🌅 23rd May 2024 - Canadian Renters Have Relief On The Horizon As Rents Slow: BMO

💥 Thursday 23rd May 2024 💥 Rent-To-Own Homes Toronto Toronto Real Estate Scoop: Daily Hot Trends! "Discover, Decide, Delight: Expert Reports & Hot New Listings Await!" "Toronto Real Estate Scoop: Daily Hot Trends" is your essential daily newsletter, delivering the latest and most sizzling updates from the Toronto real estate market. Each edition features a curated selection of breaking news, emerging market trends, and expert analyses designed to keep you informed and ahead of the game. Whether you're a buyer, seller, investor, or simply passionate about real estate, our newsletter ensures you stay connected with the pulse of the market. Join us and stay on top of Toronto's dynamic real estate scene with "Toronto Real Estate Scoop: Daily Hot Trends." Are there any tax implications or financial considerations that tenants should be aware of when participating in a rent-to-own arrangement, such as potential tax deductions or liabilities? Participating in a rent-to-own arrangement can have various tax implications and financial considerations that tenants should be aware of. These can include potential tax deductions, liabilities, and other financial impacts. Here's a detailed look at these factors: 1. Tax Implications a. No Homeownership Tax Benefits During Rental Phase: Mortgage Interest Deduction: As tenants are not yet homeowners during the rental phase, they cannot claim mortgage interest deductions, if any. Property Tax Deduction: Similarly, property tax payments, if any cannot be deducted by the tenant until they actually own the property. b. Potential Capital Gains Tax: Future Sale: If the tenant eventually purchases the property and sells it at a profit, capital gains tax might apply. The tax implications would depend on how long they own the property and whether it qualifies as their primary residence. 2. Financial Considerations a. Upfront Costs and Premiums: Option Fee: Tenants often pay an upfront option fee, which grants them the right to purchase the property later. This fee is typically non-refundable and may or may not be credited towards the purchase price. Rent Premium: Monthly rent payments in a rent-to-own agreement are usually higher than market rent. The premium portion is often credited towards the future purchase price, but it represents an additional cost if the tenant decides not to buy. b. Maintenance Responsibilities: Repairs and Upkeep: Depending on the agreement, tenants might be responsible for some or all maintenance and repair costs. This can add to their financial burden during the rental phase. c. Purchase Price Agreement: Fixed Purchase Price: The purchase price is often fixed at the beginning of the agreement. This can be beneficial in a rising market but could be a disadvantage if property values decline. Market Fluctuations: Tenants should consider the potential for market fluctuations and how this might impact the fairness of the agreed-upon purchase price. 3. Legal and Financial Protections a. Legal Review: Contract Review: Tenants should have the rent-to-own contract reviewed by a real estate attorney to ensure their rights are protected and to understand all terms and conditions. State and Local Laws: Awareness of any specific regulations or protections provided by state or local laws is crucial. These laws can impact the rights and obligations of both parties in a rent-to-own agreement. b. Financial Planning: Credit Improvement: During the rental phase, tenants should work on improving their credit score and financial situation to qualify for a mortgage when the time comes to purchase the property. Savings for Down Payment: The option fee and rent premiums can help build equity, but tenants should also save independently to ensure they have sufficient funds for a down payment and closing costs. 4. Potential Tax Deductions a. Potential for Future Deductions: Mortgage Interest and Property Taxes: Once tenants purchase the property, they can start claiming deductions for mortgage interest and property taxes, if any which can provide significant tax benefits. Conclusion Rent-to-own arrangements can be complex, and tenants should thoroughly understand the tax implications and financial considerations before entering into such agreements. Consulting with a real estate attorney and a financial advisor can help tenants navigate these complexities and make informed decisions. They can ensure that the terms are favorable and that they are financially prepared for eventual homeownership. Canadian Renters Have Relief On The Horizon As Rents Slow: BMO - Better