BC experienced the largest net gain in interprovincial migration in the 12-month period ending June 30, 2021, which just so happens to be the largest wave of migrations in the last 28 years. This was fueled by a remote work culture that has become the norm in all relevant industries.
Interprovincial migration (the difference between residents moving into and out of a region) +34,277 in 2020/21.
For comparison migration rates elsewhere:
Alberta – 11,831
Manitoba – 9,685
Saskatchewan – 9,410
While BC may be an attractive option in the lifestyle front, calling the mountain-filled province home doesn’t come cheap — especially when it comes to real estate. After all, it’s no coincidence that Metro Vancouver is the eviction capitalof Canada. – Storeys
Supply must meet demand and with the recent elections we hope that the Government can help create more supply for the growing demand in BC.
Angela Calla is a 17-year award-winning woman of influence which sets her apart from the rest. She is without a doubt, a true expert in her field. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show”and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages.
In August of 2020, at the young age of 37, Angela surpassed $1 Billion dollars in funded personal mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.
Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.caor at 604-802-3983.
The 2021 federal election is now in the books and while it did little to shake-up political power, it did bring the issue of housing affordability to the forefront and plenty of promises were made. We will have to wait on whether or not any of them come to fruition, but here is a rundown of the more noteworthy promises and how they might affect anyone looking to buy a home.
Restrictions on foreign ownership. Whether an outright ban on ownership or increased taxes on vacant properties, the consensus is that these policies would have very little effect on dampening prices. The pandemic either closed or severely restricted the border for much of the last 18 months and we all know what happened to house prices during that period.
A doubling of the home-buyer tax credit. This would save you an additional $750 bucks one-time on your income taxes when you buy a home. Not exactly chump change, but wouldn’t go too far in paying down the mortgage.
Reducing the cost of CMHC mortgage insurance for first-time buyers. This would definitely help as insurance tacks an extra 3-4% to your mortgage for anyone with less than 20% down.
Less stress-testing and longer mortgages. Tweaking the mortgage stress test to allow people to borrow more money sounds like a recipe for disaster and not a solution! Spreading the payments over 30 years (25 is the limit now) was also suggested, but this only lowers the monthly payment, costs you more in interest, and does nothing to control rising home prices. In fact, both of these measures may actually lead to more competition and higher prices.
More tax-sheltered savings/investment accounts like the proposed “First Home Savings Account”. Currently, you can borrow from your RRSP to buy a home and many people also use their TFSA for their down payment savings. Additional tax-sheltered savings/investment accounts may help somewhat, but not much if you are struggling to max out what we have already (18% of gross income RRSP + $6000 TFSA). Higher limits and/or better tax sheltering (tax-free in and out for example) on savings won’t really move the needle for most of us if home prices are sky high while incomes are stagnant.
Increasing the supply of homes. Supply up, price down is economics 101 and it sounds like a reasonable idea. The big question here is implementation – what levers can the federal government pull to make this happen and can they provide enough subsidies, incentives or whatever else they are thinking to actually make a dent in the current shortage and keep a lid on prices?
This list is not exhaustive and many ideas were floated during the campaign, but it is safe to say that first-time home buyers looking to the election for a significant change were likely left disappointed. While some of the proposed solutions would lower monthly payments, none of them seem effective at actually controlling home prices. The lack of a majority government will make it even more difficult to deliver on any of them.
Angela Calla is a 17-year award-winning woman of influence which sets her apart from the rest. She is without a doubt, a true expert in her field. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show”and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages.
In August of 2020, at the young age of 37, Angela surpassed $1 Billion dollars in funded personal mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.
Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.caor at 604-802-3983.
Learn more by viewing the latest news on our blog.
Home ownership remains a top priority for many Canadians. While buying a home is seen as a milestone and can improve your quality of life, most are hoping that their purchase will also be a sound financial decision. A recent study1 has found that, for those who are able to secure a sufficient down payment, it is more financially beneficial to buy a home in Canada than to rent over the long term, in 91 per cent of cases analyzed. The scenarios assume the owner is able to provide a 20 per cent down payment.
