The real estate market is always a hot topic for discussion, and in recent times, the debate has centered around whether it’s the best time to upsize or downsize property investments. With the present inventory and interest rate situation in the market, making the right move could be crucial for your financial success. In this blog post, we’ll delve into the factors that make the current market the best time for upsizing investments, including the impact of interest rates, while also considering the potential for downsizing in the coming months. So, let’s dive in!
The Upsize Advantage
Upsizing your property investment means moving to a larger, more valuable asset. The logic behind upsizing during the current market situation is that the present inventory and interest rate levels make it easier for investors and homebuyers to purchase bigger properties at relatively lower costs. Additionally, our specialists at [CompanyName] have analyzed the market and found that the prices of properties are predicted to increase in the future – making this the perfect time to upsize.
The Role of Interest Rates
Interest rates play a significant role in the real estate market, affecting the overall affordability of properties. As Canadian banks work on adjusting these rates, our predictions indicate that they will likely stay low for some time. Low-interest rates mean that obtaining a mortgage or refinancing an existing one will be more affordable, making upsizing property investments even more attractive.
Downsize: A Time-Limited Window of Opportunity?
On the flip side, the next three to four months could be a good time to consider downsizing property investments. Downsizing entails selling a larger property and moving into or investing in a smaller, less expensive one. While this may seem counterintuitive, there are scenarios where downsizing makes financial sense or is a product of changing lifestyle needs. However, remember that actively capitalizing on the brief window for downsizing may require quick decision-making and action.
Preconstruction: A Smart Investment Alternative
While upsizing and downsizing both have their advantages, another investment option worth considering is preconstruction. Investing in properties before they’re built can provide numerous benefits, such as reduced purchase prices, customization opportunities, and capital appreciation over the construction period. This alternative approach to property investment could work well given the current market situation.
Upsize Now: Making the Most of the Present Market
Considering the current inventory, interest rates, and projected property price increases, upsizing property investments in the current market makes sense. Taking advantage of the better affordability and more lucrative potential returns makes upsizing a savvy move for investors and homebuyers alike.
Concluding Thoughts
The decision to upsize or downsize property investments depends primarily on individual goals, financial situations, and market timing. As a trusted source of real estate advice, our team at Teamarora has carefully considered all aspects of the market and determined that, for most investors, this is an optimal moment for upsizing investments.
Our recommendation is to leverage the current market situation, upsize your property investments, and potentially enjoy the rewards of future capital appreciation. We recommend reaching out to an experienced real estate agent to help guide your decision-making and unlock the potential of your investment opportunities. If you found this analysis valuable, we encourage you to share our insights with your network and join our community to stay informed about more exciting real estate market trends and insights. Happy investing!
Buying a property is a significant investment decision, especially in today’s competitive market. As a businessman, investor, or Canadian homebuyer, it’s crucial to ensure you have a complete understanding of all financial aspects involved in the process. One key area where many buyers often make mistakes is regarding advance payments. This blog post will discuss the importance of understanding various advance payments, such as stamp duty, advance TDS payment, and home loan advance payments, to help make your property buying experience smoother and more secure.
Stamp Duty: The Tax You Cannot Ignore
Whether you’re buying residential or commercial property, stamp duty is an essential aspect that cannot be overlooked. Stamp duty, a tax paid to the local government or provincial authority, helps legalize and authenticate your property-related documents. Recent news highlights the importance of being aware of any changes in stamp duty rates or exemptions that can impact your property purchase financially. For example, Ontario recently increased its non-resident speculation tax as part of its fight against housing inflation in the province.
Quick tips to consider:
– Stay updated on the prevailing stamp duty rates in your province or territory
– Factor in stamp duty amount into your property buying budget
– Consult with a lawyer or accountant to ensure you comply with local regulations
Advance TDS Payment: A Modern Real Estate Tax
As a property buyer in Canada, it’s essential to know about the advance TDS (Tax Deducted at Source) payment, which is becoming more widely prevalent in the real estate industry. Advance TDS payment is a tax deducted by the buyer from the amount payable to the seller, acting as a down payment on the overall tax owed. Notably, any foreign national who buys a property in Canada is subject to paying TDS. Staying informed about advance TDS payments will ensure you avoid penalties and interest.
