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Category Archives: International

Experienced and Savvy Investors Buy in December to March Winter Months

10 Saturday Dec 2011

Posted by gtarealtyagent in BANK SALE P.O.S. - TAX SALE, Business, condo assignment investments, Condos, current real estate affaiirs, Development, FAMILYLAW & REAL ESTATE, FSBO, Green Investment, H.S.T., Home Reno (adds The Value), Houses, Interest Rates, International, Leasing/Renting, Let's Talk Investing, Listing of the Day, Mortgage, Multiplex-Multi Residetial Investment, Neighbourhoods, New Canadian Immigrants, New Development/Week, Opinion, POWER OF SALE-FORECLOSURE PROPERTY, Pre-Construction, Re/Max, Real Estate info & ideas, Rental, Search, Stories!, Toronto Politics, TREB/OREA/CREA, Uncategorized, Unemployment, Videos-Pictures, VIP Condo

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Investors Buy in December to March Winter Months


Experienced and Savvy Investors Buy in December to March Winter Months

Why do a Large Number of Experienced and Savvy Investors Buy in December to March Winter Months?

For a few personal reasons, some people have no time limit (expiration of apartment lease, etc.)and so they really wait until they find something they love to do before purchasing like marrying, which can come at any time, including the snowy winter months as well.

Also, if a property has not sold over the busier season (spring and summer), owners as well as realtors tend to drop the asking price a little to attract more investors to the property. So sometimes, you can get a better deal on a property in the winter months as opposed to the months where the most investors are searching the housing market. Investors think that there is a possibility of better deal to be had….but, many times it is not so….you need right investor agent who can navigate thru this surfing and searching.
There is one good reason is that there are fewer sales and fewer investors in these months so some investors see that as a great time to get a deal. Some houses do not show up in the realtor search as it is in the batches on system for group of years like under 5yrs, under 10 years & so on, so those comes up as soon as the new year starts, also the possible search criteria also changed altogether.

If a seller has placed a conditional offer on a new home and theirs is still not sold by the winter, you may also have an easier time negotiating as they have deadlines to sell their home, so the Investor have an opportunity.

Each selling and purchasing decision is based on a variety of different motives. It’s often case by case and so does just like credit ratings its all depends on individuals.

Don’t be fooled though, some of the statistics I have seen have shown that December is also a good time to sell, and recent years you can verify mls.ca stats, winter months are not bad producing months as well, Because fewer inventories on the market mean less competition, and if investor is in need and do not want to wait despite realtor try to wait for new match property comes up in market. Sometimes good houses do not sell because the competition is fierce and even though they may be priced and war of price so hot, to-gather competitively, they fail to sell because if excess inventory levels. Over major portion of the houses listed in GTA last year in December sold. This made it the number: one month to sell if you want to have an edge on the market inventory if you think and plan properly and willing to take risk with good experience agent and with lots of ice over the head.

Some of my clients save up and buy this time of year. Most investors do not want to be bothered over the Christmas season but investors know that offers at this time of year are scarce at best. This is the time of year when those of us agents that represent investor investors are the busiest. Feel free to contact me if you wish to explore the investor market, there are a lot of great deals out there right now that my clients are snapping up! Would you like to wait or go depends on your choice.

Another good reason is that in winter months only serious sellers remain in the market just like serious investors and price the property accordingly well to sell and ready to make a deal before spring market competition starts. Negotiations take place well when both parties are motivated. An experienced Realtor can get you a great deal in winter.

Always hire the proper agent: www.vijaygandhi.com and save you a lot…

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Condos as an Investment Opportunity – Review

09 Thursday Jun 2011

Posted by gtarealtyagent in Business, condo assignment investments, Condos, current real estate affaiirs, Development, Green Investment, International, Leasing/Renting, Let's Talk Investing, Pre-Construction, Real Estate info & ideas

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Condos as an Investment


Condos as an investment

Toronto is currently the dominant North American condo market, with more than 18,000 units being sold annually over the past five years, according to findings by Urbanation, the Toronto-based condominium market research firm, and a great number of the buyers have no intention of living in them.

The study found that “With many downtown condominium projects selling more than 70 per cent of their units to investors, developers need to keep a keen eye on index price movement and rental transaction activity.”

A number of factors are behind the explosive growth of condos in the GTA. First and foremost is an influx of foreign buyers: Offshore investors are buying up Toronto condos sight unseen for the purpose of investment.

So is the Toronto condo rental market saturated? It depends who you talk to.

“The Toronto real estate market continues to exhibit strength in the demand for new condominiums, particularly as investment properties for those with new money. This trend indicates that any suggestion of a developing ‘condo bubble’ represents ongoing conjecture, rather than market reality.”

And a Canada Mortage and Housing Corporation  study from the fall of 2010 found that “The average vacancy rate for purpose-built apartment buildings in the GTA declined to 2.1 per cent in October 2010 from 3.1 per cent in October 2009. The average rent for two-bedroom apartments common to last year’s survey increased by 1.8 per cent.”

All that may change this year as a result of the pervasive condo construction in Toronto. According to CMHC statistics, “A surge of nearly 8,000 condominium apartments were completed in the June to September 2010 period. These new units likely worked to push vacancies higher.” And as of last June, “there were over 34,000 units near completion in the GTA.”

With 20 per cent of the GTA condo market being rental, what happens when all these units hit the street this year? The quandary for investors is that rental rates are not rising relative to the increasing prices and costs paid by investors, and Toronto’s rents are much lower than comparative global cities.

Rental Transactions Up 18 Per Cent

A study by Adrienne Warren published by the Scotiabank Group in March, is optimistic that Canada’s residential activity will remain buoyant, but rentals may go soft. “It is also highly unlikely that Canada will experience a U.S.-style housing collapse. The roughly 25 per cent correction in U.S. home prices from their 2006 peak was primarily the result of weak lending practices and high-risk mortgage products largely absent in Canada,” says Warren.

“Canada’s average rental apartment vacancy rate in major urban centres edged down slightly last year to 2.6 per cent, and has remained historically low throughout the past decade. Vacancy rates for rented condominium apartments are low, at 2.0 per cent or less in six of the 10 CMAs surveyed by CMHC.
related links:
http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2011/2011-06-09-0815.cfm
http://torontorealestateboard.com/consumer_info/market_news/rental_report/2011/rental_report_01-04_11.pdf

F or the January to April 2011 period, TREB Members reported 5,079 lease transactions

for condominium apartments and townhomes. This result was up 18 per cent from 4,319 lease

transactions reported during the same time-period in 2010. The number of rental units listed on the TorontoMLS® rose 10 per cent to 9,374 units. The increase in listings reflects the high level of condominium apartment completions over the past year. Some investors chose to lease their units upon completion.

With the number of transactions rising at a greater rate than the number of units available for rent, rental, market conditions tightened. Average rental rates were up in comparison to last year. One-bedroom apartments rented for an average of $1,485 per month, up 1.5 per cent year-over-year. Two-bedroom apartment units rented for an average of $1,958 per month – up 2.5 per cent compared to the first four months of 2010.

for condo investment contact or visit me @ www.condosupermarket.com

Vijay Gandhi is an Re/max Real Estate Sales Rep. &  independent mortgage planner- industry insider & CENTUM Agent. If you are purchasing, refinancing or renewing your mortgage, contact Vijay or apply for a Mortgage Check-up to obtain the best available rates and terms.
Have you considered a 50/50 Mortgage?

As always, if you have questions about the 50/50 mortgage product and whether it’s right for you, or other mortgage-related questions, I’m here to help!

Whether you are planning to buy-sell-lease-invest your first home or your investment, contact us today!We’d love to hear from you!
Please leave a detail message; I will get back to you soon as possible…

Thanks for visiting my web sites:

vijaygandhi.com  www.gtarealtyagent.com & torontomortgagetrends.com

Mortgage Rates Are At Historical Lows. Easy OnLine Application. Apply And Get The Best Mortgage Rate!
*condition apply/sub. to availability

Vijay Gandhi,
Sales Representative- REALTOR®

RE/MAX Dynasty Realty Inc. Brokerage*

&

Mortgage Agent – Lic.# M10001947
CENTUM Metrocap Mortgage Corp. Lic.#11074

C: 647-267-6338 (Direct-Leave message or text)
O: 416.335.4335 | 905.471.0002 (page me-Have me)
F: 905.471.7441
E-MAIL: vtgandhi@yahoo.com , vgandhi@remax.net
WEB:  www.vijaygandhi.com , www.icxforsale.com
BLOG: https://gtarealtyagent.wordpress.com/
“YOUR PERSONAL REAL ESTATE & MORTGAGE ADVISOR® FOR LIFE”
Please call me TODAY for a No Obligation Buyer Consultation or Pre-Listing appointment!

