Arnold Shuchat PREC Real Estate Blog
Downsizing can be a difficult decision for seniors, as it involves leaving a home they may have lived in for many years. The primary concerns of seniors considering downsizing include financial considerations, emotional attachments to the home, and logistical issues such as finding a new place to live.
Financially, seniors must consider whether downsizing will provide enough money to cover their living expenses in retirement. They may also need to factor in costs associated with moving and any renovations that may be needed on the new property. Emotionally, seniors may struggle with the idea of leaving a home they have lived in for many years and all the memories associated with it. Logistically, they must find a suitable place to move to that meets their needs and budget.
Overall, downsizing can be an overwhelming process for seniors due to the financial, emotional and logistical considerations involved. It is important that they take time to carefully weigh up all these factors before...
Downsizing your home can be a big decision, especially for seniors. There are a lot of things to consider before making the move, from practicalities like where you'll live and how much money you'll save, to emotional factors like saying goodbye to your current home. Are you a senior citizen thinking about downsizing your home? You're not alone. According to a recent study, 67% of seniors aged 65 and older say they would like to downsize but only 10% have actually done so. If you're considering making the move to a smaller home, here are the top 10 things you should take into consideration before making any decisions. From finances and family considerations, to your future health and happiness, this list will help you begin the process of understanding many of the key issues. So read on and start planning your next chapter with confidence!
1. Finances: Downsizing can be a great way to free up capital that you can use for investments, retirement planning or other goals. Before making...
Under new Federal legislation which came into force on January 1, 2023, the “Underused Housing Tax”, if you are a company that owns “residential” property as defined in the Act, you are required to file a UHT return, (Underutilized Home Tax) by April 30 of each year regardless as to whether the property is taxable under the legislation, or face a potential penalty of a minimum of $10,000. The wording of the legislation seems not to exempt companies which own condominium units, each of which is a legally separate property, from having to file the return. Imagine being reassessed 3 years later with $10,000 fines applicable to each unit for each year passed in a portfolio of strata property holdings when the actual property itself was NOT underutilized or not subject to the tax based on simply a failure to file?! Make a note of this and make sure your accountant and your clients are aware.
For more information, consult: https://www.canada.ca/en/services/t...
I have sold a property at 34 7540 ABERCROMBIE DR in Richmond. See details here
Why by an apartment when you can have your own corner townhouse with own entrance? Renovated with updated flooring, kitchen bathrooms and countertops. Quick possession possible. Huge and airy solarium off kitchen with 2 sets of French doors for either flow through to kitchen and living room or complete privacy as a guest room or den. Large storage locker for exclusive use of unit to the right of main entrance and a private patio to connect with the outdoors. Elevator from parking lot to entry level makes grocery shopping a breeze!
Well this aspect of human nature also applies to investing. Jaws or FTX and the entire ocean of technology starts to be judged from a mindset of fear. We need time to process and adjust our confidence levels to get back into the water; but we inevitably will do that. Realizing this, is it not time to acknowledge that it was just a bad movie? How much time?
Well let us separate crypto and coinage from blockchain technology. The technology is incredible and not that complicated. The various coins and sharks demand a little more study.
My mind keeps taking me back to the theatre and prospects of war; Ukraine for example....
Please visit our Open House at 34 7540 ABERCROMBIE DR in Richmond. See details here
Open House on Saturday, November 19, 2022 2:00PM - 3:30PM
Corner unit with own entrance recently renovated with updated flooring, kitchen bathrooms and countertops. Quick possession possible. Huge and airy solarium off kitchen with 2 sets of French doors for either flow through to kitchen and living room or complete privacy as a guest room or den. Large storage locker for exclusive use of unit to the right of main entrance and a private patio to connect with the outdoors. Elevator from parking lot to entry level makes grocery shopping a breeze! Open House Sat Nov 19 2-3:30
In a recent ruling of the Supreme Court of Canada in Annapolis Group Inc. v. Halifax Regional Municipality, 2022 SCC 36, property rights got a major boost. It has long been argued that onerous zoning by a municipality is akin to “a taking of property” which should trigger compensation under the relevant Expropriation Act. However, that has not been the law. In the above case, the City of Halifax refused development applications by the appellant preferring park use. The court held that although the test of whether an interest in property had been taken has been set out in Canadian Pacific Railway Co. v. Vancouver (City),  1 S.C.R. 227, 2006 SCC 5 as: (1) whether the public authority has acquired a beneficial interest in the property or flowing from it; and (2) whether the state action has removed all reasonable uses of the property, there need not be an actual beneficial interest acquired if an advantage had been conferred...
Here are some graphs which clearly illustrate the state of our real estate market in the Metro-Vancouver area.
On the inventory side, listings are very similar to last year. On all three property types, the total inventory is up by around 11%:
As far as the number of days on market, contrary to the fear in continuous media outlets about a market crash across the country, the time to sell a property has not materially increased since last year. It has gone from 11 days to 14 days across all property types. Most appraisals will base the market value price of a property on an assumption that the property is marketed in an open market for 3-6 months. The 14 days is akin to real estate liquidity.
However, looking at the actual sales side of things we can see a marked slowdown which should be an indicator that prices should drop.
From a product absorption view, the sales to active listing ratio is comparable to October 2019. Sitting in the low 20% area represents a much more balanced market...
This 5 minute video is a short legal history of how we got to the point where our government can intervene in a private contract. It imports references from the BNA Act, The Canadian Charter of Rights and most recently, The Property Law Amendment Act of British Columbia which provides buyers of residential real estate with a right of rescission with respect to contracts of purchase and sale for residential real estate.