COVID and the housing market

[GreyGhost]

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?).

 

[mimico_polak]

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!

 

[blackcamaro]

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.

 

[Freddy F]

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.

 

[mimico_polak]

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.

 

[Deleted member 50930]

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.

 

[Deleted member 50930]

Know plenty of people that would be happy to just walk away free and clear. But seldom does that happen.

Use em and abuse em

 

[mimico_polak]

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.

 

[Lightcycle]

Uh oh….did you buy a very expensive toy without speaking to your SO?

Maybe I read it wrong, but I think that something expensive was the house...

 

[GreyGhost]

Maybe I read it wrong, but I think that something expensive was the house...

I guess truck.

 

[Lightcycle]

I guess truck.

Oh yeah! So hard to keep up with all these F-n ballers in this thread.

 

[mimico_polak]

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!

 

[Deleted member 50930]

I guess truck.

Noo, for a condo or a fixer upper in Hamilton area

 

[GreyGhost]

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.

HouseSigma

housesigma.com

 

[mimico_polak]

The market is changing. I’m seeing houses stay on the market longer than before.

 

[Deleted member 50930]

Market is cooling... Houses in woodstock for 500k finally

 

[POWERMAN]

Looks like someone is hungry for more revenue...

Toronto council eyes land transfer tax hike on high-end homes as experts warn of economic cost

As Toronto city council readies to examine a range of revenue tools that could generate much-needed municipal cash, Mayor John Tory insisted Tuesday that now was not the time to hike the land transfer tax on high-value homes.

toronto.ctvnews.ca

People with vacant homes in Toronto could be hit with new tax to help cool housing market

People with a vacant home in Toronto could be hit with a new tax designed to help cool the housing market.

toronto.ctvnews.ca

Toronto, Canada and Global Breaking News – CP24

Most recent News News business news stories and video from CP24

www.cp24.com

 

[GreyGhost]

Looks like someone is hungry for more revenue...

Toronto council eyes land transfer tax hike on high-end homes as experts warn of economic cost

As Toronto city council readies to examine a range of revenue tools that could generate much-needed municipal cash, Mayor John Tory insisted Tuesday that now was not the time to hike the land transfer tax on high-value homes.

toronto.ctvnews.ca

People with vacant homes in Toronto could be hit with new tax to help cool housing market

People with a vacant home in Toronto could be hit with a new tax designed to help cool the housing market.

toronto.ctvnews.ca

Toronto, Canada and Global Breaking News – CP24

Most recent News News business news stories and video from CP24

www.cp24.com

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).

 

[Deleted member 50930]

The average price of a detached home in Kitchener-Waterloo is now more than $919K

The average sale price of all residential properties in the Kitchener-Waterloo area was $759,115 in June, according to figures from the Kitchener-Waterloo Association of Realtors. That's up more than 26 per cent from the same month last year.

kitchener.ctvnews.ca

 

[ifiddles]

Anyone looking for a job?

This Ontario company is giving every employee $20K each to help them buy homes

Health benefits, field trips and free snacks are nice, but the best job perk any employee could ask for is cold hard cash. I mean, you can't pay your…

www.blogto.com