I inherited a very large piece of vacant land and have been approached by the Ministry of Natural Resources (MNR) regarding participating in the Conservation Land Tax Incentive Program (CLTIP). I've read the literature about it; however, I would like to hear some experiences of those who utilize the program for their land. For reasons unbeknownst to anyone, the previous owner never participated in the program, although it was very clear they were also approached throughout the years. My best guess was they didn't want anyone from the MNR on their land as they primarily used it for hunting purposes.

I am new to land ownership and haven't fully made my mind up with what I want to do with it. A large piece of the land is zoned Environmentally Protected (EP), which consists of wet lands, so it is not useful for building. I understand participating in the program would significantly reduce my property taxes, but the fact the previous owner didn't participate in it makes me hesitant. Would someone be willing to share their experiences in the program such as responsibilities while participating and what happens in you don't want to participate anymore?

We are planning to purchase a home shortly near Toronto, whereas we currently stay in Montreal.

We have got a mortgage pre-approval and are also in touch with a few realtors in our target areas.

What are the other steps we should do before we make an offer on a house?

- Should we engage a lawyer even as we are looking at houses? How can I find good real estate lawyers?

- How do we proceed about the home inspection? I do not want to proceed with someone recommended by the realtor; so how can I find someone good for the inspection?

Assuming the cooperating commission is 2 or 2.5% for buyer agent, is 1% or 1.25% a fair compensation for a buyer agent? Or what justifies for 2 or 2.5%? Is it possible for a buyer agent to itemize their services to get paid against.

So I own a home with 600k Loan pending. Current home worth near/above 1.2m.

I have 240k in savings GIC and just finalized an investment property worth 1m. (20% down)

Question:

Should I take a 2nd mortgage on existing home for 100k/120k and use that with half of my savings for downpayment for investment property. I could potentially get the 2nd mortgage the same rate as current fixed or variable rate.

I intend to save the money I have in my GIC and keep it in GIC or invest it potentially in VOO or some other funds or may be potentially buy another property in 1.5-2 years.

Advise.

Okay, so this JUST happened!! As a real estate agent affiliated with REMAX in Quebec, Canada, I was just going about my day when I received an unexpected call from my agency’s director. They informed me that REMAX Quebec had received a complaint regarding a comment I posted on social media about the U.S. elections. Apparently, someone took issue with the fact that I expressed a pro-Trump opinion.

My agency director asked me to take down the comment to prevent things from “escalating.” But to me, it felt more like a thinly veiled attempt at control—a way of saying I couldn’t voice my opinion on political matters, especially not one like this. The idea that my freedom of speech would be questioned over my personal opinion and a simple social media comment is, frankly, astonishing.

What’s your thought on this?!

**** My comment was: “Trump 2024 for the win- if it’s otherwise it’s rigged!” (My opinion)

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Myself (57) and my husband (59) still owe approximately $280,000 on our mortgage. I have about $100,000 in a TFSA. My question is…would it be beneficial to used the money in my TFSA to pay down our mortgage?

Hello people, I need your opinion with something related to down payments.

I read/heard that you can get a better rate when you pay less than 20% down payment. Do you think it's worth it? I know that an insurance is needed in this case, but I wonder if a 18% down payment and probably a .5% better rate could be a good option.

What do you think? Thank you and have a wonderful day!

Me and my partner started looking at houses to buy with a realtor but we haven't signed any paperwork(BRA). We went to a house that we found via Zolo and asked them to show us the listing which they did. Fast forward a week we were in the area and saw the owners of the home and asked to buy in a private sale to which they agreed as long as our realtor doesn't come after them for a commission, to which we've agreed to take on any lawsuits that may come out of this.

What are the chances we'll be sued?

Edit: The seller's agent is a family member who's waived their commission.

Can any other brokers weigh in on this with my current assets and income? I find it hard to believe but it works out with what I’m planning.

