COVID and the housing market | Page 86 | GTAMotorcycle.com

COVID and the housing market

usually these are passed down to renters
For us, as a landlord, we look at total operating costs and try to set the price of the rent to cover this cost. We lost a bit of coin every year by not raising the rent while our expenses were going up, but in turn the tenant was able to save up money faster to buy a house. We then find a new tenant who will hopefully stay with us for another 5 years. This same scenario has happened to us 2x now. I think of it as a win-win situation.

On a side note, our first tenant was from Uganda. We became friends and decided to travel to Uganda to see the mountain gorillas out there. We ended up staying with his Mom at the house he grew up in and met his grandmother and siblings. Our newest tenant is from Pakistan. Hopefully we can become friends as well and get out there and meet her folks too.
 
Don't forget repairs/property tax (and sometimes condo fees) that renters never see but owners have to pay. In some locations, it's not that bad but someone I know was paying >$12,000 in property tax 15 years ago on a ~1M house in the GTA. Still probably cheaper than renting the equivalent house but if I was renting, it would be the cheapest thing I could get to build the warchest. By owning, I get to live in a much nicer place than I would ever rent.

Friends just got five prices for their shingle roof. It's a big house but not a mansion (~5500 sq ft). 37K to 75K. wtf. That's ~$200-400 a month for shingles.
When I started my business I shared space with a friend that was renting and I resented every nickel I spent on the place. The owner got the improved value. I commented to a developer I was doing work for that I was looking for my own place. He advised me to buy because, in his words, "We screw you when you rent."
 
The accepted behaviour in the house of commons is far worse than would be accepted in every classroom in Canada. They are all small children with big paycheques and no morals.
Would any of the other parties be different? Thumbs up for PP for keeping his focus.
 
Just read an article that stated Canadians spend about 40% of their income on housing compared to 20-25% for the rest of the world.
Canadas debt to GDP is highest among G20 countries and among the highest in the world
 
Just read an article that stated Canadians spend about 40% of their income on housing compared to 20-25% for the rest of the world.
Canadas debt to GDP is highest among G20 countries and among the highest in the world

Yup sad times.
I am talking to US real estate agents about how to buy something there

Future in Canada looks grim short term so I will come back when it is greener
 
Yup sad times.
I am talking to US real estate agents about how to buy something there

Future in Canada looks grim short term so I will come back when it is greener
While US re is much more affordable it's a much different investment. It improves stability and protects you from rent inflation but the growth rate is abysmal. You can often have a decade where you are lucky to get your money back. Where it starts making financial sense is if you are buying a vacation property and keep it busy with vrbo/Airbnb.
 
Yup sad times.
I am talking to US real estate agents about how to buy something there

Future in Canada looks grim short term so I will come back when it is greener
Are you leaving permanently? I wanna leave this country too but I prefer to move to Italy The exit tax is what is stopping me I don’t want to give this idiot country 30 plus percent of my assets to spread out to all the losers sitting on their ass doing nothing.
 
^
Plan to live there. My degree will let me get a TN visa so I just need to wait for covid to die down ?
It would be pretty cool to live in Knoxville, Johnson City or somewhere super close to the Smoky's for a couple of years.
 
Are you leaving permanently? I wanna leave this country too but I prefer to move to Italy The exit tax is what is stopping me I don’t want to give this idiot country 30 plus percent of my assets to spread out to all the losers sitting on their ass doing nothing.
30% of what? You're a smart guy, getting money/assets out isnt that hard. I know an expat that kept a small financial presense in Canada for simplicity but moved some of his existing money and all future money to the Cayman and his country of residence.
 
30% of what? You're a smart guy, getting money/assets out isnt that hard. I know an expat that kept a small financial presense in Canada for simplicity but moved some of his existing money and all future money to the Cayman and his country of residence.
If you want to leave permanently and live somewhere else there is an exit tax. Doesn’t matter how smart I am or how many fancy accountants I have. You have to pay it if you want to leave this country give up your citizenship and move permanently elsewhere...it’s an exit tax.Your friend either didn’t leave permanently or is lying to you or has broken the law

When you leave Canada, you are considered to have sold certain types of property (even if you have not sold them) at their fair market value (FMV) and to have immediately reacquired them for the same amount. This is called a deemed disposition and you may have to report a capital gain (also known as departure tax).

