Ask David

Lease Sublet, Mortgage rules, Mortgage insurance

Dear David, We just signed a 3-year lease for our business and my wife and I have decided to split up, what do we do now? – HEARTBROKEN DEAR HEARTBROKEN: I’m very sorry to hear about your circumstances. Yet despite what has happened personally, a lease is a contract like any other and you are

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Ask David

Aluminum Wiring, Cost Plus Improvements Mortgage, Asking for Chattels

Dear David,  Is aluminum wiring safe? — WIRED DEAR WIRED: Aluminum wiring is not uncommon in homes built in the mid-1960s to late 70s, as it was an affordable alternative to copper at the time. Though there has been some debate about it, aluminum wiring is safe to use and is still allowed by the Ontario

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Ask David

Loss of deposit, Second chance in multiple offers

Dear David, Will I lose my deposit if the house I purchased burns down before I take possession? – WORRYING DEAR WORRYING: Typically, a few months lapse between when a buyer signs the Agreement of Purchase and Sale and when the sale actually closes. If the home suffers damage in that time, it’s up to

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Ask David

Commercial rent, Home not selling, Lost bidding war

Dear David, We have a 5-unit commercial building and are thinking of selling in the next 6 months. We currently have a vacancy. Should we reduce the rent by $500/month to get it filled right away, or hold out for the same rent we’re getting from the other units? – CONTEMPLATING DEAR CONTEMPLATING: It’s tempting

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Stack of coins on a dark wooden table
Ask David

Saving downpayment, Commercial property shopping, Downsizing

Dear David,  We are saving for the downpayment on our first home. We have 5% saved so far. Should we put off buying until we have a 10% down, to reduce our CMHC fees? – EVERY PENNY COUNTS DEAR EVERY PENNY: Once you have your 5% downpayment saved, I advise you to get into the market

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