⏳ 11th Oct 2024 - Homeownership in Canada is Slipping Away!

💥 Friday 11th October 2024 💥 Toronto Real Estate Fixer Upper - Myths & Facts! Daily Hot Picks: GTA Real Estate News! "Empower Your Real Estate Choices: Free Reports & Fresh Listings!" "Daily Hot Picks: GTA Real Estate News" delivers a curated selection of the most exciting and impactful updates from the Greater Toronto Area real estate market. Every day, we highlight top property listings, emerging trends, and expert insights to help you stay informed and make smart real estate decisions. Whether you're buying, selling, or investing, our daily picks offer you the essential knowledge to navigate the ever-changing GTA real estate landscape with confidence. Stay connected with "Daily Hot Picks: GTA Real Estate News." How Do Zoning Regulations, Building Codes, and Permit Requirements Impact the Feasibility and Success of Fixer Upper Renovations? Zoning regulations, building codes, and permit requirements play a critical role in determining the feasibility and success of fixer-upper renovations. Understanding these regulations is essential for homeowners and investors looking to renovate properties. Here’s how each factor impacts the renovation process: 1. Zoning Regulations Definition: Zoning regulations dictate how land can be used and specify what types of structures can be built or modified in certain areas. They can affect property use, density, height, and the types of renovations allowed. Impact on Renovations: Use Restrictions: Zoning laws may restrict the type of renovations allowed based on the property's zoning classification (e.g., residential, commercial, mixed-use). For instance, converting a residential property into a multi-family unit may not be permitted in certain zones. Setback and Height Requirements: Zoning regulations often include requirements for setbacks (how far a building must be from property lines) and maximum height restrictions. These rules can limit the extent of renovations or additions that can be made to the property. Variances: If a desired renovation conflicts with zoning regulations, homeowners may need to apply for a variance, which can be a lengthy and uncertain process. Obtaining a variance can also involve public hearings, which may affect the timeline and success of the project. 2. Building Codes Definition: Building codes are sets of regulations that govern the construction and alteration of buildings to ensure safety, health, and general welfare. They address structural integrity, fire safety, plumbing, electrical systems, and more. Impact on Renovations: Compliance Requirements: Renovations must comply with current building codes, which can change over time. For example, an older property may need to be brought up to modern standards when undergoing significant renovations, potentially increasing costs. Safety Standards: Building codes establish safety standards for electrical work, plumbing, and structural elements. Failure to adhere to these codes can lead to safety hazards and may result in fines or required demolition of unpermitted work. Inspections: Most renovations will require inspections by local authorities to ensure compliance with building codes. This process can add time to the renovation project and may require adjustments to plans if issues are identified. 3. Permit Requirements Definition: Building permits are official approvals issued by local governments that allow homeowners to proceed with construction or renovation projects. They ensure that the work complies with zoning regulations and building codes. Impact on Renovations: Approval Process: Obtaining permits can be a lengthy process that requires submitting detailed plans and documentation. Homeowners need to factor in the time required to secure these permits before starting work. Cost Considerations: Permit fees can add to the overall renovation budget. It’s essential to include these costs in financial planning for the renovation project. Enforcement and Penalties: Failing to obtain the necessary permits can lead to penalties, fines, and the possibility of having to undo or modify work that has already been completed. This can create significant setbacks and additional expenses. 4. Overall Project Feasibility Assessing Renovation Goals: Understanding zoning, building codes, and permit requirements helps homeowners assess the feasibility of their renovation goals. Some projects may be impractical or impossible due to regulatory constraints. Budget and Timeline Impacts: Regulations can affect both the budget and timeline of renovation projects. Homeowners should account for potential costs related to obtaining permits, paying for inspections, and complying with building codes. Risk Management: Knowledge of local regulations can help mitigate risks associated with renovations. Being informed about what is permitted can prevent costly mistakes and ensure that projects proceed smoothly. 