NLHOMES.ca

06/10/2024

Virtual walk across the country for CDKL5 join tbe challenge

05/26/2024

Outer ring Road Closed today till 7pm for annual clean up

05/24/2024

https://www.canadahelps.org/me/6SW4yNr
Ever wonder what's Rarer than a Unicorn? the answer is Me walking the Golf Course. This June CDKL5 Canada is holding a Virtual Walk to raise money and generate awareness. I am walking for my Niece. Check out the link below to see how you can donate. For the month of June as long as the donations keep Coming I will walk the golf course. This is an event until now, that was on par with a total eclipse. Please feel free to share this post, donate or comment below, all will help increase the awareness and

Most of you are aware that I have Niece with Severe Special Needs, Most would not know exactly what that is, which is understandable as CDKL5  falls under the RARE diseases label.  As such, fundraising opportunities are often limited, for com...

04/11/2024

Here is what Gov't of Canada is "giving" the first time home buyer, in the Budget Tuesday.
1. 30 Year amortization on New build not existing what that actually means is that on $350k mortgage based on 4.99% mortgage rate your payment is reduced by Approx $168 a month. sounds good, But if they bought down the rate 1% to 3.99% it would be $199 a month plus you would have 5 years less of payments. ($1876/mth multiplied by 60mths= $112,560, and you actually pay approx $122k in extra interest) So they are not actually doing you any favours. (This is assuming rates stay the same for entire amortization and is done for example purposes, check with your mortgage provider to determine your own situation)
2. Can take 60k out of your RRSP instead of 35k,( I have had very few first time home buyers in 20 years have the 35K let alone the 60k. This is not helping people looking for affordable housing, and only applies to new builds.
If they actually wanted to do something to improve supply and affordability, and not just the "look at me I announced something" they normally get on with here are a couple of options.
1. Let Small investors buy rentals with less then 20% down and have them CMHC insured, I can insure a 40 unit building with CMHC but not a 2 unit.
3. Get rid of the downpayment requirement for Qualified Buyers, one of the largest obstacles for most people wanting to buy is coming up with the downpayment.
4. The USA didn't get a ton right with mortgages, but having a 15 and 30 year fixed mortgage, allows people to not get sticker shock every 5 years. also although mortgage is not portable there are no penalties for re financing or paying off early.
5. Give Landlords tax breaks for units that are under market value.
Thats my rant for today, Have a Real Estate questions feel free to reach out

03/24/2024

Join us April 16, 2024 at 7pm for our. Investors seminar, new and experienced investors welcome. Sign up at www.nlhomes.ca

03/22/2024

Looking to Buy your First Rental Property, or Maybe looking to expand your rental portfolio. This Class is ideal for those entering the income property business. and those who would like to know how to better deal with tenants

01/17/2024

Have you or Someone you know been looking for a 2 apartment home to call home. This Property located in East end St. John's has had extensive renovations over the past 10-12 years. Ideal for the First time home buyers as you could occupy the main or apartment and rent the others. Located on a bus route and walking distance to schools, shopping and recreation this is a must view. Reach out to arrange your viewing or Tag a friend who may be interested.

01/12/2024

The NDP and the City of St. John's and every other Political organization calling for rent control needs to get a better understanding of the costs that Landlords incur and realize that small landlords are not out there getting rich it is a long term financial plan. I have met very few Landlords that have declared themselves non profits. They do it to make money, and take the risk of loss on as well. It is not the Landlords job to subsidize other peoples living expenses. If the Government wants to support affordable housing There are options, that don't ask the few to pay the brunt of it.
1. Freeze property tax for small landlords who offer below market rent.
2. Get an actual proper definition of affordable rent, NL Housing is using outdated and incorrect information as Vacancy and Rates are based only on apartment buildings, most of which are 40 plus years old.
3. If market rent is 1200/mth and a landlord rents for 900/mth they should be given a $300/mth tax credit
4. CMHC will insure a large building but will not insure a 2 unit building, so smaller landlords or people who might buy an additional property to rent to friends or family can't as they don't have 20% down ( yes there are exception if family is occupying the home)
5. Tax everyone call it the subsidize your Neighbour Tax, and then lets see how many people still think Rent Control is really a good idea. Betting given the choice a good portion will quickly shut up
6. Let Qualified people purchase for 5-10% down.
Thats just a couple of options

The Crap Programs the government announces every couple of years such as 50k out of your RRSP for first time homes buyers are useless to most as very few first time homebuyers have 50k anywhere.

most small landlords after mortgages, taxes, repairs, insurance, and sudden expenses are at or near zero for income, and often end up in the red at the end of the year.
Hot-water Boiler $900-1100, Roof $7000-$10000, Washer or Dryer $700-1400, $Fridge $800-$1500. I have yet to have a tenant offer to split the cost of these. People rent for many reasons but the one thing they all have in common is they are taking on no risk for repairs. So Yes a Landlord needs to build this into the rent.
The Cost of Everything has gone up, Going after Landlords is no better then Green Peace going after the Seal Hunt with the fluffy little white seal. It's an easy sound bite, and thats it.