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Canadians Gain More Room to Save with 2025 TFSA Limit

  The Tax-Free Savings Account (TFSA) contribution limit for 2025 has been set at $7,000 , giving Canadians another opportunity to grow their investments tax-free. Since its launch in 2009, the TFSA has become one of the most popular savings tools in the country, offering flexibility and tax advantages that appeal to both short-term savers and long-term investors. For those who have never contributed to a TFSA and were eligible since the beginning, the total cumulative contribution room now stands at $102,000 . This allows Canadians to deposit a significant amount into their accounts without worrying about taxes on investment gains, dividends, or withdrawals. One of the TFSA’s biggest advantages is that withdrawals are tax-free and the amount withdrawn is added back to your contribution room the following year . This makes it ideal for saving toward major purchases, retirement, or even emergency funds. Unlike RRSPs, contributions are not tax-deductible, but the growth inside the...
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Toronto housing market cools down as prices fall for fourth month in a row

 


The Toronto housing market showed signs of slowing down in November, as home sales rose slightly but prices continued to decline for the fourth consecutive month. 

According to the Toronto Regional Real Estate Board, the average selling price for all home types in the Greater Toronto Area was $1,051,000 in November, down 0.6 per cent from October and 5.3 per cent from July, when it reached a record high of $1,108,000. 

The number of home sales increased by 2.1 per cent month-over-month and 13.5 per cent year-over-year, reaching 8,766 transactions in November. However, the sales growth was mainly driven by low-rise segments such as detached and semi-detached houses, while condo sales declined by 8.8 per cent from October and 2.4 per cent from November 2020. 

The board attributed the cooling of the market to a combination of factors, including the end of the pandemic-induced surge in demand, the increase in new listings, the tightening of mortgage rules, and the anticipation of higher interest rates. “The GTA housing market has moved to a more balanced position compared to earlier this year and last year,” said TRREB president Kevin Crigger in a statement. “This could mark the start of a period of more moderate price growth, which would be healthy and sustainable over the long term.”

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