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ATTENTION: New Canadian Immigrants, Buying a Home is Easy!*

21 Saturday May 2011

Posted by gtarealtyagent in Business, condo assignment investments, Condos, current real estate affaiirs, Houses, Interest Rates, International, Let's Talk Investing, Mortgage, Opinion, Real Estate info & ideas, Uncategorized, VIP Condo

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ATTENTION: New Canadian Immigrants, Buying a Home is Easy!*

If  clients who have arrived in Canada from overseas looking for a new life, the one thing that they will have discovered is that Canada is a great country which has people from all walks of life, variety of cultures and amazing races.

The biggest challenges new Canadians face is settling into a new country. The Canadian government has a plethora of great websites for new immigrants. These sites provide great resources to help your clients in the process.

In this article, we will explore the three different types of people statuses when they enter Canada.
1. The first type of status is new Canadians who are here on work visas and are landed immigrants who are currently employed.
2. The second type is non-landed immigrants who are employed.
3.The third types are new immigrants who are not yet working but who have applied for, or been granted landed immigrant status.

Once clients have established which one is them, there are many ways to tackle buying a home.

New Canadians must be employed for a minimum of three months before they are eligible for a mortgage. In Canada, we have something called the probationary period which is commonly described as the dating period between the employer and employee. Lenders which are commonly known as Banks have designed a minimum three month rule. The purpose of this rule is to ensure that employees have passed the standard three month probationary period with their new employer and they are now permanent employees. Lenders or Banks 100% of the time request to pull something called your “credit bureau”. Simply put, this is your financial report card. They want to see a history of credit repayment. Do you pay your bills on time? I always ask my clients to try to get an international credit report from Equifax or Transunion or any other credit reporting agency. I also ask them to get bank references, utility bills, cell phone bills from your country. This will strengthen the mortgage application and show the lender that you pay your bills. You also may want to get a reference letter from bank managers from your country.

Building credit in Canada is very important. Certain banks have programs where they offer products which can quickly start building your credit, if your clients are not eligible, advise them to get a secured credit card. Establishing a Canadian credit history is a paramount step. Many people are confused on how a secured credit card works. Here is how it works: if you are approved for a $500 limit on a secured card, you pay the creditor $500 upfront as security deposit, after a few months of demonstrating successful repayments (which is usually 6 to 12 months), you get that money back. In many cases they increase the credit limit to let’s say $2000. The key is to use the credit card and make payments every month on them. I always tell my clients to pay the balance in full.

If you clients are here on a work visas and are landed immigrants who have been working for a minimum of three months, through various lenders they can qualify for a product called a high ratio mortgage which is up to 95% financing of the home. So let’s say that is worth $100,000, the bank will finance $95,000 and all you need is $5,000. The condition is that they need to have a strong international credit report or be able to provide proof that they pay their bills on time as mentioned above.

If you clients are non-landed immigrants and have been working for at least three months and have a strong international credit report or are able to provide proof that they pay their bills, they can qualify for up to 90% financing*.

If you clients are new immigrants to Canada, and do not have landed status yet and are not working, there is a program available where they only need a minimum of 25% down payment. For example that home is $100,000 and you have $25,000, financing is possible for the reminder $75,000.

The biggest advice I give to new Canadians is that you cannot blindly trust a real estate agent because he speaks the same language as you or is the from the same town. It is important to research the information yourself, speak to other real estate agents. I always tell my clients to go into their local branch and find out what products are available for them. Buying a home in Canada may seem challenging at first however it is important to have someone guide you through the process who has done it before. Every case is different. Every situation is unique.

Call me or contact me if you are interested to buy-sell real estate – home- office- business, even if you have down payment, little down payment and no down payment and what you need to do to buy a home.

*conditions apply

This blog communication is for public awareness and public responsibility, for client and customer benefit and best intrest in mind.

Vijay Gandhi is an Re/max Real Estate Sales Rep. &  independent mortgage planner- industry insider & CENTUM Agent. If you are purchasing, refinancing or renewing your mortgage, contact Vijay or apply for a Mortgage Check-up to obtain the best available rates and terms.
Have you considered a 50/50 Mortgage?

As always, if you have questions about the 50/50 mortgage product and whether it’s right for you, or other mortgage-related questions, I’m here to help!

Whether you are planning to buy-sell-lease-invest your first home or your investment, contact us today!We’d love to hear from you!
Please leave a detail message; I will get back to you soon as possible…

Thanks for visiting my web sites:

vijaygandhi.com , icxforsale.com & torontomortgagetrends.com

Mortgage Rates Are At Historical Lows. Easy OnLine Application. Apply And Get The Best Mortgage Rate!
*condition apply/sub. to availability

Vijay Gandhi,
Sales Representative- REALTOR®

RE/MAX Dynasty Realty Inc. Brokerage*

&

Mortgage Agent – Lic.# M10001947
CENTUM Metrocap Mortgage Corp. Lic.#11074

C: 647-267-6338 (Direct-Leave message or text)
O: 416.335.4335 | 905.471.0002 (page me-Have me)
F: 905.471.7441
E-MAIL: vtgandhi@yahoo.com , vgandhi@remax.net
WEB:  www.vijaygandhi.com , www.icxforsale.com
BLOG: https://gtarealtyagent.wordpress.com/
“YOUR PERSONAL REAL ESTATE & MORTGAGE ADVISOR® FOR LIFE”
Please call me TODAY for a No Obligation Buyer Consultation or Pre-Listing appointment!

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Monthly Real Estate and Mortgage Stats Report

06 Wednesday Apr 2011

Posted by gtarealtyagent in BANK SALE P.O.S. - TAX SALE, Business, condo assignment investments, Condos, current real estate affaiirs, Development, FAMILYLAW & REAL ESTATE, FSBO, Green Investment, H.S.T., Home Reno (adds The Value), Houses, Interest Rates, International, Leasing/Renting, Let's Talk Investing, Listing of the Day, Mortgage, Multiplex-Multi Residetial Investment, Neighbourhoods, New Development/Week, Opinion, POWER OF SALE-FORECLOSURE PROPERTY, Pre-Construction, Re/Max, Real Estate info & ideas, TREB/OREA/CREA, VIP Condo

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Monthly Real Estate and Mortgage Stats Report


Bank of Canada Interest Rate

January 18, 2011
1.00 %
March 1, 2011
1.00 %
April 12, 2011
Next meeting date

Source: Bank of Canada


Bank Prime Lending Rate

January 19, 2011
3.00 %
March 2, 2011
3.00 %
April 13, 2011
Next meeting date

Source: Bank of Canada

Conventional Mortgage – 5 Year Rate*

February 9, 2011
5.44 %
February 23, 2011
5.44 %
March 28, 2011
5.34 %

Source: Bank of Canada
*Determinant for high ratio mortgage variable qualifying rate


US Federal Reserve Board Discount Rate

January 26, 2011
0.00 % – 0.25 %
March 15, 2011
0.00 % – 0.25 %
April 27, 2011
Next meeting date

Source: US Federal Reserve


Exchange Rate $CDN($US)

February 23, 2011
1.0115
March 16, 2011
1.0083
March 31, 2011
1.0314

Source: Bank of Canada


Government of Canada Bonds

Bond Type February 23, 2011 March 16, 2011 March 30, 2011
1 year Treasury Bill
1.36 % 1.24 % 1.35 %
3 year Benchmark
Bond Yield
2.15 % 1.87 % 2.13 %
5 year Benchmark
Bond Yield
2.61 % 2.44 % 2.71 %
10 year Benchmark
Bond Yield
3.32 % 3.13 % 3.29 %

Source: Bank of Canada


Total New Housing Starts (Seasonally adjusted and annualized)

Province December
2010
December
2009
January
2011
January
2010
February
2011
February
2010
Newfoundland/Labrador
3,200
4,200
3,900
3,600
2,700
3,600
PEI
1,100
1,300
800
600
500
400
Nova Scotia
2,700
2,900
4,500
2,800
3,800
5,400
New Brunswick
3,100
3,600
3,500
5,200
1,800
2,400
Quebec
47,800
51,600
48,600
55,100
44,600
47,800
Ontario
46,400
56,300
51,500
55,500
65,800
70,100
Manitoba
6,500
3,400
3,900
5,100
4,700
4,900
Saskatchewan
7,500
4,500
6,200
6,400
8,800
4,600
Alberta
21,000
27,800
19,600
23,500
21,900
27,300
British Columbia
30,000
22,200
28,100
27,600
27,300
30,100
CANADA
169,300
177,800
170,600
185,400
181,900
196,600

Source: CMHC Housing Now – March 2011 and March 2010. This seasonally adjusted data goes through stages of revision at different times of the year.


