Your professional Real Estate AMIGO with over 25 years experience in Buying, Selling and Investing.
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Thursday, November 24, 2011
Saturday, November 19, 2011
Reveiw your tenant applications carefully.
It is a very important to put the new tenant applicant's name through google to see what shows up. It will sometimes illustrate some very important facts and history that might be a factor in determining whether you really want them as a tenant. It is also very important to ask for ID before you hand over the keys to make sure that you investigated the correct person.
Tuesday, November 15, 2011
Wednesday, November 9, 2011
Beautiful Century Home in Brooklin for only $299,900
Just a few minutes north of downtown Brooklin. This wonderful century home features 3 large bedrooms and a huge country kithchen. Visit http://www.theamigo.ca/ for more details.
Tuesday, November 8, 2011
November Real Estate Market Update for Toronto and GTA
The real estate market continues very strong, most areas continue to see a very steady increase. The trends so far are that the market will continue to climb and the interest rates will remain very low.
On the day to day level, I have been seeing lots of people refinancing or trying to refinance. Remember you can always call us to see if we can assist or we can give you our opinion. I have seen many people get into new finance options that they cannot keep up with, so be careful. Usually properties are always affordable, but you always have to have something set aside for a rainy day or just a minor repair. This can be done with either savings or a good line of credit. Be prepared before you need it, when you really need some financial assistance you will notice that it is very difficult if you are already behind or not working.
I have also been working with lots of people getting involved in investing in real estate, it is a growing trend. I have joined a couple real estate investing networks for this. I am might also hold a small seminar in January or February illustrating the benefits. It does have some risks but done properly it really pays off, sometimes a bit slower than expected but over the long run it is great. It is like someone else paying off your RRSP's.
We are here to answer all your real estate questions and we really appreciate your referrals of your friends and family. We work all over Toronto and surrounding GTA. We can assist you in selling or buying a properties, investment real estate, commercial or businesses.
“You AMIGOS in Real Estate”
On the day to day level, I have been seeing lots of people refinancing or trying to refinance. Remember you can always call us to see if we can assist or we can give you our opinion. I have seen many people get into new finance options that they cannot keep up with, so be careful. Usually properties are always affordable, but you always have to have something set aside for a rainy day or just a minor repair. This can be done with either savings or a good line of credit. Be prepared before you need it, when you really need some financial assistance you will notice that it is very difficult if you are already behind or not working.
I have also been working with lots of people getting involved in investing in real estate, it is a growing trend. I have joined a couple real estate investing networks for this. I am might also hold a small seminar in January or February illustrating the benefits. It does have some risks but done properly it really pays off, sometimes a bit slower than expected but over the long run it is great. It is like someone else paying off your RRSP's.
We are here to answer all your real estate questions and we really appreciate your referrals of your friends and family. We work all over Toronto and surrounding GTA. We can assist you in selling or buying a properties, investment real estate, commercial or businesses.
“You AMIGOS in Real Estate”
Tuesday, October 25, 2011
Friday, October 21, 2011
Thursday, October 13, 2011
Thursday, July 28, 2011
Tuesday, June 28, 2011
Tuesday, June 21, 2011
Friday, June 10, 2011
Tuesday, May 31, 2011
Friday, May 27, 2011
Rent To Own - What should you Do?
Many people are always asking me about Rent to own, both from the side of the investor and from the side of the renter or future house owner.
As an investor there is lots of money to be made, the returns are incredible. It is a way to make really good money and at the same time avoid some of the tenant laws. The law is still a bit unclear whether the people living in the house are considered tenants.
As a renter, is seems like a quick way to get to the house that you would like, when you think you don’t qualify for the financing or if you don’t have all of the down payment. Sometimes it is just a matter of finding the right realtor or mortgage broker. If you are thinking of becoming a renter in a rent to own situation, there are a few points to keep in mind:
- I caution people that you have to do your research on the person or company that you are renting or purchasing from. You want to make sure that they will be able to hold on to the house while you build equity. If they end up losing the house are you considered only a tenant.
- You have to make sure that you will be able to repair your credit, obtain the downpayment or have employment to qualify for the mortgage in the time frame agreed to. Or you will lose the money that you have built up or given.
- You have to calculate the cost of getting into a rent to own versus just waiting a bit longer to see if you will qualify under normal conditions.
- You need to be sure that this is the house that you would like to purchase in a couple of years.
