Not sure if I should post this here or in the tax section.
Anyway here's the situation.
Purchased a 4 season house/cottage on a lake in Quebec.
Plan on renting it out some throughout the year to offset costs. We are planning on listing it on cottage rental sites and likely airbnb. These type of rentals are considered short term.
House was not used as a rental in the past.
So my question is when/if we resell the cottage to we, or the new...
I've watched almost every YouTube video of Ben Mallah and have always found him to be very educational on the topic of real estate and entertaining to boot
This next video is not related to real estate, but shows Ben buying a used car. Ben Never Buy New Mallah is the best!
This last video is more recent. Feb 2019. Ben moves into his new 39,000 sq ft home, which is the most expensive house ever purchased on the west coast of Florida ( he...
With our rental lease ending at the end of April 2018, we have a fork in the road approaching on whether we continue to rent or just buy a condo unit in the building we are currently renting in.
We are in the 5th year of our rental in the condo unit with the same landlord. In a previous thread , I had mentioned that during the renewal of our 1 year lease this year, our landlord was adamant that we needed to sign the lease with a box ticked...
I would like to ask for some advice on a current situation on what would be the best course of action:
My wife and I are planning to invest in some commercial and mixed-used (commercial with residential units) real estate and I would like to understand what would be the best type of business for this to protect ourselves from any potential liabilities that could arise from the business. Down the road when our kids are older, we will...
In BC, we have a new Speculation and Vacancy Tax. This is distinct from the Empty Home Tax in Vancouver. The purposes of the new Speculation and Vacancy Tax is to turn empty homes into good housing for British Columbians, and raise revenue that will go to supporting affordable housing. It does so by charging a tax on speculators. A speculator is defined as a foreign owner who does not rent out the property. In addition, an owner is exempt if it...
Just kicking things off for 2018. For those interested in getting caught up on this topic, you can read up on the discussions that happened in past years:
I have been looking at options at investing in mortgages, either as the principal and negotiating with the party directly or through publicly traded Mortgage Investment Corp's.
On the private side, I hold some mortgages for family. Was doing some early stage thinking in expanding that investment, and wondered in anyone in our forum had any experience with that. Seems sourcing oppurtunties is the most awkward, as I havent found any type of...
Should gic pretax returns beat principal residence appreciation? I have a cheap principal residence in a rural
Area of bc. I may want to move closer to Vancouver in my retirement. It's painful to watch Vancouver properties
Skyrocket.
I live in a rural area and a lot of people have multiple properties and they are not rented or used as cottages.
Why not put all your money into expensive principal residence that is tax sheltered. You can have lots of acres
As long as property is not subdividable and still qualify as principal residence. If you sell your property, all the increased value is taxed on one tax return with no way to average.
My wife and I live in a condo in Toronto as our primary residence, with no mortgage.
My father in law lives in a paid-off home in Markham as his primary residence, and wants to gift his house to us (worth $2M, for example).
After we take possession, we'd like to tear down the home and rebuild it. Once it's ready, we would keep the condo as a rental property and make the house the primary residence.
Sorry for the length and thank you for reading. I have a situation where my wife and I would like to help some of her family members in Canada, either separately or together. We ourselves are located in the US. My wife grew up in CA and holds both CA and US citizenship, I am a US citizen.
My wife would like to provide a better home for her disabled sister and her daughter who is also disabled. These two are on (very generous) support from their...
I just can't believe these numbers in Rob Carricks column today.
Well, I mean I can believe them but just shake my head. So many people pickled in debt to live lifestyles they can't really afford. Am I that much of a young fogey that I can't relate to this ?
It’s officially normal to have a big, fat balance on your line of credit
The average credit balance in the first quarter of the year was about $65,000 when all HELOCs are lumped in...
