I've been looking for the perfect home for a while.But after a few years of waiting, I finally found it.I knew I wanted a two-bedroom, two-bathroom home, with an attached garage, that was located near the river.I also knew I needed a backyard.So I put down my deposit, and in December of 2015, I walked into the Realtor's office in the River Oaks section of San Francisco.He was so happy to see me.I ...
HOMEOWNERS who bought homes in the United States in 2018 might be able a seller in Canada to sell them, the federal government says.
Homebuyers in Canada would need to pay taxes on any profit, not just the interest, and any taxes on that profit would have to be paid back to the US.
«The potential for a seller to receive an exemption from U.S. taxes under certain circumstances is real, and this is one of the reasons why Canada is working with the U.K. and the U and D.C. on this issue,» said Canadian Revenue Minister Diane Finley in a statement.
Home buyers in the U, D.N.C., and Massachusetts will also be able for the first time to claim a tax break on any income earned from sales of Canadian-made goods, Finley said.
In 2018, Canadians accounted for about 30% of the global market for residential real estate.
But it’s expected the market will fall by at least 25% to 40% this year, with prices rising at a faster rate than the national average, according to an analysis by the National Association of Realtors.
The U. S. housing market has been in freefall for months, and home prices in Canada are set to continue to fall.
On Monday, the Toronto Real Estate Board reported that home prices have dropped 10% over the past year.
That followed a decline of 17% in February 2018.
The Toronto Real Property Board reported Monday that the market is expected to fall by as much as 12% this quarter.