South forest hill residences.The Canadian housing market is so hot! Canada’s booming real estate market has deterred countless people who want to buy a house, but some experts advise people who are divorced and with children to sell their homes as countless divorced couples cannot afford to live at home.Please Visit: South forest hill residences to Get Your VVIP Registration Today!
Unlike in the past, when one parent was able to keep the marriage property, some financial planners now advise divorced couples to sell their houses directly, according to TheGlobeAndMail. With the rise of prices in Canada, it is too much financial pressure for ordinary families to rely on a salary just because they have to live with their children and pay water, electricity and land taxes.
Since the outbreak, the Canadian real estate market has soared since it rebounded strongly, and by the end of last year, the average price of detached family homes was more than C $811700. Even in addition to Toronto and Vancouver, the average resale price in seven Canadian cities or regions has recently exceeded C $1 million.
This growth has made divorce one of the most serious financial losses in life, which means that in addition to all other expenses in life, single parents must be able to pay local taxes and loans on their own.
Jackie Porter, a registered financial planner in Toronto who works for divorcees, says it is common for one of the divorcees to want to keep the house. But more and more recently, she has advised her divorced clients to sell their properties, especially if they live in one of the largest cities in Canada, and the fees attached to these houses make it difficult for them to live.
Porter said that recently, more and more married couples choose to stay together for financial reasons, even those who postpone divorce because of housing pressure, and those who are forced to live together even though they have divorced.
Housing changes since the outbreak have also been one of the causes of stress, she added, as children are homeschooled and both parents work from home. In addition to the high cost of living, they are reluctant to move out even if they divorce.
At the same time, the number of divorces in Canada has been increasing. According to Statista, a global market and consumer data provider, 2.74 million divorced legally and never remarried in 2021, up from 2.71 million in 2020.
And the cost of divorce can vary widely. The cost of an undisputed divorce is about C $630, but if there is a dispute in mediation, the fee may rise to C $2500, and the cost of going to court may be as high as C $24000 or more.
However, selling a house early does not seem to be a good thing. When Corinne Krepel, a resident of most areas, divorced in 2013, she and her ex-husband sold their house.
Krapel first rented, and she was waiting for the property market to cool down. However, she has remarried since then, and she and her equally divorced husband each have two children, but the sharp rise in house prices means they can hardly afford the rent in northern Toronto, not to mention the dream of buying a house.
