Foreign buyers to Calgary next?

[HiTempguy1]

Originally posted by revelations
Smart money is here right now due to the bust - whether that's rich orientals or other folks looking to snap up decent homes - that's one reason why house prices haven't fallen very much. Mortgage defaults are also not super high either right now.

Yea, its crazy how the market has gone, especially on the low end. Salaries have been drastically cut for lots of people, but in the last 2 years little movement on the low end for pricing, and even new builds aren't discounted much in price.

[Xtrema]

Originally posted by HiTempguy1


Yea, its crazy how the market has gone, especially on the low end. Salaries have been drastically cut for lots of people, but in the last 2 years little movement on the low end for pricing, and even new builds aren't discounted much in price.

I think we get 5-6% adjustment on this downturn but the supply/demand is now balanced (except for condos).

Really, only 10% of Calgary is out of work, 6-7% more than the peak. Credit is flowing unlike 2008/9. So if you are still working, Alberta cities remains to be one of the more affordable cities in Canada.

[max_boost]

Originally posted by Xtrema


If you own multiple, you can cash out.

If you own just primary, you can look into cashing out by downsizing.

Unfortunately for Calgary, real estate here isn't priced like international cities so the cashing out opportunity is limited. I have many relatives are now actively looking at cashing out Toronto or Vancouver and move into Calgary and be mortgage free and have a bunch of cash on hand. When you look average price of $1.3M in TO and Vancouver, it's not hard to buy something in Calgary for $500K and pocket the $800K difference.

I guess the $800k buys you a lot of vacations/trips back and forth etc.

[ExtraSlow]

I have a relative that cashed out of airdrie and is living in small town sask mortgage free. So yeah, it's certainly possible if you are changing markets.

[R-Audi]

Originally posted by sputnik


Encana doesn't own The Bow.

H&R REIT does.

Ding! and there is zero reason for H&R to sell... they have a pretty good covenant and steady rent coming in for the next 10+ years.

[88CRX]

Wait, didn’t I just read in a different thread yesterday that the market is going to crash? lol

Looking to upgrade primary residence and sell my income property… good idea or bad idea? Go!

[Konj]

On Wednesday RBC Chief Economist was in town, went to his presentation, he said most likely Montreal is next.

[Konj]

Originally posted by rage2

You write a certified check.

Any deposits over $10k, especially actual cash deposits, does get red flagged to CRA though. Actual cash deposits require filling out forms, which is a bit of a PITA. Only really suspicious shit gets investigated, I'm sure CRA has a solid filtering process to handle it.

If you own a bar and routinely deposit >$10k in cash, or for those that get more than $10k per paycheck, nothing happens at all.

If you sell a house you own outright, and you deposit a $600k cheque, it'll get red flagged as well, but again, nothing will happen.

When you get audited however, all these red flags are in the history and believe me, they will go through each one haha.

I am not sure if I agree with this. CRA doesn't have access to your bank account, so what you deposit doesn't get flagged. There is a department within the government (I forgot the name) that monitors wires leaving the country. Wires over $10k get flagged and you have to fill out some extra paper work for oversees transfers.

I never worked at a bank, maybe the bank has a requirement to notify the CRA when a large cheque is deposited? Not sure.

At the same time I never deposited $10k in cash either, have deposited cheques over $10k and never had to fill out extra paperwork.

[benyl]

The bank has a requirement to notify the CRA of any deposit over $10K.

If you do it in person, you have disclose why you are depositing such a large sum.

[kenny]

Originally posted by benyl
The bank has a requirement to notify the CRA of any deposit over $10K.

If you do it in person, you have disclose why you are depositing such a large sum.

Only applies to cash if it's within Canada, and it's $10k/24 hours. EFTs are included if the money moves outside of Canada. EFTs are reported to CRA (helps them target tax cheats) but the domestic stuff doesn't go to CRA.

It won't be reported if the $ is from a financial institution, muni/prov/fed government or crown corp. If you don't want it reported, claim it is from one of these sources?

[ercchry]

Originally posted by 88CRX
Wait, didn’t I just read in a different thread yesterday that the market is going to crash? lol

Looking to upgrade primary residence and sell my income property… good idea or bad idea? Go!