Average MLS® Resale Price for Local Markets

City February 2011 February 2010
Halifax
$ 261,638
$ 251,072
Saint John
$ 175,371
$ 168,735
Quebec
$ 244,326
$ 227,461
Montreal
$ 300,471
$ 287,151
Ottawa
$ 337,797
$ 318,894
Toronto
$ 454,470
$ 431,509
Hamilton/Burlington
$ 331,741
$ 314,656
Winnipeg
$ 228,180
$ 215,230
Saskatoon
$ 287,202
$ 291,054
Regina
$ 272,609
$ 263,753
Calgary
$ 400,879
$ 389,388
Edmonton
$ 311,674
$ 316,927
Vancouver
$ 791,604
$ 662,741
Victoria
$ 490,970
$ 481,246


April Stats Chart 1
Source: CREA

This blog communication is for public awareness and public responsibility, for client and customer benefit and best intrest in mind.

Vijay Gandhi is an Re/max Real Estate Sales Rep. &  independent mortgage planner- industry insider & CENTUM Agent. If you are purchasing, refinancing or renewing your mortgage, contact Vijay or apply for a Mortgage Check-up to obtain the best available rates and terms.

 


Have you considered a 50/50 Mortgage?

As always, if you have questions about the 50/50 mortgage product and whether it’s right for you, or other mortgage-related questions, I’m here to help!

Whether you are planning to buy-sell-lease-invest your first home or your investment, contact us today!We’d love to hear from you!
Please leave a detail message; I will get back to you soon as possible…

Thanks for visiting my web sites:

vijaygandhi.com , icxforsale.com & torontomortgagetrends.com

Mortgage Rates Are At Historical Lows. Easy OnLine Application. Apply And Get The Best Mortgage Rate!
*condition apply/sub. to availability

Vijay Gandhi,
Sales Representative- REALTOR®
RE/MAX Dynasty Realty Inc. Brokerage*

Mortgage Agent – Lic.# M10001947
CENTUM Metrocap Mortgage Corp. Lic.#11074

C: 647-267-6338 (Direct-Leave message or text)
O: 416.335.4335 | 905.471.0002 (page me-Have me)
F: 905.471.7441
E-MAIL: vtgandhi@yahoo.com , vgandhi@remax.net
WEB:  www.vijaygandhi.com , www.icxforsale.com
BLOG: https://gtarealtyagent.wordpress.com/
“YOUR PERSONAL REAL ESTATE & MORTGAGE ADVISOR® FOR LIFE”
Please call me TODAY for a No Obligation Buyer Consultation or Pre-Listing appointment!
The referral of your friends & family is the greatest compliment you can give me. Thank you for your trust.

Please, forward my name, phone number & e-mail address to your friends, relatives, clients…

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List of the Tallest Residential Buildings in the World

09 Sunday Jan 2011

Posted by gtarealtyagent in condo assignment investments, Condos, current real estate affaiirs, International, Let's Talk Investing, Pre-Construction, Re/Max, Real Estate info & ideas, Videos-Pictures, VIP Condo

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Affordable GTA Condos, Tallest Residential Buildings in the World



This list of the tallest residential buildings in the world ranks buildings whose occupiable height is at least 90 percent devoted toresidential use.[1] Q1, located in Gold Coast, Australia, is the tallest residential building in the world.[2][3] Several taller residential skyscrapers are planned, mostly in Dubai, United Arab Emirates. The tallest one will be Pentominium, currently under construction; upon its completion in 2014, it is expected to reach 516 metres (1,693 ft) and will become the world’s tallest residential building.[4] Other notable residential skyscraper developments include DAMAC Heights and Marina 106. They were expected to become the second and the third tallest residential buildings in the world at 426 metres (1,398 ft) and 425 metres (1,394 ft) respectively; however, the construction of Marina 106 has been halted and DAMAC Heights has been downsized to 420 metres (1,380 ft) due to the financial crisis of 2007-2010. Princess Tower will become the tallest residential building in the world upon completion in late 2010, and will remain so until 2014 when it will be surpassed by Pentominium. Other residential skyscrapers includes The Marina Torch, 23 Marina, Elite Residence, and D1. Chicago Spire in Chicago, Illinois, which was expected to become the tallest residential building in the world at 610 metres (2,000 ft), has also been put on hold indefinitely because of thefinancial crisis of 2007-2010.[5]

This list ranks completed and topped out residential buildings that stand at least 200 metres (656 ft) tall, based on standard height measurement. An equal sign (=) following a rank indicates the same height between two or more buildings.

Rank↓ Building↓ City↓ Country↓ Height
m / ft↓
Floors↓ Built↓
1 Q1 Gold Coast Australia 323 / 1,058 80 2005[3][11]
2 HHHR Tower Dubai United Arab Emirates 317 / 1,040 72 2009[12][13]
3 Ocean Heights Dubai United Arab Emirates 310 / 1,017 84 2010[14][15]
4 Eureka Tower Melbourne Australia 297 / 975 91 2006[16][17]
5 Emirates Crown Dubai United Arab Emirates 296 / 971 63 2008[18][19]
6 Millennium Tower Dubai United Arab Emirates 285 / 935 60 2006[20][21]
7 Mag 218 Tower Dubai United Arab Emirates 275 / 902 66 2009[22][23]
8= The Cullinan North Tower Hong Kong Hong Kong 270 / 886 68 2009[24]
8= The Cullinan South Tower Hong Kong Hong Kong 270 / 886 68 2009[25]
10 21st Century Tower Dubai United Arab Emirates 269 / 883 55 2003[26][27]
11= Triumph-Palace Moscow Russia 264 / 866 54 2008[28]
11= Tower Palace Three, Tower G Seoul South Korea 264 / 866 73 2004[29][30]
13 Trump World Tower New York City United States 262 / 861 72 2001[31]
14 Sapphire Istanbul Turkey 261 / 856 54 2010[32][33]
15 Marina Pinnacle[B] Dubai United Arab Emirates 260 / 853 67 2011[34]
16 City of Capitals Moscow Russia 257 / 843 65 2010[35]
17= Sorrento 1 Hong Kong Hong Kong 256 / 841 75 2003[36][37]
17= Hyperion Tower A Seoul South Korea 256 / 840 69 2003[38]
17= The Harbour Hotel & Residence Dubai United Arab Emirates 256 / 840 59 2007[39][40]
20 Highcliff Hong Kong Hong Kong 252 / 828 72 2003[41][42]
21 The Harbourside Hong Kong Hong Kong 251 / 824 73 2003[43][44]
22= Chelsea Tower Dubai United Arab Emirates 250 / 820 49 2005[45][46]
22= Legacy Tower Chicago United States 250 / 819 73 2010[47]
24= The Imperial I Mumbai India 249 / 817 60 2009[48][49]
24= The Imperial II Mumbai India 249 / 817 60 2009[50][51]
24= Metapolis #101 Hwaseong South Korea 249 / 816 66 2010[52]
27= Metapolis #104 Hwaseong South Korea 247 / 812 66 2010[53]
27= State Tower Bangkok Thailand 247 / 811 68 2001[54]
29= Al Fattan Tower Dubai United Arab Emirates 245 / 804 51 2006[55]
29= The Sail @ Marina Bay Singapore Singapore 245 / 804 70 2008[56][57]
29= Oasis Beach Tower Dubai United Arab Emirates 245 / 804 51 2006[58]
32 The Tower Dubai United Arab Emirates 243 / 796 54 2002[59]
33 Hyperion Tower B Seoul South Korea 239 / 785 63 2003[60]
34= Ocean Two panama City Panama 236 / 774 73 2008[61]
34= Sorrento 2 Hong Kong Hong Kong 236 / 773 63 2003[62][63]
36= The First World Tower 1 Incheon South Korea 235 / 771 64 2008[64]
36= The First World Tower 2 Incheon South Korea 235 / 771 64 2008[64]
36= The First World Tower 3 Incheon South Korea 235 / 771 64 2008[64]
36= The First World Tower 4 Incheon South Korea 235 / 771 64 2008[64]
40 Tower Palace One, Tower B Seoul South Korea 234 / 767 70 2001[65]
41 The Harbourfront Landmark Hong Kong Hong Kong 233 / 763 53 1999[66]
42 World Tower Sydney Australia 230 / 755 73 2004[67]
43 The Met Bangkok Thailand 228 / 748 69 2009
44= The Belcher’s Tower 5 Hong Kong Hong Kong 227 / 744 61 2001[68]
44= The Belcher’s Tower 6 Hong Kong Hong Kong 227 / 744 61 2001[69]
46 Northpoint I Pattaya Thailand 226 / 741 61 2010
47= Leader’s View 1 Daegu South Korea 225 / 738 57 2010[70]
47= Leader’s View 2 Daegu South Korea 225 / 738 57 2010[71]
49 Metapolis #102 Hwaseong South Korea 224 / 734 60 2010[72]
50= The Belcher’s Tower 1 Hong Kong Hong Kong 221 / 724 63 2000[73]
50= The Belcher’s Tower 2 Hong Kong Hong Kong 221 / 724 63 2000[74]
52= Tregunter 3 Hong Kong Hong Kong 220 / 721 66 1993[75]
52= The Summit Hong Kong Hong Kong 220 / 721 65 2001[76]
52= Circle on Cavill North Tower Gold Coast Australia 220 / 720 70 2007[77]
55= The Pano Bangkok Thailand 219 / 718 57 2010[78]
55= Grand Promenade 2-5 Hong Kong Hong Kong 219 / 718 66 2005[79][80]
55= The Peak Twin Towers Jakarta Indonesia 219 / 717 55 2006[81]
58 Sorrento 3 Hong Kong Hong Kong 218 / 715 64 2003[82][83]
59 Al Seef Tower Dubai United Arab Emirates 215 / 705 44 2005[84]
60= The Belcher’s Tower 3 Hong Kong Hong Kong 214 / 704 61 2000[85]
60= The Belcher’s Tower 8 Hong Kong Hong Kong 214 / 704 61 2001[86]
62= Keangnam Hanoi Landmark Tower 2 Hanoi Vietnam 213 / 696 48 2010[87]
62= Keangnam Hanoi Landmark Tower 3 Hanoi Vietnam 213 / 696 48 2010[87]
62= Victoria Tower 1 Hong Kong Hong Kong 213 / 699 62 2003[88][89]
62= Victoria Tower 2 Hong Kong Hong Kong 213 / 699 62 2003[88][90]
62= Victoria Tower 3 Hong Kong United Arab Emirates 213 / 699 62 2003[88][91]
667 Sorrento 5 Hong Kong Hong Kong 212 / 696 62 2003[92][93]
68= Centum Star Tower A Busan South Korea 210 / 689 61 2008[94]
68= Centum Star Tower B Busan South Korea 210 / 689 61 2008[95]
68= Le Rêve Dubai United Arab Emirates 210 / 689 50 2006[96]
68= St. Regis Hotel & Residences Bangkok Bangkok Thailand 210 / 690 50 2010[97]
72= Anthill Residence Tower 1 Istanbul Turkey 210 / 689 54 2010[98][99]
72= Anthill Residence Tower 2 Istanbul Turkey 210 / 689 54 2010[100][101]
72= Tower Palace One, Tower A Seoul South Korea 209 / 686 59 2002[102]
72= Tower Palace One, Tower C Seoul South Korea 209 / 686 59 2002[103]
76 Marina Heights Tower Dubai United Arab Emirates 208 / 684 55 2006[104]
77= Aurora Brisbane Australia 207 / 679 69 2006[105]
77= Marina Crown Dubai United Arab Emirates 207 / 679 52 2006[106]
77= Metapolis #103 Hwaseong South Korea 207 / 679 55 2010[107]
80 Sorrento 6 Hong Kong Hong Kong 206 / 676 60 2003[108][109]
81= Barclay Tower New York City United States 205 / 673 56 2007[110][111][112]
81= Freshwater Place Melbourne Australia 205 / 673 63 2005[113]
81= 340 on the Park Chicago United States 205 / 672 64 2007[114]
84= Metapolis #103 Hwaseong South Korea 203 / 666 55 2010[115]
84= Berjaya Times Square, Tower B Kuala Lumpur Malaysia 203 / 666 48 2003[116]
84= 1322 Golden Empire Tower Manila Philippines 203 / 666 57 2002[117][118]
87= Island Resort Tower 1-2 Hong Kong Hong Kong 202 / 663 60 2001[119][120]
87= Island Resort Tower 3-5 Hong Kong Hong Kong 202 / 663 60 2001[119][121]
87= Island Resort Tower 6-7 Hong Kong Hong Kong 202 / 663 60 2001[119][122]
87= Island Resort Tower 8-9 Hong Kong Hong Kong 202 / 663 60 2001[119][123]
91= Iaan Exodium 1 Ulsan South Korea 201 / 660 54 2010[124]
91= Iaan Exodium 2 Ulsan South Korea 201 / 660 54 2010[124]
91= Hyperion Tower C Seoul South Korea 201 / 660 54 2003[125]

