Category Archives: millennial buyers

The best way to help your child buy a home – The complications and benefits of gifting funds to your son/daughter to buy a condo

Q: I am in the process of helping my daughter buy a condo, here is what we have done so far:

We signed the mortgage with her as primary and me as co-signer,  I will be giving her the down payment and she is going to be living there and she will be the one paying the mortgage and all expenses.

My question is what would be the best way to do this transaction looking it at both a legal and tax perspective. From the tax perspective: How should I arrange/declare that I am gifting her the down payment on this condo? And when do we claim the tax breaks for her as a first time buyer? Would that be at time of paying the lawyer for land transfer etc.? Also, I would like to still be able to have some room on my credit as to buy another property so we were thinking if her owning 90% of the condo and me keeping just 10% would work for this purpose. According to the lawyer, we both have to have some percentage assigned because we are both on the mortgage.

From a legal perspective, we are thinking about joint tenancy as the best way to protect the asset if one of us passes away unexpectedly.

My intention is really just to help her “fly on her own,” but with all the legal and tax implications, we’d really like to do it in the best way possible.

—Claudia

A: Hi Claudia. First, let me congratulate you and your daughter! It’s wonderful that you are in a financial position to help her with the purchase of her first property.

It appears you’ve given the current and future implications of this decision a great deal of thought.

I can only assume that your lawyer has asked for a percentage split on the property because you are co-signing the mortgage and because you are opting to have both you and your daughter on title as owners’ of the property.

This legal structure helps limit the amount of taxes you owe, as you can specify that your share in the property is nominal, say 10%. Just keep in mind that each joint tenant can gift or sell their portion of the property. That means, your daughter has the legal right to sell her 90% stake in the condo even if you don’t want or agree to the sale. It also means that you are exposing yourself to creditors, should your daughter file for bankruptcy or become a defendant in a lawsuit. Finally, the 10% that you own will not be sheltered under the principal residence exemption as this property is not your primary residence.

But there is a silver lining. The Canada Revenue Agency does not tax gifted money. That means if you opt to gift your daughter the entire down payment to purchase the condo neither you nor your daughter are required to pay tax on that gifted money. If, however, lenders find out that this gift is, in fact, a loan, this can seriously impact whether or not your daughter can qualify for a mortgage as all debts (even loans to family members) are included in debt ratios used to qualify borrowers for mortgages.

Finally, your lawyer or legal representative handling this real estate transaction will take care of the paperwork when it comes to the first-time home buyers’ tax credits and rebate. That said, ask your lawyer to confirm that your daughter won’t be exempt from these credits because you are on title. According to the CRA, a buyer is disqualified from claiming these credits if they’ve already owned a home or they lived in a home owned by their spouse or common-law partner now or in the last five years. While it seems remote that your daughter would lose eligibility to these credits, it’s still better to check now than find out the hard way.

Source: MoneySense.ca – Romona King, November 13th 2017

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Is it cheaper to buy a house than a condo in the GTA? This expert thinks so

While many first-time buyers look to condos as a relatively affordable option, one Toronto housing market expert says that it is actually less expensive to buy a low-rise home in the GTA.

According to Realosophy Brokerage co-founder John Pasalis, when you control for the size difference between low-rise and condos in the GTA, condos are more expensive per-square-foot.

In the Maple neighbourhood of Vaughan a 1,385 square-foot rowhouse costs $685,000, while a condo of a similar size in the area would likely cost $684 per-square-foot, or $947,000. It’s just one example of a price difference that can be seen across markets in the GTA.

Pasalis believes that this discrepancy in prices can be chalked up, in part, to investor demand.

“The majority of new condominium construction is driven by investor demand — not demand from families,” he writes in a recent blog post. “Investors are willing to pay much more (on a per-square-foot basis) than end users are.”

Pasalis says that investors prefer smaller units, which typically have a better return on investment, which means that developers are creating units that are too small for families, at prices they cannot afford.

“When developers are pricing a unit, they’re thinking to themselves, why would I charge this much when I can get this much?” Pasalis tells BuzzBuzzNews. “And those prices don’t make sense for a two- to three-bedroom unit, which is likely why we’re not seeing as many of those units being built [in the GTA.]”

In order for a condo to be good-value-for-money for a young GTA family, Pasalis says that low-rise prices would have to increase at a much faster rate than they currently are.

