Late payments set to rise on Canadians’ $599-billion of credit card, non-mortgage debt, Equifax predicts

‘We will start to see delinquency rates inching up a little bit, and debt probably slowing down,’ as Bank of Canada starts raising interest rates, credit agency says

Canadian delinquency rates, which have been declining since the last recession, will probably reverse and begin to climb by the end of 2018 as the central bank presses ahead with interest rate increases, according to the country’s largest credit reporting firm.

Regina Malina, senior director of analytics at Equifax Canada, predicts late payments on the country’s $599 billion (US$455 billion) of credit card, auto and other non-mortgage consumer debt will begin to move “modestly higher” by the end of this year.

“Our prediction is that we will start to see delinquency rates inching up a little bit, and debt probably slowing down,” Malina said last week in an interview.

The delinquency rate — which measures the number of payments on non-mortgage debt that were more than 90 days past due — was 1.08 per cent in the first quarter, up slightly from the fourth quarter but still close to the lowest level since the 2008-09 recession.

The Toronto-based analyst declined to estimate how high delinquencies will climb, saying it depends on the pace of interest rate increases and what happens in the trade battle between the U.S. and Canada. She cited the experience in Alberta, where delinquency rates rose in some instances 20 per cent or 30 per cent on a year-over-year basis after the oil-price collapse. Such an extreme case, however, isn’t what Equifax is predicting. “It will only happen if we start seeing deterioration in employment numbers,” she said, adding delinquencies should remain “still very low,” and “they’re just going to start inching up a little bit, probably not double digits.”

CHANGE COMING?

Household credit has ballooned to unprecedented levels in Canada, as in many other developed countries, amid historically low interest rates. That hasn’t posed too many difficulties so far, because the economy and the labour market have generated solid growth, allowing people to handle servicing costs. But with the Bank of Canada intent on raising rates and the U.S. and Canada engaged in a tit-for-tat tariff fight, that could change.

A red flag in the Equifax data was a decline in the share of people who completely pay off their credit cards each month. The 56 per cent who did so in the first quarter matched the fourth-quarter number and was down from as high as 59 per cent last year. It’s a small but important detail, according to Malina.

“The changes aren’t big, but when they’re consistent and we see it for two or three quarters, we start to believe it,” she said. “Given that less people are making their credit card payments in full, and those people are usually people with lower delinquency rates, we might be seeing overall delinquency rates deteriorating.”

A red flag in the Equifax data was a decline in the share of people who completely pay off their credit cards each month. Elise Amendola/AP Photo file

Consumer debt including mortgages was $1.83 trillion in the first quarter, up 0.4 per cent from the end of 2017 and 5.7 per cent from the same quarter a year earlier, Equifax said.

Excluding mortgages, Canadians carry an average of $22,800 each in debt. Some other highlights from the report include (all figures exclude mortgage debt):

Those between the ages of 46 and 55 have the highest average debt loads, at $34,100.

That age group is also seeing the largest increase in debt, year-over-year, at 4 per cent.

Of nine cities listed, Fort McMurray, Alberta, had the highest average debt levels, at $37,800, as well as the highest delinquency rate, at 1.72 per cent.

Vancouver and Toronto saw the highest rate of debt accumulation in the first quarter, with 5.2 per cent and 5 per cent growth from a year earlier Montreal is the least indebted city, with average debt loads at $17,300 Ontario and British Columbia have the lowest delinquency rates, at 0.95 per cent and 0.84 per cent. Nova Scotia, at 1.74 per cent, had the highest.

Source: Bloomberg News Chris Fournier

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VACATION/SECONDARY HOMES PROGRAM

At Genworth Canada, we know that today’s busy lifestyle requires more home ownership options – whether it’s a second home in the city to reduce that weekly commute, or a cottage at the lake for weekend getaways. With our Vacation/Secondary Homes Program, Canadians can now purchase a second home with an affordable monthly payment with 5% down payment.

