Toronto may finally be cracking down on real estate speculators who invest in multiple properties and leave them unoccupied, while residents struggle to find affordable housing. On July 15, 2021, Toronto City Council has approved a plan to implement an Empty Homes Tax as of January 1, 2022. While the exact details of the plan will be revealed later this year, the proposed tax is modeled after the “empty homes tax” already implemented in the City of Vancouver. Since 2017, vacant... [read more]

Owning a condo in Toronto is a dream that we all share. With the amount of space they offer, world-class amenities and facilities, 24/7 security, and proximity to urban areas, you cannot match the level of luxury available at one's disposal. Although many buyers are cautious when signing the sales agreement, they ignore other documents, considering them too taxing to understand. Additional fees and taxes, such as prevailing property tax rates, are essential fees to understand to keep... [read more]

How to avoid capital gains tax on rental property in Canada? If you’ve landed on this page, you most likely googled “How to avoid capital gains tax on a rental property in Canada”. Our real estate professionals at Toronto Condo Team covers everything you what you need to know about capital gains tax for rental properties in Canada. You might have to pay capital gains tax if you have a rental property. This type of tax occurs when a person sells more than the purchase... [read more]