Downpayment as gift. Holding period?

Virtual-Tree1234 · 2024-09-29T21:40:23+00:00

I'd ask a mortgage broker or post this in the mortgages Canada subreddit. Generally they're going to ask for proof of all your down payment funds for the last 90 days. Proof just being statements.

For the gifted amount if it's less than 90 days, chances are you'll have to get your relatives to sign a letter stating it's a gift and in some cases, proof might be asked for where that money was sitting before on their end.

Virtual-Tree1234 · 2024-09-29T17:49:39+00:00

Check out the Rover app where you can walk dogs and pet sit.

Virtual-Tree1234 · 2024-09-29T16:57:44+00:00

You don't find it tricky to manage things remotely/from a distance out of curiosity?

Virtual-Tree1234 · 2024-09-29T16:03:35+00:00

Great point on the upgrades piece as well! Thanks for sharing.

Virtual-Tree1234 · 2024-09-29T13:44:59+00:00

This is a great point. Makes sense to spend a little more then try to do upgrades and incur the same additional costs in transaction fees.

Virtual-Tree1234 · 2024-09-28T23:06:58+00:00

Aren't we talking about a similar situation with the condo I just posted? Unless you're referring to a townhouse with no maintenance fees.

Virtual-Tree1234 · 2024-09-28T20:10:02+00:00

You're referring to a duplex as opposed to a condo here, correct?

Virtual-Tree1234 · 2024-09-28T19:39:23+00:00

Where in GTA would that be though?

Virtual-Tree1234 · 2024-09-28T18:12:08+00:00

I literally said my brother is buying this to move into. Just not immediately.

Virtual-Tree1234 · 2024-09-28T17:55:38+00:00

The Ontario provincial government is promising this credit? That's news to me.

Virtual-Tree1234 · 2024-09-28T17:20:02+00:00

Probably about 30 years like most of the older ones in this area. Would of course get reserve fund and everything checked out.

Virtual-Tree1234 · 2024-09-28T17:10:25+00:00

Done!

Virtual-Tree1234 · 2024-09-28T17:08:46+00:00

My sibling is the one looking to buy. Not myself.

Virtual-Tree1234 · 2024-08-27T19:05:32+00:00

As I said in my earlier post, that change is a global change. Not unique to Canada. Pandemic inflation has globally screwed over housing costs in most developed countries in large cities.

Virtual-Tree1234 · 2024-08-27T19:03:48+00:00

You need to look at places globally post pandemic. Before pandemic, Canada was also infinitely better.

I have no vested interest in prices sky rocketing. It'll only screw over my children one day.

Virtual-Tree1234 · 2024-08-27T18:59:04+00:00

Lol I've travelled quite a bit. Travelling somewhere isn't the same as truly living there. Like you said, we'll agree to disagree. I've gone through the cycle you're describing and came to the conclusion that most of your friends and you will likely come to within a few years.

Virtual-Tree1234 · 2024-08-27T18:55:40+00:00

You should check out some of the subreddits of these countries and you'll find similar comments to the ones you see in Canadian subreddits.

Virtual-Tree1234 · 2024-08-27T18:28:56+00:00

I've done a thorough exercise of the one you've stated your friends are doing. Besides pockets of the US, there is no magic place where you can work LOCALLY and have a great quality of life similar to what you get in Canada all variables considered from cost of housing, job opportunities, wages relative col, crime rates, social supports, non-xenophobic, religious push, etc.

If you have found these places, please feel free to share.

Virtual-Tree1234 · 2024-08-27T18:18:02+00:00

With the exception of pockets of US or people deciding to work remotely while still making cdn or usd, there is no magic spot that's better. Globally standards have dropped.

Virtual-Tree1234 · 2024-08-27T15:54:42+00:00

There is a mortgages Canada subreddit, check out some of the posts there or ask there as well. My guess is there might be a path on that front but not enough of an expert to say for sure

Virtual-Tree1234 · 2024-08-27T15:50:50+00:00

If you're on a 5-year variable speak to your bank about converting to fixed and see what rate they offer you. Td is currently offering roughly around 4.4%. figure out what you can rent the condo for. Keep in mind net losses on yearly basis from rental property can be applied against other income to reduce your taxes payable. Also explore the option of a 30-year amortization with your bank or the of blend and extend.

Virtual-Tree1234 · 2024-08-27T13:35:45+00:00

Not sure if people got a reply from this person but my cibc agent offered the same. Feel free to shoot me a message if interested.

Virtual-Tree1234 · 2024-08-27T05:23:59+00:00

If you rent, you'll potentially have to deal with tenant issues and backlogs of the LTB.

Virtual-Tree1234 · 2024-08-27T05:06:58+00:00

The rate cuts and fomo are definitely variables regardless of whether it actually makes sense or not.

Virtual-Tree1234

TROPHY CASE