“Canadians strongly value home ownership for many reasons. Not only is it a great source of pride, it is likely the largest and most significant financial investment most people will ever make,” said Karen Yolevski, chief operating officer, Royal LePage Real Estate Services Ltd. “Historically, home ownership has been very profitable for Canadians, many of whom have factored their real estate investments into their retirement planning. Owning a home is widely viewed as a means to save money and build equity.”
The study, by economist and housing market analyst Will Dunning, and sponsored by Royal LePage, uses price data for 278 scenarios (broken out by city and housing type) across the country and approaches the commonly-asked question ‘Is it better to buy or rent?’ from various angles – using historical data, future projections, and viewing home ownership as an investment.
“For many people, buying a home – especially the first – is a landmark event and one of the most challenging decisions we’ll make in our lives,” said Will Dunning, president, Will Dunning Inc. “It is a decision that is usually based on a lot of hard work. This research tests a belief that is held by a lot of Canadians, that owning is better financially than renting. And, it finds that this belief is very often correct.”
While the total monthly costs of owning a home may be higher than renting, there is an important factor to consider. Mortgage payments comprise principal and interest, and the principal component can be seen as a form of saving, albeit forced saving. While the homeowner has to pay the full amount each month, the principal is not a true cost. What’s more, the interest component is largest in the first month and gradually decreases over the life of the loan, effectively increasing the amount of forced saving each month.
In 253 out of 278 cases studied (91%), the net cost of ownership (the total ownership cost minus the saving that occurs through principal repayment) is lower than the cost of renting. In the report, this factor is referred to as the ‘ownership advantage’. As of the second quarter of this year, on average the net home ownership cost was $769 per month less than the cost of renting an equivalent dwelling. In the nine per cent of scenarios where renting was more beneficial than buying, cases were concentrated in luxury homes in expensive neighborhood pockets. Moreover, the monthly savings were minimal for this demographic at $245.2
“While Canadians do want their homes to appreciate, potential homebuyers will find it reassuring that significant price appreciation is not necessary for ownership to be financially worthwhile,” said Yolevski. “There are other benefits to owning a home, in addition to the financial advantages. Owning a property allows more freedom and stability than renting. As a homeowner, you do not have to worry about the landlord hiking up the rent or forcing you to move. And, homeowners have the ability to make a place their own, with renovations or décor. I believe most Canadians would agree that owning a home is as much about laying down roots in a community and making memories with family, as it is about financial security.”
The study tested various scenarios. This includes a mortgage renewal in five years, at an increased interest rate (3.62%, which is based on the highest interest rate seen during the study period from the fourth quarter of 2014 to the present). Even in that scenario, home ownership is expected to remain more affordable than renting in most situations.
“Although supply has reached historic lows and home price appreciation continues to trend upward, the findings of the report show that owning a home remains financially advantageous for most people. However, all Canadians would benefit from swift and material government action to solve the country’s housing supply crisis,” added Yolevski.
To varying degrees, Canadians think of their homes as an investment, and not just a place to live. The study calculated how home ownership might perform as an investment, making varying assumptions about how much values might change during the coming 10 years. The calculations found that even with a 10 per cent decline in home prices, approximately half of the homeowners studied would still see a positive rate of return on investment, while the other half would break even or see a modest loss as an investment.3 If there is no growth in values, ownership would result in a positive rate of return on investment in a majority of cases. Other scenarios in which values rise show increasingly attractive rates of return.
The analysis includes assumptions about the costs of buying and selling homes (closing costs, lawyers’ and real estate agents’ fees, and land transfer taxes), and the major ongoing costs incurred by homeowners (utilities, repairs, homeowners’ insurance and condominium fees, where applicable)
This article was written and published on Newswire.
Angela Calla is a 17-year award-winning woman of influence which sets her apart from the rest. She is without a doubt, a true expert in her field. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show”and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages.
In August of 2020, at the young age of 37, Angela surpassed $1 Billion dollars in funded personal mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.
Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.caor at 604-802-3983.
The Tri-Cities Chamber of Commerce Business Excellence Awards.Facebook/Tri-Cities Chamber of Commerce
Do you know of a business or businessperson that deserves recognition for their perseverance and dedication?
