... 18 years Currently on Prime - 0.7% 5 Year Variable Closed mortgage with RFA bank. Paying 1.75% High Ratio Mortgage with Mortgage Insurance (10% downpayment) Household Income: 200K+ (Full Time Permanent Employment) We are looking into Pre-construction projects to upgrade or invest in a second ...
Feb 22nd, 2022 5:36 pm
Hi there:Building a new rental property. Purchased in September and had to put down two deposit increments. Property will not close until April. Could I deduct the interest on the deposited in tax year 2021? Or must I wait until closing/tax year 2022?Cheers
Feb 14th, 2022 3:27 pm
... value of one. The cottage would be my second mortgage on a second property, as I already have a primary residence. Does this mean I need a 20% downpayment? I frankly don't have it, as most of my savings were intended for long-term and are locked in RRSPs and RESPs. I can scrape together 5%. ...
Jan 27th, 2022 7:19 pm
Wasnt sure if this was posted, looks like cmhc is contemplating increasing the downpayment to 35% to discourage investors to buy? and restricting sources of fund? https://financialpost.com/real-estate/mortgages/cmhc-to-review-down-payments-on-investment-properties-as-part-of-federal-strategy-to-tackle-housing-risks
Jan 14th, 2022 12:27 pm
Is it frowned upon to be moving down payment money to a different bank for a better savings rate? This wont trigger any issues with the 90-day proof of funds? We've been repetitively outbid and are thinking of bowing out of the rat race until after baby comes in a few months. Would like to move our ...
Dec 21st, 2021 11:18 pm
Can HELOC be used as downpayment? I thought that taking out a HELOC count as debt, which hurts the TDS. It is also "borrowed" funds which I think cannot be used for investment property. Also, I read somewhere that I can borrow ...
Dec 19th, 2021 11:55 pm
We have started our search for a townhouse/semi detached in the outskirts of GTA with a commute of 1 or 2 hours to Downtown. I work remotely and might have to travel to downtown once or twice a month. In order to put 5% as down payment we need around 50 to 60K out of which I have saved around 25K. S...
Nov 3rd, 2021 10:06 pm
... I too did help him 5 years ago when he was buying a new house. Question is: do banks in Canada allow gift deed from a cousin to be considered in downpayment? His source of funds is salary and savings, so all tax-paid money, and he will do a wire transfer and provide me a receipt of it too. Would ...
Oct 30th, 2021 7:31 pm
How much percentage of the price should I save for a downpayment to get approve for a new car loan if I have bad credit?
Jun 12th, 2021 10:20 pm
Hello, Preparing to pay the downpayment in the near future. We have funds in rrsp, tfsa, non-reg and my spouses business account. What order should we withdraw the funds to pay the down payment? I was thinking rrsp, non reg then tfsa. We ...
Feb 15th, 2021 8:57 pm
... Home buyers program. This year I am again at a point where I am thinking should I put money in RRSP or save that in margin account to for further downpayment? if I dont put in RRSP I will pay 30%+ in taxes right now but if I put in RRSP and take out in 2 years towards home buying, I would have ...
Hi, so I need a small amount of money I was holding in my Questrade. I know, it should be in a HISA usually but I was killing it in the stock market and nearly doubled my money. Anyways now I need around 38k and I submitted the request on December 3rd. I had to complain quite a bit for the uploaded ...
Dec 8th, 2020 12:28 pm
... I work in Oakville, but I'm willing to go as far as Georgetown, Burlington, Cambridge, Guelph and the good parts of Hamilton (e.g. Ancaster). My downpayment is $110,000. My combined income with my spouse is $145,000/year (before taxes and excluding bonuses). We have no debts and our credit scores ...
Sep 29th, 2020 4:07 pm
They haven't said it directly, but it seems like a foregone conclusion based on the report below. Also "CMHC is now forecasting a decline in average house prices of 9 – 18 per cent in the coming 12 months." https://www.cmhc-schl.gc.ca/en/media-newsroom/speeches/2020/supporting-financial-st...
May 20th, 2020 1:05 pm
I had my old car as gift for 9 years and looking for a new vehicle...I like the lease idea because I may move to other country after 3 years. Dealer offered a low trade in value so I tried to sell it privately and I found a buyer to generate $5000 cash 1. Should I put this $5000 cash into my lease p...
Mar 11th, 2020 5:51 pm
this morning I saw iphone XS deal with small tab. Not sure it is a good deal or not . just posting incase if some one interested. Tab Small You'll pay $340 for your phone and put the rest ($240.00) on your Tab Pay a $10 monthly Tab charge for 24 months, and then you'll only pay your monthly plan cha...
Jan 14th, 2020 8:28 am
Hi all, I am excited to get into real estate investing. I purchased my first property, a triplex for 500k and will live in one of the units. I have ~200k saved up and would like to build a portfolio of properties. How much would you recommend I put down on the property? Given I'll be occupying the b...
Nov 19th, 2019 8:55 pm
Have a family member short on down payment and I was going to gift him some of the down payment. I have just bought a place and so am tapped out in terms of cash. I was just going to go into my line of credit and gift him funds from there. Not a lot of money though. Just $10k. The real question: 1) ...
Jul 27th, 2019 10:46 am
... while discussing the possibility of buying it with the landlord, he said he could sell it to me at a good price and even loan me the money for the downpayment if I didn't have it. Is that something that would be advisable to do? I'm just not sure how it would work.
May 15th, 2019 4:35 pm
A new company is launching called Lendl - a 'downpayment lending platform' - which says they will provide 50% of the downpayment on a property in exchange for 30% of the profits when the property is sold. The term is for 25 years or any time before ...
Mar 7th, 2019 4:56 pm