The provincial government has announced some proposed changes to the way it would apply the proposed Harmonized Sales Tax (HST) to the purchase price of newly constructed housing. The provincial government has also announced proposed transitional details for newly constructed properties.BackgroundThe provincial government has announced that it intends to combine the eight percent Provincial Sales Tax with the five percent federal Goods and Services Tax, creating a 13 percent Harmonized Sales Tax (HST). · The HST is NOT YET IN EFFECT. The provincial government has indicated that it intends to bring the HST into effect beginning on July 1, 2010. · HST will not apply on the purchase price of re-sale homes. · HST would apply to services such as moving cost, legal fees, home inspection fees,... 07/09/2009

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.(1) "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." Read the complete Story Hereon my Website 07/09/2009

Low interest rates + Low Prices = Once in your lifetime opportunity. Don't miss out! Free List includes pictures and drive by address.   http://www.greatgtahomes.com    $184,900  3 Bedrooms.   Great Location Near All Amenities .. $284,900  3 Bedrooms.  Detached Home With Deep Lot On A Dead End Street/Court.. $287,000  3 Bedrooms. Bedroom Detach Bungalow.. $759,000 4 Bedroom Executive Home, Massive Rooms, 2 Sided Fireplace... http://www.greatgtahomes.com 07/04/2009

dpylyp "Next year at this time, the Ontario government - the same government that still maintains rent controls - will raise monthly maintenance fees for all condominium owners by between 5 per cent and 8 per cent.Renters will face rent hikes based on operating costs for their buildings. Those increases will vary but could be in the $25-a-month range for a downtown one-bedroom suite.Owners of older condos may face an even greater hike to top up their building's reserve fund if major work such as replacing a roof is slated for the near future.At the same time, developers of projects with suites already sold but not yet occupied are scurrying to their lawyers. Their concern is an 8-per-cent hike in monthly maintenance fees may trigger the "material change" clause in purchase agreements a... 07/04/2009

In the first four months of 2009, TREB members reported 3,945 leased condominium apartments, representing a 38% increase over the 2,854 units leased during the same period in 2008. Almost 93 per cent of all residential rental transactions on the MLS® involved condominium apartments. Read the Complete MLS Rental Market Report 06/28/2009

Greater Toronto REALTORS® reported 5,185 transactions in the first half of June - an increase of 19 per cent compared to the same period last year. "Households in the GTA have become more confident in purchasing a home over the past three months," said TREB President Maureen O'Neill. "Affordability, due in part to very low borrowing costs, has played a key role." The average price for MLS® sales was $407,716, up by two per cent compared to last year. "Heightened interest in ownership housing this spring has solidified resale home prices," according to Jason Mercer, TREB's Senior Manager of Market Analysis. "The number of home buyers has been high relative to the number of listings, pushing the average price above last year's level." 06/28/2009

Greater Toronto REALTORS® reported 9,589 sales, up almost two per cent from May 2008 – the first annual increase since December 2007. The seasonally adjusted annual rate of sales in May was 81,3001. “The resale housing market in the GTA has remained resilient in the face of challenging times globally,” according to TREB President Maureen O’Neill. “Many home buyers have taken advantage of extremely low mortgage rates.” The average price for May transactions was $395,609 – down less than one per cent compared to the same month last year. “The average resale home price has moved in line with last year’s level because of tighter market conditions experienced this Spring,” stated Jason Mercer, TREB’s Senior Manager of Market Analysis. “Home sales have increased strongly relative to new list... 06/05/2009

Land Transfer Tax applies to all transfers of land in Ontario. First-time homebuyers may be eligible for a refund of all or part of the tax. For agreements of purchase and sale entered into before December 14, 2007, the refund only applies on the purchase of a newly constructed home. For agreements of purchase and sale entered into after December 13, 2007, the refund applies to all homes, whether newly constructed or resale. How much is the Refund? The maximum amount of the refund is $2,000. If the refund is claimed at time of registration, it may offset the land transfer tax ordinarily payable. If not claimed at registration, the refund may be claimed directly from the Ministry of Revenue. No interest is paid on this refund. Who Qualifies? To claim a refund, you: must be at least 18 y... 06/05/2009