- You need to make sure that the house will be worth more when you take over it. What will happen if it is worth less, will the bank give you a mortgage?
These are just some things to consider, when looking into getting a rent to own property.
If you are thinking of purchasing properties are investments for rent to own, or if you think this might be the only way to get your own home, call us Today at 416-225-2290, we will guide you to make the right decision for you and your family.
As an investor there is lots of money to be made, the returns are incredible. It is a way to make really good money and at the same time avoid some of the tenant laws. The law is still a bit unclear whether the people living in the house are considered tenants.
As a renter, is seems like a quick way to get to the house that you would like, when you think you don’t qualify for the financing or if you don’t have all of the down payment. Sometimes it is just a matter of finding the right realtor or mortgage broker. If you are thinking of becoming a renter in a rent to own situation, there are a few points to keep in mind:
- I caution people that you have to do your research on the person or company that you are renting or purchasing from. You want to make sure that they will be able to hold on to the house while you build equity. If they end up losing the house are you considered only a tenant.
- You have to make sure that you will be able to repair your credit, obtain the downpayment or have employment to qualify for the mortgage in the time frame agreed to. Or you will lose the money that you have built up or given.
- You have to calculate the cost of getting into a rent to own versus just waiting a bit longer to see if you will qualify under normal conditions.
- You need to be sure that this is the house that you would like to purchase in a couple of years.
- You need to make sure that the house will be worth more when you take over it. What will happen if it is worth less, will the bank give you a mortgage?
These are just some things to consider, when looking into getting a rent to own property.
If you are thinking of purchasing properties are investments for rent to own, or if you think this might be the only way to get your own home, call us Today at 416-225-2290, we will guide you to make the right decision for you and your family.
Own a Business in the Town of Brooklin Ontario, North Whtiby
Over 10 years in Business. This profitable dry cleaner business can be yours for only $89,900. Email me at cvergara@sutton.com for more details or visit my web site www.theAmigo.ca .
Toronto, Ajax, Pickering, Markham, Whitby, Oshawa, Missisauga, Brampton, Vaughan, Real Estate Board Market update for May 2011
The April market continued to be very strong because of the low interest rates, making it a great time to purchase or sell. We saw multiple offers on many homes. Lots of different areas saw a nice increase in prices. Also it is a great time to refinance, to pay off those credit cards or just to get a lower monthly payment.
Hear is what the Toronto Real Estate Board is stating about the market:
Tight Market Results in Strong Price Growth in April
May 4, 2011 -- Greater Toronto REALTORS® reported 9,041 existing home sales through the TorontoMLS® system in April 2011. This result was down 17 per cent compared April 2010 when sales spiked to a new record of 10,898. While off last year's record result, April 2011 sales were in line with the average April sales level reported over the previous five years.
"Existing home sales have been strong from a historic perspective through the first four months of 2011. Expect the pace of sales to remain robust through the spring, as the economy expands and home buyers continue to benefit from affordable home ownership opportunities," said Toronto Real Estate Board (TREB) President Bill Johnston.
Market conditions tightened markedly over the last year. April 2011 sales accounted for 62 per cent of new listings during the month – up substantially from 53 per cent in April 2010. Tighter conditions resulted in the average April selling price growing by nine per cent annually to $477,407.
"The number of listings has been below expectations so far this year. Increased competition between home buyers has led to an accelerating annual rate of price growth," said Jason Mercer, TREB's Senior Manager of Market Analysis. "The strong price growth experienced in April should result in more listings and more balanced market conditions."
Median Price
In April, the median price was $402,000, from the $373,000 recorded during April of 2010.
Hear is what the Toronto Real Estate Board is stating about the market:
Tight Market Results in Strong Price Growth in April
May 4, 2011 -- Greater Toronto REALTORS® reported 9,041 existing home sales through the TorontoMLS® system in April 2011. This result was down 17 per cent compared April 2010 when sales spiked to a new record of 10,898. While off last year's record result, April 2011 sales were in line with the average April sales level reported over the previous five years.
"Existing home sales have been strong from a historic perspective through the first four months of 2011. Expect the pace of sales to remain robust through the spring, as the economy expands and home buyers continue to benefit from affordable home ownership opportunities," said Toronto Real Estate Board (TREB) President Bill Johnston.
Market conditions tightened markedly over the last year. April 2011 sales accounted for 62 per cent of new listings during the month – up substantially from 53 per cent in April 2010. Tighter conditions resulted in the average April selling price growing by nine per cent annually to $477,407.
