CRA Extension for Filing: Penalties and interest for late-filed UHT returns are waived if filed by April 30, 2024, for the 2023 year.
Applicability of UHT: Affects those who own residential real estate in Canada through a corporation, partnership, or trust, and not personally. Applies to non-Canadian citizens or non-permanent residents owning residential real estate in Canada. Requirement to File UHT Return: Mandatory for all residential property owners in Canada as of December 31, 2022, unless exempt. Due date: April 30 of the following year (e.g., April 30, 2024, for 2023). Exclusions from Filing: Canadian citizens or permanent residents owning property personally. Various entities like publicly traded Canadian corporations, registered charities, and Indigenous governing bodies. Penalties for Non-Compliance: Failure to file by April 30: Minimum penalty of $5,000 (individuals) or $10,000 (corporations), plus additional percentages of the tax payable.
November 2023 Housing Market Report
Today, we're diving into the latest trends and insights of the Toronto housing market as we move into the second half of 2023. It's been a rollercoaster of a year, and I'm here to break down what's been happening and what we might expect in the coming months.
First up, let's talk numbers. In September 2023, the average home in the Greater Toronto Area (GTA) sold for $1,119,428, which is a 3% increase from last year. Interestingly, even though we've entered a deep buyer’s market for the first time in 14 years, prices are still nudging upwards. Now, let's break it down by property type. Detached homes in the GTA are averaging at $1,440,786, showing a 5.2% year-over-year increase. Semi-detached homes aren't far behind, with a 5% increase to $1,094,074. Freehold townhouses have seen a similar trend, while condo apartments have slightly bucked the trend with a 3% annual decrease. The big news is that the GTA housing market has plunged into a deep buyer’s market. This shift is largely due to a surge in new listings and a slowdown in sales. Despite this, home prices have continued to rise, albeit at a slower pace. It's a fascinating development, and it's been a while since we've seen a market like this. In terms of regional differences, the City of Toronto is closely mirroring the GTA trends. Prices in York Region are seeing some decline, while Halton Region and Durham Region are experiencing increases. Brampton's market is showing a slight dip, whereas Mississauga is booming with an 8% monthly increase in prices. Looking forward, we're firmly in buyer’s market territory, which could mean more opportunities for those looking to buy. The average home is selling at its asking price, and we might see prices start to fall in the coming months. For the rest of 2023, we expect to see the market continue to adapt to higher borrowing costs and economic uncertainties. While home prices are still on the rise, the growth rate is moderating. And a big focus will be on affordability and potential policy changes, especially with the government's efforts to address housing needs for a growing population. That's a wrap for today's market update!
Increasing Mortgage Renewal Rates: Alternatives and Considerations
As more homeowners face higher mortgage renewal rates, some may need to consider selling their homes due to financial strain. However, experts advise exploring alternative options before resorting to a sale.
Start by evaluating your spending habits, including household maintenance, car repairs, and medical bills, to identify areas where you can cut costs. Consider diversifying income sources, such as taking on a second job or renting out a room in your home. Allocate spare cash towards your current mortgage with a lump-sum payment to manage the expected increase in monthly payments upon renewal. Seek guidance from financial advisers to determine an affordable and sustainable lifestyle. Don't assume the first offer from a lender is the best rate; shop around, as even a small interest rate difference can make a significant impact. Consider factors like mortgage amortization, fixed vs. variable rates, and finding the best rate offer. Higher mortgage rates affect both low- and high-income households, although those with higher incomes may have more options to adjust to the increased costs. Some turn to their parents for financial assistance. If all options are exhausted, selling the property may be the last resort. It's crucial to act before foreclosure and consider selling to avoid selling below market value. Consult with a licensed insolvency trustee if necessary. Remember that selling the house doesn't end your responsibilities; you'll still need to cover utility expenses and house insurance until ownership is transferred. If the house sells at a loss, you're responsible for covering the difference. After selling, homeowners may face challenges in the housing market, including higher interest rates and rising rental prices. The expectation of rates falling again may not be realistic in the near future. Anyone renewing their mortgage in the next year or two will likely feel the financial impact of higher interest rates
Bank Of Canada Seen Starting to Cut Interest Rates in April
Today, we've got some encouraging news for mortgage shoppers and current homeowners eyeing renewals. It looks like there may be a glimmer of rate relief on the horizon, and here’s what you need to know.
Last week we saw a notable drop in the 5-year Government of Canada bond yield, which has tumbled over 60 basis points from its recent peak, we're seeing predictions that fixed mortgage rates might start to descend as well. Experts suggest rates could drop 20 to 40 basis points in the coming weeks. But let's not break out the champagne just yet; these rates are more likely to saunter down rather than tumble—think of it as taking the stairs, not the elevator. Now, why are the rates potentially dipping? The economy is showing signs of a slowdown— from a drop in inflation to a pullback in consumer spending and housing activity. And let’s not forget the recent rise in unemployment. These factors are compelling markets to reevaluate their expectations, with odds now favoring a rate cut rather than a hike by the Bank of Canada, possibly sooner than previously anticipated. The talk of the town is April 2024. According to a recent survey, financial experts are expecting the Bank of Canada to initiate a reduction in the key policy rate from its 22-year apex. This expectation of rate cuts to 4.00% by the year's end is a pivot from earlier forecasts, a change that mirrors the bank’s response to a cooling inflation rate and the potential easing of our economic growth. So, what does all of this mean for you? If you're in the housing market or considering refinancing, this could be a sign of more affordable borrowing costs in the near future. It's a reminder that our economy is intertwined with global movements, and as such, rates are reactive to broader economic trends. In conclusion, the landscape is shifting, and it seems the winds may be turning in favor of potential buyers and those looking to renew their mortgages. As always, we advise staying informed and consulting with a financial advisor to make the best choices for your personal situation. Don't forget to subscribe to our channel for more updates and insights into the real estate market. Until next time, keep your investments savvy and your futures bright!
Questions You Ask A Realtor Before You Hire Them
Do Your Due Diligence:
Check Online Reviews How Many Transactions have they done Questions you must ask any realtor before you hire them. So before you even meet a realtor, you need to go online and check out their reviews. This will give you a sense of their credibility and social proof. Do they have a lot of reviews or do they have a few reviews? Are they good? Are they bad? Is this the personality? Is this the right fit for you? The second thing you need to consider when you do meet with the realtor is to find out how many transactions have they transacted in the last one year. Are they an active realtor selling 50, 100 homes a year? Or are they a part-time agent selling one or two homes? There are approximately 100,000 homes that transact in a year in the GTA. And there are approximately 50,000 realtors. So the average realtor sells two homes. Is this the type of realtor you want to work with? When you're hiring a realtor, it's important to do your due diligence and ask the right questions. Here are a few things to keep in mind: First, check online reviews. See what others have said about their experience with the realtor you're considering. Next, ask about the realtor's transactions. How many homes have they sold? What is their success rate? Finally, ask about due diligence. What does the realtor do to ensure that all the paperwork is in order and that the home is in good condition? By asking these questions, you can get a better sense of whether or not the realtor is a good fit for you.
