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Category: <span>Real Estate News</span>
Personal Investor: Rental income is taxable – even for Airbnb www.bnn.ca/personal-investor-rental-income-is-taxable-even-for-airbn b-1.1031109?spUserID=MTYzNjgxNDY1NDE0S0&spJobID=1184223338&spReportId=MTE4ND IyMzMzOAS2&spMailingID=19349720
Listings year over year are up. On March 1, 2017 there were 398 listings and this year at the first of March there are 1381 Residential listings in Durham Region which is an increase of 247%. This is a similar inventory as 2014!
Sales for March 1, 2017 were 833 residential properties and March 1, 2018 had 604 properties sold, which is a decrease in sales by 29%. Again this reflects sales similar to 2014.
Based on my daily observations this is definitely a Buyers market at this time in Durham Region. However we seem to be consistently at 2014 levels of listings and sales and in the past that was a good market. I have seen stability in the first time Buyers price range which is important to stop the decline in prices. The homes selling now are the ones that are newer or with the best updates or priced well below the competition.
So what does this mean for Sellers:
1. If you are selling and your home price has dropped it is an opportunity for you to move into a higher priced home and get a buy that offsets what you think you maybe losing because your home price is down. 2. So buy a home conditional on selling your home where possible. 3. Look at lots of homes before you buy so you know what a good deal really is. Prices are all over the place right now and doing research and viewing homes is your best chance of getting the most for your sale and the best on a purchase. 4. If you are selling a home that is in the first time Buyer market make sure your home is priced properly; could even attract multiple offers if handled properly.
For Buyers:
1. Take your time and look at lots of homes. 2. Make sure your REALTORR is watching the price drops in the market. The best deals are gone quickly. 3. Go see homes the day they list to avoid having to compete and getting the best price and home. 4. Make sure you are properly preapproved and have a certificate from your Lender confirming that. Rates are going up so get rates locked in for 90 days or more and if the word comes out that we will be getting a Bank Rate increase go get reapproved for 90 days down the road before the rate increase takes effect. 5. Don’t get caught up in the hype if you find a home and there is a bidding war. There is always another house that will fit the bill at the right price in a Buyers Market. 6. Hire a great REALTORR who will show you homes right away, and as many as you want to see!
These stats are based on the major markets in the Durham Region which include: Pickering, Ajax, Whitby, Brooklin, Port Perry, Scugog, Oshawa, Courtice, Bowmanville, Newcastle
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A Stress Test Best Practices Tool Kit
Now that Canada’s new mortgage stress test rules have been in place since January 1, arming home buyers with a best practices tool kit is in order.
Introduced by the Office of the Superintendent of Financial Institutions (OFSI), the new stress test requires the qualifying rate for an uninsured mortgage to be the greater of the Bank of Canada’s benchmark rate or the rate homebuyers negotiate with their financial institution plus two percentage points.
Financial experts across the country are making recommendations that start with ensuring your timing is right for the mortgage plans you have in mind. For example, some contracts that may have been signed prior to January 1 of this year may still fall under the old rules. This would include purchases made prior to January 1 even if the closing date falls after January 1, however the purchase offer in these instances must be considered firm.
Canada’s financial advisors are also recommending potential home buyers look to clear their debts before they start shopping for a mortgage. This would be one definitive way to ensure the new stress test rules don’t disrupt home-buying plans.
Those who took advice to lock down a mortgage pre-approval prior to the start of 2018 and received an exemption to the rules with the idea they would buy a home within 120 days of being pre-approved now need to contact their mortgage broker. Analysts are recommending this group work with a broker and pay close attention to the fine print, so they have a clear understanding of the 120-day deadline and what all will be required to meet it.
Finally, analysts also caution owners who already have a mortgage. If you want to switch lenders at renewal, you will have to requalify under the new stress test. This is also a perfect time to review your financial and mortgage plans.
Contact me if you are unsure how the new stress test will impact your long term home financing plans.
2018 CMHC Prospective Home Buyers Survey
In October 2017, CMHC surveyed 2,507 prospective home buyers on-line. Respondents were all prime household decision-makers who intend to purchase a new home within the next two years, including approximately 1,500 First-Time Buyers, 500 current owners, and 500 previous owners.