"The number of listings has been below expectations so far this year. Increased competition between home buyers has led to an accelerating annual rate of price growth," said Jason Mercer, TREB's Senior Manager of Market Analysis. "The strong price growth experienced in April should result in more listings and more balanced market conditions."
Median Price
In April, the median price was $402,000, from the $373,000 recorded during April of 2010.
Tuesday, May 17, 2011
Wednesday, May 4, 2011
Thursday, April 21, 2011
Scarborough Selling Fast
Amanada Crescent in Scarborough. Just sold for over almost 7% over asking, the market is very hot because there is a shortage of homes on the Toronto real estate market. This is a great time to sell because the rates are still very low. This is a great time to sell out move into Durham Region where homes are still much cheaper.
Thursday, April 7, 2011
Power of Sales & Foreclosure, when it happens to you!
I get many calls from people looking for great deals on power of sales and foreclosures. As you know in life when one looses the other gains. Well this article addresses the other side of the story. As many of you know I am called for positive occasions and also for negative occasions. There are many changes in life that sometimes will not allow us to continue to pay all our financial commitments.
No matter what the situation you should take control and face the bank and financial institution. The most important thing is to take action quickly before it is too late. If you take quick actions, the bank is sometimes willing to renegotiate the terms of the mortgage, CHMC or Genworth sometimes have programs to assist, and I have even seen the banks allow you to skip a couple of payments.
Many times you have equity in the property; this can disappear quickly when you stop paying. The best thing to do is to put the house on the market and take out your equity. Even if you break even, you are still better off because the house did not go power of sale, meaning that you did not end up with of a record of non payment. Unlike a bankruptcy, I have seen where the bank that went power of sale and CHMC, have not easily forgiven the person that did not pay. This means that years down the road it would be very difficult to purchase another home with less than 20% down or to get financing through that bank or finance institution.
If things seem to be that you cannot easily sell, I have also seen some financial institutions allow a short sale, meaning that they have reduced some of the penalties and interest, in order to allow for the house to sell.
There are many steps and strategies that you can do minimize your losses and that of the bank. The main thing is to be aware of the process, and keep an eye on how much time you have left. Just as a reminder, if they mention that they are sending it to their legal department, this means that you will now be charged legal fees and that there is normally no more negotiating, just pay the full arrears.
No matter what the situation might be, give me a call and I can assist you.
No matter what the situation you should take control and face the bank and financial institution. The most important thing is to take action quickly before it is too late. If you take quick actions, the bank is sometimes willing to renegotiate the terms of the mortgage, CHMC or Genworth sometimes have programs to assist, and I have even seen the banks allow you to skip a couple of payments.
Many times you have equity in the property; this can disappear quickly when you stop paying. The best thing to do is to put the house on the market and take out your equity. Even if you break even, you are still better off because the house did not go power of sale, meaning that you did not end up with of a record of non payment. Unlike a bankruptcy, I have seen where the bank that went power of sale and CHMC, have not easily forgiven the person that did not pay. This means that years down the road it would be very difficult to purchase another home with less than 20% down or to get financing through that bank or finance institution.
If things seem to be that you cannot easily sell, I have also seen some financial institutions allow a short sale, meaning that they have reduced some of the penalties and interest, in order to allow for the house to sell.
There are many steps and strategies that you can do minimize your losses and that of the bank. The main thing is to be aware of the process, and keep an eye on how much time you have left. Just as a reminder, if they mention that they are sending it to their legal department, this means that you will now be charged legal fees and that there is normally no more negotiating, just pay the full arrears.
No matter what the situation might be, give me a call and I can assist you.
Toronto Durham Peel York real estate market update for April 2011
The market is very active, but not all areas have been the same, it looks like each area is moving at its own pace. The interest rates did go up, just a couple of days ago, putting the fixed rate at or above 4% on a 5 year fixed rate. The variable for now has stayed the same. We are seeing the prices go up in most areas, seeing the 3% increase, as expected and more in some areas. It has not seemed that the elimination of the 35 year CHMC mortgage has had much affect on the market. The rates continue to be at an all time low, making it a great time to purchase, sell or invest in real estate. If you have any questions or have friends and family that are looking for assistance from a professional realtor, don't hesitate to give them my direct line at 416-225-2290, I am always very happy to assist your friends and family. Also if you, your friends or family, are looking for a new mortgage, renewal or refinance, don’t hesitate to call so that I can pass along my discounts and advice.
