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A few things to know about capital gains. ..

There are short and long-term capital gains that you can potentially be taxed on.

Bank of Canada announced no change to their overnight policy rate, leaving it at 4.5%.

A strong credit score not only helps you get approved, but it can also help you secure a better interest rate. ✔️

Not all debt is bad… in fact there are some forms of debt that are positively impactful on your financial future, help generate income, and grow your net worth.

✔️For Instance, having a primary residence with a mortgage helper that allows you to earn equity, and pay down your mortgage instead of a landlord’s mortgage can be considered good debt.

With tax season upon us, here is something to think about:

Many people who are self employed tend to capitalize on annual expense write-offs with the intention of lowering their annual income. Whilst this can be very beneficial come tax season, from the view point of the lender, it can have the opposite effect when looking to get a mortgage.

It might not be as hard as you think to get in the market right now….

➡️Let’s break down what purchasing a condo in the Fraser Valley could look like..

This is one of my favourites! It’s not easy making sacrifices, taking risks, and being disciplined, but it makes a difference.

Refinancing before your mortgage is up for renewal involves looking at your current mortgage and calculating what the penalty is to break your mortgage early. The closer you are to your end of term date, the lower the penalty usually is.

Congrats to my amazing clients who all purchased new beautiful homes this last month!

Here’s a look at the some of the places they’re happy to call home! 😊

2023 is starting off with some changes!

Here are a few updates to know:

1. 🔸Updated anti-flipping tax 🔸
If you buy a property and flip it before one year, you will now be taxed on that entire amount as business income. The exceptions for this include job loss, divorce, or insolvency.

There are tons of different strategies that investors use to maximize their return on real estate, but a little sweat equity is always a great way to increase the value of a home.

This is a great method that allows investors to continue purchasing properties. This is different from simply flipping a property as you would hold onto it to earn monthly cash flow and mortgage pay down after the renovation is complete.

“Trigger rate” is a term we’ve heard a lot lately. …

✨So what happens if you reach your trigger rate??✨

• Your lender will notify you by letter to inform you of how much the principle amount exceeds your trigger rate.

🔹What is Mortgage Insurance ?🔹

This is an option that costs a few extra bucks a month and is offered when you apply for a mortgage.

🔹It ensures that your estate won’t owe any money should a tragedy occur, offering peace of mind that your spouse or loved ones won’t have to cover the mortgage, without your income.

Increases to food costs, rental costs, and mortgage interest are key drivers contributing to the minimal change to inflation numbers from the previous two months.

Although we’re seeing a decline, it’s much slower than presumed, despite the aggressive rate hikes we’ve seen over the last 12 months.

In a market that is inclining, purchasing a presale home can provide you with a financial advantage when it comes to appreciation, but depending on what your investment goals are, there are a few factors that you may want to consider such as the potential mortgage pay down you miss out on while your funds are tied up in the down payment.

As we were expecting, the Bank of Canada has increased the overnight policy rate another 0.50% in efforts to combat inflation.

✨The prime rate is now 6.45%✨

This is the seventh consecutive rate hike this year.

Reverse mortgages are available to seniors only and is a type of investment that provides a person income again from their home equity.

Pros:

✔️You can access the cash in your home without having to sell it.

✔️The money borrowed is tax free.

✔️You don’t have to pay the money back if you don’t want to.

✔️You have flexibility in how you receive the funds (lump sum, or planned advances).

Improving your finances, involves more than just cutting down your spending. Pay yourself first & diversify your income sources to ensure better financial stability during economic downturns. 💰

📝Co-signing a mortgage means your assuming responsibility for that property. It requires the co-signers name to be on both the mortgage and the property title. This can be a great way of increasing your borrowing power. Your co-signer’s credit score and income influence your qualifying power.

📝Guarantors are supporters to the mortgage application, but they don’t always have to co-own the property. A guarantor offers collateral for your loan-meaning that if you were to default on your payments, your guarantor will also assume responsibility.