🕒 12th Sep 2024 - Is this a good time to buy a home in Canada?

💥 Thursday 12th September 2024 💥 Divorce And Real Estate - FREE Report! GTA Real Estate Daily: Hot Headlines! "Empower Your Home Journey: Expert Reports & Exclusive Listings!" "GTA Real Estate Daily: Hot Headlines" offers a snapshot of the latest market-moving stories, trends, and news from the Greater Toronto Area's real estate scene. Get the most up-to-date information on property listings, market shifts, investment opportunities, and expert opinions delivered to you daily. Stay informed and gain an edge in navigating the ever-evolving GTA real estate market. What Are the Lesser-Known Legal Implications of Divorce on Toronto GTA Ontario Real Estate Ownership? Divorce can have significant legal implications for real estate ownership in Toronto and the Greater Toronto Area (GTA), which are often lesser-known and can lead to complications if not properly addressed. Here are some of the key legal considerations for divorcing couples regarding real estate in Ontario: 1. Equalization of Net Family Property Under Ontario’s Family Law Act, when a couple divorces, they are subject to an equalization of net family property. This means that each spouse is entitled to an equal share of the increase in value of property acquired during the marriage, including real estate. Even if the family home (also called the matrimonial home) was owned by one spouse prior to the marriage, the increase in its value during the marriage must be shared equally. Example: If one spouse owned a house before the marriage, and it appreciated in value during the marriage, the other spouse is entitled to a portion of that increase in value upon divorce, regardless of whether they contributed financially to the property. 2. Matrimonial Home In Ontario, matrimonial homes are treated differently than other properties during a divorce. A matrimonial home is defined as any property that was ordinarily occupied by the couple as their family residence during the marriage. Both spouses have equal rights to the matrimonial home, regardless of whose name is on the title. This can complicate decisions about who stays in the home or whether the property should be sold. Exclusive Possession: Even if one spouse’s name is not on the title, both have the right to live in the matrimonial home until the divorce is finalized. A court can grant one spouse exclusive possession, meaning the other spouse must move out, but this decision is usually based on what is in the best interest of any children involved. Example: If only one spouse legally owns the home, the other spouse may still have a legal right to stay in the home until the divorce is finalized or a court makes a ruling on exclusive possession. 3. Selling the Matrimonial Home If neither spouse wants to keep the matrimonial home or cannot afford to buy out the other’s interest, selling the home is a common option. However, both parties must agree on the sale unless a court orders otherwise. Disputes can arise if one spouse wants to sell and the other doesn’t, or if they disagree on the sale price. If the home is sold, the proceeds are typically divided equally after any debts on the property (such as the mortgage) are paid off. However, any agreements about the division of sale proceeds should be clearly documented in a separation agreement. Example: A spouse who refuses to sell or cooperate can cause delays, and legal action may be required to force the sale. This can increase legal fees and lengthen the process. 4. Mortgage and Debt Responsibility During divorce, both spouses may remain jointly responsible for the mortgage on the matrimonial home, even if one spouse moves out. If both names are on the mortgage, both are legally obligated to continue making payments until the property is sold or the mortgage is transferred to one party. Refinancing and Buyout: If one spouse wishes to keep the home, they will likely need to refinance the mortgage to buy out the other spouse’s share of the equity. Lenders will need to assess whether the spouse taking over the mortgage has the financial capacity to do so on their own. If refinancing is not possible, selling the home may be the only option. Example: If both spouses remain on the mortgage but one stops making payments, it could impact both parties’ credit scores, making future financing more difficult. 