Note: To ensure eligibility for this program, please refer to the corresponding lender updates below addressing recent changes to the mortgage insurance guidelines:

Acceptable Loan Purpose & Applicable Loan-To-Value Limits:

Secondary Homes (Type A):

  • Purchase transactions: 95% LTV
    • Property value ≤ $500,000 – 5% down payment required
    • Property value > $500,000 and < $1,000,000 – 5% down payment required up to $500,000, with an additional 10% down payment on the portion of the home value above $500,000

Vacation Homes (Type B):

  • Purchase transactions: 90% LTV

Loan Security:

Secondary Homes (Type A):

  • First and second mortgages

Vacation Homes (Type B):

  • First mortgages

Eligible Properties:

Secondary Homes (Type A):

  • Maximum 1 unit
    • Property must be owner occupied or occupied by an immediate family member
  • New construction covered by a lender approved New Home Warranty Program
  • Existing resale properties
  • Readily marketable residential dwellings, located in markets with demonstrated ongoing re-sale demand
  • Estimated remaining economic life of the property should be a minimum of 25 years

Vacation Homes (Type B):

  • Property characteristics same as Type A properties except for the following;
    • Property need not be winterized
    • Seasonal access permitted (road not plowed during winter)

Ineligible properties

  • Investment properties
  • Rental pool / timeshare properties

Maximum Property Value:

  • Property value must be less than $1,000,000

Maximum Loan Amounts:

Secondary Homes (Type A)

  • Metro Toronto, Metro Calgary & Metro Vancouver: $750,000
  • Rest of Canada: $600,000

Vacation Homes (Type B)

  • $350,000 (exceptions will be considered on a case by case basis)

Qualifying Terms And Interest Rates:

  • Fixed, standard variable, capped variable and adjustable rate mortgages are permitted
  • Maximum interest rate term of 25 years
  • The qualifying interest rate is the greater of the contract rate or 5-year benchmark rate

Amortization Options:

  • Up to 25 years

Premium Rate:

  • The premium payable will be the lesser of the premium as a % of the total new loan amount or the premium as a % of the top-up portion on the additional loan amount (if existing insured) based on the rates below
LTV Ratio Type A properties Type B properties
Premium Rate Top-Up Premium Premium Rate Top-Up Premium
Up to 65% 0.60% 0.60% 1.45% 2.90%
65.01% – 75% 1.70% 5.90% 2.55% 6.10%
75.01% – 80% 2.40% 6.05% 3.15% 6.40%
80.01% – 85% 2.80% 6.20% 3.50% 7.00%
85.01% – 90% 3.10% 6.25% 4.35% 7.60%
90.01% – 95% 4.00% 6.30% N/A N/A

Note: The insurance premium is non-refundable, paid at the time of closing and may be added onto the mortgage

Borrower Qualification:

Income & Employment

  • Standard income and employment verification requirements apply

Credit Requirements

    • No prior bankruptcy or judgements
    • No R3’s in the last 24 months

Type A properties

      • >80% LTV: At least one applicant is required to have a minimum credit bureau score of 600
      • ≤ 80% LTV: At least one applicant should have a minimum recommended credit bureau score of 680

Type B Properties

    • Minimum credit bureau score of 680 is required for all applicants
    • Please note that on a case-by-case basis, we are prepared to review instances where the primary applicant meets the minimum credit score but a second applicant has no credit at all.

Down Payment

Type A Properties

    • Qualified home buyers may use traditional down payment sources including personal savings, RRSP withdrawal, non-repayable gift from immediate family member(s), sweat equity, existing home equity, proceeds from sale of property.

Type B Properties

  • Must be from own resources and may include personal savings, RRSP withdrawal, existing home equity, proceeds from sale of property.

Additional Criteria

  • Maximum of one Genworth-insured vacation property per applicant
  • No 3rd party guarantors for qualification purposes. We do accept spousal guarantors.
  • An immediate family member is defined as a father, mother, child, brother, sister, grandparent, legal guardian, or legal dependent

Debt Service Ratios:

  • GDS 39% / TDS 44%

Documentation / Information Requirements:

  • Standard documentation requirements apply
  • Genworth Canada may request that the lender provide a copy of the required documentation on a case-by-case basis

Property Type Requirements:

Secondary Homes (Type A):