It’s undoubtedly been another trying season for businesses — big, medium or small — in the region with the COVID-19 pandemic, but the Tri-Cities Chamber of Commerce (TCCC) is hoping to honour those who’ve persevered.
As of Tuesday (Sept. 21), the nomination period is open for the organization’s 2021 Business Excellence Awards with a deadline of Oct. 8.
The award categories, along with nomination criteria and last year’s winners, are listed as follows:
Demonstrates an exceptional level of leadership and is regarded as a leader in its industry
Demonstrates excellence in performance as evidenced by longevity, retention, financial growth, and reputation (please provide documentation if at all possible)
Innovative based on the unique product and/or service it provides to the Tri-Cities, including exceptional customer service and satisfaction, and community services
Demonstrates a positive social conscience by utilizing its resources to improve its community through events and initiatives, support of local not-for-profits, and reducing its environmental impact
Has an overall positive impact on the Tri-Cities and makes the community a better place to live and work
Demonstrates an in-depth understanding and an outstanding, cooperative effort to environmental sustainability
Is a role model for businesses in environmental sustainability best practices (recycling, composting, energy/water conservation, gardening, etc.)
Demonstrates sustainable business practices in its own operations (aside from the product or service for sale)
Helps to build environmental awareness and promote environmental stewardship within the Tri-Cities environmental landscape
Has milestones and/or measurable accomplishments that demonstrate effective sustainable operations
The Tri-Cities Chamber is encouraging interested residents and entrepreneurs to submit thorough nominations so judges can better determine the finalists.
A celebration is currently planned for Jan. 29, 2022.
Angela Calla is a 17-year award-winning woman of influence which sets her apart from the rest. She is without a doubt, a true expert in her field. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show”and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages.
In August of 2020, at the young age of 37, Angela surpassed $1 Billion dollars in funded personal mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.
Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.caor at 604-802-3983.
The Liberals have clarified what they’ll do for the Canadian Housing Market in a recent campaign. The Party releases an aggressive housing plan faceted to combat other Party’s aggressive housing plans.
Trudeau promises a number of notable things,
Billions of dollars in new funding, measures to curb the practice of “flipping” homes
Efforts to block foreign nationals from buying homes for two years
New regulatory measures to police exploitative real estate agents
A three-point program which includes,
Unlocking home ownership through new government funding
A plan to build more homes to address supply constraints
Measures to establish and protect new rights for buyers.
Introduce a first home savings account which would allow Canadians up to age 40 to save $40,000 toward their first home and withdraw it tax-free when it comes time to buy.
Double the first-time home buyers tax credit from $5,000 to $10,000
Slash mortgage insurance rates by 25 per cent
A “rent-to-own” program, with $1 billion in new funding to “create a pathway for renters in five years or less
Build, preserve or repair 1.4 million homes in the next four years” by giving cities “new tools to speed up housing construction.”
Create a $4 billion pool of cash that cities could tap if they help to create “middle-class homes”
The party is also promising $2.7 billion over four years to build or repair more affordable homes
Money to convert empty office space into housing,
A “multigenerational home renovation tax credit” to offset the costs of adding a secondary unit to a home
More money for Indigenous housing to help First Nations, Métis and Inuit people who live in substandard conditions.
For more information, visit https://liberal.ca/housing/
Angela Calla is a 17-year award-winning woman of influence which sets her apart from the rest. She is without a doubt, a true expert in her field. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show”and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages.
In August of 2020, at the young age of 37, Angela surpassed $1 Billion dollars in funded personal mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.
Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.caor at 604-802-3983.
B.C.’s maximum allowable rent increase amount for 2022 is being set at 1.5%, based on inflation.
This increase cannot take effect prior to Jan. 1, 2022. If landlords choose to increase rent, they must provide a full three months’ notice to tenants using the correct notice of rent increase form.
To support British Columbians, the Province enacted a rent freeze at the beginning of the COVID-19 pandemic. The freeze has since been extended to Dec. 31, 2021.
The 2022 maximum allowable rent increase is significantly less than what it would have been prior to changes made by the Province in 2018 that limited rent increases to inflation. Prior to that change, maximum rent increases could include an additional 2% on top of inflation. This change has saved families hundreds of dollars.
B.C. landlords can only increase rent once annually, if they choose to increase rent at all.
