Leon Schaumer's blog

Homeowner Tax Deductions and Credits: Don’t Miss Out!

Many Canadians overpay their taxes simply because they overlook common deductions and credits. As a homeowner, you may be eligible for several tax benefits. Before filing your next return, review this list of frequently overlooked tax breaks.

First-Time Home Buyer’s Tax Credit

If you're purchasing your first home, you can claim a non-refundable tax credit of up to $750. This credit is calculated as a percentage of $5,000 and can be claimed by either you or your spouse/common-law partner.

GST/HST New Housing Rebate

If you buy a new...

Ontario Real Estate Market Holds Steady Amid Changing Conditions

Toronto, March 5, 2025 – Home buyers in the Greater Toronto Area (GTA) continued to benefit from ample choices in the resale market this February. Sales declined compared to the same period last year, while inventory remained high, giving buyers significant negotiating power.

“Many GTA households are eager to buy a home, but current mortgage rates make affordability a challenge. However, we anticipate lower borrowing costs in the coming months, which should improve purchasing power,” said TRREB President Elechia...

How to Deal with Mortgage Payment Difficulties

When unforeseen financial circumstances impact your ability to make regular mortgage payments, you need to take quick action. With early intervention, cooperation, and a well-executed plan, you can work together with your mortgage professional to find a solution to your financial difficulties.

If you or your spouse has lost employment and no longer makes as much money, and you see meeting your mortgage payment obligations is going to be problematic, the first step is to take a deep breath. Millions of people face the same problem every year....

May home sales continued at low levels, especially in comparison to last spring’s short-lived pick-up in market activity. Home buyers are still waiting for relief on the mortgage rate front. Existing homeowners are anticipating an uptick in demand, as evidenced by a year-over-year increase in new listings. With more choices compared to a year ago, buyers benefitted from more negotiating room on prices.

Ontario  -  May home sales continued at low levels

Toronto, June 6, 2024 -- May home sales continued at low levels, especially in comparison to last spring’s short-lived pick-up in...

 Mortgage Amortization Extensions

Recent inflation numbers indicate that inflation is slowing, and many economists are saying that the most recent drop in the inflation rate will give the Bank of Canada the slack that it needs to hit a pause on any rate hikes for the time being. While this is a positive sign, it does not necessarily translate to relief in the cost of living. Many people are still seeking solutions to mitigate the effects of sky-high grocery prices and other goods on their finances. This month, we are focusing on one strategy that could prove to be the...

Market Watch - Housing Market Resilient in 2023, Ends Year in Balanced Territory

High borrowing costs coupled with unrealistic federal mortgage qualification standards resulted in an unaffordable home ownership market for many households in 2023. With that said, relief seems to be on the horizon. Borrowing costs are expected to trend lower in 2024. Lower mortgage rates coupled with a relatively resilient economy should see a rebound in home sales this year.

Buyers who were active in the market benefitted from more choice throughout 2023. This allowed many of these buyers to...

Buying a property requires good knowledge of market conditions, personal finances as well as the ability to judge what a good investment is. It is important to be in a position to negotiate realistically when you decide to make an offer. This comes as a result of good preparation before submitting a formal offer to purchase.

August is a traditionally slower month in the resale market due to summer vacations. Compounding the slowdown in market activity, Buyers are uncertain about their purchasing power given the additional interest rate hikes. While higher borrowing costs have impacted home purchase decisions, existing homeowners nearing mortgage renewal are also facing higher costs.

Ontario - Quieter Summer Season Marked by Reduced sales And Listing Activity.

Market Watch - Residential Resale Slowdown Begins A Shift Towards A Balanced Market