06 - Using your RSP when buying your first home

My guest today is Tracy Kambietz. Tracy has been a licensed Realtor in 3 provinces over the span of her 20 year career in Real Estate. She specialized in relocations in Calgary’s ever changing market and during the period when everyone was relocating to the city for work. Tracy also worked in the Okanagan of beautiful BC, assisting clients from Calgary and Vancouver purchase recreational and investment properties. That eventually lead her back home to Ontario where she focused solely on the cottage market in Muskoka and Georgian Bay. Tracy’s vast knowledge of various major markets across Canada makes for interesting conversation, which is why we’re here today. Have a listen.

Delayed occupancy compensation up to a maximum of $7,500 is payable:

• If occupancy occurs on a date after the Firm Occupancy Date; or
• If you exercised your right to terminate the purchase agreement due to delay as permitted by the Addendum
  
  

In this episode Ema explains why Exclusive Listings Agreements do not favour the seller, and why.

To put it simply, an exclusive listing agreement the seller is limiting him or herself to working with one agent and his or her buyers.  In a non-exclusive listing, your chosen real estate agent is working on your behalf with an army of agents and their clients, so that you home can be sold fast and for the most money.

Have a listen.

The demand for affordable housing along with government guidance is allowing for considerable opportunity for extended living spaces and income  generating opportunities for the savvy investor. 

Today I have Shannon Hammer, the President of Bark & Co giving us an overview of what are tiny homes and how his company's Suite Homes are different and why perhaps you may want to consider one as an income property.

Tiny Homes have been growing in popularity globally due to their relatively inexpensive cost and low impact on the environment.  

Depending on the size chosen, most will include all the amenities you expect in a larger home, while embracing a minimalist living philosophy. These small homes are no longer just for vacation properties. They have evolved as conventional options for in-law suites, younger generation suites, office and rental income apartments for long and short-term tenants.

Their popularity has exploded since Ontario introduced Bill 23 which allows for legal secondary dwellings on many existing properties. Suite homes are the perfect solution. They can be installed easily and fast; and even sold or moved if the need arises. 

Ema talks breifly of what this Act means, which includes:

"This legislation ‘cuts the red tape’ associated with additional residential units within new and existing houses, as well as accessory buildings. Now up to three residential units per lot will be permitted “as of right.” "

Ema talks about facts of the current interest rates and the real estate market generally.

When thinking about a vacation property, it is important to be armed with the right information. Ema gives you some examples to think about.

When you purchase a home, it’s often recommended that you have a home inspection done.
In fact, a typical Agreement to Purchase Form will include a standard preprinted clause with respect to home inspections. This is one of the most common conditions in an offer to purchase a property.  Some agents allow their clients to forgo this step. In a competitive market, this is a condition and one that can put the buyer at a more unfavourable position when presenting an offer. 

So skipping the home inspection and not placing this kind of condition in an offer can be tempting. Before you make the decision, consider the benefits of a home inspection. Because the consequences of buying a home, which one does not know what literally is behind the walls, is scary and a rabbit hole. 

Ema is an expert on assignment deals.
In this podcast she shares the basics on assignments.

With an assignment, the Seller is actually selling their interest in a property (or shall we say, contract with the builder). They aren’t selling the actual condo (as they don’t own it yet); they are selling their promise to purchase a property.

When you purchase an assignment, you are essentially stepping into the shoes of the original purchaser. You can’t renegotiate the price or terms of the contract, you are simply taking over the contract as it already exists. 

Listen and share to find out more.

Someone can steal your home. That is right. It's called Tittle Fraud and happens in connection with identity theft.
In this episode Ema talks about it happens and gives advise on ways to prevent identity theft.