Comments (0) The Red Hot Condos will be available for occupancy in the Summer of 2011. Being built by Camrost Feldcorp in Don Mills, this condominium project includes 1 bedroom, 1 bedroom + den and 2 bedroom units ranging in price from $172,900 to $285,900. They are also offering furniture packages ranging from $7,000 to $13,500. If you are interested in learning more about this project, give me a call.
I am facing a dilemma with the Toronto Real Estate market right now and that is there are not enough homes to show all the buyers who are actively looking. And I am not alone. Lots of Real Estate Agents are feeling the same crunch.
The only people really winning are the sellers. Their homes are selling quickly with multiple offers and going for over asking.
Currently in Central Toronto there are only 1,745 homes on the market and this includes condominiums. Last year at this time there were 3,398 homes on the market.
So yes, this is great for sellers but for buyers it is very frustrating to completely lose out on homes in multiple offers, multiple times, and to see prices going up with each subsequent new listing in the area.
So I am not going to tell you to wait until spring to list your home this year but to list it NOW! In fact, I am almost begging you to list your home. My last two listings have sold very quickly and for great prices. I can help you take advantage of this sellers market. Call me today.
Built right across from High Park and only 108 suites, take advantage of this great neighbourhood. Great shops, restaurants and so much to do. The suites will range from 1 bedroom up to 2 bedroom + den. This building also has lots of terraces and balconies. Floor to ceiling windows make for some great views of the park and street. If you interested in learning more about this project, give me a call.
The Home Buyers’ Plan (HBP) is a program that allows you to withdraw up to $25,000 from your registered retirement savings plan (RRSPs) to buy or build a qualifying home for yourself or for a relative with a disability.
You have to be a first time homebuyer, meaning you could not have occupied any home as the principal place of resience.
If you are planning on making a contribution to your RRSP in 2009 you have until the end of February to do so but keep in mind you must have the funds in your RRSP for at least 89 days before you can withdraw it again to use for the HBP.
To participate fill in this Form and submit it.
There is Land Transfer Tax for Ontario and if you live in the city of Toronto there is an additional tax there as well. There is a great LTT calculator here http://www.torontorealestateboard.com/LTT_splash/ltt_calculator.htm.
In Ontario:
The tax is calculated as follows:
* 0.5% of the value of consideration for the transfer up to and including $55,000,
* 1% of the value of the consideration which exceeds $55,000 up to and including $250,000, and
* 1.5% of the value of the consideration which exceeds $250,000, and
* 2% of the amount by which the value of the consideration exceeds $400,000 for land that contains at least one and not more than two single family residences.
First-time homebuyers may be entitled to a refund of Ontario’s land transfer tax, up to a maximum of $2,000. This refund is usually claimed at the time of registration.
The Toronto Land Tranfer Tax is calculated as follows:
Price of the Home
Up to and including $55,000.00 0.5% plus
$55,000.01 to $400,000.00 1.0% plus
Over $400,000.00 2.0%
FOR EXAMPLE: A home with a consideration value of $500,000.01 (excluding GST):
0 to $55,000.00 55,000.00 x 0.005 = $275.00
$55,000.01 to $400,000.00 $344,999.99 x 0.01= $3,450.00
$400,000.01 to $500,000.00 $99,999.99 x 0.02= $2,000.00
Total MLTT= $5,725.00
If you are a first-time purchaser of a newly constructed or re-sale residential property. The rebate for first-time home purchasers is up to a maximum of $3,725.00.
Your lawyer applies for the credits for you when registering your home.
Your credit score is used by most companies to see if you are a good credit risk or not. A credit score of over 680 is considered excellent.
What Can You Do to Improve Your Score?
1. Order a copy of your credit report from www.equifax.com or www.transunion.com to review it and make sure there are no errors.
2. Pay your bills on time.
3. If your credit history is questionable, open a few new accounts and use them responsibly.
4. Don’t open accounts and not use them. Having 6 or 7 of the same type of credit does not work in your favour.
5. Keep your balances low relative to your amount of credit available.
6. Pay off credit card debts!
What Does This Mean to Home Buyer’s?
The better your credit score the higher you buying power (income dependent as well). You will also qualify for the best mortgage products at the best rates.
To see what your credit score is and how much of a home you can afford, make sure to talk to your Real Estate Agent and Mortgage Broker before shopping for your Toronto Home.
