So you bought Toronto real estate at the market peak. NOW what?
So you’ve just realized the mistake you made purchasing your Toronto property in 2017 during the market’s peak (which appears to have been in the Fall of 2017 according to this chart at www.toronto.listing.ca). In reference to that chart, the average price for a detached home on October 14, 2017 was $1,114,203 . As of March 2, 2018, the average price was $1,065,361 — a decline of $48,842 in just over 4 months and 2 weeks. I’m not going to indulge in the schadenfreude I’ve been reading in newspaper editorials and internet discussion forums about families facing financial ruin for buying at the wrong time. I don’t believe in kicking people when they’re down. Rather, I’m going to put on my financial professional thinking cap…
What is the Cost of a Middle Class Lifestyle in Toronto?
What are the hallmarks of a middle class lifestyle? And how much does a household residing in Toronto have to earn to be considered middle class? First, let’s define “Toronto”. “Toronto” means the City of Toronto. I’m not including the satellite cities in the Greater Toronto Area such as Mississauga, Oakville, Brampton, etc. This is for the sake of simplicity in discussing the subject at hand. Also, when people arrive in the GTA from other parts of Canada or internationally, they aspire to actually live in Toronto itself. Second, let’s define “household”. For ease of exposition, we’re going to define this as two spouses and one child. With this in…
Tips to Save Money in Toronto – Part II: Rent or Buy a Home?
When you first move to Toronto, you’ll likely be renting your living space. But after renting for a few years, you’re going to ask yourself this question: is it better to rent or buy a home in Toronto? Maybe you want to purchase your own place for emotional reasons (“my very own place!”), financial reasons (“I want to build equity”), or maybe a bit of both. A major influence on your decision to rent or to buy may be the marketing you see from the real estate industry asking you the perpetual question: “Why rent when you can own?”. Makes sense, right? After all, why throw away your money on…
Tips To Save Money in Toronto – Part I
I was part of a generational cohort born in the 1970s that graduated university and entered the workforce in the mid-1990s while Canada was still in a recession. We were the so called “slacker” generation because we apparently had no ambition and no hope. In my case, it was the summer of 1997, and I was still living in my parents’ house in my hometown of Ottawa with no job, no social life (all my university friends had since left Ottawa), and no apparent future. “Generation X” indeed! But at my mother’s insistence, I scanned the Toronto Star’s job classifieds ads for any potential job opportunities in the big city…
Who is the Best Licensed Insolvency Trustee in Toronto?
“Who is the best Licensed Insolvency Trustee in Toronto?” If you came across this blog post after entering this search query into Google, you’re not alone. This is one of the most obvious questions to ask when seeking the services of a Toronto Licensed Insolvency Trustee. To answer this question, let us review some important factors you should take into consideration when choosing the best bankruptcy trustee for you: THINGS TO AVOID – PROFESSIONAL CONDUCT ISSUES Has the trustee been subject to any disciplinary action for professional misconduct? Bankruptcy trustees are licensed by the Office of the Superintendent of Bankruptcy and are also supervised by them. The OSB publishes the results…
Government Debt Settlement Program Explained
Fong and Partners Inc. is licensed by Industry Canada (license number 1815) Your debts can be settled for as little 35% of what you owe – simply, quickly and legally. You can start the process with just $100. Here is how it works: There is a legal proceeding called a Consumer Proposal which allows a debtor to repay only some of her debts – it is a settlement The Consumer Proposal can be paid in monthly installments up to a maximum of 60 months Once the Proposal has been paid in full, the balance of the debts are legally discharged A Consumer Proposal is not a bankruptcy. However, only a…
Bankruptcy Lawyer or Bankruptcy Trustee – What’s the Difference?
You probably came across this blog post because you were looking for a solution for your debt problems and Googled “Toronto Bankruptcy Lawyer”. When someone is contemplating filing for personal bankruptcy, the first thing that comes to mind is to find a bankruptcy lawyer. What’s often surprising to discover is that in Canada, a bankruptcy lawyer cannot actually file a bankruptcy for his client – only a bankruptcy trustee can do this. So What is A Bankruptcy Trustee? A trustee in bankruptcy is a person licensed by the Office of the Superintendent of Bankruptcy (OSB) to file and administer bankruptcy and proposal estates. An officer of the Court, the trustee…
Bait & Switch? Surprising Credit Counselling FAQs
The business of debt counselling (a.k.a. credit counselling) and debt consolidation is an extremely competitive one, particularly in Toronto. Unfortunately, there are certain financial professionals who employ questionable methods in marketing their services to get an edge over their competition. There has been a trend of “credit counsellors”, “debt counsellers”, “debt experts” (and I use these terms loosely), referring work to trustees in bankruptcy in return for compensation. From what I have seen in the Toronto area, here is how it usually works: An individual who aspires to be a “debt consultant” or “credit counsellor” will approach a bankruptcy trustee about referring work to his practice in return for a…