Few entries specific to Canada -
Over the long run Vancouver and Toronto’s house prices have moved in rough lockstep. Vancouver had the upper hand until 2008, but Toronto has been catching up rapidly in recent years. Neither city was dragged down by either the financial crisis or weakening commodity prices: the depreciation of the Canadian dollar effectively buffered them against economic headwinds. An overly loose...
I was wondering for people who have high net worth in assets such as stocks, cash or other investments (aside from real estate) if they have access to alternative ways that are not accessible to the common folks in getting loans/mortgages. That way they can borrow a lump sum from the bank to buy a house without even putting up a down payment.
For example, if someone who is semi-retired and has liquid portfolio in cash and stocks at around...
I have a rental property that will be all paid off by the end of the year. I was wondering about ways to get money out of that property to use for investments and other fun things. Assume that the renters will never leave but I want to get money out of the house and selling isn't an option.
So I was talking to a friend who has a rental property. She takes the HELOC and invests all of it in a fund that is guaranteed to never lose the...
My 2.14% fixed TD mortgage is up for renewal on December 1, and I'm trying to decide between 2.64% 5 year variable or a 2 year fixed at 3.19%. Could also go 3 year fixed at 3.29%. I'm looking at variable and 2-3 year fixed because I may end up selling my house and downsizing in the next few years. Penalty to break the variable is 3 months interest, where the 2 year fixed would be zero as long as I stay there two years, which I expect to do....
I will be transferring a large (to me) sum of money to the USA to put a down payment on a house. I will be wire transferring funds from my TD checking account to my Wells Fargo account in the USA.
My original plan was to do the wire transfer through TD, but a family member mentioned that I may get better rates if I go through a place such as Citizens Bank.
Is there a best or cheapest way to wire transfer money? Better option than going through...
A friend and I were shooting around the idea of buying a piece of land on one of the gulf islands and then slowly over time building on it, first as a vacation home, and then perhaps way down the line a spot to retire to.
I was wondering if anyone with experience on the gulf islands had an idea of which gulf island might be the best bang for buck island to purchase a small parcel of waterfront land?
I am a Canadian citizen, who has been working in the US for the past 6 years, but just got transferred back to Canada for work. Prior to being relocated back, I married my girlfriend, a US citizen - and I am currently waiting for my green card application to go through so that me and the wife can be back together full time. I currently work a 2 week rotation, so I spend all my time off in Arizona with...
This came up in another thread but I thought I would post it clearly
1) We are buying a new house and getting a home equity line of credit to cover the gap in financing until we close on our sale. When I got insurance(The Personal) on the new house I asked specifically about the premium changing with the HELOC and the answer was striking: when we clear the heloc we will get a mortgage free discount reducing our annual premium from 1424 to 1234....
I have a rental property that my mother lives in rent free at the present time. For estate planning purposes, we plan to “sell” the property to my mother as she has no other principle residence and it would seem to make sense from an estate planning perspective for her to own the property, I will be the sole beneficiary of her estate. We only recently acquired the property so will be selling it to my mother at FMV i.e what we purchased it for,...
We're writing to let yo know that effective June 3, 2018, the variable annual interest rate for you Account will increase from TD Prime Rate + 0.10% to TD Prime Rate + 0.60%. The interest rate increase applies to any outstanding balance on the revolving portion of your Account.
The letter doesn't state why I'm being penalized. It does say that TD values my business and if I don't like the changes I can...
Hello all, If I'm a non-resident of Canada (for tax purposes), is there any way I could retain the address of a condo I own in Canada (Montreal) as mine?? I am interested in spending about two months out of the year in the still-furnished condo and then renting it out on an Airbnb basis for the rest of the year. In other words, I do not want to sign a regular lease with anyone or have someone else use it as their address. Any info would help....
I have a tenant insurance quote that is about $15 per month but the contents insurance covers $15,000 and is worth about $5 per month. I want to eliminate the contents coverage. Who is selling tenant insurance in Ontario that is liability-only or a normal policy that lacks contents coverage.
