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Milind Jog Real Estate
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New Landlord and Tenant Rules Now Apply

Monday Sep 11th, 2017

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The rules of the game have changed. As of September 1, 2017, landlords must follow stricter rules when it comes to evicting a tenant, or else face up to $25,000 in fines. These changes are part of the Ontario government’s new Fair Housing Plan, which included expanded rent control on all buildings and a standard lease proposal. The new rules for landlords and tenants are about evictions, making it riskier for landlords and safer for tenants.   Here are the new rules for... [read more]

A renter’s guide to tenant insurance

Friday Aug 18th, 2017

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  One of the most common myths about home insurance is that renters just don’t need it, plain and simple. But whether you’re a first-time renter or you’ve been renting your space for years, you should know that your landlord’s insurance policy is probably not designed to protect you or your stuff. You’ll need your own insurance for that — and that’s where tenant insurance comes in. Here’s a collection of articles to show you how... [read more]

Deconstructed: The good, the bad and the ugly of Ontario’s 16-point plan to tame housing

Friday Apr 21st, 2017

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On Thursday, the Ontario government introduced measures intended to cool the housing market in the Greater Toronto Area. Here’s a breakdown of all 16 and the impact housing market experts believe they will or will not have. 1. A 15-per-cent Non-Resident Speculation Tax (NRST) on the price of homes in the Greater Golden Horseshoe (GGH) purchased by individuals who are not citizens or permanent residents of Canada or by foreign corporations The tax is ultimately aimed at curbing price... [read more]

Rent control isn’t the solution to Ontario’s housing problem

Friday Apr 21st, 2017

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Practitioners of economics, the dismal science, often quarrel among themselves, but on one thing at least, they tend to agree: rent control is a thoroughly awful idea. Because landlords face limits on how much they can raise rents, they often skimp on maintenance. That’s bad for renters, who have to live in deteriorating housing. Because developers face limits on what they would earn from rental projects, they build fewer of them. That’s bad for renters, too, because apartments... [read more]

Principal Residence Exemption (PRE)

Tuesday Feb 28th, 2017

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When a principal residence is sold, the gain is not taxable if it has been the person's principal residence for the whole time it has been owned.  This is because the principal residence exemption eliminates the capital gain.  In years prior to 2016, there was no need to report the sale on your tax return if the entire gain was eliminated.  However, on October 3, 2016 the federal government announced that, starting with the 2016 tax year, the sale of... [read more]

Home prices up 22% in January compared to last year: Toronto Real Estate Board

Monday Feb 06th, 2017

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The average selling price of a home in the Toronto area was $770,745 in January on the Toronto Real Estate Board index — $140,552 more than a year ago. The first chapter of this year’s Toronto-area real estate story reads a lot like the last, with January delivering a 22 per cent year-over-year increase in home prices, according to the Toronto Real Estate Board’s (TREB) benchmark index. The average selling price of a home in the region was $770,745 last month on the... [read more]

Insights: Real Estate in Ontario

Thursday Jan 19th, 2017

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Ontario home sales set new December record   Highlights Residential sales up 4.9% in December 2016 compared to a year earlier. New listings in Ontario numbered 9,819 units in December 2016, a decrease of 12.4% compared to last year. The provincial average price of homes in December 2016 rose 18.9% compared to a year earlier. There were just 2.3 months of inventory at the end of December 2016. Unit Sales Residential sales activity reported through the MLS®... [read more]

First-time home buyers to get $4,000 land transfer rebate

Wednesday Nov 16th, 2016

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Finance minister Charles Sousa is giving first-time home buyers a $4,000 land transfer tax rebate. Finance Minister Charles Sousa is giving first-time home buyers a land transfer tax rebate of up to $4,000. Sousa used Monday’s fall economic statement to announce the tax break for eligible purchasers is being doubled from $2,000. The treasurer said the measure — funded by hiking rates on houses selling for more than $2 million — will have more impact... [read more]

Greater Toronto price gains preserve Canada's housing boom

Wednesday Nov 16th, 2016

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Gains in house prices in the Greater Toronto Area have lifted Canada’s residential market into record territory, despite a slowdown in the Vancouver region, according to two new reports. The industry’s benchmark price – which depicts typical properties sold and excludes outliers such as luxury mansions – reached $683,000 for various types of GTA properties sold in October, up 2 per cent from September, the Canadian Real Estate Association said Tuesday. The... [read more]

Mississauga Home Prices Inching Ever Closer to $1 million

Thursday Nov 10th, 2016

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More bad news for prospective homebuyers in Mississauga—home prices in the city (and beyond) are still soaring.   According to data released by the Toronto Real Estate Board (TREB), the MLS Home Price Index Composite Benchmark was up 19.7 per cent on a year-over-year basis in October and the average selling price for all home types (detached, semi-detached, town and condo) was $762,975—up 21.1 per cent over the same time period. While $762,975 might... [read more]

Trump impact: Web searches for Canada homes surge after election

Thursday Nov 10th, 2016

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Are Americans worried about a President Donald Trump really going to move to Canada? It’s a theme that pops up after many political reversals in the U.S., but there’s some evidence to suggest people are at least thinking about it now. The Canadian Real Estate Association says it’s seen nearly three times more web traffic than normal from Americans over the last few days. Last November, it saw about 10,400 Americans per day searching for homes in Canada. Over the last few... [read more]

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