Home Loan Advance Payment: Plan Your Finances Wisely
When purchasing a property, you may opt for a home loan to finance your investment. It’s important to note that your lender may require you to make an advance payment, also known as a downpayment, which is typically a percentage of the property’s purchase price. Lenders often use this to gauge your financial stability and commitment to repay the loan.
Actionable insights for home loan advance payments:
Research the minimum downpayment requirements for various lenders.
Consider increasing your downpayment to obtain better loan terms.
Use a mortgage calculator to determine your ideal downpayment amount.
Conclusion: Equip Yourself with Knowledge for a Secure Purchase.
Understanding and planning for advance payments, such as stamp duty, advance TDS payment, and home loan advance payments, can save you from unexpected financial burdens during your property-buying journey. As a savvy businessman, investor, or Canadian homebuyer, equipping yourself with knowledge about these advance payments will ensure you make well-informed decisions, enhance your financial security, and work towards a property investment that brings long-term returns.
Ready to delve deeper into property investing? Engage further with our content and share it with your network so that others can benefit from these insights and navigate their property purchase with confidence.
The Greater Toronto Area (GTA), which has a thriving economy and diverse population, is one of the most coveted places to reside in Canada. The COVID-19 pandemic has presented challenges, but the GTA real estate market is still robust, with growing prices and higher housing demand. This blog will look at the GTA real estate market as it stands right now and explain why this is the ideal moment to make an investment.
Market Trends
The GTA real estate market has experienced a surge in demand over the past months, with many buyers eager to take advantage of historically low-interest rates and the desire for more space.
Although there is a high desire for housing, there are not as many homes available for purchase, which makes it difficult for buyers to find a home. But because of the way that supply and demand are out of balance, prices are also rising, making real estate a possibly profitable investment opportunity for those who move quickly.
Interest Rates
The historically low-interest rates are one of the major factors boosting demand for real estate in the Greater Toronto Area. For buyers, it has become simpler and more affordable to get a mortgage and acquire a house. While it is anticipated that interest rates will stay low in the near future as the economy improves, there are worries that they could increase in the future. It follows that right now is the ideal moment to invest in real estate and benefit from the current low-interest rates before they possibly rise.
Population Growth
The GTA has a growing population, with many people moving to the region for work and a better quality of life. According to Statistics Canada, the GTA’s population is projected to grow by 40% over the next 25 years, reaching over 10 million people by 2046. A shift toward remote work and a need for more space has also been brought on by the pandemic, which has caused some residents to relocate further from the city center in quest of bigger homes and outdoor space. Due to this, there are now more chances to invest in real estate in commutable suburban and rural regions.
Investment Opportunities
The current state of the GTA real estate market presents several investment opportunities for those looking to capitalize on the demand for housing. One option is to purchase a property and rent it out, taking advantage of the high demand for rental housing in the region.
There is an increasing need for modernized and updated homes due to rising home costs. A property’s value can rise and its return on investment greater when renovated.And finally, buying a house to keep for a long time can bring steady growth and possible rental income. Real estate is likely to continue to be a valuable commodity for years to come in the Greater Toronto Area due to the expanding population and housing demand.
In summary, the current state of the GTA real estate market presents several compelling investment opportunities for those looking to take advantage of low-interest rates, rising demand for housing, and potential capital appreciation. While there are some challenges posed by the competitive market and low supply of homes, the potential rewards make it a worthwhile investment. If you are considering investing in GTA real estate, it’s important to do your research, work with a reputable real estate agent, and carefully consider your options.
Higher Demand
In the GTA, certain neighbourhoods and areas are in higher demand than others, with some experiencing more significant price increases than others. Working with a knowledgeable real estate agent who understands the local market can help you identify the best investment opportunities. It’s also important to consider your long-term goals when investing in real estate. While short-term gains may be attractive, investing in real estate is typically a long-term investment that requires patience and a willingness to weather market fluctuations. By investing in a property that meets your long-term goals, you can reap the benefits of steady appreciation and potential rental income over time.
In conclusion, the current state of the GTA real estate market makes it an attractive investment opportunity for those looking to capitalize on low-interest rates, rising demand for housing, and potential capital appreciation. By carefully considering your options, working with a reputable real estate agent, and keeping your long-term goals in mind, you can make a smart investment in this thriving market.
