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Real Estate Insider: October 2024

Posted on October 22nd 2024 by Lalovich

Welcome back, Real Estate Insiders! As Halloween creeps up on us we’re taking a look at scary situations like how an “anticipated” breach of contract could get you sued, whether or not you should add your child’s name to the title of your rental property, and the best financial advice for young adults (the answer will terrify you!), plus so much more! If you haven’t signed up to our newsletters SUBSCRIBE NOW to receive insider updates, tips and advice, the hottest YQG listings, and so much more to keep you informed throughout the month. Let’s dive in!

Buyers Beware: If You Fail To Close, You’re In For A Scare

This buyer felt that to the tune of $330,000! Read here why even an “anticipated” breach of contract could be enough to get you sued. 

Read: Buyer Doesn’t Close, Liable For Property Value Loss Of Over $330,000

Read Up To Get Rich

Here are the top 25 personal finance books to make sure you’re getting the most out of your money!

Read: Top 25 Timeless Personal Finance Books

Should You Add Your Child’s Name To The Title Of Your Rental Property? 

This is a complicated question that could (and probably will) have tax implications. Read this article if you’re considering adding your child to the title of your rental, or even your personal residence. 

Read: Tax Implications Of Adding A Child’s Name To Your Rental Property

Private Lending – Better To Go With An MIC Or Whole Mortgage?

Obviously there are pros and cons to both, but according to this blogger, unless you have at least $1.5 million in liquid assets, you’re probably better with an MIC (Mortgage Investment Corp). Read about both options here and decide which is right for you!

Read: MICs vs. Whole Mortgage Investing: What Every Investor Should Know

Housing Is Everyone’s Favourite Investment

That’s according to the survey, but generally people don’t consider all the costs associated with housing when thinking of their personal residence. Good news is, real life isn’t like a survey! “Diversification takes extremes out of the equation.” Where will you be putting your money in the next few years? Read here to learn more!

Read: Why Housing is Everyone’s Favorite Investment

The Race For Commercial Space Is On Amid Historic Lows In Construction

Retail space in Toronto is seeing potential tenants in multiple offer situations for prime real estate. We have been seeing the same thing in Windsor for industrial space as the cost for new construction has skyrocketed in the last 5 years, making it difficult to build and even harder to lease. Is it time for the government to step in to protect small, independently owned businesses from massive rent increases? Read the article and decide for yourself!

Read: ‘Race For Space’ Squeezes Retailers Amid Rising Rents

Is Commercial Rent Control On The Horizon In Ontario?

Apparently Toronto City council is in support, but what is implemented to protect locally owned small businesses may do more harm than good (if this ever happens, that is). Read more about the proposal and its potential benefits in the article!

Read: Toronto City Council Supports Commercial Rent Control – Will It Really Happen?

Best Financial Advice For Young Adults – Live With Your Parents?

This is increasingly seen as the best way to save money. Is this the sign of a broken system? Read more here.

Read: Young Adults Increasingly Find Their Best Financial Move Is To Live With Their Parents

Financial Revelations Of A Man In His 40’s

Hindsight is always 20/20, so its best to get advice from someone who’s been there. Read here the financial advice from a man who’s made mistakes and learned from them! 

Read: 10 Money Revelations in my 40s

What To Do If Your Mortgage Renewal Gets Declined

Many people who bought in 2021 & 2022 when the market was at its “peak” and interest rates were at all time lows will be coming up for renewal in the next couple of years. While still rare, if your mortgage renewal gets declined its good to know your options! Read here for exactly what those are. 

Read: What To Do When Your Mortgage Renewal Is Declined

The Stress Test Is Stressing Us Out – Is It Time To Scrap It?

The Stress Test was introduced when interest rates were super low for super long and it served to make sure people could afford their debt if interest rates were to rise. Well they’ve not only risen, but are on their way back down and it seems to be only hurting the people it was introduced to protect. Is it time to get rid of the Stress Test? I think so! Read more about it here and decide for yourself!

Read: Canada’s Mortgage Stress Test Is Hurting The Buyers It Was Meant To Protect

Boomers Think We Just Need To “Try Harder” To Own A Home

Okay, Boomer….. you have to read this to believe it. 

Read: Over 50% Of Boomers Think Younger Generations Could Buy A Home If They “Tried Harder”

“Seller Satisfaction Is Higher Among Those Who Used An Agent”

Did I just pull a random line that makes agents look good? How about “Sellers with Real Estate Agents make $79,000 more”. If you still think I’m trying to trick you, read the article to see why hiring an agent (a good one) can lead to more money in your pocket at the end of the day. 

Read: Sellers With Real Estate Agents Make $79,000 More