Toronto Real Estate Pre-Construction Condos Feature from TRB: XO2 Condos

XO2 Condos will be one of the biggest Toronto Pre-Construction Condo launches to hit the Toronto Real Estate market in 2022 and these are our top 5 reasons to invest. Register with Toronto Realty Boutique for VIP First-Access to pricing, floor plans and suites on launch day.
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XO2 Condos is the second phase of the very popular XO Condos that launched in 2019. With a near-immediate sell-out, this release is one of the most anticipated of 2022. XO2 Condos will have a total of 410 suites spread across 19 storeys in Toronto’s Liberty Village / South Parkdale neighbourhood.
Brought to you by Lifetime Developments, XO2 Condos is currently in VIP registration phase with TRB. As a Lifetime Development Platinum Prestige Club Broker, we will be the first with access to updates, floor plans and pricing.
Located at 1182 King St W in Liberty Village, this development is uniquely situated near all urban amenities. XO overlooks a buzzing cityscape of eclectic urban amenities. Enjoy the best of Liberty Village, King West, Queen West and South Parkdale - some of the best and most sought-after neighbourhoods in Toronto.
Within walking distance from the condominiums are numerous top restaurants, cafes, bars, parks, clubs and more. Being minutes from the downtown core, residents will have easy access to stores, shopping centres and markets.

[@Jiggysaw]

when the CRA says there's an allowance of 1 overlapping year for primary residence exemption in Canada, do they mean from the date the overlap plus 365 days? I'm curious to know if I were to close on a new property in say April 1st 2022, when will be the last day I can sell the existing primary residence in order to avoid capital gains taxes on the sale?

[@torontorealtyboutique-toro2715]

HI! The “One-Plus” rule enables an overlap of one year whereby both residences would still qualify for the principal residence exemption. If both properties are owned for more than one year then one of those properties would be disqualified from claiming the principal residence for the years in excess of one.
So you would have until March 31, 2023 to sell your principal residence before you are disqualified from claiming the principal residence exemption. There are several other factors that play into this rule: are you a non-resident of Canada during that year, did you rent out the property during that year, etc. I would recommend you contact your accountant to make sure your specific situation falls within the guidelines of the One-Plus Rule. Hope this helps!