Real Estate Insider: July 2022
Posted on July 28th 2022 by Generator
Welcome back, Real Estate Insiders! This month, we’ll investigate why the wealth gap millennials are experiencing is far beyond lattes and avocado toast. Also, what you shpuld know before investing with family and why not to wait until the last minute to renew your mortgage.
“The Problem Is Harder To Swallow Than The Latte”
Show this article to your parents! This explains why the wealth gap millennials are experiencing is far beyond Latte’s and Avocado Toast.
Opening The City To Innovation
Auburn’s mayor is allowing the private sector to unleash on his town and build the necessary homes to increase population and grow his city by simplifying the zoning requirements and getting out of the developer’s way. Some see this is as the future of city planning, but others fear it will de-value the city if not properly monitored. Read more here how the city is abolishing the “NIMBY’s” to aggressively grow the city’s population.
“What Do We Want?”
“TO END EXCLUSIONARY ZONING!”
“When Do We Want It?”
Did you know that about 70% of Toronto’s land is only zoned for detached housing? This greatly challenges the ability to build the necessary units to reduce rents and make living affordable. Other countries have greatly reduced the amount of exclusionary zoning and had great success, it’s time for Canada to follow in their footsteps. Read more about it here!
Investing With Family (Or Partners) – What You Should Know!
If you plan on investing with family members or partners (that isn’t your spouse) there are some necessary steps to take to make sure you’re all protected! This lawyer is an expert in real estate contracts and provides great insight on how to make sure your money is safe.
Mortgage Renewal – Why Not To Wait Until The Last Minute
Did you know you even if you’ve owned your home for a while, mortgage renewals sometimes get denied? Read here to see the steps you can take to make sure you stay approved!
Read: Can A Bank Deny Mortgage Renewal in Canada
This Is Your Sign To Join Your Condo Board of Directors
Recent studies have shown that a lot of Toronto condo’s have drastically under estimated repair costs moving forward, these repairs aren’t getting any cheaper and it could come back to haunt young owners in a big way. If you own a Condo, you should try to get on the board of directors to ensure the reserve fund is being handled properly! Read more about what this could imply here!
Read: Ontario Condo Reserve Funds A “Train Wreck”
Are You Willing To Try The Smith Manoeuvre?
No, it’s not done with a car. Simply put its a way of borrowing to invest while making your debt (mortgage interest) more tax deductible. Read more about the Smith Manoeuvre here! But be warned, it isn’t for the faint of heart!
Have A Recently Renovated Home? Are You An Expert On Renovating Homes? You’re In Luck!
This blogger believes renovated homes will sell for a premium moving forward. Why? Because renovating homes is a pain in the A**. Read here as lays out the steps on why it will pay to renovate before selling (if you’re willing to go through all that!)
We All Know Interest Rates Are Going Up, But Do We Know Why?
Read here to understand exactly why interest rates are going up and how it directly affects you.
Read: Why are Interest Rates Going up in 2022?
Don’t Let Inflation Be An Exception
Read here the similarities between what we are experiencing now, and the “bear markets” of the 1970’s, 80’s, and 2008. This blogger also fears inflation more than a large market crash! If you don’t agree, this article is for you!
Read: Why Is Inflation Scarier Than A Market Crash
Should Your Business Buy Your Next Home?
Watch this video on tips to use your personal corporation to buy your next primary residence.
Land Transfer Tax Calculator
See how much you’ll spend on land transfer tax on your first/next home with this easy calculator
Trouble With The (Yield) Curve
Read here to understand what a yield curve is and what it’s an important factor (especially now) for our economic future.
Tax Implications On Transferring Real Estate To Your Kids
If you plan on transferring real estate to your kids anytime soon (Lucky them), its important to know the tax implications so your gracious gift doesn’t turn around and bite you!
Inflation Or Deflation – Which Is Next?
This blogger argues that the risk of deflation is now greater than the risk of persistent inflation, which would see a major fall in housing prices, which would drag the rest of the economy with it. Read here why the current market is eerily similar (but likely not as bad) as it was in 2006-2008
To Buy Or Not To Buy (Right Now) That Is The Question
Of this blogger at least. Read here how he’s using marco-economic indicators to determine if now is a good time to buy. Will the government do anything it takes to combat inflation? Will they let inflation continue to keep everyone employed? Only time will tell!