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Now is a great time to buy a cottage

Vacation property prices haven’t increased in 5 to 7 years

by Romana King – March 25th, 2015

If you’ve ever dreamt of owning a cottage, now is a great time to buy.

For the better part of a decade prices for lakefront real estate and chalets in key Canadian vacation hot spots rivaled the housing prices of the finer neighborhoods in Toronto, Calgary, Vancouver and Montreal. But this has changed in the last few years.

“It’s a buyer’s market when it comes to [Canadian] vacation homes,” says Tim Harris, owner of Tradewinds Realty which services the South Shore area of Nova Scotia. Prior to 2008, about 50% of Canada’s second home purchasers were American, says Harris. But then came the U.S. housing crash American property owners started to sell. As a result, Harris has watched the Nova Scotian vacation property market drop by 20%. And it’s not the only vacation property area to experience a dip in pricing. “Americans started rationalizing their vacation home purchases and started selling in droves,” says Harris.

But the U.S. economy is stronger now, you say. That means prices should be picking up. Not yet, says Harris.

Despite a steadily growing U.S. economy buyers from south of the border still haven’t come back to Canada. “Instead, we saw an additional 10% drop in average prices over 2014,” says Harris.

Internet is hurting Canadian vacation property market

Part of the problem, according to Harris, is the internet. “There was a time when it was really hard to find a vacation rental property in places like Nova Scotia,” says Harris. “Then along came the internet.” Property rental sites, such as AirBnB and vrbo.com, make it easy for vacationers to track down, book and pay for a rental property. “They can even pay using a smartphone,” says Harris.

Harris believes that the ease and speed of being able to find a rental unit has decreased the need to buy a vacation property. “It used to be so difficult and inconvenient finding a cottage or lake front property. Now it’s just a swipe of the finger.”

Because the U.S. buyers haven’t come back to Canadian soil, there’s been no sales pressure and this has meant that prices continue to decline slightly, or stay stagnant, depending on the market. “It’s still a buyer’s market when it comes to vacation properties,” says Harris.

Tips for buying a Canadian cottage

This is good news for anyone looking to buy a cottage or vacation property in Canada. But to get the most for your money you’ll need to get organized.

First, determine your primary use. Will the place be used for family gatherings? To enjoy during regular vacation times, or will it be more regularly used now that you’re in retirement? Do you plan on earning some extra money by renting the place out? Answers to these questions will dictate what you buy and where.

For instance:

→ A vacation property that will double as a retirement retreat should have easy access to

amenities, such as grocery stores, gas stations and hospitals.

→ A family cottage should have adequate sleep areas for a growing family (remember, the kids will want sleepovers) and adequate kitchen and eating areas.

→ A rental place needs to be located in a high-demand area, such as on a lake or near sought-after sites (such as near Fundy National Park in New Brunswick).

Once you know what you need and want it’s time to get your finances in order. Make a budget for annual maintenance, property tax, propane fuel refills, septic tank cleaning and garbage dump fees. You’ll also need to come up with a hefty down payment—second properties require buyers to put down at least 20%.

When looking for that ideal retreat, keep in mind that places closer to major urban centres carry higher price tags but other factors can also drive up a property’s price. “The size of a lake will dictate a larger price,” says John Sallinen, a Re/Max broker in the Muskoka, Ont., area. “Most people want to be on a large lake.” Get off the big lakes and travel a bit further and prices begin to drop, sometimes dramatically. (Although, you may not command as high a rental price for these off-the-beaten path properties.)

To narrow down your choice of locations, consider tapping into market research. Every year in May, Re/Max releases its Recreational Property Report, which offers insight into costs and availability in the nation’s prime vacation spots.

Source: MoneySense.ca

 

How to keep a mortgage in tune with your financial goals

How to keep a mortgage in tune with your financial goals

 

(NC) Just as life changes over time, the terms of a mortgage may need to change too.

 

“It’s important for homeowners to review their mortgage regularly to make sure it’s still the best fit with their current and future financial goals,” says Nupi Zubair, associate vice president of retail products at TD Canada Trust. “Depending on the situation or stage of life, a homeowner may want to reassess how quickly the mortgage is paid down or the frequency and size of their payments.”

 

Zubair offers some simple strategies for homeowners who want to reduce the cost of their mortgage and pay it off faster:

 

1. Increase mortgage payments. This can significantly reduce interest costs as well as help you pay down a mortgage faster.

 

2. Choose weekly or bi-weekly rapid payment options. Like increased payments, more frequent payments also reduce interest costs and help pay off a mortgage faster.

 

3. Make lump sum payments. Consider putting any extra cash, such as a tax refund, towards a mortgage. Just keep in mind what your prepayment privilege amounts are.

 

4. Explore flexible options. If caught between wanting to pay off a mortgage as quickly as possible and worrying about cash flow, take advantage of options which allow you to pay more when possible and ease off in months when other expenses prevent large payments.