Buyers, Information, Real Estate, Toronto
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| 1. | FINANCIAL PRE-QUALIFICATION: Speak with your Mortgage Broker or Bank to answer any of your questions, to feel completely comfortable with the price to pay for your home. You’ll need a T4 & letter from your employer verifying your income. (I can suggest a number of Mortgage Brokers or Banks if you haven’t already built a relationship with one as yet.) |
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| 2. | REVIEW OF THE STANDARD COSTS: | |
| a) | Provincial Land Transfer Tax :
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| b) | Municipal Land Transfer Tax:
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| c) | Lawyer: Allow +/- $1000.00 (maybe less) | |
| d) | Moving Costs | |
| e) | Home Inspections: General Home $350.00 and up (depending on the size of home and Sale Price). Termite inspection: allow $200. – $300. |
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| f) | Survey +/- $900.00 – Call me about Title Insurance $300.00 and up that will eliminate the need for a survey. |
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| 3. | THE AGREEMENT OF PURCHASE & SALE:
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Commonly Used Clauses
Purchase “Agreement of Purchase and Sale” forms
For example: Name, Property address, Legal description, Deposit,
Your choice of Clauses, Chattels, Exclusions, etc.
CASH OFFER
PURCHASER AGREES TO pay the balance of the purchase price in cash or by certified cheque
to the Vendor on closing, subject to the usual adjustments.
CONDITIONAL UPON ARRANGING SATISFACTORY FINANCING
THIS OFFER IS CONDITIONAL upon the Purchaser arranging satisfactory financing on or before
______, otherwise this Offer becomes null and void and the deposit money shall be returned
to the Purchaser in full without interest. The Purchaser reserves the right to waive this
condition at his sole option within the specified time period. The said proceeds for
financing shall be paid to the Vendor on closing as part of the purchase price.
CONDITIONAL UPON QUALIFIED INSPECTION
THIS OFFER IS CONDITIONAL for a period of _____ days from the date of acceptance by the
Vendor upon the Purchaser having the subject property inspected by a qualified home
inspector and finding said inspection satisfactory to him, failing which, this Offer shall
become null and void and the Purchaser’s deposit shall be returned in full without
interest. The Purchaser reserves the right to waive this condition at his sole option
within the specified time period.
If you delve into the 10,955 sales in the month of June you see that 6,593 of them were in the 905 suburbs and only 4,362 were in 416. The average price of a home in 905 is over $60,000 less than in the 416 area code. This along with the double land transfer tax makes for a significant savings of buying in 905.
There are 30% fewer listings on the market this year and this is pushing the market back towards the Seller’s market again. There is such little inventory on the market that once again we are witnessing bidding wars! There are lots of areas where homes are still going for over asking for example The Beaches and South Etobicoke.
The avergae days on the market is back to 33 and this can also be attributed to the lower inventory levels.
I see that this summer is going to be very hot in Toronto Real Estate. So seize the opportunity now
TORONTO, July 6, 2009 – In June 2009, Greater Toronto REALTORS® reported a record 10,955 sales, up 27 per cent from June 2008. The seasonally adjusted annual rate of sales in June was 100,700.
“The record result in June is testament to the fundamentally sound housing market in the GTA,” said the Toronto Real Estate Board’s newly appointed President Tom Lebour. “An increasing number of households have been confident in purchasing a home in the region’s affordable and diverse resale housing market.”
The average price for June transactions was $403,972 – up by two per cent compared to the same month last year.
“The re-emergence of seller’s market conditions has exerted upward pressure on home prices,” explained Jason Mercer, TREB’s Senior Manager of Market Analysis. “Look for sales to remain high relative to listings in the second half of the year. This will keep home prices growing.”
Historically, it has been better in the long term to have a variable rate mortgage but right now mortgage rates are at an all time low. So the usual logic need not apply right now.
Think about it this way, when mortgage rates were at 8 and 9 percent, a variable mortgage of 6% was a better deal. But now the fixed rates are lower than those variable rates were in the past (3.59%). These rates have been creeping up at a couple of the major banks is the last few weeks but more than likely in 5 years rates will be a lot higher than 3.59%.
Right now the Bank of Canada has lowered it’s lending rate to the low that it is in an effort to stimulate the economy, once the economy is stimulated, prices will rise (i.e. inflation). To curb inflation in the future the Bank of Canada will raise it’s rate and with it mortgage rates will rise. Now is a great time to time to lock in to hedge against this future rise in interest rates.
If you need a mortgage broker to help you get the best rates, let me know and I can send you their contact information.
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