Dwelling Canadian real estate investors expecting lower rates aren’t the only ones who got good news yesterday. Statistics Canada (Stat Can) data shows the rent component of the Consumer Price Index (CPI) slowed sharply in April. In a research note to investors, BMO explained the monthly move wasn’t the only data point to indicate a slowdown […] betterdwelling.com READ MORE ... Freeland says capital gains proposal will be tabled before summer break The Liberal government will bring its proposal to increase the inclusion rate on capital gains to the House of Commons before the parliamentary summer break, Finance Minister Chrystia Freeland said Tuesday. ctvnews.ca READ MORE ... Ontario House Listings Up in Most Categories, Housing Starts Continue to Fall The Canadian housing market saw a slowdown in housing starts and residential home sales in April 2024, according to reports thedeepdive.ca READ MORE ... Spring should be a boom time for the housing market, it's not Waiting for the BoC to cut rates may be keeping a lid on prices too wealthprofessional.ca READ MORE ... Housing starts are going down in Ontario. The numbers are horrifying, but not mysterious | TVO Today OPINION: Interest rates and a shortage of skilled labour are hands down the biggest challenges we face in trying to get housing built. tvo.org READ MORE ... AI in real estate: How agents are embracing new tech to enhance efficiency and the client experience - REM From video cloning to marketing materials, agents are harnessing the power of AI to streamline their work and enhance client interactions realestatemagazine.ca READ MORE ... Canada’s Housing Plan: Exploring An Insider's Perspective "Ultimately, the success of Canada’s Housing Plan will depend on how the changes are implemented, how well they align with provincial and municipal efforts already in the works – and how the market responds." storeys.com READ MORE ... Homeowners abandon variable-rate mortgages for fixed-rate alternatives as interest rates rise As interest rates continue their upward trajectory, an increasing number of Canadian homeowners are abandoning variable-rate mortgages in favour of fixed-rate alternatives. According to data from Statistics Canada, the share of variable mortgages issued by chartered banks fell for the thirteenth straight month in April to a shade under eight per cent. That’s down from 16.7 per cent in January 2023 and well off the recent high of more than 56 per... msn.com READ MORE ... The Canadian Capital Gains Tax Increase: Should You Sell Assets Now? You could save over $30,000 on the sale of a typical real estate property if you sell before June 25. morningstar.ca READ MORE ... No, Canada should absolutely not be going after tenants for the taxes of their landlords | TVO Today OPINION: Did you know non-resident landlords can functionally offload their tax liability onto renters? Most of us didn’t — and this cries out for a solution from the feds. tvo.org READ MORE ... Average price of homes in Newmarket inches up last month 'The real estate market in Newmarket remains robust, characterized by steady demand and moderate price increases,' local broker says newmarkettoday.ca READ MORE ... Inflation in Alberta is falling but rent increases highest in country, new CPI report says | CBC News Alberta saw the largest, year-over-year increase in rental prices in Canada last month, according to the latest Consumer Price Index report. cbc.ca READ MORE ... Rents in New Brunswick increased 4 times faster in a year than target set by province | CBC News Ten months after the New Brunswick government unveiled a plan to rein in high rent increases in the province for tenants, figures show the escalation has been worsening, not improving. cbc.ca READ MORE ... Renters say 'predatory' increases are pricing them out of Calgary Multiple people tell CTV News their rents have jumped as high as 40 per cent year over year. They say without significant solutions from the province, they'll be forced onto the street. calgary.ctvnews.ca READ MORE ... Canadian banking regulator says real estate, mortgages pose risk to financial systems | CBC News Canada's banking regulator says real estate secured lending and mortgages are among the top risks the country's financial system is facing, as higher interest rates pressure borrowers. cbc.ca READ MORE ... Cottage of the Week: $5.9 million for a Muskoka retreat with a winter-proof sauna out back The 2,400-square-foot property also comes with a two-slip boathouse, granite from the Canadian Shield and a 245-foot shoreline torontolife.com READ MORE ... Mortgage lending among top risks facing financial system: OSFI OTTAWA — Canada’s banking regulator says real estate secured lending and mortgages are among the top risks facing the country’s financial system as higher interest rates put pressure on borrowers. In its annual risk outlook, the Office of the Superintendent of Financial Institutions says as homeowners renew their mortgages, they could potentially face a payment […] toronto.citynews.ca READ MORE ... This $7M home was built by the same guy who designed many Toronto landmarks Eden Smith, is one of Toronto's most celebrated and iconic architects known for creating landmarks like St. Thomas's Anglican Church and The Peaco... blogto.com READ MORE ... Mississauga's iconic new condo towers named best in their class in the entire world Move over, Marilyn, as Mississauga's skyline's newest focal point just won an international design award, crowned the best new build in its height ... blogto.com READ MORE ... Ottawa’s proposed 11% developer fee hike faces backlash: OREA and OREB warn of worsening housing crisis - REM Groups say fees will worsen affordability, increase home prices, slow new construction and proposal “runs counter to the governments’ efforts to address housing issues” realestatemagazine.ca READ MORE ... Editor's Note "Welcome to my Newsletter Page! I am a professional Real Estate Agent in Toronto GTA with an Architectural background from India. With a unique combination of design and real estate knowledge, I am dedicated to helping clients find their dream home. My expertise in both fields allows me to understand the potential of a property and how to best showcase it to potential buyers. I am committed to providing excellent service and going above and beyond for my clients. Let me help you navigate the real estate market and find your perfect property in the Greater Toronto Area & Surroundings. Contact me today!" Click Here For Hot New Toronto Regional Real Estate Board [TRREB] MLS® Listings. Call | Email me for more Info on any GTA Listings, Buying, Selling, Investing or Homebuyer's queries. Click Here to View Listings like Real Estate Agents. Click Here For HOMES & CONDOS In Toronto. Click Here For PRE-SALE CONDOS in Toronto. How does Rent-To-Own Homes works? Click Here for Power of Sale Listings. Manoj Atri, REALTOR®  Experienced Toronto GTA Sales Representative with Architectural Background. My forte: Power of Sale | Bank Foreclosures | Fixer-Upper | Rent-To-Own Homes All types of Credits Low or Zero down With Bank Cash-Back + Cash For Renovations Info & Much More... Re/Max Hallmark Realty Ltd., Brokerage 401-685 Sheppard Ave E, Toronto ON M2K 1B6 Cell: [416] 275-2089 | Office: [416] 494-7653 | Email: Manoj@ManojAtri.com Websites:   Homebuyer Hub | ManojAtri.com | ManojAtri.ca SearchRealEstateInToronto.ca | Rent-To-Own Homes | ManojAtri.ReMaxHallmarkRealty.ca  Social Media: Facebook Profile • Blog • Pinterest • Tumblr Subscribe To My FREE Daily Curated Hot News Articles e-Newsletter! © Copyright 2023 ManojAtri.com All rights reserved. "Disclaimer: Articles in this newsletter are generated by AI." If you no longer wish to receive these Emails, please Unsubscribe Here

🏡 22nd May 2024 - Important Things to Consider When Selling Your Home!

💥 Wednesday 22nd May 2024 💥 Questions Agents Hate! Daily Heatwave: Greater Toronto Real Estate News! "Empower Your Home Goals: Free Reports & Sought-After Listings Inside!" "Daily Heatwave: Greater Toronto Real Estate News" is your go-to source for the latest and hottest updates in the Greater Toronto Area real estate market. Each day, we bring you a meticulously curated selection of breaking news, market trends, and expert insights to keep you ahead of the curve. Whether you're a buyer, seller, investor, or simply a real estate aficionado, our newsletter provides the essential information you need to navigate the dynamic GTA market. Stay informed and make smarter decisions with "Daily Heatwave: Greater Toronto Real Estate News," your trusted companion for all things real estate in the GTA. How do realtors navigate situations where clients ask questions about their personal opinions or preferences on specific properties or neighborhoods? Realtors often find themselves in situations where clients seek their personal opinions or preferences on specific properties or neighborhoods. While realtors are equipped with extensive knowledge and expertise, it's crucial for them to navigate these situations professionally and ethically. Here’s how they typically manage such inquiries: Providing Objective Information 1. Factual Responses: Market Data: Realtors provide objective data about property values, market trends, and neighborhood statistics. This includes recent sales, price trends, crime rates, school ratings, and amenities. Property Details: They offer detailed information about the property itself, such as its condition, age, layout, features, and any recent renovations. 