  • Foundation must be permanent and installed beyond the frost line. This includes concrete/concrete block or preserved wood foundations certified by a professional engineer or post/pier foundations on solid bedrock.
  • Must be zoned and used as residential, rural or seasonal. We do not accept mixed uses or rental pooling.
  • Freehold or condominium title. We do not accept co-ops or ¼ interest ownership.
  • At minimum, property must have a kitchen, 3-piece bathroom, bedroom, and common area
  • Remaining economic life must be 25 years
  • Year-round road access on reasonable quality public roads, serviced by the local municipality. We also allow privately serviced roads, provided there is a maintenance contract in place.
  • Property must be winterized with a permanent heat source. For example, heating can be baseboard, forced air, water radiator, radiant, coal, propane, geothermal heat pumps, or heat pumps.
  • Good quality construction with no signs of deferred maintenance
  • Water source: well, municipal serviced, and cistern. Water source must be drinkable. We accept lake or river water, provided the property has its own filtration system. For example, a reverse osmosis system.
  • There must be good market appeal in the area with no adverse influences/neighbourhood nuisances

Vacation Homes (Type B):

All Type A property requirements apply to Type B, except for the following:

  • No permanent heat source is required. For example, a wood stove, fireplace, stove or heat blower is acceptable.
  • Foundation may be floating. For example, sitting on blocks.
  • Seasonal road use is acceptable. This means the road does not have to be plowed during the winter.
  • Water source needn’t be drinkable. However, there must be running water in the home.
  • Boat access only accepted

Portability:

  • Our mortgage default insurance is portable, so home buyers can take advantage of a lender’s portability plan. For further details, refer to Portability Feature Product Overview.
  • When porting from an existing standard Genworth Canada insured loan to an Vacation (Type B) loan, the premium will be the lesser of:
    • The outstanding mortgage balance multiplied by 1.10% + the top-up amount multiplied by the top-up premium rate, or
    • The new loan amount multiplied by the full premium rate

Assumptions / Assignments:

  • Mortgage is assumable subject to meeting lender guidelines

Eligible Products:

Secondary Home (Type A)

  • Borrowed Down Payment Program
  • Homebuyer 95 Program
  • Progress Advance Program
  • Purchase Plus Improvements Program
  • Second Mortgage Program

Vacation Home (Type B)

  • Purchase Plus Improvements Program

* For specific underwriting guidelines related to the above eligible products, please refer to the applicable product overview

Ineligible Products:

Secondary Home (Type A)

  • Business For Self (Alt-A) Program
  • Family Plan Program
  • New to Canada Program
  • Investment Property Program

Vacation Home (Type B)

  • Homebuyer 95 Program
  • Business For Self (Alt-A) Program
  • Borrowed Down Payment Program
  • Family Plan Program
  • New to Canada Program
  • Investment Property Program
  • Second Mortgage Program

Source: Genworth.ca

Mortgage 101: 10 Mortgage terms every first-time homebuyer should know

Getting started on your homeownership journey? Familiarize yourself with the “local language,” a.k.a. mortgage speak. This introduction to 10 key mortgage terms and phrases will boost your homebuying IQ and have you ready to meet with a mortgage broker to talk about your options.

Amortization period

The amortization period refers to the number of years it will take to pay off your mortgage through regular payments. Most mortgages, including Genworth Canada-insured mortgages, are amortized over 25 years.

DID YOU KNOW? You can pay off your mortgage sooner (saving interest in the long run) by:

  • Making payments biweekly instead of monthly;
  • Making an extra principal or lump sum payment on the anniversary date of your mortgage;
  • Boosting your payment by 10-20% on the anniversary date;
  • Making the same payments each month (or better yet: biweekly), even as your principal borrowed amount gets lower.

Fixed rate mortgage

With a fixed rate mortgage, the interest rate on your home loan is set for the term of the mortgage. Fixed rate mortgages offer the peace of mind of consistency: you’ll know exactly how much you’ll owe at the end of each mortgage term.

See also: Variable rate mortgage

Gross debt service (GDS) ratio

GDS refers to the percentage of your household’s gross monthly income that goes toward your housing payments – mortgage (principal + interest), property taxes, heating and, if applicable, 50% of condo fees. Lenders use your GDS and TDS (total debt service) ratios to assess your mortgage application and to determine how much to loan you and what interest rate to apply. Genworth Canada programs require a GDS ratio of no greater than 39%.

See also: Total debt service (TDS) ratio

High-ratio mortgage

A high-ratio mortgage is one for which the homebuyer makes a down payment of less than 20% of the cost of the home. All high-ratio mortgages must be covered by mortgage loan insurance (also known as “mortgage insurance”).

