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Taghouse purchase

Posted Mortgage News

TIME TO ELIMINATE AIRBNBS?.. (No, I don’t think so)

TIME TO GO AFTER AIRBNBS?.. (No, I don’t think so)

Canada wants to eliminate all Short Term Rentals (STR). And they are going to punish anyone that has rented out their properties for short term stays. 

The federal gov’t has already changed tax laws that disallow expensing interest costs on STRs in major urban centers. Effectively making it more costly to own a short term rental property.

Changes to short-term rental rules – link to article

And here’s another tax.  Have you seen this?

Continue reading “TIME TO ELIMINATE AIRBNBS?.. (No, I don’t think so)”
Posted Finance

Housing crisis.. Made in Canada

It’s really not that complicated.  If you really want to resolve the housing crisis you just need to do these FIVE things

  • 1. Bring back 35 year amortization periods and increase qualifying home prices to $1,250,000 or higher.
  • 2.Remove rent control rules.
  • 3.Halt new immigration until we can build up enough support services to handle what we have already. *(exception below)
  • 4.Cut back on the municipal, provincial gov’t Red Tape to build any type of residential housing and that includes purpose built rental apartment buildings.
  • 5.Create a hiring program to entice and incentivize people to get into skilled trades …and bring over people from outside Canada if you have to (this would be my exception to point 2 above)
  • Do this and you’ll soon have more housing units available than you could even dream of.  It could be done in 3 to 5 years.  It’s just not that complicated.
Continue reading “Housing crisis.. Made in Canada”
Posted 1 Comment on Looking to boost Cash Flow? New Flexible Mortgage could be a game-changer! Money saving tips

Looking to boost Cash Flow? New Flexible Mortgage could be a game-changer!

Blog Image, Interest Only Flex, July 2018There’s a great new flexible interest-only mortgage product that could prove beneficial for a number of borrowers, including first-timers, real estate investors, professionals, seasonal workers and others looking for lower monthly mortgage payments.

Designed to help borrowers increase monthly cash flow by providing maximum flexibility, this product can be used for both purchases and refinances.

I recently tried this product out and was really impressed!

Continue reading “Looking to boost Cash Flow? New Flexible Mortgage could be a game-changer!”

Posted 1 Comment on Down payment verification… a quick checklist to ensure your purchase goes smoothly. Mortgage Tips

Down payment verification… a quick checklist to ensure your purchase goes smoothly.

CanadianBillsWhat you need to know about your downpayment.

You’ve got your downpayment and you’re ready to go. Congratulations! Soon, you’ll need to verify that downpayment for your mortgage approval. It’s required by all lenders to protect against fraud and to prove that you are not borrowing your downpayment, which changes your lending ratios and potential approval.

Here’s how to prepare:

  1. Provide a 3-month history of any bank account(s) where you have been assembling your downpayment. It’s critical that your name is linked to the account; some internet print outs don’t show a name.
  2. If you had any large deposits, show its source i.e. if you sold your car, show a copy of the bill of sale. If you transferred money in from another account, bring the records for that account too. Continue reading “Down payment verification… a quick checklist to ensure your purchase goes smoothly.”