We review something new from the Canadian government pertaining to real estate and home ownership - the "First Time Buyers Incentive". Due to take effect in September 2019, this proposes an interest free loan for first time real estate buyers, of up to 5% on an existing property, and of up to 10% on new build construction, which would only be repayable when the property is sold. Certain restrictions apply.
We talk with Marie Beckles, independent associate with LegalShield, and discuss some of the innovative features and benefits of this monthly legal plan. Marie can be reached at 416-576-3289 or at firstname.lastname@example.org
We look at trends in the Toronto real estate market, and explain that despite warnings from the doomsayers, the market will not crash in 2019. Hear how the 3 "pillars" that are holding it up remain in place, and that while they do, the market will continue upwards. Video at //www.youtube.com/watch?v=qFBAbEOHdhc transcript: //bit.ly/2VufkcS
Our special guest today is Sherry Love, a senior mortgage specialist with Scotiabank, and we discuss the "Stress Test", which is a bank requirement for people applying for residential mortgages in Canada. Sherry explains how this works - how people must now qualify at a higher rate than the actual mortgage that they are getting.
We compare the Toronto real estate market slump with the slowdown that Vancouver experienced, after both cities implemented a "foreign buyer tax". Will Toronto follow Vancouver's lead, where the slowdown lasted for eight months? Watch the video at //www.youtube.com/watch?v=acPFHd8qy1w
We discuss one component of the recent Ontario government real estate initiatives - changes to the Rent Control Act. Find out how premier Kathleen Wynne has not addressed the essential problem here, and why this will only contribute to higher rents in the future, in the Greater Toronto Area. Video at //youtu.be/1Zed2cVINqE
33 Pearl St
Mississauga, ON L5M 1X1
The Ontario government has instituted a 15% tax for foreign, non-resident buyers of residential real estate in the Greater Golden Horseshoe Area - an area stretching from Niagara Falls to Mississauga to Toronto to Peterborough. We discuss the rationale behind the tax, which is part of an effort to slow the local real estate market, and offer views whether it will work, or not. See the full video at //youtu.be/_ZbVxp5h36A