FIRST TIME HOME BUYERS REBATE INCREASED TO $4,000 !

November 14, 2016 -- The provincial government has announced significant changes to the Provincial Land Transfer Tax (PLTT), including a doubling of the rebate available to first-time home buyers, bringing it in line with the City of Toronto's rebate, and an increase in the PLTT paid on the portion of the price of properties over $2,000,000 to help pay for the increase in the first-time buyer rebate. 

• The provincial government is proposing to double the maximum rebate for first-time home buyers from $2,000 to $4,000.  This change would bring the PLTT rebate in line with the City of Toronto LTT rebate.  The real estate industry welcomes this change, which will help to make housing more affordable in the GTA.

• The provincial government is proposing to increase the PLTT for homes priced over $2,000,000 by charging 2.5% on the portion of the value above $2,000,000 (currently this portion is charged 2%). 

• For non-residential properties, the provincial government is proposing to increase the PLTT on the portion of the value above $400,000 to 2% (currently this portion is charged 1.5%). 

• As a transitional measure, purchasers who entered into agreements of purchase and sale on or before November 14, 2016 would not be subject to the increased rates of tax.
  
  TREB welcomes the increase to the provincial first-time buyer rebate to bring it in line with a similar rebate in the City of Toronto as long overdue. TREB, however, always has concerns with tax increases on property, and governments should be focused on measures to make property ownership in the GTA more affordable, not more expensive. 

• The provincial government is proposing to restrict eligibility of the first-time home buyer rebate to Canadian citizens and permanent residents, effective January 1, 2017.  As a transitional measure, purchasers who entered into agreements of purchase and sale on or before November 14, 2016 would remain eligible for the refund, regardless of citizenship or residency status.

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4 GOVERNMENT PROGRAMS THAT CAN HELP YOU TO FULFILL YOUR HOME BUYING DREAM !

A home is usually the single largest investment that most people make in their lives. Achieving your dream can be made easier by taking advantage of various Government Programs for home buyers. Buyer can benefits from these 4 programs. 

1. First-Time Home Buyers' Tax Credit

2. RRSP Home Buyers' Plan

3. HST New Housing Rebate

4. Land Transfer Tax Rebates

P.S. Want to know more about Brampton/Mississauga/GTA Real Estate buying, selling, and investment ? Let's discuss Your NEEDS and their SOLUTIONS on 1 hour FREE CONSULTATION, with no OBLIGATION. Visit us at youridealproperties.com or call/text at 4168355068. 

APRIL THE AWESOME MONTH IN CANADIAN REAL ESTATE HISTORY

April turned out to be the best month ever in Canadian real estate with consumers trading 60,952 homes worth $30.4 billion, according to the association that represents the nation’s realtors.

The Ottawa-based Canadian Real Estate Association, which represents boards across the country, said the dollar volume was up 24.8 per cent on a year over year basis. On seasonally adjusted basis, the dollar volume of April sales climbed 3.6 per cent from March.

“With almost three-quarters of all local markets posting sales gains in April, there are plenty of other places where sales are climbing as we head into the busiest time of the year for home buyers,” said Cliff Iverson, president of CREA, in a release. He believes activity in Toronto and Vancouver has topped out.

Canada’s two most expensive cities for housing continue to have an impact on national average prices which climbed 13.1 per cent in April from a year ago $508,097. Stripped of the Toronto and Vancouver, the average price of a home climbed 8.7 per cent during the same period.

Sales were up in about 70 per cent of the markets surveyed by CREA with the National Capital Region leading the way. Toronto and Vancouver had small declines in activity.

“Supply shortages and tight housing market conditions have become self-reinforcing in the Greater Toronto Area,” said Gregory Klump, chief economist with CREA, in a statement. “The Greater Vancouver Area appears to be heading in that direction too. While significant home price gains may entice some homeowners in these markets to list their home for sale, the issue for many is that the decision to move means they would also be looking to buy while competition for scarce listings is fierce. As a result, many homeowners are deciding to stay put and continue accumulating capital gains. That’s keeping listings off the markets at a time when they are already in short supply.”

P.S. Want to know more about Brampton Real Estate buying, selling, and investment ? Let's discuss Your NEEDS and their SOLUTIONS on 1 hour FREE CONSULTATION, with no OBLIGATION. Visit us at youridealproperties.com or call/text at 4168355068.