Here is the complete Toronto Real Estate Market Report for the month ending March 2011:
Market Statistics
Market Watch
Second Best March on Record
April 5, 2011 -- Greater Toronto REALTORS® reported 9,262 transactions through the TorontoMLS® system in March 2011, representing the second best March result on record. The number of transactions was 11 per cent lower than the record result reported in March 2010.
"The strong home sales reported in March and throughout the first quarter of 2011 have been based on a solid affordability picture and improving economic conditions in the GTA and country-wide," said Toronto Real Estate Board (TREB) President Bill Johnston.
The average selling price for March 2011 was up five per cent year-over-year to $456,147. The strongest average annual price growth was reported for condominium apartments and semi-detached houses, at approximately seven per cent for both home types.
"Market conditions were tighter in March compared to last year. With more competition between buyers, we have seen a strong but sustainable rate of price growth," said Jason Mercer, TREB's Senior Manager of Market Analysis.
Median Price
In March, the median price was $385,000, from the $370,000 recorded during March of 2010.
For more information visit: http://www.theamigo.ca/ "Your AMIGO in Real Estate"
Here is the complete Toronto Real Estate Market Report for the month ending March 2011:
Market Statistics
Market Watch
Second Best March on Record
April 5, 2011 -- Greater Toronto REALTORS® reported 9,262 transactions through the TorontoMLS® system in March 2011, representing the second best March result on record. The number of transactions was 11 per cent lower than the record result reported in March 2010.
"The strong home sales reported in March and throughout the first quarter of 2011 have been based on a solid affordability picture and improving economic conditions in the GTA and country-wide," said Toronto Real Estate Board (TREB) President Bill Johnston.
The average selling price for March 2011 was up five per cent year-over-year to $456,147. The strongest average annual price growth was reported for condominium apartments and semi-detached houses, at approximately seven per cent for both home types.
"Market conditions were tighter in March compared to last year. With more competition between buyers, we have seen a strong but sustainable rate of price growth," said Jason Mercer, TREB's Senior Manager of Market Analysis.
Median Price
In March, the median price was $385,000, from the $370,000 recorded during March of 2010.
For more information visit: http://www.theamigo.ca/ "Your AMIGO in Real Estate"
Monday, March 28, 2011
Great Investment in Ajax, house just like a duplex, great tenant
This Beautiful 3 bedroom bungalow is renovated top to bottom, with a self contained legal 1 bedroom basement apartment. Tenant upstairs pays $1350 a month , Would like to stay for at least 4 yrs (AAA tenant). Basement Apartment. is vacant but rents for $850-$925 a month. (Basement looks like a brand new Condo). Purchase price is $275,000 with 5% down carries for around $1800 (includes. Mortgage, insurance, Taxes, and $300 utilities.) also has coin operated washer and dryer, income not included here.
Rent it out whole house and get a $400 a month positive cash flow or live downstairs for only $ 450 a month .
** All numbers are estimates only **
Rent it out whole house and get a $400 a month positive cash flow or live downstairs for only $ 450 a month .
** All numbers are estimates only **
Real Estate Market Update for Toronto and Surrounding areas
The prices continue to grow and likely for the rest of the year. In most areas it seems to be a seller's market, with a slim supply of properties. The interest rates continue to be at an all time low. All forecast now indicate that interest rates will continue with no upward movement at least till the fall, due to the current world issues. The 35 year amortized mortgages have now been eliminated by most banks, it did cause a bit of a market jump, but now it seems that it is back to a regular pace. Most people will find that the 30 year mortgage does very little difference from the 35 year mortgage. It is great time to purchase or sell your properties, many opportunities exist. Call me for more details.
Friday, March 18, 2011
35 Year CHMC approved mortgage is OVER
As March 18 comes along the 35 year amortization mortgage is now over. Will the market slow down, will be people stop buying? Probably NOT, it will probably continue to be a strong spring real estate market. Call me to review all of your financing options.
Monday, February 28, 2011
Beautiful 2 bedroom bungalow
Spotless, better than new. 9 foot ceilings, large eat in kitchen and a large family room with a cozy fireplace. Just a few blocks to downtown Brooklin, where you can stroll through this shops and cafes. Minutes to the new 407 exits, close to shopping and parks. Downtown Toronto in less than an hour.