See also: Low-ratio mortgage

Low-ratio mortgage

Also known as a conventional mortgage, a low-ratio mortgage is one where the homebuyer has made a down payment of 20% or more of the home’s purchase price. No mortgage insurance is required for this type of mortgage.

DID YOU KNOW? You can use your retirement savings to help buy your nest egg. The federal government’s Home Buyers’ Plan lets you borrow money from your RRSP to put toward the down payment for your first home.

See also: High-ratio mortgage

Mortgage loan insurance

Also known as “mortgage default insurance” or just “mortgage insurance,” this financial product is mandatory on all high-ratio mortgages. Your mortgage lender pays the insurance premium and then passes the cost on to you; you can pay it in one lump sum or carry it on your mortgage for monthly payments.

Mortgage term

Not to be confused with amortization, mortgage term refers to the time period covered by your mortgage agreement. It can range from one to five years or more. After each term expires, the balance of the mortgage principal (the remaining loan amount) can be repaid in full, or a new mortgage can be renegotiated at current interest rates.

Principal

The amount initially borrowed for your home purchase. The balance of this amount will go down as you make regular mortgage payments. (Your mortgage payments go toward a portion of the principal, as well as the loan interest and, for those with high-ratio mortgages, mortgage insurance.)

Total debt service (TDS) ratio

TDS refers to the percentage of your household’s gross monthly income that goes toward housing costs (i.e., mortgage, property taxes, heating, etc.) plus your other debts and financing (i.e., car loans, credit cards, etc.). Banks use this calculation, along with your gross debt service ratio, when assessing your mortgage application. Genworth Canada programs require a TDS of no greater than 44%.

See also: Gross debt service (GDS) ratio

Variable rate mortgage

Also known as a floating rate mortgage or adjustable rate mortgage, this type of mortgage has an interest rate that fluctuates with the prime lending rate. The main benefit of variable rate mortgages is lower interest rates, but in return, mortgagors (homeowners) take on risk: if the prime rate goes up, a larger chunk of your mortgage payment will go toward the interest, not paying down your principal. The result: your mortgage could take longer to pay off and cost you more in interest.

See also: Fixed rate mortgage

Read on! You can enhance your Mortgage 101 education with these Homeownership.ca feature stories:

Source: HomeOwnership.ca

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Even New Yorkers Can’t Afford a Home in Toronto

 

There’s only a handful of cities in the world that make living in New York seem cheap for middle-income people, places like London, Sydney and Hong Kong. And then there’s Toronto, as 26-year-old JunJun Wu will tell you with a sigh.

After almost three years in New York she opted to move to Toronto for what she figured would be less-expensive housing.

“The apartments that I saw were so tiny, which was shocking,” she said. “Compared to my studio in New York, these were half the size.”

Prices have soared almost 60 percent in the last five years in Canada’s biggest city, and are up another 3 percent already this year. They’re not as high as Vancouver — one of the hottest real-estate markets anywhere — but among the world’s major cities, Toronto housing ranks as the fifth most unaffordable relative to income, according to consultant Demographia.

Severely Unaffordable

The world’s seven priciest housing markets relative to salary

Source: Demographia

Rankings are only for major markets with over 5 million residents. Price and pre-tax income are medians.

All that means is that a Canadian millennial, aged 25 to 31 with a median income of C$38,148 ($29,360), can’t buy very much housing in Toronto. Her maximum budget at that salary would be about C$193,661, according to Royal LePage. That calculation includes tougher lending rules, institutedthis year, that has reduced buyers’ purchasing power by almost 20 percent and cooled the market.

That’s probably not even enough money to purchase the garage of a detached home in the Toronto region, where the average price was C$1.05 million in May, according to the Toronto Real Estate Board.

Rents are no better, having soared about 11 percent to an average monthly C$2,206 ($1,697) in the first quarter from a year earlier, according to researcher Urbanation. That’s if you can find a unit: the number of newly completed condos available dropped to 1,945 over that time frame, the lowest in more than eight years.

Angie Mosquera, a 23-year-old software developer, saw up to 30 different units in recent months but kept getting outbid.

“I was so frustrated by the whole process,” Mosquera said. “I was like screw this, I’m going to be 40 and living at home, and I don’t even want to live in Toronto anymore.”

