Renting or buying in Vancouver can pay off

Posted on March 17, 2012 by admin

Would-be buyers want to get in while they can, but renting can be as lucrative

There are compelling reasons for Metro Vancouver residents to buy into the region’s real estate market.

Prices keep going up, meaning housing will be a more expensive investment in the future, and that also implies that potential buyers are letting a good investment opportunity pass them by unless they jump in now.

But some say there is also real value in renting and investing the difference between that and buying, as reporter Kirk Williams explains in the fourth instalment of the CBC News real estate series, “Priced Out.”

Rafael Reis and his sister Cynthia Reis admire their parents for buying a home and paying it off soon after arriving in Canada from Portugal.

“When my parents go to Portugal, my dad always has a set of keys in his pocket because he’s so proud of being a homeowner,” Rafael said.

Cynthia has bought a condo in New Westminster.

“I like owning,” she said. “At the end of the day, I am working towards something that gives me structure.”

But Rafael runs a financial consulting business and for him, the numbers don’t add up, and that’s why he’s renting his accommodation in downtown Vancouver.

CBC News asked him to put his theory to work and determine if someone who is making $61,000 a year would be better off renting or buying.

Rent/buy comparison

Reis used as an example a loft in a multi-unit building in Vancouver’s Gastown neighbourhood.

The 700-square-foot suite rents out for $1,200 a month, while a similar suite in the building is listed for sale for $479,000.

mi bc 120315 rent or buy priced out Renting or buying in Vancouver can pay off

To make it a fair comparison, it has to be assumed that the renter or buyer has $95,800 cash on hand — either to invest or to use as 20-per-cent down payment on a mortgage amortized over 25 years.

In the first year, the renter comes out ahead, as rent is $1,253 a month versus $2,687.10 a month for the mortgage, taxes and condo fees.

That yields a saving of $1,434.10, which it’s assumed the renter would invest with a return of five per cent a year.

It’s assumed the value of the condo will go up over time, as will rents.

At the end of 25 years, the renter has total investments worth $1,244,380.

The homeowner has higher net worth, at $1,622,064, but Reis said that all those mortgage payments have come at a price.

“That takes up 74 per cent of their take-home pay, and what kind of a life does that give them? A very restricted one, so [with] any unforeseen expenditures, there is a very high probability that they are going to increase their consumer debt,” Reis said.

That means the buyer would likely have little money for retirement savings, operating a vehicle or travel.

Reis recommended the buyer wait until they make at least $10,000 more a year before purchasing something in the $450,000-to-$500,000 price range.

http://www.dnaindia.com/

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Budget 2012: Realty players say Budget gives them a much-needed breather

Posted on March 17, 2012 by admin

The realty industry on Friday welcomed the move in Budget to allow external commercial borrowings (ECBs) in the low-cost housing segment, which was one of the long pending demands of the developers, saying it will give fillip to the already struggling sector.

“The move to allow ECBs for low-cost housing projects is commendable as it will give a fillip to the sector, which was reeling under financial shortage,” Jones Lang Lasalle Infia Chairman and Country Head Anuj Puri said.

There is a shortage of 26.3 million housing units in the country and this move will help in creating more housing stock, he added.

The Finance Minister has also proposed reduction in the withholding tax on ECB interest from 20 to 5 per cent.

The Budget announced a slew of other initiatives for the sector, including setting up of credit guarantee trust fund to ensure better flow of institutional credit for housing loans, enhancing provisions under Rural Housing Fund from Rs 3,000 crore to Rs 4,000 crore, extending the scheme of interest subvention of 1 per cent on housing loan up to Rs 15 lakh, where the cost of the house does not exceed Rs 25 lakh, for another year and enhancing the limit of indirect finance under the priority sector lending from Rs 5 to Rs 10 lakh.

“The extension of interest subvention scheme and increase in provision under rural housing fund are likely to boost the demand for rural and affordable urban housing. Further, reduction in the withholding tax on ECB interest would help the sector in assessing cheaper funding,” Icra Rating Senior Vice-President Rohit Inamdar said.

The industry, however, raised concerns over the hike in service tax from 10 per cent to 12 per cent, saying it is likely to lead to rise in property prices.

