Are you missing out on a tax rebate for your heritage property? Under the Municipal Act, 2001, municipalities may give tax relief to owners of eligible heritage properties by passing a by-law creating a heritage property tax relief program.
This can be a great way to extend your funds available for a home purchase, utilizing income you already have.
The Home Buyers’ Plan (HBP) is a program under which you can, generally, with- draw up to $25,000 from your registered retirement savings plan (RRSPs) to buy or build a qualifying home. Withdrawals that meet all applicable HBP conditions do not have to be included in your income, and your RRSP issuer will not withhold tax on these amounts. However, before you can withdraw funds you must have entered into a written agreement to buy or build a qualifying home which you must occupy no later than one year after buying or building the home. If you buy the qualifying home together with your spouse or other individuals, each of you can withdraw up to $25,000. You cannot with- draw an amount from your RRSP under the HBP if you or your spouse owned the home more than 30 days before the date of your withdrawal.
The Toronto Star has a great article today suggesting that it may be time for Ottawa to revisit the year-old Mortgage Stress Test. The Mortgage Professionals of Canada group released their own report, indicating how the current structure of the stress-test does not accurately reflect Canadians buying-power, nor does it take into account the decreasing primary mortgage amount, as payments occur over the life of the mortgage.
We have all seen the tremendous impact these rules have had - not only on first-time Buyers, but on many current homeowners looking for end of term renewals.
While heavily weighted by the core of Toronto, the Toronto Real Estate Board reported this week that August transactions were up year-over-year.
There were 6,839 sales in August 2018 - up 8.5% versus 2017. Seasonally-adjusted volume puts sales up 2% versus July 2018.
With increased stability around the GTA, we expect to see volume increasing in the ‘905’ areas, including the core Unionville, Markham and Richmond Hill areas. September is looking to be a solid month for new listings, and overall sales activity.
We are moving into that busy time of year, when many homeowners take on all those to-do's and upgrade projects around their homes. Before you dive into your reno and painting projects, take a look at Benjamin Moore's new color picks for 2018.
We've always relied on some of Benjamin Moore's most trusted colors - that famed CC40, Cloud White - and it's always interesting to see where the interior and exterior design trends are heading.
Welcome back Spring! Warmer weather is finally coming back, and we expect to continue to see activity increasing in the marketplace. Historically, April-May has always been 'the peak' for new listings hitting MLS, followed closely by mid-September.
We have some great new listings currently on the market - a wonderful home situated in the midst of Historical Unionville Village. An excellent opportunity to build-on to this cozy home, with it's amazing location and large lot, it's a builders dream.
If you are in the market for a larger, luxury home, with the benefit of a condo, 41 Glenburn Forest Way could be for you. This home features over 4600 sq.ft. of finished space, and is lock-and-leave ready - no yard maintenance to worry about!
Lots more coming soon!
Clients of ours know we've been advocating investing in the Southern Georgian Bay area for over two years now. The continued rise in interest, and a diverse offering of properties - at virtually any price point - has been an incredible draw. The Toronto Star today posted an article correlating the activity we have been part of: Young families are driving the market around The Blue Mountains, as it continues to become a more important hot-spot in Ontario.
We've been members of the Southern Georgian Bay Realtors Association since 2015, and continue to grow our business throughout the Collingwood, Blue Mountain and Thornbury areas. Contact us If you want to learn more about the investment opportunities, or simply the general Real Estate market in the area.
It's great to see that the general Market Activity has been on the rise over the last few weeks. Buyer interest has been increasing - possibly due to Buyer's wanting to expedite finding a purchasing opportunity, with the goal of 'beating' the deadline for the new Mortgage rules coming into effect January 1.
Congratulations to our wonderful Clients on the sale of their home in Angus Glen this week! 5 Port Rush Trail is a stunning home, and we are sure the new owners will be thrilled to enjoy what you have created!
Despite everyones best efforts in a Real Estate transaction, issues can arise that may not have been evident during the Purchasing process. We highly recommend that every Buyer consider purchasing Title Insurance coverage through their Lawyer while completing their transaction.
“Title” refers to your legal ownership of a property, as registered in the government’s land registration system. Title Insurance covers losses related to the property’s title or ownership, including:
- Title issues that prevent you from having clear ownership of the property.
- Existing liens against the title, for example if the previous owner had unpaid property taxes.
- Issues related to encroachment on someone else’s property, for example, if a structure had to be removed because it is partially on your neighbour’s property.
- Errors in surveys and public records.
- Title fraud.
- Any other title-related issues that could affect your ability to sell, mortgage or lease your home in the future.
Title Insurance can also come in handy if title transfer to your name can’t occur on the date your deal is supposed to close. The “gap” coverage in Title Insurance will allow your lawyer to close the sale of the property even if registration is delayed.
Some title insurance also includes coverage in case your lawyer makes an error while handling the real estate transaction. Although title insurance is a one-time fee, the coverage lasts as long as you own the property.
But remember Title Insurance typically won’t cover:
- Title defects you were aware of before you purchased the property.
- Environmental hazards.
- Problems that would only be discovered by a new survey or inspection of your property.
- Matters not listed in public records, like unrecorded liens or encroachments against the property.
- Zoning bylaw violations from changes, renovations or additions that you created yourself.
It is important to know that all lawyers practicing real estate law in Ontario are required to carry professional liability insurance. Your lawyer’s professional liability insurance may provide coverage for title related issues that relate to the services your lawyer provides in the real estate transaction.
A lawyer will provide you legal advice in order to help you make an informed decision about title insurance and other aspects of the transaction. Since title insurance policies contain a lot of legal terminology, make sure you ask your lawyer or title insurance company questions about anything that you do not understand.
Title insurance companies and insurance agents/brokers should meet best practice standards that include:
- Providing information to clients on all available options.
- Supply full details for all matters related to the title insurance transaction.
- Ensure that the recommended product meets the client’s needs.
Keep in mind that you are the customer and can choose any one of the title insurance companies that you think would best meet your needs.
Learn more about Title Insurance at the Financial Services Council of Ontario or the Insurance Bureau of Canada websites.
Need more information, or want to discuss your Real Estate needs? Contact us anytime - we are here to help!
Toronto Star Headlines - Thursday August 17th.
You’ll need six figures to buy almost any GTA home, $200,000 a year for the average detached Toronto house, report says. As the cost of Toronto-area housing rises, so do the financing challenges for young adults. Read More
This article is based upon data in "The Report" that assumes that all housing is purchased with 20% down. Most of the homes we sell are well over 1 million dollars. Most, if not all, of our purchasers carry with them equity from their last house so their down payment typically is nowhere near 20%. On average it is considerably more. So don't be frightened by statistics that are somewhat deceiving! The sky is not falling in.
Remember that if you have one foot in a bucket of boiling water and the other foot in a bucket of ice cubes then someone can write a Report indicating that statistically you are a perfectly normal temperature. We are also looking forward to a brisk "normal" Fall Real Estate market, statistically speaking!