[edit]Under construction

This list contains residential buildings that are at least 200 metres (660 ft) in height and are either currently under construction or on-hold. It does not include completed, topped-out, approved or proposed skyscrapers.

Rank↓ Building↓ City↓ Country↓ Height
m / ft↓
Floors↓ Construction
started / ends (est.)↓
1 Chicago Spire[A] Chicago United States 610 / 2,000 150 2007 / 2012[126][127][128]
2 Pentominium Dubai United Arab Emirates 516 / 1,693 122 2009 / 2014[4][129][130]
3 Damac Heights[A] Dubai United Arab Emirates 420 / 1,378 85 2010 / 2014[131]
4 Princess Tower Dubai United Arab Emirates 414 / 1,358 101 2005 / 2010[132][133]
5 Marina 101 Dubai United Arab Emirates 412 / 1,352 101 2006 / 2010[134][135]
6 23 Marina Dubai United Arab Emirates 395 / 1,296 89 2006 / 2010[136][137]
7 Elite Residence Dubai United Arab Emirates 380 / 1,247 91 2006 / 2010[138][139]
8 Central Market Residential Tower Abu Dhabi United Arab Emirates 373 / 1,227 88 2006 / 2010[140]
9 D1 Dubai United Arab Emirates 350 / 1,148 80 2007 / 2011[141][142]
10 The Marina Torch Dubai United Arab Emirates 345 / 1,132 80 2007 / 2010[143][144]
11 Infinity Tower Dubai United Arab Emirates 330 / 1,083 80 2006 / 2010[145][146]
12 Met 3 Miami United States 310 / 1,017 75 2006 / 2012[147]
13 The Gramercy Residences Makati Philippines 302 / 991 68 2007 / 2012[148][149]
14 We’ve the Zenith Tower A Busan South Korea 301 / 988 80 2007 / 2011[150]
15 I’Park Marina Tower 2 Busan South Korea 292 / 958 72 2007 / 2011[151]
16 Sulafa Tower Dubai United Arab Emirates 285 / 935 75 2006 / 2009[152]
17 We’ve the Zenith Tower B Busan South Korea 282 / 925 75 2007 / 2011[153]
18 Mag 218 Tower Dubai United Arab Emirates 275 / 902 66 2006 / 2009[154][155]
19 I’Park Marina Tower 1 Busan South Korea 272 / 894 66 2007 / 2011[156]
20= WBC the Palace 1 Busan South Korea 265 / 869 51 2007 /2010[157]
20= WBC the Palace 2 Busan South Korea 265 / 869 51 2007 / 2010[157]
20= We’ve the Zenith Tower C Busan South Korea 265 / 869 51 2008 / 2011[153]
23 Aura (College Park III) Toronto Canada 264 / 866 75 2010 / 2014[158][159]
24 Central Park Residential Tower Dubai United Arab Emirates 261 / 857 51 2006 / 2010[160]
25 Marina Pinnacle[B] Dubai United Arab Emirates 260 / 853 67 2007 / 2011[161]
26 Varyap Merdian Grand Tower 1 Istanbul Turkey 244 / 801 61 2010 / 2011
27= Rechensia Tower 1 Bucheon South Korea 238 / 781 66 2007 / 2010[162]
27= Rechensia Tower 2 Bucheon South Korea 238 / 781 66 2007 / 2010[162]
29= Central Star Busan South Korea 207 / 679 58 2007 / 2011[163]
29= Han Forest e-Convenient World Tower 1 Seoul South Korea 207 / 679 51 2007 / 2010[164]
29= Han Forest e-Convenient World Tower 2 Seoul South Korea 207 / 679 53 2007 / 2010[164]
32 I’Park Marina Tower 3 Busan South Korea 205 / 673 46 2007 / 2011[165]

[edit]Notes

A. ^ Construction is currently on-hold due to lack of finances.
B. ^ Topped out in 2010, expected completion in 2011.

See also

  • List of tallest buildings in the world
  • List of tallest hotels in the world
  • History of the tallest buildings in the world
  • List of tallest residential buildings in Dubai
    Source: http://en.wikipedia.org/wiki/List_of_tallest_residential_buildings_in_the_world

Info:____real estate__www.vijaygandhi.com__mortgages_____

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Mortgage Agent – Lic.# M10001947
CENTUM Metrocap Mortgage Corp. Lic.#11074

C: 647-267-6338 (Direct-Leave message or text)
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Profit, Capital Gains and Losses from the Sale of Real Estate

08 Saturday Jan 2011

Posted by gtarealtyagent in BANK SALE P.O.S. - TAX SALE, Business, condo assignment investments, Condos, current real estate affaiirs, FAMILYLAW & REAL ESTATE, FSBO, Houses, Interest Rates, International, Leasing/Renting, Let's Talk Investing, Mortgage, Multiplex-Multi Residetial Investment, Opinion, POWER OF SALE-FORECLOSURE PROPERTY, Pre-Construction, Re/Max, Real Estate info & ideas, VIP Condo