The Province also recently banned illegal renovictions (evictions to complete renovations to a property) by requiring landlords to apply to the Residential Tenancy Branch for pre-approval before ending a tenancy.
Quick Facts:
If a landlord served a tenant with a notice of rent increase that takes effect in 2021, it is null and void and the tenant does not have to pay it.
The maximum allowable rent increase is defined by the 12-month average per cent change in the all-items Consumer Price Index for B.C. ending in July the year prior to the calendar year for which a rent increase takes effect.
For example, if a rent increase takes effect in 2022, the maximum allowable rent increase is the 12-month average per cent change in the all-items Consumer Price Index for B.C. ending in July 2021.
The 2022 maximum increase for manufactured home park tenancies will be 1.5%, plus a proportional amount for the change in local government levies and regulated utility fees.
The rent increase does not include commercial tenancies, non-profit housing tenancies where rent is geared to income, co-operative housing and some assisted-living facilities.
Published by the Attorney General. View article here.
Angela Calla is a 17-year award-winning woman of influence which sets her apart from the rest. She is without a doubt, a true expert in her field. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show”and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages.
In August of 2020, at the young age of 37, Angela surpassed $1 Billion dollars in funded personal mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.
Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.caor at 604-802-3983.
There’s an old saying that it’s better to give with a warm hand than a cold one. Put another way, for many parents, there are benefits to gifting money to the next generation while you’re still alive or providing what’s known as a “living inheritance.”
There’s an emotional reward that comes with giving adult children money to buy a house, start a business or simply support their families, experts say, as well as financial benefits of reducing the value of your future estate. The trick is not giving away too much so that it spoils the kids, or worse, curbs your retirement lifestyle.
“Assuming parents are in a strong financial position to do so, and if there are excess funds beyond their income retirement needs, then that’s when gifting should often be considered,” says Kelly Ho, a partner and certified financial planner at DLD Financial Group Ltd. in Vancouver.
Many are doing just that. A CIBC poll shows more than half of Canadian parents have either given or plan to give a significant gift or early inheritance to their children or grandchildren, either because their offspring need the money or parents want to take pleasure in seeing their kids and grandkids enjoy the funds.
The main upside to giving while alive is “getting to see how the money is making their loved one’s life better or easier,” says Moira Somers, a Winnipeg psychologist specializing in behavioural finance.
Ms. Somers points to an example from her own life, several years ago, when her mother paid for a fence when her own family couldn’t afford it.
“Every time I look at that fence, it’s with gratitude to my mom, Ms. Somers says.
Living Inheritance and Reverse Mortgages
Sometimes accessing finances are challenging especially if you want to give a “living inheritance”. Deferrals and reverse mortgages can be a great way to generate potential “living inheritance” for your kids and grandchildren. Watch my videos below to get better acquainted with reverse mortgages and referrals!
Don’t hesitate to reach out to us for more information or any questions you might have.
Get Advice Before You Give
Parents looking to provide a living inheritance to their kids should talk to their financial adviser first to make sure the sum doesn’t derail their own financial goals.
When well planned, the benefits can be many: from funding the grandchildren’s postsecondary education to helping adult children purchase a first home (or a vacation home) to saving for their own retirement or treating the entire family to a winter holiday in a warm climate.
There can also be financial benefits: Cash gifts, given while alive, will ultimately reduce the size of the estate, reducing probate fees costs and taxes on the estate, says Samantha Prasad, a partner in the tax group at law firm Minden Gross LLP in Toronto.
While gifting is common among her clients, she cautions they may not always foresee the potential impact of a gift on their tax and estate situation.
“It comes up all the time, but often along the lines of, ‘I did this. That’s okay, right?’ ”
There’s no gift tax in Canada, as there is in countries such as the United States, and no threshold for how much you can give, Ms. Prasad says.
However, she says so-called “attribution rules” may apply if you gift cash to a spouse, common-law partner or minor children or grandchildren and they use it for an investment.
“Any income from that investment can be taxed in the hands of the person who made the gift,” she says, adding it’s Canada Revenue Agency’s (CRA) way of preventing people from income splitting, which is the ability to sprinkle income to family members in a lower tax bracket.