2. Comparative Analysis: Comparative Market Analysis (CMA): Realtors use CMAs to compare the property in question with similar properties that have recently sold in the area. This helps clients understand the property's market value without relying on subjective opinions. Guiding Clients to Make Their Own Decisions 1. Encouraging Personal Priorities: Needs and Preferences: Realtors encourage clients to consider their own needs, preferences, and lifestyle. They ask questions to help clients prioritize what is most important to them in a property or neighborhood. Pros and Cons: Realtors outline the pros and cons of each property or neighborhood based on the client’s stated criteria, helping them to make an informed decision. 2. Facilitating Visits and Research: Property Tours: By arranging property tours and open houses, realtors allow clients to experience the properties firsthand and form their own opinions. Neighborhood Exploration: Realtors might suggest clients visit the neighborhood at different times of the day and week to get a feel for the community, traffic patterns, and noise levels. Handling Direct Questions About Preferences 1. Neutral Stance: Avoiding Bias: Realtors typically avoid sharing personal preferences to maintain neutrality and professionalism. They focus on providing factual information and facilitating the decision-making process. Professional Boundaries: They clearly explain that their role is to provide information and support rather than making personal recommendations. 2. Referring to Expert Opinions: Specialist Referrals: For specific concerns, such as school quality or safety, realtors might refer clients to experts or authoritative sources, such as local school boards or police departments. Addressing Ethical and Legal Considerations 1. Fair Housing Laws: Non-Discriminatory Practices: Realtors must adhere to fair housing laws and ensure that their advice and information do not discriminate based on race, color, religion, sex, handicap, familial status, or national origin. Ethical Standards: Professional ethics, such as those outlined by the Real Estate Council of Ontario (RECO), guide realtors to act with integrity and impartiality. 2. Transparency and Honesty: Disclosure Requirements: Realtors are legally required to disclose material facts about properties, such as known defects or hazards, ensuring clients have all necessary information to make informed decisions. Managing Expectations: They set realistic expectations about what each property and neighborhood can offer, based on objective criteria rather than personal bias. Conclusion Realtors navigate client questions about personal opinions or preferences by providing factual, objective information and encouraging clients to prioritize their own needs and preferences. They maintain professionalism and neutrality, adhere to ethical and legal standards, and facilitate a thorough decision-making process. This approach ensures clients are well-informed and empowered to make decisions that best suit their individual circumstances. Important Things to Consider When Selling Your Home Selling your home is a big deal, marking the start of new adventures—upsizing for family, downsizing for retirement, or chasing dreams. blog.remax.ca READ MORE ... Are home inspection conditions back in the cards? What buyers should know - National | Globalnews.ca Weighing whether to add an inspection condition to your offer? Here's what to expect from the process, and how it could impact one of the biggest financial decisions of your life. globalnews.ca READ MORE ... When it comes to mortgage rates, it pays to shop around - The Mortgage Gal Mortgage rules have changed and evolved over the years. castanet.net READ MORE ... Housing starts are going down in Ontario. The numbers are horrifying, but not mysterious | TVO Today OPINION: Interest rates and a shortage of skilled labour are hands down the biggest challenges we face in trying to get housing built. tvo.org READ MORE ... Allegations against mortgage brokerage shine harsh spotlight on sector A regulator’s allegations of mortgage fraud by Forest City Funding Inc. raise larger questions about the industry, an expert says lfpress.com READ MORE ... Ontario House Listings Up in Most Categories, Housing Starts Continue to Fall The Canadian housing market saw a slowdown in housing starts and residential home sales in April 2024, according to reports thedeepdive.ca READ MORE ... Spring should be a boom time for the housing market, it's not Waiting for the BoC to cut rates may be keeping a lid on prices too wealthprofessional.ca READ MORE ... 