5. Impact of Property Settlement on Taxes There are tax implications to consider when transferring ownership of real estate between spouses. In most cases, transfers of the matrimonial home between spouses during a separation or divorce are exempt from capital gains tax. However, if there are multiple properties, such as a second home or investment property, there could be tax liabilities if those properties are transferred as part of the settlement. Primary Residence Exemption: The primary residence is usually exempt from capital gains tax, but if one spouse takes over a second property, such as a vacation home, they could be responsible for capital gains tax on its future sale. Example: If one spouse keeps the matrimonial home and the other keeps a vacation property, the spouse with the vacation home may face a capital gains tax when they sell it, while the spouse with the matrimonial home typically would not. 6. Separation Agreements and Property Division A separation agreement is a legally binding document that outlines how assets, including real estate, will be divided between the divorcing spouses. It’s essential to get legal advice before signing a separation agreement, as the decisions made in this document are often final and can be difficult to change later. Both parties should work with their lawyers to ensure the agreement is fair, addresses property division, and includes any necessary provisions for real estate transfers, spousal buyouts, or the sale of the home. Example: If a separation agreement specifies that one spouse will stay in the home until a certain date (e.g., when the children finish school), the agreement should outline who is responsible for mortgage payments and maintenance during that period. 7. Title Changes and Legal Documentation Once the division of the matrimonial home or other properties is agreed upon, the title of the property must be updated to reflect the change in ownership. This requires legal documentation, including the Land Transfer Tax form, which is generally exempt for transfers between spouses as part of a divorce settlement. Failure to properly update the title can lead to future disputes or complications in selling the property. Example: If the title is not changed and the ex-spouse remains listed as a co-owner, they may retain legal rights to the property even after the divorce is finalized, leading to potential conflicts in the future. 8. New Partner or Spouse Considerations If one or both parties enter into a new relationship or remarry, there are additional legal considerations for real estate ownership. If a new partner moves into the matrimonial home before it is sold, this could complicate matters and even affect court decisions regarding exclusive possession or division of property. Conclusion: Divorce in Toronto and the GTA can have complex legal implications for real estate ownership, especially when it comes to equalization of property, the matrimonial home, mortgage responsibilities, and tax considerations. To protect their rights and interests, divorcing couples should seek legal advice and carefully negotiate their separation agreements. Ensuring compliance with Ontario’s property laws and understanding the potential financial impacts can help mitigate complications and future disputes. Is this a good time to buy a home in Canada? - MoneySense Economists expect interest rates to keep falling. So we asked four experts if now is the ideal time to get into the real estate market. moneysense.ca Read Now ... Vancouver still most expensive place to rent in Canada Rental rates are down for the ninth straight month in Vancouver compared to a year ago, but that trend may be changing. vancouver.citynews.ca Read Now ... When working with a financial advisor, understand what fees you’re paying - MoneySense Financial advisors have different investing styles and fee structures. Here’s how to choose the right planner for your needs and goals. moneysense.ca Read Now ... As the Canadian real estate industry transforms with new models, how do agents and teams fit in? Discover new models shaking up Canada's real estate industry and why some agents prefer original ways of doing business realestatemagazine.ca Read Now ... Homebuyers and sellers prepare to weather a rocky fall Jagmeet Singh’s decision to end the NDP’s agreement with the Liberals brings uncertainty about a fall election just as buyers and sellers were starting to feel more confident about the market headtopics.com Read Now ... 'Predatory' behaviour: Realtor manipulated client into selling her house, B.C. regulator finds A B.C. Realtor manipulated a client with whom he had a close personal relationship into selling her home, the provincial real estate regulator has found, in a ruling that describes the misconduct as "predatory." bc.ctvnews.ca Read Now ... High borrowing costs, record condo completions lead to oversupply in Toronto area | Globalnews.ca GTA real estate watchers say the combination of high interest rates and an uptick in new condo units coming online has led to an oversupply that will take time to balance out. globalnews.ca Read Now ... Real estate brokers suspended for using bogus bids to drive up Quebec home prices - Montreal | Globalnews.ca One buyer ended up paying $40,000 more than his initial offer in 2022 after the two real estate agents allegedly concocted a second bid on the house he wanted to buy. globalnews.ca Read Now ... Liberty Village Rental Tower Approved for 44 Storeys at Heritage Warehouse | UrbanToronto The Ontario Land Tribunal has approved a settlement for 80 Lynn Williams Street in Toronto's Liberty Village. Designed by gh3 for Collecdev-Markee Developments and Shiplake Management Company, the rental