Tuesday, February 15, 2011
January Toronto Real Estate Market was Strong
Market Watch
Good Start to 2011
February 4, 2011 -- Greater Toronto REALTORS® reported 4,337 transactions through the TorontoMLS® system in January 2011. This result was 13 per cent lower than the record result reported in January 2010.
"While off the record pace experienced a year ago, the GTA resale market has started the year on a solid footing. Home buyers in Toronto and surrounding areas continue to benefit from a diversity of housing types for sale at many different price points," said TREB President Bill Johnston.
The average selling price for January 2011 sales was $427,037, representing an increase of over four per cent compared to the average of $409,058 reported in January 2010.
"The average selling price is expected to grow at a moderate pace in 2011. Growth rates in the three to five per cent range will be sustainable from an affordability perspective," said Jason Mercer, TREB's Senior Manager of Market Analysis.
Median Price
In January, the median price was $360,000, from the $350,000 recorded during January of 2010.
Good Start to 2011
February 4, 2011 -- Greater Toronto REALTORS® reported 4,337 transactions through the TorontoMLS® system in January 2011. This result was 13 per cent lower than the record result reported in January 2010.
"While off the record pace experienced a year ago, the GTA resale market has started the year on a solid footing. Home buyers in Toronto and surrounding areas continue to benefit from a diversity of housing types for sale at many different price points," said TREB President Bill Johnston.
The average selling price for January 2011 sales was $427,037, representing an increase of over four per cent compared to the average of $409,058 reported in January 2010.
"The average selling price is expected to grow at a moderate pace in 2011. Growth rates in the three to five per cent range will be sustainable from an affordability perspective," said Jason Mercer, TREB's Senior Manager of Market Analysis.
Median Price
In January, the median price was $360,000, from the $350,000 recorded during January of 2010.
Thursday, February 10, 2011
Hot Market
SELL NOW! If you are thinking of selling your property this year, there have been many changes this year, including
increases to the interest rates & the elimination of the 35 year mortgage, that are causing the real estate market to heat up. You can NOW get top dollar for your home, call me today for details.
increases to the interest rates & the elimination of the 35 year mortgage, that are causing the real estate market to heat up. You can NOW get top dollar for your home, call me today for details.
Beware of purchasing in the US
I have seeen lots of companies promoting purchasing properties in the US, be careful. I have seen some statistics showing that the US will have another real estate drop. Before purchasing in the US make sure that you understand the tax laws and that you understand what factors will affect the real estate market in the future, such as unemployment.
Tuesday, February 8, 2011
Mortgage Rates have started to climb up
If you are thinking of purchasing soon, now is the time to get pre-approved and hold the rate. The rates have started to climb today and will continue to climb.
Monday, February 7, 2011
Your Credit is important to your future
Always keep in mind that maintaining a good credit score with active credit will insure that you get the best available rates from your lender when you are applying for a mortgage. For tips / report on improving your credit score or on re-establishing your credit visit my web site www.theamigo.ca
Wednesday, February 2, 2011
Landlords in Ontario can increase the rent as much as they like!
If you unit (house, condo, basement apartment etc.) was built and occupied after June 18, 1998, it would mean that you are except from the provincial guideline, which for 2011 is 0.7 % percent. Most people don't know this, therefore you be end up at the tribunal proving your point. The information is available on line at the ministry's web site, but also review with the ministry to make sure that your unit falls in this category.
Ontario Residential Tenancies Act, 2006
Rules relating to rent
(2) Sections 104, 111, 112, 120, 121, 122, 126 to 133, 165 and 167 do not apply with respect to a rental unit if,
a) it was not occupied for any purpose before June 17, 1998
(b) it is a rental unit no part of which has been previously rented since July 29, 1975; or
(c) no part of the building, mobile home park or land lease community was occupied for residential purposes before November 1, 1991. 2006, c. 17, s. 6 (2).
......
Guideline increase
120. (1) No landlord may increase the rent charged to a tenant, or to an assignee under section 95, during the term of their tenancy by more than the guideline, except in accordance with section 126 or 127 or an agreement under section 121 or 123. 2006, c. 17, s. 120 (1).
Guideline
(2) The guideline for a calendar year is the percentage change from year to year in the Consumer Price Index for Ontario for prices of goods and services as reported monthly by Statistics Canada, averaged over the 12-month period that ends at the end of May of the previous calendar year, rounded to the first decimal point. 2006, c. 17, s. 120 (2).