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Capital Property, Conversion of Real Estate, Farmland and Inherited Land, Income Tax, Inventory and Vice Versa, Sale of Real Estate


Profit, Capital Gains and Losses from the Sale of Real Estate 


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(Income Tax Interpretation Bulletin)

Profit, Capital Gains and Losses from the Sale of Real Estate, Including Farmland and Inherited Land and Conversion of Real Estate from Capital Property to Inventory and Vice Versa

NO: IT-218R

DATE: September 16, 1986

SUBJECT: INCOME TAX ACT
Profit, Capital Gains and Losses from the Sale of Real Estate, Including Farmland and Inherited Land and Conversion of Real Estate from Capital Property to Inventory and Vice Versa

REFERENCE: Section 9 (also subsections 13(7), 45(1) and 248(1), paragraphs 13(21)(c), 54(a), (c), (f) and (g), subparagraph 40(2)(g)(iii) and Regulations 1101(1) and 1102(1)(b))

This bulletin cancels and replaces IT-197R dated August 20, 1979 and IT-218 dated May 26, 1975 and applies with respect to taxation years commencing after the date of its issue. Please note that the comments in IT-102R concerning real property and its conversion from capital property to inventory and vice versa continue to apply to taxation years commencing on or before the date of issue of this bulletin.

1. A gain arising on the sale of real estate will be considered to be business income, property income or a capital gain. This bulletin does not deal with gains arising on the sale of real estate that is or was designated as a principal residence because such gains are dealt with in IT-120R3.

2. The word “business” is defined in subsection 248(1) so as to include, inter alia, an adventure or concern in the nature of trade. This definition can cause an isolated transaction involving real estate to be considered a business transaction. As a business, any gain or loss which arises therefrom is, by virtue of section 9, required to be included in computing income or loss, as the case may be.

3. There is no provision in the Income Tax Act which describes the circumstances in which gains from the sale of real estate are to be determined as being either income or capital. However, in making such determinations, the courts have considered factors such as those listed below: (The list is not intended to be exclusive of any other factor.)

(a) the taxpayer’s intention with respect to the real estate at the time of its purchase;

(b) feasibility of the taxpayer’s intention;

(c) geographical location and zoned use of the real estate acquired;

(d) extent to which intention carried out by the taxpayer;

(e) evidence that the taxpayer’s intention changed after purchase of the real estate;

(f) the nature of the business, profession, calling or trade of the taxpayer and associates;

(g) the extent to which borrowed money was used to finance the real estate acquisition and the terms of the financing, if any, arranged;

(h) the length of time throughout which the real estate was held by the taxpayer;

(i) the existence of persons other than the taxpayer who share interests in the real estate;

(j) the nature of the occupation of the other persons referred to in (i) above as well as their stated intentions and courses of conduct;

(k) factors which motivated the sale of the real estate;

(l) evidence that the taxpayer and/or associates had dealt extensively in real estate.

4. None of the factors listed in 3 above is conclusive in itself for the purpose of determining that a gain arising on the sale of real estate constitutes income or a capital gain. The relevance of any factor to such a determination will vary with the facts of each case.

5. A taxpayer’s intention at the time of purchase of real estate is relevant in determining whether a gain on its sale will be treated as business income or as a capital gain. It is possible for a taxpayer to have an alternate or secondary intention, at the time of acquiring real estate, of reselling it at a profit if the main or primary intention is thwarted. If this secondary intention is carried out any gain realized on the sale usually will be taxed as business income.

6. The more closely a taxpayer’s business or occupation (e.g. a builder, a real estate agent) is related to real estate transactions, the more likely it is that any gain realized by the taxpayer from such a transaction will be considered to be business income rather than a capital gain (see 3(f) and (j) above).

7. The objects as stated in the charter of a corporation often offer little assistance in determining the intention of the corporation when real estate is acquired and later sold. Consequently, in any case where a corporation claims a capital gain in respect of real estate the corporate intention relative to the acquisition and sale thereof will be examined and determined by reference to factors such as those described in 3 above. In some cases (e.g., closely-held corporations) the corporate intention may be indistinguishable from that of its officers, directors and/or shareholders and in such cases their intentions, as based on their past and present conduct with respect to real estate, will accordingly be attributed to the corporation.

8. Passive members of a partnership or syndicate will be in no different position with regard to the taxability of real estate profits than that of the active members. The actions and intentions of the active members will be imputed to the passive members.

9. When the sale of shares in a corporation by a taxpayer is merely an alternative method of realizing profits from the sale of real estate, the profits from the sale of those shares will be taxed as if the real estate itself had been sold.

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Conversion of Real Estate from Capital Property to Inventory

10. Real estate that is held by its owner as capital property may be used by its owner as personal-use property (see definition in paragraph 54(f)) or it may be used for the purpose of gaining or producing income from a business or property. A sale of real estate that is capital property in the vendor’s hands will, as a general rule, give rise to a capital gain or loss, as the case may be, to the vendor (except in the case of a loss on the sale of personal-use property which is nil by virtue of the limitations of subparagraph 40(2)(g)(iii)). However, where real estate is converted from capital property to inventory as discussed in 12 and 13 below, the results will be as follows:

(a) for real estate that is personal-use property its conversion to inventory will constitute a change in use for the purposes of subsections 13(7) and 45(1) with the attendant deemed disposition and acquisition as explained in 11 below; and

(b) for real estate that is used for the purpose of gaining or producing income from a business or property, its conversion to inventory will not constitute a change in use (see also 11 below) and the proceeds from its ultimate sale will be treated in accordance with 15 below.

11. In accordance with the rules in subsections 13(7) and 45(1) property is deemed to have been disposed of for proceeds equal to its fair market value at the time when it undergoes a change in use and to have been reacquired immediately after that time for an amount equal to those same proceeds. The Department considers that the changes in use as described by subsections 13(7) and 45(1) do not include a transfer of property from one income-earning function to another such function of the same taxpayer. Accordingly, it is the Department’s position that subsections 13(7) and 45(1) do not apply where real estate that is used by its owner for the purpose of gaining or producing income from a business or property (e.g., an office building or rental property) is converted by its owner to inventory. The use (by sale) of inventory is still an income-earning function. The same rationale will apply when inventory is converted to capital property provided the property is, immediately after conversion, used by its owner for the purpose of gaining or producing income from a business or property. The comments in 12 to 19 below are predicated on the proposition that subsections 13(7) and 45(1) have no application for the reasons stated above.

12. Vacant land that is capital property used by its owner for the purpose of gaining or producing income will be considered to have been converted to inventory at the earlier of

(a) the time when the owner commences or causes the commencement of improvements thereto with a view to selling it, and

(b) the time of making application to the relevant authority for approval of a plan to subdivide the land into lots for sale, provided that the taxpayer proceeds with the development of the subdivision.

See 23 and 24 below for comments concerning farmland and inherited land.

13. The units in a multi-unit residential apartment, or an office, warehouse storage building or any similar structure that is held as capital property by the owner will be considered to have been converted to inventory at the time when application is made to the relevant authority for approval to change the title to any such building to strata title, provided that the owner proceeds with the sale of the units. See also 18 below.

14. Where the relevant authority rejects an application referred to in 12 or 13 above, and the owner thereafter sells the property en bloc, the sale will ordinarily be treated as a sale of capital property if it would have been so treated had the property been sold before the application was made.

15. Where real estate that is used for the purpose of gaining or producing income from a business or property is converted from capital property to inventory, the action of conversion does not constitute a disposition within the meaning of paragraphs 13(21)(c) and 54(c). It is, however, recognized that the ultimate sale of real estate that was so converted may give rise to a gain or loss on capital account, a gain or loss on income account or a gain or loss that is partly capital and partly income. Accordingly, where such real estate has been converted to inventory, capital gains or losses, if any, will be calculated on the basis that a notional disposition of such property occurred on the date of conversion. The amount of such a notionally determined capital gain or loss in respect of the real estate will be the difference between its adjusted cost base, as defined in paragraph 54(a), (subject to the ITAR rules for property held on December 31, 1971) and its fair market value on the date of conversion. These notional capital gains or losses will be considered to give rise to taxable capital gains or allowable capital losses for the taxation year during which the actual sale of the real estate occurs and will be required to be so reported in that same year. The amount of any income gain or loss arising on actual sale of the converted real estate will be determined in accordance with generally accepted accounting principles on the basis that its initial inventory value is its fair market value on the date of conversion. See 16 to 19 below where the use of these procedures is illustrated by examples.

16. The following examples illustrate the use of the procedures set out in 15 above for non-depreciable capital property.

