Jeff van de Bennet's blog
On January 1st 2023, there were two new pieces of legislation put into law.
The Anti-Flipping Tax on Residential Home Purchases.
Homeowners will be forced to keep their homes for a minimum of 12 MONTHS if they wish to use the primary residence tax exemption.
Prohibition on Purchase of Residential Property by Non-Canadians Act
Prohibition on Residential Property Purchases by non-Canadians for 2 YEARS. There is a potential $10,000 fine for any non-Canadian or anyone who assists in violating this Act.
The average number of homes sold in May is up over the last 10 years, averaged homes sold 146. This May 175 sold.
An increase of 20%
Total listings 14% below last year.
Almost 10% fewer homes sold this May but last year May/2021 had the most sales in the last decade.
Of the homes that sold, they averaged 38 days on the market!
Average house sale price of what sold this year May was up to almost $340,000.
The market is changing all the time and it is very busy.