With the 1 million immigrants coming to Canada in the next 3 years (historically about 40% come to Ontario), it’s almost inevitable that we’ll have housing shortages and crazy rental increases. It’s basic economic principal – supply and demand. High demand and low supply = high prices.
Fortunately (for people who are already in the market) and unfortunately (for people who don’t have properties yet), we must learn to deal with the rising real estate prices.
For the smarter ones (i.e. real estate investors), they may even take advantage of these rising home prices and make some quick profits by flipping properties.
So, what are the 6 tax tips we have for real estate flippers and renovators?