Why Are Fewer Canadians Planning to Move Homes in 2023
In a whirlwind turn of events, Canadians were gearing up for a real estate frenzy not too long ago, but the landscape has swiftly transformed. The Bank of Canada's Survey of Consumer Expectations has revealed a surprising shift in housing plans for Q3 2023. Despite a booming population, it appears that fewer folks are now considering buying, selling, or even moving homes..
Firstly, the dream of homeownership seems to be slipping away for many. Only 12% of Canadian households are planning to buy a home within the next year, down by 1 point. This is quite unusual given the record population growth, and it's likely a reflection of sky-high prices that are putting homeownership out of reach for many. But here's the twist: recent immigrants, known as "newcomers," have shown a keen interest in buying homes, with a whopping 29% looking to do so. However, the math behind their median income doesn't quite add up for such a high percentage, suggesting a potential reality check. Meanwhile, fewer Canadians are packing up and planning to move elsewhere, with the share dropping 2 points to 19% in Q3 2023. Once again, newcomers are disproportionately represented, with 44% of them eyeing a change in residence – not surprising given their more pressing housing needs. When it comes to selling, fewer Canadians are considering it, with just 11% planning to put their homes on the market. Oddly, newcomers who already own homes are overrepresented here, with 27% planning to sell, leaving us with tantalizing questions about their motivations. The intriguing part is that consumer real estate expectations are cooling, but they tend to lag behind reality. While households might not be leading indicators, they do provide coincidental data. The market is already witnessing a surge in inventory and a decrease in buyers, to the extent that it's the most supplied it's been in over a decade. Even Canada's largest banks are surprised by this rapid shift, with at least two predicting lower home prices in the near future. It's a real estate mystery that's unfolding before our eyes, and it could have significant implications for the housing market.
Electrical Inspection 101: What Home Inspectors Really Look For
Home inspection is a critical step in the process of buying or selling a property. It is a thorough examination of a home's structural and mechanical systems, including its electrical, plumbing, heating, and cooling systems, as well as the condition of its roof, foundation, and overall structural integrity. The primary goal of a home inspection is to identify any existing issues or potential problems within the property.
During a home inspection, a trained and certified inspector will conduct a comprehensive visual assessment of the property, looking for issues that may not be immediately apparent to the untrained eye. This evaluation provides valuable information to both buyers and sellers, helping them make informed decisions about the transaction. Home inspections can uncover hidden defects, safety concerns, or needed repairs, allowing buyers to negotiate for repairs or a reduction in the purchase price. For sellers, a pre-listing inspection can help identify and address issues before listing the property, potentially streamlining the sales process./p>
2023 Commercial Real Estate Challenges in the GTA
This year, the commercial office market faced formidable challenges stemming from a combination of rising interest rates and persistent economic uncertainty. Now, the impact was particularly evident in the Greater Toronto Area (GTA), where commercial investment activity experienced a significant decline during the second quarter of the year, plummeting by 27%. Perhaps facing the most substantial challenges, the office market experienced a staggering 61% decrease in transactions between 2022 and 2023. This decline was primarily attributed to the reluctance of many employees wanting to return to physical office spaces, even as their companies encouraged it. The result was a significant surplus of unoccupied office spaces available for rent. Interestingly, despite these hurdles, the industrial sector, encompassing properties like factories and warehouses, managed to perform relatively well. Investors showed a keen interest in industrial properties, largely because they provided stable returns. Looking ahead, it's anticipated that the commercial real estate market will continue to grapple with these challenges throughout the remainder of 2023..
Essential Tasks to Get Your Home Ready For Fall
As the cozy autumn season approaches, it's the perfect time to give your home a little TLC to ensure it's warm, safe, and ready for the cooler months ahead! From cleaning gutters to inspecting heating systems, here are five simple tasks to prep your home for fall. Clean Gutters and Downspouts: After the leaves have fallen, clean out your gutters and downspouts to prevent any clogging. This ensures that rainwater can flow freely and helps to avoid ice dams in winter. Seal Gaps and Leaks: Find and seal gaps and leaks around windows and doors with weatherstripping and caulk. This will help keep your home warm and reduce energy costs. Prune and Trim Landscape: Prune back trees and shrubs that are close to your home. Trim any branches hanging over your roof to avoid any damage during fall storms. Also, rake and remove fallen leaves from your yard to prevent slippery conditions and to maintain a tidy outdoor space. Install Smoke and Carbon Monoxide Detectors: If you haven't already, install smoke and carbon monoxide detectors in your home. Fall is a good time to check and replace batteries in existing detectors as you'll likely start using heating appliances that could potentially cause a fire or release harmful gases. By following these tips, you'll ensure your home is cozy, safe, and ready for the lovely autumn season! Who you work with matters.
Challenges in Canada's Rental Market
Across the nation, rents are climbing, creating a challenging environment for many. On average, rent prices have increased by 8.8% year over year. However, in some cities, the situation is even more staggering with increases as high as 29% for one-bedroom apartments. It's a squeeze particularly felt by students and new immigrants, who are already balancing life's challenges on limited budgets.
Several elements contribute to this issue. Population growth outpacing available housing, an influx of immigrants, and hesitant potential homebuyers stymied by high interest rates—each of these are pieces of our complex puzzle. These factors create a cycle where demand heavily outweighs supply, leaving both renters and property owners in a tight spot. Now, government bodies have promised solutions, such as new housing projects, but these measures are often slow to materialize. Just like solving a complex puzzle requires a clear strategy, so does addressing the multifaceted issues of the rental market. As always, who you work with matters.
August 2023 Housing Market Report
If you're keeping an eye on the Toronto housing market, you've probably noticed some changes lately. Rising interest rates have made borrowing more expensive, and you might be wondering what this means for you. Don't worry, you're not alone! A lot of people are questioning whether now is the right time to jump into the market or hold off for a bit.
August's numbers show that home sales have dipped slightly compared to last year. But here's a silver lining: new listings increased by over 16%! That means if you're a buyer, you've got more options to explore. At the same time, if you're a seller, don't rush into lowering your price. Some sellers are holding firm and still finding buyers. Curious about prices? The average selling price has stayed pretty much the same compared to last year, hovering around $1,082,496. While some are hesitating due to increasing borrowing costs, others see this as a chance to negotiate a better deal. Either way, it's a fascinating time to be part of Toronto's dynamic housing scene! But what about the future? Immigration rates are hitting record highs, and this is expected to keep the demand for both rental and ownership strong. However, government policy hasn't quite caught up with this population growth. You might be wondering, "Will there be enough houses for everyone?" The truth is, unless more homes become available, we could face challenges that affect affordability and even our competitiveness on a global level. What can you do about it? If you're a first-time homebuyer, keep an eye out for potential changes to the municipal land transfer tax rebate, especially with Toronto considering raising taxes on properties over $3 million. This could bring some relief to young buyers like you! So, whether you're buying or selling, the current market offers both challenges and opportunities. Stay informed, stay engaged, and remember: who you work with matters.
