It has been a great summer so far and a time to relax and switch off (a little) from day to day life.
The high demand for properties has continued throughout the GTA with no signs of changing yet. For existing home owners this means a rapid increase in property values as demand out weights supply. As a property investor one can use the equity in their personal home or another property (Total borrowing up to a max of 80% of property value) as a down payment to purchase another home, whether it be a cottage, condo, single family or commercial. These borrowed funds, if used to purchase an investment property can qualify for a tax write off along with mortgage interest and expenses associated with the investment property. If funds are used for a second home such as a cottage then they cannot be written off.
It is a known fact that over a number of centuries the wealthiest of individuals around the world have all made there riches by investing in real estate.
Hope you find this useful !
Have a great weekend