“The increase in the service tax would lead to additional burden on the tenants as the service tax on rentals has remained unchanged. Further, it will push up the realty prices as the additional cost will be passed on to the buyers,” Cushman & Wakefield India Managing Director Anurag Mathur said.

The industry expressed disappointment over FDI not being allowed in retail.

“There has been a decline in the supply of retail real estate over the last few years. We were expecting the Government to allow FDI in retail after permitting ECB in housing. FDI in retail would have given a fillip to the overall real estate sector,” Puri said.

The sector welcomed hike in spending on infrastructure saying it would create more housing stock.

“Measures to increase funding for highways and other infrastructure is a welcome step but we hope to see much towards urban infrastructure to support the real estate industry. The development of road network by NHAI and DMIC will open up more land parcel for development of housing in the periphery,” Omkar Realtors Director Gaurav Gupta said.

http://www.dnaindia.com/

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Hard-hit U.S. housing market shows signs of resuscitation

Posted on March 17, 2012 by admin

On the surface at least, the brutal crash in the U.S. housing market, which began six long years ago, shows few signs of abating.

But some industry players say early signs of a rebound are emerging, as U.S. housing inventories shrink and job growth picks up.

“We think we’re probably past the bottom now,” says Ralph Young, CEO of Edmonton-based Melcor Developments, which has roughly doubled its U.S. property holdings over the past year.

“How far we are past the bottom I’m not sure, but there are some pretty good signs in terms of the amount of housing inventory on the market. It has declined quite significantly.”

Still, the overall picture remains gloomy. As 2011 drew to a close, the most widely quoted gauge of U.S. home prices sank to its lowest level since the crisis began, with 18 of 20 major metro markets down last year.

All three of the S&P/Case-Shiller Home Price Indices – including the national composite index and benchmarks that reflect prices in clusters of 10 and 20 key cities – declined again in 2011.

The seemingly endless retreat defied the upbeat predictions of everyone from legendary investor Warren Buffett to Mad Money loud-mouth Jim Cramer, both of whom called for a rebound in 2011.

“The housing market ended 2011 on a very disappointing note,” David Blitzer, chairman of S&P’s index committee, said when he released the data in late February.

“While we thought we saw some signs of stabilization in the middle of 2011, neither the economy nor consumer confidence was strong enough to move the market in a positive direction.”

Following a 3.8 per cent decline in the fourth quarter, the S&P/Case-Shiller national house price index was mired almost 34 per cent below its mid-2006 peak.

“The pickup in the economy has simply not been strong enough to keep home prices stabilized. If anything it looks like we might have re-entered a period of decline as we begin 2012,” Blitzer said.

Ironically, a recent $25-billion US settlement between U.S. banks and all 50 state attorneys general over abusive foreclosure practices is expected to trigger yet another wave of home seizures.

Some five million U.S. homes have already been foreclosed since 2006, and one million more distressed properties are expected to hit the market this year.

And yet, despite the gloomy statistics, the mood is slowly brightening. Inventories are shrinking and sales volumes are accelerating, propelled in part by a huge wave of Canadian buyers.

In January, the latest month for which data is available, sales of existing homes reached an annual rate of 4.57 million, the National Association of Realtors reports. That’s the highest level since May of 2010. Observers say low mortgage rates and a recent pickup in U.S. job growth should keep the momentum going this year.

Under terms of the bank settlement, some homeowners will also benefit from reductions in their mortgage principal.

Another bullish signal: major private equity firms are moving into the housing market in a big way, buying up blocks of distressed properties that will be put onto the rental market, at least for now.

In January, Los Angeles-based Oaktree Capital Management and New York-based GTIS Partners announced plans to acquire $2.5 billion of foreclosed single-family homes in states with high foreclosure rates, such as California and Nevada, Bloomberg reports.

That’s likely to put a floor under prices and ensure a more orderly flow of unsold housing stock onto the rental market and eventually, the resale market. While this may not spell a rebound in U.S. house prices in 2012, the free fall of recent years may finally be just about over.

Kimberley Marr, a Mississauga, Ont.-based real estate broker with RE/MAX Legacy Realty, and the author of How to Buy U.S. Real Estate: A Canadian Guide, says if you’re interested in buying U.S. property, this is the year to do it.

