Living in a century home is a romantic proposition: The high ceilings, hardwood trim, large fireplaces, plaster walls, and decorative ceilings are all features that are rare in a more modern home.  Anyone who appreciates antiques or old cars knows that there is something special about the old designs.  These homes are also commonly located near the downtown areas and are in very established neighborhoods with large trees and expansive parks. Who wouldn’t want to live in an old home? Century homes certainly have their charm, but it is not all roses owning one. Before you purchase a century home it is important to have the right expectations. Common Deficiencies Older homes come with older mechanical systems, much of which will be at its end of life. 100+ year old plumbing and electrical have served its time and may need to be updated. These types of projects are potentially expensive and invasive in order to retrofit an older home to modern standards. If the electrical ...

For the 70 per cent of Canadians who own a home, it is a place to live, raise our family, and it connects us to our community. Due to Canada’s tax system’s Principal Residence Exemption, when we sell our homes, any increased value or “capital gains” are not taxed. This generous tax break matters to Canadian homeowners. Collectively, we have about $3 trillion in home equity and our homes are often our largest financial asset. However, starting with our 2016 income tax returns, there are some changes in how homeowners qualify for the Principal Residence Exemption. Until now, the Canada Revenue Agency has not required Canadians to report on a home sale when during tax season. If you sold your home in 2016 or later, you will need to complete a Schedule 3, Capital Gains of the T1 Income Tax and Benefit Return in order to report your sale. The good news is that, in terms of taxes, nothing has changed. The same tax benefit is available to anyone who sells their home, provided the...