😱 15th Aug 2024 - B.C. Landlord Can Increase Rent 23.5% Because Of Variable Mortgage: Arbitrator!

💥 Thursday 15th August 2024 💥 Divorce And Real Estate - FREE Report! Toronto Real Estate Digest: Daily Hot Headlines! "Your Key to Successful Home Transactions: Free Reports & Hot Listings!" "Toronto Real Estate Digest: Daily Hot Headlines" brings you the essential highlights and top stories in the ever-evolving Toronto real estate market. Each day, we curate the most important news, trends, and expert insights to keep you informed and ahead of the competition. Whether you're a buyer, seller, investor, or industry enthusiast, our daily digest ensures you're always up-to-date with the hottest developments in Toronto's dynamic real estate landscape. Stay connected and informed with "Toronto Real Estate Digest: Daily Hot Headlines." What happens to the mortgage when going through a divorce in Toronto? When going through a divorce in Toronto, the handling of a mortgage can be a complex and sensitive matter. Here’s an overview of what typically happens to the mortgage during a divorce and the options available to both parties: 1. Joint Mortgage Responsibilities If both spouses are on the mortgage, they are both legally responsible for the payments, regardless of who stays in the home. Even after separation, both parties are expected to continue making mortgage payments unless the mortgage is refinanced or other arrangements are made. 2. Options for the Matrimonial Home Sell the Home: One common option is to sell the home and use the proceeds to pay off the mortgage. Any remaining equity can then be divided between the spouses according to the terms of the divorce settlement. Buy Out the Other Spouse: If one spouse wants to keep the home, they may buy out the other spouse's share of the equity in the home. This often requires refinancing the mortgage in the name of the spouse who will keep the property. Co-Ownership: In some cases, divorcing spouses may agree to continue co-owning the home, at least temporarily. This might occur if the couple has children and they want to maintain stability by keeping them in the family home. However, this arrangement can be complicated and typically requires clear agreements about how expenses will be handled. Transfer of Ownership: If one spouse is awarded the home in the divorce, they will need to refinance the mortgage into their own name, assuming they qualify for the new mortgage on their own. This relieves the other spouse of their financial responsibility for the mortgage. 3. Mortgage Refinancing Refinancing Requirements: If one spouse decides to keep the home, they will need to refinance the mortgage solely in their name. The lender will assess their ability to afford the mortgage on a single income, which might involve a thorough review of their income, credit history, and debt-to-income ratio. Challenges with Refinancing: Refinancing can be difficult if the spouse staying in the home doesn’t have sufficient income or credit to qualify for the mortgage on their own. In some cases, the couple may need to sell the property if refinancing is not an option. 4. Implications for Credit and Debt Credit Implications: If the mortgage is not refinanced and payments are missed during or after the divorce, both spouses’ credit scores can be negatively affected. It's crucial for divorcing spouses to stay on top of mortgage payments until the home is sold, or the mortgage is refinanced. Debt Division: In Ontario, matrimonial property is usually divided equally, which includes any debt associated with the home. However, this doesn’t automatically change the legal obligation to the lender, meaning the lender can still pursue either party for mortgage payments if they were both originally on the mortgage. 5. Legal Considerations Equalization of Net Family Property (NFP): In Ontario, the division of assets and debts, including the mortgage, is governed by the Family Law Act, which requires an equalization of net family property. This means that both spouses are entitled to an equal share of the increase in value of their assets during the marriage, including the matrimonial home. Separation Agreement: It’s advisable to have a separation agreement that outlines how the mortgage and property will be handled. This agreement should specify who will be responsible for mortgage payments and any other costs related to the home until the property is sold or transferred. 6. Seeking Professional Advice Legal Advice: It is essential to seek legal advice when dealing with mortgage issues during a divorce. A family lawyer can help you understand your rights and obligations and ensure that the separation agreement adequately addresses the mortgage and property division. Financial Advice: Consulting with a mortgage broker or financial advisor is also recommended to explore refinancing options or to understand the financial implications of selling or keeping the home. 7. Timing Considerations The timing of selling or refinancing the home can be critical. Market conditions, interest rates, and the stability of each spouse's income can all influence the best course of action. Careful planning and coordination between both parties and their legal and financial advisors can help ensure a smoother transition. Summary In summary, what happens to the mortgage during a divorce in Toronto depends on the decisions made by both spouses regarding the matrimonial home. Options include selling the home, buying out the other spouse, or refinancing the mortgage. Each option comes