We are thrilled to announce that according to RE/MAX news, Real Estate Centre Team Arora Realty has been ranked 3rd in Canada, Ontario province. With the lead in the real estate market, this is a massive worldwide achievement covered by on.
Info about RE/MAX
In collaboration with Newsweek, the esteemed BrandSpark market research company conducted a detailed study, collecting the opinions of thousands of individuals.
The outcome? ReMax emerged as a top choice for discerning customers, seeking reliability in the real estate realm. In the competitive market American company ReMax is known for its experience and calibre. ReMax, is a brand celebrated for its trustworthiness by countless satisfied clients.
REMAX Rank 3
Team Arora is a global commercial real estate broker with a formidable presence in the industry. With RE/MAX’s recognition of Team Arora as one of their top 25 worldwide brokers for the year-end 2022, Team Arora has proven its commitment to delivering clients large-scale, high-impact commercial solutions across the world.
Team Arora’s expertise lies in providing comprehensive and reliable services while staying ahead of the curve on emerging trends and regulations. From researching market conditions to consulting on legal matters related to transactions, Team Arora offers customers full support every step of the way. Team Arora also works closely with various international stakeholders to provide specialized advice tailored to each customer’s unique needs.
Embrace the Power of Top-Tier Performance from Team Arora
Whether it is a large multinational company or a small business, Team Arora offers its clients the best in commercial real estate services. Our professional team is growing with a hundred percent profitable, and successful score. From market analysis to due diligence, Team Arora works diligently to ensure clients get results fast and efficiently.
Team Arora’s commitment to providing superior service has earned RE/MAX recognition as one of their top 25 worldwide brokers for the year-end 2022. Team Arora will continue their dedication to delivering customers large-scale, high-impact commercial solutions across the world. Contact Team Arora today for more information about their services.
Team Arora– delivering customers large-scale, high-impact commercial solutions worldwide.
Team Arora is an international leader in the commercial real estate industry and a proud recipient of RE/MAX’s recognition as one of their top 25 worldwide brokers for the year-end 2022. The experienced professionals understand that each customer has unique needs and provide customized advice to meet those needs.
Team Arora provides its clients with the best in commercial real estate services and is dedicated to delivering results fast and efficiently. Contact Team Arora today for more information about their services. Team Arora– delivering large-scale, high-impact commercial solutions worldwide!
If we talk about Burlington city, some too many places and things come to our mind. Burlington is just the west side of Lake Ontario. It covers both sides with popular Niagara Falls and Toronto. This city is the best option for investors because of multiple factors discussed in our blog.
If you’re looking for an area with a robust real estate market, look no further than Burlington, Vermont. With its vibrant culture and bustling economy, Burlington has become a popular destination for those looking to invest in real estate. Read on to find out why this city is the perfect place for your next investment.
In August 2022, the average sale price for a home in Burlington was $1.07 million, a decrease of 5.8 percent or $65,354 from July 2022 and an increase of 1.9 percent or $20,450 from August 2021.
There were 211 home sales and 442 active listings at the end of August. Sales were down 13.9 percent, and active listings were up 179.7 percent year-over-year.
All houses and condos in Burlington saw an average price increase of 113.5 percent compared to August 2012, with detached houses increasing by $665,336, semi-detached houses increasing by $552,313, attached houses increasing by $639,020, townhouse-style condos increasing by $511,606 and apartment-style condos increasing by $301,114. (source)
Low Unemployment Rate
Burlington’s unemployment rate is among the lowest in the nation, hovering around 2-3%. This low unemployment rate means that more people are employed and have money to spend on housing. Similarly, since there are more jobs available, potential buyers have more options when it comes to where they want to live. As a result, investing in Burlington’s real estate market can be an attractive option because of its stable economy and job opportunities.
Growing Population
Burlington has seen steady growth in population over the past few years. This population growth has created a greater demand for housing and real estate investments as people look for places to reside in the city. Additionally, this population increase also means that there will be more potential buyers for your property if you decide to sell it down the road.
