CRA Extension for Filing: Penalties and interest for late-filed UHT returns are waived if filed by April 30, 2024, for the 2023 year.

Applicability of UHT: Affects those who own residential real estate in Canada through a corporation, partnership, or trust, and not personally. Applies to non-Canadian citizens or non-permanent residents owning residential real estate in Canada. Requirement to File UHT Return: Mandatory for all residential property owners in Canada as of December 31, 2022, unless exempt. Due date: April 30 of the following year (e.g., April 30, 2024, for 2023). Exclusions from Filing: Canadian citizens or permanent residents owning property personally. Various entities like publicly traded Canadian corporations, registered charities, and Indigenous governing bodies. Penalties for Non-Compliance: Failure to file by April 30: Minimum penalty of $5,000 (individuals) or $10,000 (corporations), plus additional percentages of the tax payable.



Today, we're diving into the latest trends and insights of the Toronto housing market as we move into the second half of 2023. It's been a rollercoaster of a year, and I'm here to break down what's been happening and what we might expect in the coming months.

First up, let's talk numbers. In September 2023, the average home in the Greater Toronto Area (GTA) sold for $1,119,428, which is a 3% increase from last year. Interestingly, even though we've entered a deep buyer’s market for the first time in 14 years, prices are still nudging upwards. Now, let's break it down by property type. Detached homes in the GTA are averaging at $1,440,786, showing a 5.2% year-over-year increase. Semi-detached homes aren't far behind, with a 5% increase to $1,094,074. Freehold townhouses have seen a similar trend, while condo apartments have slightly bucked the trend with a 3% annual decrease. The big news is that the GTA housing market has plunged into a deep buyer’s market. This shift is largely due to a surge in new listings and a slowdown in sales. Despite this, home prices have continued to rise, albeit at a slower pace. It's a fascinating development, and it's been a while since we've seen a market like this. In terms of regional differences, the City of Toronto is closely mirroring the GTA trends. Prices in York Region are seeing some decline, while Halton Region and Durham Region are experiencing increases. Brampton's market is showing a slight dip, whereas Mississauga is booming with an 8% monthly increase in prices. Looking forward, we're firmly in buyer’s market territory, which could mean more opportunities for those looking to buy. The average home is selling at its asking price, and we might see prices start to fall in the coming months. For the rest of 2023, we expect to see the market continue to adapt to higher borrowing costs and economic uncertainties. While home prices are still on the rise, the growth rate is moderating. And a big focus will be on affordability and potential policy changes, especially with the government's efforts to address housing needs for a growing population. That's a wrap for today's market update!


As more homeowners face higher mortgage renewal rates, some may need to consider selling their homes due to financial strain. However, experts advise exploring alternative options before resorting to a sale.

Start by evaluating your spending habits, including household maintenance, car repairs, and medical bills, to identify areas where you can cut costs. Consider diversifying income sources, such as taking on a second job or renting out a room in your home. Allocate spare cash towards your current mortgage with a lump-sum payment to manage the expected increase in monthly payments upon renewal. Seek guidance from financial advisers to determine an affordable and sustainable lifestyle. Don't assume the first offer from a lender is the best rate; shop around, as even a small interest rate difference can make a significant impact. Consider factors like mortgage amortization, fixed vs. variable rates, and finding the best rate offer. Higher mortgage rates affect both low- and high-income households, although those with higher incomes may have more options to adjust to the increased costs. Some turn to their parents for financial assistance. If all options are exhausted, selling the property may be the last resort. It's crucial to act before foreclosure and consider selling to avoid selling below market value. Consult with a licensed insolvency trustee if necessary. Remember that selling the house doesn't end your responsibilities; you'll still need to cover utility expenses and house insurance until ownership is transferred. If the house sells at a loss, you're responsible for covering the difference. After selling, homeowners may face challenges in the housing market, including higher interest rates and rising rental prices. The expectation of rates falling again may not be realistic in the near future. Anyone renewing their mortgage in the next year or two will likely feel the financial impact of higher interest rates.


Today, we've got some encouraging news for mortgage shoppers and current homeowners eyeing renewals. It looks like there may be a glimmer of rate relief on the horizon, and here’s what you need to know.

Last week we saw a notable drop in the 5-year Government of Canada bond yield, which has tumbled over 60 basis points from its recent peak, we're seeing predictions that fixed mortgage rates might start to descend as well. Experts suggest rates could drop 20 to 40 basis points in the coming weeks. But let's not break out the champagne just yet; these rates are more likely to saunter down rather than tumble—think of it as taking the stairs, not the elevator. Now, why are the rates potentially dipping? The economy is showing signs of a slowdown— from a drop in inflation to a pullback in consumer spending and housing activity. And let’s not forget the recent rise in unemployment. These factors are compelling markets to reevaluate their expectations, with odds now favoring a rate cut rather than a hike by the Bank of Canada, possibly sooner than previously anticipated. The talk of the town is April 2024. According to a recent survey, financial experts are expecting the Bank of Canada to initiate a reduction in the key policy rate from its 22-year apex. This expectation of rate cuts to 4.00% by the year's end is a pivot from earlier forecasts, a change that mirrors the bank’s response to a cooling inflation rate and the potential easing of our economic growth. So, what does all of this mean for you? If you're in the housing market or considering refinancing, this could be a sign of more affordable borrowing costs in the near future. It's a reminder that our economy is intertwined with global movements, and as such, rates are reactive to broader economic trends. In conclusion, the landscape is shifting, and it seems the winds may be turning in favor of potential buyers and those looking to renew their mortgages. As always, we advise staying informed and consulting with a financial advisor to make the best choices for your personal situation. Don't forget to subscribe to our channel for more updates and insights into the real estate market. Until next time, keep your investments savvy and your futures bright!