“The rate of appreciation for low-rise homes in the 905 region isn’t going to be very high in 2018,” says Pasalis. “So I don’t see this trend changing in the next year or so.”

While Pasalis admits that for families with a budget of $400,000 or less, a condo may be the only option for homeownership, he says that those with one of $700,000 or more should consider their options.

“They can choose to buy a two-bedroom 1,000 square-foot condo in Maple for that price, or a three bedroom 1,385 square-foot row house with a finished basement and backyard. For most, it’s a pretty simple choice,” he says.

Source: BuzzBuzzHome.com –  

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Is Steeltown a steal for investors?

Source: Canadian Real Estate Wealth – Neil Sharma13 Nov 2017
With the cost of condos in Toronto surging, it’s only a matter of time before investors find the next hot market. And as it turns out, they might not have to go far.

Hamilton is enjoying a renaissance that’s, in part, being catalyzed by the astronomical cost of living in Canada’s largest city. While Hamilton’s amenities are no match for Toronto’s, they’re showing enough promise to lure millennial-aged Torontonians westward.

Brad Lamb, owner of Brad J. Lamb Realty Inc. and Lamb Development Corp., says investing in Toronto’s vertical homes is producing diminishing returns.

“It’s getting harder and harder in places like Toronto and Vancouver to buy a home, like a condo, and rent it and have it make any sense as an investment because you’re paying $1,000 per square foot,” he said. “You’re paying $500,000 for a one-bedroom condo apartment that’s 500 square feet and you’re going to rent it for $2,000 a month, but when you add up your mortgage, your condo fees and taxes, it doesn’t cover it. It certainly doesn’t cover in Vancouver, where that property is $650,000.”

Lamb says Hamilton has benefited from the black hole Toronto’s become. Steeltown has quietly cultivated a strong cultural scene in the city’s downtown, mostly in the James St. radius.

“Toronto’s real estate unaffordability shines a nice light on Hamilton, so investors are looking at alternate places to invest and prospective homeowners are looking for other places to live, where they can have a decent life in a nice home,” said Lamb. “Hamilton is a real city with a real urban vibe. It has a great parks system and an amazing amount of amenities. It’s a real city with a great food scene, and a great art scene, and a great music scene, so to me it makes sense that Hamilton is the next city. It’s a much more vibrant city now than ever. Every year it’s going to get larger, better, richer, and more expensive.”

The Hammer is a medium-sized city with over half a million residents, so it has retained its quaint, small-town charm, but Lamb believes it’s on the cusp of a population boom. Its downtown is lively on Friday and Saturday nights, and Lamb says business always follows in the tracks of younger people.

“Every month I see new things popping up that are very cool,” he said. “What gets me excited about a city is great retail. When you see young people out, it makes you want to visit and it makes businesses want to open there, because businesses want to be where young people are.”

Many millennials are flocking to Hamilton’s tech sector, where they’re paid good wages and promised bright futures, however, the linchpin is the city’s quality of life.

“Hamilton is going to experience a population growth much higher than what they’re projecting,” said Lamb. “More and more young people are frustrated with the cost of living in Toronto, and the inability of Toronto to create housing at a pace that is needed. I believe Hamilton will grow by 10,000 people a year.”

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No listing? No problem

For Sale By Owner

Source: MoneySense.ca by  

 

 

No listing? No problem

Here’s what buyers need to know before signing on the dotted line in a private home sale

What if, while cruising around the neighbourhood on your bike, you spied a Private Sale sign on the lawn of your perfect home? What if, when you called the number, it turned out the sellers were in their 80s, had wildly overpriced their home and had been struggling to find a buyer for the past six years? Notice any red flags?

Buying a For Sale By Owner house

Stephanie Barker did, but the senior vice president at Arm Energy also recognized a big opportunity to own the house of her dreams—a four-bedroom, custom-built, one-owner with a large backyard and a converted attic office space. An Internet search, a generic sales contract and a lengthy phone call later, Barker and her boyfriend, Rob Maykut, became the proud new owners of a beautiful Canmore, Alta. family home, located just north of 8th Street. Were they mad?

