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Rent vs. Buy? Putting the numbers to the Victoria Marketplace


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24 replies to this topic

#21 mysage

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Posted 02 August 2013 - 04:04 PM

Exactly. Reminds me of the person who came on here several weeks ago to tell us that they were reinventing the food and beverage business in Victoria. One would think that a qualified, licensed realtor would know better than to arrogantly venture forth with basic information that most laymen know completely wrong. .
There are many many good Realtors in Victoria and we have always used a Realtor and value their work. This person needs a mumber of lessons.

#22 pherthyl

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Posted 02 August 2013 - 04:35 PM

I think you have to admit that coming onto VV to try to educate us and then blow such a basic, layperson fact about mortgage deductibility is beyond any slack that ought to be cut. I hope his clients have the good sense to ask him if his and FAIR's E&O policy premiums are paid up.


Well, new guy at work will make mistakes. Realtors have to be creative to make it in this market, and there are some signs mcmusty here is doing that.

#23 LJ

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Posted 02 August 2013 - 06:56 PM

LJ - that tax deductibility is dependant on either having, or accumulating a substantial non-registered investment portfolio. The video explicitly states that mortgage interest is a tax deductible expense against employment income in Canada. This is patently wrong. It is a disservice for a real estate professional to be offering such clearly inaccurate information.

I would hate to think how a client would feel if they actually followed this advise, then had a very unpleasant letter from CRA.



You do need to be careful when doing it, but it worked well for me, and it is an option, if you do it properly.

I talked to the CRA first to get the limitations explained to me.

Mcmusty sounds like a young fellow just getting into the business and he has made a mistake. We have all been there, his was just much more public, and with a crowd that will call you on anything.:)
Life's a journey......so roll down the window and enjoy the breeze.

#24 Bernard

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Posted 26 June 2017 - 01:45 PM

My 22 year old son and friend need to find a new place to rent for September 1st.    Turns out it would cheaper for them to buy a 2 bedroom condo under $300k than try to find a rental.    There are currently 37 such places for sale in Greater Victoria


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#25 bugeyed

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Posted 26 June 2017 - 04:17 PM

My 22 year old son and friend need to find a new place to rent for September 1st.    Turns out it would cheaper for them to buy a 2 bedroom condo under $300k than try to find a rental.    There are currently 37 such places for sale in Greater Victoria

Does that include lawyer fees?  Would they have enough for a down payment?  



 



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