September 21, 2007
Posted September 27, 2007 12:00 pm.
This article is more than 5 years old.
Vince Gaetano from Monster Mortgage
Vince Gaetano talks about whether it’s a good or bad idea to take more than $20,000 out of your RRSP to use as a down payment on a house. “You can always withdraw from an RRSP. You get taxed on the amount above the $20,000,” he says. “First of all, you would borrow it – you would take it out of your RRSP under the home buyer program. You go to your (bank) branch. You let them know you have entered into an agreement to buy a condo. You can withdraw the $20,000. You are declaring it for the purchase of this home. You do have to repay it over 15 years. And you will commence repayment a year after you purchased your home.”
Dan Ellenberg from SellWithDan.com
Dan Ellenberg from SellWithDan.com talked about the smallest home in Toronto, which is 300 square feet and on sale with an asking price of $189,000. “You would be surprised how much you could make it efficient. He did a Murphy bed with storage all around it so people could walk through the bedroom to get to the backyard. Even though it’s small of a size of a postage stamp,” he explained. “The fact of the matter, it still remains 300 square feet. I’m not sure if he put it up for sale to make a quick dollar or maybe it was too small for him.”
Jim Ritchie from Tridel
Jim Ritchie from Tridel explained the importance of having a good property management company in a condominium, saying that the quality of a building can decline and quickly if the property manager isn’t effective. “It really can and fast. Especially when you’re dealing with on the resale side of condominiums, you have to ask a real estate agent meet with these companies to get a status certificate. Some will produce that as opposed to others. That is a good indication of how on the ball the property management company really is,” he said. “The first line of defence is the property manager on site, but you really have to look at a company that goes beyond that, a company that has the systems, the team behind it to provide all the support.”