12 important steps to follow while buying a house

Buying a home is a big decision – whether it’s your first home or a vacation home. To help you make smart decisions, it’s important to think with your head and not your heart. The Real Estate Council of Ontario (RECO) shares their tips for being home smart when you’re in the market to buy.
1. DO YOUR HOMEWORK: Get informed about the buying process, before it begins, to save time, hassle and money.
2. SHOP AROUND: Don’t be tempted to hire the first real estate professional you meet. Make sure the fit is right, check their references and visit the RECO website to confirm their registration.
3. GET IT IN WRITING: If your real estate professional offers you rebates or incentives, they should provide the details in writing.
4. UNDERSTAND WHAT YOU’RE SIGNING: Before you sign a buyer representation agreement, make sure you know what it means, how long it will be in effect and what the different clauses mean. Ask questions and seek independent legal advice if you’d like a second opinion.
5. PROTECT YOURSELF: Make your offer conditional on mortgage financing, a home inspection, the sale of your existing home, and/or other factors that are important to you. These conditions provide you important protection as a buyer.
6. CHECK WHAT’S INSIDE THE WALLS: Ask your real estate professional to look into the age and condition of the home’s systems, such as the plumbing and electrical. Find out if proper permits were pulled for any renovations. Consider a home inspection to further examine the home and don’t hesitate to ask questions.
7. BE SPECIFIC: Make your offer as detailed as possible. Outline what will be included with the sale (e.g., appliances and light fixtures) and be clear if certain renovations need to be completed, based on the home inspection.
8. PLAN AHEAD: If you encounter a bidding war, enter with a strategy. Set ground rules in advance about what you want from a home, what you’re willing to spend and what conditions must be met. Once your rules are set, stick to them. When there are competing offers it can be tempting to waive your conditions (such as a home inspection). Think twice before doing this.
9. EXPECT THE UNEXPECTED: Does your closing date on your new home align with when you need to move out of your existing home? Have a contingency plan in place in case the dates don’t match up.

KEEP BUDGET IN MIND:
10. Remember to include legal fees, land transfer tax, mortgage insurance and utility hookups in your total cost.
11. Know the costs of a home inspection and home appraisal or survey.
12. Moving costs can vary based on volume, distance and whether you hire a professional mover. Have flexible room in your budget to cover the cost.

P.S. Want to know more about Brampton Real Estate Buying, Selling, and Investment ? Let's discuss Your NEEDS and their SOLUTIONS on 1 hour FREE CONSULTATION, with no OBLIGATION. Visit us at youridealproperties.com or call/text at 4168355068.

7 REASONS TO MOVE TO BRAMPTON

                                                           

Introduction: Is Brampton Going To Be Your New Home?

Brampton is located in the Peel region of the Greater Toronto area, and has been one of the cheaper real estate markets in Ontario over the past decade. Young adults have been choosing Brampton as the location to start their new families and the city has been able to benefit from this as well as the growing community. If you’re living in the Greater Toronto Area, and thinking about moving to Brampton, here are our 7 reason to move to Brampton.

                                                                                          

1. Location: Brampton is a great suburb, and it has the benefit of being surrounded by multiple cities. Brampton has the luxury of being in close proximity to Mississauga, Toronto, and Vaughn. This is a great scenario for those who work downtown, but do not want to live in such a big and busy city like Toronto.

                                                                                          

2. A people-powered economy:  With a population of approximately 523,911 Brampton is the 9th largest city in Canada and the 3rd largest in the Greater Toronto Area (GTA). Brampton is the second fastest growing city in Canada among Canada’s 50 largest cities, averaging growth of 4.2 per cent per year (or 18,000 new residents per year). Brampton residents represent more than 200 different cultures and speak more than 89 languages.

Brampton has a successful, diversified economy and is home to more than 8,500 businesses. Seventy two per cent of Brampton’s economic base is comprised of service-producing companies and 28 per cent is comprised of goods-producing companies.

                                                                  

3. Excellent Schools and Colleges: 

(a) Home to Sheridan College Institute of Technology and Advanced Learning – Davis Campus, a leading Centre for emerging technologies, science and business . 

(b) Home to Algoma University’s Brampton Campus. 

(c) 21 Colleges and Universities within 1 hour drive time from Brampton. 

(d) Innovative elementary and secondary schools with specialized learning disciplines.

                                                                                           

4. Financially stable and Supportive Community: Brampton enjoys a Triple ‘A’ (AAA) credit rating by Standard & Poor. A debt-free city with exceptional liquidity levels and a successful mixed economy. Predictable and stable cost environment .Mayor, Council and Staff eager to work with existing Brampton companies, and assist businesses interested in locating or starting a business in Brampton.

                                                                                

5. Real Estate: Of course you don’t want to spend a lot of money on your new home, and moving to Brampton will help you save a lot of money. The average price of a new single detached home in Brampton is $524,958 which is a lot less than the surrounding big cities ($800,000 +).

                                                                                      

6. Connectivity to Markets: Home to CN’s( Canadian National) largest intermodal facility in Canada; extensive highways; located adjacent to Canada’s largest international airport. 

• Brampton Züm – An innovative bus rapid transit system connecting Brampton’s businesses and workforce to the Greater Toronto Area. 