Publication of guideline
(3) The Minister shall determine the guideline for each year in accordance with subsection (2) and shall have the guideline published in The Ontario Gazette not later than August 31 of the preceding year. 2006, c. 17, s. 120 (3).
Ontario Residential Tenancies Act, 2006
Rules relating to rent
(2) Sections 104, 111, 112, 120, 121, 122, 126 to 133, 165 and 167 do not apply with respect to a rental unit if,
a) it was not occupied for any purpose before June 17, 1998
(b) it is a rental unit no part of which has been previously rented since July 29, 1975; or
(c) no part of the building, mobile home park or land lease community was occupied for residential purposes before November 1, 1991. 2006, c. 17, s. 6 (2).
......
Guideline increase
120. (1) No landlord may increase the rent charged to a tenant, or to an assignee under section 95, during the term of their tenancy by more than the guideline, except in accordance with section 126 or 127 or an agreement under section 121 or 123. 2006, c. 17, s. 120 (1).
Guideline
(2) The guideline for a calendar year is the percentage change from year to year in the Consumer Price Index for Ontario for prices of goods and services as reported monthly by Statistics Canada, averaged over the 12-month period that ends at the end of May of the previous calendar year, rounded to the first decimal point. 2006, c. 17, s. 120 (2).
Publication of guideline
(3) The Minister shall determine the guideline for each year in accordance with subsection (2) and shall have the guideline published in The Ontario Gazette not later than August 31 of the preceding year. 2006, c. 17, s. 120 (3).
Landlords in Ontario can increase the rent as much as they like!
If you unit (house, condo, basement apartment etc.) was built and occupied after June 18, 1998, it would mean that you are except from the provincial guideline, which for 2011 is 0.7 % percent. Most people don't know this, therefore you be end up at the tribunal proving your point. The information is available on line at the ministry's web site, but also review with the ministry to make sure that your unit falls in this catagory.
Ontario Residential Tenancies Act, 2006
Rules relating to rent
(2) Sections 104, 111, 112, 120, 121, 122, 126 to 133, 165 and 167 do not apply with respect to a rental unit if,
a) it was not occupied for any purpose before June 17, 1998
(b) it is a rental unit no part of which has been previously rented since July 29, 1975; or
(c) no part of the building, mobile home park or land lease community was occupied for residential purposes before November 1, 1991. 2006, c. 17, s. 6 (2).
......
Guideline increase
120. (1) No landlord may increase the rent charged to a tenant, or to an assignee under section 95, during the term of their tenancy by more than the guideline, except in accordance with section 126 or 127 or an agreement under section 121 or 123. 2006, c. 17, s. 120 (1).
Guideline
(2) The guideline for a calendar year is the percentage change from year to year in the Consumer Price Index for Ontario for prices of goods and services as reported monthly by Statistics Canada, averaged over the 12-month period that ends at the end of May of the previous calendar year, rounded to the first decimal point. 2006, c. 17, s. 120 (2).
Publication of guideline
(3) The Minister shall determine the guideline for each year in accordance with subsection (2) and shall have the guideline published in The Ontario Gazette not later than August 31 of the preceding year. 2006, c. 17, s. 120 (3).
......
Ontario Residential Tenancies Act, 2006
Rules relating to rent
(2) Sections 104, 111, 112, 120, 121, 122, 126 to 133, 165 and 167 do not apply with respect to a rental unit if,
a) it was not occupied for any purpose before June 17, 1998
(b) it is a rental unit no part of which has been previously rented since July 29, 1975; or
(c) no part of the building, mobile home park or land lease community was occupied for residential purposes before November 1, 1991. 2006, c. 17, s. 6 (2).
......
Guideline increase
120. (1) No landlord may increase the rent charged to a tenant, or to an assignee under section 95, during the term of their tenancy by more than the guideline, except in accordance with section 126 or 127 or an agreement under section 121 or 123. 2006, c. 17, s. 120 (1).
Guideline
(2) The guideline for a calendar year is the percentage change from year to year in the Consumer Price Index for Ontario for prices of goods and services as reported monthly by Statistics Canada, averaged over the 12-month period that ends at the end of May of the previous calendar year, rounded to the first decimal point. 2006, c. 17, s. 120 (2).
Publication of guideline
(3) The Minister shall determine the guideline for each year in accordance with subsection (2) and shall have the guideline published in The Ontario Gazette not later than August 31 of the preceding year. 2006, c. 17, s. 120 (3).
......