Affordable Prices
Despite being one of the most sought-after areas to live in the Northeast, Burlington remains relatively affordable compared to other cities in the region. According to recent statistics from Zillow, median home values are around $400K, making it difficult for some buyers but still within reach of many households earning median incomes or higher. Moreover, rental rates remain fairly consistent throughout much of Burlington giving investors an opportunity to build their portfolio without breaking the bank.
Investing in real estate can be a great way to supplement income or build long-term wealth over time. For those interested in investing in real estate markets, Burlington should definitely be at the top of their list due to its stability and affordability compared with other cities. With low unemployment rates and growing populations creating demand for real estate investments, now is a great time to consider investing in this city’s vibrant market!
If you are not clear between buying or renting a property, then you should know about the pros and cons of each. Making an informed decision can help ensure that you get the most out of your business dealings. In this blog post, we’ll explore critical considerations when deciding between renting vs. buying – from financial stability to lifestyle changes and more – so that entrepreneurs like yourself can make a wiser choice. Whether you’re debating property investment opportunities or looking for short-term lease solutions, prepare to break down what kind of purchase works best for your situation!
When it comes to deciding whether to rent or buy a home, there are a variety of factors to consider. Both options have their advantages and disadvantages, and what works for one person may not be the best choice for another. Before reading this blog, you have to understand that buying a property and a home are both different things in the real estate market.
Benefits of Rent
The primary benefit of renting is flexibility. Renting allows you to move more efficiently if your circumstances change, such as getting a new job in a different city or needing a larger or smaller home. Renting also means you don’t have to worry about property taxes or maintenance costs, as those are typically the responsibility of the landlord.
Renting a home may be a wise decision as compared to renting a property because the home can be useful in the short term. While rents can vary depending on the location and the property, in many cases, renting can be cheaper than buying, especially if you live in an expensive real estate market. Additionally, renting requires less upfront cash than buying, as you typically only need to pay the first and last month’s rent and a security deposit, whereas buying a home requires a down payment and closing costs.
Drawbacks of Rent
When renting, you’re essentially throwing money away with no return. Not only that, but any changes to the property or even having a pet might be off-limits due to your landlord’s regulations. As such, if the long-term investment is important for you and being able to make modifications according to your needs – buying rather than renting may be worth considering!
Another potential drawback of renting is the lack of stability it can provide. When you rent, you are subject to the landlord’s whims and can be forced to move if the landlord decides to sell the property or raise the rent. This can be disruptive to your life, especially if you have children in school or a job that requires you to stay in one place for a certain period of time.
Benefits of Buy
With equity in the property, you get colleagues with whom you can make permanent relations. As you make mortgage payments, you are essentially paying yourself, and that money goes towards building your net worth. Additionally, homeownership provides stability and a sense of permanence that renting cannot offer. You have the freedom to make changes to the property as you see fit, and you don’t have to worry about a landlord telling you what you can or cannot do.
In many cases, home values appreciate over time, which means that if you sell your home in the future, you could potentially make a profit. Owning a home not only grants you the pride and joy of having your own space, but it can also provide financial benefits in the form of tax deductions for mortgage interest and property taxes.
Drawbacks of Buy
We can say the drawback of buying a home is the upfront cost. Buying a home requires a down payment, which can be a significant amount of money, especially in expensive real estate markets. Additionally, there are closing costs to consider, such as appraisal fees, title insurance, and attorney fees, which can add up quickly. When something goes wrong, such as a leaky roof or a broken furnace, the responsibility falls on the homeowner to fix it.
Which Option is Best for You?
Choosing between renting and buying a home is an important decision, as the implications of each option have lasting effects. If you value freedom in where you live or want to keep your lifestyle flexible, then renting could be right for you. Alternatively, if rooted stability appeals more and enhancing equity over time matters greatly – owning may provide greater long-term benefits. No matter what path is chosen, essential factors such as personal circumstances should always be taken into account!
It’s essential to carefully consider the pros and cons of each option and to take into account your financial situation, lifestyle, and long-term goals when making this decision. Choosing the best path forward isn’t always easy, but it doesn’t have to be a daunting task! Making choices that reflect your individual needs and priorities will help you get closer to realising your dreams.
As the season changes, how you can best protect your home from rain, snow, and other inclement weather. Home Maintenance does not have to be difficult- here are five tips that will help secure your investment and allow you to enjoy home ownership!
