The tax risks of renting out your home: Canadian real estate news for August 19 lolita, 29/08/2024 Open this photo in gallery: This week’s top real estate and housing news.Engel & Völkers Toronto Central Here are The Globe and Mail’s top housing and real estate stories this week, with the lowest mortgage rates available in Canada today, commentary from our mortgage expert and one home worth a look. Take The Globe’s business and investing news quiz Homeowners renting their properties can jeopardize thousands in tax benefits There are thousands of dollars available in tax benefits for Canadians buying their first property. But what you may not know is that you could lose them by renting to tenants, because many of them require that you use the property as your primary residence. Some of these benefits include exemptions for land transfer taxes and the First-Time Home Buyer’s Tax Credit, writes Salmaan Farooqui. Home-sharing platforms help students find seniors who have empty bedrooms Two companies, Sparrow Living and SpacesShared, want to tap an unused part of the housing market by matching renters with homeowners who have empty bedrooms. Both home-sharing platforms say they’ve been inundated by requests since they launched, reports Rachelle Younglai. Due to an aging population and limited downsizing options, more Canadians are living in homes … Continue Reading
Woman offers to rent out half of her bed for 658 USD in Toronto | WorldNews lolita, 28/08/2024 A woman’s offer to rent out half of her bed amid soaring house rents in Toronto has surprised social media users. Toronto-based realtor Anya Ettinger highlighted a post that was shared on Facebook Marketplace, where a person had offered to rent out half a bed for 900 Canadian dollars (658.10 US dollars) a month. A woman’s offer to rent out half of her bed amid soaring house rents in Toronto has surprised social media users (Pixabay – representational image) ”Looking for an easy-going woman to share the master bedroom and the one Queen-sized bed. I have previously shared the bedroom which only has one queen size with a roommate I found on Facebook, and it worked out perfectly well,” the post, which has now been deleted, read. Anya shared the post on Instagram. Shocked, she emarked, “Just when you thought the Toronto market couldn’t get any worse, it did. This is so unhinged. Renting out a space in your bed for 900 [Canadian] dollars a month? No wonder so many people hate it here.” ‘But not many people have a choice’ Speaking with CTV News Toronto, Anya said, “I think it shows really how sad it is here. I mean … Continue Reading
A Brampton tenant has racked up $30K in unpaid rent and still won’t leave, landlord says lolita, 25/08/2024 A Brampton landlord says he’s out at least $30,000 — so far — because the tenant at one of his properties has refused to pay rent or move out. Rajan Kanwar says he’s been trying to get the tenant out since May and recover some of his losses, but delays at Ontario’s Landlord and Tenant Board (LTB) have left him with mounting debts and emotionally drained. “It’s upsetting, it’s saddening, it’s a lot of different emotions,” Kanwar told CBC Toronto. “I would like my property back.” Since May, the tenant has paid little or no rent, Kanwar says, leaving him to pay the $9,500 monthly mortgage costs on the property. That’s on top of a $7,500-per-month mortgage on his own family home. The tenant on Scotchmere Crescent hasn’t paid full rent since last spring, according to landlord Rajan Kanwar. The tenant would not speak with CBC Toronto. His legal representative has not responded to calls. (Tina MacKenzie/CBC) He says the amount he’s owed includes both unpaid rent and utilities. The tenant refused to speak with CBC Toronto. His legal representative has not yet responded to requests for comment. Ordered out Kanwar, an IT manager, says he’s filed two applications with … Continue Reading
Will Brisbane property prices keep surging? Here’s what the experts say lolita, 23/08/2024 The rise in Brisbane property prices last month caught many people by surprise, but experts are divided on whether the surge will continue through the rest of the year. CoreLogic says values rose more than 13 per cent in 2023 and lifted a further one per cent in the first month of this year. Regional values rose a tad below nine per cent last year and half a per cent in January. There was a recurring theme as hopeful buyers inspected a recently listed inner-Brisbane apartment on a muggy afternoon this week. Buyers still feel FOMO Phoebe told the ABC the fear of missing out is real. “It’s the competition really that we’re struggling with. There’s not a lot on offer and places are just getting snapped up super quickly,” she said. “Prices are skyrocketing and it’s a race against the clock really to get into the market.” Phoebe says many places sell quickly.(ABC News: Alex Brewster) Another potential buyer added: “It’s frustrating as we see things coming up, and by the time we get to the first inspection, an offer has already been made.” Angus Kizil said he was lucky enough to buy his first home … Continue Reading
Changes to eviction notices put Dubai tenants on alert lolita, 18/08/2024 Eviction notices in Dubai may still apply to tenants when a change of property ownership takes place, rental dispute cases suggest. A recent court decision noted by the Dubai Rental Dispute Center (RDC) concluded an eviction notice was transferable from a property seller to the new buyer. Previously, new owners purchasing properties with a sitting tenant were required to apply for a new 12-month eviction notice, even if a notice had already been served to a tenant via a public notary. This opened the door to a tenant being able to serve, for example, 11 months of an eviction notice, only to have an extra 12-month eviction notice added on if the property was sold to a new buyer. When the buyer is an end user and needs to move in, this is a step in the right direction for those buyers and re-addresses the marketplace balance Mario Volpi, sales director, AX Capital real estate in Dubai But, even though article 25 of law 33 of 2008 on eviction notices remains the same, the way it is interpreted in court has changed so the notice is attached to the property and both parties are protected. Ludmila Yamalova, managing partner at … Continue Reading
