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Top 10 Snowbird Considerations for Buying U.S. Real Estate

Canadian snowbirds have been investing in U.S. real estate and vacation properties for decades, and while buying a foreign vacation home can be a great option for many, it’s a major commitment and a decision that should never be taken lightly. If you’re thinking about buying real estate in the U.S. (or any other foreign country), ask yourself the following questions first to make sure purchasing a foreign vacation home is right for you and you’re considering the right type of property to meet your needs. 1. Financial Resources  Do you have the financial resources to comfortably afford a second home? Keep in mind that if you need to sell your U.S. real estate in a hurry for financial reasons, you may be forced to sell when the market is down or the exchange rate is less favourable than when you purchased the property, which could result in a significant loss. 2. Intended Use Will this be a cozy retreat, a place to entertain friends and family or a hub for golf outings? The a
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How will COVID-19 impact the real estate market in Canada?

To mention the events of a previous couple of months have had an unparalleled effect on the way our society functions are an understatement. Since the threat of this COVID-19 global pandemic develops across Canada and all levels of government enact policies to prevent community propagation through social isolation, tens of thousands of Canadians from the non-essential workforce are now operating in the home and also abstaining from seeing companies and other public areas. But they are also having a profound effect on businesses that rely on in-person interactions, such as restaurants and baldness. They have also contributed to fears of a worldwide recession and restricted purchasing power for customers once the chance of this coronavirus subsides. The actual estate business, specifically, is a prime example of a person who will want to radically adapt if it is to become"business as normal." While brokerages and property agents are deemed"essential services" fro
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How To Rent Your House and Buy Another

Should you rent out your current home to buy again? Figure out the tax implications, whether you qualify, and even the emotional attachment to your home. “Becoming a landlord can be intimidating if you’ve never done it,” says Phil Peterson, managing broker at RE/MAX in Schaumburg, Ill.  “There are definitely pros and cons to renting out your house. I’ve been there. But at the time, I wasn’t aware of all those ups and downs.” Peterson says the situation really depends on the price of your house and what you paid. “Part of the advantages of owning investment property, you get to write off all improvements and all the maintenance. But when you sell it, as the value appreciates, you have to pay capital gains on all the profit. It can be a big expense especially if you bought a house back in the day when prices were appreciating a lot.” For example, let’s say you bought your house for $100,000, and now it’s worth $200,000. You decide to rent it for a few years. You get tired of b
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This is how Canada's housing correction begins

Kirk Marsh first noticed the mood start to turn in Vancouver’s housing market a year ago. As a real estate investor who buys homes and condos then fixes them up for resale, Marsh has an excellent vantage point on the market. Since giving up his old job in tech three years ago to flip real estate—“Sitting at a desk was killing me,” he says—Marsh has bought and sold six detached homes and condominiums across the B.C. Lower Mainland. “It’s not like TV shows where you see them making $100,000 or more each time, it’s just not like that,” he says. But he’s done well, always able to find buyers and come out ahead. Or that’s how it used to be. “Today, everything has stalled,” he says. While visiting open houses over the past year looking for his next flip, Marsh watched the frothing crowds and bidding wars steadily dwindle away. “There’s just nobody showing up at the open houses now,” he says. “Especially downtown. Usually you’d see a group of very aggressive people coming out.” But he’s
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