Real Estate Insider: March 2020 News Report

Whether it's Ballin or Renovating, most people doing it are on a budget! This article talks about looking “below the surface” and can give you some awesome tips on choosing tile and counter tops when renovating to give you the most bang for your buck!

Did you know the first metre or two of your property frontage is a city owned right of way? This means they do not need your permission to install and service many items. Read here this person’s experience of a surprise sign being erected on their lawn, how it could affect your property value, and how you can fight it!

If you’re hiring a renovation company to do some work in your home, you need to make sure you know what contracts and insurance to have in place before they break out the sledge hammer! Lucky for you, this article does exactly that!

Would a 10 year fixed rate mortgage term make you more comfortable when taking out a loan? It would certainly get rid of the fears of rapidly rising interest rates every 5 years. This seems to be a possibility in the near future for Canadians, but one of the main things keeping this from happening sooner is lack of demand! Read here the benefits of longer term fitted rate mortgages and how it could help people currently excluded from the market buy in.

You know the old saying, “If you don’t have anything nice to say about a company, the company will get their employees to make up positive reviews for you.” Or something like that, right? Purplebricks Canada is under investigation after incentivizing their employees with paid vacation days to write fake reviews about the company. Would this lose your trust as a customer? Let us know! Read more here.

With mortgage rates at an all time low, is it time to pay off your mortgage early? Read here the benefits and costs that are associated with this strategy, as interest rates continue to fall!

The best teacher is experience! Read here this couples re-cap of their first year with a Mini-Split Heat pump, and how much money they actually saved!

Do you own, or have used an Airbnb in the past year? If so, look out for the increase in regulations across Canada and make sure you’re prepared! Read here the first few cities to see the tightened regulations, and who’s next!

If you are a commercial Tenant, make sure you read this article differentiating between a “sublease” and a “lease assignment” so you don’t accidentally lose your rights as a Tenant!

Real Estate Insider: February 2020 News Report

If you’re sitting on a paid-off house in a prominent area, you may think you’re sitting on a gold mine for retirement. However, there are many factors to consider when deciding whether to down-size, right-size, or get out of the market completely. This article gives you a general overview of things to consider before pulling the trigger on putting the “For Sale” sign up!

In response to the current housing crisis, Ontario Conservatives have released a “Co-ownership guide” to help people maximize the space in large homes and share the cost. This sounds great in theory, but there is a high risk of financial disputes that they fail to mention or prepare you for. Do you think you could own and live in a home with a friend? If your answer is yes, read here for some potential problems to prepare for!

How well your investments do largely depends on the asset class you choose to invest in. Read here why this investor chose farmland 7 years ago over many other investment classes, and why he just realized a return of 268%! Even if farmland isn’t your cup of tea, this article can help you look at the bigger picture when it comes to investing so you can make sure your money is working harder than you are!

With many new condo projects in the works for Windsor-Essex, make sure your current condo is keeping up with the modern look! Here’s 3 renovation tips for condos that can help keep it at (or bring it too) the top of Market Value.

If you have one or more rental properties, you may be missing out on RRSP room that could help you during tax season! Read here “How does income from a rental property create RRSP contribution room”.

Read here why wood-framed apartment and condo buildings are slowly becoming the “norm” in todays market and why some builders even prefer this method! **Hint hint, it has a lot to do with money!

Canada’s top banker believes a solution to the affordability crisis is to split mortgage costs with investors. This is far from a perfect solution, but could be a step in the right direction, Read more here about what it would entail.

Canadian rents are up 4.3% since last year, read here which cities saw the biggest increase and which cities are still “affordable”.

This article describes 4 ways to save more on taxes if you’re a real estate investor. Including the difference incorporating yourself or your business can make! 

Real Estate Insider: January 2020 News Report

A sign of a good economy is cranes in the sky! There were more permits for new construction in 2019 than ever before in Windsor-Essex! Read here some of the biggest developments happening in Windsor and the most popular permits granted across the city!

A large reason for the recent Windsor- Essex real estate boom is the vast number of people moving to town! But who is it that’s moving in? From immigration to youth from other Ontario cities, see which group is moving in the largest numbers and why!