5. Long-Term Considerations Future Property Value: Renovations that comply with zoning regulations and building codes can enhance property value and marketability. Conversely, unpermitted or non-compliant work can lead to complications during future sales. Neighborhood Compatibility: Ensuring that renovations align with local zoning and building codes helps maintain neighborhood aesthetics and property values, benefiting the community as a whole. Conclusion Zoning regulations, building codes, and permit requirements significantly impact the feasibility and success of fixer-upper renovations. By understanding and navigating these regulations, homeowners can plan more effectively, avoid potential pitfalls, and enhance the value of their investment. Consulting with local authorities, experienced contractors, or real estate professionals can provide valuable guidance in ensuring that renovations meet all necessary legal and safety standards. Opinion: Homeownership in Canada is slipping away Renters still want to buy a home, but saving for a down payment would take years or even decades. sasktoday.ca Read More ... How will the mortgage industry handle FINTRAC's new regulations? October 11 marks the first day of the stricter oversight mpamag.com Read More ... Rents Rise Across Canada For Fifth Consecutive Month Rental costs across Canada continue to rise, with the average asking rent across the country now at $2,193 per month. A new report from Urbanation shows that average asking rents throughout Canada in September of this year rose 2.1% from a year ... baystreet.ca Read More ... N.B. election: Tenants' rights group presses parties to impose cap on rent increases - Mortgage Rates & Mortgage Broker News in Canada With New Brunswick's provincial election approaching, a housing advocacy group is calling on the next government to strengthen tenants' rights, particularly through caps on rent increases. canadianmortgagetrends.com Read More ... Atlantic Canada home prices among the highest in the past three months: Royal LePage New real estate numbers show Atlantic Canada has seen some of the highest increases in home prices in the past three months compared with the previous three. atlantic.ctvnews.ca Read More ... Rents rise 2.1% in September, marking fifth straight monthly slowdown: report | Barrie 360 Rents rise 2.1% in September, marking fifth straight monthly slowdown: report barrie360.com Read More ... The lowest priced three-bedroom home in Toronto is still over $800,000 It's scary to think that even in this dumpster fire of a housing market, the best you can do if you're looking for a three-bedroom home in Toronto is… blogto.com Read More ... Toronto's condos are so unliveable that The New York Times is talking about them | Urbanized Investors have had such an impact on Toronto's condo landscape that even "The New York Times" is writing about it. dailyhive.com Read More ... Home sales, new listings surge in Grey-Bruce in September The 257 homes that sold through the MLS System of the Realtors Association of Grey Bruce Owen Sound in September was almost 43 per cent higher than sales during the same month in 2023. owensoundsuntimes.com Read More ... Advocacy groups calls for rent cap, more power for tenants In a new report on the housing crisis in New Brunswick, advocacy groups call on all political parties to beef up tenants' rights. Among the recommendations in the report by the New Brunswick Coalition for Tenants' Rights — released Thursday — is one for rent control. To make sure political candidates get the message, copies of the 44-page report, titled Without Protection: An Examination of New Brunswick's Rental Housing Crisis, will be sent directly to all political parties, said report lead au ca.news.yahoo.com Read More ... New actions announced to encourage building of secondary suites, more homes in Canada The federal government introduced a number of measures related to housing on Tuesday, which include measures for homeowners wanting to add a secondary suite, taxing vacant land and building homes in place of underused federal properties. ctvnews.ca Read More ... Concordia research shows Montreal rents to skyrocket by 2032 Renting a two-bedroom apartment in Montreal will cost, on average, $4,325 per month in 2032 – an increase of nearly 106% in nearly a decade. montreal.citynews.ca Read More ... Condo inventory growing as sellers anticipate demand rebound: Re/Max report TORONTO — Condo inventory is on the rise in most major Canadian markets as more sellers are listing their properties in anticipation of growing demand from