 

Source: www.newscanada.com

Message from Realtor Rosalie Drysdale

Coming to the end of your term with your mortgage, needing to resign for the next five years. Contact one of the Mortgage Brokers from my website

http://999-rose.ca/wp/services/financial/

Contact one of the Mortgage Professional below to help you with the progress and let the Mortgage Broker know who referred there services to them.

 

Three Bedroom at 548 Arlington Street, Wpg MB

1-1

Great Location great opportunity. Main floor rent is $895 plus heat and hydro. Lower suite currently vacant – did rent out for $725 plus hydro and heat. Vendor pays water. Huge yard. 2 parking spots.

revenue property revenue property

More information and pictures about this Home by clicking on this link: 999-rose.ca

Wanting to view this Home, Contact Realtor Rosalie Drysdale at 204.999.7673 or email Rosalie through her Contact Page.

revenue property

Choosing Low-Interest Debt — By Peter Paley Mortgage Broker at Invis Mortgage

                                              Your Home & Mortgage Peter Paley
Sharpen your pencils!

It’s September and as green turns to gold we return refreshed to the rhythm of our daily routines. It’s our seasonal cue. Autumn is the perfect time to “get back to business” with a fresh look at your finances. Maybe you spent a little extra on that summer vacation, or the little home reno job that grew. That’s okay. Get out your calculator and get back on track.

Mortgage rates have hovered around historic lows for longer than anyone thought they would or could. That’s created a golden moment of opportunity for Canadian homeowners. In fact, the right mortgage can build your wealth… and save you thousands of dollars.

Thinking about a cottage or investment property? Wondering if it’s the right time to expand your space… or find a new one? Looking at ways to reduce your debt? Talk to us. We’ll provide a free, no-obligation review of your situation – wherever you are in your current mortgage journey.

 

Choosing Low-Interest Debt

Canadians are looking to their mortgages for low-cost funds. According to the Spring 2014 Survey by the Canadian Association of Accredited Mortgage Professionals (CAAMP), for those who qualified to take equity out of their homes (homeowners with at least 20% equity), the average amount withdrawn was $51,000: up from $48,000 in the previous survey. The top reasons for refinancing include:

  1. Paying down debt (32%)
  2. Renovations (25%)
  3. Investments (24%)
  4. Purchases or education (12%)

Your mortgage can be your best route to low-interest debt. Whatever your need might be, we can crunch the numbers to see if your mortgage is your most cost-effective financing option.

FALL GARDENING TO-DO LIST

Just like your financial garden, your backyard garden can benefit from a little seasonal pruning and protection. To help you out, we’ve compiled our to do (and don’t) list:

  1. Plant trees, shrubs, perennials and spring bulbs, giving them a great head start for spring!
  2. Deadhead but don’t prune to remove spent blossoms from your roses and perennials.
  3. Give your roses and blooming plants a rest from fertilizing, although keep feeding annuals.
  4. Get a soil test so you can do some amending before the next growing season, if required.
  5. If you have mature stands of early-blooming perennials, you can divide them so they can settle before winter.
  6. Go through your beds and carefully snip, bag and discard any diseased foliage.
  7. Leave much of your healthy garden intact: especially if you have plants with seedheads that will provide winter food for birds.
  8. Try not to scrub the garden clear of brush piles or dead groundcover. Beneficial insects depend on that habitat for their winter survival.
  9. All those fallen leaves are nutrients your garden needs next year. Run them over with the lawn mower and rake into your flower beds.

Peter Paley Mortgage Associate Send an EmailVisit Website

 

Five Bedroom Home for Sale at 295 Collegiate Street, Wpg

Showing Start on May 15, 2014

295 Collegiate St

Fantastic family home. 5 bedrooms in total. Tons and tons of upgrades. Beautiful new 2 car garage

295 Collegiate St 005 295 Collegiate St 006

New kitchen flooring (2011). New bathroom renovation (2010). New flooring in bdrm (2011).

295 Collegiate St 009 295 Collegiate St 014 295 Collegiate St 016

Bright home which let’s in lots of natural daylight. So much space for family and for entertaining. Location, location. Close to schools, transportation, shopping, playgrounds and parks. Don’t miss

Offers are being Taken on Wednesday May 21 Evening

295 Collegiate St 012

More information and pictures about this home by clicking on this link: 999-rose.ca

Wanting to view this Home, Contact Realtor Rosalie Drysdale at 204.999.7673 or email Rosalie through her Contact Page.

 

Rules for Reporting Rental Income — From Daryl Harris Mortgage Broker

Rules for Reporting Rental Income

 
By on January 8, 2014
 
for rent
 
Renting a room or some space at your house to supplement income?  Here are some basic rules for reporting your rental income:  
 
Income and expenses will be reported on a calendar year basis. Accrual accounting (report income when receivable and expenses when payable) is supposed to be used. Do open a separate bank account for your rental income and expense transactions.
 
