Real Estate Insider: March 2023
Posted on March 22nd 2023 by Lalovich
Welcome back, Real Estate Insiders! In this edition, we take a look at fine-tuning your finances, the factors behind the housing shortage, a controversial building material, mortgage penalties, and much more. As always, let us know your thoughts and leave us a comment!
2023 Financial Tune-Up
2022 was a year of interest rate hikes and inflation, meaning it may be time to tune up your financial plan for 2023. Find out what you should clean up from 2022 and adjust for 2023!
Read: 2022 Financial Clean-Up And 2023 Tune-Up
Working With A Power Of Sale
If it seems too good to be true, it probably is! Here is what every REALTOR® should know about working with a Power Of Sale.
Kitec Plumbing: The “Oh Man”, The Myth, The Legend
Read about everything you should know regarding Kitec plumbing and its defects.
Love it or List It?
High borrowing costs and uncertainty may put a damper on homeowners’ renovation plans in 2023. Find out why!
Read: High Borrowing Costs Impacting Many Homeowners’ Reno Plans
Tax Deductions Versus Tax Credits: What, When And Why
Understand the difference between tax deductions and tax credits so you can maximize your return—or minimize your amount owing.
What To Know About Inheriting Real Estate & Principal Residence Exemptions
If you have or are set to inherit any real estate—and want to know what tax implications you or the estate would be subject to—this article is for you!
Mortgage Penalty: When Is It Worth It?
Learn how to calculate a potential mortgage penalty and when it might be worth it to break your term early!
CREA Proposal: Make Realtor.ca Its Own Tech Company
This for-profit proposal has many REALTORS® concerned about the unfair advantages it could create in the market. Read about their proposal and let us know what you think!
Adding A “Suite” Addition To Your new Home?
Here are the most important differences between adding a second suite in a new versus an older home.
Are Home Office Expenses Tax Deductible?
Find out if you qualify for tax deductions when it comes to your home office.
Bank Of Canada: Recession, Lower Rates On The Horizon
Some of Canada’s top financial institutions have delivered the expected timeline of a recession followed by lower interest rates.
Read: Bay Street Expects Canada To See A Recession, Lower Rates: BoC Survey
New York Rent Control Law Could Be Ruled On By Supreme Court
After being tossed out by the federal appeals court, some New York landlords want to bring this issue to the Supreme Court for a final ruling.
Read: Challenge To NY’s Rent Control Law Heads To US Supreme Court
RRSP Contributions: Add 40–70% More Without Affecting Your Daily Cash Flow
Why RRSP over TFSA or other investment options? This “gross-up” strategy allows you to add more to your RRSP without affecting your day to day cash flow.
Did Bank Of Canada’s “Soft Landing” Actually Work?
Despite slow economic growth this year, it seems Canada is in a better spot than most other countries. This blogger thinks that the Bank of Canada has done their job to lower inflation without sending Canada into a recession.
Read: The Bank Of Canada Did Its Job
Is The Office/Home Hybrid Work Model Here To Stay?
This article predicts that office vacancy will peak in 2024, and office space will need to adapt to keep up with the flexible working environments of large companies.
Read: National Office Vacancy to Peak at 15% by the End of 2024
Variable Rate Mortgage Holders Are Under the Gun
According to this survey, 45% of variable rate mortgage holders would need to see rated decrease in the next 9 months or be forced to vacate or sell their homes. Read more about who is feeling the pressure of these hikes here.
Read: 45% With Variable Mortgages Say They Would Have To Sell In Under 9 Months
Canada’s Immigration Target Noted As A Lead Source Of Rising Housing Costs
While the Canadian government has little control over how many homes developers build, they do have immense control over the number of new immigrants. Learn how the already exhausted supply of affordable homes affects not only Canadians, but the very immigrants they are letting in.
Building Inspector Shortage May Bottleneck Windsor-Essex New Home Developments
How might municipalities have to change how they attract, educate, and train building inspectors to fill the in-demand job vacancies throughout many municipalities?
Read: As Windsor-Essex Looks To Add More Homes, Municipalities Already Face Building Inspector Shortage