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If the PRIMARY PURPOSE by the assignor/seller in buying from the builder was to profit by assigning/flipping the deal, THEN HST IS APPLICABLE to the assignment/sale.
This spacious, garden level townhouse is conveniently located on the future of White Rock Commons - the new centre of town.
This home offers a spacious master bedroom with luxurious ensuite and walk in closet. The kitchen is fully equipped for a master chef with a full size Miele integrated appliance package.
QUICK RECAP OF TORONTO SHORT TERM RENTAL REGULATIONS Short-term rental platforms like Airbnb and Vrbo have grown in popularity over the last decade and popular cities like Toronto are trying to go with the flow and put some regulations in place for the city as a whole.
The proposed short-term rental regulations set for Toronto are as follows: It’s also worth noting that Toronto City Council had approved the regulations for short-term rentals at the end of 2017 and beginning of 2018.
The home also offers two large bedrooms, gas fireplace, A/C, & a gorgeous master suites that opens to a large wrap around deck with beautiful ocean views. Tons of natural light with 9 feet ceilings through out the home and it includes central Air Conditioning!
Be one of the select few to join this stunning community. Gourmet kitchen with high end S/S appliances including a gas range cook top and 2 ovens.
Inevitably, an offer to purchase an assignment property (often on an OREA form 140 or 141) by a buyer's sales representative will state that, if applicable, HST is included in the purchase price (as we typically see in any offer to buy resale residential properties).
The sales representative who represents a seller of an assignment (and who is advising the seller) MUST be aware that according to the Canada Revenue Agency, there are sometimes situations where HST will, in fact, be applicable and payable by the assignor/seller who is assigning a contract to buy a newly constructed unit/residence.
In a city full of condos, you may be surprised to know that there are only a handful of Toronto condos that allow short-term rentals.
Albeit, there are many condo owners and renters that choose to ignore the short-term rental policy their condo building may have in place, but that’s a conversation for another day.