 
If you want to leave permanently and live somewhere else there is an exit tax. Doesn’t matter how smart I am or how many fancy accountants I have. You have to pay it if you want to leave this country give up your citizenship and move permanently elsewhere...it’s an exit tax.Your friend either didn’t leave permanently or is lying to you or has broken the law

When you leave Canada, you are considered to have sold certain types of property (even if you have not sold them) at their fair market value (FMV) and to have immediately reacquired them for the same amount. This is called a deemed disposition and you may have to report a capital gain (also known as departure tax).

He maintained canadian citizenship. He did rearrange finances in the years leading up to simplify whatever moves he wanted to make.
 
He maintained canadian citizenship. He did rearrange finances in the years leading up to simplify whatever moves he wanted to make.
There you go ,maintaining citizenship is the difference. When I leave I want no connection to this piece of crap country
 
He maintained canadian citizenship. He did rearrange finances in the years leading up to simplify whatever moves he wanted to make.
My BIL and sister had to work in NJ so they removed all ties to Canada. OHIP, license, houses, bank accounts. All except their citizenship. Don’t recall them needing to pay any tax, but could be because they were planning on coming back.

I believe they needed to do this because they didn’t want to pay income tax here while working there.
 
My BIL and sister had to work in NJ so they removed all ties to Canada. OHIP, license, houses, bank accounts. All except their citizenship. Don’t recall them needing to pay any tax, but could be because they were planning on coming back.

I believe they needed to do this because they didn’t want to pay income tax here while working there.
They didn’t remove their citizenship. That’s the difference. If you’re leaving permanently and renouncing your citizenship you pay an exit tax.
 
They didn’t remove their citizenship. That’s the difference. If you’re leaving permanently and renouncing your citizenship you pay an exit tax.
That’s pretty ******** then.

I guess the simple answer is just keep the citizenship and show up every year for the minimum amount of time in order to collect the pensions/benefits and then go to wherever.

Why Italy? And why don’t you like it here? And most importantly if you want to leave why have you not done so? Genuinely curious. Appears you have the means to do so.
 
That’s pretty ******** then.

I guess the simple answer is just keep the citizenship and show up every year for the minimum amount of time in order to collect the pensions/benefits and then go to wherever.

Why Italy? And why don’t you like it here? And most importantly if you want to leave why have you not done so? Genuinely curious. Appears you have the means to do so.

Canada is a dump of left wing insane policies and out of control taxation with a lot more to come .
Canadians hate success , freedoms , entrepreneurship and individuality. Thye hate people that standout and go out of their way to block or ban that person from groups they are in ( just look at online forums how cliquey and uptight they are )
They love to tear you down to make themselves feel better,
Look at the government policies , all about punishing success and rewarding losers.
Criminals are rewarded and law abiding citizens punished , cut a kids head off and eat it you are out on the street in a few years with us paying for you to live ....legally own and use a gun at a range and you are pretty much considered a criminal and your property seized, same if you drive too fast.
we allow foreigners to buy houses with cash with no tracing where the money came from ( money laundering) then we as citizens can’t buy a car for cash or make a deposit in a bank over 10 grand without the government having to be notified .
We have hundreds of thousands of people who come here get citizenship and go back to the old country to live , pay no tax here and return here only for medical care
The top income tax rate is 55 percent and after that you then have to pay 13 percent in sales tax on anything you buy.
Everything takes forever to get done with multiple meetings and discussions and committees that go nowhere ( look at the waterfront in toronto for an example )
Italy is my first choice due to lifestyle .
I can’t stay away for 6 months and come back for 6 months due to our horses and dogs . I can’t fly them back and forth twice a year , that isn’t feasible.
Yes I have the means to leave but do I want to sell my business give up millions of dollars in exit tax at this point in my life ?im going to grow it to the point I don’t care about giving up the money as much ... I’m Not ready yet but the time will come soon where giving up the money will override any need or want to live here .
‘I could go on and on but the above are some of the big points as to why Canada is crap.
too many rules , too much tax, too much infringing on personal freedoms and too many jealous petty people
 
Last edited:
Makes sense. I’ve got plenty of friends who say they want to go back to Poland.....but the rules and continued leaning back towards church and state mingling has put them off for the time being
 

Back
Top Bottom