The survey results highlight that:
* First-Time Buyers and Previous Owners share the same top motivator to purchase a home: they want to stop renting. Improved accessibility (physical obstacles and barriers) and investment opportunity were also noted as top motivators across all groups. Changes to mortgage regulations and concerns about possible future interest rate increases were not among the top motivators. * Over four-in-ten First-Time Buyers and Previous Owners say they would delay their home purchase if they were not able to find their ideal home, with a fairly similar proportion saying they would be willing to compromise on the size of the home and location. * The majority of future home buyers intend to obtain a mortgage to finance their home purchase, with First-Time Buyers showing higher incidence compared to Previous Owners and Current Owners. * Across all future home buyers groups, more than six-in-ten say they are likely to have a financial buffer in case their expenses change in the future. Furthermore, the majority of future home buyers, especially Current Owners, agree that they feel confident they have the necessary tools and information to manage their mortgage and debt load. * Among all groups, the two most common actions completed one to two years prior to the purchase of a home were saving for a down payment and determining what type of home to buy. On the other hand, in the last three months before purchasing, about two-in ten of prospective buyers pre-qualify for a mortgage. * About one-in-four prospective home buyers stated that they would be very likely to consider delaying their purchase in the event of an increase in interest rates.
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February 8, 2018 — As part of Ontario’s Fair Housing Plan and Rental Fairness Act, the provincial government is introducing a new standard lease that will be mandatory for private residential leases signed on or after April 30, 2018, including tenancies in single and semi-detached houses, apartment buildings, rented condominiums and secondary suites (such as basement apartments).
A copy of the new standard lease is available by clicking
For the entire announcement, please click
Durham Region Association of REALTORSR (DRAR) President Dennis Roberts reported 470 residential transactions in January 2018, a slight decrease from December 2017. January saw an increase in listings of 954 from 711 in December. There is 30 per cent increase year-over-year from January 2017, where there were 735 listings. “Amid …
Click this link to visit the Blog: January 2018 Monthly Stats
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Grants of up to $25,000 available to local causes that benefit the Town
Local community and non-profit organizations dedicated to improving the quality of life of Whitby residents are encouraged to apply for the Town’s 2018 Community Development Grant Programs.
The Lead Cause grant of up to $25,000 for the Mayor’s Golf Tournament and community grants of up to $5,000 are available. The deadline for all 2018 applications is March 31.
In 2017, the Town provided over $150,000 in grants to more than 30 local community organizations through the Mayor’s Community Development Fund (MCDF) and Performing Arts Community Development Fund (PACDF).
“We are proud to have contributed to a wide variety of important causes and initiatives that help keep Whitby a vibrant, safe and caring community,” said Mayor Don Mitchell. “This year, we look forward to once again supporting as many organizations as possible.”
Already this year, the two lead causes for the Mayor’s 2018 Fundraiser have been selected and awarded as follows:
* $25,000 to Epilepsy Durham Region – to support their Clinic to Community (C2C) Project, a co-ordinated care approach that better connects socially isolated people living with epilepsy to the epilepsy community; and, * $15,000 to the Pickering Auxiliary Rescue Association – for the purchase of new emergency equipment that help improve the Association’s ability to quickly respond to emergencies on the water in the Whitby community.
All applications are reviewed by a Council-appointed citizens committee according to evaluation guidelines approved by Council. High priority is given to community-focused activities with a strong, local presence and those that promote inclusion and civic engagement.
For application guidelines or to fill out an application form, interested groups or individuals can visit whitby.ca/communityfunds
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Canada Mortgage and Housing Corp. says the country’s housing markets remain “highly vulnerable” overall for the sixth consecutive quarter with evidence of overvaluation and price acceleration, despite some improvements seen in Winnipeg and Saskatoon.
www.cbc.ca/news/business/cmhc-housing-market-assessment-1.4510361
Shared via the CBC News Android App
As most people are aware the market in Durham for 2017 stalled in April and went down from there until the fall. Then prices started to stabilize. The inventory is still 3 times what is was in 2018 over 2017 for Durham. Rates are going up! So in my opinion it will be difficult to get price increases for 2018 and will become more difficult if rates continue to go up. If you have investment properties you may want to consider cashing out. If you are moving up or moving down it does not really matter where prices are since you are working in the same market place so it will have little effect on a lateral move. If you do decide to buy make sure you get the best deal possible especially since right now it is a buyers market!
Financial Post
A voter backlash spurred provincial governments to impose a foreign buyers tax in Vancouver in 2016 and Toronto in 2017, though previous data showed foreign investment was only between 5 and 10 per cent. The report showed that non-residents – defined as both foreigners and Canadians whose …
John Hartford
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