Fall Home Maintenance Checklist
September
Exterior finishes like paint, siding, and stucco can break down over time. Check for these signs of damage: peeling paint, loose siding panels, or cracks in surfaces.
Every few months, it’s a good idea to go into your garage and check that the tracks for your door are clear of any obstructions and that the bearings are well-lubricated.
Check windows and doors for air and water leaks by examining the caulking.
Sow the lawn
It’s important to inspect your fireplace and chimney dampers regularly, and clean them if necessary.
Check your basement or crawl spaces for leaks or moisture.Have humidifier, furnace and (heat recovery ventilator) HRV serviced
Clean and test clothes dryer vent
To ensure your safety, please check and reset the ground fault circuit interrupter (GFCI).
Make sure to test your smoke alarms and carbon monoxide detectors regularly. This will help ensure that they are working properly in case of an emergency.
October
Inspect your windows and screens for any cracks or separations.
To ensure your exterior water lines don’t freeze and cause costly damage, be sure to drain them before the temperature drops.
Be sure to check your roof for any problems, including loose shingles or flashing, and make sure that all vents are properly sealed.
Inspect your weather stripping for any rips or tears.
Inspect caulking around windows and doors for cracks or gaps.
Test septic system to ensure it is clean and functioning properly.
It’s important to take care of your landscaping in the winter, and one of the best ways to do that is by removing leaves. This will help ensure that your plants are healthy and happy when spring arrives.
Depending on the type of furnace filter you have, either clean or replace it.
Each winter, make sure to check and clean your heat recovery ventilator (HRV) as well as wash or replace its filter.
Flush your water heater to get rid of any sediment that might have built up.
Go to your water main and shut off the valve that provides water to your home from the municipal supply.
Check your gutters and downspouts for leaves, sticks, or any other debris.
Clean the humidifier to prevent condensation and check that the humidity levels are where they should be.
Make sure to check and reset your ground fault circuit interrupter (GFCI) regularly. This will help keep you and your family safe from electrical shocks.
Be sure to test your smoke alarms and carbon monoxide detectors often.
November
Be sure to check your attic, basement and any crawl spaces for leaks or moisture.
Check floor drains to ensure there is water in the trap.
Check and see if your furnace filter needs to be replaced or cleaned.
Check and clean the heat recovery ventilator (HRV); every three months, wash or replace the filter;
Check for any build-up of condensation or humidity.
To ensure your safety, please check and reset the ground fault circuit interrupter (GFCI).
It’s important to regularly test your smoke alarms and carbon monoxide detectors to ensure they are working properly.
North Bay is an opportunity-filled community that is perfect for anyone looking for a balance of a good lifestyle and great job prospects. With around 52,662 people living there and 112,000 in the surrounding areas, North Bay provides opportunities to access larger Canadian and U.S markets while still maintaining a small-town feel.
We are a business-friendly community with low-cost serviced industrial land, multinational businesses living in harmony among beautiful parks and recreational facilities outside of the vibrant downtown core, a state-of-the-art regional health care center, and extensive educational infrastructure.
The rich and varied history and natural environment of North Bay are some of the city’s most prominent features. Fresh air, abundant clean water, plenty of greenery for outdoor activity, and low-density living with all of the advantages of full urban services are just a few of the benefits enjoyed by inhabitants of North Bay and the surrounding areas. Living in North Bay is both safe and inexpensive, from condo-by-the-lake residency to modern executive-style homes to old-world Victorian housing.
North Bay has one of the lowest crime rates in all of Ontario. It is a safe community to live in. Urban North Bay straddles a land bridge between the Ottawa River and the Great Lakes basin. Trout Lake, at the city’s eastern border, is the headwaters of the Mattawa River and source of its drinking water, which holds distinction as one of Ontario’s best-quality drinking water sources. The waterfront area on Lake Nipissing in North Bay is the city’s beating heart, featuring a beautiful walkway graced with lovely gardens, a museum, and a public marina.
If you like the outdoors and want bigger city amenities while still feeling a sense of small, secure community, the North Bay is an ideal spot to reside.
History of Northbay
North Bay has been a transportation centre since its inception as a Nipissing First Nation village in the 17th century. The Voyageurs, a renowned system of rivers and waterways that led to the interior of North America and along which many legendary explorers traveled in search of fame and wealth, run through North Bay.
