Date Posted: January 29, 2020
Barb Kramer and Anisa Lancione join host Steve Gregory and Paul Rushforth this week to discuss the latest in Mortgage and Real Estate news.
Despite the new year for real estate, new listings have declined since last week with 1707 current homes on the market including 221 condos. As the sellers’ market continues in Ottawa, working with a trusted and experienced realtor is your best bet to get the most for your money and to handle the potential offers with care.
If you have an upcoming renewal, keep an eye on your actual renewal date. Not all lenders offer an open repayment option which could mean paying a penalty to break a mortgage you didn’t want. If you have a second mortgage in place, renewal time is the perfect time to try to refinance these two mortgages into one single mortgage at the best rate. Always consult with your Mortgage Broker well in advance of your renewal date for the best advice.
It’s RRSP season which is great time to look at diversifying your portfolio. Advanced Mortgage Investment Corp. supports investing in Ottawa real estate. Investors purchases shares within the corporation which then, in turn, lends the money backed against local Ottawa mortgages so that each investor invests proportionately in each mortgage. Visit www.advancedmic.com for more info.
Capital gains can end up costing you a pretty penny. When looking at turning your primary residence into a rental property, it is best practice to get an appraisal of the property prior to doing so. The reason for this is to show the amount of capital gains you are required to pay when you sell the property which means you pay the capital gains on the amount the property has increased between the appraisal and the date of sale.