Well, the property finally sold.  When it was first put on the market, it was listed for $299,000.00.  It had been taken back to the rafters, studs and floor boards.  Then they received 22 offers.  The property was conditionally sold, but that fell through.  The property was then relisted at 329,000.00.  I don't know how many offers were received at that pricepoint, but there was obviously more than one as the property sold for well over the list price.  The property is located at 832 Escobar Cres. in Mississauga, and the MLS number was W1588447. 06/03/2009

There are many videos online with my content that is designed to be educational and informative about life in Mississauga, and ultimately the west Toronto (GTA) I am very fortunate to have a seller that was willing to go on camera with a testimonial. I am very grateful to Karen for her contagious laughter, great spirit and zest for adventure in life that made working with her an absolute pleasure. If you would like to have a similar experience with your real estate transaction in Mississauga, I would be pleased to interview for the position. Buying a home should be a stress free, informed and comfortable situation where you examine all the possible outcome and then make an educated decision. This page is intended to solicit those buyers and sellers of homes that have been disappointed i... 05/28/2009

A Home Inspection whether on a new construction or resale home is imperative to you as the consumer to be aware of what future repair items will be required. While on a Home Inspection with Russ Fascullo recently, I was introduced to an infrared camera and moisture meters. These items could be visually dismissed as unimportant but there is actually an underlying problem that was discovered using uninvasive inspection methods. The glass shower door was scraping slightly on the marble sill plate of the threshold. This in itself could be adjustment of the hinges. Further inspection shows differently. The cause of the problem was a lack of sealing the grout with the ceramic tile, omission of silicone caulking and the result is a swelling of the frame structure below the door due to moisture... 05/22/2009

Greater Toronto REALTORS® reported 4,561 transactions in the first half of May - an increase of three per cent compared to May 2008. "Members reported a rise in buying activity this month," said TREB President Maureen O'Neill. "Many home buyers who were undecided about purchasing a home during the winter months are now proceeding with confidence as a result of the GTA housing market's affordability." The average price for MLS® sales was in line with last year, down by less than one-half of one per cent at $399,811. "More sales and fewer listings resulted in tighter market conditions which pushed the average selling price back up to last year's level," according to Jason Mercer, TREB's Senior Manager of Market Analysis. "Look for new listings to increase as home owners react to the posit... 05/22/2009

Remember I posted the above about a month ago?  It was a power of sale property.  I confirmed, that it did indeed receive 22 offers and it was conditionally sold.  The property was located on Escobar Crescent in Mississauga.  It appears the deal has fallen through as it is for sale again.  However, there was so much interest at the list price of $299,000.00, that the price has now been increased to $329,000.00.  It will be interesting to see what happens now. If you would like to see the listing on STRATUS or realtor.ca, the MLS number is W1588447. 05/18/2009

Buyers!  Where are you! The market is finally showing improvement. However, I still can't put my finger on it. Renters, First Time home buyers and Up-sizers have a chance to get the home they want or the start they need. Prices are still competative, S.E. Oakville has shown great value in properties, W15, W16, W20 has many opportunities waiting. For those that do not have a Down Payment, options are still available and the rates are great. We should be having line ups to buy properties, yet they are still hesitant. You are able to borrow more money for less. Move up for the same mortgage payment. $1500/mo rental...hmm sounds like a mortgage payment - why pay the landlords mortgage? Pay your own! If you are working with a qualified full time Realtor, they should be qable to 'SHOW you the... 05/06/2009