Being a Landlord is becoming more and more difficult in Ontario, especially if you rented to a bad Tenant (and now you’re stuck with them). According to this article, it is mostly due to the incompetence and abuse of power the Landlord Tenant Board is showing in favour of Tenants. Read this article about this Landlords bad experience and let us know if you’ve had your own bad experience with the LTB! 

With a large percentage of the population set to retire in the coming years, there will be a lot more people looking to supplement their retirement income with investments, but should these retirees be borrowing to invest? The answer is most likely no, but everyones situation is different! Take Garrey for example, he’s wondering if borrowing to cover his rental property expenses is a good long term strategy in retirement. If you have similar questions, this article is a great starting point!

Do you know your credit score? If you’re going to be applying for a mortgage in the near future, the more you know the better! Read here to learn more about where to find your credit score, how it is calculated, tips on improving it, and more!

The Average single family home size is declining, this is a positive sign for Real Estate investors due to the cyclical tendencies of the market. Learn more about why the reduction in size could mean big bucks for real estate investors in the coming years.

Ever wonder what would happen if your real estate deal doesn’t close on time? It can get pretty messy if the Buyer or Seller is late delivering documents! Read here what would happen if bad weather or traffic were to hold up the closing of your dream home. 

Here’s 5 tips to keep the temperature up and heating bill down all winter long! What we like to call a “Win Win!”.

Read here why EVERYONE should have a will, and keep it updated!

Real Estate Insider: December 2019 News Report

Take a page out of Russel’s book if you are considering a recreational investment property, and look to the south! (Or if your’e in Windsor, North!) This article explains the advantages of investing in the US for Canadian Millennials.

Is your rental property a part of your short term or long-term financial strategy? This will determine how you should allocate the costs of the improvements you will most likely have to make. Read here if you are wondering whether to write it off of your income this year, or take it off of your capital gains when you go to sell!

Cashing out on your home and renting in retirement might seem like the right choice, but there are many other things to consider before making the jump from owner to renter. What kind of return could you get if you invest the money? What kind of retirement do you want to have? These questions and more are considered in this article for soon-to-be retirees!

CRA is really cracking down on Real Estate transactions. Make sure you consult a professional when Buying or Selling Real Estate so you don’t get caught paying hundreds, if not thousands, in fines! Read more about Real Estate tax mistakes a lot of Canadians are making here.

Is Real Estate still a good investment in Canada? The simple answer: As long as you do it right! Read here this real estate investors tips on doing it right and the risks to look out for!

Have you had an experience with the Tarion warranty? This article claims that Tarion seems to favour the Builder and not the Homebuyer. This needs to be fixed as soon as possible! We want to hear your experience dealing with Tarion!

Water is something you use everyday without question, so the next time you’re thinking about doing a renovation, keep your water bill in mind! An undetected leak or failed system can cost you thousands per year in wasted water. Read this article on how to reduce your water bill and save some coin while doing it!

The mortgage stress test is to ensure people are still able to afford their home if interest rates were to increase. This sounds like a good idea for most, but not for retirees! Read here how the stress test is making it tough to borrow later in life.

Do you know the assessed value of your home for tax purposes? More times than not it is much lower than the market value of your home. MPAC announced that they will be doing new property assessments on some properties in Ontario! Do you fall in the category for a potential new assessment? Find out here.

This video explains 5 things to know about the changes to Real Estate Agent laws in Ontario.

Real Estate Insider: November 2019 News Report

Four step process for Landlords when establishing the relationship with your Tenant. A must read for all new landlords. Read about it here.

What would you do if your friends wanted to do something illegal with a rental property that you're a partner in? That's the issue this man had when his friends didn't want to claim their portion of capital gains. What type of risk is he exposed to? Read here and always be careful who you go into business with!

When interest rates dropped, amortization periods were also lowered to even things out. We are at a time now when interest rates are set to rise again, however no one really knows when. This article discusses the potential increase in amortization periods to offset the predicted rise in interest rates. Read all about it here!

Mortgage 101: A guide for the first time homebuyer.

Which is better for your mortgage, a longer or shorter amortization period? Well that depends on your income, downpayment, risk aversion and more! Read this to help you decide which path to take when deciding on the terms of your mortgage.