For some, the idea of buying a For Sale By Owner (FSBO) home conjures up the image of a penny-pinching, emotionally charged seller flogging a defect-laden house. But if you’re in the market for a new home, choosing to avoid FSBOs may mean eliminating up to 25% of the homes currently listed for sale. Not a smart strategy. Instead, would-be FSBO buyers can learn a thing or two from Barker—and realize that, just like all real estate transactions, buyers of FSBOs simply need to do their own homework.

 

First: Know your market

Barker didn’t bat an eye when she heard how much the sellers wanted for their home. She already knew it was too high. “I’d watched the sales activity in the neighbourhood for at least six months. I knew what homes in that area were worth.” So Barker went in with an initial offer that was 50% less than what they were asking. “They didn’t even counter our offer,” recalls Barker. That didn’t stop her. “We had wiggle room, so I called the sellers.” For 45 minutes Barker discussed price, timing and conditions. “That conversation helped me appreciate where they were coming from and helped them appreciate where I was coming from,” she says. Once off the phone, Barker drafted a second and final offer. This time the sellers accepted. “I paid just a little over half of what the seller’s originally wanted and I’m sure we would never have reached a deal had we not been able to talk.”

Next: Get the right papers

Since the sellers were in their 80s, Barker took it upon herself to find a home sales contract online. “I didn’t want them to feel the added stress of trying to find a contract,” says Barker. She got lucky, says Jeff Kahane, a Calgary real estate lawyer. “At the end of the day a spit and a handshake is sufficient to close the deal, as long as nothing goes wrong,” Kahane says, But when things do go drastically wrong, it can be devastating. For instance, the bank can refuse to give you a mortgage if the home has a lien against it, if there’s a health advisory, the owners owe back taxes or the house is deemed overvalued by the appraiser. Quite often, even the seller is unaware of these potential pitfalls. “The sad fact is, it costs as little as $400 to get a sales contract from a lawyer, but you can pay $40,000 or more in fees to get out of a signed deal.”

Then: Do some digging

Getting an iron-clad contract is just the start. There are other pitfalls that can occur within a real estate transaction, explains Monika Furtado, a Calgary Re/Max real estate agent. For example, Ontario buyers can take legal possession of a property without a survey, but in Alberta a buyer must have a Real Property Report—a legal document that shows the location of visible improvements relative to property boundaries. “Neglect to ask for one and the buyer will have to pay $1,000 for the report to close the deal.”

Then there’s the measurements of a home. “Most sellers don’t realize that we have standards when recording home measurements,” says Furtado. “Like, the bottom level of a side-split shouldn’t be included in the total square footage because it’s below-grade living space.”

And what about a title search? While anyone can go to the land records office and pay for this document, not everyone understand what to look for and why it’s important. Furtado will often pull this document during the early stages of an offer. “I want to verify ownership, check setbacks and confirm there’s enough equity in the home to sell it,” explains Furtado. She’s known cases where sellers, caught with little or no equity, stay put in a sold house, refusing to vacate the home because they have no money to move.

Finally: Buy some advice

The big reason why a seller chooses FSBO is to save money on realtor commissions. “Nothing wrong with that,” says Furtado, “but because the house listing hasn’t been vetted by another realtor it often means a lot more work for me or the buyer.”

The key, says Kahane, is to get professional, knowledgeable advice. At the best of times sellers tend to inflate the value of their home, because of all they’ve put into it, while buyers struggle between emotion and logic. “You may go into Sears or Ikea 20 times before picking out a bed, but spend only 40 minutes before signing a contract to buy a home.” It’s one reason why Kahane is a strong advocate for representation—a real estate lawyer, a real estate agent and a home inspector. “These professionals have obligations and responsibilities to help and protect you.”

That’s exactly how Barker handled her last purchase: “I took my signed contract to my attorney. He looked it over and, once satisfied, we finalized the deal.” That’s how most transactions go, says Kahane.

But on those occasions when things don’t go so smoothly you have a choice: Pay a little bit of money for some good advice in advance, or pay a lot to fix a problem that could have been avoided in the first place.

For Sale By Owner

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Growing Trend: Buying Real Estate with Family and Friends

 

Source: Canadian Mortgage Trends – Alan Harder 

While it’s fairly common for those in tight rental markets to have a roommate to help split the rent, an emerging trend is buying real estate with a family member or friend.