Pros and Cons of Selling Your Property with a Tenant in Place
So. you're thinking of selling your investment property with the tenant in place? You're navigating a sea of emotions from excitement to caution? Well, let's break this down together.
First, the pros. Now, selling with a tenant means you keep getting rent until the closing day putting money in your pocket. Buyers are also seeing this as an instant return on investment making your property a hot ticket. You actually feel relieved knowing that you're offering more than just a house, you're offering a full package deal. 1. Easy Transition. So, no need to stage the home it's already lived in and welcoming. 2. Appeal to Investors. Investors are often thrilled to find a ready to go income producing asset. And now, the cons. Selling to a more limited pool of buyer - landlords could stir some worry. There are roughly about 10% investors right now in the market versus 90% buyers who are looking to move into the home and occupy themselves. Okay, another con would be coordinating showings with the tenant. This also adds complexity. And let's dig a little deeper. Okay, so, there are 1. Lease Limitations. existing terms could be a drawback making new buyers field boxed in. 2. Wear and Tear. Also, if you're looking at sprucing up the home, it may be difficult with the tenant in place. 3. Legal Complications. Tenant rights can be a complicated part of the sale. This may cause buyers to hesitate and possibly back out. In conclusion, time is up the essence and great opportunities don't wait. Weigh these pros and cons carefully, speak with a professional who can guide you and help you accomplish your goals. Who you work with matters.
Home Improvements You Should Consider Before Listing Your Home
The repairs or improvements that you may need to make before listing your home depend on the condition of your home and of course, the local real estate market. Now, in general, it's a good idea to make sure that your home is in good condition and is appealing to potential buyers. Now, here are some common repairs and improvements that sellers may consider before listing their home.
1. Fix any obvious problems. Address any major issues that may deter potential buyers such as a leaky roof, a broken HVAC system, or outdated electrical wiring. 2. Paint. A fresh coat of paint can give your home a new and refreshed look and look well maintained. 3. Clean and declutter. A clean and clutter free home is more attractive to potential buyers. Consider hiring a professional cleaner and removing any excess furniture or personal items. 4. Update the kitchen and the bathrooms. These are the areas of the home that buyers tend to focus on the most. And consider updating cabinets, countertops, and fixtures. 5. Enhance the curb appeal. The exterior of your home is the first thing that potential buyers see. So, make sure it looks appealing. Consider painting the front door, putting in some flowers, making the yard well presented. 6. Replace outdated features. So, if your home has updated features such as shag carpets, or popcorn ceiling, consider replacing them with more modern options. 7. Stage your home. Staging your home can help potential buyers envision themselves living there. Consider hiring a professional stager or using online resources to stage it yourself. That's it for now, who you work with matters.
Tips on Maintaining Your Waterfront Home
Today, I want to share some essential tips for maintaining your waterfront home. Let's dive right in.
First, protect against the elements. Living by the water means dealing with salt water and harsh weather conditions. Regularly inspect and clean your home's exterior including windows, siding, and roofing to prevent damage and maintain its integrity. Next, seal it up. Whether it's your deck, patio, or any wooden structures, make sure to apply a high quality sealant to protect against moisture and prevent rot. This will extend its lifespan and keep them looking at their best. Don't forget about the sea wall. If your property has one. Regular inspection, look for cracks and erosion. Address any issues promptly and consider reinforcing it if necessary. This will help protect your property from waves and tides. Keep those gutters clean. Waterfront properties are prone to debris build up so you regularly clean your gutters and downspots, you need to do that. This will prevent water damage and ensure proper drainage around your home. And lastly, maintain your landscaping wisely. Choose plants that can withstand saltwater exposure and consider creating a buffer zone with native vegetation to protect your property.Regularly trim trees and bushes to prevent damage during storms, and there you have it.
July Market Update
July saw a modest rise in home sales, listings, and prices compared to the same period last year in the city's real estate market. However, signs of deceleration are evident as the impact of increasing interest rates begins to ripple through the market.
Specifically, the real estate market achieved 5,250 sales last month, marking a 7.8% increase from July 2022. Paul Baron, the board's president, interprets this upturn as an indication that households are adapting to the elevated borrowing costs. This adaptation is a response to the Bank of Canada's initiative to curb stubbornly persistent inflation through a series of interest rate hikes. However, despite this seemingly positive trend, the data suggests a slowdown in sales momentum. July became the second consecutive month witnessing a decline in sales, registering nearly 30% down from June and a substantial 42% decrease from May. A quick succession of interest rate hikes last year initially led to an uptake in market activity, but further increases and ongoing high inflation have resulted in market jitters. The new market conditions have prompted many potential buyers to pause their search, waiting for anticipated price decreases or more favorable mortgage rates. Similarly, sellers are hesitating to list their properties as the fervent bidding wars characteristic of the early COVID-19 pandemic period have cooled, indicating a significant shift in buyer sentiment. The average selling price in July increased by 4.2% from the previous year, standing at $1,118,374. But, in a noteworthy turn, prices have started to trend lower from June on a seasonally adjusted basis, showing a 0.7% decline. This July price decrease is the first of its kind since February. Overall, 2023 appears to be a year of complexity and uncertainty for the Toronto real estate market, dominated by fluctuations in interest rates, inconsistent buyer demand, and an economy striving for stability. All of this paints a complex picture for both buyers and sellers in Toronto's real estate market, setting the stage for a very interesting year ahead.
