Federal Government Real Estate Updates and Office Closure Nov 14

Good morning everyone, a few updates for you:

  1. Federal ban on foreign buyers – many articles suggest resort areas such as Whistler will be exempt, but the regulations are not yet out. As soon as they are, I will try to update you all.
  2. Residential property flipping rule – The proposed residential property flipping rule (RPFR), announced in the 2022 federal budget, will deem gains arising from certain dispositions of residential properties owned for less than 12 months to be business income. This tax, including the extension for assignment sales, will apply in respect of transactions occurring after 2022.
  3. Most importantly we are closed November 14. We are bringing most of our staff to Palm Springs for the long weekend.  For those that are not coming down, they get the day off!   They deserve the time off!

As always, thanks for the support!

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