CMHC will Increase the Mortgage Loan Insurance

Effective June 1, 2015 CMHC will be increasing the Mortgage Loan Insurance Premium for homebuyers with less than 10% Down Payment. Currently, the premium is 3.15%. 

After June 1, 2015 it will be 3.6%.

On any new loan requests submitted on or after June 1, 2015, the new Insurance Premium will apply.  Buyers with greater than a 10% down payment will not be affected.  For more detailed information, here is the link from CMHC.

http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2015/2015-04-02-1605.cfm

306 Humber Ave, Oshawa

306 Humber Ave. Oshawa

Only $279,900

3 bedroom detached bungalow in a very sought after area of Oshawa, close to the Oshawa Mall, parks, schools, and public transit.  Finished basement with a separate entrance. Large Eat-in kitchen. New furnace.  Run this one won’t last.

No need to Disclose

Recently it has been enlightened by the province that: Sellers & their representing Realtors, MUST disclose material latent defects affecting the property. But are NOT OBLIGATED to disclose STIGMAS for example: murders, suicides, grow-ops etc. So buyers must request further clarification if these stigmas are issues. As I always tell my clients, make sure that house FEELS right.

As per the Real Estate Council of Ontario:  

It is important for registrants to know that while sellers are required by law to disclose material latent defects affecting a property that are known to them (an obligation which also exists for the seller’s representative if the material latent defect is also known by the representative), there is no legislation or case law in Ontario to suggest that a seller, or his or her representative, is required to disclose the existence of stigmas to buyers

Ellen's Got Real Estate Tips

Collection Agencies to Collect Unpaid Rent

I was speaking to a Collection Agency yesterday at a breakfast meeting and they advised me that they were interested in taking on the collection of Tenant Debt, unpaid rent, utilities, unpaid damage, etc. It does not happen often but it is nice to see that there are options.

                               322 Killarney Crt. Oshawa

Available immediately for lease. It is a complete house. 3 bedrooms, eat in kitchen, 1 ½ bathrooms, garage and parking for 2 cars. Located close to schools, shopping, community centre and transportation. Asking $1600 + Utilities.

Banquet Hall coming up for Lease

I have a North Toronto Banquet Hall coming up for Lease, in busy plaza. Great exposure, large kitchen in busy location. Close to 401 and 400 Highways. Flexible Terms.