buyers, a new report says. timminstoday.com Read More ... Canadian homeowners 75+ more financially stable, well-connected & purpose-driven than 50-somethings Uncover the key to happiness for Canadian homeowners. Find out why those aged 75 and over are more satisfied compared to those in their 50s realestatemagazine.ca Read More ... Fort Erie to let the market decide short-term rental numbers Councillors vote to lift ‘arbitrary’ 250 per year licence cap niagarathisweek.com Read More ... Average cost to rent an apartment in Ottawa drops in September A new report from Rentals.ca and Urbanation shows the average cost to rent an one-bedroom apartment was $2,042 a month in September, down from $2,044 a month in August. ottawa.ctvnews.ca Read More ... Canada's rent growth slows to 2%, lowest rate since October 2021 - Indo-Canadian Voice Slowdown in rent increases aligns with a significant reduction in non-permanent residents entering Canada   AVERAGE asking rents for all residential property types in Canada increased by 2.1% year-over-year in September, reaching an average of $2,193 per month, according to Rentals.ca and Urbanation’s latest National Rent Report. This marks the smallest annual rent growth since October 2021. The annual rate […] voiceonline.com Read More ... Rent prices declining in GTA, from high-end Toronto to more 'affordable cities like Oshawa and Hamilton - report | INdurham Average asking rents for all residential property types in Canada increased by 2.1 per cent year-over-year in September, reaching an average of $2,193 per month – the smallest annual rent growth since October 2021. The annual rate of rent growth, according to Rentals.ca and Urbanation’s latest National Rent Report has slowed for five consecutive months, significantly down from May’s nine […] durham.insauga.com Read More ... Toronto duplex going for under $900,000 could be converted into cash cow for new owners Looking for a home in Toronto that's brimming with potential and won't break the bank?  95 Rogers Rd. is a detached three-bedroom home listed for onl… blogto.com Read More ... Toronto has so many condos up for sale that it's becoming a buyer's market Toronto is not known as a kind place for aspiring homeowners to settle down, with soaring prices, bidding wars, investor prevalence and a general sen… blogto.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 & Podcasts in this newsletter are generated by AI." If you no longer wish to receive these Emails, please Unsubscribe Here

🛠️ 10th Oct 2024 - Canadian Taxpayers To Back Turning “Basements or Garages” Into Rentals!

💥 Thursday 10th October 2024 💥 Divorce And Real Estate - FREE Report! GTA Real Estate Today: Hot Market Watch! "Navigate Home Success: Free Reports & Coveted Listings!" "GTA Real Estate Today: Hot Market Watch" is your daily guide to the most important updates and trends in the Greater Toronto Area's real estate market. Every day, we bring you the latest market movements, expert insights, and must-see property listings, ensuring you stay informed and ready to act. Whether you're a buyer, seller, investor, or real estate enthusiast, our Hot Market Watch keeps you up to speed with the hottest opportunities and trends shaping the GTA. Stay ahead with "GTA Real Estate Today: Hot Market Watch." How Can Divorcing Couples Navigate Complexities Such as Joint Mortgages and Shared Property Ownership in Real Estate Settlements? Navigating the complexities of joint mortgages and shared property ownership during a divorce can be challenging for couples. It’s essential to approach these issues thoughtfully and strategically to ensure fair settlements and minimize conflicts. Here are key strategies for divorcing couples to manage these complexities: 1. Understand the Financial Implications Evaluate Joint Assets: Start by conducting a thorough assessment of all joint assets, including real estate, joint mortgages, and other financial holdings. Understanding the value of these assets is crucial for equitable distribution. Assess Liabilities: In addition to assets, evaluate any liabilities associated with the property, such as outstanding mortgage balances, liens, or other debts. 2. Communicate Openly Honest Discussions: Open communication between both parties about expectations, needs, and concerns can reduce misunderstandings. Discuss how each party views the property and mortgage responsibilities. Collaborative Approach: Strive for a collaborative approach to problem-solving rather than adversarial tactics, which can exacerbate tensions and lead to protracted negotiations. 