Real Estate Insider: September 2022
Posted on September 22nd 2022 by Lalovich
We’re into the autumn weather, Real Estate Insiders! The weather is ready to change, and so is the housing market. In this issue, we cover the quest for homeownership, immigration, accessing home equity, backing out of firm deals, and much more. Get yourself a pumpkin spice latte and dive on in!
Drive Until You Qualify
Millennials in major cities are packing their bags in pursuit of homeownership. Learn about how many people are planning to make the trip to more affordable cities.
Read: Canada’s Millennials Still Bent On Owning Homes, Even If It Means Relocating
The True Cost Of Losing Your Low Interest Rate
If you are planning to move and will lose your low interest rate, there might be other options!
Read: The Cost/Benefit Of Giving Up A Low Mortgage Rate For A New House
Immigration Equals Demand For Canada’s Housing Market
Combined with shrinking household sizes, immigration will carry Canada’s housing market through this recession according to this RBC analyst.
Read: RBC Highlights Factors That Will Counteract The Housing Market’s Correction
Dividing Real Estate In A Divorce
Discover the best options for division of assets—especially real estate—in a divorce, how to avoid capital gains, and more!
Accessing Your Home’s Equity Without Selling
Do you know if you can (and if you should) use the equity in your home to buy a second property or other potential investments? Don’t buy liabilities along with it!
Is An ADU For You?
Consider these important things when building an additional dwelling unit in your backyard.
Read: 7 Critical Issues When Building A Garden Suite
Sugar, We’re Going Down (Payment) Swinging
Contrary to popular belief, there is no blanket 20% down payment requirement on second homes in Canada. Find out if you would qualify for a lesser downpayment, along with handy tips on how to finance your second home.
Toronto: Rent Controls Between Tenants
Are they overstepping, or is this a necessary intervention for the tenants of Toronto? Decide for yourself!
Read: Toronto Is Considering Barring Landlords From Raising Rent Between Tenants
3-Day Cooling Off Period in B.C.: Will It Be Nationwide?
This cooling off period will prevent people from overbidding out of desperation. It could also allow wealthy investors to bid on multiple properties at once, thus increasing demand. We will see which direction this policy will take when it goes into effect Jan 1, 2023.
Read: B.C. Government Enacts Mandatory Three-Day Cooling-Off Period On Home Sales
HELOC And Lowering Property Values: How Do they Correlate?
Do you have a Home Equity Line of Credit and your home (like most homes these past few months) has lowered in value? Stay informed to stay ahead!
Read: What Happens To A HELOC If The Value Of Your Home Drops?
NIMBY’s: Prepare For A Scare!
The task force recommends doing away with exclusionary zoning in major cities to allow for more dense housing to be built without the red-tape. What are the concerns with this proposal?
Read: Why A 4-Storey Apartment Could Be Coming To A Residential Street Near You
Labour Shortage: More Tactical Immigration Choices?
Canada will focus on filling labour market gaps with targeted immigration, contrary to its usual open-door policy.
Read: Is Labour Shortage Leading To Canada Picking And Choosing Immigrants?
What’s Next: Buyers Backing Out Of Firm Deals As Market Softens
It definitely doesn’t favour the buyer. Learn what happens when a buyer or seller fails to complete a firm deal. Remember: a firm offer is legally binding!
Investing With Partners: Stuff You Should Know!
Here are three ways to invest in real estate with a partner. Be sure you know all three ways to decide which is best for you!