Does GST Apply to the Sale of Your Home?
Posted by Liv Real Estate on
You know, some things just seem so simple… Take the following question, for example; Does GST apply to the sale of your home?
You’d assume the answer would be a simple and straightforward “No, there’s no GST on a resale home.”
LOL…Assumptions are dangerous. (I’m sure I’ve said this before.)
The actual answer is a much more complex “Maybe. Actually, generally no, but possibly.”
You must be thinking, “wait, what?”
The fact of the matter is the only one who can answer this is you or your accountant. It’s all based on how you’ve filed your taxes, so every case is different.
For example, if you own an acreage and run a business on it or lease a portion of to, let’s say, a cell tower or an oil well, you may have obligations to pay GST on the sale of your…
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Interesting times in the Edmonton real estate market for sure... sales of all property types were well ahead of the past few years, and while single-family prices were up, condo prices are still lagging due to higher than normal supply. The biggest real estate related news this month comes from the Bank of Canada, which gave a surprise warning last week that rates are going to rise significantly next year. We often see an increase in demand before rate hikes, followed, of course, by lower demand. This could move the spring market earlier next year since the hikes will begin in April.
I will update this post when the REALTORS® Association of Edmonton releases their monthly report on the market later this week.
Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days:
New Listings: 429 (447, 491, 574)
# Sales: 327 (345, 291, 373)
Ratio: 76% (77%, 59%, 65%)
# Price Changes: 399 (427, 341, 447)
Expired/Off-Market Listings: 216 (237, 197, 584)
Net loss/gain in listings this week: -114 (-135, 3, -383)
Active single-family home listings: 3043 (3089, 3139, 3122)
Active condo listings: 2607 (2625, 2672, 2658)
Homes 4-week running average: $449 ($452, $457, $458)
Condos 4-week running average: $220 ($225, $221, $221)
Halloween Weekend is upon us, so we thought we would round up the top Halloween Events in and around Edmonton.
Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days:
New Listings: 447 (491, 574, 539)
# Sales: 345 (291, 373, 284)
Ratio: 77% (59%, 65%, 53%)
# Price Changes: 427 (341, 447, 444)
Expired/Off-Market Listings: 237 (197, 584, 577)
Net loss/gain in listings this week: -135 (3, -383, -322)
Active single-family home listings: 3089 (3139, 3122, 3172)
Active condo listings: 2625 (2672, 2658, 2657)
Homes 4-week running average: $452 ($457, $458, $457)
Condos 4-week running average: $225 ($221, $221, $216)
Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days:
New Listings: 491 (574, 539, 567)
# Sales: 291 (373, 284, 353)
Ratio: 59% (65%, 53%, 62%)
# Price Changes: 341 (447, 444, 457)
Expired/Off-Market Listings: 197 (584, 577, 239)
Net loss/gain in listings this week: 3 (-383, -322, -25)
Active single-family home listings: 3139 (3122, 3172, 3266)
Active condo listings: 2672 (2658, 2657, 2832)
Homes 4-week running average: $457 ($458, $457, $456)
Condos 4-week running average: $221 ($221, $216, $216)
Here is our update on the Edmonton real estate market. (Previous week’s numbers are in brackets). For the past 7 days:
New Listings: 574 (539, 567, 606)
# Sales: 373 (284, 353, 382)
Ratio: 65% (53%, 62%, 63%)
# Price Changes: 447 (444, 457, 484)
Expired/Off-Market Listings: 584 (577, 239, 269)
Net loss/gain in listings this week: -383 (-322, -25, -45)
Active single-family home listings: 3122 (3172, 3266, 3259)
Active condo listings: 2658 (2657, 2832, 2824)
Homes 4-week running average: $458 ($457, $456, $448)
Condos 4-week running average: $221 ($216, $216, $214)
There’s nothing like natural light to brighten up your home; that is until the sun’s rays start to highlight all of the dirt, spider webs and fingerprints built up on your windows. Don’t start wishing for clouds and rain just yet, though; we’ve got seven simple tips to keep your screens and window glass clean year-round. Read on, so you too can look forward to sunny days and open windows.
Sales cooled off in September in the Greater Edmonton area but we're still well above normal. 1883 homes sold, roughly equal to last year. More listings are coming on than normal for this time of year, which has pushed us almost to a balanced market with 3.9 months of supply. Luxury sales remain strong, with one bungalow selling for almost $4million and more sales over the million-dollar mark than normal. Demand for apartment-style condos remains low, only 5% of realtor.ca users searched for apartments in the Edmonton area last month.