You may not be able to write off losses if you can’t justify that you are charging rent at fair market value. Take newspaper clippings and other proof of rentals in the area and add to your permanent records so you can make a case for what you are charging, especially if you’re renting to a related person. 
 
To deduct operating expenses from rental income, there must be a reasonable expectation of profit on an annual basis. Fully deductible operating expenses include maintenance, repairs, supplies, interest, taxes. Partially deductible expenses could include the business portion of auto expenses and meal and entertainment expenses incurred. But this is where many tax filers make mistakes.
 
Take note of these mistakes: 
 
#1: Maintenance and repairs are 100% deductible; improvements over the original condition or that extend the useful life of the asset are added to cost base because they are capital in nature. Put those expenses on the Capital Cost Allowance (CCA) statements instead. 
 
#2: Land is not a depreciable asset. Separate the cost of the land from the cost of the buildings for the purpose of your CCA statement. 
 
#3: The deduction for CCA is always taken at your option so if your assets, particularly the building, are appreciating in value rather than depreciating, you may wish to forego the claim to avoid Recapture in income later. 
 
#4: CCA deductions cannot be used to create or increase a rental loss. This rule is applied to all rental properties you may have together. Thus, if you have more than one property, CCA may be claimed to create a loss on one property so long as you do not have a rental loss on all properties combined. 
 
#5: Don’t claim auto expenses for visits to collect rents if you own only one rental property. However, if you personally do the maintenance and repairs for a nearby property, and use your car to carry the tools to do so, the claim will be allowed. 
 
#6: Don’t deduct any personal living expenses. 
 
#7: Family member rentals may be exempt. If you are renting to your youngest son, Charlie, for the cost of the groceries, there is no expectation of profit. Don’t expect to be able to deduct a rental loss against other income, you don’t need to report the income, either.
 
Ask your accounting professional to help you work through the details – Clearline Books Ltd
 
Source:  www.clearlinebooks.com

Source:Daryl Harris Mortgage Broker

Winnipeg Realtors Association December and year-end resale market report:

A slew of new reports

Thursday was a busy day for housing news, with four new reports being released. Here are some of the highlights:

Winnipeg Realtors Association December and year-end resale market report:

  • Last month was the best December on record for dollar volume of sales through the local Multiple Listing Service, and the third-best for unit sales. The dollar volume was also up 17 per cent from a year earlier — $183 million versus $156 million — while unit sales were up three per cent to 633 from 615.
  • 2013’s dollar volume of $3.36 billion was also a new record and a five per cent improvement from the previous record of $3.2 billion set in 2012.
  • Last year was also one of the better years on record for unit sales, even though they were down one per cent from the previous year — 12,924 versus 13,007.
  • The two big stories for the year were a nine per cent increase in MLS listings and a record number of condominium sales. The latter rose by 13 per cent to 1,759 units.
  • The WRA also saw a new record for the most million-dollar-plus sales in a single year, at 31. That included 26 single-detached homes and five condos.
  • The highest-priced residential property to change hands was a nearly 8,000-square-foot home in Charleswood that sold for $2.2 million.
  • The average selling price for the year for a residential detached home was up five per cent to $284,000 from $269,000 in 2012.
  • The average days on the market was 28 days — unchanged from 2012.
  • Canada Mortgage and Housing Corp. December and year-end housing starts report:
  • Total starts in the Winnipeg Census Metropolitan Area (CMA) were up 74 per cent in December (294 units versus 169 in December 2012) and 15.8 per cent for the year (4,705 versus 4,065).
  • The biggest increase was in multi-family starts — up 522 per cent in December to 112 from 18, and up 28.5 per cent for the year (2,487 versus 1,936).
  • Single-family starts were up 18.3 per cent in December — 182 versus 151 — and 4.2 per cent for the year — 2,218 versus 2,129.
  • For Manitoba’s eight largest urban centres combined, total housing starts for 2013 were up 20.1 per cent to 5,894 units from 4,908 in 2012.
  • That included a 31 per cent increase in multi-family starts — 3,151 versus 2,406 — and a 9.6 per cent increase in single-family starts — 2,743 versus 2,502.

Royal LePage’s 2014 House Price Survey report:

  • Results were mixed last year for the three most popular type of Winnipeg homes — detached bungalows, two-storeys and condominiums.
  • Condos enjoyed the biggest increase in the average selling price for the year — up 7.2 per cent to $205,976.
  • Two-storey homes saw the second-biggest gain — up 2.0 per cent to $329,104.
  • Detached bungalows were the only type of home that didn’t see a price increase. The average selling price was essentially unchanged (down 0.1 per cent) to $303,760.

Statistics Canada’s New Housing Price Index report for November, 2012:

  • The cost of a new home in the Winnipeg CMA in November was unchanged from the previous month, and up 3.7 per cent from a year earlier.

Source: Winnipeg Free Press