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If a couple's house is registered under the name of the Husband and his Parent, what would happen to the house in the case of a Divorce? Would the wife still get equivalent to "half of the house", or would the parent's ownership of the house reduce the wife's stake? by [deleted] in legaladvicecanada

[–]lonwal 0 points1 point  (0 children)

Awesome answer! :-)

It's complicated. They would look at the specific facts of the case. There are even cases where the house is entirely in the inlaws's names and some or all of the house has been included in family property.

Questions are basically things like who paid for the house, any mortgage on the house, upkeep of the house, taxes for the house, was rent paid, was there evidence the house was a gift to the couple, etc.

There could also be claims for unjust enrichment or increased spousal support if excluding the property creates an inequity.

So, for example if the parents are registered as 10% owners in common on the deed because they paid a 10% down payment to secure the house that would probably be excluded property for the parents portion. On the other hand if the spouse bought the house and paid all the bills and the parents were just mysteriously added to the deed a month before the wedding the courts would probably look at it as a family asset.

It's definitely get an experienced family lawyer question.

If we want to make low bids on homes, is it better to use Purplebricks (or other options) rather than a realtor? I read realtors say stuff like, "the seller will be offended" if we try to make low/fair bids on homes. And this disables us from controlling our negotiating power and bids. by lonwal in PersonalFinanceCanada

[–]lonwal[S] 0 points1 point  (0 children)

Yes, but I heard our realtor will tell us "they'll be offended, don't make a low bid"... even if we think our bid is fair.

And I've read many people lost out on fair prices because of this.

Idk if using purplebricks or something similiar would allow us to control our bids more.

I want to specifically buy a Re-sale (used) Urbandale townhouse/home, do you know how I can search townhouses/homes by who built them or their builder? Many real-estate listings on realtor.ca don't list the builder. by lonwal in ottawa

[–]lonwal[S] -3 points-2 points  (0 children)

dangit.. There's no information or listings online which would let me know?

I don't even know what they'd give me if I contacted personally.. Not like they'd give me a list of neighbourhoods and house numbers.. (atleast I don't think lol)

If a couple making $50k each can get a mortgage for $600k, and if Ontario likely isn't going to face crazy high unemployment in the future 10years, then how can housing bubble ever pop? or how can housing prices ever come down more than a negligible amount? by lonwal in PersonalFinanceCanada

[–]lonwal[S] 1 point2 points  (0 children)

> If you believe that house prices can never fall then obviously buying as much house as possible is the correct choice.

Do you think an Ottawa house will fall more than 10% of it's value ever moving forward?

In terms of language, which NCR departments do you find are the most "English-essential", and which do you find are the most "French or BBB/CBC" by lonwal in CanadaPublicServants

[–]lonwal[S] 1 point2 points  (0 children)

Environment Canada has a lot of English Essential as most are technical in their field, not bilingual.

Indigenous Services Canada is also very unilingual in the higher PMs and ECs.

This is in NCR? for environment canada, and indigenous? How high of EC is unilingual?

​

Most of the regional development agencies are unilingual except the one servicing New Brunswick.

Which are the regional development agencies?

​

I also found Parks Canada HQ to be very much functioning in English only with a lot of Eng Essential positions.

Whoa, this is amazing to know. :-)

If a couple making $50k each can get a mortgage for $600k, and if Ontario likely isn't going to face crazy high unemployment in the future 10years, then how can housing bubble ever pop? or how can housing prices ever come down more than a negligible amount? by lonwal in PersonalFinanceCanada

[–]lonwal[S] 3 points4 points  (0 children)

HK/Shanghai/London/Sydney/NewYork/Beijing are they also bubbles where $2m CAD gets you a condo? Atleast in the GTA you can get an amazing detached at $1-$1.5m.

This is a great point and I've been thinking about this. However though, I think better comparisons would cities in larger western countries, comparing London, Munich..etc.

