From The TaxLetter, published by MPL Communications.
Moving Day - Samantha Prasad, LL.B.
I was reading an article not too long ago about how housing prices in Toronto have increased by 9.6 per cent compared to a year ago. In fact, the average price for a single-family detached home is hovering around the $1 million mark, catching up to the always expensive Vancouver market. To many observers, Canada's large cities are experiencing a housing bubble; yet it is showing no signs of bursting.
Of course, these soaring sticker prices do not include buyers' extra expenses, such as land transfer taxes and moving costs. So it would be an understatement to say that every new owner could use some sort of a financial break. Happily, for those of you who have to move out of town for work, there may be such a break available to you.