Page 42 - Sports Energy News, Cornwall, Issue No 114

42 Issue #114 July 2022 www.sportsenergynews.com

Neighbourly Advice Fr om Our Local Pr ofessionals
Neighbourly Advice From Our Local Professionals

homebuyers in the form of a government As a result, the government is reportedly now
By Brian Johnston taking steps to limit its losses—and gains—
Mortgage Specialist loan of up to 5% or 10% of the buyer’s
down payment, depending on if it’s a resale to a maximum of 8% in either direction,
CMHC to introduce limits on First-Time property or a new build. In exchange, the according to a source familiar with the plans.
“When the market turns, government moves
Home Buyer Incentive amid falling home government gets an equal stake in the home’s to limit its downside,” noted the source.
prices equity, sharing in future gains or losses in
value until the loan is repaid after 25 years, or That means the Canada Mortgage and Housing
Now that home prices have started to fall from Corporation (CMHC), which administers
their February peak, the federal government is when the home is sold. the program, will limit its share in both the
reportedly planning to introduce limits on its What may have seemed like a lucrative appreciation and depreciation of a property’s
First-Time Home Buyer Incentive (FTHBI) proposition for the government over the past
several years as home prices soared, has value at 8% per year, not compounded.
program to cover its downside risk. become a huge liability in the face of falling The move is to be applied retroactively
Introduced in September 2019, the FTHBI is meant to assist first-time valuations. Continued on page 43

( https://tribunalsontario.ca/ltb/ ) must be followed. Please note that these notices
By Michael VanderMeer You can only give this notice if the buyer, or an must end on the last day of the rental period,
Real Estate Agent immediate family member, plans to occupy the otherwise they will be null & void. In the above
unit for a period of at least one year. case the date outlined for vacant possession
SELLING A TENANTED PROPERTY - This notice is given to the tenant at least 60 would be August 31. I have seen cases where
NOTICE TO VACATE WHEN SELLING days before the end of the rental period. In other notice was given for the first and was not a
When you are selling an income property and words, if you give notice on June 15 the notice valid notice so the whole process had to be
a buyer wants possession for their own use, you must include all of July & August so possession started over.
must submit an N12 form which is available on would not occur until September 1st. Please note that the seller must give the tenant
the site for the landlord and tenant tribunal. Be careful when filling out these forms - one month’s rent when giving notice for this
directions are available from the board and reason.

Max Ming P.Eng. CFP ® TSX/S&P Composite (Canada) is down diversified for times like these, and we
Financial Planner 12% from their all-time highs last fall. do not allow our investment philosophy
Cognisant of this, we thought it was to be swayed by the excessive highs or
Slow & Steady Wins the Race
In North America, the majority of a good time to revisit how often these excessive lows in the market each year.
occurrences happen. To paraphrase the words of Investor
investors get their financial market
updates from television and news media The S&P500 has declined more than 10% Barry Ritholtz: “Our goal for our clients
in 10 of the past 20 years, and 32 of the is to own a broadly diversified, low-cost
sources. Inevitably, that means over the past 60 years (roughly 1 in 2 years) ...yet portfolio of global assets, rebalance,
past couple weeks your morning headlines
(which are primarily geared to the USA), many investors allow emotions (fear) minimize taxes, stay informed as to what
to take hold each time, leading us to the is going on in markets and the economy,
would have read something along the lines of: ‘stocks enter bear most important point – behaviour is the but – more or less – leave their portfolios
market’, ‘sell-off continues’ , or ‘recession looming’.
biggest determiner of investor returns. alone until their financial goals are
As of writing this, the S&P500 (USA) is down 22% and the
We position our clients’ portfolios to be Continued on page 43

With our 2021 “Just Homes Listing Program”, Homeowners will never pay more than

3 3/4%+ HST commission which includes full weekly local newspaper

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Serving the Community since 1959
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check us out on the web at: without another real estate brokerage involved in the sale, we further reduce our
www.soldsmart.ca
sandy@homesnet.ca commission to only 2% + HST
“Not intented to solicit properties already listed for sale”