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Money How well do you know homes? Take our real estate quiz

23:14  07 may  2018
23:14  07 may  2018 Source:   msn.com

New B.C. legislation targets condo flipping

  New B.C. legislation targets condo flipping British Columbia's government wants to crack down on tax evasion in the condominium market and gives municipalities more control over rental housing as it looks for ways of easing a housing crunch. Finance Minister Carole James said legislation introduced Tuesday would require developers to collect and report buyer information on the purchase and sale of condos before they are built to ensure the proper amount of tax is paid.

You and your family buy a house, live in it and a year later you sell it making a profit. Do you have to pay taxes on the profit?

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Yes, on all the profit

No, you lived in it

No, you sold it a year later

Yes, on half of the profit

Who is responsible for paying the condo fees in a condominium unit that is tenanted?

  How well do you know homes? Take our real estate quiz © Getty/Volodymyr Kyrylyuk  

The landlord

The tenant

The management company

The developer

Assuming location, age, size, and condition are very similar, which property would likely be most expensive?

  How well do you know homes? Take our real estate quiz © Getty/jnnault  

Condominium unit

Townhouse

Semi-detached house

Detached house

When is the land transfer tax due on a purchase-sale transaction?

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With the home inspection

When the transaction closes

At the end of the year

When they sign the offer

Which is part of the closing costs (disbursements) when buying a home in Ontario?

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Capital gain tax

Realtor’s commission

Property staging

Legal fees

Do you need to pay HST when buying a property?

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Yes, on all properties

No, HST is never applicable

Yes, on new properties

Yes, on resale properties

What is typically the minimum down payment you can give for a $500,000 home in Ontario?

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5 per cent

20 per cent

35 per cent

50 per cent

Is the seller or buyer responsible for paying the land transfer tax in a purchase and sale transaction?

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The seller

Buyer and seller

The buyer

The seller - in new developments

What is the approximate land transfer tax amount for a $1,000,000 Toronto property (including local taxes)?

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There is no land transfer tax

$3,000

Less than $3,000

More than $30,000

A house that is attached to another house by only a common wall in the middle is considered a...

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Detached house

Semi-detached house

Condominium

Townhouse

Which of the following is not part of the GTA?

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Hamilton

Mississauga

Scarborough

Markham

What is a major difference between owning a condo townhome and owning a freehold townhome?

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Ownership of the land

Amenities and security

Building materials

Parking availability

You are selling your tenanted property. How much notice should you give the tenant to show the property to potential buyers?

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2 hours notice

24 hours notice

One week notice

No notice is required

You want to buy a property and the selling agent says that offers will be held next week. Can you submit an offer anyway?

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Yes, it’s a 'bully' offer

Only if your lawyer agrees

Only if your realtor agrees

No

You can buy a house directly from your neighbour, but for the closing you will likely need:

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A contractor

An agent

A lawyer

An insurance broker

The land transfer tax in a purchase-sale transaction will be lower if you are:

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A lawyer

A millionaire

A realtor

A first time home buyer

Right before closing, can you take the dining room chandelier?

  How well do you know homes? Take our real estate quiz © Getty/TerryJ  

Yes, wasn’t included

Yes, it’s personal

No. it’s a fixture

No. It’s a chattel

Toronto New Home Listings Vanish Because Sellers Don't Like What They See In The Market .
Toronto New Home Listings Vanish Because Sellers Don't Like What They See In The MarketThat decrease in supply could actually help the market bounce back faster than it would have otherwise.

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