3. Consult Legal and Financial Professionals Engage Attorneys: Hiring an experienced family law attorney can provide guidance on legal rights, obligations, and strategies for dividing assets, including real estate. Work with Financial Advisors: Financial experts can help assess the long-term financial implications of property division, especially regarding taxes, liabilities, and future income needs. 4. Options for Real Estate Settlement Sell the Property: One common option is to sell the jointly owned property and split the proceeds. This can simplify the division and allow both parties to move on with their lives. Buyout: One spouse may choose to buy out the other's interest in the property. This requires assessing the fair market value of the home and determining an appropriate buyout amount. Co-Ownership Agreement: If both parties wish to keep the property, they can enter a co-ownership agreement that outlines the terms for sharing responsibilities, expenses, and eventual sale or transfer of the property. 5. Review the Mortgage Agreement Mortgage Liability: Understand that both parties may remain liable for the mortgage until it is refinanced or the property is sold. This means that if one spouse continues to live in the home, the other may still be responsible for mortgage payments, affecting their credit score. Refinancing Options: If one party wishes to keep the property, they may need to refinance the mortgage solely in their name. This typically requires demonstrating financial stability and creditworthiness. 6. Consider Tax Implications Tax Consequences of Sale: Selling a property can have tax implications, including capital gains taxes. Understanding these implications can inform decisions about whether to sell or retain the property. Mortgage Interest Deduction: Consider how the divorce will impact deductions for mortgage interest and property taxes, as these benefits may change depending on ownership arrangements post-divorce. 7. Document Everything Keep Records: Maintain detailed records of all discussions, agreements, and transactions related to the property and mortgage. This documentation can be helpful in case of disputes or misunderstandings later. Formal Agreements: Any agreements made regarding property division, maintenance responsibilities, and mortgage payments should be documented and, ideally, formalized through legal channels. 8. Focus on Future Needs Consider Long-Term Goals: Each party should consider their future housing needs and financial goals. This can guide decisions about whether to retain joint ownership or sell the property. Plan for Transition: Create a plan for transitioning to separate living situations, which may include timelines for selling or moving, and how expenses will be handled during this period. 9. Seek Mediation Mediation Services: Couples may benefit from mediation services to help facilitate discussions about property division and resolve conflicts amicably. Mediators can assist in reaching agreements that consider both parties' interests. Collaborative Law Approach: In a collaborative divorce process, both parties work with their lawyers to find mutually agreeable solutions, which can be less adversarial and more constructive. Conclusion Divorcing couples facing joint mortgages and shared property ownership must navigate these complexities with care and strategic planning. By understanding their rights and options, engaging professional support, and maintaining open communication, couples can work towards a fair and equitable resolution. This approach not only minimizes conflict but also lays the groundwork for a smoother transition to their new individual lives. Canadian Taxpayers To Back Turning "Basements or Garages" Into Rentals - Better Dwelling Canadian real estate demand has been so weak that developers are struggling to stay afloat. Naturally, the Government of Canada (GoC) sees this as the perfect time get households to take their shot at playing developer with state-backed loans. This week the GoC announced homeowners looking to turn an “unused basement or garage” into a […] betterdwelling.com Read Now ... Buying a home gets a tad more affordable as rates drop - RBC Thought Leadership Mortgage payments, property taxes and utilities fell as a share of median household income in Canada to 59.5% from 61% in Q1. thoughtleadership.rbc.com Read Now ... Spotlight: First Time Home Buyers Guide: What you need to know when buying a home in Ontario The experts at The Mortgage Centre walk us through the process sootoday.com Read Now ... Rent prices declining in GTA, from high-end Toronto to more 'affordable cities like Oshawa and Hamilton - report | INdurham Average asking rents for all residential property types in Canada increased by 2.1 per cent year-over-year in September, reaching an average of $2,193 per month – the smallest annual rent growth since October 2021. The annual rate of rent growth, according to Rentals.ca and