A B C D
Assumptions:
Property is land Cost of property when acquired (1) $ 1,000 $10,000 $10,000 $10,000
V day value (2) $10,000
Fair market value at date of conversion (3) $15,000 $15,000 $ 8,000 $ 7,500
Cost of additions made after conversion (4) $ 4,000 $ 4,000 $ 4,000 $ 4,000
Proceeds of sale (5) $20,000 $12,000 $ 6,000 $20,000
Notional capital gain
A(3)-(2) $ 5,000
B(3)-(1) $ 5,000
Notional capital loss
C(1)-(3) $(2,000)
D (1)-(3) $(2,500)
Income gain
A (5)-(3)-(4) $ 1,000
D (5)-(3)-(4) $ 8,500
Income loss
B (3) + (4) – (5) $(7,000)
C (3) + (4) – (5) $(6,000)
Effect for tax purposes in year of actual sale of property:
Taxable capital gain or (allowable capital loss) $ 2,500 $ 2,500 $(1,000) $(1,250)
Income gain or (loss) 1,000 (7,000) (6,000) 8,500
3,500 $(4,500) $(7,000) 7,250

17. Where only part of a parcel of land is converted to inventory (e.g., one-half of the parcel is developed for sale as residential building lots), for the purpose of computing business income on the subsequent sale of the converted land the cost of the converted part is considered to be equal to its fair market value at the date of conversion. Similarly, where in a taxation year only part of the converted land is sold, the cost (for the purpose of computing income) of the part sold is the portion of the fair market value at the date of conversion of all the converted land as may reasonably be attributable to that part. The capital gain or loss, if any, on the sale of part or all of the converted land will be computed in accordance with 15 and 16 above.

18. The Act provides rules governing the treatment of proceeds arising on the disposition of depreciable capital property but it does not envisage the possibility that such property may be converted to inventory before its disposition. Accordingly, where, in situations such as those described in 13 above, depreciable real estate is converted to inventory, it is the Department’s position that

(a) the initial cost of the real estate for inventory valuation purposes will be its fair market value as at the time of conversion, and

(b) the ultimate sale of the real estate may give rise to results similar to those described in 15 above.

The classes of property described in Part XI and Schedule II of the Income Tax Regulations are, by virtue of paragraph 1102(1)(b) thereof, deemed not to include property that is described in a taxpayer’s inventory. Accordingly, where depreciable property (e.g., an apartment building) is converted to inventory it ceases to qualify for capital cost allowance for the taxation year during which the conversion occurs and subsequent years, but continues to have an undepreciated capital cost balance in the class of Schedule II of the Regulations to which it was assigned until its ultimate disposition, at which time the class will be credited with the lesser of the cost of the asset and its fair market value at the time of conversion to inventory.

19. To illustrate the conversion of depreciable real estate to inventory and the treatment, for tax purposes, of the proceeds of sale thereof, assume the following:

The property is a 50-suite rental apartment building which, at the time it was acquired by a taxpayer, cost, excluding land (Note (2)) $1,000,000
The undepreciated capital cost of the building as at December 31, 1982 was 900,000
The fair market value of the building when it was converted to inventory (see 13 above) on August 1, 1983 was $2,000,000
Sales were made in 1985 of 20 suites for proceeds of $1,200,000
and in 1986 of 30 suites for proceeds of $2,100,000

In 1985 and 1986, the taxpayer will account for (a) capital gains realized on actual sales (in this example the notional capital gain as at August 1, 1983 was $1,000,000), (b) income from the sale after July 31, 1983 of inventory, and (c) income from the recapture of capital cost allowance, by allocating, on an average per-suite basis, the sales proceeds, cost and capital gain as follows:

1985 1986 TOTAL
Sales proceeds – 20 suites 1985 $1,200,000 $1,200,000
– 30 suites 1986 $2,100,000 2,100,000
$1,200,000 $2,100,000 $3,300,000
Deduct: Lesser of cost and fair market value per suite at the time of conversion to inventory, as credited to the undepreciated capital cost of the class of depreciable property to which the cost of the building was allocated (Note (1))
1985 – 20 suites at $20,000 400,000
1986 – 30 suites at $20,000 600,000 $1,000,000
$ 800,000 $1,500,000 2,300,000
Deduct: Notional capital gain as at August 1, 1983 actually realized
in 1985: 20 x ($2,000,000 – $1,000,000) 400,000 50
in 1986: 30 x ($2,000,000 – $1,000,000) 600,000 $1,000,000
50
Income from sale of inventory (Note (2)) $ 400,000 $ 900,000 $1,300,000
Add: Income – recapture of capital cost allowance (Note (1)) 100,000 100,000
Total income excluding the taxable capital gain $ 400,000 $1,000,000 $1,400,000
Taxable capital gain $ 200,000 $ 300,000 $ 500,000
Total income $ 600,000 $1,300,000 $1,900,000

Note (1): The undepreciated capital cost account for the building, assuming that it was a separate class pursuant to Regulation 1101(1), will appear as follows:

Undepreciated capital cost December 31, 1982-84 $ 900,000
Less: reduction re 1985 sales $ 400,000
U.C.C. December 31, 1985 $ 500,000
Less: reduction re 1986 sales $ 600,000
Recaptured capital cost allowance to be included in income under subsection
13(1)
($ 100,000)

Note (2): Although not shown in this example, the land relative to the building will, except that it is non-depreciable, be subject to the same considerations with respect to the determination of a notional capital gain, income gain, and the reporting thereof in the year of sale.

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Conversion of Real Estate from Inventory to Capital Property

20. Where a taxpayer acquires real estate and allocates its cost to inventory in the taxpayer’s accounting records, such accounting treatment will be considered to represent prima facie evidence that the real estate was initially acquired with the intention of reselling it at a profit at a propitious time (see 5 to 7 above). If such real estate is vacant land, it is the Department’s position that any gain on its sale, as such, will be business income rather than a capital gain. See however, 21 below which discusses the conversion of improved land from inventory to capital.

21. A taxpayer who constructs buildings for sale and who originally intended to sell a particular building soon after it was completed may, however, permanently convert that building from inventory to capital property

(a) by establishing that the original intention to sell the building has been abandoned,

(b) by capitalizing the cost of the building and the cost of the lot (if owned by the taxpayer) upon which it sits, in the taxpayer’s financial records, and

(c) by making use of the building as a capital asset for a period of time in a manner that is more indicative of investing than trading. Examples of such uses are as follows:

(i) the rental of the building on a long term lease which does not provide the lessee with an option to purchase,

(ii) the housing of the taxpayer’s business, or

(iii) the rental of part of the building on terms described in (i) and the occupation of the remainder thereof by the taxpayer for the purpose described in (ii).

The same considerations will apply with respect to real estate, other than vacant land, that was purchased for the purpose of resale.

22. A taxpayer who constructs buildings for sale will not be considered to have converted inventory to capital property when part or all of any such building is temporarily rented for any reason. Rental revenues so received, net of expense, will be included in computing the taxpayer’s income, but since the building will, at all times, be considered to be held as inventory, it will not be eligible for capital cost allowance.

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Farmland and Inherited Land

23. The sale, en bloc or piecemeal, by a taxpayer of

(a) farmland regularly used by the taxpayer for the purpose of gaining or producing income from a farming business carried on by the taxpayer, or

(b) land inherited by the taxpayer

will generally give rise to a capital gain or loss, as the case may be, to the taxpayer except where, for example, the taxpayer

(c) converts such land to a trading property (see 24 below), or

(d) acquired the land referred to in (a) with the intention of reselling it for profit at a propitious time (see 5 above).

24. Parcels of farming or inherited land referred to in 23 above may be difficult to sell en bloc and the land may be sold by subdividing it and selling the lots individually. It is the Department’s view that the filing of a subdivision plan and selling lots thereunder does not in itself affect the status of the gain notwithstanding that such subdivision may enhance the value of such land. A gain on the sale of farming or inherited land will remain a capital gain if an examination of all other facts, both before and after subdivision, establishes this to be so. However, where the taxpayer goes beyond mere subdivision of the land into lots and installs improvements such as watermains, sewers or roads, or carries on an extensive advertising campaign to sell the lots, the taxpayer will be considered to have converted the land from a capital property into a trading property. Where such a conversion occurs see 15 above for treatment of gains or losses arising from the ultimate sale of the property.