The waterway that Samuel de Champlain explored in 1615, the Ottawa and Mattawa Rivers’ waterway, runs along an ancient fracture in the Canadian Shield that now serves as the backdrop for North Bay, Ontario’s North Bay escarpment. The trans-continental railway was blocked by a topographic barrier; therefore, it hugged the shores of Lake Nipissing rather than passing through this area.
The construction of the Canadian Pacific Railway, the Canadian National Railways, and the Ontario Northland Railway established North Bay as a major transportation hub for its surrounding areas. The arrival of these railways allowed lumber and other natural resources to be traded more easily, jumpstarting local economies.
The availability of key resources (nickel, iron, copper, gold, platinum, silver and cobalt) drew industrial development to the area. As mining and lumber industries prospered in the nearby regions, North Bay became a hub for supply and regional education and health care. The city also developed thriving personal and professional services sectors.
The Future Has Already Begun in North Bay
North Bay is welcoming a new wave of people as a result of community engagement efforts such as the “Growth Community Improvement Plan,” which was designed to encourage individuals to work, live, play and learn in the city’s core. North Bay is welcoming a new generation of residents as the City strives to maintain a diversified and resilient local economy. Community improvement plans enable municipalities under the Planning Act and Municipal Act to create possibilities in exchange for private sector investment and development in targeted areas of town.
The “Downtown Target Area Plan” for North Bay has the following goals and objectives:
Create new, long-term employment or full-time equivalent work opportunities;
In order to Stimulate Downtown Growth, Encourage Infill Development.
Improve the physical condition of buildings while providing new usable space.
Increase the number of apartments;
Increasing the number of professional workers will help improve your business.
Determine whether any previous attempts have been made to increase value or improve the look of your home, and if so, when.
Develop vacant or underutilized spaces or properties.
Bring in customers;
The City of North Bay’s Official Plan designates 4 target areas, one of which is the Downtown. In total, 35 applications have been approved for these areas. The private sector will invest approximately 97 million dollars in contrast to the 1.2 million dollars coming from the City. This project will also create around 213 jobs and 251 residential units, making North Bay a more vibrant place to live in Northern Ontario.
The City of North Bay
North Bay is a region rich in culture and natural beauty. Home to many small communities, it boasts some great institutions such as NorthBay Medical Center or Thibeault Terrace Community Center that offer something for everyone! The opportunities here combine the outdoors with industry; this area has an advantage when pursuing your career choice because there are so many different sectors available – from aerospace manufacturing through information tech savvy technologies like software development companies who specialize on cloud computing platforms . It would be easy-sided if you thought about how much more advanced our society actually becomes nowadays due largely thanks to these innovative minds coming out of nowhere within reasonable distance apart just waiting patiently until they’re needed.
The city of North Bay is home to two world-class post secondary institutions, Nipissing University and Canadore College. Together they enroll approximately 9000 full time students each year
While the roots for both schools extend back many decades in history with The North Bay Normal School evolving into what we know today as Laurdian university who was then able receive its charter as an independent institution becoming one primarily attended by undergraduate learners but also interested professionals seeking Arts & Sciences careers or skilled trades training programs.
North Bay’s construction and manufacturing industries are diverse. With capabilities that range from design-build/support services with teams of qualified architects, designers engineers contractors fabricators builders specializing in industry commercial civil residential projects North bay has implemented an successful strategy for these sectors by attracting complementary companies who engineer products made globally market ranging anywhere between fuel cell powered locomotives to building consumables such as drills holes pedal boats servo writers etc.
Did you know…
North Bay ranks as the #1 place in Ontario to buy real estate
MoneySense magazine ranks North Bay as the #1 place in Ontario to buy real estate.
North Bay is the No. 1 U-Haul® growth city in Canada
U-Haul names North Bay Canada’s top growth City for the second year in a row.
One of the top 20 best investment locations in Canada
Site Selection Canada recently recognized North Bay as one of the top 20 best investment locations in Canada.
Most affordable real estate region in Ontario
Toronto Storeys lists the City as the most affordable real estate region in Ontario.
2020 Winner of the fastest Mobile Networks
The City was also named the 2020 winner of the fastest Mobile Networks by CMag.com.