I have a house worth $275,000 but have a mortgage of about $205,000 left on it. I was planning on renting it out to my sister in law and buy a new home for myself. I have an income of $67,500 and $250,000 ready for a down payment. No debts. The broker said I can qualify for a second mortgage to purchase a house up to $500,000 with a 50% down payment. Does this add up? Part of me is skeptical. So my total mortgaged amount between the properties would be about $450,000 at that point. Thoughts?

Hi,

I'm new here and wanted to ask a question that I'm hoping someone can point me to some resources. I've been curious about tracking the market value of my home in Quebec. Are there any online resources for that?

For example, in BC, there is a website called https://www.bcassessment.ca/ where you can search for any property and view the sales history and assessment for the past 3 years. I would love to find a comparable website like this for Quebec properties

Hello, I am taking my Residential course with Alberta Real Estate School. Does anyone know how long it will take?

Did you guys have any good experience going with a flat-fee real estate agent in Montreal as opposed to regular 4% realtors?

Hi Guys, I've been asking everywhere, my realtor, my broker, friends and nobody knows how to answer this. I just don't understand how this works, sorry! Please help.

We're buying a brand-new condo which costs $440K and we're also taking the locker for $15K. We're a young couple, First Time Home Buyers. We heard something about the how the GST is charged but can't find much online.

How much will we pay for the GST? is it s a flat 5%? Also, if the condo itself is $440K (Less than $450K) will we still be eligible for the GST rebate? Or because the locker is added, making it $455K in total (outside of the GST rebate threshold; the max is $450k) OMG. Thank you.

Wish you a great cozy Sunday! Will & Maria

Hi Homeowners,

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So, don't know the best way forward.

Currently in yyc, may move to Edmonton. Would like to rent out our current residence in Calgary as we will potentially move back in 5-10 years (prob not)

Unsure how qualifying works and best path forward.

Calgary value, 550k, 250k equity. Edminton options, 450k or prefered 850k Current income 260k

I understand the period the home is a rental will be subject to cap gains.

So perfect world: rent out yyc for 2-3k a month. Carrying costs are 2200 a month including taxes and maintence average at current interest rates. Buy 800k in Edmonton. Comparable homes in our street rent for 2800-3200.

Not perfect. Buy 500k in Edmonton

What is the best way forward? Would rather not touch investments for a down payment, can I pull out equity, get a rental contract in place, and qualify for a 750k mortgage? Can I use the Smith manuver effectively somewhere? My overly leveraged thought, pull out max equity from currently property, heloc the 800k house in Edmonton, use the advancable funds to pay off rental prop at a tax preferred rate.

What would you suggest?

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I have inherited a house from my brother that I do not plan to keep. I am also the executor of the will and sole beneficiary. My lawyer advised that I should consult with an accountant to determine which way I should sell it due to tax implications. My understanding is that there is no inheritance tax in Canada, so that is not an issue. It will not be my primary residence so there could be capital gains tax on any increase in value from the designated fair market value at the time of my brother's passing until the time it is sold. And if sold for less than the market value there could be a capital loss. If sold from the estate this tax/loss would be attributed to the estate. If I transfer ownership to myself after the will is probated, then I will have to pay land transfer tax. There could still be a capital gain or loss. Either way I have to make some repairs to the house. And I also will make some improvements that will increase the cost base of the house for capital gains purposes.

Are these the issues, or are there more? What are the pros and cons of either way?

My mom passed a few months ago and we're debating what to do about the house. She was a hoarder and the kitchen was the worst, when cleaning it out we discovered the kitchen was unsalvageable and my family helped me rip it all out .Question is should/can we sell it as is? (Before my mom passed she did buy all new flooring that we can install) Or should we renovate it? I keep wondering if we put a bunch of money into it will we make that much back? (I.e. we spend $25,000 on a new kitchen will we make that back and potentially"make a profit"? Idk if that's the right wording lol? Vs. if we left as is and got $25,000 less?) Thanks for any advice! It's been a really hard few months and this has really been weighing on me and I'm not sure who to ask. We asked a realtor and they said yes do it but of course they want the house to be worth as much as possible for their own benefit. Maybe not? Idk sorry.. rambling now

We bought a presale condo for parents to live in, but parents are retired, so I will be fully paying for the mortgage.