with its own set of legal, financial, and emotional considerations. It’s essential to work with professionals, including lawyers and mortgage brokers, to navigate these decisions effectively and protect both parties' interests during the divorce process. B.C. landlord can increase rent 23.5% because of variable mortgage: arbitrator Housing minister says his staff is reviewing the policy. biv.com Read Now ... Toronto still has a record glut of homes sitting on the market but prices are only going up Toronto's real estate market has been relatively dead in the water for some months compared to the city's usual red-hot reputation, but selling pri... blogto.com Read Now ... Charming Toronto house for sale at under $800,000 is an alternative to condo life There aren't a lot of nice, affordable houses in Toronto. In fact, finding one feels almost like winning the lottery.  But every now and again, you... blogto.com Read Now ... Bracing for impact: What the current market volatility means for mortgage brokers and borrowers - Mortgage Rates & Mortgage Broker News in Canada It's amazing what a couple of days can do to the human psyche. canadianmortgagetrends.com Read Now ... The after-effect of market lows: a drop in fixed mortgage rates - MoneySense Some investors might look at their portfolios, but Canadians getting a mortgage (or renewing one) should keep an eye on fixed mortgage rates. Here’s why. moneysense.ca Read Now ... Is a 30-year mortgage right for you? After qualifying, some Canadians will now be able to stretch their mortgage amortization over 30 years. But what's the catch? cbc.ca Read Now ... Sask. town offers developers $30K incentives to address housing shortage Angela AmatoRegina Leader-PostIn an attempt to achieve city status, the Town of Moosomin is offering $30,000 to those building homes in a community desp paherald.sk.ca Read Now ... Canada’s Real Estate Insolvencies On Track to Surpass 2009 Levels Canada's residential property development sector is experiencing a surge in insolvencies, with experts warning that this trend is likely to thedeepdive.ca Read Now ... Hot downtown deals not enough to lure retailers wary of government whims | CBC News There are still dozens of empty storefronts in Ottawa’s downtown core. Real estate agents say it means unheard of deals for retailers, but tenants are still wary of an area they view as risky. cbc.ca Read Now ... B.C. Realtor receives maximum penalty for misconduct related to assignment sales A Realtor and his personal real estate corporation have had their licences suspended for six months and been ordered to pay $16,000 to the BC Financial Services Authority over misconduct that occurred eight years ago. bc.ctvnews.ca Read Now ... More Ontario landlords are sharing tenant horror stories amid tribunal backlog It's difficult for anyone to keep a roof over their head in a city as expensive as Toronto, and even some residents who are lucky enough to own pro... blogto.com Read Now ... What Does Title Insurance Cover? Title insurance provides cover for buyers and lenders against losses or legal fees from disputes over the property title after purchase. blog.remax.ca Read Now ... Toronto’s Condo Market Is on Tenterhooks Values Appear Increasingly at Risk as Loans in Arrears Accrue and Foreclosures Loom costar.com Read Now ... As interest rates rise, small-time landlords look to sell off homes Higher interest rates have now started to force mom-and-pop investors in London to sell their properties as their mortgage costs go up. lfpress.com Read Now ... More than one-third of B.C. residents worried about rent, mortgage payments: poll Most British Columbians are dissatisfied with their current financial situation, with more than one-third of respondents to a recent survey saying they worry "frequently" or "occasionally" about being able to pay their rent or mortgage. bc.ctvnews.ca Read Now ... The top 12 cheapest places to live in Alberta Discover how Alberta offers affordable living compared to other Canadian provinces, with the top 12 cheapest places to live money.ca Read Now ... B.C. landlords allowed to impose massive rent hikes after mortgage payments spike Two B.C. landlords whose costs have skyrocketed – due to their variable-rate mortgage – have been allowed to impose huge rent hikes on their tenants to offset their financial losses. bc.ctvnews.ca Read Now ... Preparing for your mortgage renewal: Tips to ease the stress of higher payments - Mortgage Rates & Mortgage Broker News in Canada Millions of Canadian homeowners are facing mortgage renewals in the coming years, with many feeling stressed as they prepare for higher payments amid persistently elevated interest rates. canadianmortgagetrends.com Read Now ... These are the cheapest cities for Mississauga and Brampton residents to invest in | insauga Investing in real estate might seem out of the question for residents grappling with the high cost of living in major Ontario cities such as Mississauga, Brampton, Toronto and Burlington, but a recent report suggests that “rentvesting” isn’t that out of reach.  Furthermore, the report suggests that “rentvesting” can put a buyer in a better […] insauga.com Read Now ... Toronto Mortgage Delinquency Rate Doubles, Hits 8 Year High - Better Dwelling Toronto mortgage delinquencies are surging, doubling over the past year to hit the highest rate since 2016—and they're still climbing. betterdwelling.com Read Now ... 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

😮 14th Aug 2024 - Toronto Condo Sells At $320,000 Loss!