She says home values won’t fall much further, it at all. In particular, Marr says demand for homes in the $400,000-plus range in more desirable neighbourhoods is firming up fast.

“Inventories are down dramatically com-pared to a year or two ago, especially in cities like Miami, Phoenix and Orlando. I am actually seeing bidding wars now for homes in the $450,000 to $460,000 range. I was in one bidding war earlier this year with four Canadians competing for a property listed in the seven-digit range,” she says.

Marr, who works with a network of cross-border real estate, legal and tax professionals to help buyers avoid some of the pitfalls associated with acquiring U.S. property, says Florida remains the No. 1 market for Canadian investors by far, followed by California, Texas and Arizona.

Melcor’s Young is also growing more upbeat. “Clearly it has taken much longer than I had anticipated a couple of years ago, but we’re still reasonably bullish on prospects for U.S. real estate,” he says.

Melcor has acquired about 750 low-rise condo apartment units in Texas that will be put onto the rental market until home prices rebound, as well as 250 finished housing lots in the greater Phoenix area.

“It’s still a pretty challenging economy in the U.S.,” he says, “but there are some pretty good signs of recovery.”

http://www.edmontonjournal.com/

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Home ownership becoming more affordable despite rising debt

Posted on March 8, 2012 by admin

8e1a21364d68be2ece7c92347a09 Home ownership becoming more affordable despite rising debt

Despite ongoing concerns about household debt, home ownership is becoming more affordable in Canada, not less, says new research by the Royal Bank.

RBC’s latest report says home affordability actually improved in the final months of 2011 for the second consecutive quarter, thanks to softening house prices and income gains.

Owning a home in Canada now takes up as much of pre-tax income as it did a year ago, even though household indebtedness has continued to rise and is now at a record high 153 per cent of disposable income.

Ownership even became more affordable in the ultra-expensive Vancouver market, although it remains the dearest place in Canada to own a home.

“The improvement in affordability was modest for the most part, but still significant enough to dial back the deterioration that impacted the market in spring last year,” said RBC chief economist Craig Wright in a release issued Wednesday morning.

“At this point, housing in Canada is essentially as affordable as it was a year ago, and only slightly less affordable on average than it has been over the long term.”

The study shows affordability rates vary widely depending on the market. Vancouver’s rate is down by 4.6 points to 86 per cent, by far the least affordable market in Canada. Next highest is Toronto at 52.2 per cent.

Other ratings were Ottawa (40.9), Montreal (40.1) Calgary (36.7) and Edmonton (32.8).

RBC defines affordability as the proportion of pre-tax household income needed to service the costs of owning as specific type of home. A ranking of 50 per cent means that a household was spending half its pre-tax income on mortgage, utilities and property taxes.

Earlier this week, Finance Minister Jim Flaherty warned Canadians again about taking on too much debt and said he was particularly concerned about the condo market, which has been particularly robust in Vancouver and Toronto.

Acknowledging that there had been recent moderation in housing, Flaherty nonetheless said high debt was a worry.

“I again encourage Canadians to be careful in the amount of debt they take on in terms of residential mortgages because (interest) rates will go up some day,” he said.

Bank of Canada governor Mark Carney has issued similar cautions, while such global institutions as the International Monetary Fund have estimated Canada’s market to be 10 per cent overvalued.

TD Bank economist Derek Burleton said it was time for Flaherty to rein in borrowers by reducing the maximum amortization period to 25 years from 30, which he said would tamper housing but not enough to cause damage. Flaherty, who has tightened rules on three occasions since 2006, gave no hints he was preparing to move a fourth time.

In a forecast issued Monday, the Canadian Real Estate Association said it expects the average price of a home will decline by 1.1 per cent this year to $359,100, while resales rises a tiny 0.3 per cent.

The RBC report shows that affordability has improved in almost all provinces and cities in the last quarter of 2011.

Manitoba was the only province to experience a slight deterioration in affordability, while Quebec’s index remained unchanged.

http://www.thestar.com/

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Vancouver keeps tax hike modest in 2012 budget

Posted on March 8, 2012 by admin

Vancouver has joined other cost-conscious municipalities in the region by passing a 2012 budget with a modest 2.8-per-cent tax increase.

