• John DiMichele and Michael Bourque: A capital gains tax is not a panacea
• FINTRAC fines brokerages in Vancouver, Unionville
• Managing risk for your buyers in multiple offers
• Considering listing a short-term rental in Toronto? Read this first
• Diary of a real estate developer

John DiMichele and Michael Bourque: A capital gains tax is not a panacea

When it comes to housing policy, taxing capital gains on principal residences is often raised as a solution. But a tax on Canadians’ homes is not the silver bullet some would have you believe. In fact, the introduction of a tax would be excessively complicated with far reaching implications and would likely backfire. A capital gains tax would effectively create a disincentive for anyone to ever list their home, and further exacerbate the already dire lack of housing supply across Canada. The tax could very well put upward pressure on housing prices rather than cool them.

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FINTRAC fines brokerages in Vancouver, Unionville

FINTRAC has levied fines of $66,742.50 on Park Georgia Realty in Vancouver and $31,350 on Re/Max All-Stars Realty in Unionville, Ont. for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated regulations. Both brokerages have appealed the decisions to the Federal Court.

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Managing risk for your buyers in multiple offers

While this sellers’ market rages across much of Canada and the U.S., buyers are being challenged to make offers unconditional to be successful in buying property. There is significant risk associated with this practice, and as agents, you want to ensure that your buyers are fully informed. In many markets, it is the only option to purchase good quality properties. In other markets, it is a significant strategic advantage against other offers and might be something your buyers want to explore. What could go wrong? A lot.  

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Considering listing a short-term rental in Toronto? Read this first

The Ontario government initially banned all such rentals during the early part of last summer, but that ban has subsequently been lifted. The problem is that for properties in the City of Toronto, the rules around hosting, offering or providing short-term rentals are not as free-wheeling and flexible as they were previously, or as one might hope. Here are some of the key points.

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Diary of a real estate developer

So you want to be a developer. Here’s how it starts, a real-life experience. The following is an abbreviated timeline of my first development project. There are a lot of details and side stories that have been omitted, but this gives you a good idea of what you’ll need to go through if you want to get into land development. You can do this completely on your own or hire people. My suggestion is, get your hands dirty and do the work you can. There will be an appreciation later that only experience can provide.

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