COVID and the housing market | Page 105 | GTAMotorcycle.com

COVID and the housing market

If the asset is jointly bought the courts will assume 50/50 as @Wingboy says. Unless you get a REALLY good lawyer….then you’ll be left with nothing.

Don’t listen to Reddit @george__ with respect to a prenup. Majority of those guys haven’t left a basement.
With a gross disparity in downpayment contribution (say he puts.in 190, she puts in 10), I could possibly see him getting back the 180. I could never see him getting 90% of the sale price of the house (unless the house was in a corporation but why would she go for that?).
 
I hope to never find out @GreyGhost as my wife and I have wildly disproportional incomes.

But I wasn’t looking for a financially equal partner. Hell if I had married the girl before I’d be living there off her salary if we broke up!
 
With a gross disparity in downpayment contribution (say he puts.in 190, she puts in 10), I could possibly see him getting back the 180. I could never see him getting 90% of the sale price of the house (unless the house was in a corporation but why would she go for that?).
We have a co-habitation agreement for that. If we split we are supposed to get back whatever our initial contribution to the house was, anything after that is 50/50.

I’m not completely confident in it but I would rather have it then not.
 
We have a co-habitation agreement for that. If we split we are supposed to get back whatever our initial contribution to the house was, anything after that is 50/50.

I’m not completely confident in it but I would rather have it then not.
That's how it should be...In my case she just didn't have the money, she was mostly paycheque to paycheque being a part-timer... I was entitled to 80K more than I actually got. Oh well. Life goes on.
 
That's how it should be...In my case she just didn't have the money, she was mostly paycheque to paycheque being a part-timer... I was entitled to 80K more than I actually got. Oh well. Life goes on.
Know plenty of people that would be happy to just walk away free and clear. But seldom does that happen.

My wife always jokes she won’t take me to court to fight for money. I only tell her ‘sure sure just get a lawyer to tell you he’s going to get you 10x more and for free…you’ll say no?’

And then I’m on my best behaviour.
 
We have a co-habitation agreement for that. If we split we are supposed to get back whatever our initial contribution to the house was, anything after that is 50/50.

I’m not completely confident in it but I would rather have it then not.

Damn woman wont sign this

But need her income for mortgage approval

😡😡

And I stupidly bought something really expensive opps.
 
Damn woman wont sign this

But need her income for mortgage approval

😡😡

And I stupidly bought something really expensive opps.
Uh oh….did you buy a very expensive toy without speaking to your SO?

I’m all for buying toys and whatnot…so long as it doesn’t affect your family financial obligations negatively.

My wife SAID I can buy a 235/240 because we could afford it….I CHOSE not to because we’re a family and I know we have other obligations.
 
Back to housing….rode up to the cottage (WTF I’m freezing in July!) and saw one of the nearby cottages for sale. Place was a vacant land for 20+ years. Older couple bought it, built a nice space, lived for just over a year to (I assume) not pay capital gains and BOOM…900k!
 
Some owners are getting kicked in the face during this. A house in Markham was renovated in 2020, sold in March 2021 for 1.3, listed in May for 900K (trying to trigger bidding war?), price up to 1.1M in June and sold again in June 2021 for 1M. Ouch. 300 to 400K hit in three months.

 
Looks like someone is hungry for more revenue...


 
Looks like someone is hungry for more revenue...


Not at all surprised. Vacant home tax at 1% does very very little to the market or housing stock available to rent. It is purely a revenue generation play marketed using more palatable terms (similar to photo radar). Now if vacant home tax was something like 10% (or maybe even 5%), many people would either sell or rent it out to avoid the kick in the nuts. Vancouver did 1% vacant tax. It did nothing to market price nor available rental stock. If your asset is appreciating at >10% a year (and often >>10%) and you want to be passive, 1% is not a big deal. I don't know but suspect that is 1% of MPAC value too. MPAC on my house is <50% of market value (I paid 50% over MPAC 2.5 years ago).
 
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