In 2023, real estate-related articles grabbed a lot of headlines.
This year, more homeowners are considering adding a secondary home for their children, parents, and grandparents.
If you’re already a homeowner, you may be thinking about cashing out and joining the renter ranks.
Rising costs due to inflation and high interest rates have delayed the purchase of a home for many prospective buyers. However, if you’re looking to buy or sell a home in 2024, keep in mind that the rules have recently changed.
Back in October, we talked about the Multigenerational Home Improvement Tax Credit (MHRTC). This is designed to help offset the cost of building a basement apartment or backyard granny apartment for eligible family members, such as elderly parents. The program offers up to $7,500 in rebates, but there are rules that determine eligibility. You also need to secure funding for your project. Find out everything you need to know about MHRTC on his InsideHalton.com website in Metroland.
For vacant homeowners who are currently managing more homes than they need, it may be time to consider selling. As columnist Christine Ibbotson explains, many people may be looking to downsize or migrate to a more suitable system with less cost and effort. Some people may want to retire somewhere completely different, somewhere that will enrich their new retirement lifestyle. For more information, read Ibbotson’s full column featured in her November on Metroland’s yorkregion.com website.
With the Dec. 1 implementation of Ontario’s Updated Real Estate Services Trusts Act (TRESA), the rules for buying and selling homes have evolved.
The most important change is the new open recruitment process. Previously, real estate agents were prohibited from sharing offer details with competing buyers. The new rules, which went into effect on Dec. 1, now allow sellers to share their offers with other buyers.
TRESA gives the Real Estate Board of Ontario more powers to deal with wrongdoers and allows regulators to suspend or revoke the licenses of real estate agents who violate the rules. For more information on TRESA’s Phase 2 implementation, visit InsideHalton.com.