All Forum Posts by: Patrick Archer

Just remember that for property taxes typically a new assessment will happen every four years (at least in Ontario) so if it says last assessment was 2016 then you’re probably up for a reassessment soon after you get the property.  If it was in 2019 it should stay steady for at least a few years

If you go to the city of Winnipeg’s website you can get a good idea of what they’d charge as a percentage.

The easiest answer though is to simply contact the realtor and ask them what property taxes are on the property.

As for rents, you can go to Zumper and look up comparable units to see what they are renting for in that neighbourhood.  You can also look up zumper rent research, here is the link for Winnipeg:

https://www.zumper.com/rent-re...

Here you go:

https://www.moneysense.ca/spen...

The three institutions are

• CMHC.
• Genworth Financial Canada.
• Canada Guaranty.

I spoke with my broker and he doesn’t think it will have a huge impact.  The two other institutions that guarantee mortgages are NOT following suit with the CMHC.

A mortgage broker may be able to shed some more light on this better than I can, but I’m assuming you have a fixed rate mortgage on the rental property since the fee is so high.

In order to guarantee the fixed rate and prevent people from breaking and reapplying when rates go lower, fixed mortgages have a much more substantial penalty for breaking them.  

A variable rate on the other hand is usually three months of the interest portion of your loan if you want to leave early (I’m guessing that’s what you have on your primary residence).

In the future, I’d suggest always getting a variable rate on your investment properties IF you want the flexibility to sell anytime during the term with a relatively low penalty.

I wouldn’t worry about it.  A huge majority of students move out at the end of the school year.

I wouldn’t read much into them not wanting to sign on for another year.  It provides them with no advantage and they lose flexibility.

Yes that’s the way that it works (at least in Ontario).  Unless you have a reason to evict them, after one year they continue on a month to month and then must provide you with at least 60 days notice before they move out.

Hey, nothing really worked out on this.  The contact was selling the machines with no coin box.  I ended up getting a residential machine with a coin box that only serves power when money has been added.  Not a great solution.  If I were to do t again I would have just spent the $2k

If you’re really looking to make a go at it, I’d suggest getting a job with a PM company and learning the ropes.  See what they do efficiently and where things can be improved.  Someone posting 10 bullet points isn’t going to get you to where you need to be.