Real Estate Insider: June 2021
Posted on June 28th 2021 by Lalovich
Welcome back, Real Estate Insiders! It looks like that hot summer weather we’ve all been waiting for is here to stay, and we couldn’t be more excited! In this issue we’ll be looking at capital gains, the lumber price boom, and more. Like those warm summer swims we’ve all been craving, let’s dive in.
Shelter Your Child and Your Capital Gains!
If your once-principal residence is now inhabited by your child, you may still qualify for the capital gains exemption! Learn the steps to take to protect your appreciation!
A+ Ffordability for Windsor
According to Zolo, Windsor is the most affordable city in Ontario to buy a home. Even with Windsor’s recent boom, it is still very affordable compared to other big cities in Ontario. If you’re looking to put down some roots look no further than the Rose City!
Read More: https://dailyhive.com/toronto/ontario-most-affordable-cities
Break Free From Your Mortgage Term, But Be Prepared To Pay
Thinking about breaking your mortgage term? Whatever the reason, be aware of the up front costs versus the savings—do your homework and discover if it’s worth it!
Learn More: https://www.lowestrates.ca/blog/homes/penalties-breaking-variable-versus-fixed-mortgages
Another Log On The Fire
There are many factors contributing to the lumber shortage, and as always the Millennials get the blame! What are the ingredients cooking this “perfect storm” of skyrocketing lumber prices?
Read More: https://www.theatlantic.com/science/archive/2021/04/climate-origins-massive-lumber-shortage/618727/
Build It and They Will Come
It’s not a baseball diamond we’re talking about, it’s houses! We’ve been slacking on home building for the past few years and need to increase inventory ASAP for a healthier and more sustainable market.
Discover Why: https://awealthofcommonsense.com/2021/05/we-need-to-build-more-houses/
What You Need To Know: Renting Out Your Home and Mortgage
Considering renting out a room in your house to help with the bills? Thinking about renting out your former principal residence and moving to a new home? Be prepared to answer these questions: 1) Do I want to be a Landlord? 2) Does my insurance cover Tenants? 3) Will my mortgage contract allow that? The last two questions aren’t well-known and could cause a lot of problems down the road. If you’re curious about renting out a home you bought initially as your principal residence, this is the must-read article for you.
Get Informed: https://www.canadianrealestatemagazine.ca/expert-advice/can-i-rent-my-house-out-on-a-normal-mortgage-in-canada-334655.aspx
Mortgage-Free or Cash-Rich?
Learn about the pros and cons of taking your money out of the stock market to buy a house.
Read More: https://awealthofcommonsense.com/2021/05/the-pros-cons-of-liquidating-your-portfolio-to-buy-a-house/
In Short Supply
How bad is the housing shortage in Canada? According to a report from Scotia Bank, we have the lowest ratio or homes per capita in ALL of the G7 nations—thanks a lot, Government! Discover all the trials and tribulations that come with increasing supply.
Read More: https://www.canadianrealestatemagazine.ca/news/canada-has-lowest-housing-units-per-capita-in-g7-334653.aspx
First-Time Homebuyer Incentive: Who’s It Really For?
The Government has modified the First Time Home Buyer Incentive to improve income qualifications, but in the end, who really benefits off of this Incentive? You guessed it—the Government. See the rules and regulations associated with this incentive and decide for yourself.
Get the Full Story: https://www.canadianrealestatemagazine.ca/news/government-accused-of-swindling-firsttime-homebuyers-334650.aspx
“Starter Home? No Thanks!” — Millennials
We’ve got HGTV making every house a beautiful forever home. Millennials getting accustomed to their parents perfectly renovated home that took a lifetime time to complete. Throw in the lack of starter homes being built and we have a serious housing crisis! Fewer and fewer people want to buy a “fixer upper” for their first home; with Millennials entering their peak home buying years it has created a lot of competition for large homes sending the prices through the roof! How did this happen?
The Inside Scoop: https://awealthofcommonsense.com/2021/05/did-hgtv-ruin-the-housing-market-for-millennials/
Renovations On A Shoestring
Want to save money on renovations but don’t own a tool (or even know how to use them)? You’re in luck! There are many things you can do to save the contractor time AND save money! Read this list of projects you can tackle yourself without having to learn a trade.
Where’s All This Money Coming From?
Whenever we see a large sale price on a home, there is always someone asking: “How can they afford that?” The short answer: there are a lot of high income earners and credit is cheap! Discover the breakdown of annual earrings in Vancouver and why the monthly cost of a $5,000,000.00 home isn’t as astronomical as it sounds!
“Your Rent Will Be One Bitcoin, Please!”
Will paying rent with Crypto currencies soon become the norm? Probably not, but it is now a possibility! With the methods of paying rent expanding to allow easier and more beneficial methods for the tenant, Bitcoin was inevitably going to make that list. Learn how this company is hoping to start the trend of using crypto for rent payments.
Read More: https://www.canadianrealestatemagazine.ca/news/will-paying-rent-with-cryptocurrencies-catch-on-334679.aspx
Forever Home? More Like For-Now Home!
Are you searching for or living in your “Forever Home”? Discover why “Decade Home” might be a more appropriate term, because if there’s one certainty in life it’s that it’s always changing!