How To Make Money As An Airbnb Landlord
If you're considering becoming an Airbnb landlord, there are several strategies you can employ to maximize your earning potential. Here's a guide on how to make money as an Airbnb landlord:
First, optimize your listing. Take high-quality photos that showcase the unique features of your property and write a compelling description. Set competitive but profitable prices by researching similar listings in your area. Next, focus on guest experience. Providing exceptional hospitality can lead to positive reviews and repeat bookings. Ensure your property is clean, well-maintained, and equipped with necessary amenities. Promptly respond to guest inquiries and provide clear and detailed instructions for check-in and check-out. Consider offering extra services or amenities that can attract guests and justify higher rates. This could include providing bicycles, offering a welcome basket with local goodies, or partnering with local businesses to offer discounts to your guests. Maximize occupancy by managing your calendar effectively. Set minimum stay requirements during peak seasons to attract longer bookings. Consider adjusting your pricing based on demand and seasonality. To stand out among the competition, consider enhancing your property's appeal. Invest in minor upgrades, such as fresh paint, stylish decor, or comfortable furnishings. Highlight unique features of your property, such as a garden, rooftop terrace, or stunning views. Consider enlisting the help of a co-host or property management service to handle day-to-day tasks like guest communication, cleaning, and maintenance. This can free up your time and ensure a smooth operation. Lastly, understand and comply with local regulations and tax requirements. Ensure you have any necessary permits or licenses to legally operate your Airbnb. Keep accurate records of your rental income and expenses for tax purposes. By following these strategies, providing excellent guest experiences, and maintaining your property's appeal, you can increase your chances of making money as an Airbnb landlord. Stay informed, adapt to market trends, and continuously improve your hosting skills to stay ahead in the competitive short-term rental market.
Cottage Market Prices
Factors such as location and property type can significantly influence housing markets, and the cottage real estate market is no exception. This year, the cottage season is off to a slow start, and buyers and sellers should be aware of the changing market dynamics. Recent interest rate hikes have impacted the demand for cottage properties, resulting in a decrease in buyer activity. Experts predict a modest 4.5% price decrease compared to last year, indicating potential opportunities for buyers in the coming months. However, it's important to note that prices in the cottage market can vary based on location and property characteristics. Buyers are now prioritizing their primary residences over seeking additional weekend or summer getaway homes. They are carefully considering ongoing maintenance costs and even the higher gas expenses associated with reaching the cottage. This shift in buyer behavior has created a cautious atmosphere in the market. On the seller side, individuals are closely monitoring the market to maximize their profits. While there may be reduced demand, the allure of cottage living remains strong. Sellers are strategizing to attract potential buyers and make the most of their properties. Understanding these market dynamics is crucial for anyone interested in the cottage real estate market. Whether you're a buyer looking for a weekend getaway or a seller seeking to make a successful transaction, being aware of the changing trends and pricing expectations will help you navigate this shifting landscape. In summary, the cottage market is influenced by various factors, and this year has seen a slow start with anticipated price decreases. Buyers are prioritizing their primary residences, considering financial factors, while sellers are adapting their strategies to maximize their profits. Stay informed and make informed decisions in this evolving cottage market.
Mid July Housing Market Report
Home sales and the average selling price in the GTA remained above last year's levels in June 2023. However, sales dipped on a month-over-month basis, possibly due to uncertainty surrounding the Bank of Canada's outlook on inflation and interest rates. A lack of inventory also played a role, making it challenging for some buyers to find suitable homes."
"GTA REALTORS® reported a 16.5% increase in sales compared to June 2022, while listings decreased by 3%. This resulted in a 3.2% rise in the average selling price to $1,182,120. On a year-over-year basis, the MLS® Home Price Index (HPI) Composite benchmark experienced a 1.9% decline, the lowest decline rate in 2023. However, on a month-over-month basis, both the average price and MLS® HPI Composite benchmark showed an increase." Below you will find a link to all the detailed data broken down by city. "In addition, sales declined in June while new listings reached their highest level in a year. This coincided with the Bank of Canada's decision to raise interest rates, which may have impacted the market. Further interest rate hikes and inflation could potentially put downward pressure on prices." "On the positive side, this could create opportunities for prospective homebuyers, as the market may shift towards a 'buyers' market' with more housing supply than demand. However, it's important to note that the market remains relatively stable, with uncertainties still present for the upcoming fall season." "Factors such as higher borrowing costs and a lack of inventory have influenced market sentiment. The Bank of Canada's ability to raise interest rates further may be limited, and a necessary slowdown may occur, resulting in lower inflation and possibly decreased interest rates." "In conclusion, the GTA real estate market showed resilience with sales and average prices above last year's levels. However, recent trends indicate some cooling, with sales declining and new listings increasing. Uncertainties surrounding interest rates and the availability of homes are key factors to watch. Stay informed, and if you have any questions about the market, feel free to reach out. Thank you for your attention.
Bank of Canada Raise Interest Rates This Week
The Bank of Canada is likely to raise interest rates this week. Why? Due to strong economic growth, a tight job market, and persistent inflation. Despite some recent signs of a slowdown, such as lower inflation and a modest jobs report, the market expects another rate hike. The housing market has also shown improvement, even with previous rate increases. In June, Canada added more jobs than anticipated. While inflation is lower than last year, the core inflation rates remain somewhat stable. The goal of the central bank is to bring down costs without harming the economy.
Significant Growth of Rental Prices in the GTA
Welcome to the insightful update on the "Significant Growth of Rental Prices in the GTA”. In this brief introduction, we will explore the notable and upward trend in the rental market across the GTA. Over recent years, the demand for rental properties has experienced a substantial surge, transforming the real estate landscape. From urban centers to suburban areas, Canadians are increasingly opting for the flexibility and convenience offered by rental accommodations. Join us as we discuss the factors driving this remarkable growth, the evolving rental market dynamics, and the impact on both tenants and landlords. Discover the latest developments and trends shaping the rental sector, reflecting the changing preferences and lifestyle choices of people within the GTA.
Where And What Are Canada Homebuyers Looking For?
🏡 What do today's homebuyers in Canada really want? 🤔 Zolo's survey reveals some fascinating insights! 📊 🌳 Turns out, 71% of prospective buyers are craving the suburban or rural lifestyle, with fully detached homes being the top choice for 62% of them! 🏡✨ 💰 But wait, price is still a major deal breaker for 66% of respondents. So, finding the perfect balance between dream home and budget is key! 💸💡 🛌🚽 When it comes to the ideal home size, three bedrooms and two bathrooms are now the standard. It seems rising prices are influencing our preferences! 📏🏠 💡 If you're selling your home, listen up! Homebuyers are drooling over main floor bathrooms, updated kitchens, and outdoor spaces like patios and decks. 🚽🍽️🌞 📝 These insights are gold for sellers in today's competitive real estate market. Understanding what buyers want is crucial to attract the right offers. 💼✨ So, whether you're dreaming of a cozy bungalow, a contemporary haven, or a charming Victorian-style home, take note of these trends and make your real estate dreams come true! 💫💛
Housing Market Update - June 2023
Welcome to the Canada housing market update for June 2023. In this brief overview, we will provide you with a snapshot of the current state of Canada's housing market. As of June 2023, the Canadian housing market continues to demonstrate stability and resilience. Despite some fluctuations in certain regions, overall market conditions remain favorable for buyers and sellers alike. In this update, we will delve into key factors influencing the market, such as housing prices, inventory levels, mortgage rates, and government policies. So, let's explore the latest developments and trends shaping Canada's housing landscape in June 2023.