That’s in line with the generally smaller increase many other cities passed this year, with Richmond and North Vancouver only allowing 2-per-cent increases, and Surrey and Langley City sticking close to 3 per cent. Port Moody, with just over 5 per cent, is the highest to date.

“It’s clear most municipal councils are working very hard this year to stick to the rate of inflation,” said Jordan Bateman, a former Langley councillor who is now with the Canadian Taxpayers Federation. “It’s still growing but it’s better than past years.”

He said he thought councils were recognizing that people were hit hard last year by other tax increases on their property-tax bill, like that of TransLink, and they wanted to give everyone a break.

Vancouver’s increase was slightly higher than the staff proposal of 2.5 per cent, after a small addition to the budget late Monday night for a $2-million “innovation fund.”

The fund will give the city a little pot of money for projects where a small contribution might pull in bigger dollars from other governments, businesses or charities.

“This is an initiative to allow us to explore new ways of paying for city services,” said Councillor Raymond Louie, who chairs the finance committee. He said that, in the past, the city has looked at either raising fees and taxes or cutting services as the only options.

That means the Vancouver budget for 2012 will be $36-million more than last year, for a total of $1.127-billion. Homeowners will pay slightly more than 2.8 per cent in extra taxes, because of council’s decision to shift a small portion of the tax load away from businesses and onto residents.

About $8.5-million will be spent on hiring new police officers, after a freeze in the past two years on filling vacant positions. However, the city is eliminating 89 other positions elsewhere, most of them currently vacant and requiring no layoffs from the work force of about 6,650.

Mr. Louie said the newly created innovation fund will be targeted to economic, social and environmental projects, although he personally would like to see it used for social projects like housing or daycare.

A recent example he cited was the electric car plug-in program, where a $70,000 contribution from the city brought in $800,000 from other parties.

The budget process drew little public attention, in spite of the fact that the city’s own surveys showed a huge spike this year in the number of people who think they pay too much in city taxes.

The city tax bill, counting both taxes and utility fees, for an $800,000 house, will be about $2,460, $130 more than the previous year. For a commercial property assessed at $800,000, the tax bill will be about $7,570, about $210 more than the previous year.

Council’s two Non-Partisan Association councillors and its Green Party member complained that the budget documents didn’t have enough information for them to make a good decision.

Green Party Councillor Adriane Carr did try to get more money put in at the last minute for more firefighters but was unsuccessful.

The mayor said the budget protected core city programs in spite of having to be trimmed considerably from earlier projections.

“Even in the midst of a challenging economic climate and a $52-million budget gap, we’ve delivered a budget that is balanced, progressive and pragmatic,” Gregor Robertson said in a news release issued by the city.

http://www.theglobeandmail.com/

The high cost of living

Posted on March 8, 2012 by admin

Having paid property taxes in Edmonton for more than 50 years, I would like to reflect on what services were in our tax payments in 1960: sewage treatment, solid waste disposal, parks and recreation, fire and police protection, schools, transportation, road and sidewalk construction and maintenance, administration services and the list goes on. All this for $360 per year.

Today, we get a promise of little or no tax increase, while utilities, waste water and solid waste disposal are billed separately. The total cost of my taxes and utilities has increased to $4,670 per year.

Are we to believe that this 1,200-per-cent increase in 50 years is good value?

http://www.edmontonjournal.com/

Property tax increase could hit 7.2%

Posted on February 12, 2012 by admin

Province wants extra $120 million from education tax

A jump in the amount Alberta takes from education property taxes means the levy on a typical Edmonton home could go up at the highest rate in three years.

The province intends to collect an extra $120 million from education taxes this year, including an additional $38 million – or 10.8 per cent – from Edmonton ratepayers, government budget documents say.

When this boost is combined with the municipal increase passed by city councillors last December, it means the total average Edmonton property tax hike could hit 7.2 per cent in 2012.

That’s far more than the 5.4-per-cent rise, or $93 for the typical home, approved for the civic portion of the property tax bill.

“I think they will receive some strong feedback, no doubt like we normally do,” Coun. Don Iveson said Friday.

“I hope it will give the provincial government a moment to reflect on whether property taxes are a good tool for funding public services. I don’t think they are.”