building will stand 44 storeys, include a daycare and some affordable units, and incorporate a heritage warehouse. urbantoronto.ca Read Now ... Rent increases in smaller markets outweigh declines in big cities in August: report TORONTO — A new report says August rental rates fell in some of Canada's largest and priciest markets to continue a months-long trend, while prices rose in smaller markets. The report from Rentals. biv.com Read Now ... Vancouver still most expensive place to rent in Canada Rental rates are down for the ninth straight month in Vancouver compared to a year ago, but that trend may be changing. vancouver.citynews.ca Read Now ... Windsor has a rent program that helps keep people housed. Its budget is up 300% since 2022 | CBC News A city program that helps cover first and last month's rent or back rent for people facing an eviction will likely come in half a million dollars over budget this year.  cbc.ca Read Now ... Calgary's rental market cools for 1st time in more than 3 years The average rental price in Calgary dropped by 1 per cent year-over-year in August, according to the most recent report from Rentals.ca. calgary.citynews.ca Read Now ... Man and woman arrested after renting Toronto property, allegedly refusing to pay Police have arrested a man and woman after an alleged rental scam in Toronto. toronto.ctvnews.ca Read Now ... Rents in Oshawa on the decline - National Rent Report - INdurham | Local Online News While rents across most of the country are on an upward spiral, housing expenses in Oshawa continue to decline, making it a good time for renters and not so much for landlords in the Motor City. The one bright side for investors looking to maximize their return is the drop of $155 a month for […] durham.insauga.com Read Now ... Rent is actually getting cheaper in Ontario as prices in other provinces surge While some parts of Canada saw the lowest rent increase in recent years, the nation's priciest provinces got a whole lot cheaper. A new report by R... blogto.com Read Now ... Canada Saw The Share of Households Struggling To Make Ends Meet Jump 50% - Better Dwelling The struggle is real, according to nearly a third of Canadian households. This morning Statistics Canada (Stat Can) released the 2022 Canadian Housing Survey, a bi-annual window into the cost of living across the country. The latest findings reveal that both renters and homeowners are increasingly struggling. Renters were most likely to report financial difficulty, […] betterdwelling.com Read Now ... Canada rent growth finally slows as new housing eases pressure Rent growth decelerates to lowest level in nearly three years mpamag.com Read Now ... How worrying is Canada's economic slowdown? Inflation is down – but unemployment is up and the labour market is cooling mpamag.com Read Now ... Top cities for Torontonians to ‘rentvest’ in + smart strategies to build equity in today’s market Explore the strategy of "rentvesting" for Torontonians seeking affordable property and income generation... realestatemagazine.ca 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 | 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

🧭 11th Sep 2024 - Helping First-Time Buyers Navigate the Complex World Of Condominiums!

💥 Wednesday 11th September 2024 💥 Danger! 9 Buyer Traps - FREE Report! Toronto Real Estate Hot News: Daily Updates! "Your Path to Real Estate Success: Free Reports & Latest Listings!" "Toronto Real Estate Hot News: Daily Updates" delivers the latest insights, trends, and breaking developments in Toronto's dynamic real estate market. Stay updated on new listings, price changes, neighborhood shifts, and expert analysis to help you navigate the market with ease. Whether you're buying, selling, or investing, these daily updates will keep you ahead of the game in Toronto's competitive housing market. In What Ways Can Emotional Factors, Such as Pressure to Buy Quickly, Lead Buyers into Traps That Could Have Been Avoided? Emotional factors, such as pressure to buy quickly, can significantly influence buyers and lead them into avoidable traps. Here are a few ways emotional pressure can result in poor decision-making during the home buying process: 1. Overlooking Red Flags When buyers feel pressured to act quickly—whether due to fear of missing out (FOMO) on a "hot" property or because of a seller's deadline—they might rush through key steps, such as reviewing disclosures or conducting thorough inspections. This can result in ignoring critical issues with the property, such as structural problems, zoning violations, or major repairs, which could become costly after the purchase. Example: A buyer may skip the home inspection or settle for a less-detailed inspection because they fear losing the home to another buyer. This could lead to missed issues, such as plumbing problems or foundation damage, that could have been deal-breakers if discovered earlier. 