Another misconception, she says, is that people can gift real estate, investments and certain family heirlooms without tax implications. Ms. Prasad says the CRA considers the exchange a deemed disposition, meaning any increase in value on these assets while owned by the parents may be subject to capital gains tax.
She says the best option is often giving money directly from savings, or selling an asset first, paying the applicable taxes, and then gifting the proceeds.
Regardless of how it’s done, Ms. Prasad says the will should be adjusted to account for the gifts made while alive.
“That won’t entail a full revision of the will,” Ms. Prasad adds. “But a memo should be attached noting who received the gift, its size and on what date,” ensuring division of assets remains fair among beneficiaries.
With the financial, tax and estate considerations taken care of, parents can then relish in witnessing their money doing good for their family, Ms. Somers adds.
“There are lots of problems that a gift of money can help solve,” she says. “It can be great at easing burdens, giving opportunities for experiences that might not otherwise be possible, and facilitate closer connections when an unreliable car or inability to pay for a plane ticket would have been a barrier.”
Angela Calla is a 17-year award-winning woman of influence which sets her apart from the rest. She is without a doubt, a true expert in her field. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show”and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages.
In August of 2020, at the young age of 37, Angela surpassed $1 Billion dollars in funded personal mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.
Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.caor at 604-802-3983.
The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ percent, with the Bank Rate at ½ percent and the deposit rate at ¼ percent. The Bank is maintaining its extraordinary forward guidance on the path for the overnight rate. This is reinforced and supplemented by the Bank’s quantitative easing (QE) program, which is being maintained at a target pace of $2 billion per week.
The global economic recovery continued through the second quarter, led by strong US growth, and had solid momentum heading into the third quarter. However, supply chain disruptions are restraining activity in some sectors and rising cases of COVID-19 in many regions pose a risk to the strength of the global recovery. Financial conditions remain highly accommodative.
In Canada, GDP contracted by about 1 percent in the second quarter, weaker than anticipated in the Bank’s July Monetary Policy Report (MPR). This largely reflects a contraction in exports, due in part to supply chain disruptions, especially in the auto sector. Housing market activity pulled back from recent high levels, largely as expected. Consumption, business investment and government spending all contributed positively to growth, with domestic demand growing at more than 3 percent. Employment rebounded through June and July, with hard-to-distance sectors hiring as public health restrictions eased. This is reducing unevenness in the labour market, although considerable slack remains and some groups – particularly low-wage workers – are still disproportionately affected. The Bank continues to expect the economy to strengthen in the second half of 2021, although the fourth wave of COVID-19 infections and ongoing supply bottlenecks could weigh on the recovery.
CPI inflation remains above 3 percent as expected, boosted by base-year effects, gasoline prices, and pandemic-related supply bottlenecks. These factors pushing up inflation are expected to be transitory, but their persistence and magnitude are uncertain and will be monitored closely. Wage increases have been moderate to date, and medium-term inflation expectations remain well-anchored. Core measures of inflation have risen, but by less than the CPI.
The Governing Council judges that the Canadian economy still has considerable excess capacity, and that the recovery continues to require extraordinary monetary policy support. We remain committed to holding the policy interest rate at the effective lower bound until economic slack is absorbed so that the 2 percent inflation target is sustainably achieved. In the Bank’s July projection, this happens in the second half of 2022. The Bank’s QE program continues to reinforce this commitment and keep interest rates low across the yield curve. Decisions regarding future adjustments to the pace of net bond purchases will be guided by Governing Council’s ongoing assessment of the strength and durability of the recovery. We will continue to provide the appropriate degree of monetary policy stimulus to support the recovery and achieve the inflation objective.
Information note
The next scheduled date for announcing the overnight rate target is October 27, 2021. The next full update of the Bank’s outlook for the economy and inflation, including risks to the projection, will be published in the MPR at the same time.
This article was published by the Bank of Canada and can be viewed here
Angela Calla is a 17-year award-winning woman of influence which sets her apart from the rest. She is without a doubt, a true expert in her field. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show”and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages.
In August of 2020, at the young age of 37, Angela surpassed $1 Billion dollars in funded personal mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.
Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.caor at 604-802-3983.