None of my computers is worth insuring. My only valuables are printouts (a penny per sheet) and Flash drives (7 dollars each) but since I don't want to...
I would really appreciate some insight with regards to this lease. It was signed by my mother and her sisters and they have now passed down the responsibility to the younger generations of our family.
Upon further research into CAPL88 lease I am quite concerned with the following clause.
-The Lessor shall bear its reasonable proportion of any expense incurred by the Lessee for separating, treating, processing and transportation to the point...
Has anyone encountered issues with the www.REALTOR.CA search function? Whenever I type a search area (e.g. major city name or small town), the system repeatedly will not allow and displays this error:
! There was an error in the request: HTTP Error (error error)
I ensure to click the agreement of use function before trying each time. All attempts have been unsuccessful. When discussing with others, they encountered the same problem and...
We've had a small mortgage of $40K with Scotia Bank over the last 5 years. We did this to purchase a vehicle we needed to pull trailer we had at the time.
Our trailering days are over. We have sold it, but we still have the vehicle. I like it !
Our small mortgage has come up for renewal. ScotiaBank are suggesting 3.67% over 5 years.
Do we say yes ? Do we sell the vehicle and get a smaller used one ? Could we get a better rate somewhere else...
For the second time in 2 years my daughter has entered into a mortgage arrangement with a boyfriend. The first ended in disaster and having not learned the first time just bought again with a new boyfriend. I am thoroughly convinced that my kids intentionally do not want to listen and make their own mistakes. Kinda like I did when I was young.
Anybody else have kids that buy houses (375K mortgage) with someone they've known less than a year?...
Anyone have positive or negative experiences with purchasing leasehold (as opposed to freehold) residential condos for investment purposes? In Victoria, 2bedroom 1bathroom freehold condos start from $380k. 2bedroom 1 bathroom leasehold condos start from $220k. At this price range, they both rent out for $1500/month. Strata fees + property tax for the freehold condos about $500/month. Strata fees + property tax for leasehold about $350/month....
Hi does anyone know of a reasonably priced insurance company who will provide homeowner insurance to non-US residents (part=time Canadians) in the United States. My homeowner insurance started at approx. $700US in 2013 and has now doubled in price (in US dollars). Thanks
My son recommended I should ask the most brilliant minds for advice. I am 58 years old and not in great health. I have a good career earning 6 figure income (low) and thinking to work 3 more years. My husband and I own a home worth 4 million in Vancouver with a mortgage of 400,000. We are separated. My two youngest children are at home but are getting settled in good trades and are self sufficient. I am wanting to purchase a seaside apartment...
I'm mulling over what it might look like if I were to get a condo and have extra money to dump into the mortgage.
I see most mortgage types have prepayment privileges of a X% increase in payments and a Y% annual lump sum. The way my monthly budget typically works right now, I pay rent and expenses and have quite a bit left over so I put it into savings. I figure if I had a mortgage, I'd dump most of the leftover into prepayments except on...
A review of affordability across Canada using the metric of Average Resale House Price to Gross Household Income.
The middle-class wannabe homeowner in Toronto and Vancouver
Of major cities Calgary and Montreal are a little above the desired ratio of 3 times but Toronto and Vancouver are way out of reach.The table at the end of the article also shows the spillover effects from these markets on Hamilton and Victoria.
I have a Vancouver based relative who is looking to make his first home purchase in the new year (albeit not in Vancouver). It will likely be an uninsured mortgage, i.e. LTV below 80% but now, of course, subject to the new qualifying rules. He is looking for some guidance about a 'good' mortgage broker he can work with in Vancouver and secondly any tips on what to watch out for with these brokers? Example: Are their best offerings sometimes with...
Hello everyone. I am new to the site and would like and appreciate some advice.
