Real Estate Insider: December 2021
Posted on December 21st 2021 by Lalovich
Happy Holidays, Real Estate Insiders! We’ve got a sleigh-full of brand new articles just in time for some holiday real estate reading. Discover the trend of virtual home tours, cashing out for profit, the to-dos of basement renovation, weathering incoming interest rates, and much more. Grab the milk and cookies, light the fire, and enjoy!
Don’t Overpay On Your Primary Residence!
This investor has a rule of thumb for the cost of your primary residence as a percentage of your net worth. See if you fall within his recommended threshold!
Building Versus Buying: Is It Worth It?
How much does new build construction really cost? The short answer: it just depends. Find out exactly what is involved in Canadian new build construction.
Read: How much does new home construction cost in Canada?
Only 250,000 Homes Short
Ontario is 250k homes short of the Quebec homes to population ratio. Dive into these interesting facts on where people are moving and why!
Read: Ontarians on the Move
Virtual tours provide a quick and easy way for potential buyers to get a feel for layouts and features without physically booking a showing. This handy article highlights the top virtual tour providers, allowing you to create an opportunity for every interested buyer to experience your property, even during a pandemic!
2022: Sunny With A Chance Of Interest Rate Increases
With the historically low interest rates we’ve been experiencing, an increase was inevitable. Check out the new year’s forecast on mortgage rates and learn about how these rates are determined.
Read: Canada on track for higher rates in 2022
Desperately Seeking Skilled Trades Workers
Immigration has always been a necessary component of a healthy construction industry. Just like the influx between 1950-1980, it is clear that we need another large immigration of skilled trades workers to even attempt to catch up with demand. If you were thinking of a career change, now is a good time to learn a trade!
Read: Immigration is key to a healthy construction industry
Financial Freedom Is Only ___ Houses Away
What was your first guess? The answer might be lower than you think! We found a realistic plan to build a profitable real estate portfolio in a short amount of time without risking it all!
Read: How many houses for financial freedom?
Eviction: What Commercial Landlords and Tenants NEED To Know
The eviction process has become a very sticky situation during the pandemic, especially with all of the government regulation surrounding it. If you’re a commercial tenant or landlord faced with this situation, make sure you read this article as a starting point to understanding all the rules and regulations.
Read: Commercial tenant eviction: Ontario
Renovate or Wait?
A well-finished basement can add loads of value and increase the livable square footage of your home. If you’re finishing your basement with strictly re-sale or re-appraisal in mind, however, be sure to follow this guideline and learn the “to-dos” and to-don’ts” of this big renovation.
Read: How much value does a finished basement add?
Interest Rates Rising: Is It Time To Lock In Your Mortgage Rate?
Whether the property is your primary residence, a rental, a long term hold, or a temporary location, the answer to this question will vary. Find out which category you fall in and decide if it’s time to lock in those rates!
Cashing In On MLS Data
The Toronto Regional Real Estate Board has stated they have been openly planning to cash in on MLS listing data since 2014. According to several Toronto brokers: it’s been done in secret. What exactly is involved in monetizing this data and how will it affect real estate agents and consumers alike?
Read: Canada’s Largest Real Estate Board Is Building A For-Profit Company
Interest(ed) In Mortgage Interest Calculation?
If you answered “YES”, you are probably one of the few—and this article is for you! Learn how mortgage interest is calculated so you can determine how good of a deal you are actually getting.
Read: How mortgage interest is calculated
Sell House, Make Profit…Then What?
If you discovered what your neighbour’s home just sold for, we bet you’re tempted to sell, too! You’re not alone with your desire to cash out on the housing market’s massive gains. Be aware of the many factors to consider when making this decision, including where you will go after you sell. Selling right now could result in a huge problem down the road—discover why!
Read: Is It Time to Cash Out and Sell Your House?
Canadian Rental Property Mortgage Rates
Thinking of adding a rental property to your investment portfolio? You’re not alone; it has become one of the best investment options due to the housing markets long term stability, potential income, and equity growth. Be advised that interest rates on a rental are often significantly higher than ones offered for primary residences. Why? They’re a higher risk! Discover how mortgage rates for rentals are calculated and what you can do to ensure you are getting the best rate possible.
Read: Mortgage rates Canada for rental property
Too Cool: “Cooling Off” Period Better For Buyers, Worse For Sellers
There have been many attempts to try to combat the rising housing prices in British Columbia: banning dual agency, foreign buyer tax, and now, a cooling off period. None of these legislations have worked in the past due to unwillingness to address the actual problem: we need more houses! This cooling off period could do nothing more than cause added stress and major marketing or financial issues for sellers. Find out how it would work and see if you agree that this is a needed legislation.