💥 Wednesday 14th August 2024 💥 Danger! 9 Buyer Traps - FREE Report! Daily GTA Real Estate Spark: Hot News Digest! "Navigate the Market: Free Home Reports & Latest Listings!" "Daily GTA Real Estate Spark: Hot News Digest" is your go-to source for the freshest updates and key insights in the Greater Toronto Area's real estate market. Every day, we ignite your inbox with the latest trends, must-know news, and expert analysis, helping you stay informed and ahead of the curve. Whether you're buying, selling, investing, or simply keeping an eye on the market, our hot news digest ensures you never miss a beat in the fast-paced world of GTA real estate. Stay lit with "Daily GTA Real Estate Spark." Are There Common Misconceptions or Myths About Home Buying Traps That Need to Be Addressed and Clarified? Yes, there are several common misconceptions and myths about home buying traps that can lead to misunderstandings or poor decision-making during the home buying process. Addressing and clarifying these myths is essential for buyers to make informed decisions. Here are some of the most prevalent myths and the realities behind them: 1. Myth: “A Low Price Always Means a Good Deal” Reality: A low asking price can sometimes be a red flag rather than a sign of a great deal. It could indicate underlying issues with the property, such as structural damage, legal complications, or location-related challenges. Buyers should always conduct thorough due diligence, including home inspections and title searches, before assuming that a low price equals a good deal. 2. Myth: “The Market Will Keep Rising, So It’s Best to Buy Now” Reality: While real estate markets can appreciate over time, they can also experience downturns. This myth can lead buyers to rush into a purchase without considering their long-term financial stability or the possibility of market corrections. It's crucial to buy a home based on personal financial readiness and long-term goals, not just market speculation. 3. Myth: “All Newly Renovated Homes Are Problem-Free” Reality: Just because a home has been recently renovated doesn’t mean it’s free of issues. Some renovations might be superficial or could have been completed to hide deeper problems. It’s essential for buyers to get a thorough home inspection, even if the home looks brand new or has undergone extensive renovations. 4. Myth: “You Can Always Negotiate a Lower Price” Reality: While negotiation is common in real estate transactions, it’s not always possible to negotiate a lower price, especially in a seller's market or with a highly desirable property. Buyers should be prepared for the possibility that their initial offer may need to be competitive, rather than being focused on getting a discount. 5. Myth: “Skipping the Inspection Saves Money” Reality: Skipping the home inspection to save money is a risky move. Home inspections can reveal hidden issues that could cost far more to repair in the long run than the upfront cost of the inspection. Even in competitive markets where waiving inspections might make an offer more attractive, it’s important to fully understand the risks before making that decision. 6. Myth: “Pre-Approval Guarantees a Mortgage” Reality: A mortgage pre-approval is not a guarantee of a final mortgage approval. Changes in a buyer’s financial situation, such as taking on new debt or changes in employment, can affect the final approval. Buyers should be aware of this and avoid making significant financial changes until after closing. 7. Myth: “If It’s on the Listing, It’s Accurate” Reality: While listings should be accurate, errors or omissions can happen. Buyers should verify key details such as property size, boundaries, and features independently, rather than relying solely on the listing information. 8. Myth: “It’s Best to Buy the Biggest House You Can Afford” Reality: Buying the biggest or most expensive house you can afford isn’t always the best strategy. Larger homes come with higher maintenance, utility costs, and potentially higher property taxes. It’s important to consider not just the purchase price but the long-term costs of ownership. 9. Myth: “You Don’t Need a REALTOR® If You’ve Done Your Research” Reality: While research is valuable, working with a skilled REALTOR® offers insights, negotiation expertise, and market knowledge that online research alone cannot provide. A REALTOR® can help identify potential traps and guide buyers through complex legal and contractual processes. 10. Myth: “Online Valuation Tools Provide Accurate Property Values” Reality: Online valuation tools can give a rough estimate of a property’s value, but they are not always accurate and can’t account for unique property features, local market conditions, or recent sales data. Buyers should consult with a REALTOR® or appraiser for a more accurate assessment. 