Interest Rates on The Rise Again... What Will the Bank of Canada do This Week?
Attention is mounting as interest rates are once again on the rise. The burning question on everyone's mind is: what course of action will the Bank of Canada take this week? With economic implications reverberating, the anticipation surrounding the central bank's decision is palpable. As financial markets brace themselves, all eyes are fixed on the Bank of Canada, awaiting their next move.
Housing Market Update - May 2023
According to the Toronto Regional Real Estate Board’s latest report, the average selling price of properties in the Greater Toronto Area reached $1,153,269. Now, this is a month-over-month increase of 4%. Sales were also up compared to March, increasing by 9% to 7,531 homes sold, though these increases combined with low levels of inventory means market conditions are tightening. Many buyers have come to terms with higher borrowing costs and they are taking advantage of lower selling prices compared to this time last year. Now, the issue moving forward will not be the demand for ownership housing, but rather the ability to meet the demand with adequate supply. Now, this is a policy issue that requires sustained efforts from all levels of government.
Interest Rates To Fall By 2024
The Bank of Canada’s benchmark interest rate is expected to fall back to around 3.00% by the end of 2024, now this is according to a median of responses from market participants. These findings were released in the Bank of Canada’s first-quarter Market Participants Survey, where they surveyed 30 financial market participants between March 9 and 23, 2023. A median of responses expects the Bank of Canada to maintain its policy rate at 4.50% for the remainder of 2023 now before the planning to cut rates in 2024. Most expect rates to fall to 3.50% by the second quarter, and also to continue to fall to 3.00% by year-end. Expectations for the benchmark rate at the end of 2024 range from a low 2.50% to 3.50%.. Given variable rate mortgages today are around 6% - this would mean you could see your variable rate mortgage drop to 4%-5% range next year. It is true that a decrease in interest rates can lead to an increase in house prices, as lower interest rates make it easier and more affordable for people to borrow money to buy homes. With lower mortgage rates, homebuyers are able to borrow more money or have lower monthly mortgage payments, which can increase demand for housing and drive up prices.
Housing Market Update - March 2023
The Greater Toronto Area (GTA) housing market is undergoing a strong recovery as the average GTA home price rises to $1,108,606 in March 2023, the highest that it has been since June 2022. This comes off the back of a 23-month low in prices seen in January 2023. As prices once again rise, GTA home sales are also on the rise, with 6,900 home sales during the month of March 2023.
Reasons Not To Overprice Your Home
When you are selling your home, it can be tempting to set a high price with the hope of getting a higher profit, but pricing your home too high can actually have negative consequences. Here are five reasons why:First, a high price can scare away potential buyers, resulting in fewer showings and less interest in the property.Second, even if you receive an offer on an overpriced home, the buyer's lender may not approve the loan if the appraisal comes in lower than the asking price.Third, an overpriced home can hurt your negotiating power, as buyers may feel that they have more bargaining room.Fourth, an overpriced home can lead to a lack of interest from real estate agents, who may be less likely to show the property to their clients.Five, overpricing your home can cause it to be missed by buyers in lower price ranges, resulting in missed opportunities to sell the property to a wider pool of potential buyers.Now, to avoid these consequences, work with a real estate agent to determine an appropriate price that is in line with current market conditions and comparable properties. Pricing your home correctly can help attract more buyers, increase your negotiating power, and ultimately result in a faster and more profitable sale. Who you work with matters.
What Will The Bank of Canada Do On March 8?
The Bank of Canada will make an announcement about interest rates on Wednesday. It is expected that they will not change the rate this time. However, economists will be paying close attention to what the bank says in their statement about their plans for the rest of the year. In January 2022, the Bank of Canada announced its eighth consecutive rate hike and said that they would pause for a while to see how the economy responds to the higher borrowing costs. However, they also made it clear that they might raise rates again if the economy keeps doing well or if inflation remains high. So what do you think? Rates gonna go up on wednesday or are they gonna pause? Who you work with matters.
Housing Market Update - February 2023
Home prices have decreased over the past year due to the Bank of Canada's interest rate hikes. Many homebuyers have chosen to purchase lower-priced homes in order to offset higher borrowing costs. The proportion of home purchases under one million dollars has increased compared to last year. Now, according to the TRREB, there were 4,783 sales through TRREB's MLS® System in February 2023, this is a 47% drop compared to last year at the same time. The number of new listings entered into the system is also decreased by 40.9% to 8,367. The number of new listings continued to drop year-over-year in the GTA. However a recent ipsos poll suggests that buying intentions have increased for 2023, leading to increased demand and competition between buyers due to the limited supply of listings. This will eventually lead to renewed price growth in many segments of the market, especially those catering to first-time home buyers who are facing increased rental costs.The average selling price for February 2023 was $1,095,617, down 17.9% compared to February 2022. This decrease is partially due to the fact that the proportion of sales below $1,000,000 was 57% in February 2023 compared to 38% a year earlier. However, the average price followed the seasonal trend, increasing relative to January 2023. The MLS® Home Price Index (HPI) Composite Benchmark was down year-over-year by a similar annual rate of 17.7%, but has also up on a monthly basis.
The Toronto Vacant Tax
The Toronto Vacant Tax is just one of the many measures that the city's taking to address the housing crisis. The Toronto Vacant Tax is a new policy that aims to address the city's housing crisis. This tax targets residential properties that are left empty for more than 6 months in a year. The idea behind the tax is to encourage property owners to rent out their vacant units and make more rental housing available in the city. Now, the tax will be set at 1 percent of the property's assessed value which could add up to thousands of dollars per year for some property owners. Now, the tax will be levied annually and will be starting right away. This tax will mostly affect owners of second homes, investment properties, and vacant properties. It is not intended to impact those who own and live in their own homes nor will it affect properties that are genuinely undergoing renovations or repairs. The Toronto Vacant Tax is just one of the many measures that the city's taking to address the housing crisis by encouraging property owners to make their vacant units available for rent. Now, the city hopes to increase the supply of affordable rental housing and make Toronto a more accessible and fair place to live.
Are You An AirBnb Host?
Selling your Airbnb? Going tree stuck with a huge HSD bill? Watch this!Are you an Airbnb host planning to sell your property?
If your property was primarily used for short-term rental, you may need to pay HSD on the sale. As the property's primary use was for commercial, not for residential purposes. To avoid this, you can either use the property for personal use for more than 50 percent of the time in 1 given year or make sure that it is at least 10 to 20 percent of the rentals are used for a longer period. Also, if you change the use of the property from a short-term rental to a long-term rental, or personal use, or vice versa, this could trigger a change in use for HSD purposes. Now, this means you may need to pay the HSD based on the property's fair market value at the time of the change. To minimize the tax implications, you may want to consult with an accountant to explore feral options and determine the best course of action for your specific situation. Don't let unexpected HSD obligations catch you off guard. Plan ahead, make an informed decision.