She eventually found a tiny studio downtown for about C$1,620 per month, meeting her budget. Still, the rent eats up a huge chunk of her salary, which is especially frustrating because she moved to Toronto from Montreal for a 40 percent bump up in pay.

Penthouse Condo

Stephanie and Justin Wood

Source: Justin Wood

Even those with more resources find it tough. Three years ago, Justin Wood and his wife Stephanie bought a three-bedroom penthouse condo for about C$430,000. Its price surged by about C$181,000 and this year they decided to upgrade to a house, with a toddler in tow.

“We thought we were going to be rich and it was going to be amazing,” said Wood, 33, who is now chief executive officer of his own Toronto-based tech startup. “But then we were like ‘Oh wait, we have to buy something.’”

As living in Toronto proved to be too expensive, the Woods headed for the suburbs and ended up purchasing a three-bedroom detached house in neighboring Oakville with a pool for about C$800,000. Monthly mortgage payments are about C$3,400. The commute is around two hours.

After spending almost a month in Toronto looking at about 40 listings, JunJun Wu, a college-prep counselor originally from Montreal, finally found a studio to rent in downtown Toronto through an online listing. She’s relieved that she secured a lease but the experience has left her unnerved.

“Maybe I should’ve gone back to Montreal instead,” she said. “I’m thinking I’ll give myself maybe one or two years in this city to see.”

Source: 

 

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We recommended our contractor to friends and they hated his work. How can we repair this mess?

THE QUESTION

My husband and I recommended a contractor to friends of ours and they didn’t like the work he did. They not only bad-mouthed him but they also refused to pay. Now he’s upset with our friends, our friends are upset with us and we’re upset with our friends. I’m wishing we never recommended our guy (who has always done great work for us) in the first place. Please help! What do we do now?

THE ANSWER

I hear you. Similar scenarios have played themselves out in our lives a few times and, yes, it is upsetting – to the point where I’ve decided my new policy is not to recommend anyone to anyone anymore.

Why bother? It’s a mug’s game! If it works out, fine. But if not – everyone gets upset.

Example: We had “a guy,” and he always did good work for us. So we recommended him to a friend who, as in your case, not only wound up bad-mouthing him but also stiffing him, financially, for the work he did.

She had some story about how he tried to rip her off. Excuse me, we knew this guy for nearly two decades, and during that time he was in our house more or less constantly, like Eldin the painter from Murphy Brown, if you remember that show. Anyway, I/we knew him backward and forward and inside and out and knew he was above board and would never rip anyone off.

Long story short, I am no longer friends with that (ex-)friend.

Now, I’m not saying be like me and turn your back on your friend. But I truly hate it when someone stiffs an honest, hard-working person.

Of course, you can stiff people. That possibility always lurks in the do-work-now-pay-me-later arrangement.

But to me, it’s like “dine and dash” (where you eat in a restaurant then scamper off into the night before the bill comes): it sucks because civilized society is based on people trusting other people not to do that.

Except “reno and dash” is even worse because (at least in the case of my ex-friend) we’re talking not about hundreds but tens of thousands of dollars – money our (former) contractor could have used/needed to put food on his family’s table.

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And that’s serious, a.k.a., not a joke. When you mess with someone’s ability to earn a living, that is a profoundly uncool thing to do.

So I think you’re well within your rights to speak to your friend, to the effect of: “Hey! What’s up with stiffing [name of contractor here]? That is completely uncool, not only in its own right but also because it reflects on me.”

Not only does it reflect on you, (you could furthermore add), “But now I have to deal with it. I have to apologize to him for hooking you up with him in the first place.”

Expect some backlash. I gave a similar speech to my former friend (the one who stiffed our contractor), and it led to a friendship-ending conversation.

I’m not suggesting you follow my example there (I’m always an advocate of hanging on to friends and all loved ones through thick and thin). “Do as I say not as I do” would be my watchwords in this circumstance.

But I wouldn’t let your friend off the hook too easily. Ask yourself: “What kind of person refuses to pay for work honestly, even if perhaps not-so-wonderfully, performed?”

I’ve had people do work for me I wasn’t crazy about, and I wasn’t crazy about their work-ethic either.

Some of them were just unreliable. A guy who built a set of bookshelves for us comes to mind. He was all like, “Tra-la-la, I’ll come at 10 tomorrow,” and then just wouldn’t show up.