What's the best setup in terms of ownership to take advantage of the first time home buyer:

Situation (in BC):

I own a SFH and it's my primary residence.

My parents are first home time buyer, retired couple.

Options I can think of:

1. They are the sole owner of the condo on the title, while I be the grantor and actual person paying the mortgage (I have approved mortgage with RBC/CIBC already with this setup, so mortgage wise it's not a problem).
2. Both myself and my parents on the title, but make them 99% ownership and 1% for myself. In that case, I assume 99% of the PTT exemptions applies, and in the future if we sell, 1% of the profit will be reported as capital gain.

Any pros/cons you can think of?

Do most people have to sell their existing house to buy a new one?

Real estate agents look at me like I’m stupid when I say my offer is contingent on selling my existing house.

Up to $10k a year apparently it covers:

From their site: What’s included?

Central heating and air conditioning

Coverage includes all electrical and mechanical parts, encompassing heating systems, fireplaces, and air conditioners.

Plumbing

Protection extends to blocked, leaking, broken water, gas, drain, vent, or waste pipes. Please note that limitations may apply if the source of the problem is external to your home.

Electrical

All switches, circuits, breaker panels, and fuse boxes are covered.

Owned water heater and water softener

All parts, excluding rental units.

According to the person at the bank at 9 months we are giving the offer to cancel or sign on at $20/mth. No hassle to cancel.

We purchased the presale in 2022 and completion date is December this year. We would like to assign this condo to my mom (no extra profit). Developer is charging for $2000 for the assignment, but doesn't seem to want to help with the forms, and says my realtor should assist.

I feel like my realtor from the presale has been reluctant to help too. Is this assignment considered an extra service that needs to be charged extra, or part of the original sales?

The stress test is a question I get asked about often, and a lot of government sources and news outlets did a pretty poor job explaining the change coming on November 21st. So this month I'll do a quick summary to clear up the confusion around it.

• The stress test was introduced in 2016 to make sure home buyers can handle mortgage rate changes, especially if they're on a variable rate or will be renewing into a higher rate.
• The stress test uses the greater of your (contract rate + 2%) or the Mortgage Qualifications Rate (MQR) to make sure you income can handle it. The current MQR is 5.25%.
• This means if you get a mortgage rate of 4%, then you'll be tested at a rate of 6%. If you get a rate of 3%, then you'll be tested at 5.25%, because the MQR is higher than contract +2%.
• Last year the government announced that insured mortgages will not be stress tested if they're renewing and want to switch lenders. That meant you only had to qualify based on the actual mortgage rate you were getting, and not stress tested. So if you got a rate of 4% at renewal, then you only had to qualify based on 4%. This was very good news for borrowers who's lenders weren't offering them a good rate to renew, but couldn't pass the stress test and couldn't move elsewhere.
• Starting November 21st, this same rule will apply to un-insured mortgages. This levels the playing field, and good news for those who want to shop around and are no longer worried about the stress test.
• The stress test is federally mandated and all federally regulated mortgage lenders have to follow these rules. Credit unions on the other hand are provincially regulated and don't have to follow these rules, but many of them do. Some offer both stress tested products and non stress tested products. Private lender don't need to follow the stress test, and I haven't seen any of them that do.

Please feel free to ask any questions on this as I know it can be confusing, and I saw a few news articles that made it look like people coming up on renewal will no longer have to qualify to move elsewhere, which is false. You will always have to qualify to move to another lender, but by Nov 21st, both insured and un-insured mortgages will no longer be stress tested.

Have a great month ahead.

Zhino

Many of us have heard the issues around Toronto condo market. How come we're not seeing the same magnitude of decline in the lower mainland? There must be many condo investors in Vancouver too?

Listed on Zillow at 365k private sale by owner