Click Image for full article
Today I am going to share house flipping tax tips for all you renovators out there!We have talked about this before, but with the latest booming real estate market, I am here to refresh your knowledge!With approximately 1 million immigrants coming to Canada over the next 3 years, out of which, historically speaking, about 40% come to Ontario. Housing shortages and crazy rental increases are inevitable.It’s a basic economic principle – supply and demand. High demand and low supply = high price.The skyrocketing house prices and rise in rental prices can be crazy. They are both fundamentally driven by the number of immigrants coming to Canada and lack of housing supply. We, Canada, do need these skilled immigrants with education and money to grow our economy.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 some real estate investors, they may even take advantage of these rising home prices and make some quick profits through house flipping.Make sure you view my latest video sharing these tips!