Urbanation’s latest National Rent Report has slowed for five consecutive months, significantly down from May’s nine […] durham.insauga.com Read Now ... Niagara real estate starting to see impact of interest rate cuts September saw little change in Niagara’s monthly housing market numbers, with the average benchmark price staying at $640,000. niagarafallsreview.ca Read Now ... Migration Continues to Boost Demand in Calgary Condo Market RE/MAX analyzes activity and trends in the Calgary condo market, and offers an outlook in the new Canada Condominium Report. blog.remax.ca Read Now ... Toronto Condo Market: Investor Activity Stalls, End Users Drive Demand RE/MAX analyzes activity and trends in the Greater Toronto condo market, and offers an outlook in the new Canada Condominium Report. blog.remax.ca Read Now ... Double-digit increases in condominium inventory reported in most major centres as sellers return to housing markets, says RE/MAX Canada Despite fears of leaving money on the table, sellers have returned to housing markets across the country in large numbers as the promise of future interest rate cuts draw skittish buyers back into the fray, according to a report released today by RE/MAX Canada. ca.finance.yahoo.com Read Now ... Canada’s condo supply is surging — and it’s not just in Toronto | Globalnews.ca Re/Max Canada said in its national condo outlook released Wednesday that listings in this segment of the market have 'soared' in recent months, opening a door to first-time buyers. globalnews.ca Read Now ... Condo inventory growing as sellers anticipate demand rebound: Re/Max report TORONTO – Condo inventory is on the rise in most major Canadian markets as more sellers are listing their properties in anticipation of growing demand from buyers, a new report says. The report... winnipegfreepress.com Read Now ... Is The Condo Market On The Verge Of A Price Collapse? The condominium apartment market in major Canadian cities like Toronto and Vancouver is experiencing significant challenges, according to recent data from the Canadian Housing Statistics Program. D… thedeepdive.ca Read Now ... Should short-term rentals be allowed in buildings with fire code violations? In an aging Montreal apartment building, some tenants are asking whether newly renovated units should be allowed to be used as short-term rentals on sites like Airbnb. The owner has been fined several times for code violations, while parts of the building tenants live in are in visibly poor condition. cbc.ca Read Now ... Cambridge approves $10K incentive for building rental units The Additional Residential Unit Community Improvement Plan has a total budget of $1.5 million and is funded entirely by the federal government. cambridgetimes.ca Read Now ... Here's how much it costs to rent a one-bedroom apartment in Metro Vancouver this October Canada's top five most expensive cities to rent in are in Metro Vancouver. vancouverisawesome.com Read Now ... Here's how much rent has increased in 4 years in Mississauga | INsauga Despite recent declines in rent, most Mississauga residents are still paying a lot more a month than they did four years ago. insauga.com Read Now ... Is Calgary's rent boom over? New data show it could be After more than a year of boiling-hot rent increases, Calgary’s rental boom has reached a simmer in recent months. Calgary is the latest major Canadian city to see average rents decline from record peaks — and large additions to its stock of new purpose-built rentals could mean the steepest increases are likely behind the city, one expert says. Average rents for apartments and condos in Calgary tumbled two per cent in September, according to... msn.com Read Now ... Rents went up just 2.1% in September, continuing monthly price slowdown | RCI Prices still rising, but rate of increase hit its lowest point since October 2021 ici.radio-canada.ca Read Now ... Condo investors play a critical role in Canada's tight rental market Without investors, the bulk of condo supply could disappear, leaving renters with few options ca.finance.yahoo.com Read Now ... Canada’s rent growth slows as international student enrolment drops - National | Globalnews.ca Last month, rents across Canada reached an average of $2,193 per month, according to Rentals.ca and Urbanation’s latest National Rent Report. globalnews.ca Read Now ... Living in a staged home: 7 easy tips for sellers to maintain a show-ready home with ease and comfort Help your clients with effective strategies to maintain a show-ready home while living comfortably so they can sell quickly for top dollar 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 & Podcasts in this newsletter are generated by AI." If you no longer wish to receive these Emails, please Unsubscribe Here