4 Things to Consider Before Buying an Investment Property
1. How much experience do you have & what is the level of your team? - Comprised with a realtor, financial planner, accountant, lawyer, insurance people, mortgage broker and renovation team.
2. Risk tolerance - Consist of different levels of risks.
3. How much time can you invest in your investment property & how hands-on will you be? - Talks about feasibility, talks about logistically close at home. Talking about if you have someone that can handle the stress and projects for you.
4. Time Horizon - Talks about how long can you invest the money. Property values double every 7 years in Canada. A good 5-year stretch of investment will yield a decent return.
So the first one is how much experience do you have? What is the level of your team? This is very important this is almost the most important thing when it comes to buying an investment property. It is the strength of your team. Your team is comprised of your realtor, your financial planner, your accountant, your lawyer, your insurance people, your mortgage broker, your renovation team if you if you uh get into that kind of property and this is very this is your first step and this is the most important. The second thing you need to consider is risk tolerance. When your real estate is considered one of the safest and most conservative investments however inside of that space, there are different levels of risk. Okay, so, if you're looking at the speculation where you're buying say, land well there and you're hoping for it to develop how much of this how much of your capital is tied up in this, okay, these are examples if you're looking at a flip property you look at a quick turnaround can you tolerate market risks? If you are buying outside of the country can you uh, tolerate financial exchange rate fluctuations. There are varieties that you must also consider. And then number 3, how much time can you invest in your investment property? How, how hands-on will you be? So, this is important because you know if you're gonna buy something 3 hours out from where you are, can you dedicate a day 3 hours of drive there couple hours to fix the issue, 3 hours to drive back. is this feasible? Okay, or is it something you want logistically closer to home? And if none of these work, you prepare to hire a property manager who can handle all of the stress and all of the projects for you. Very important. And the last one we need to consider is a time horizon. How long can you invest the money? Typically, we recommend around 5 years. Because in Canada, every 7 years, you see property values double. So, a good 5-year stretch of an investment will yield a decent return. If you are looking at saying "I have a couple hundred thousand dollars for 6 months" well, you know buying a long term investment is may not be the way to go. Perhaps it's a short term fixed, perhaps it's private lending or something to that effect. Okay, however, it's important to consider your time horizon before you get into this. That's it for now, who you work with matters.
Housing Market Update - January 2023
Summary of sales & average price by region: bit.ly/JanuaryMarketUpdate2023 The start of the year has seen a stable housing market, with the number of January sales and overall average selling price being similar with the December 2022. Despite this, both sales and prices were down compared to the previous year, reflecting the impact of higher borrowing costs on affordability. However, there is good news for homebuyers as the Bank of Canada has announced that interest rate hikes are likely on hold and other factors such as population growth and a tight labor market will continue to support housing demand. The average selling price for January 2023 was $1,038,668, which is slightly lower than December 2022 and 16.4% lower than January 2022. The declining home prices over the past year can be attributed to rising borrowing costs, but the trend of lower negotiated medium-term mortgage rates is expected to continue, providing relief to affordability in 2023. The government is also taking action to enhance housing affordability over the long term, with initiatives to increase housing supply in both the ownership and rental markets. The recent support from Toronto City Council for the Mayor's 2023 Housing Action Plan is a positive step towards addressing these issues. That's all for now on the housing market updates. Stay tuned for more news on real estate and finance.
Benefits of Owning a Student Rental Property
Opt to Buy A Student Rental For Your Child's Education Buy Your Kid's Housing Situation as there's a lack of clean housing. Buy & Rent Out to your child's friends. 1. It will cover for your child's portion in rent. 2. Due to appreciation over the years, would also pay for your child's education. 3. You control who will stay in your child's house. 4. Thus allowing your child to focus more on their education. 5. Student tenants are high quality tenants. - Their parents guarantee payment 6. It is more cost effective to move from a dorm to a house. 7. Tenancy turnover is about 2-4 years til the student graduates, once they do, there is a new steady stream of new student tenants. 8. You get to charge market rents very quickly as your tenants change instead of below market value due to long staying tenants. 9. Students aren't very fussy & don't mind renting in rooms thus increasing home revenue when breaking up into multiple rooms. 10. Sometimes parents prepay rent for a year up front.
Negatives of Owning a Student Rental Property!
1. 8 Month Lease if location not within university belt, but majority is 12 months. 2. You may get an irresponsible student, check in with your tenants. 3. You may get calls in the middle of the night from tenants. 4. Qualifying process for a mortgage is relatively hard. 5. Many students lack a job or credit history.
Documenting my Mexican Vacation & Struggling with a Tenant Issue | Raise Your Rent
Christmas Vacation in Mexico at the Mayan Riviera Photos from My trip
How To Increase Your Revenue & Decrease Your Expenses | Raise Your Rent
➤ Work with realtors that are "IN" the business ➤ Check out their google reviews ➤ Check references of people they've worked with ➤ Must have knowledge of the local neighborhood ➤ Full time agent versus Part time agent ➤ How much experience do they have? ➤ How are they going to work for you? It's important to become an educated buyer.
Why Listing Your Home In December Is A Great Strategy
Christmas is the best time to list your home.➤ Everybody's away, less competition➤ Buyers are highly, highly motivated. ➤ Homes are more presentable.
Renting Versus Buying
Free Money & Government Grants for First Time Home Buyers
1. The Home Buyer's Plan2. Land Transfer Tax Refund3. The First Time Home Buyer Incentive 4. Home Buyer's Amount on line 31270 of your tax return
Rent Increase Due To Strong Demand & Lack of Supply | Pro Tip
Double-digit year-over-year rent increases continued to be the norm due to higher borrowing costs for home purchase.
More People Are Fleeing Ontario, Where Are They Going? | Pro Tip
A record number of people are leaving Ontario. Where are they going? And why are they leaving?
Why NOW Is The Best Time To Upsize Your Home | Pro Tip
Buy a bigger/larger, more expensive home.. watch to find out more. #ProTip
What Happens To Housing During Recessions | Pro Tip
"Global CEOs see a ‘mild and short’ recession: ↳ More than 8 out of 10 ceos anticipate a recession over the next 12 months"Housing is traditionally one of the first sectors to slow as the economy shifts but is also one of the first to rebound." Mortgage Rates Typically Fall During Recessions:↳ rates decreased in an attempt to stimulate the economy back up. If you want to buy or sell a home, you can make the best decision by working with a knowledgeable professional that understands how the housing market is impacted by a recession.
