Real Estate Insider: November 2023
Posted on November 22nd 2023 by Lalovich
Hey there, Real Estate Insiders! This month is all about planning for the future. Find out how to keep your pension after a job switch, whether to pay off a mortgage or invest in an RRSP, the details on the best high-interest savings accounts, how to survive bank rates until 2025, and much more. Grab a coffee and dive on in!
You Can’t Spell ‘Wealth’ Without H(ighest Return)
The sixth and final video in this series describes how to build wealth through additional dwelling units. The final—arguably most important—letter in the WEALTH Formula is “H”, standing for “Highest Return”. Watch here to learn how to generate exactly that!
Is Losing Your Pension Preventing You From Leaving Your Job? Consider A LIRA
No, it’s not an exotic pet. A LIRA is a Locked-In Retirement Account: an account you can set up if you’re moving jobs and withdrawing your pension early. The rules to a LIRA are a bit complex, so this article is a great place to start!
Got Some Cash Burning A Hole Through Your Pocket?
You may be thinking “Should I pay off my mortgage or invest in my RRSP?”. While there are pros and cons to each, you’ll want to take a closer look at the details (interest rate, size of mortgage, etc.) to determine which is best for you.
Worst Case Ontario: Housing Prices Don’t Fall
This blogger makes a case for falling housing prices and why the worst case would be that they continue to climb. Read more about why a decrease in housing prices could be a great thing for the economy.
The Cost Of Home Ownership In Major Cities
Do you think your city is better or worse than some of there major American cities for home ownership? Read more here and let us know!
The Stress Test Will Continue To Put Stress On Borrowers
One bank regulator says borrowers who switch lenders on renewal will still need to pass the “Stress Test” and qualify with rates 2% higher than lending rates. They have their reasons for keeping this in place, read more about them here.
Canadian Pension Plan: Fully Funded For The Long Haul
Some people think the CPP won’t have enough for them to collect when they retire, but according to this blogger the exact opposite is true. Read here how well the fund has been performing and why you can breathe a sigh of relief that you will receive your fair share in retirement.
High Interest Savings Accounts: Highly Interested In Which Is Best?
For all you low risk investors out there, read here for a comparison of the top 10 high interest savings accounts!
Survive Until 2025: Bank Of Canada Expected To Cut Rates Mid 2024
That is according to this CIBC Deputy chief economist. Read more about the reasoning for his prediction here!
“The Extend And Pretend Days Are Coming To An End…”
Borrowers who think they’ve locked in a 70 year (or extended) amortization might be in for a rude awakening come renewal time. Amortizations need to be reset at renewal; if you haven’t called your lender to find out the details of your extensions, this is your sign to do so.
B.C. Aims To Recognize More Foreign Credentials In Industries With A Labour Shortage—Including… Realtors?
While there is definitely no shortage of Realtors in BC (About 1 in 102 workers), including them in the legislation may be a self-serving political move. Read more about the act and how it will help the labour shortage here.
The Average American Is A Millionaire
Due to the top 10% of earners swaying the bar, this statistic is misleading. The median net worth is much lower, but still impressive. Read here how to preserve the “Millionaire Status” and other tips to live a life without worried about money.
Can You Blame Them? Three-Quarters Of Mortgage Holders Worry About Their Upcoming Renewals
Interest rates went from historic lows to unprecedented highs in record time, leaving many people to cut costs to help deal with higher mortgage payments. Read more about just how many people will be renewing in the next 18 months and what it will mean for their wallets.
Underused Housing Tax Act Applies To YOU!
Even if your real estate is not vacant and you are not a foreigner, you still have filing obligations. Ignorance is not bliss in this scenario so make sure you call your accountant before the deadline!