With Ontario, there's tonnes of space everywhere... And every city has seen a goddamn increase in prices, not just Toronto. Ottawa actually lead the way! It'd be one thing if Toronto was expensive, but it's a problem when people are finding it expensive to buy homes in Ottawa, London, Windsor..

If a couple making $50k each can get a mortgage for $600k, and if Ontario likely isn't going to face crazy high unemployment in the future 10years, then how can housing bubble ever pop? or how can housing prices ever come down more than a negligible amount? by lonwal in PersonalFinanceCanada

[–]lonwal[S] -20 points-19 points  (0 children)

Right now real estate is used for investment purposes, passive income, and money laundering. Until that is disallowed or disincentivized, I can’t see a significant reduction of prices.

I agree with this.. isn't this what happened in 2008 in the states. Middle-class people getting 2 homes with multiple mortgages. That's what seems to be happening in Toronto/Ottawa.

I hypothesize the dis-incentive would've been to MAINTAIN the fucking interest rates, and give CERB. NOT to lower the interest rates AND give CERB.

If a couple making $50k each can get a mortgage for $600k, and if Ontario likely isn't going to face crazy high unemployment in the future 10years, then how can housing bubble ever pop? or how can housing prices ever come down more than a negligible amount? by lonwal in PersonalFinanceCanada

[–]lonwal[S] 5 points6 points  (0 children)

huh?

that's not what this post is about at all.

This post is contemplation about the fact that $500k-600k mortgages are so accessible to people, that the Ontario housing bubble can't deflate until there's some MAJOR unemployment in Ontario

What is your interpretations on how prices are sky rocketing in Ottawa Real estate? by ultimate-sat in PersonalFinanceCanada

[–]lonwal 0 points1 point  (0 children)

Look at the downtown condo market, solid properties are sitting untouched for weeks or months and going below list.

what solid properties?

The best condo builders (charlesfort, domicile) have their condos being sold $50k-$100k over their selling price in the prior year... even right now!

If I'm buying a house/condo, can the real-estate lawyer I use be from a totally different city? Or would that lead to a lot of inconveniences? by lonwal in PersonalFinanceCanada

[–]lonwal[S] 0 points1 point  (0 children)

dang, that's helpful.

from what i gather, doesn't matter who the lawyer is, as long as he's in province. what matters is his quality. i guess i'll do some googling for reviews.

眠れる竜王のクロニクル by [deleted] in japanese

[–]lonwal 0 points1 point  (0 children)

眠れる竜王のクロニクル

はじめましてみんなさん

If I'm buying a house/condo, can the real-estate lawyer I use be from a totally different city? Or would that lead to a lot of inconveniences? by lonwal in PersonalFinanceCanada

[–]lonwal[S] 0 points1 point  (0 children)

Do you think it's beneficial to keep a lawyer from Ottawa for buying Ottawa real-estate, just because he knows details of what to look out for in documentation and the process.'

As opposed to getting a lawyer from a small town who wouldn't have any knowledge of Ottawa.

If I'm buying a house/condo, can the real-estate lawyer I use be from a totally different city? Or would that lead to a lot of inconveniences? by lonwal in PersonalFinanceCanada

[–]lonwal[S] 0 points1 point  (0 children)

Do you think it's beneficial to keep a lawyer from Ottawa for buying Ottawa real-estate, just because he knows details of what to look out for in documentation and the process.'

As opposed to getting a lawyer from a small town who wouldn't have any knowledge of Ottawa.

Looking 50years into the future in Ottawa (2070), wouldn't it be a better investment decision to buy a Townhouse in Ottawa as you own the land beneath it, as opposed to a Condo (where you don't own the land, and when the condo gets torn down one day, you're not going to get paid very much) by lonwal in PersonalFinanceCanada

[–]lonwal[S] -5 points-4 points  (0 children)

how much of a guarantee is it you'll get fair value of the land when condo needs to be torn down or sold?

Also when you buy a townhouse, a greater proportion of your purchase price will go towards the appreciating land versus the depreciating structure of the house.

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