If there was a time to transfer , this could be it
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How`s your house pricing doing?..
- Thread starter Glenn/RZ500
- Start date
In our area days on the market are typically around a month. To me that's a healthy amount of time for a decision on a major purchase.
The bidding wars, with parked cars full of hopefuls parked at the curb are gone.
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Acquaintance in Aldershot is now one yr on market , I don’t know if they listed on the moon , but if nobody wants it in a year something ain’t right . Meanwhile they bought a huge house in Ganonoque a year ago at the inflated prices , and they own it now .
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This is what we're thinking.
First appraiser was a ridiculously demanding person:
- I don't do this, that or the other
- must be b/w xam -> ypm only and nothing else matters
Second one seems better so I'm thinking of going with them.
Both came in at $550+HST which was half of what I was expecting.
They may be psychologically screwed into dumping the Aldershot place. Unless they have a secret game plan they probably lost equity on both properties and are paying an expensive waiting game that will show as a steep cliff on their net worth chart regardless of where they end up.
If they dump the new place it will seriously bruise egos if they end up at the original place but with less money.
They will be out the same amount of money in the new place but will at least have something new.
Mad Mike
Well-known member
Holding 2 high value properties at the same time cuts into your personal exemption. Can be costly, in the long term.
When we bought our house, we looked at another nearby. The owners of that house had bought a second house nearby and listed the first. When the first wasn't selling at quickly as they hoped, they listed the second house too. The second house sold first and they moved back into the first house. That was an expensive few years for them. RE commissions, LTT, moving, interest, mortgage penalties all to end up where they started.
Anyone that hasn't kept up with CRA rules on principal residence status might get a serious wake up call. There was a big change in late 2016 and more to come.
When my M-I-L passed away in 2019 the executor wasn't aware of the changes, having dealt with his on mother's estate a few years earlier and assuming the same rules.
Because of the changes and a long will settlement the principal residence went up in value. What saved the estates bacon was my M-I-L died in January so her yearly income was minimal. Had she died a week earlier she would have had a full year of pension income, CPP and OAS.
Mad Mike
Well-known member
At least those expenses are tax deductible, not that it makes things good, just eases the pain a bit.
Assuming you had a capital gain to offset. As neither was rented, I don't think you can write off any of those against normal income.
Mad Mike
Well-known member
Save that appraisal till you’re near certain you’ll do the deal. Realtors will have a close valuation, that costs nothing.
If you do the evaluation just before selling, it becomes a legit selling cost item that reduces capital gains. Doing it now is an operating expense, only deductible if it’s a rental income property.
Mad Mike
Well-known member
You can claim operating expenses (mortgage, how, insurance, property tax, maintenance) against income if you claim the property was an investment for income. Capital items, ltt , sales commissions, and the capital loss claimed as an offset against capital gains 3 years back and indefinitely forward.
Unless you’re on the red flag list with CRA, that wouldn’t raise the flag nor interest them.
Purchased a detached house in 1989 and not selling in short term.
We made a huge gain, on paper, in 2021 and 2022 in the COVID craze, and have "suffered" a huge loss on same but it's completely irrelvant to us day to day in term of cost of living and affordability.
AI Question: Mississauga housing prices for detached home in 2019 and 2026
AI Response: In Mississauga, the average price of a detached home was roughly $1,085,000 in 2019, which later surged to pandemic peaks above $1.5 million. By mid-2026, the average price for a detached home in the city sits at $1,364,097\), while median sold prices rest around $1,250,000.
So, ignoring the crazy, and meaningless to us, COVID pricing we're still ahead by a good margin.
We made a huge gain, on paper, in 2021 and 2022 in the COVID craze, and have "suffered" a huge loss on same but it's completely irrelvant to us day to day in term of cost of living and affordability.
AI Question: Mississauga housing prices for detached home in 2019 and 2026
AI Response: In Mississauga, the average price of a detached home was roughly $1,085,000 in 2019, which later surged to pandemic peaks above $1.5 million. By mid-2026, the average price for a detached home in the city sits at $1,364,097\), while median sold prices rest around $1,250,000.
So, ignoring the crazy, and meaningless to us, COVID pricing we're still ahead by a good margin.
Thanks. We’re not selling. Just taking it from parents as they don’t want it any longer.