Recently, my wife and I sold our home and moved to a new area. The sale of our home reduced our mortgage to approximately 80K. We decided to purchase a rental property and did some renovations to it which created 2 separate units. We leveraged the value in our current home to produce the required 20% downpayment. The rental has a small mortgage and then the rest of...
I'm hoping someone can help with a quick query: My FIL died two years ago. The only assets in his estate were a chequing account and the matrimonial home, both jointly held with my MIL. She now wishes to sell the house, but his name remains on title.
I gather a Survivorship application needs to be filed with the land registry office. I'm wondering if we need a RE lawyer, or whether I can help her fill out the simple form and submit it at the...
My home is worth about $1.1 million and I owe about $200,000 still, I have a rental suite that pays $900 per month.
I was just looking to see what downsizing would look get me and saw some nice townhouses in the $650,000 range
My wife and I don't have any kids and no other debt.
Our current home is about 3800 sq ft but we only have the upper 2 floors which is about 2500 sq ft
The townhouse is close to 3000 sq ft
My wife and I net about $70,000...
I am just starting out and I am hoping to maximize my spending/saving without doing ANYTHING illegal.
I plan to incorporate my practise and intend to buy real estates.
Is it possible/legal to be a tenant in one of these properties and pay rent? I haven't quite thought it through but I wonder if it will loosen up some cash I would have used for down payment on a home for investing.
What do you guys think?
Hello all, US citizen here, wife is Canadian, we are living in the US and are hoping to build a cottage in PEI
we will likely need to get a mortgage, and will be talking to our bank (current house in states has mortgage through them) but I think they hosed us with the rate at the time we signed with them so will also be shopping around.
what tips do you all have for mortgage shopping across the border and what rates are average?
My father in law recently expressed interest in relocating to move closer to his children/grandchildren. His primary and only residence is at a village resort. He would like to leave this property to his 3 children as his legacy. With his current retirement income CPP/OAS/GIC he would not be able to afford to do so. After some discussion with his children and their spouses a few ideas were debated.
Hi, I'm new here and also on a Financial forum so hope for your understanding in my lack of financial terminologies and abbreviations.
Also, I'm not in US but in Milan, Italy.
Makes it more unique or complicated, whichever applies best, my Villa/property is in Indonesia.
My question is: Cash Flow.
I'm recently widowed, a little over a year to be exact, and my husband has left his pension of which I obtain 60% and a Villa we purchased outright...
Could anybody advise of a company or organization or law firm I might ask to look over my mortgage statements? The bottom line is, I suspect that I owe substantially less than my principal indicates. Here's some very brief information:
In 1998 I purchased a home for $180,000 USD. Around, perhaps, 2004 I refinanced. I refinanced once more in 2010. All mortgages were for 30 years fixed, and somewhere in the vicinity of 3-5% interest (obviously I...
Assuming your ISP does not mind and you log everything for legal purposes, do any of you currently offer Internet & Phone line services to your tenants?
Does it cause more headaches for the gains for those that have done it in the past or present?
I want to moving a very small (about 150K) mortgage on a rental house from TD to somewhere else. I've gotten only a single quote and it is for 2.14% for 2 year fixed. I know the person doing the quoting really wants my business so I have no doubt she gave me her best number.
Is anyone likely to touch this? I've checked rate-hub and they can touch that number.
Okay first of all here is a quick story to help make sense of my situation.
I am a 23 years old I have lived with my step mother and my dad since 2011 after my real mother passed away in 2010 then my dad passed away in 2014 from Cancer. The thing is that my step Mother and my dad were never Married but I always called her my Step Mom since I have known her as a mom after my real mom passed away.
Purely from a liability standpoint (forget the taxation aspect), does it make sense to incorporate small (12 and under) multifamily RE in Canada considering our litigation landscape isn't as crazy as the US and the fact that most insurance policies cover up to 1M (even 2M in my case) in liabilities?
You dont see crazy multi-million dollar payouts here ever in Canada from tenants suing their landlords.In the US, this...
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