Faced with high home prices in big cities and tougher mortgage rules, including a new stress test on uninsured mortgages, it’s becoming increasingly difficult for first-time homebuyers to get their foot in the door of the real estate market. As such, prospective buyers are finding more creative ways to be able to enter the real estate market, and buying with a family member or friend is one of them.

When considering co-ownership, it doesn’t have to be with a spouse or romantic partner. It can be your brother, sister, aunt, uncle, cousin, friend or even co-worker. When you’re buying with a partner, make sure it’s someone you can trust. You’ll both be on the title and responsible for paying the mortgage on time and in full. If either you or your partner run into financial difficulties and are unable to pay your respective share of the mortgage, it could adversely affect your credit score if the other party is unable to come up with the extra money.

For that reason, I recommend treating co-ownership like a business arrangement by having a lawyer draft up an agreement. Also, this living arrangement likely isn’t permanent. You’ll want this agreement in place when you or your partner wants to sell. The last thing you’d want is for the sale of your property to hurt your relationship.

Qualifying for a Mortgage is Easier with a Partner

Buying with a partner helps you in several ways. The first is mortgage qualification. Two of the factors that lenders consider when qualifying you for a mortgage is your down payment and income.

Saving a sizable down payment is tough, especially for those living in cities like Toronto or Vancouver with sky-high rents and home prices.

Not to mention it’s also more challenging to qualify for a mortgage on a single income. Even being able to afford to a starter home, such as a condo in Vancouver, on a single income can be tough. That’s where buying with a partner comes in handy.

When buying with a partner, both of your down payments and incomes are taken into account. This makes qualifying for a mortgage a lot easier. In many cases it means qualifying for a home you otherwise wouldn’t be able to afford on your own.

For example, instead of only being able to afford a cramped condo, you might be able to afford a more spacious townhouse or semi-detached house. In essence, buying with a partner helps you move up the property ladder faster.

If you don’t know anyone who’s in the financial position to purchase a property with you, you’re not necessarily out of luck. The sharing economy is throwing homebuyers a lifeline. There are real estate matchmaking services like C-Harmony that will pair you with fellow homebuyers.

Some lenders like Meridian Credit Union are making buying with family and friends easier than ever by offering mortgages specifically for this living arrangement. With the Family and Friends Mortgage, up to four people can obtain a mortgage at a low rate.

Ready to Buy with a Partner?

The first step is to find a reliable partner who would be willing to purchase a property with you. After that, you’ll want to get pre-approved for a mortgage. With your housing budget in mind, you can buy a property together that will be a good long-term investment for both of you.

Once you purchase a property, don’t forget to have an agreement drafted up by a lawyer so there aren’t any surprises when one partner eventually wants out of the deal.

This will make for a happy, and hopefully long-term, real estate partnership.

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Why a 20% home down payment may not be worth it

Source: The Globe and Mail – Rob Carrick

Rob Carrick

It’s tough to feel financially prudent when buying a house these days.

That’s why an increasing number of first-time buyers are saving a down payment of 20 per cent or more. In doing so, they avoid having to buy mortgage default insurance which, in the case of a house price of $487,095 (the national average) bought with a 10 per cent down payment, would be 3.1 per cent or $13,590. This premium is generally added to the mortgage, which means more interest to pay.

It certainly sounds financially prudent to make a 20-per-cent down payment where possible, but this isn’t always the case. In fact, you may save money both now and in the future by making a slightly smaller down payment and taking on the cost of mortgage default insurance.

Listen up if you’re concerned about the new mortgage lending rules that were announced last week and will take effect on Jan. 1. When making a down payment of 20 per cent or more, the new rules require that you be able to qualify for a mortgage at the greater of the five-year benchmark rate published by the Bank of Canada, or the original contractual rate plus two percentage points. An easier path to a mortgage may be to make a smaller down payment.

To even propose this seems bizarre. “The story has been that you’re just throwing money away with mortgage insurance,” said Mike Bricknell, a mortgage agent with CanWise Financial. What this thinking ignores is the way today’s mortgage market discriminates against people who make down payments of 20 per cent or more. They may pay a fair bit more for a mortgage than someone with a high-ratio mortgage (down payment of less than 20 per cent) both now and on renewal.