Source: http://www.cra-arc.gc.ca/E/pub/tp/it218r/README.html

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Whether you are planning to buy-sell-lease-invest your first home or your investment, contact us today!We’d love to hear from you!
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Mortgage Rates Are At Historical Lows. Easy OnLine Application. Apply And Get The Best Mortgage Rate!   Variable Mortgage  2.1%   5 Years Fixed  3.49%    Prime   3.00%
*condition apply/sub. to availability

Target for the Overnight Rate
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Vijay Gandhi,
Sales Representative- REALTOR®
RE/MAX Dynasty Realty Inc. Brokerage*

Mortgage Agent – Lic.# M10001947
CENTUM Metrocap Mortgage Corp. Lic.#11074

C: 647-267-6338 (Direct-Leave message or text)
O: 416.335.4335 | 905.471.0002 (page me-Have me)
F: 905.471.7441
E-MAIL: vtgandhi@yahoo.com , vgandhi@remax.net
WEB:  www.vijaygandhi.com , www.icxforsale.com
BLOG: https://gtarealtyagent.wordpress.com/
“YOUR PERSONAL REAL ESTATE & MORTGAGE ADVISOR® FOR LIFE”
Please call me TODAY for a No Obligation Buyer Consultation or Pre-Listing appointment!
The referral of your friends & family is the greatest compliment you can give me. Thank you for your trust.

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First Time Home Buyer

12 Sunday Sep 2010

Posted by gtarealtyagent in BANK SALE P.O.S. - TAX SALE, Business, condo assignment investments, Condos, current real estate affaiirs, Development, FAMILYLAW & REAL ESTATE, FSBO, Green Investment, H.S.T., Home Reno (adds The Value), Houses, International, Leasing/Renting, Let's Talk Investing, Listing of the Day, Mortgage, Multiplex-Multi Residetial Investment, Neighbourhoods, Opinion, POWER OF SALE-FORECLOSURE PROPERTY, Pre-Construction, Re/Max, Real Estate info & ideas

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First Time Home Buyer

 visit me for more detail: http://www.vijaygandhi.com/BUYING/page_2228232.html

* Interest rates are really low. One of the best benefits of buying your first home now is that you can lock in for the life of your loan at one of the lowest interest rates in history. Over the lifespan of a loan you will save a lot of money not to mention a low monthly payment.

* Prices are affordable. Buyers who may not have been able to afford to enter our market can now afford a good reasonable home. Whether someone is considering a small home or a studio condo, the starting price is probably going to be affordable and in a range your salary can budget.

* Sellers are selling homes in a reasonable condition. During a home inspection there will always be repairs that are suggested on the home. In this market sellers are usually willing to repair reasonable requests. A buyer can expect that unless a home is sold “as is” it will probably be sold in a good shape.

* You don’t have to make your decision at 10pm on a Wednesday. In most cases you can take reasonable time to make an offer on a house. You won’t show up on the first day it was listed and find out there are already offers. It is possible to find multiple offers, but in most cases you don’t have to fend off competition every step of the way.

* You won’t get into a loan you can’t get out of. With today’s lending you can be sure the loan you are offered is one that is reasonable for your income and has payment terms that will keep you in your home as long as you want to be there.

* Sellers are open to giving a credit. It is common for first time home buyers to try and negotiate a credit from the sellers to pay for closing costs freeing up more of their savings for the down payment. In this market sellers are willing to pay this credit.

_____________________________________________________________
The next scheduled date for announcing the overnight rate target is Oct.19.

_____________________________________________________________
  

The info. Is intended as general information only and does not constitute legal advice. If you need legal advice, please speak to a lawyer.  

If you have any questions/suggestion or require more information, please do not hesitate to contact me for buying or selling and also I will be happy to assist you negotiating your investment needs.  

You can find the Residential/commercial/multiplexes/investment listings on webs sites as under www.vijaygandhi.com  www.icxforsale.com  

Vijay Gandhi,
Sales Representative- REALTOR®,
RE/MAX Dynasty Realty Inc. Brokerage*
C: 647. 267. 6338 (Direct-Leave message or text)
P: 416.335.4335 | 905.471-0002 (page me-Have me)
F: 905.471.7441
E: vtgandhi@yahoo.com , vgandhi@remax.net
W:  www.vijaygandhi.com , www.gtarealtyagent.com , www.icxforsale.com   

Please call me TODAY for a No Obligation Buyer Consultation or Pre-Listing appointment!

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Beware of Solar Energy Windfalls: Invest Wisely

26 Monday Jul 2010

Posted by gtarealtyagent in BANK SALE P.O.S. - TAX SALE, Business, current real estate affaiirs, Green Investment, Interest Rates, International, Leasing/Renting, Let's Talk Investing, Real Estate info & ideas

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Beware of solar energy windfalls, Invest wisely, return on investment, solar energy


Beware of solar energy windfalls: Invest wisely


The virtue of solar power alone cannot justify government guarantees of outrageous rates of return.

The prospect of a 24-per-cent return on investment should elicit attention. The prospect of such a rate guaranteed by government for 20 years should set off alarm bells.

Earlier this month, the Ontario government announced a dramatic cut in its solar-power program. The rate paid for electricity from small-scale, ground-mounted solar installations, what is called the “feed-in tariff,” was reduced from 80.2 cents per kilowatt hour to 58.8 cents per kWh. Rooftop solar projects still qualify for the more generous original rate.

This solar-power price chop has led to a barrage of criticism from environmentalists, farmers (many of whom see solar power as a new cash crop) and those selling solar-power systems. Last week the province’s environmental commissioner entered the fray; Gord Miller demanded an explanation for the changes. Otherwise, “people will lose confidence in Ontario’s commitment to green energy,” he said.

It seems rather far-fetched to question the McGuinty government’s commitment to renewable power. If anything, the province has been all too eager to demonstrate its dedication. The recent $7-billion, 25-year deal with Samsung Group to build a green energy industry in the province has been properly criticized as improvident. Nonetheless, it represents a massive commitment.

____________________________________________________________
You can find the multiplexes/investment/green listings/lands/ listings on webs sites as under

Call for more details – how can you benefited in investing in Ontario.

www.vijaygandhi.com
www.icxforsale.com

Learn more:
The next Bank of Canada interest rate meeting is September 8.
________________________________________________________

With its changes to the feed-in tariffs, Ontario is leavening its commitment to solar power with a dash of common sense.

Ground-mounted solar-panel arrays are far cheaper to install and more efficient to operate than rooftop installations. It was thus a mistake for the province to treat both systems equally in the first place.

According to the province’s calculations, a small-scale, ground-mounted solar project could pay back its capital costs in just seven years, and provide a return on investment of 24 per cent – more than twice what rooftop installations earn. And this is guaranteed by Ontario for 20 years. Such outsized returns attracted thousands of opportunistic solar-power entrepreneurs. Many built before they received provincial contracts, simply to beat the rush. Not surprisingly, these disappointed folks are the loudest critics of the new regime.

Renewable energy is deserving of public support, both as a source of clean power and as an economic driver. And it is reasonable that preferential treatment will be necessary at the nascent stages of this industry. But government involvement must always be judicious. The average 2010 market rate for electricity in Ontario is 3.6 cents per kWh. Even a feed-in tariff of 58.8 cents per kWh is a massive level of support.

The virtue of solar power alone cannot justify government guarantees of outrageous rates of return. And due diligence ought to be as important for green energy entrepreneurs as any other investors. If it sounds too good to be true, it probably is.

From Monday’s Globe and Mail: http://www.theglobeandmail.com/news/opinions/editorials/beware-of-solar-energy-windfalls/article1650374/

(The comments contained on this site are for information purposes only and do not constitute legal advice.)  *Charlie is fictional character

If you have any questions/suggestion or require more information, please do not hesitate to contact me for buying or selling and also I will be happy to assist you negotiating your investment needs.

You can find the multiplexes/investment listings on webs sites as under

www.vijaygandhi.com

www.icxforsale.com

Vijay Gandhi,
Sales Representative- REALTOR®,
RE/MAX Dynasty Realty Inc. Brokerage*
C: 647. 267. 6338 (Direct-Leave message or text)
P: 416.335.4335 | 905.471-0002 (page me-Have me)
F: 905.471.7441
E: vtgandhi@yahoo.com , vgandhi@remax.net
W:  www.vijaygandhi.com , www.gtarealtyagent.com , www.icxforsale.com 

Please call me TODAY for a No Obligation Buyer Consultation or Pre-Listing appointment!

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How do I create income from a second home or vacation property?

18 Sunday Jul 2010

Posted by gtarealtyagent in BANK SALE P.O.S. - TAX SALE, condo assignment investments, current real estate affaiirs, FAMILYLAW & REAL ESTATE, International, Let's Talk Investing, Opinion, Real Estate info & ideas

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How do I create income from a second home or vacation property?

 

Do you own a second home or vacation property, such as a place in the country? If so, you have a few ways to create income if you ever need it:

* You can sell your vacation property to create some cash.

* You can rent it out when you’re not using it. This approach can work very well in a resort area, where demand for rentals is high. You may get more than enough income from renting to pay the costs of carrying the property.