11. Myth: “The Seller Must Fix Everything Found in the Inspection” Reality: While buyers can request repairs, sellers are not obligated to fix everything identified in an inspection. Negotiations may result in the seller agreeing to some repairs, offering a credit, or reducing the sale price, but it’s important for buyers to understand that not all requests may be accommodated. Addressing These Myths To avoid falling into these common traps, homebuyers should: Educate themselves on the realities of the market. Rely on professional guidance from experienced REALTORS®, inspectors, and mortgage advisors. Approach the home buying process with a balanced perspective, understanding that while opportunities exist, so do risks that need to be managed carefully. By being aware of these myths and taking a proactive approach to debunk them, buyers can better navigate the complex landscape of real estate and make more informed, confident decisions. Toronto condo sells at $320,000 loss A 37th-floor luxury condo in the heart of Toronto’s entertainment district that sold for a $320,000 loss is an example of a condo market that hasn’t been this tough in decades, Realtors and observers say. toronto.ctvnews.ca READ MORE ... Dozens Of Families Receive Renoviction Notices For Apartments In Lindsay KAWARTHA LAKES-Susan Lamoureaux has lived at 201 Lindsay Street South for 13 years. Five of her grandchildren live there with her. She says when she received an eviction notice last week it sent her into a panic. "I was crushed. I've been here a long time, I might choke up here. I've got five kid kawartha411.ca READ MORE ... Rent growth across Canada slowest in 2 years, report says - National | Globalnews.ca Average asking rents for all residential property types in July were up by 5.9 per cent compared with this time last year, a new report says. globalnews.ca READ MORE ... Canada's Best Affordable Places to Live - Macleans.ca Ten cities on the rise where you can still buy a house for less than $700,000 macleans.ca READ MORE ... Greater Toronto home sales ticking downward despite interest rate drops: TRREB The Toronto Regional Real Estate Board says home sales in July were up from last year but down from a month earlier, despite a jump in listings. cp24.com READ MORE ... This opulent $11 million Toronto mansion has an entire room lined with velvet When you live near Toronto's iconic Casa Loma, a literal castle, it's hard to compete with the luxury and opulence.  But 100 Ardwold Gate gives the... blogto.com READ MORE ... Real estate in Waterloo Region: Home sales and prices increased in July Home sales in the Region of Waterloo jumped 4.6 per cent in July 2024. kitchener.ctvnews.ca READ MORE ... Home sales in the GTA up in July with plenty of housing bargains in Oshawa and Durham - INdurham | Local Online News Home sales in the GTA climbed by 3.3 per cent last month from a year ago, with more new listings and a huge uptick in active listings giving buyers more options and a slight decrease in average selling prices. The numbers are courtesy of the Toronto Regional Real Estate Board (TRREB), which show new listings […] durham.insauga.com READ MORE ... Market volatility could drive some mortgage rates lower. Here’s why - National | Globalnews.ca Recent market volatility could serve to drive fixed-rate mortgages lower ahead of the fall housing market. Here's what homebuyers and owners should know. globalnews.ca READ MORE ... Home prices, sales dip in London-St. Thomas for July, but new listing numbers stable | CBC News Home sales and prices in the London and St. Thomas area dipped slightly in July, while the number of new listings remained steady compared to the previous month, new local figures show. cbc.ca READ MORE ... Weakening job market was on BoC's mind as it cut interest rates, summary suggests The Bank of Canada wants the economy to pick up speed again and some members of its governing council are concerned that weak job market conditions could hinder that process. ctvnews.ca READ MORE ... Rent increase of 23.5% approved for landlord: RTB Are the high interests rates of the last few years a reason to allow landlords the ability to increase rents above the allowable limit? vancouver.citynews.ca READ MORE ... Mississauga resale condo inventory hits 9-year high in July as prices remain mostly flat While inventory is very high, the added supply on the market hasn’t translated to lower prices, with an average sale price of $631,810 for apartment condos in Mississauga last month. mississauga.com READ MORE ... When Will the Bank of Canada Next Lower Interest Rates? With inflation improved and growth softening, a series of rate cuts seems in the cards. morningstar.ca READ MORE ... Experts say Toronto real estate prices are finally going to drop later this year Even if realtors insist that home prices in and around Toronto are on the verge of another spike, after months of unprecedentedly low activity and ... blogto.com READ MORE ... Toronto house for sale was designed by team who built the Royal Conservatory of Music Tucked away on one of Rosedale's tree-lined streets, behind some grand gates, is 21 Elm Ave. This architectural masterpiece, named Percival Leadlay... blogto.com READ MORE ... Canada Has A Supply Problem—Youth Unemployment: BMO - Better Dwelling One of Canada’s largest banks is finally willing to admit there’s a supply problem, but it’s not the one you think. BMO wrote to investors today, warning that Canada’s youth (15-24 years old) unemployment rate is surging much faster than anyone anticipated. The crisis-style growth has left 1 in 7 young adults struggling to find […] betterdwelling.com READ MORE ... International students not to blame for Canada's housing crisis, says study Researchers highlight cohort's vulnerability in the housing market mpamag.com READ MORE ... Investors continue to struggle in challenging Toronto condo market Experts note market is facing ‘biggest test’ since 1991 recession mpamag.com READ MORE ... Are homeowners ready for mortgage renewals at higher rates? Rates are falling – but is it enough? 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