Depends on types of properties we're talking about and also price range, it could easily be great, or horrible

[rage2]

Originally posted by Konj
CRA doesn't have access to your bank account

Others have answered the other parts of your post, but CRA does have access to your account. When you open up an account, it's tied to your SIN for personal and BN for business (which then ties back to your SIN) and CRA has full access to all of your accounts.

I know this because when I was audited back in the late 90s they dug up a completely random bank account that I couldn't remember opening. They went through the monthly activity with me at which point I remembered it was a cash account I started to run my PSX modchip business.

So yes, they have absolutely full access to your bank account.

[88CRX]

Originally posted by ercchry


Depends on types of properties we're talking about and also price range, it could easily be great, or horrible

Burbs starter home + burbs townhouse (income property) for burbs 2500ft2, triple garage house ($600k+)

Probably nothing smart about it haha.

[tonytiger55]

Originally posted by HiTempguy1


Yea, its crazy how the market has gone, especially on the low end. Salaries have been drastically cut for lots of people, but in the last 2 years little movement on the low end for pricing, and even new builds aren't discounted much in price.

Salaries have not gone up either. If you take your salary adjust for inflation, plus the increased cost of goods. Your purchasing power is less.

[Xtrema]

Originally posted by 88CRX


Burbs starter home + burbs townhouse (income property) for burbs 2500ft2, triple garage house ($600k+)

Probably nothing smart about it haha.

If your rental is giving you low return or even losses, you are probably buying some peace of mind and spoil yourself with a bigger place.

Financially, you are looking at more expenses by going bigger (taxes, mortgage interests, utilities) and less income.

If you can afford it, I would just keep the rental and upgrade your starter home.

Originally posted by tonytiger55


Salaries have not gone up either. If you take your salary adjust for inflation, plus the increased cost of goods. Your purchasing power is less.

GTA and GVA people had it way worse than us. 30% less pay, 200% more expensive houses.

[Hallowed_point]

Originally posted by rage2
Others have answered the other parts of your post, but CRA does have access to your account. When you open up an account, it's tied to your SIN for personal and BN for business (which then ties back to your SIN) and CRA has full access to all of your accounts.

I know this because when I was audited back in the late 90s they dug up a completely random bank account that I couldn't remember opening. They went through the monthly activity with me at which point I remembered it was a cash account I started to run my PSX modchip business.

So yes, they have absolutely full access to your bank account.

Scary but true.

Sometimes bank tellers can be quite unprofessional as well. I've had a couple of times where I've sold bikes or cars for under 10 K and you get the "what is this money from" line.

[revelations]

Originally posted by Hallowed_point


Scary but true.

Sometimes bank tellers can be quite unprofessional as well. I've had a couple of times where I've sold bikes or cars for under 10 K and you get the "what is this money from" line.

Thats not unprofessional at all - its in their job description to ask you.

[ercchry]

^^ I love it more when they ask you what the money is for when you pull out over $10k... seriously? None of your business... hookers n blow, or a new car... we'll see where the afternoon goes!!!

Originally posted by 88CRX


Burbs starter home + burbs townhouse (income property) for burbs 2500ft2, triple garage house ($600k+)

Probably nothing smart about it haha.

Ah, depends on your risk tolerance and your faith in this city... the $300-500k range (condos excluded) have held well, while that higher bracket has dropped a decent amount and has more potential for a rebound... besides the glaring and obvious economical issues the only other negative I could see is with the tightening of lending rules, sliding down payment, no insurance over $1m, harder qualifying, etc for sure has had a roll in this too and might hurt a full recovery

I'd say this has to be a lifestyle choice, and piece of mind (cause rentals are stressful)

[Hallowed_point]

Originally posted by revelations
Thats not unprofessional at all - its in their job description to ask you.

It's the tone of voice they use then. And the volume. Not discrete at all. I don't really understand how it's any of their business under 10K unless it's wrapped in rubber bands with powder on the bills.

[lasimmon]

Originally posted by kenny


Only applies to cash if it's within Canada, and it's $10k/24 hours. EFTs are included if the money moves outside of Canada. EFTs are reported to CRA (helps them target tax cheats) but the domestic stuff doesn't go to CRA.

It won't be reported if the $ is from a financial institution, muni/prov/fed government or crown corp. If you don't want it reported, claim it is from one of these sources?

Its not just $10k/24 hours. If you deposit like $5k a day they will look at it too.

I know from experience haha.