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-   -   Selling Home Before 1 Year (http://www.buildinghomes.ca/community/forums/showthread.php?t=24195)

Patrizia 2018-03-05 09:37 AM

Selling Home Before 1 Year
 
Does anyone know how long after taking possession of a new home can the homeowner put it up for sale? Someone mentioned you have to wait a year before you can sell it. Thank you

electricsky 2018-03-05 09:42 AM

It all depends on the contract you signed. Have a look at it or consult your lawyer. In 99% of the case it shouldn't be an issue selling it immediately after taking possession.

OttawaG 2018-03-05 10:50 AM

And with the real estate price going up you will also have to work out the taxation on capital gain.

Patrizia 2018-03-05 10:51 AM

So I was told that you can sell anytime after taking possession but to avoid capital gains you have to wait until 1 year and it must be your primary resident.

Canin 2018-03-05 01:37 PM

From what I hear, if you have benefitted from rebate on taxes, CRA may come after you for that difference. Other than that I don't think there is anything preventing sale before a year is up.

good2know 2018-03-05 02:36 PM

There is no 1 year requirement.

xdarrylx 2018-03-05 02:44 PM

Quote:

Originally Posted by good2know (Post 330898)
There is no 1 year requirement.

Correct, common misperception.

If you build/buy a primary residence and a life situation occurs that forces you to sell (at any point...30 days after up 1yr), this is acceptable as long as CRA doesn't believe it was your intent allalong to build/buy and then flip for profit.

This is my understanding.

Sarah2012 2018-03-06 02:08 PM

It's the HST new housing rebate that comes with the 1yr deadline. The rebate comes with a stipulation that you must occupy the home as your primary residence in order to qualify.

From my research on the subject it appears to be a case-by-case thing with the CRA about whether they will take back the rebate you received.


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