                                                                                    

7. Development: Brampton is a growing community, and with a growing community the residents get to enjoy new amenities in the area. Over the past decade the city of Brampton has introduced Cassie Campbell Community Center and has renovated Chinguacousy Park to become a football stadium for the local football team, as well as a large variety of a activities for families to enjoy.

P.S. Want to know more about Real Estate Buying, Selling, and Investment ? Let's discuss Your NEEDS and their SOLUTIONS on 1 hour FREE CONSULTATION, with no OBLIGATION. Visit us at youridealproperties.com or call/text at 4168355068.

7 Simple Reasons Why Personal Life Insurance Is Better Than Mortagage Insurance

 

Your home is the largest and most important financial commitment you will ever make. Insuring your home in case of the loss of a primary earner may be your top priority so that your family won’t be out on the street. Mortgage Insurance or Personal Life Insurance? 

Here are 7 simple reasons why Personal Life Insurance is the better option.  

MORTGAGE INSURANCE	PERSONAL LIFE INSURANCE
1.Premiums on mortgage insurance are typically higher.	1.Premiums on life insurance are typically lower.
2. The bank is the owner of the policy and you have no control over it.	2.You are the owner of the policy and you have control over it.
3.Lender is the beneficiary and will get paid if you die.	3. you can choose the beneficiary which can be changed anytime.
4. Your insurance ends with the mortgage.	4.Your policy is guaranteed renewable and convertible.
5. Insurance terminates if you change lenders, you must re-qualify all over again.	5. The insurance remains intact even if you change lenders, change the mortgage, or buy another home.
6. Face value can not be more than the amount of the mortgage.	6. You can include other needs outside of the mortgage i.e., income replacement, kid’s education, final expenses etc.
7. Coverage decreases with your mortgage balance.	7. Coverage stays the same throughout its term, regardless of mortgage.

P.S. Want to know more about Real Estate Buying, Selling, and Investment ? Let's discuss Your NEEDS and their SOLUTIONS on 1 hour FREE CONSULTATION, with no OBLIGATION. Visit us at youridealproperties.com or call/text at 4168355068.

6 GREAT REASONS TO SHOW WHY RENT TO OWN A HOME IS THE WORST CHOICE

Introduction: Introduction: Typically in a rent to own agreement, the potential buyer rents the property for a set amount of time  (usually 1 to 3 years), after which he or she can purchase the house from the seller at a predetermined (at the time of contract) price.

Who is rent to own for?

1. Lack a down payment large enough to acquire conventional financing.
2. Good income but Bad/No credit. 

Why rent to own option is not a good choice:

1. Deposit: Buyer has to pay the seller a non-refundable deposit (typically ranges from 2.5% to 7% of the purchase price) at the time of contract. Consider that if a home has a purchase price of $200,000 and a 7% option consideration, the buyer would need to pay $14,000 up front.

2. Higher Rent:  Buyer pays the seller, during the term of the lease, a specified amount of rent ( Often, the rent charged by the seller will be slightly higher than the “going rate” for the area to accommodate the rent credit the buyer receives). In many contracts, a percentage of each monthly rent payment is applied to the purchase price. For example, assume the contract states that the buyer will pay $1,800 each month for rent, and that 20% of that will be credited to the purchase. If the lease term is three years, the buyer will earn a $12,960 rent credit to apply toward the purchase ($1,800 x 0.20 = $360; $36 x 36 months = $12,960).

3. Insurance Policy: Buyer needs a renter's insurance policy to cover losses to personal property and provide liability coverage if someone is injured while in the home or if the buyer accidentally injures someone.

4. Not Purchasing the House: If the buyer decides not to purchase the house or unable to secure the financing, for some reason, at the end of the lease term, the buyer looses all the money paid until that point ( rent, deposit and insurance premium etc.). 

 
5. Legal Proceedings: If the buyer cannot purchase the property but has a legal obligation to (as stated in the contract), legal proceedings may be initiated..

6. Left alone inventory: Would you really want to buy the house which everyone else is ignoring? This option greatly benefits the seller because he/she is not able to sell his/her house in a normal way, therefore, seller chooses this option to sell the house in a "so called" creative way.
 Alternative to rent to own option: There is a good chance that the buyer would not still be able to either improve the credit or have enough money towards the down payments to purchase a house at the time of the end of the lease. Instead of risking your money and time and helping seller by buying his house which no one wants to buy, choose the conventional way to purchase your dream house. Here is how you can fulfill your goal to own a house in near future without any limitations and complications. Be deciplined and follow the below metioned steps;

1. Work on to improve the credit. Click here to know more about how to improve your credit.

2. Rent a economical house with normal lease and save money for down payment.

P.S. Want to know more about Real Estate buying, selling, and investment ? Let's discuss Your NEEDS and their SOLUTIONS on 1 hour FREE CONSULTATION, with no OBLIGATION. Visit us at youridealproperties.com or call/text at 4168355068.