By: Shawn Lepp

Property flipping? Know how it can affect your tax return

Tags: Buying a home in Durham Region, Selling a home in Durham Region, Flipping Homes, Taxes

(NC) Buying and selling property as a way to make a profit can be a smart move as long as you do your research and know how to report it at tax time. When you buy property with the main intention of selling for a profit, you are engaged in the business of property flipping. This often means you buy a property, take possession, and do some renovations. After the property is improved, you sell it a...Read More

By: Shawn Lepp

Sold a home? Know your tax obligations

Tags: Buying A home in Durham Region, Selling a home in Durham Region

(NC) If you’ve recently sold a home, there are some things you need to know at this time of year. When you sell your own home (or principal residence) you usually don’t have to pay tax on any profit from the sale. But what you might not know is that even if you are entitled to the principal residence exemption, you need to report the sale on your income tax and benefit return. This be...Read More

By: Shawn Lepp

Worried about rising interest rates affecting your mortgage?

Tags: Buying A home in Durham Region, Selling a home in Durham Region

  (NC) With the Bank of Canada recently raising its key interest rate once again, many of are concerned about the impact on our household debt and mortgages. Fortunately, there are many tips and tricks for saving and budgeting you can use for other areas in your life. Try the three-category budget. It can be overwhelming trying to track all your expenses, but it is advisable to hav...Read More

By: Shawn Lepp

Three Tips To Master Indoor Renovations This Winter

Tags: buying a home in Durham Region, Selling a Home in Durham Region, Renovating Your Home

(NC) While many of us hesitate to begin a home makeover during the colder months, this can actually be a great time of year to tackle a project. All you need is some research and planning.  For starters, you’re much more likely to find a contactor who’s available for hire in the winter, since many people choose to do home pro...Read More

By: Shawn Lepp

Top Strategies To Keep Home Ownership Alive

Tags: buying a home in Durham Region, Selling a home in Durham Region

(NC) Every generation has had their share of struggles, but when it comes to home ownership, there’s no contest — millennials have it harder than the previous generation. A new report by Ryerson University’s Centre for Urban Research and Land Development, sponsored by the Ontario Real Estate Association (OREA), found that the demand for home ownership will grow as millennials en...Read More

By: Shawn Lepp

How To Avoid Real Estate Fraud

Tags: Selling a Home in Durham Region

(NC) As housing prices climb in many markets across the country, real estate fraud can become a much more enticing prospect for scammers. While it's one of the lesser known kinds of fraud in Canada, its impact can be devastating. There are two types of real estate fraud that may result in financial losses — title fraud and foreclosure fraud. Title fraud happens when a fraudster steals ...Read More

By: Shawn Lepp

With Listings Up And Sales Down, Has The ‘Stress Test’ Affected Durham Region?

Tags: Buying a home in Durham Region, Selling a home in Durham Region, Real Estate in Durham Region

DURHAM REGION - February 7, 2018 - Durham Region Association of REALTORS® (DRAR) President Dennis Roberts reported 470 residential transactions in January 2018, a slight decrease from December 2017. January saw an increase in listings of 954 from 711 in December. There is 30 per cent increase year-over-year from January 2017, where there were 735 listings. “Amid the new mortgage ‘s...Read More

By: Shawn Lepp

With Listings Up And Sales Down, Has The ‘Stress Test’ Affected Durham Region?

Tags: Durham real estate, buying a home in Durham Region, Selling a home in Durham Region

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By: Shawn Lepp

The Sky Is Not Falling

Tags: Selling a home in Durham Region, Buying a home in Durham Regions

It seems that every time there is a change in rules around mortgages, some of the media interpret this to mean that the bottom is going to fall out of the real estate market. This is simply not true. The market is still strong. The Government has stepped in on several occasions to change the regulations surrounding mortgage s. The chart below shows historically they have done.  The reasons fo...Read More

By: Shawn Lepp

Canada's Banking Regulator Introduced New Mortgage Rules

Tags: Buying a home in Durham Region

Today the Government of Canada announced that they will changing the way people qualify for uninsured mortgages starting January 1, 2018. The official release can be found at http://www.osfi-bsif.gc.ca/Eng/osfi-bsif/med/Pages/B20_dft_nr.aspx   Several of the key points of this announcement: Clients looking to obtain a low ratio mortgage (MORE than 20% as a down payment) will have to q...Read More