The student-housing crisis also correlates to a big opportunity for real estate investors, but what makes a great student rental? REIN has released a student housing formula to help you make an informed decision when choosing student rentals.

Everything you need to know about Mortgage Brokers and why going to your bank for a mortgage may not be the best option.

The classic Buy vs. Rent debate continues! But this time it's about... Hot Water Tanks? You may never have thought twice about your hot water tank, but maybe now it's time to take a second look! Read about it here.

If you own a property in the states (especially Florida), this article can explain the process of handing this property down to your kids/loved ones! Also how to avoid probate and other unnecessary expenses!

Landlords - Reasons For Ending a Residential Tenancy Early in Ontario

In dealing with our investor/landlord clients, we often come across situations where a residential tenancy agreement needs to be terminated early.  Because this can be a technical process sometimes the rules are misunderstood.  Today we are going to cover the legal reasons for ending a residential tenancy agreement early so you don’t get yourself in trouble.

Reasons for Ending a Tenancy Early

1.   The landlord and tenant mutually agree to end the tenancy early.  This can be for whatever reason.  Form N11 should be used for this process.

2.   Ending an agreement for “cause”.  Some examples include:

I).   Not paying the rent in full

II).   Causing damage to the rental property

III).   Disturbing other tenants or the landlord

IV).   Illegal activity in the unit or complex

3.  There are also other reasons for ending a tenancy that are not related to what the tenant has done, or not done.  These are sometimes called "no fault" reasons for ending a tenancy and can include:

I).   The landlord plans to do major repairs or renovations that require a building permit and the work cannot be done unless the rental unit is empty.

II).   The landlord requires the rental unit because the landlord, a member of the landlord’s immediate family or their caregiver wish to move into the unit.

III).   The landlord has agreed to sell the property and the purchaser requires all or part of the property because the purchaser, a member of the purchaser’s immediate family or their caregiver wish to move into the unit.  (This reason for eviction only applies in rental buildings with three or fewer units and in condominiums.)

4.  There is a long list of other technical reasons.  They can be read here Ontario Landlord & Tenant board website:

http://www.sjto.gov.on.ca/documents/ltb/Brochures/How%20a%20Landlord%20Can%20End%20a%20Tenancy%20(EN).pdf

Now that you know some of the reasons a residential tenancy agreement can be terminated early in Ontario, you can protect yourself.  Next time we will be discuss the forms, notices, time periods, etc you need to know to follow through on this process.

Readers, have you ever had to end a tenancy agreement early?  How did it go?

Real Estate Insider: October 2019 News Report

Ever wonder how the annual rent increase on residential properties is calculated? Is it really a fair percentage for Landlords? This article will give you all the information to decide for yourself!

Short term rentals and AirBnB, when are guests considered Tenants? How hard is it to evict? What you need to know heading into 2020! >>

If you’re buying an investment property strictly for short term rentals, be prepared for trouble when you go to get a mortgage! Why, you ask? This article explains how mortgage lenders are hesitant to loan money when the owner isn’t the one living there! Read more and how to get around it here!

Most condo’s or apartments have bylaws against short-term rentals, but that’s only if you get caught! Read here how the current enforcement is ineffective, and how new rules could pass that would change the short-term rental market drastically! 

With the rapid increase of retiree’s from the baby boomer generation, and the last of the millennials entering the work force, retirement strategies are a hot topic! Millennials need to start thinking and planning for retirement as soon as yesterday, but with defined pensions reducing in popularity, is real estate a good alternative? This article says maybe not! Read more here.

To move…or to renovate…THAT is the question! Real estate prices have risen drastically in the last few years, but so have construction costs! Is adding an addition more beneficial than moving to a bigger home? There are many factors to consider, and this article will help!

A lot can happen when selling your home, including accidental damages left by potential Buyers! Who is responsible for fixing these damages? The answer might surprise you! Read more here.

How divorcing your spouse can affect your mortgage, and how the new mortgage rules are making it difficult for divorcees to find a new home. >>

Here are 6 things that could be hurting your credit score that you might not even know about! Read here to stay informed and keep that credit score up!