APRIL 21, 2009 -Today, the BANK OF CANADA announced that it is lowering the overnight rate by another ¼ of a percentage point. The operating band for the overnight rate is correspondingly lowered, and the Bank Rate is now ½ per cent.  Conditional on the outlook for inflation, the target overnight rate can be expected to remain at its current level until the end of the second quarter of 2010 in order to achieve the inflation target.  With the last announcement on March 9th, the financial institutions did drop their Bank Prime Lending rate by the same percentage as the overnight rate to 2.5%. We will have to see if the banks will do it again this time and drop the Bank Prime Lending rate by the ¼ percentage point to 2.25%.  Fixed rates have also decreased since the last Bank of Canada ann... 04/21/2009

In March 2009, Greater Toronto REALTORS® reported 6,171 sales - down seven per cent from March 2008, representing the smallest year-over-year decline in the last five months. The average price for March transactions was $362,052 - down less than five per cent from the same month last year. "The Greater Toronto housing market has stood up very well given the challenging economic times the world has experienced in recent months," commented TREB President Maureen O'Neill. "In fact, over the past two months, the situation in the housing market has improved." The seasonally-adjusted annual rate of sales increased to 65,600 in March - up 36 per cent from the ten-year low reached in January. "Sales in March increased at a rate over and above what would be expected from the normal spring-time b... 04/16/2009

For the past few weeks with the approach of spring many people's interest is refocused to gardening and what will happen for spring. In our office, in the reception area there have been fresh cut flowers,  tulips,  roses and all kinds of wonderful things artfully displayed in glass and ceramic decanters. Not just the please put these in water vases, mind you.   Imagine the fragrance that greets your clients as they enter your company reception area. This random act of kindness does seem to inspire business as I am taken to thanking and recommending this business for insightful marketing techniques. Beside the floral arrangement is a small business card stand with their cards discreetly advertising their business.  Kudos to you. Naira Ardenian is the Floral Artist at www.ardenianflowers.... 04/07/2009

The Budget presented by the provincial government on March 26, 2009 announced that the Province will be moving ahead with harmonizing the GST and PST, scheduled to take effect on July 10, 2010. Combing these taxes into a single Harmonized Sales Tax (HST) could have implications for home buyers, including: · adding significant tax to services such as moving costs, legal fees, home inspection fees, mortgage insurance premiums, title insurance, and REALTOR® commissions; and, · adding significant tax to the purchase price of newly constructed homes priced over $400,000.  HST - New Homes · Newly constructed homes under $400,000 would not be subject to an additional tax burden. · A proportional rebate will be available for buyers of new homes valued between $400,000 and $500,000. HST - Resale... 04/01/2009

Home Renovation Tax Credit The proposed Home Renovation Tax Credit (HRTC) will provide a temporary 15 per cent income tax credit on eligible home renovation expenditures for work performed, or goods acquired, after January 27, 2009 and before February 1, 2010. The credit may be claimed for the 2009 taxation year on the portion of eligible expenditures exceeding $1,000, but not more than $10,000, and will provide up to $1,350 in tax relief. For more information on all of the home ownership and housing related stimulus in Budget 2009, go to http://www.budget.gc.ca/2009/plan/bpa5a-eng.asp#Personal or to the Canada Revenue Agency Web site at www.cra-arc.gc.ca and search for "Home Buyers Plan." What's eligible and what's not for the Home Renovation Tax Credit?The federal government hopes the... 03/07/2009

TORONTO, March 5, 2009 - Toronto Real Estate Board Members reported 4,120 sales in February 2009 compared to 6,015 sales recorded in February 2008. The average home price was $361,305 last month compared to $382,048 during the same month last year. "A considerable number of transactions continued to take place in February 2009. Motivated buyers and sellers, who were aware that market conditions changed over the past few months, were able to negotiate transactions acceptable to both parties," said Toronto Real Estate Board President Maureen O'Neill. To see the detailed report, please visit my blog at http://www.aceteamrealty.com/blog.asp 03/05/2009