Results tagged “Real estate” from The Kingston Real Estate Blog

July 24, 2012 - The average sale price for residential properties in Kingston and the
Municipal Property Assessment Corporation
surrounding area has risen by 16 per cent between January 1, 2008 and January 1, 2012, according to the first report on residential sale price trends published by the Municipal Property Assessment Corporation (MPAC).

The average sale price for residential properties in Ontario has risen by 17 per cent during the same time.

NOTE: The blogging of this article should in NO WAY indicate that I agree with anything or anyone at MPAC. I personally think their assessments are inaccurate, and they are incompetent. But that's a blog post for another day. I suggest you Google fight MPAC Assessment and see what comes up.

The full report is here:

This article has come very good advice concerning "Non-Resident" sellers of property in Canada and the tax implications that could delay or void a sale. The article is referring to offshore condo investors, which is not so much a large issue here in Kingston. We do run into this in the Recreation/Cottage property market, and mostly with our American friends.

On June 23rd, 2008 new federal money laundering and anti-terrorist financing regulations came into effect that require real estate agents and brokers to collect personal identification information from buyers and sellers.

Real Estate agents are now required to ask for proof of the identity of all buyers or sellers involved in a Canadian real estate transaction. If the client is a corporation, that information must include corporate documentation, and the names of the corporation directors. They must also ascertain if a third party is involved in the transaction.

This also applies if a buyer or seller involved in a transaction is not represented by a real estate agent, but the other individual involved is represented. Those buying or selling privately will be asked by the agent representing the other party involved in the transaction to provide proof of identity as well, and that record must be kept by the real estate agent involved in the transaction.

These new regulations are part of federal legislation (Bill C-25) passed in 2007 that requires a number of industries, including real estate, to do more to help stop money laundering and terrorist financing. The regulations are enforced by the federal agency known as the Financial Transactions and Reports Analysis Centre of Canada, or FINTRAC.

Additional information about this federal initiative, the federal legislation and the role of FINTRAC in the reporting system is available at or call toll-free: 1-866-346-8722