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I have always been a planner. I saved 10% of my income from the time I was 15 and put it into RRSP's which allowed my young family to get into the real estate market in 1997. Needless to say, when we sold, we had done well. But paying off reno loans, lines of credit and splitting the proceeds post divorce takes its own kind of hit.
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Much like last year's Canada Mortgage and Housing Corp.'s condo survey, which showed that investment condos owned by locals in Toronto and Vancouver are a long-term commitment with the objective of generating rental income, this year condominium investors display stable characteristics over time.
One effective way to offset the costs of a mortgage is to create a secondary suite or in-law suite and rent it to a tenant. If you're thinking of going this route, here's what to keep in mind.