Friday Free-for-all! June 1st 2018

It’s the end of another beautiful week and that means it’s time for another open topic discussion thread for the weekend. Friday free for all time!

Here are a few recent links to kick off the chat:

Survey on housing and foreign investment
Why are Vancouver and Toronto so unhappy?
UIsterman on CKNW
Short term rental investigation
Reliance on housing fuels recession call

So what are you seeing out there? Post your news links, thoughts and anecdotes in the comments below and have an excellent weekend!

Loonie leaps on hints of rate hike

From southseacompany an article about the lowly looney leaping up on hints of a Canadian interest rate hike:

The Canadian dollar shot up Wednesday after the Bank of Canada held the line on a key interest rate but pointed to a boost in the future.

In foreign exchange trading, the loonie was ahead by 0.82 of a cent at 77.64 cents US when stock markets closed on Wednesday, after being up by more than one cent earlier in the day.

The central bank left its key target for the overnight rate unchanged at 1.25 per cent, where it has been since mid-January.

However, the bank said in a statement accompanying its decision that developments since April reinforce its view that “higher interest rates will be warranted to keep inflation near target.”

Read the full article over at the CBC.

CRA goes after Reno flips

One way to make money without paying taxes is to live in a home you are renovating to sell so you can claim the principal residence tax exemption. Of course if you do this as a way to make money you are actually operating a business and you owe those taxes anyways, either as capital gains or income taxes.

The CRA is going after people using this loophole to illegally avoid paying taxes and are using third party data to find them. If you are thinking of Reno flips without considering the tax bill, this might not be your best money making strategy.