But the bookshelves got built in the end, and it never occurred to me to stiff him, to look him in the eye and say: “You know what, the whole experience was a pain and I’ve decided I’m just not going to pay you.”

I think you should seriously ask yourself if you want a friend like that, and beyond that (even though I’m an advice columnist), I’m not going to tell you what to do, except to say: comport yourself accordingly.

Source: SPECIAL TO THE GLOBE AND MAIL

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Mississauga condos becoming an increasingly popular purchase option

Mississauga condos becoming an increasingly popular purchase option 

A new analysis from brokerage and real estate information portal Zoocasa showed that Mississauga is increasingly seen by starter home buyers as a reasonable destination away from the overheated Toronto market.

Mississauga’s average condo prices saw a 5.5% increase over the last year, up to $435,254. In its report, Zoocasa stated that the highest-priced condos and buildings – many of which saw double-digit positive value changes – were mostly situated around the city center, with some veering closer to Lake Ontario.

“None of the buildings were located north of Eglinton Avenue,” according to the Zoocasa report. “In addition, the buildings skew newer, with the oldest one having been registered in 2004, and the majority after 2012.”

Read more: Toronto’s monthly rents saw a sharp upward spike in Q1

Analyzing sales in over 100 developments where at least 5 transactions occurred over the past year, and averaging the square foot based on TREB sold data for the year to date, Zoocasa ranked the most valuable condo buildings in Mississauga as of present:

Rank 5: One City Centre

Location: 1 Elm Dr.

2018 price/sq. ft.: $584

2017-18 change: 20.5%

Rank 4: Limelight

Location: 365 Prince of Wales Dr.

2018 price/sq. ft.: $599

2017-18 value change: 14.7%

Rank 3: Pinnacle Grand Park

Location: 3985 Grand Park Dr.

2018 price/sq. ft.: $610

2017-18 value change: 20.1%

Rank 2: No. 1 City Center Condos

Location: 33 Elm Dr.

2018 price/sq. ft.: $610

2017-18 value change: 10.3%

Rank 1: North Shore

Location: 1 Hurontario St.

2018 price/sq. ft.: $674

2017-18 value change: 7.4%

Source: MortgageBrokerNews.ca – by Ephraim Vecina 28 May 2018

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Is co-ownership a good idea?

As co-ownership becomes a popular antidote to unaffordability, expect to hear about ensuing acrimony.

“On paper, it seems like a great idea, but in reality…”

Steve Arruda, a Century 21 Regal Realty sales rep, agrees that unaffordability in cities like Toronto and Vancouver is catalyzing creating living arrangements, but he can see myriad problems arising from ones like co-ownership.

“Everybody has the best of plans, and on paper it looks perfect, but when they move in with each other, who’s responsible for what? What if one person wants to sell early because they got a job on the other side of the country or far outside of the city?”

While co-ownership between friends can be tricky, it becomes amplified when more than one family owns and shares a home.

“I’ve had ones where two friends bought a place together and thought it’d be a great idea and good for their families, but they didn’t buy a mansion,” said Arruda. “It was a crammed space for two families and four children. With the respective families or events they host, there will be issues that way. They have the best intentions, but when you’re living in a crammed space, function becomes a different story.

“It could be happy when two friends share but when you start bringing in partners—more personalities under one roof could cause a problem.”

Arruda concedes, however, that the arrangement has better likelihood of succeeding if a duplex is the shared abode. Not to say it won’t have its share of problems.

“I find the best option for that is if the home is divided equally into a duplex, each with its own kitchen and bathroom, and maybe they have a shared living space,” he said. “But if one person wants to sell, the other has to sell or buy that person out.”

Manu Singh, a broker with Right At Home Realty, doesn’t recommend co-ownership but nevertheless suggests both parties draw up an exit strategy.

“They should have an agreement in place, an exit strategy,” he said. “Just a simple contract, not a complicated one, that lays out what the exit strategy is should one party decide to move on. If it’s for investment purposes, maybe the appreciation rate reaches such and such level and only then can the partner decide to sell.”

Singh also recommends a minimum hold period of five years “to recoup a lot of costs of the transaction, like the Land Transfer Tax.”

Source: Canadian Real Estate Wealth – Neil Sharma 25 May 2018

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