Construction fraud impacts individuals and businesses within the industry. It encompasses various deceptive practices, from billing for unperformed work to using substandard materials, significantly affecting construction projects’ financial and structural integrity. Annually, more than $4.7 trillion is lost worldwide to occupational fraud, highlighting the immense scale of the problem across all sectors, including construction. Specifically, in the construction sector, an average of 56 fraud cases occurred each year from 2016 to 2022. In Canada, home improvement scams were the riskiest scam type reported in 2022, according to a report from the Better Business Bureau (BBB). It resulted in a median ...
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Owning a property is a significant part of the Canadian dream. Sadly, fraud cases have increased as real estate values surged over the past five years, especially in Canada’s major cities. For instance, criminals may impersonate homeowners to sell their properties and keep the proceeds they unlawfully obtained. In 2023, mortgage and title fraudsters, posing as homeowners and tenants, targeted at least 32 properties in Ontario and British Columbia. Real estate fraud can result in substantial financial losses. As a victim, you may discover the loss of homeownership and additional mortgages on your credit report taken out in your name. ...
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Canada’s average new mortgage loan size dropped to $338,522 in 2023, down by 8.16 percent from the second quarter of 2022, says Statista. This numerical dynamic of mortgage loans is central to decisions related to real estate transactions, but it’s only one of the many aspects you should know, including legal frameworks. Whether you’re an investor or a real estate professional, this article provides insights into the legal essentials of securing favourable mortgage terms. You will learn proactive measures, from establishing creditworthiness to leveraging government programs, to enhance your negotiation positions, mitigate risks, and capitalize on opportunities within the complex ...
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The allure of acquiring real estate at a discounted price often draws potential buyers towards foreclosure properties in Canada. While these opportunities can be lucrative, the legal intricacies of the foreclosure purchasing process demand careful consideration. In this comprehensive guide, we will delve into the legal risks and complexities associated with buying a foreclosed home in Canada, shedding light on the nuanced legal landscape that buyers must navigate. The Legal Complexities of Foreclosed Properties “As Is” Condition: Foreclosed homes are frequently sold “as is,” placing the burden on buyers to uncover any issues during the purchasing process. For ...
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Why Does a Seller’s Residency Status Matter? Under the Canadian tax system, an individual’s liability for income tax is based on his or her status as a resident or non-resident of Canada. A non-resident is only subject to Canadian income tax on income sources from inside Canada. That means that non-resident sellers who dispose of certain taxable Canadian property, including real property, situated in Canada, have to notify the Canada Revenue Agency (CRA) about the disposition either before they dispose of the property or within 10 days after the disposition. The CRA wants to ensure that they are able to ...
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The Toronto real estate market is set to experience changes with the introduction of the new Vacant Home Tax. The new tax is aimed at addressing the shortage of affordable housing in the city by encouraging property owners to rent out their unoccupied homes. This article will discuss the details of the new tax, how it will affect the real estate market, and what property owners should expect. What is the Vacant Home Tax? The Vacant Home Tax is a 1% tax imposed on the value of homes that are left unoccupied for more than six months in a year. ...
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