Real Estate

Long gone are the days where peppercorns were exchanged as a show of good faith and good will when something was agreed upon between two people. As a matter of survival, we asked Ontario lawyer, Paul Willis to break down a few contract law basics and provide a some tips to help us get by in a world where such paperwork seems to pop up, no matter which way you turn.

As we mentioned in an earlier article, How to Break a Sales Contract (in Ontario), contract law is provincial – each province has its own legislation and rules.

To sign a contract, the person signing must be competent – a three year old or someone with mental capacity issues cannot legally enter into a contractual agreement.

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It seems like every year we get collective amnesia as tax season rolls around. It's like we've all forgotten how much we hate it.

We grumble as we reflect on how much of our hard-earned cash is deducted from our paychecks but at least the rationale for income tax is pretty straightforward: as a society we have to pay it in order to maintain a decent standard of living.

What really drives us all nuts are those taxes that are not at all clear, and just seem downright unfair. In honour of tax season, here are the top five most irritating money grabs:

PHOTO GALLERY: Click image below to see "The Five Most Hated Taxes."



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It doesn't look like it but spring might be coming. And with its arrival, people are going to intensify their house selling and buying activities. Why it always picks up in the spring, nobody can say with any certainty: better weather, more conducive to moving, can't be the only answer.

Still, with the increase in this field of human activity, there pop up numerous proposals on how to pay for a new home, especially when it comes to mortgages.

While the basic rules stay the same throughout eternity (throughout the time period mortgages have existed, that is), some specifics change with time and, in particular, with the current macro-economic situation.

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As Canada is getting older more and more people are getting to the stage where they take money out of their Registered Retirement Savings Plans (RRSP). So logically fewer and fewer people are contributing to them. Those who do contribute use less of their disposable income to do so.

And those who belong to the group that has traditionally contributed the most (adults between 45 and 54 years of age) spend more of their money on housing and related investments, rather than on looking ahead to enhance their pensions.

In fact, the Royal Bank of Canada says, appropriately alarmed, that the levels are going below what they used to be in the 1970s.

It's worth remembering that this year's deadline to contribute to RRSPs, described by Canada Revenue Agency as "one of the most popular investment vehicles for Canadians," is Wednesday, February 29.

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By Kerri-Lynn McAllister, Ratehub.ca
Special to WalletPop Canada

What do you do when you've found a great home to purchase - it meets almost every point on your checklist - but it's got that one deal breaker, a 60s style bathroom or an equally outdated kitchen?

Well, it might not be as bad as you think (the situation, not the linoleum, mind you). You could always look into an unsecured line of credit, or, better yet, roll the renovation into your mortgage. The CMHC, the leading mortgage insurance agency in Canada, will now approve up to 95% of the 'improved' value of a home provided the funds do in fact improve the value. This is known as the Purchase Plus Improvements Program (PPIP).

Every month WalletPop searches the MLS listings for attractive homes at a reasonable cost. We've limited our picks to homes selling for less than $400K for a survey of homes that most people can afford. The average home price was $360,396 in November across Canada, and many of the properties we highlight are even less than that. With mortgage rates at record lows, there's no better time to go house hunting and lock in at a low rate.

Have a look and see if anything surprises you this month.

CLICK ON PHOTO TO LAUNCH GALLERY

For more than 10 years I have owned two timeshare properties, paying roughly $11,000 for each of them. One of them, The Manhattan Club in New York, is under a class-action lawsuit because owners like myself are fed up with obscene maintenance fees and the inability to book when we want to stay. The second one, Silver Lake in Orlando, Fla., is a place that I've never visited, choosing instead to use the points for exchanges into other properties in the RCI timeshare network. Its maintenance fees have also increased every year since I've owned it. Many timeshare owners lament their purchases for one reason or another. If you've been invited to a timeshare presentation, here are five things to keep in mind when you're confronted with the hard sell that you will surely face.

Canadian Press is reporting that the Bank of Canada is keeping its trendsetting policy interest rate at a super-low one per cent until at least March, which it admits will foster a continued rise in household debt from already historic highs.

The central bank's decision on interest rates Tuesday was widely expected, but it did unveil a few new twists in its release, including a slightly altered profile for economic growth and an admission its policies will likely keep Canada's housing market strong and spur consumer spending.

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The number one question I get from home owners is the never ending, "fixed vs. variable" rate debate. And although it depends on a number of factors (your personal preference along with the accuracy of your crystal ball to predict where interest rates are headed), real estate expert Don Campbell, and president of the Real Estate Investment Network has a unique twist on the old argument.

Campbell touts opting for a variable rate mortgage, but being disciplined enough to make the payment that a five year fixed would offer thus paying more on your principal and paying off your mortgage sooner and less interest over time.

Here's the numbers he crunched based on a $300,000 mortgage over a 35 year amortization:

Every month WalletPop searches the MLS listings for attractive homes at a reasonable cost. We've limited our picks to homes selling for less than $400K for a survey of homes that most people can afford. The average home price was $360,396 in November across Canada, and many of the properties we highlight are even less than that (ie. a condo in Edmonton condo for $270K and a Winnipeg fixer upper for $199K).

Have a look and see if anything surprises you this month.

CLICK ON PHOTO TO LAUNCH GALLERY

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