WINDSOR, ONT. The Ontario Real Estate Association says home buyers are rightly concerned about rising prices, but an auction process won’t help. OREA argues in jurisdictions where auctions are common, prices have actually risen as “auction fever” leads to higher bids. The association says auctions could also mean buyers would have to share private information during the auction. They believe the bigger issue is not enough supply to meet the current demand, which leads to multiple offers and higher prices. “What we find what the issue is more education required for realtors, more training and more education,” Goran Todorovic, Team Goran Remax Care Realty said. “That’s importation because the bottom line is buyers and sellers needs come above and beyond everybody else’s and home ownership is extremely important.
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Canada first implemented a tax on capital gains in 1972, the year the country’s tax laws were overhauled. But the profits from selling a primary residence have never been subject to the tax. Canada remains one of the only countries in the world that doesn’t tax homeowners on the proceeds of selling their main homes.
So, a Canadian family who has called the same house home for 30 years can sell it and reap the full benefits of three decades’ worth of appreciation.
Considering the rapid escalation of prices in the country over just the last eight months, anyone who has held on to a home for a period of years can sell it for a healthy, if not colossal, profit and not give up any of that to taxes.
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