|  It’s not homeownership. It’s not renting. Is it a good deal? As more and more young Canadians feel the dream of homeownership slip through their fingers amid skyrocketing home prices, one startup says it's enabling aspiring homebuyers to step onto the property ladder without a six-figure down payment or a gargantuan mortgage.  The company, Toronto-based Key, is one of a number of newly-created firms experimenting with new ways to enable Canadians with modest savings to access the real estate markets as owners or investors.
Key, which is advised by former Bank of Canada governor Stephen Poloz, says its unique model offers would-be homebuyers the ability to co-own and live in a property with a down payment of just 2.5 per cent. Based on the current price of the downtown Toronto condos the company is currently offering up for co-ownership, buyers need only around $15,000 for their 2.5-per cent ownership share, the company says. The company says nearly all of the 60 suites in its inventory are occupied, and around 100 people per day are joining the waiting list for new units. But some real estate experts warn the details of the company's offering contain some red flags. Its complex model may not leave young homebuyers better off, they warn.  Swap your apps to trim your grocery bill If you're feeling the pinch of inflation at the grocery store, I'm sorry to say things will likely get even worse next year. Canada's Food Price Report, which is published every year by a group of Canadian universities, predicts food prices will climb another five to seven per cent in 2022. If you're wondering what to do, here's an idea: swap your grocery delivery app for a coupon app. Households who rely on delivery can expect to pay up to eight per cent more, according to the report. On the other hand, coupon apps like Flipp and Reebee can help you save. You can look up flyers based on your location and search for the products on your grocery list. And many stores will price match if you show them a coupon offered by a nearby competitor.  Book excerpt: How to ask for what you want My book, Money Like You Mean It, officially came out on Thursday. This weekend, we’re running a short excerpt from it about how to negotiate with a new employer or client. The first step, I write, is to know your market worth. But how do you do that? Career coach and human resources expert Allison Venditti suggests playing what she calls the “over-under game” with current and former colleagues and contacts in your industry. Here’s how that works. *** My book Money Like You Mean It – Personal Finance Tactics for the Real World, is out! You can find it on Indigo, Amazon and many local bookstores. ________________________ – THE QUESTION – “I own a property in Nevada. As a Canadian citizen should I get a will done in the U.S. to cover the property for my estate?“ — A Money123 reader “Your primary will should be created in the province you live in, since where you reside at the time of death dictates the location of your estate. You don’t need to create an additional will in Nevada to cover assets there, though you can create one if you want to reduce the time it takes to go through probate. When you pass away, your will will most likely need to go through probate — the process of the court validating a will and formally appointing the executor. Real property (a home or land) solely owned by you in the U.S. must go through probate in the state in which it’s located. Before this process can start in the U.S., a grant of probate must be obtained in your province of residence. The reason you would typically create multiple wills — one in your province, the other in Nevada — is to speed up the process (if you had a will in Nevada, your executor could start the probate process immediately instead of waiting until a grant of probate is obtained in Canada). Then assets get transferred to beneficiaries faster, and the estate can be settled sooner. Many people also create multiple wills to reduce probate fees — for example, separating assets that are required to go through probate under one will, and keeping assets that do not require probate under another. Since you’re dealing with real property, which must go through probate, this doesn’t apply. To create a secondary will in Nevada, you can work with a lawyer in that state, or use an online service like Trust & Will. You may also want to speak with a tax specialist about how to minimize estate taxes on that foreign property at death. It’s also important to ensure multiple wills don't revoke each other or speak to the same assets as this could lead to the wills being challenged.” — Erin Bury, CEO, Willful ___________________________ Want your money question answered by an expert? Get in touch! | 
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