2. Overpaying for the Property Under emotional pressure, especially in a competitive market, buyers may end up bidding more than they can comfortably afford, driving the purchase price above market value. This can leave buyers overleveraged, with a mortgage that's difficult to manage, or in a negative equity situation if property values fall. Example: In a bidding war, a buyer may push their offer beyond their pre-approved budget to secure the property, without fully considering the long-term financial implications. As a result, they may face financial strain or need to make compromises on other aspects of their lifestyle to afford their mortgage payments. 3. Making Decisions Without Adequate Research Emotional pressure to act fast can reduce the amount of time buyers spend researching the neighborhood, schools, commute times, or future development plans. This lack of due diligence can lead to dissatisfaction with the location or unexpected challenges down the road, such as higher property taxes, changes in zoning laws, or neighborhood decline. Example: A buyer may prioritize securing a home quickly and overlook researching the future development of nearby land, which could later result in new construction projects affecting their property’s privacy or resale value. 4. Compromising on Important Features Feeling the need to buy quickly can push buyers to make compromises on essential features that they originally wanted in their home, such as the number of bedrooms, yard space, or layout. Over time, these compromises may lead to buyer’s remorse, as they realize the home doesn't fully meet their needs or lifestyle. Example: A buyer may purchase a smaller home without sufficient room for future family growth because they feel pressure to close quickly. As their family grows, they may find the home unsuitable, leading to the need for an earlier-than-expected move. 5. Not Negotiating Properly Emotional urgency can make buyers less willing or less prepared to negotiate effectively with the seller. They may accept the initial terms offered without pushing back on key items such as repair credits, closing costs, or the final sale price. This could lead to paying more or accepting unfavorable terms. Example: A buyer may accept an "as-is" condition from the seller without negotiating for repairs or a reduction in price because they are eager to secure the property. Later, they might discover significant repair costs they could have avoided or negotiated if they had taken more time. 6. Ignoring Market Conditions Emotional decision-making can cause buyers to ignore key market trends, such as whether the market is favoring buyers or sellers. When buyers rush, they may not consider waiting for better market conditions or the seasonal fluctuations in real estate, which could allow for better deals or negotiation power. Example: A buyer might purchase a home at the peak of the market out of fear of rising prices, only to face a market downturn shortly after, reducing the home’s value and their investment. 7. Not Thinking Long-Term Pressure to buy quickly can cloud long-term financial planning. Buyers may focus solely on the short-term gain of securing a home but neglect the long-term implications, such as future resale value, potential for appreciation, or the ability to afford ongoing maintenance and repairs. Example: A buyer may focus on finding a home that fits their immediate needs but overlook considerations such as future career changes, aging parents who may need care, or the cost of ongoing maintenance, leading to dissatisfaction or financial strain later on. Conclusion: Emotional pressure to buy quickly can lead buyers into avoidable traps such as overpaying, overlooking issues, compromising on key features, or failing to negotiate effectively. To avoid these pitfalls, it's important for buyers to take their time, conduct proper due diligence, and seek professional advice from a REALTOR® to ensure they make informed, rational decisions rather than emotional ones. Helping first-time buyers navigate the complex world of condominiums Learn how to make the condo-buying process easier for first-timers, from pre-purchase documents to navigating multi-family living realestatemagazine.ca READ MORE ... Why can’t Canada build more homes?: Daniel Dorman in National Newswatch | Macdonald-Laurier Institute The housing crisis in Canada is going from bad to worse. macdonaldlaurier.ca READ MORE ... Vancouver Real Estate Prices Slip As Sales Fall 26% Below 10-Year Average - Better Dwelling Greater Vancouver real estate’s luck might be running out. Greater Vancouver Realtors (GVR) data shows the price of a composite home slipped in August. The market has managed to avoid the significant correction seen in other major markets, but things are suddenly heading in the wrong direction. Fewer sales and rising inventory is helping to […] betterdwelling.com READ MORE ... Thirty-year mortgages won’t solve crisis - Meridian Source The Canadian government introduced 30-year mortgages in August this year in an effort to make owning a home easier for younger Canadians. meridiansource.ca READ MORE ... A cute little one-bedroom laneway house in Toronto is