Real Estate Insider: May 2020
Posted on May 11th 2020 by Lalovich
The Windsor housing market seemed to be full steam ahead coming into 2020, but has since ground to a halt just before the “Spring market” was set to hit. Is this a pause in the market or something worse? Read this article to see what local experts are saying.
Air-BnB, the company many attribute to “hoarding housing supply”, are seeing their once lucrative business model almost completely dry up amidst the Coronavirus pandemic. What could this mean for the housing market and Air-BnB’s future? Read this article to find out!
Do you have equity in your home? Borrowing it with a Home Equity Line of credit (HELOC) might be a better idea than you think! If you do it right, or course! Read here many advantages to borrowing to invest and things to consider before you begin!
Realtors from all over Canada give tips on how to stay productive (and sane) during our time in quarantine!
Some great tax tips for people working from home, especially since that number has dramatically increased!
Calling all Landlords and Tenants! These next two articles provide much needed answers to some common questions about rent and other related issues during COVID-19!
COVID-19: Tenant Rights, Evictions and Tips
Your credit rating CAN be affected by deferring mortgage payments during COVID-19, but we all know that it shouldn’t! At the end of the day, whether or not your credit rating takes a hit depends on how your lender reports the deferred payments. Read here for the right questions to ask your lender if you decided to defer your mortgage payments!
While many Canadians are on a much tighter budget than normal, Banks are also facing budgeting issues amidst all the mortgage deferral programs currently in place. Some people think Banks are set to make large profits off of this program, Banks say they have been completely transparent the entire time on the stipulations of the deferral program. Who’s side are you on? Read this article and decide for yourself!
An example of the costs of a 6 month mortgage deferral broken down so you can plan, and make informed decisions moving forward!
The Canadian Deposit Insurance Corporation (CDIC) protects your money in the event the Banks go under, but is all of your money protected? Read here if your bank is a CDIC member, and how much of your money is protected!
This couple sold their home while the market was HOT, but the Buyer failed to close. The Sellers wanted damages PLUS the $75,000 deposit, the Buyer wanted the deposit to be credited towards the damages, who do you think is right? Read here to find out the courts final decision and let us know if you agree!
Some Buyers think that they can back out of real estate transactions due to COVID-19, but that is simply not the case! Whether it is closing issues or buyers remorse, some creativity is needed during this time to make sure these deals are still closing on time. Read here what this Lawyer is experiencing during the pandemic.
Be Prepared! If you count on your Home Equity Line Of Credit when times are tough, you may want to start looking for different options! Banks are able to take away this safety net in one way or another in the midst of tough economic times (such as this one). Read here some of the terms of HELOC’s that you might not have known before!
We are in a different world in terms of lending than we were just two months ago. Read here the many factors contributing to why Mortgage Refinancing is the latest victim of the COVID-19 fallout.