4 Things to Know When Facing Major Repairs or Renovations | In the News | Éducaloi During the past year, 3% of tenants experienced an eviction. Among the reasons invoked by landlords were major repairs or renovations. educaloi.qc.ca READ MORE ... Waiting for warmth: Housing sales slump as spring blooms Buyers now find themselves in a favourable position ca.finance.yahoo.com READ MORE ... Price Check: How about a Riverdale semi, an East York detached or a condo in Dufferin Grove? What can you get for under $1 million this spring? Three different neighbourhoods tell three different stories torontolife.com READ MORE ... The Home Equity Partners launches in the GTA to help homeowners unlock financial freedom The Home Equity Partners is a dynamic Canadian company offering an innovative new product called the Home Equity Sharing Agreement. This hassle-free product empowers homeowners to achieve their financial goals – without monthly payments, interest charges, or usage restrictions. renx.ca READ MORE ... Why Ontario's pace of new home construction is so slow right now, and is poised to get even slower | CBC News New home construction in Ontario has slowed to a pace not seen since 2018, putting Premier Doug Ford's government further off track from hitting its housing targets. cbc.ca READ MORE ... How much income do I need to qualify for a mortgage in Canada? - MoneySense The April 2024 data is in. Find out if your salary can buy you a home in these Canadian cities.  moneysense.ca READ MORE ... Best places to buy real estate in the Greater Toronto Area - MoneySense High interest rates made 2023 a relatively slow year for real estate in the GTA. But buying a home in these neighbourhoods remains a good investment. moneysense.ca READ MORE ... How real estate is taxed during a separation or divorce - MoneySense A couple owned two properties, and each person is taking one as part of their separation. What are the tax implications? moneysense.ca READ MORE ... Latest Canada inflation rate announced Could a Bank of Canada rate cut be set to follow? mpamag.com READ MORE ... ‘We need to occupy the house’: Ontario landlord says tenant won’t leave | Globalnews.ca A Brampton woman and her husband say they're out more than $22,000 in unpaid rent and can't occupy their home because a tenant has refused to leave after being asked to move. globalnews.ca READ MORE ... BoC may cut rates three times before US Fed acts, analysts say Central bank willing to let loonie weaken to tame inflation mpamag.com READ MORE ... Editor's Note "Welcome to my Newsletter Page! I am a professional Real Estate Agent in Toronto GTA with an Architectural background from India. With a unique combination of design and real estate knowledge, I am dedicated to helping clients find their dream home. My expertise in both fields allows me to understand the potential of a property and how to best showcase it to potential buyers. I am committed to providing excellent service and going above and beyond for my clients. Let me help you navigate the real estate market and find your perfect property in the Greater Toronto Area & Surroundings. Contact me today!" Click Here For Hot New Toronto Regional Real Estate Board [TRREB] MLS® Listings. Call | Email me for more Info on any GTA Listings, Buying, Selling, Investing or Homebuyer's queries. Click Here to View Listings like Real Estate Agents. Click Here For HOMES & CONDOS In Toronto. Click Here For PRE-SALE CONDOS in Toronto. How does Rent-To-Own Homes works? Click Here for Power of Sale Listings. Manoj Atri, REALTOR®  Experienced Toronto GTA Sales Representative with Architectural Background. My forte: Power of Sale | Bank Foreclosures | Fixer-Upper | Rent-To-Own Homes All types of Credits Low or Zero down With Bank Cash-Back + Cash For Renovations Info & Much More... Re/Max Hallmark Realty Ltd., Brokerage 401-685 Sheppard Ave E, Toronto ON M2K 1B6 Cell: [416] 275-2089 | Office: [416] 494-7653 | Email: Manoj@ManojAtri.com Websites:   Homebuyer Hub | ManojAtri.com | ManojAtri.ca SearchRealEstateInToronto.ca | Rent-To-Own Homes | ManojAtri.ReMaxHallmarkRealty.ca  Social Media: Facebook Profile • Blog • Pinterest • Tumblr Subscribe To My FREE Daily Curated Hot News Articles e-Newsletter! © Copyright 2023 ManojAtri.com All rights reserved. "Disclaimer: Articles in this newsletter are generated by AI." If you no longer wish to receive these Emails, please Unsubscribe Here