selling for $800,000 Right now the average price of a detached house in Toronto is $1,097,300 and requires you to earn a salary of at least $208,950 a year. But that's ... blogto.com READ MORE ... Edmonton a seller's market with a lot of new construction in the works, realtor says The Bank of Canada’s latest cut to its key interest rate — the agency’s third consecutive cut since June to 4.25 per cent — has raised questions about how the move might affect Edmonton’s housing market . John Carter, a broker and owner at Re/Max River City, sat down with Postmedia to discuss what buyers and sellers should expect and which areas of the market are doing well. The interview has been edited for length and clarity. What does the... msn.com READ MORE ... Fall housing market could be ripe for 1st-time buyers. Here’s why | Globalnews.ca Falling interest rates are setting the stage for a stronger autumn real estate market, experts say. But some also caution that prices may still decline in certain segements. globalnews.ca READ MORE ... Canadians leading foreign buyers in U.S. real estate market Canada has surpassed China as the leading buyer of real estate in the United States when it comes to foreign buyers, a new report has found. A recent report from RBC revealed that Canada leads all out-of-country buyers in the U.S. amid the slowest period for foreign buyer activity in the past 15 years. The report author cited National Association of Realtors’ annual survey, which revealed transactions involving international clients totalled $42... msn.com READ MORE ... Rate cuts have yet to budge GTA housing market: RBC While the Bank of Canada may be lowering interest rates, the move is not having an immediate effect on Canada‘s housing market, an economist at one of Canada’s biggest banks says. toronto.ctvnews.ca READ MORE ... Rent increases in smaller markets outweigh declines in big cities in August: report A new report says August rental rates fell in some of Canada's largest and priciest markets to continue a months-long trend, while prices rose in smaller markets. cp24.com READ MORE ... Year-over-year rent prices fell in some big cities in August — and smaller markets got more expensive | CBC News A new report says August rental rates fell in some of Canada's largest and priciest markets to continue a months-long trend, while prices rose in smaller markets. cbc.ca READ MORE ... Here's how much it costs to rent an apartment in Ottawa The National Rent Report from Rentals.ca and Urbanation shows the average rent for a one-bedroom apartment in Ottawa was $2,044 last month, up from $2,020 a month in July. ottawa.ctvnews.ca READ MORE ... Average rent in Canada up 3.3% in August on annual basis: report | Advisor.ca Rent increases in smaller markets outweighed declines in big cities advisor.ca READ MORE ... Average Canadian apartment rent up by 6.2 per cent from 2023: report Rent prices continue to rise, but mainly for apartments. According to a report from Rentals.ca and Urbanation, the average asking rent for Canadian residenti durhamradionews.com READ MORE ... Vancouver Real Estate Prices Slip As Sales Fall 26% Below 10-Year Average - Better Dwelling Greater Vancouver real estate’s luck might be running out. Greater Vancouver Realtors (GVR) data shows the price of a composite home slipped in August. The market has managed to avoid the significant correction seen in other major markets, but things are suddenly heading in the wrong direction. Fewer sales and rising inventory is helping to […] betterdwelling.com READ MORE ... Canada Saw The Share of Households Struggling To Make Ends Meet Jump 50% - Better Dwelling The struggle is real, according to nearly a third of Canadian households. This morning Statistics Canada (Stat Can) released the 2022 Canadian Housing Survey, a bi-annual window into the cost of living across the country. The latest findings reveal that both renters and homeowners are increasingly struggling. Renters were most likely to report financial difficulty, […] betterdwelling.com READ MORE ... Ontario named dead last among best Canadian provinces for homebuyers Ontario was just named the least desirable province in all of Canada for future homebuyers amid runaway home prices compared to other locations in ... blogto.com READ MORE ... Developer receiverships in Ontario have skyrocketed by a worrying 50% since last year New home construction in and around Toronto has waned to a flicker as developers struggle to find buyers, especially in the condo market, where sal... blogto.com READ MORE ... Pharmaceutical giant trying to stop Toronto condos citing 'risk to security' A French pharmaceutical company has been trying to stop a proposed condo development near its Toronto campus by arguing that the nearby residential... blogto.com READ MORE ... Laneway construction financing: What opportunities could it offer for brokers? Supply shortage could see those home types become more prominent 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 | 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