A lender dealing with a client who has a sub-20 per cent down payment can take comfort from the fact that the loan is covered by government-backed insurance that is paid for by the borrower. A conventional mortgage (20 per cent or more) can be insured as well, but by the lender. All in all, a high-ratio mortgage is preferable from the lender’s point of view and often results in a lower mortgage rate.

Mr. Bricknell has lately found that rates on five-year fixed rate mortgages are about 0.45 of a percentage point less for high ratio as opposed to conventional mortgages. Maybe your lender can do better than that. If not, consider this example of how a down payment less than 20 per cent can pay off.

We start with a $450,000 house and a buyer with a 20-per-cent down payment already saved. With a conventional mortgage amortized over 25 years, Mr. Bricknell figures this person could get a five-year fixed rate mortgage at 3.29 per cent. That means a monthly payment of $1,758.

Now, let’s see what happens when this borrower makes a 19-per-cent down payment. A smaller down payment means borrowing a bit more, and thus more interest over the life of the mortgage. Also, mortgage insurance will be required at a cost of $10,206. All of this nets out to a monthly payment of $1,743, with the mortgage insurance premium included. How is this possible? Mr. Bricknell said it’s because the high-ratio borrower gets a mortgage rate of 2.84 per cent.

There’s a stress test for high-ratio mortgages as well, but it’s marginally less onerous than it is for conventional mortgages because you only have to be able to handle the Bank of Canada benchmark rate, currently 4.89 per cent. Thus the high-ratio mortgage in Mr. Bricknell’s example would have a qualifying rate of 4.89 per cent and the conventional mortgage would be at 5.29 per cent (the client’s actual rate plus two percentage points).

The two mortgages outlined by Mr. Bricknell are pretty much a wash right now when compared on cost. Looking ahead, the high-ratio mortgage offers the potential for lower interest rates when it’s time to renew your mortgage. This assumes that lenders will continue to look more favourably at high-ratio mortgages.

Mortgage industry data show that even as house prices increased from the early 2000s through the past few years, the percentage of people making down payments of less than 20 per cent has declined to 39 per cent from 54 per cent. If the rationale for this is to save money and be financially prudent, a rethink is required. Depending on the rates offered by your lender, a slightly smaller down payment could save you money in the long run.

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Mississauga Moves Towards Making Housing More Affordable

Source: Insauga.com – by Ashley Newport on October 17, 2017

It’s no secret that housing in Mississauga (and the overall 905 area) has become increasingly more expensive over time. With detached houses costing buyers $900,000 to $1 million and compact condos selling for over $400,000, residents are turning to the rental market and being equally as disappointed to see that prices are no more kind there (in some cases, two-bedroom suites can cost close to $2,000 a month).

The housing crisis is one that Mississauga has been, to its credit, taking seriously.

The City of Mississauga’s Planning and Development Committee recently adopted the city’s first housing strategy: Making Room for the Middle: A Housing Strategy for Mississauga.

According to the strategy, there’s a pressing and dire need to create affordable housing for middle income earners who are in danger of being priced out of the city.

Some of the draft’s findings are alarming, even though they’re not at all surprising.

Some key facts:

  • A home is considered affordable when its inhabitants spend 30 per cent or less of their earnings on housing costs
  • 1 in 3 households are spending more than 30 per cent of their income on housing and research suggests this number will rise
  • Middle income households typically net between $50,000 and $100,000 a year
  • Middle income earners include nurses, teachers and social workers
  • People who want to purchase homes can typically afford to pay between $270,000 and $400,000, meaning their only options are condos and a limited selection of townhouses
  • Housing prices are adversely affected by supply and demand imbalances (there’s much more demand than there is supply)
  • The average rental unit costs $1,200 a month
  • Rental inventory is 1.6 per cent (which is troublingly low)

The city is focusing on middle income earners because they typically make too much to qualify for government assistance, but still cannot afford to rent or purchase homes in the city. When people are priced out of their communities, the social and economic fabric of the area is compromised. If the middle class is forced to move further away, the city will only be suitable for very high and low-income earners–something leaders are hoping to prevent.

The city says the Strategy is Mississauga’s plan for fostering a supportive environment for the development of a range of housing that is affordable for all. While it targets middle-income households, it will also benefit lower-income households.

