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To All panelists: (04:12 PM)
Q: I own three properties with small mortgages on each: about 20% of value in two and 65 % on one. should I sell one?
A: Don’t make any quick decisions. First speak to your accountant on taxation. I think you will find that if you have had them for many years, keep them as the tax could be significant and your carry is low. If anyone is recently acquired, you might consider selling after advise.
To All panelists: (04:14 PM)
Q: With regards to immigration in this country, have their been any revised estimates of how many new Canadians we now expect to come into the country in 2020 and 2021?
A: Canada still targets sizable immigration numbers. The universities have accepted many (18,000) foreign students, but disruption will likely cause many to delay entrance until visa and travel restrictions are eased. Last year, there were 485,000 new immigrants—a record. 2020 will see a decline, but beyond that, the govt is still very supportive.
To All panelists: (04:18 PM)
Q: Do you think Gov’t will bring capitol gains on principle residences to help get us out of debt?
A. No, because it would be politically disastrous given that 67% of households own their own home. If they did, it would be the gains over a certain price level, (say $3 million) and then, not until 2022 or beyond.
To All panelists: (04:27 PM)
Q: Lots of sale being done on Exclusive that do not get included in these stats.
A: Correct. But relative as exclusive sales were not taken in to account in past yrs either.
To All panelists: (04:47 PM)
C: Thanks for great and amazing webinar ❤️
A: Our pleasure
To All panelists: (04:47 PM)
Q: What do you think this looks like once deferrals are done. jobs. this may reveal the home owners who have been living beyond their means.
A: Absolutely, the 10% to 12% of homeowners with mortgages that are 450% of income would be in trouble if they permanently lost their jobs. But, there are many new job openings coming on stream for essential workers and new job categories in tech, entertainment, delivery, online business, etc.
To All panelists: (04:51 PM)
Q: Any thoughts on Rio Can saying they only collect 55% of rents last month?
A: Yes, it’s tough. Very tough for retailers. They need to restructure or die. Rio Can, however, has deep pockets and prime real estate.
To All panelists: (04:58 PM)
Q: Shared amenities are going to be a huge factor. Who’s going to want to share amenities?
A: We are changing the rules in our condo gym. No more than 3 people at a time and we are hiring young people to clean the monitor before and after each visit. What about health clubs with tens or hundreds of members and group classes. That seems even worse.
To All panelists: (05:00 PM)
Q: Could you comment on capitalisation rates on commercial properties
A: Sorry, not my trade area of expertise.
To All panelists: (05:02 PM)
Comment: Thanks Justin, Barry and Sherry for a great seminar!❤️
To All panelists: (05:04 PM)
Q: A seller of expired listing called me and they want me to do a market evaluation and they said they will list with me if they price is right. The property was $500k over priced.. would you still take the listing?
A: Tell them truly what you think it will sell for. They might already know they were over priced and be ready to adjust. But if you find that they are being unrealistic and sense that they will never come around, pass. Your sign can hurt you too and you may not like the feeling when they toss you. Also consider a very long listing as a cure.
To All panelists: (05:05 PM)
Q: If dollar is dropping and stocks are down How do you figure real estate market will rebound? So many factors. would love your insight. it sounds like you’re expecting a rebound this summer. thanks. this is great!!!
A: Weaker dollar makes it cheaper for foreign buyers and it’s a safer long-term investment than the stock market. For move-up buyers, they have plenty of equity in their homes and they are ok if they have good jobs. For first-time homebuyers, they don’t own a lot of stock. Also, even though stocks are down 25%, they have tripled since March of 2009, so the rich keep getting richer.