💡 Important Tax Incentives for Canadian Homeowners

We've rounded up the various tax incentives available for Canadian homeowners. These incentives can help reduce their tax burden and provide financial benefits

• Home Accessibility Tax Credit (HATC): Offers up to $20,000 for renovation expenses.

• Multigenerational Home Renovation Tax Credit (MHRTC):Provides up to $7,500 for creating self-contained units. A "self-contained unit" refers to a separate and independent living space within a home.

• First-Time Home Buyers’ Tax Credit (HBTC): Gives $10,000 with a $1,500 refund for first-time buyers.

• Home Buyers’ Tax Credit for People with Disabilities: Allows individuals with disabilities and their partners to benefit from the HBTC, even if they aren't first-time home buyers.

• Tax Deductions for Moving for Work: Permits deduction of moving costs for individuals who moved at least 40 km closer to a new workplace.

• Self-Employment or Work-From-Home Tax Credits: Eligible employees who worked from home for a maximum of 250 days could receive up to $500 in tax credits.

🏘 Toronto Home Prices Fall Most in 15 Months 

• Toronto’s home prices saw the fastest monthly decline in over a year, dropping 1.7% to C$1.13 million ($815,000) in October.

• This marks the third consecutive monthly decline and the quickest pace of drop in 15 months.

• The number of home sales also fell by 5% to 4,867 transactions, resembling levels seen during the market freeze in December and January.

• The number of sellers entering the market dipped 2.9% in October, but with over 14,000 homes listed, it was the second-highest month for new property listings in a year.

Why This Matters: For homeowners, it could mean reduced property values, impacting equity. However, for potential buyers, it presents a more affordable entry point. The decrease in sellers entering the market indicates a cautious approach. These changes in the real estate market serve as crucial economic indicators, affecting consumer confidence and the broader economy.

🌇 Toronto's Major Housing Initiative: 65,000 Rent-Controlled Units Planned by 2030

• Toronto City Council has approved an ambitious affordable housing plan.

• The plan aims to build 65,000 rental homes over the next seven years, at a cost of $36 billion.

• Mayor Olivia Chow believes that 65,000 rent-controlled units could be built by 2030.

• Changes have been made inside City Hall to streamline the approvals process and cut red tape.

• By April 2024 the city will provide resolutions on using City-owned sites for permanent or temporary homes, modular, and micro-shelter housing options, and the possibility of acquiring school board properties.

Why This Matters: The availability of a large number of rent-controlled units will impact the rental market, offering more options and stability for renters who are looking for affordable housing solutions in the city. Additionally, there will be opportunities for partnership and collaboration between investors, developers, and the government to achieve the housing targets set by the city.

😲 Vandyk Properties Faces Receivership

• Lenders owed over $203 million seek to appoint a receiver for Vandyk’s projects.

• Five projects in the GTA, with 1,757 unbuilt homes, are affected.

• Contractors have placed construction liens on Vandyk projects, demanding compensation.

• The projects are far from completion, and preconstruction buyers have been waiting since 2017.

Why This Matters: Vandyk Properties is a prominent developer in the city, and the potential for the company to place its properties into receivership can have a significant impact on the local real estate market.

🏢 Five-Tower Condo Plan Near Scarborough Town Centre

• Developers Rosdev and Dov Capital are proposing a five-tower condo project near Scarborough Town Centre in Toronto, Canada.

• The six-acre lot is planned to have five residential skyscrapers, retail space, a public street, and a park measuring 2161 square meters.​

• The proposal aims to add 2,335 new condo units, ranging from studio, one-bedroom, two-bedroom, and three-bedroom apartments.

• Building heights specified as 50, 50, 46, 39, and 26 storeys

• The has access to Scarborough's largest mall and the upcoming Scarborough Centre Station subway extension