To be clear, the Region of Peel is responsible for subsidized housing (meaning housing associated with low-income earners who require special assistance to afford adequate shelter in Mississauga, Brampton and Caledon). While attention must still be paid to lower-income residents (Peel has a notoriously long subsidized housing waitlist and too few shelters for those in need), middle-income households have not been widely supported in terms of housing supply.

Generally speaking, middle-income earners—think social workers, journalists and clerical workers—do not qualify for financial assistance and cannot afford housing at current market prices.

Ideally, the strategy will help provide opportunities for lower-income households by freeing up supply.

The strategy offers 40 actions supported by the Mississauga Housing Advisory Panel, a group of over 20 housing professionals from the public, private and non-profit sectors that shared their knowledge, advice and solutions. It also includes a five-year action plan centred on municipal powers and funding partnerships to achieve its goals.

“Housing is an issue that touches every Mississauga resident and business,” said Mayor Bonnie Crombie. “Council has already endorsed in-principle, actions to protect existing rental housing and create a housing-first policy for surplus lands. Making Room for the Middle: A Housing Strategy for Mississauga is the City’s plan to provide, together with our partners, a supportive development environment for a range of affordable housing.”

So, what has the city proposed?

  • Petition senior levels of government for taxation policies and credits that incent affordable housing
  • Pilot tools such as pre-zoning and a Development Permit System to develop affordable housing in appropriate locations (close to transit systems, for example)
  • Encourage the Region of Peel to develop an inclusionary zoning incentive program for private and nonprofit developers
  • Continue to engage with housing development stakeholders
  • Encourage the Region of Peel to investigate the cost of deferring development charges on the portion of affordable units provided in newly constructed multiple dwellings

The city has also been working to legalize accessory units (better known as basement apartments). At this juncture, basement suites remain a very viable option for people looking for affordable units, as the suites tend to cost $1,000 or less. Right now, most units remain unregistered and the city is responsible for levying fines against landlords operating unregulated units.

“Making Room for the Middle: A Housing Strategy for Mississauga defines how the City of Mississauga will address the affordable housing crisis in our City,” said Crombie in a statement. “We’re ready to do our part to ensure that those who want to live in Mississauga can afford to do so. The strategy provides bold, innovative solutions to increasing affordability. Safe, affordable housing is a pillar of a complete city and we will achieve our goals if we work together with our partners to create a supportive development environment for a range of affordable housing for all.”

According to the staff report, the strategy has received wide support since its release on March 29 from residents, agency partners and the building and development industry.

Speaking of the development industry, it appears that one affordable housing project is already in the works.

A few weeks ago, we learned that a brand new building development has been planned for the City Centre area.

The Daniels Corporation, the development firm who has built multiple properties in the City Centre and Erin Mills Town Centre areas in the city, is slated to construct an affordable housing project at 360 City Centre Drive.

Since this building will help the city fulfill its mandate, council will a provide a sizeable $2.7 million to the Region of Peel to offset development charges for the project.

The Region approved funding of the much-needed project to the tune of $65 million ($65,966,522, to be exact) on June 22. After approving funding, the Region asked Mississauga to “consider granting relief from City Development Charges (the aforementioned $2.7 million) by waiving or providing a grand to offset such DCs.”

As for how the development will work, 40 per cent of the units (70 in total) will be Rent Geared to Income suites. These units will take residents off affordable housing waitlist. The city also says that 60 per cent (or 104 units) will be set aside for renters and owned by the Region. They will be available to middle-class residents.

A second tower on the same podium will boast market-value units, creating a mixed-income property on City Centre grounds.

The movement of the affordable housing strategy is encouraging, especially since the city has been working to build consensus for sometime now.

The Mississauga Housing Forum held last spring enabled stakeholders to hear from renowned housing experts, “road test’ the strategy and provide their input. City staff say they have since have fine-tuned the strategy based on the feedback received.

“We heard from our residents and stakeholders and are taking action,” said Ed Sajecki, commissioner of planning and building. “Our strategy reflects the input we received. We can now create, together with our partners, a housing affordability solution that could be a model for other Canadian cities.”

The city says the next steps include actions to help preserve purpose-built rental housing, support for the Region of Peel in implementing its programs, and ongoing work with senior levels of government to make their surplus land available for affordable housing and provide standardized local housing data to measure housing affordability.

The final strategy will go to Council for approval on October 25.

 
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