Rents are up!

http://business.financialpost.com/person...ds-to-high-rise

With ppl getting mortgage approvals good for a 1 bd/1 bath condo, they'll have no choice but to rent. I have friends looking at renting a 1 bd/1 bath condo out in sauga, starting at $1500/month. Ridiculous.

My brother is doing this now and surprisingly a lot of people can be had through airbnb, who would have known.

My brother is doing this now and surprisingly a lot of people can be had through airbnb, who would have known.

We may sell our rental condo, currently with tenant, 1 bed 1 bath with proper den (separate 'room') at Yonge and Finch. Rents for $1650, bought for 268k about 8 yrs ago, loss of about $4000/year (1 month rent if turnover + ~$200/month). It's worth on the low side maybe $340k now.

My $2M bungalow, walking distance to Richmond Hill go station rents for $1500 a month.

Can you carry forward that loss for use against the capital gains should you decide to sell?

That is pretty good ROI, in 25 years, you will have -4000*25 + 350,000 = $250,000 + appreciation, assuming you continue to lose $4K/year.

My $2M bungalow, walking distance to Richmond Hill go station rents for $1500 a month.

He saying that it doesn't make sense to apply loss carry forward to capital gains when you get 100% higher bang for buck offsetting income tax...there is zero logic to do anything else.

FFS, I understand that, but if the ownership of the property is under an LLC, then you can't use the loss against your personal income.

I can ride in a helicopter too you know

How has airbnb been for him?

the board is cool with it, or is he doing it on the DL?

FFS, I understand that, but if the ownership of the property is under an LLC, then you can't use the loss against your personal income.

I can ride in a helicopter too you know

ok because i have no idea what you guys are talking about let me ask this.

lately i've been wondering why i've been needing a house. kid is there only half the time, i don't use my yard more of a pain in the ass for up keep really, don't get me wrong it has it's pros and cons i like being able to wash my car in the driveway, but would it make sense to rent the house and buy a 2 bed rm condo right now?

the year you stop declaring your house as your principal residence, you start to create a tax liability when you sell and generate a profit

the formula is:

(1 + number of years occupied as principal residence) / (number of years owned) * capital gain

What about the exemption thing if you declare it...you have some sort of capital gain exemption for 4 years??

What about the exemption thing if you declare it...you have some sort of capital gain exemption for 4 years??

Where did you get this "capital gain exemption for 4 years?"

If you own more than 1 property, you can designate only one as a principal residence (technically more than 1 address, but the years would be split for residency status like xza8 mentioned).

If you move and rent your condo still remains your principal residence, it's only if you bought a second property. The whole point of this is for government not to allow people to cash in on property appreciation on more than 1 property.

If you are renting the new place where you live, you don't stand to profit from appreciation so it won't be an issue. WHen you sell your condo the entire appreciation will be tax free.

If you move and rent your condo still remains your principal residence, it's only if you bought a second property. The whole point of this is for government not to allow people to cash in on property appreciation on more than 1 property.

If you are renting the new place where you live, you don't stand to profit from appreciation so it won't be an issue. WHen you sell your condo the entire appreciation will be tax free.