While most realtors would avoid the practice, some are leaving buyers open to a large tax bill from the CRA. It could be a misunderstanding of the rules; one agent mentioned by The Globe seemed unaware that tax would be due on a home that hasn’t been lived in, whatever time has passed since it was built. The BC Real Estate Council advises that realtors consult a tax expert before advertising homes that may be subject to GST.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
Investment Hot Spots:
Glenburnie, Sainte-Gertrude-Manneville, Les Rivières, North Cobalt, Melrose
Some real estate agents in Vancouver are engaging in a practice which is depriving the Canada Revenue Agency of GST payments and other realtors aren’t happy about it. The Globe and Mail investigated multiple listings of homes which are marketed as personal residences but which appear to have never been lived in.