Real Estate

Ottawa and Surrounding Area Real Estate market discussion

  • Last Updated:
  • Jan 17th, 2021 7:20 pm
Member
Nov 1, 2020
226 posts
111 upvotes
jk9088 wrote:
I was told by my bank (NBC) that they just need to see a letter from my employer stating my usual salary and when I would be returning to work, and they will qualify me based on my usual salary instead of reduced income during parental leave.
but my bonus, which is usually not shown in the job letter, won't be counted right?
Member
Nov 1, 2020
226 posts
111 upvotes
skeet50 wrote: As you have a closing at the end of this year, you will have filed income taxes for 2019 and 2020.

If you want to include your bonus in your salary calculations, the general procedure is that as a bonus isn't guaranteed, the lender will request your Notice of Assessment for the previous 2 years and take the average of these years as your salary. In your case, you had total income of $110k in 2019 and $70k in 2020 with was result in an average annual salary of $90k.

Your expected salary for 2021 will also be $90k.

So, for qualification purposes, if you can produce an employment verification letter stating that you earn a base annual salary of $100k plus potential for bonus pay, it would be better to use this as then your mortgage qualification can be based on an $100k base salary.

Now the other question is whether or not your mortgage broker will do this.
thanks for the detailed explanation. makes a lot sense.
Deal Addict
May 23, 2017
1002 posts
754 upvotes
MikeMOON2 wrote: but my bonus, which is usually not shown in the job letter, won't be counted right?
No, unfortunately since the bonus is not guaranteed I don't think the bank will allow you to include that amount in this case.
Jr. Member
Sep 29, 2013
176 posts
97 upvotes
jk9088 wrote: No, unfortunately since the bonus is not guaranteed I don't think the bank will allow you to include that amount in this case.
My banks count it cause they show up on my T4. In fact benefits, bonus, rrsp, and any stock options exercised show up on ones T4. But in moon's case, he can only use the employment letter which is less than his T4 were he to work a full year.
Newbie
Feb 25, 2020
40 posts
22 upvotes
Prices for New release of Claridge Watter's Pointe.
Ignoring the first two small models... starting price prices seem to have hit ~700 K for new build town homes.
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Deal Addict
May 23, 2017
1002 posts
754 upvotes
AddictRC wrote: My banks count it cause they show up on my T4. In fact benefits, bonus, rrsp, and any stock options exercised show up on ones T4. But in moon's case, he can only use the employment letter which is less than his T4 were he to work a full year.
Yes, in usual years it would be fine as you can use the T4, but yeah not if you have been away on leave.
AjayA2050 wrote: Prices for New release of Claridge Watter's Pointe.
Ignoring the first two small models... starting price prices seem to have hit ~700 K for new build town homes.
These prices are truly incredible... O_o
Member
Nov 1, 2020
226 posts
111 upvotes
AjayA2050 wrote: Prices for New release of Claridge Watter's Pointe.
Ignoring the first two small models... starting price prices seem to have hit ~700 K for new build town homes.
man, i would rather go with small singles for 750k...have no shared wall is something fundemental. Claridge seems has become one of the most pricey builders. Urbandale, Richcraft seem pretty economical relatively...
Member
May 6, 2012
360 posts
212 upvotes
KANATA
I found there are lots of rentals over Kanata south. The competition is crazy.Face Screaming In Fear
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Newbie
Oct 22, 2020
15 posts
7 upvotes
AjayA2050 wrote: Prices for New release of Claridge Watter's Pointe.
Ignoring the first two small models... starting price prices seem to have hit ~700 K for new build town homes.
Maybe it's only me, but I tend to think their price is very reasonable, and winners will be those buyers. Let's see by the end the year.
Newbie
Apr 9, 2020
47 posts
40 upvotes
aaasay wrote: Maybe it's only me, but I tend to think their price is very reasonable, and winners will be those buyers. Let's see by the end the year.
I am with you, my thought is 800k being the normal and soft ceiling for a freehold town.
Member
May 23, 2007
464 posts
176 upvotes
Wild Wild West / Ott…
I'm all for making money, but this is just sad. Even more sad, Claridge is charging a hefty premium and providing very low quality builds.

I guess pretty soon we will be on par with Toronto prices and Ottawa may not be a bargain for Torontonians to move to. That may be a good thing.

AjayA2050 wrote: Prices for New release of Claridge Watter's Pointe.
Ignoring the first two small models... starting price prices seem to have hit ~700 K for new build town homes.
Newbie
Apr 9, 2020
47 posts
40 upvotes
z613 wrote: I'm all for making money, but this is just sad. Even more sad, Claridge is charging a hefty premium and providing very low quality builds.

I guess pretty soon we will be on par with Toronto prices and Ottawa may not be a bargain for Torontonians to move to. That may be a good thing.
I heard from several real estators that claridge improves their build quality in just these 2 or 3 years. Is it your impression based on the past or recent? I am curious why claridge seemingly sells more expensive townhouse than rich craft , unbandale, etc.

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