😍 ✅ 🎯 Housing Market Update - September 2022 | Pro Tip
The Greater Toronto Area (GTA) housing market continued its adjustment to higher borrowing costs in September 2022. Sales for the month reached 5,038, but were down by 44.1 per cent compared to September 2021. New listings were also down on a year-over-year basis by 16.7 per cent to 11,237. This was the lowest number of new listings reported for the month of September since 2002. This is especially troublesome given that the stock of homes in the GTA increased markedly over the last 20 years.
😍 ✅ 🎯 How To Choose A Great School Near Your New Home | Pro Tip
Factors to Consider When Buying A Home: ↳ Cost ↳ # of Bedrooms↳ Layout ↳ Lot size ↳ Square Footage↳ Neighborhood Schools Tips To Help You Find The Right School For Your Children:1. Access Comprehensive School Catchment Information2. Do Your Homework - Check Online Directories3. Check Out The Reviews Of The School 4. Scroll Through The School's Social Media Feed5. Talk To Your Future Neighbors6. Map Out The Commute7. Visit The Schools #Schools
😍 ✅ 🎯 Mortgage Trigger Rate | Pro Tip
Everything You Need Know: ↳ A tale of two triggers ↳ What is the trigger rate?↳ What happens when I reach my trigger rate?↳ What is the trigger point? ↳ What happens when I reach my trigger point?↳ What should I do if I'm concerned about reaching my trigger rate?↳ What should I do if I'm concerned about reaching my trigger point? #MortgageTriggerRate
😍 ✅ 🎯 How The Poor & Rich Spend Their Income | Pro Tip
Spending Habits For Poor (Financially Uneducated Person): ↳ Has a Job & Income, ↳ Uses Income to Fund their ExpensesSpending Habits For Rich (Financially Educated Person): ↳ Has Income↳ Takes Income and Invests It in Cash FLowing Assets↳ Assets like Real Estate, Business, or Stock Portfolio w/ Monthly Dividents↳ Takes the Cash Flow from them and uses it to fund the Expenses #CashFlow #Dividends
😍 ✅ 🎯 Fall Home Maintenance Tips | Pro Tip
Home Preparation Tips To Help You Be Ready For Fall: Inspect GuttersCheck For Drafts On Doors & WindowsHave Your Furnace Inspected - Change FiltersReplace Batteries - Smoke & Carbon Monoxide DetectorsClose Exterior Taps, blow out sprinkler or pool lines
😍 ✅ 🎯 Do Not Discuss Your Strategy Inside The Home | Pro Tip
Sellers Are Listening In To Your Conversation: Smart Devices:Video CameraMotion SensorsRing Door AlarmBaby MonitorsHold your cards to your chest.
😍 ✅ 🎯 The Bank Of Canada Increase Interest Rates By 75 Basis Points | Pro Tip
COVID 19Ongoing Supply Change DisruptionsWar on Ukraine
😍 ✅ 🎯 The Useful Life Of The Major Components Of The Home | Pro Tip
RoofWindowsAir ConditioningFurnaceAppliancesFoundation ⭐Bring in specialists ⭐
😍 ✅ 🎯 How To Make An Offer In Today's Market | Pro Tip
😍 ✅ 🎯 Questions You Ask A Realtor Before You Hire Them | Pro Tip
Do Your Due Diligence: ↳ Check Online Reviews ↳ How Many Transactions have they done
😍 ✅ 🎯 How To Add Value To Your Property On A Budget | Pro Tip
Add Value and Convenience: "Smart Factor" ↳ Add Smart Features ⭐ Door Locks⭐ Thermostats⭐ Smoke Detectors⭐ Carbon Monoxide Detectors⭐ Smart Cameras⭐ Light Switches
😍 ✅ 🎯 Housing Market Update - July 2022 | Pro Tip
😍 ✅ 🎯 3 Things to Consider If You're Buying an Airbnb | Pro Investor Tips
1) Location, Location, Location2) Time Management3) Short Term or Ledium Term Rental
😍 ✅ 🎯 How To Respond To Offers | Pro Investor Tips
1) Accept the offer as presented2) Decline the offer3) Negotiate or Work with the offer Things To Look At When Choosing To Work With The Offer1. Price2. Closing Date3. Conditions On The Offer
😍 ✅ 🎯 Guidelines For Rental Increase For 2023 | Pro Investor Tips
↳ How Much Can You Increase Your Tenants Rent?↳ How to Calculate the Rent Increase?↳ Correct Way to Distribute the information.
😍 ✅ 🎯 Housing Market Update - July | Pro Investor Tips
Where we are today and where we are heading.
😍 ✅ 🎯 Summer Maintenance Tips To Keep Your Home In Tip Top Condition
1) Replace furnace filters 2) Measure and grade your soil 3) Fill foundation cracks 4) Clean up mold and mildew 5) Replace cracked caulking around windows and doors 6) Replace worn shingles and cracked or bent roof flashing 7) Test your hot water's pressure tank valve 😎 Locate and check main shut off valve for water
😍 ✅ 🎯 Title Insurance | Pro Investor Tips
⭐ What is Title Insurance?⭐ What are the benefits of Title Insurance?⭐ Where can you obtain it?↳ Title insurance is an insurance policy that protects you, the home owner, against challenges to the ownership of your home or from problems related to the title to your home. ↳ Title insurance policies protect you for as long as you own the property. ↳ Title insurance is generally purchased when you buy your home or when you refinance it, although it can be purchased any time after you buy your home.
😍 ✅ 🎯 Should I Buy Or Sell First? | Pro Investor Tips
⚖ It Depends: ↳ Personal Situation ↳ Need for Money ↳ Property Rarity ↳ Market Factors
😍 ✅ 🎯 Costs Of Purchasing A Property In Ontario | Pro Investor Tips
3 Major Costs Involved in Purchasing a Home: 🎯 Land Transfer Tax🎯 Lawyer Fees🎯 Moving Fees
😍 ✅ 🎯 What Landlords Need To Know About Rental Scams | Pro Investor Tips
How can you protect your investment from Rental Scams.Best Line of Defense:🎯 Landlords need to vet their clients properly, seriously! - Find out as much as you can- Avoid Fraud- Check documents are not "altered"- Match information- Check social media profiles- Check paystubs- Call references and previous landlords- Check online banking- Google employer
😍 ✅ 🎯 5 Ways To Make Money From 1 Investment Property | Pro Investor Tips
Yes, Just 1 Real Estate Property. This is why Real Estate is the best investment you can make in growing your wealth.
😍 ✅ 🎯 Should you switch to a variable rate or stay in a fixed rate mortgage? | Interest Rate Hike
🎯 What are the rates out there?🎯 What is the Forecast?🎯 Are you a risk averse person?