One of the most livable places in Canada
Ratesdotca’s 2021 Livability Report ranks the City of North Bay 48th out of 166 communities in Canada as one of the most livable places, based on a variety of criteria. One of the many advantages is the affordable average price to purchase a home at $270,400.
FAQ
What kind of government-funded projects are coming to North Bay?
The Ontario government will invest $10.2 billion over the next 12 years in rural and northern communities as part of the Investing in Canada Plan. This is in addition to the federal government’s investment of more than $180 billion for public transit, green infrastructure, social infrastructure, and trade and transportation corridors.
Should I invest in North Bay?
3 Reasons to Invest in North Bay. There is a large student population in North Bay, making the rental market tight. This creates opportunities for investors. The city continues to grow, with new businesses and developments popping up all the time. North Bay is a beautiful place to live, work, and raise a family – meaning there will always be demand for housing here.”
Because of the high demand for rental housing, you won’t have to find a tenant. You will be found. Second, North Bay is an industrial city with a significant number of inhabitants who work in manufacturing industries. The city has devised a successful approach for these areas by attracting and retaining a wide range of complementary workers who develop products for the global market. This is another group of people in need of housing, especially as the sector expands and attracts more local and international workers. Finally, with the epidemic raging, North Bay is a dynamic city with outstanding growth potential that has lured individuals from all across Canada who work remotely now due to the pandemic. The possibilities are endless in this area.
Why should I buy a condo in North Bay?
New condos not only allow you to select your design finishes like flooring, tiles, faucets, cabinets, and countertops but are also clean and energy-efficient, requiring far fewer repairs (if any) than your average “resale” home. This is especially important if you are buying a condo in North Bay as an investment.
Your tenant’s rent will cover most or all of your monthly expenses, plus maintenance fees and TARION coverage will keep your investment in good condition. You can live anywhere in the world and know that your property is being taken care of.
One of the primary goals of home ownership should be the building of equity in your home. Equity is simply the difference between the current value of a property and the balance of all mortgage obligations.
For example, if you have a home that is valued at $375,000 (based on an appraisal or a Comparative Market Analysis) and a mortgage balance of $175,000, you have $200,000 ($375,000 -$175,000) equity in your home. As long as the market remains stable, this is like money in the bank. As your house value increases over time and mortgage payments you make reduces the level of your debt, your home equity increases.
Why Equity in a Home is Important?
Simply stated, the appreciation of equity in a home is one of the easiest and most successful paths to wealth that is available to you. To a large degree, it is almost painless—you make the mortgage payment that you would have to make anyhow and the balance is reduced. The value of the home, meanwhile, is rising. As a result, your nest egg should be growing. The quicker you find yourself at 100% equity—owning nothing on your home—the quicker the route to less financial stress and true wealth.
How to Build Additional Equity?
There are a number of ways to build additional equity in a home, some easier than others but all effective:
1) Higher initial down payment
The most obvious way to build additional equity is at the first opportunity—making a larger down payment at the time of purchase. This extra money is immediately “banked” in the home, making it much less tempting to spend.
2) Extra principal payments
Making extra payments of principal (or just adding money to your monthly payment designated to go to principal) has a double effect on your equity. First, every dollar you contribute reduces your debt by the same amount. Second, reduced debt means less interest paid, which means that each month more of your payment goes to principal and less goes to interest.
NOTE: Although most loans allow it, check with your lender to see if they accept extra payments of principal with no penalty.
3) Shorter mortgage term
The lower mortgage interest rates that we have seen recently means that for many buyers, they are able to either initially secure a mortgage with a shorter term or, if the are currently in a long term mortgage (such as 30 years) refinance and get a shorter term. Shorter mortgage terms mean that you will be paying down your principal much quicker and therefore gaining additional equity at a much faster rate.
4) Home improvements
When you improve the quality or size of your home, you also increase its value and thus your equity. Be aware, though, that although virtually all home improvement projects will bring some return, some are much more advantageous than others. For example, remodelling kitchens or bathrooms traditionally have brought a greater return than adding leisure amenities such as pools or whirlpools. To get the maximum equity enhancement, make certain that the kind of improvements you want to make will increase the home’s value appreciably.
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