100K for deposit when making an offer?
Canadian Money Forum » Real Estate
by John Hancock
1w ago
My wife and I are looking to down size, sell our detached home and buy a townhouse, pay off the mortgage, etc. Our Realtor mentioned putting a deposit down when we find the place we want (100K). I don't remember having to do this when we sold the condo and bought the house 18 years ago? I figured my credit union would be happy to lend us the money as it will be a short term thing, but it seems they don't think I can pay them back? My wife is off work due to medical and is not getting paid. I... 100K for deposit when making an offer ..read more
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Financing a used Park model RV in a seasonal park.
Canadian Money Forum » Real Estate
by sags
2w ago
My son is interested in buying a park model RV already located in a seasonal park. The price is in the 60k range and he asked me about where to seek financing. I have no idea which lenders offer financing on RVs or the terms available. Anyone have any information ..read more
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Real estate frauds and scams
Canadian Money Forum » Real Estate
by james4beach
2w ago
Thought I would start a thread on Canadian real estate scams and frauds. My guess is that there are a ton of these out there and what we're hearing these days is just the tip of the iceberg. This couple is alleged to have run a $8 million ponzi scheme. Edmonton police allege that the scheme was going on for 12 years! This couple asked for money... Real estate frauds and scams ..read more
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Housing costs and government housing policy
Canadian Money Forum » Real Estate
by gardner
3w ago
I was struggling to see the federal government's direct role in housing costs, other than via things like the home buyer's programs that mainly have a tendency to increase prices by lending money to buyers who bid up prices, and by policies like building codes that constantly ratchet up building costs with additional mandatory features all the time. But it turns out my nephew, who is basically penniless, lived in the Edmonton Griesbach area and is now also unhoused courtesy of Canada Lands... Housing costs and government housing policy ..read more
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Walkable cities
Canadian Money Forum » Real Estate
by MrMatt
3w ago
Well having gotten back from a truly walkable city in Europe I have a few comments compared to my current much larger city. It's really simple, and I saw this in many countries. Their downtowns are places people want to go. The shops and cafes are there, they aren't overloaded with crime, drugs and homeless. Public transit works, and is very low friction, you buy a day or multi day pass for a moderate price, and you can quickly and easily get everywhere. Here it simply won't work. 1. I... Walkable cities ..read more
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Sold my MURB apartment complex purchased in 1980
Canadian Money Forum » Real Estate
by Farouk
1M ago
I sold the 18 unit walk up 2 1/2 level apartment complex on 21 June 2024 in small town Ontario A real estate agent bought it and there were no brokerage fees. It was a learning experience. I learned about "open-tickets". We brought forward the closing date from Sep 7 to June 21, The agent and I shared the difference in capital gains tax savings 50/50% It was a tax advantaged investment where a purchaser could claim CCA and development cost from other income. There were many ups... Sold my MURB apartment complex purchased in 1980 ..read more
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Mortgage balance error and transfer to another lender
Canadian Money Forum » Real Estate
by MrBlackhill
1M ago
Back in 2019, I took my mortgage with RBC and it was a fixed rate for 5 years. Recently, I transferred my mortgage to another lender, so I had to pay the remaining balance to RBC. While doing that, I noticed that RBC somehow had done an accounting error back in 2020 on my mortgage balance. Every year, the statement is aligned with expected principal and interest paid, but not for 2020. Yet, all my monthly payments were taken in full and on time. I called RBC and they've open an... Mortgage balance error and transfer to another lender ..read more
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Mortgage renewal - Change of lender
Canadian Money Forum » Real Estate
by MrBlackhill
2M ago
Hi, I'm renewing my mortgage on May 24 and I decided to change lender. Now, I just want to make sure I understand the implications of that process. My previous lender sent the mortgage balance to the notary. Now, I'm going to the notary on the 24th, which is also the date of my monthly payment on my mortgage. I'm understanding that the last monthly payment (#60 of my 5-year term) won't be paid and will therefore be passed on the balance as my debt to my next lender. But with my next... Mortgage renewal - Change of lender ..read more
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Downsizing while kids still living at home (or just downsizing in home for any situation)
Canadian Money Forum » Real Estate
by jlunfirst
2M ago
Who here has actually downsized to a smaller-sized home (except I think ian did)? Regardless of whether or not children were still living at home. Couple fortunately found a smaller and lower-cost home in same neighbourhood which still allows teen daughters to attend same high school without much commute disruptions. Facing a costly mortgage... Downsizing while kids still living at home (or just downsizing in home for any situation ..read more
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Landlords' horror stories
Canadian Money Forum » Real Estate
by james4beach
2M ago
CBC posted this piece about the horrors endured by landlords, including tens of thousands of $ of unpaid rent, houses getting trashed, arson, etc. Many people in my own family love the idea of buying properties and renting them for income. One of these family members, now in his 70s, recently got a surprise when the building turned out to have big problems. He's looking at having to do a desperate/forced sale, and will certainly not get a good price when he sells. He doesn't have the energy... Landlords' horror stories ..read more
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