3 Hedging Strategies Against A Rising Interest Rate Environment 🛡️ 📈 💲 | How to Protect Your Wealth
How to Protect Your Wealth
Pro Investor Tips ➡️ Hedge against Rising Interest Rate Environment➡️ Rate Hike➡️ Home Owner Options➡️ Fixed Rate VS Variable Rate
😍 🎯5 Home Renovations That Would Hurt Your Home's Value |
Pro Investor Tips
1. Over The Top Landscaping
2. Excessive Wallpaper
3. Bright and Bold Paint
4. Expanding Bedrooms
5. Too Much Carpeting
How Market Conditions Influence The Sale Of Your Home |🤩✅ 🎯
Pro Investor Tips
Adapt Your Strategy: 🎯 To The Season 🎯 To The Market 🎯 To The
Demographics of the Buyer 🎯 To The Location 🎯 To The Price Point
🤩✅🎯 Why the Highest Offer is NOT Always the Best Offer | 💰
Price📅 Closing Date☑️ Conditions
You Need to Look at: 💰 Price 📅 Closing Date ☑️ Conditions 🙆 You Need to
vet these clients. 🏘️ You Need to vet the agent.
Legal Duplex Conversion
What To Look For When Converting To A Legal Duplex
& What Trends Are We Seeing Right Now?
Pro Investor Tips
You Need to Look for:
☑️ Permitted Uses in the Zoning Bylaws
🏘️ Principal House & Coach House
➡️ Legal Lot Survey
➡️ Property Dimensions & Property Boundaries
☑️ What Trends Right Now:
🤩✅🎯 How To Improve Your Credit Score | What is a Good Credit
Score | Pro Investor Tips
1. Pay Your Bills On Time 2. Keep Your Credit Utilization Low 3. Pay More
Than the Minimum Payment on Your Credit Card 4. Under-use Your Credit Card
5. Take an Offer to Raise Your Credit Limit 6. Diversify Your Credit Mix 7.
Dispute Errors on Your Credit Report 8. Keep your Oldest Credit Card 9.
Consider a Secured Credit Card
🤩✅🎯 Rental Property Tax Deductions | Pro Investor Tips
The following is a list of expenses that are deductible: 🎯 Advertising 🎯
Insurance 🎯 Interest and Bank charges 🎯 Office Expenses 🎯 Professional
Fees (includes legal and accounting fees) 🎯 Management & Administration
fees 🎯 Repairs & Maintenance 🎯 Salaries, Wages, and Benefits (including
employer's contributions) 🎯 Property taxes 🎯 Travel 🎯 Utilities 🎯 Motor
Vehicle Expenses 🎯 Other Rental Expenses 🎯 Prepaid expenses
🤩✅🎯 How To Manage Your Rental Properties While You Are On
Manage Your Rental Properties While You Are On Vacation
🤩✅🎯 Do You Need A Home Inspection? | Pro Investor Tips
Items below are some of the things done in a home inspection: 🎯 Look at
the major systems of the house 🎯 Start with the exterior - roof -
brickwork - siding - the garage - draininage patterns - foundation leakage
- patios - decks 🎯 Enter the house and start from the top and work
yourself down - overall structure - signs of leakage - ventilation -
insulation - mold growth 🎯 Go through the house room by room - every
bedroom - doors - floors - walls - ceilings - electrical outlets - switches
- windows - plugs and switches 🎯 Bit of time spent in the bathrooms and
kitchens - signs of leakage - electrical safety - fixture condition 🎯 Test
any built-in appliance 🎯 Basement - staining - rust - peeling paint -
infrared cameras - moisture meters - electrical panel - wiring - properly
and safely 🎯 Run the furnace and airconditioning 🎯 Everything is
documented - full writted detailed report - lots of pictures - uploaded on
Real Estate VS Stock Market 📈 🏠 💰 | Who has the better Return On Investment (ROI)? | Leverage
*WATCH THE BEHIND THE SCENES AT THE END
✔️ Stocks vs Real Estate✔️ The power of Leverage✔️ Real Estate / Housing Market✔️ Investment on Rental Property✔️ Zero Cash Flow✔️ Mortgage / Equity Paydown
Bulletproofing Your Rental Property 🎯 🏨 💪 | Maximum Usage | Pro Investor Tips
My 2022 Predictions| Real Estate Market 📈 🏷️ 💵 | Taxes, Interest rates, Prices
🎯 Taxes and regulations with regards to your principal home or investment property. (0:33 seconds)🎯 Interest rates and what's going on with them this year? (1:55 minutes)🎯 Price Appreciation. Where are prices heading? (2:38 minutes)
5 Tips On Managing Contractors 👷 🏗️ 🔨
1. Get a contract in writing.2. Communicate clearly and throughout the process.3. Show up on the job site.4. Don't pay in advanced.5. Hold back at least 10% of the contractor fee until you've inspected the job at the end.
Holiday Gift giving for your Tenants ❄️ 🎄 🎁
PRO's:- rewards good tenant behaviour- it shows appreciation- improves relationship- includes tenant retention- tax deductible gift
CON's:- takes time to organize- costs money- upset if they're expecting a gift and don't receive one
Tax consequences of selling your property 🏠 💰 🏨 | Selling Your Principal Home / Investment Property
➡️ Best investment vehicle in Canada.➡️ No taxes paid on the gains or profit of the sale.➡️ Great tax deferral basis.➡️ Capital gains exemption that applies.
Pre Delivery Inspection 🎯 💰 🏠 | Condo Development | P.D.I.
🎯PDI is a pre delivery inspection for the homeowners to come by to take a look at the suite to make sure it's in good condition and to make sure when you move in, the suite is in fantastic shape.🎯Advantages:- any work that you're unsatisfied with (damaged, missing or incomplete) can be corrected before you move in.- Better situation instead of you having them corrected when you're already moved in.
1. Goal is to buy a property.2. Renovate it.Then, Pull out all or a good portion of your renovation costs along with your down payment.3. Rent it out.4. Refinance - pull out all of the equity.5. Repeat the process from the money back...
How to Find & Screen for Tenants 🏠 🏨 🎯
- put up some ads- put lots of pictures- ad as much of a description of the property- be accessible, give options for text messaging- be quick to respond and look to booking appointments- mark a time slot for open house for tenants- pre-screen tenants on the phone/strong>- background checks- income verification
How to Buy Investor Property with zero down payment 🏨 🎯 💰 | Tenant Covers all expenses
What Happens To Housing During Recessions | Pro Tip
"Global CEOs see a ‘mild and short’ recession: ↳ More than 8 out of 10 ceos anticipate a recession over the next 12 months"Housing is traditionally one of the first sectors to slow as the economy shifts but is also one of the first to rebound." Mortgage Rates Typically Fall During Recessions:↳ rates decreased in an attempt to stimulate the economy back up. If you want to buy or sell a home, you can make the best decision by working with a knowledgeable professional that understands how the housing market is impacted by a recession.