped by TREB, this online brokerage is closing its doors.
So to relieve the pressure on the Toronto housing market due to low inventory, the solution is to prevent investors from selling surplus or investment property, thus keeping inventory off the market. Brilliant.
The Government is here to help.....with a nonsense action that affects a very small percentage of the participants. But to be fair, capital losses must be treated the same when the market turns south.
Actually what they left out or didn't explain is that they are trying to up the taxes on "Flippers" - those who buy pre-sale condos and never live it the suite nor was it ever leased, as well as people (like in Scarborough) buy a house, renovate, never live in it or rent it out and sell it (less than 1 year) . If you look, I will continue to use Scarborough for example- houses were bought in 2016, completely renovated and the owner never moved in or rented it and sells for a huge price. Then theres is this part-when an agent gives a CMA they are not to tell a seller a price they are to suggest a spread - lower and upper price - But this not being done either - It is unethical for an Agent to suggest a price well below the current market value - like the house listed in the east end @$599,900 and the almost the same house next door (neither renovated) brought $850,000 - the 1st house @$599,900 was obviously grossly under listed - TREB,RECO and OREA need to get on this unethical practice - it both the Sales Reps and the sellers - Rules and Regulations are not being upheld... Even thought TIm Hudak says not non residents-Money is being filtered in the from Asia & other countries outside of Canada - Yes there is a lot- Son/daughter student- parents transfer money to them and then buy- This can be traced through FINTRAC easy everyone has to complete it, 1 for any transfer/deposit over $10,000 in a bank and for all Real Estate Sales Transactions both sides
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