Some BC property owners ‘panicking’ following short-term rental legislation: realtors lolita, 17/08/2024 Deanna Steele says she has never seen as many condos and vacation homes for sale in Kelowna, BC as she has this month. The founder of Keys to Kelowna Properties Inc., a luxury vacation rental management agency, said the lake-front city’s real estate market is “saturated” by properties zoned for short-term rental use. Some of the sellers are people who bought not that long ago and are already trying to get out. “They thought they were going to make a mint because they saw what was happening in the gold rush. And now they’re realizing, ‘Oh, big mistake,'” said Steele. That gold rush — investing in short-term rentals in Kelowna and many other Canadian cities — could potentially slow to a trickle in the wake of new legislation to regulate short-term rentals introduced by the BC government in mid-October. While the BC Real Estate Association’s chief economist Brendon Ogmundson says it is likely too early for the regulations to have a major impact on listings, he is hearing anecdotal reports from realtors that investors are looking to offload properties as the new rules come into effect. “My guess is that this change in policy will certainly motivate some investors to … Continue Reading
Darwin vacancy rate eases, as rents rise lolita, 12/08/2024 News Corp Australia Network The Darwin rental market remained stable in December. Picture: Fia Walsh Darwin has begun 2024 with the highest capital city vacancy rate in the country even as rental prices trend up. The latest PropTrack Market Insight report showed the Darwin vacancy rate remained stable in December, holding at 2.65 per cent. PropTrack senior economist and report author Eleanor Creagh said Darwin’s rental market conditions had “improved slightly” across 2023. “Over the quarter, the vacancy rate in Darwin was up 0.87 percentage points, the biggest uptick among the capital cities,” he said. “Darwin’s rental vacancy rate also increased 0.55 percentage points across 2023. “Still, Darwin’s rental market is much tighter than pre-pandemic. “The vacancy rate declined 42 per cent compared to March 2020.” PropTrack senior economist Eleanor Creagh. Photo: Supplied Regional NT saw the largest vacancy increase in the country in December, up 0.48 percentage points month-on-month to 2.79 per cent. The vacancy rate was also up 0.66 percentage points for the year. The PropTrack data shows the median rent in Darwin was $590 per week, up 0.9 per cent for the December quarter and 1.7 per cent for the year. MORE NEWS: Darwin real estate more … Continue Reading
Sydney rental stock at record low lolita, 08/08/2024 Sydney’s rent crisis has moved up another gear after further erosion in the city’s supply of available rental housing. New data from PropTrack released Tuesday revealed the total number of properties listed for rent plummeted by about 22 per cent over the last year to hit a new low. This occurred while high population growth continued to drive stronger demand, creating tough conditions for renters. The limited supply means already cash strapped Sydney tenants now have to fork out an average of 16.7 per cent more for rent compared to a year ago. Median rent for all city residences was $700 a week. Long lines at a rental inspection in Surry Hills over the weekend. Picture: Sam Ruttyn MORE: The Sydney suburbs foreign buyers are targeted PropTrack also noted a dramatic drop in the supply of fresh listings. New rental listings on realestate.com.au in December were 4.6 per cent lower than a year ago, and 14.5 per cent lower than the 10-year average for the month. PropTrack director of economic research Cameron Kusher said the rental market was characterized by low supply and strong demand. “During the pandemic average household sizes reduced quite a lot as rental prices fell,” he … Continue Reading
What to Know Before You Invest lolita, 07/08/2024 Short-term rentals can be an attractive investment thanks to the potential for greater cash flow. But they also bring new challenges for investors more familiar with traditional long-term rental properties, from fast turnover between guests to extra regulations. Experts say the short-term rental market has also grown more competitive, making it even more important to do your homework and develop a strategy before diving in. Here are six points to consider before making your first short-term rental investment. 1. Do your homework on local regulations As popular as short-term rentals have become, they aren’t welcome in every city. Some, like Santa Monica, California, prohibit rentals of less than 30 days unless the resident stays in the property along with the guest. Others, like Chicago, allow unhosted short-term rentals but require property owners to register and pay a fee. Rules can change, so if you’re considering investing in a new area, pay attention to proposed legislation and local officials’ general attitudes toward short-term rentals, says James Carlson, co-owner of Colorado-based real estate firm Erin and James Real Estate, which specializes in short-term rental properties. Particularly in areas where policies seem unsettled, investors may want to have a “Plan B” strategy for … Continue Reading
Krissy tried to negotiate her rent increase lower, then the agent asked for more money lolita, 04/08/2024 Tenants have the option to fight an excessive rental increase in the NSW Civil and Administrative Tribunal. NSW Tenants’ Union chief executive Leo Patterson Ross said very few did so as the process was not conducive to renters in need of a quick resolution. Loading Several economists have warned rent caps would stymie the development of new rental properties, but Patterson Ross has urged a more nuanced debate. He said legislation against excessive rent increases, similar to the ACT where rents are capped at the rate of inflation for Canberra rentals, plus 10 per cent, could be one part of a broader strategy of ongoing construction to increase supply and address the chronic shortage of housing in NSW. Patterson Ross said waiting for supply to increase, a long-term solution, wouldn’t help renters like Kristina today. He urged better regulation around housing, similar to water and electricity, viewing it as an essential service, not an investment. NSW rental commissioner Trina Jones said: “There are already rules in place to prevent ‘excessive’ rent increases through the NSW Civil and Administrative Tribunal, considering factors such as average prices, location or the type of property. In the case of a 50 per rent increase, … Continue Reading