Investing

Canada’s House Prices Keep Soaring; First-Time Homebuyers Acquire With Friends

Canada saw another house prices surge in March by 0.8 percent, The Globe and Mail reported. This is the largest increase the market has recorded for a month in eight years.

Loophole Provides Savings for Wealthy Property Buyers

The current tax imposable on transfers on real property is pegged at one percent for the first $200,000. The rate increases to two percent when the property is worth $2 million and anything over that is taxed at three percent. Many first time buyers are exempt from this tax. With this tax alone, a projected $1.5 billion in revenues are expected to be collected between 2015 and 2016 alone.

Hot Summer Good for Real Estate Purchases

There are many reasons why spring is busy for real estate. One of the reasons is that homes look better during spring. This causes listings to expand and increase available inventory. Alongside this is the increase of potential buyers interested in purchasing a home at this period. With these two factors, home prices naturally would increase as demand increases.
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