He wants to raise the funding is-sue during discussions promised by Premier Alison Redford on a new deal for cities, but doesn’t intend to fight against the current increase.

“They respect our autonomy to set our tax rates, I respect theirs to set their tax rates,” he said.

“They’re separate taxes. They just arrive on the same bill.”

Coun. Kerry Diotte, the only councillor to vote against the city budget, said Edmontonians are now being hit with even higher taxes than first imagined.

“We have to work a lot harder to find efficiencies in civic government, because this came out of left field,” said Diotte, who vowed to try again to reduce spending when council sets the city’s final mill rate in April.

“When you’re talking some seven per cent, that’s getting pretty scary. It’s an annoyance to people who have money, but it can be a real hardship to people living on the edge.”

Education taxes make up about one-third of Edmonton residential property tax bills sent out in May, with the remaining two-thirds going to the city.

The provincial take rose from taxes on new development in Alberta and on the increased value of existing property, which hasn’t been captured since 2004, Municipal Affairs spokes-man Parker Hogan said Friday.

“It was just looked on as being a fairer, more equitable way to do it and to help fund what is one of Alberta’s priorities,” he said.

“When you look at the total budget for education, education property taxes, even this year with the in-crease, only fund about 30 per cent of the budget.”

The cost for the typical Edmonton house will be about an additional $8 a month, Hogan said.

http://www.edmontonjournal.com/

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Tax rules rarely affect real estate inheritance

Posted on February 12, 2012 by admin

The problem with inheritance taxes is that you can die only once.

Better from the government’s point of view to have capital gains taxes where you can tax the same asset over and over. That being said, an inquisitive reader asked to see us address the situation where someone is willed real estate.

This is a question that comes up often. The good news for the most part is that the beneficiary doesn’t have to worry about the tax implications.

When someone dies, their financial gain on their principal residence is not taxable. This is the same for someone selling their house. Any profits from that sale are tax-free. However, if they have other real estate there can be tax implications.

The only time there isn’t is if there is a surviving spouse and they agree to deal with the gain at the time of their death. This way the tax implication can be deferred until the later passing.

Otherwise, the estate of the person who dies is responsible for making sure the taxes are paid. Some items are easy to calculate. A person buys a duplex as an investment for $100,000. At the time of their death it’s worth $150,000. The executor reports the $50,000 capital gain, of which half is taxable.

The beneficiary inherits the duplex with a cost base of $150,000. They subsequently sell it for $275,000 and their gain is $125,000 of which, once again, half is taxable.

The same thing happens in the case of investments. Someone holds stock in various companies. These securities are deemed to have been disposed of at the time of death and the capital gains or losses are accounted for.

I should mention that sometimes it takes awhile — years even — for an estate to settle. If there are holdings other than cash during this period, when the property is finally disposed of, whether to an heir or sold, the taxes on the gains from the time of death until the time of disposition are reported by the executor on a trust return.

In any event, by the time it reaches the beneficiary, all the taxes should have been paid and the recipient uses the current value that attracted the final tax calculation as their acquisition basis moving forward.

While this appears to be relatively clear, the problem arises when we talk about old family land. Capital gains taxes were established in 1972. The taxable gain is based on the growth since then until time of death.

Complicating things, during the early 1990s there was a period when you could make an election that established a new value for the holdings, while paying any taxes due then.

When there is a death, one should investigate to see if that is the case. Otherwise, you need to try and establish a beginning value for the property. Sometimes a real estate person can be helpful. They might have resources at their disposal that can show just what Uncle Elmer’s lot up north was worth 40 years ago.

On a completely different matter, the Canada Revenue Agency computers are being turned on this weekend for the new filing year. Anyone who has already filed can expect to see something from the government in a couple of weeks.

Next time, we’ll look at the process and volumes that they will be dealing with over the next couple of months.

http://thechronicleherald.ca/

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RRSP can house a mortgage

Posted on February 12, 2012 by admin

3639 Osler in Vancouver is one of the priciest houses in Vancouver. Columnist Jamie Golombek argues that an RRSP can house a mortgage.

