Category: Property

What you need to know about mortgage closing costs

When purchasing a new home, the final expenses incurred by the buyer to complete the transfer of ownership are referred to as closing costs. While total closing costs vary by region, many are common across all markets. Mortgage lenders require new buyers to demonstrate their capacity to manage these expenses when assessing overall ability to … read more

Giving while living: a new approach to transferring wealth

There are many things to consider when planning the transfer of wealth within families. And while Canada doesn’t have an inheritance tax, there are still other fees and taxes that could substantially reduce the value of your estate. One option available to minimize these costs is to “gift” a portion of the assets you intend … read more

Down payment rules for Canadian home buyers

Down payments were introduced to provide stability to the mortgage market, and are a mandatory for all mortgages in Canada. In this Oaken Blog post, we’ll take a look at what you need to know about down payments when purchasing a new home. We’ll also review how the minimum down payment is calculated, as well … read more

So, you want to be an Airbnb host

Perhaps you’ve heard how easy it is to earn a little extra cash by listing your spare room or vacant apartment on the Airbnb website. You might even know someone who has served as an Airbnb host, and you’re now thinking of trying it for yourself. That’s great. But before you go ahead and list … read more

5 tips for preparing your home for the market

As we discussed in an earlier Oaken Blog post, the Principal Residence Exemption (PRE) means that the proceeds from the sale of your main home are not subject to either income tax or capital gains tax. Even if you sell for considerably more than you paid when purchasing the property, you can pocket the proceeds … read more

Using rental income to support your retirement

Earning rental income to supplement other retirement proceeds is an approach that’s been used successfully by many retirees. Certainly, the prospect of an additional source of steady revenue is highly attractive. But it is not as simple as just sitting back and watching the rent cheques roll in. There’s much to consider before putting a … read more

Should you consider a reverse mortgage?

For those Canadians approaching retirement age, with less than adequate savings in the bank but the good fortune to own a home, temptation has never been greater to consider the much-hyped reverse mortgage. Reverse mortgages are typically portrayed as a no-risk means of accessing the equity in your home, and using that money to help … read more

Selling your US property? Beware the tax implications!

Canadians Selling US Property

If you’re one of the many Canadians who took advantage of the dramatic decline in U.S. property prices in the wake of the debt crisis a few years back, you’re likely now sitting on a sizable return on your investment. Property values have been rebounding south of the border, and with the gains the U.S. … read more

Capital gains and your principal residence

Like most homeowners, you likely chose your particular house based on a desire for certain features, such as a two-car garage or backyard pool, as well as the more practical issues of price and location. Sure, you hoped and even expected that the property would increase in value over time. But few actually base their … read more