Buying and renting out vacation property in Canada

Here’s a quick summary of the benefits and drawbacks to renting out vacation property in Canada:

Benefits Drawbacks
* You can use the rent to pay your costs, including any mortgage, and improve your property * If you only rent your property out for part of the year, you can still enjoy it yourself the rest of the time * You get some tax breaks. The rent you get is business income, so you can deduct many costs against it, such as the interest on your mortgage * If the property goes up in value, you will have more equity, which you can leave in the property or borrow back out * It takes time, effort, and money to maintain the property and manage the rentals. If you are providing a furnished home, you will also have those added costs * The place will be easiest to rent at the times you most want to use it. This may limit your enjoyment of it * You do have to pay tax on the rental income you get * If the property is not your main home and it goes up in value, you will pay capital gains when you sell. If the property becomes part of your estate, your heirs will have to pay that tax

Owning and renting out vacation property in the United States

It gets more complex if you own and rent out vacation property in the United States (US). You need to get expert advice, but here are two major tax issues to consider.

1. You will pay US income tax on your rental income

Let’s say you buy a condo in Florida and rent it out for part of each winter. You may face a 30% US withholding tax on your gross rental income. You must deduct this amount from all the rent you receive and pay it to the US government each year.

Another option is to report the US income using the net rental income method. This means that you deduct expenses and depreciation from your rental income before you calculate the tax you owe. You can select this method when you file your US tax return. Once you do, you usually can’t reverse your choice.

The good news is you don’t have to pay tax on your rental income twice. If you pay US tax, you can claim a foreign tax credit on your Canadian tax return.

2. There will be tax on the property after your death

If you own a US vacation property at the time of your death, your estate will have to pay US federal estate tax. This tax ranges from 18% to 55% of the property’s value, less a tax credit for non-US citizens or residents.

Can you give the property to a loved one as a gift instead? The short answer is yes, but only up to a certain value. You can gift up to a total of $125,000 (US) per year tax-free to your spouse if he or she is not a US citizen. If your total gifts in the year to anyone else exceed $12,000 (US), US gift tax will apply.

Remember: Renting out a second home or vacation property has pros and cons

Many people like the way it brings extra income into their lives. But before you decide, make sure you also consider the way it will affect your taxes and your estate. You may want to consult an accountant, lawyer, mortgage broker, or other financial expert.

 You can find the multiplexes/investment listings on webs sites as under

www.vijaygandhi.com
www.icxforsale.com

Learn more:

Canada Mortgage and Housing Corp.: information on a wide range of topics ranging from finding a contractor, to home maintenance checklists

Free How-to-Renovate videos from CMHC

Canada Home Builders’ Association – Resource Centre Worksheets: worksheets and checklists you can use when planning a renovation

Find a renovator or contractor who belongs to the Canadian Home Builders’ Association

 (The comments contained on this site are for information purposes only and do not constitute legal advice.)  *Charlie is fictional character

If you have any questions/suggestion or require more information, please do not hesitate to contact me for buying or selling and also I will be happy to assist you negotiating your investment needs.

You can find the multiplexes/investment listings on webs sites as under

www.vijaygandhi.com

www.icxforsale.com

Vijay Gandhi,
Sales Representative- REALTOR®,
RE/MAX Dynasty Realty Inc. Brokerage*
C: 647. 267. 6338 (Direct-Leave message or text)
P: 416.335.4335 | 905.471-0002 (page me-Have me)
F: 905.471.7441
E: vtgandhi@yahoo.com , vgandhi@remax.net
W:  www.vijaygandhi.com , www.gtarealtyagent.com , www.icxforsale.com 

Please call me TODAY for a No Obligation Buyer Consultation or Pre-Listing appointment!

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Canada Small Business Financing Program

09 Friday Jul 2010

Posted by gtarealtyagent in BANK SALE P.O.S. - TAX SALE, Business, condo assignment investments, Condos, current real estate affaiirs, Development, Houses, Interest Rates, International, Leasing/Renting, Let's Talk Investing, Mortgage, Multiplex-Multi Residetial Investment, Pre-Construction, Re/Max, Real Estate info & ideas

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Canada Small Business Financing Program


Canada Small Business Financing Program

About the Program

View our pamphlet in PDF Order our pamphlet


Small businesses are an important part of Canada’s economy, but they face unique challenges when they look for financing.

The Canada Small Business Financing Program helps you with your financing needs. Under the program, the Government of Canada makes it easier for small businesses to get loans from financial institutions by sharing the risk with lenders.

The program’s main objectives are:

  • to help new businesses get started and established firms make improvements and expand
  • to improve access to loans that would not otherwise be available to small businesses
  • to stimulate economic growth and create jobs for Canadians

On average, the program helps small businesses access 10,000 loans worth more than $1 billion each year.

Who is eligible?

Small businesses operating for profit in Canada, with gross annual revenues of $5 million or less.

Not eligible under this program: farming businesses (Agriculture and Agri-Food Canada has a similar program for the farming industry — for information, visit www.agr.gc.ca), not-for-profit organizations, or charitable and religious organizations.

How much financing is available?

Up to a maximum of $500,000 for any one business, of which no more than $350,000 can be used for purchasing leasehold improvements or improving leased property and purchasing or improving new or used equipment.

How do I apply for a loan?

Financial institutions deliver the program. Industry Canada does not participate in making the decision to accept or refuse your loan application.

Discuss your business needs with a financial officer at any bank, caisse populaire, or credit union in Canada. The financial officer will review your business proposal and make a decision on your loan application. Once the decision is made to offer financing under the program, the financial institution will register the loan with Industry Canada. (List of lenders)

What can loans be used for under this program?

Loans can be used for financing up to 90% of the cost of:

  • purchasing or improving land, real property or immovables
  • purchasing leasehold improvements or improving leased property
  • purchasing or improving new or used equipment

For example, you can use a loan to finance:

  • buildings and land
  • commercial vehicles
  • hotel or restaurant equipment
  • computer or telecommunications equipment and software
  • production equipment

You cannot use a loan to finance items such as:

  • goodwill
  • working capital
  • inventories
  • franchise fees
  • research and development

What are the costs?

The interest rate is determined by your financial institution. The interest rate may be variable or fixed:

  • Variable rate: The maximum chargeable is the lender’s prime lending rate plus 3%.
  • Fixed rate: The maximum chargeable is the lender’s single family residential mortgage rate plus 3%.

A registration fee of 2% of the total amount loaned under the program must also be paid by the borrower to the lender. It can be financed as part of the loan.

The registration fee and a portion of the interest are submitted to Industry Canada by the lender to help offset the costs of the program for the government.

What are the terms of the financing?

Lenders are required to take security in the assets financed. Lenders also have the option to take an additional unsecured personal guarantee, which cannot exceed 25% of the total amount loaned.

For more information, please contact your financial institution.

This program is administered by:

Small Business Financing Directorate
Industry Canada
Telephone: 1-866-959-1699 (toll-free)
Fax: 1-613-952-0290
Email: Canada Small Business Financing Program
Internet: www.ic.gc.ca/csbfa

Canada Small Business Financing Program

List of Lenders

Industry Canada administers the CSBF Program through a network of private-sector lenders in all provinces and territories. Lenders are responsible for all credit decisions, making the loans, providing loan funds, and registering the loans with Industry Canada. Lenders are also responsible for the administration of loans. Listed below is a list of participating lenders:

ATB Financial
Bank of East Asia
Bank of Montreal
Caisses populaires Acadiennes
Caisses populaires de l’Ontario
Canada’s Credit Unions
Canadian Imperial Bank of Commerce
Canadian Western Bank
GE Capital Financial Services
HSBC
Laurentian Bank of Canada
Mouvement des caisses Desjardins
National Bank of Canada
Royal Bank of Canada
Scotiabank
TD Canada Trust

Hyperlinking Notice

Links to Web sites not under the control of the us & are provided solely for the convenience of users. We are not responsible for the accuracy, currency or the reliability of the content. We do not not offer any guarantee in that regard and is not responsible for the information found through these links, nor does it endorse the sites and their content.

Users should be aware that information.

 (The comments contained on this site are for information purposes only and do not constitute legal advice.)

If you have any questions/suggestion or require more information, please do not hesitate to contact me for buying or selling and also I will be happy to assist you negotiating your investment needs.

You can find the multiplexes/investment listings on webs sites as under

vijaygandhi.com

icxforsale.com

Vijay Gandhi,
Sales Representative- REALTOR®,
RE/MAX Dynasty Realty Inc. Brokerage*
C: 647. 267. 6338 (Direct-Leave message or text)
P: 416.335.4335 | 905.471-0002 (page me-Have me)
F: 905.471.7441
E: vtgandhi@yahoo.com , vgandhi@remax.net
W:  www.vijaygandhi.com , www.gtarealtyagent.com

Please call me TODAY for a No Obligation Buyer Consultation or Pre-Listing appointment!

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