Photograph by: Jenelle Schneider, Vancouver Sun

You’ve made your 2011 RRSP contribution a full two weeks ahead of the Feb. 29 deadline. Congratulations! But what did you invest in? GICs? Stocks? Bonds?

While most Canadians sock their funds away in those traditional asset classes, there are other potential uses for your RRSP money, and one of them could include your mortgage.

You can use the funds in your RRSP to invest in a mortgage on Canadian real estate. However, there are strict rules in place if you, or someone related to you, owns the property being mortgaged (i.e. your own home). Such a mortgage, known as a “non-arm’s length mortgage,” must be administered by an approved lender under the National Housing Act. The interest rate and other terms and conditions must reflect normal commercial practices. Finally, there must be private or CMHC mortgage insurance.

Of course, the advantage of investing in a mortgage through your RRSP should be weighed against the costs involved.

In addition to the typical onetime mortgage expenses, most financial institutions charge a mortgage administration fee each year. But by far the biggest upfront cost is the mortgage-insurance premium, which can typically range from 0.5% to 2.9% of the amount of the mortgage.

A recent Canada Revenue Agency technical interpretation, however, highlights a planning opportunity that could make holding a mortgage in your RRSP more palatable.

Consider Donald, who owns a second property, which he rents out to students. He is writing off the interest expense he pays to his financial institution for the money he borrowed to help fund the purchase of the property. We will refer to this as the “original loan.” Donald decides to repay this original loan by taking out a non-arm’s length mortgage funded by money from his RRSP, which we will call the “second loan.”

The CRA was asked whether Donald would be able to deduct the interest paid to his RRSP as an expense on his tax return. Under the Tax Act, you can deduct interest paid on borrowed money for the purpose of earning income from a business or property. In Donald’s case, he is properly deducting interest on the original loan because he used the proceeds from that loan to purchase the rental property from which he is generating income.

The Act says that if you borrow money to repay money that was previously borrowed, the new borrowed money is considered to be used for the same purpose for which the original borrowed money was used.

Since the interest on Donald’s original loan was tax-deductible because it was used for the purpose of earning rental income, the interest on the second loan, paid to Donald’s RRSP, will be tax-deductible as long as he continues to own the rental property for the purpose of earning income.

- Jamie Golombek is the managing director, tax & estate planning at CIBC Private Wealth Management in Toronto.

http://www.montrealgazette.com/

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First half 2011 real estate tax bills mailed; tax bills available online

Posted on February 5, 2012 by admin

First half 2011 real estate tax bills were mailed starting Jan. 17 to Summit County residents, according to Summit County Fiscal Officer Kristen M. Scalise.

The closing date for payment will be Feb. 17, with the exception of military personnel. Property taxes are deferred for military reservists who are on active duty. Applications can be obtained by calling 330-643-2641 or visiting http://
fiscaloffice.summitoh.net.

There are several ways for taxpayers to make payment:

Taxes can be paid at the Fiscal Office treasurer division, on the third floor of the Ohio Building in downtown Akron at 175 S. Main Street from 7:30 a.m. to 4 p.m., Monday through Friday.

Taxes may also be paid through the Regional Tax Collection System. A list of participating banks is included on tax bills. Checks must be made payable to the banking institution.

Tax payments can be mailed. Those payments must be U.S. postmarked by Feb. 17 to avoid the statutory 10 percent penalty for late payment. A private meter is not valid for establishing the date of payment.

Pay a tax bill with MasterCard, Visa, Discover, American Express or electronic check by phone or our secure on-line service.

Payments are processed by Official Payments Corporation, which charges a service fee of up to 3 percent for credit cards and $2 for an electronic check.

To pay by phone call Official Payments Corporation at 1-800-272-9829. Follow the instructions on the recorded message. The jurisdiction code for Summit County is 4596.

Scalise reminds taxpayers that first half 2011 real estate tax bills are available online. Choose the Property Tax & Appraisal link on the office’s home page.

The Tax Installment Program will be available again this year for homeowners. Homeowners who pay their real estate taxes directly to the Fiscal Office, but cannot pay the full first half amount due, can avoid late payment penalties by enrolling in the TIP, Scalise said.

To be eligible all taxes and assessments must be current. The deadline to sign up is Feb. 17.

http://www.hudsonhubtimes.com/

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