2020… It will be known as the year of the pandemic. It will also be known as a year of a record-setting real estate market. We saw records for volume of sales and new high prices in many cities across Canada. To say there was a lot going on is an understatement. I have to admit I was happy to close my office and give everyone the week off between Christmas and New Year’s.Continue reading “New Year New Outlook”
Following are the highlights from a telephone conversation with Jean-Francois Perrault, Chief Economist Scotiabank and John Webster, President and CEO Scotia Mortgage Corporation which took place on Thursday, April 9, 2020 at 4:30 p.m.
First, it’s not all bad news. While I’ll have to include some unpleasant information in order to provide a complete picture, that is not the focus.
Q & A | Jenelle Cameron of Remax Hallmark In Conversation with Steve Garganis of Mortgage Architects
I participated in a Q & A with one of my good realtor friends, Jenelle Cameron of Remax. We had a chance to discuss the current impact of COVID-19 on mortgages and the real estate market in general. Find out the latest on mortgages, what’s happening with closings during this time, and more!Continue reading “Q & A | Jenelle Cameron of Remax Hallmark In Conversation with Steve Garganis of Mortgage Architects”
Rental properties are a secure long-term investment. Note the emphasis on “long-term”.
Check out any seven-year period over the past 50 years (anyone who has read this news site knows that I always recommend buying and holding for at least seven years). Property values have almost always risen.
Sure, the last five or 10 years have seen fantastic appreciation in almost every part of Canada. But, let’s leave capital appreciation out of the equation for now.
Why aren’t we talking about rental income? Or, how about the equity growth through your mortgage being paid down each year?
RENTAL INCOME IS UP, UP, UP!
Part of what makes rental properties attractive is that rent rises with inflation (or even higher, in many cases, as we have seen in urban markets like Toronto and Vancouver). This is how you create your own pension or retirement income! Continue reading “Real estate may not be sexy, but…”
New year, new home? It’s a good time to take another look at the Home Buyers’ Plan (HBP).
If you’re planning to buy your first home anytime soon, you may be able to take advantage of a helpful federal government program. This enables you to withdraw money you’ve already contributed to your registered retirement savings plan (RRSP) and use it towards anything related to your home purchase, including your down payment, closing costs or real estate fees.
But, the key is that the funds must be in your account at least 90 days before you can withdraw them under the Home Buyers’ Plan (HBP).
You can withdraw up to $35,000 ($70,000 per couple) from your RRSPs tax- and interest-free to buy or build a qualifying home for yourself or a related person with a disability.