Should Peggy and Howard buy their retirement home in a nearby town now or wait until they retire? Their spending goal is $100000 a year, including travel.
Should they contribute the maximum to their RRSPs while they are still working? The problem: When should they sell their rental condo to minimize capital gains? Peggy and Howard are right in planning to defer the sale of the rental property until they are no longer working and their income is relatively low, Mr. Oenar says. The simplest thing would be to buy the new home after they retire and sell the existing one. “Buying the new property now and assuming a mortgage may be challenging to their current cash flow, so they may need to rent out the new property,” Mr. Oenar says. They would also have to file a change-in-use with the Canada Revenue Agency in the year they moved to the new property, and they would have to report the resulting capital gain or loss even though there would be no actual change of ownership. When they do, they plan to sell the rental condo and give partial proceeds to their children. They are doubling up on the mortgage payments for their rental condo with the hope of having it paid off by the time they are both retired in 2026, the planner notes. Should they buy their retirement home in a nearby town now or wait until they retire? Should they contribute as much as possible to their registered retirement savings plans while they are working, then live off their withdrawals for a few years until they begin collecting Canada Pension Plan and Old Age Security benefits at age 70? They would sell the family home and move to another town. They also have a rental condo where their son lives with a roommate.
Developers are adding professional office spaces to the list of amenities in their mostly new buildings in cities around the country.
“This is a good place to be and it’s getting better.” “It creates a more communal vibe,” Mr. Vance said. At the Willoughby, Mr. Dossman and Ms. Li have gotten to know their neighbors through social events like happy-hour mixers and wine-tastings in the work-from-home space. At One South First, she pays $100 for a four-hour rental of a private room where she can place her client in a chair looking out over Domino Park and the East River. “We are pretty close to an announcement with one of them,” he said. Amina AlTai, a career and business coach, was drawn to One South First, a luxury building in Brooklyn’s Williamsburg neighborhood, because of its work-from-home space, which includes two private conference rooms and a larger boardroom. For Ms. AlTai, the space allowed her to resume in-person meetings, a crucial part of her business that was cut off in the pandemic. The building is unfinished, but they chose it because it provided a crucial amenity: a co-working space on the 22nd floor that includes semiprivate banquettes and a conference room with a view of Fort Greene Park. “People have high expectations,” said John G. Weigel, a senior development executive at DivcoWest, a real estate services firm. Developers have been adding space to apartments for years as architects design bedrooms and alcoves that can accommodate desks and other work equipment, a trend that has only accelerated in the pandemic. Co-working firms like Industrious and WeWork are beginning to take notice, hoping not to get edged out of what could become a lucrative market. When Christopher Dossman and his wife, Yao Li, were looking for an apartment in New York last year, they compiled the usual list of preferences: washer/dryer, proximity to a grocery store, subway access.
The idea is to encourage redevelopment of tired buildings to create more housing options, while helping tenants displaced by the new construction. “In a deep ...
Currently, when developers propose replacing an older rental building with a new, larger project, the city asks them to provide relief for displaced tenants. It says since new private-market rental buildings with more units and density will generate more property taxes for the city, the city should consider using the extra money to fund rent supplements so displaced tenants pay the same rents in a new building, and to supplement their rents to live somewhere else during construction. “In a deep housing crisis with not enough rental housing and not enough affordable rental housing, the disappearance of low-end-of-market units for redevelopment is putting pressure both on tenants, on existing rental stock and on all levels of government to build more social housing to fill the gap,” the draft motion says.