realestate

Child Star's Real Estate Empire Embroiled in Probe, Top Property News

A roadmap for reform: Capital gains, housing tax and the next PM's priorities

H
ere is the rewritten text, retaining essential information and main ideas, but reducing the original length by 20%:

    Former child actor Robby Clark's real estate empire collapse has led to mounting legal woes for his associates. An Ontario Provincial Police probe is investigating allegations of potential criminal fraud related to companies controlled by Mr. Clark and his primary mortgage broker Claire Drage. Several lenders have been interviewed, with the OPP seeking documents and information on alleged wrongdoing.

    The uncertainty surrounding capital gains tax changes has left taxpayers facing a difficult decision: risk overpaying or face interest and penalties later. Prime Minister Justin Trudeau's announcement to prorogue Parliament has heightened the uncertainty, with an election likely in late spring or early summer. Tax experts warn that middle-class Canadians who've experienced a one-time financial windfall may be affected.

    Canada's real estate market may see a rebound in 2025, according to Bay Street forecasts. However, the Toronto area saw slow growth in December, with buyers remaining subdued despite new mortgage rules and interest rate cuts. Experts predict home prices will pick up in 2025 as sales begin to stir and listings simmer down.

    Personal finance columnist Rob Carrick urges the next prime minister to kill the zombie tax increase on capital gains. The hike was thrown into uncertainty when Mr. Trudeau prorogued Parliament, but the CRA is proceeding as if it took effect last June. There's still time to repeal it before the April 30 tax-filing deadline.

    The Home of the Week features a Toronto renovation that proves less is more. The four-bedroom home in Summerhill neighbourhood was renovated to remove unnecessary features and showcase its original charm. The pale wood floor adds warmth under simple white walls, while shocks of colour come from views out the front and rear windows.

Child star's real estate empire under investigation by authorities nationwide.