Monday, January 31, 2011
Real Estate Market is Heating UP
WOW, I have been working in and around Toronto over the last couple of days and the market is really heating up in certain areas. Everything is multiple offers. The spring market has started early this year. The reason behind this is the recent changes with CHMC, elminating the 35 year mortgages, by March 18,2011. If you are thinking of selling your property this year, this might be the perfect time to do it.
Thursday, January 27, 2011
No pressure for Rate Hike
Loonie falls on tame inflation report
The Canadian dollar fell Tuesday on the heels of a soft inflation report that suggests the central bank will be in no rush to hike interest rates.
As per Toronto Star Report
The Canadian dollar fell Tuesday on the heels of a soft inflation report that suggests the central bank will be in no rush to hike interest rates.
As per Toronto Star Report
Sell your house before is goes Power of Sale
Can't Pay Your Mortgage, Falling behind! The bank is calling you!
Call me immediately, Let me tell you what your options are, you normally have many. I can sell you property of top dollar immediatly and we also have Cash Buyers standing by, this will save you credit and allow you to still purchase a home in a future through CHMC.
Call me immediately, Let me tell you what your options are, you normally have many. I can sell you property of top dollar immediatly and we also have Cash Buyers standing by, this will save you credit and allow you to still purchase a home in a future through CHMC.
New tool for understanding mortgages and other finance issues
The Financial Consumer Agency of Canada has specifically designed a new "Mortgage Toolkit" for the Ontario Real Estate Association to be shared with potential hombuyers, it is www.moneytools.ca
Monday, January 24, 2011
Home Energy Retrofit Grants – Deadlines for Eligibility
January 24, 2011 -- The federal and provincial governments provide grants to homeowners who undertake renovations that improve the energy efficiency of their homes. These programs are coming to a close as of March 31, 2011. See deadlines for eligibility below.
Details
Before undertaking any renovations, homeowners must first have an energy audit of their home performed by a licensed service organization (list of auditors provided at government web site address provided below). The evaluation report provides customized recommendations for renovations to improve the energy efficiency of the home. Once the homeowner has completed the renovations, a second audit must be undertaken within 18 months of the first one to determine the change in the home’s energy efficiency.
Deadlines for eligibility: Home energy retrofit grants are provided by both the federal and provincial governments. Both programs are ending as of March 31, 2011. To be eligible for federal grants, homeowners must have booked a pre-retrofit audit BEFORE March 31, 2010 and have the post-retrofit audit completed by March 31, 2011, or within 18 months of the date of the pre-retrofit evaluation (whichever comes first). Homeowners who booked a pre-retrofit audit AFTER March 31, 2010 can only access grants from the provincial government, but must also complete their post-retrofit audit completed by March 31, 2011.
For more information visit:
http://www.mei.gov.on.ca/en/energy/conservation/ohesp2/
http://oee.nrcan.gc.ca/residential/personal/grants.cfm?attr=0
Details
Before undertaking any renovations, homeowners must first have an energy audit of their home performed by a licensed service organization (list of auditors provided at government web site address provided below). The evaluation report provides customized recommendations for renovations to improve the energy efficiency of the home. Once the homeowner has completed the renovations, a second audit must be undertaken within 18 months of the first one to determine the change in the home’s energy efficiency.
Deadlines for eligibility: Home energy retrofit grants are provided by both the federal and provincial governments. Both programs are ending as of March 31, 2011. To be eligible for federal grants, homeowners must have booked a pre-retrofit audit BEFORE March 31, 2010 and have the post-retrofit audit completed by March 31, 2011, or within 18 months of the date of the pre-retrofit evaluation (whichever comes first). Homeowners who booked a pre-retrofit audit AFTER March 31, 2010 can only access grants from the provincial government, but must also complete their post-retrofit audit completed by March 31, 2011.
For more information visit:
http://www.mei.gov.on.ca/en/energy/conservation/ohesp2/
http://oee.nrcan.gc.ca/residential/personal/grants.cfm?attr=0
Tuesday, January 18, 2011
Monday, January 17, 2011
CHMC Changes what will they mean to most?
What will all this mean? It will mean that you will probably find it a little more difficult to qualify for a mortgage, your payments will be a little higher because of the shorter amortization and it will be much tougher to get a large secured (cheaper rates) line of cerdit against your current property. But the rates are still low, so the market will continue strong....
Wednesday, January 12, 2011
Power of Sale in Toronto
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