We are excited to enter the next season with optimism in BC’s Fall Housing Market. However, we’d like to point out 7 things that people should continue to observe as the season changes over.
1. A hot pre-sale market
Attractive to young buyers, British Columbia’s pre-sale market is hot and booming. This is perfect for young buyers who are still living at home and saving up for a down payment to own their own homes. We can expect the pre-sale market to continue to be hot and in demand.
2. Demand should continue to outpace supply
Demand will continue to outpace supply. We know that it can take up to 3 years to complete a development and with rising costs we simply can’t build fast enough in order to keep up with our current market’s demand. This topic continues to be a major issue especially because our policies make it so difficult for developers to build faster.
3. Low interest rates will continue to fuel demand
Low interest rates will indeed continue to fuel demand as it is a great incentive. You may have heard talk about the possibility of inflation in the short term and it has definitely been higher than what we’ve seen in the last few decades. We would caution you for now especially with things just beginning to open up from the turmoil COVID-19 has caused us, health wise and economic wise. It may be too early to proceed with things as we go into another wave of COIVD-19. We have more information about this topichere which can really illustrate what’s happening right now.
4. Competition from expatriates
This is definitely a hot issue that will continue through to this fall and of course, is a vital topic in politics with elections warming up. How might each party respond to foreign investors who take advantage of our hot market? Will the Government ban foreign buyers from purchasing property? The impact this has on our real estate is vast and many houses are left without occupation. Many Canadians are looking to own their own home, if this trend continues the market will continue to inflate. We have each political plan here on our blog.
5. A new wave of renters and buyers could enter the market
We have a new wave of renters and buyers that are entering the market. Those who are immigrating into the country and those who are of generational age are ready to rent and purchase homes this fall. We continue to welcome 400,000 immigrants per year with a total of 1.2 million people as a set goal by the Canadian Government. The increase in renters will encourage investors to continue to invest in our cities which will create a busier rental market over all.
6. Quality offers
Quality offers will continue to prevail but the good news for new buyers is that their won’t be many offers to compete against. Canadians however will continue to increase their financial literacy and education which will help better their knowledge on planning and taking the proper steps towards their goals. Having clarity on the options around you will aid in the maintenance of quality offers.
7. Optimism should remain high
Optimism should remain high because it is a top priority among many Canadians because it stabilizes them financially and secures the future of their equity. Working with the correct professionals will ensure that you’re prepared for this fall housing market.
Angela Calla is a 17-year award-winning woman of influence which sets her apart from the rest. She is without a doubt, a true expert in her field. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show”and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages.
In August of 2020, at the young age of 37, Angela surpassed $1 Billion dollars in funded personal mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.
Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.caor at 604-802-3983.
Any outstanding credit card bill or high interest rates can impact the time it takes for you to save for a down payment. In addition, every $480 spent on car payments might hold you back from securing the extra $100,000 loan which you might need while saving a down payment for a house.
2. Identify area where you spend too much
Take a look through all your bank statements! You might notice some automatic payments and payments for subscriptions you don’t use too much anymore. There are so many areas where our financial planners can help identify and action on these areas to help you save for a down payment.
3. Build a budget for your household
Over paying for a product could be something that is holding you back. We have had many clients who have been held back by dated life insurance policies and other programs which have cost significantly more than their dated counterparts. Our financial planning partners can help identify these areas and may be able to grant you savings.
4. Set up automatic transfers
Saving up for a down payment is tricky, but if you set up automatic transfers, you can forget about that money while making use your TFSA and RRSP programs. Whether if you are living at home, have children, or have high interest debt, automatic transfers can absolutely benefit your savings.
5. Utilize contributing to your TFSA and RRSP
These banking programs are highly important since they are tax free! Your hard earned money will not be taxed and it’s perfect since you can set automatic transfers directly to your TFSA and RRSP.
Whatever your position is at the moment, we are here to help and understand every step of your journey!
Angela Calla is a 17-year award-winning woman of influence which sets her apart from the rest. She is without a doubt, a true expert in her field. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show”and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages.
In August of 2020, at the young age of 37, Angela surpassed $1 Billion dollars in funded personal mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.
Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.caor at 604-802-3983.
