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Baby, we got a bubble!?

slickpete83

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when you buy a house in Toronto without realizing its a historic building and you can't knock down as planned, sell sell sell asap😂🤣😂
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huge lot 50' × 170' Real Estate agent claims "design the home of your dreams" https://rennieteam.com/design-the-home-of-your-dreams-55-st-edmunds-drive/
 
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Rimsky44

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Did they really have to cut bait like that? They could have reno'd it and then sold it instead of losing close to $1M dollars.
I'm speculating - but it was probably for tax purposes. You crystalize the loss in a holding company which will be used for further developments to shelter $1m of future development gains (non-capital gains eligible) - sell it to yourself personally, renovate it and live in it for a bit to take advantage of capital gains tax treatment personally.

I highly doubt they sold it to a 3rd party.
 
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