Friday, January 21, 2011

January 21, 2011 Best Mortgage Rates

http://www.ratehub.ca/best-mortgage-rates
2.39% 1 Year Fixed
Closed
Plus $750 cashback!!Chartered Bank. Full service mortgage Get rate
3.10% 2 Year Fixed
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Get rate
3.19% 3 Year Fixed
Closed
Purchase, Refinance and Renewals. 20% pre-payments Get rate
3.59% 4 Year Fixed
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Purchase, Refinance and Switches Get rate
3.69% 5 Year Fixed
Closed
Value Mortgage Get rate
4.75% 7 Year Fixed
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Get rate
5.10% 10 Year Fixed
Closed
Get rate

Updated: Jan 21, 2011 09:30

Posted via email from Selling Cambridge with Clare DeJong

Wednesday, January 19, 2011

Clarifying the HST and Real Estate


I just read an article that stated that half of Ontario's residents believe that HST is charged on the sale price of the home which is NOT true.  HST is only applied to the service parts which means the commission to the agent, movers, lawyers fees just as the GST was applied when it was applicable.
 
I hope this helps clear up the confusion.

Posted via email from Selling Cambridge with Clare DeJong

Monday, January 17, 2011

Changes to Mortgage Rules ((TAG: mortgages, Canada, CREA, housing, finances, 2011)

 

As anticipated in CREA’s recent Call to Action, the government today announced three loan financing changes designed to address concerns about increasing levels of household debt. A link to the government announcement is here.

 

First, the government will reduce the maximum mortgage amortization period from 35 to 30 years. Second, the maximum amount of the value of a home that can be re-financed will drop from 90 per cent to 85 per cent. And finally, government insurance will no longer be available to financial institutions wishing to insure home equity lines of credit.

 

It is important to note, the government did not increase the minimum downpayment, which was under consideration. And the reduction of five years to the amortization period is understood, given there was a possibility of a larger reduction. Thanks to all those who recognized the urgency of CREA’s Call to Action and wrote their Member of Parliament.

 

 

Together, these three measures are designed to ensure homebuyers invest responsibly in home ownership and don’t risk their financial security by buying too much home for their income or the country’s economic circumstance.

 

CREA  recognizes the government is trying to take reasonable and responsible action with respect to household debt, but urges the government to refrain from additional measures until it can fully evaluate and assess the impact of today’s announcement.

 
 

 

Posted via email from Selling Cambridge with Clare DeJong

Friday, January 14, 2011

Are closing fees added to my mortgage?

Great question. It's really important to consider the additional cash expenses when closing your house.

The biggest is land transfer tax. For a $300,000 home in Toronto, the land transfer tax could be as high as $5,700. TREB has a calculator which will help you to estimate it:
http://www.torontorealestateboard.com/ltt_splash/ltt_calculator.htm

The calculator does not show the refund to first-time homebuyers which will cover your total land transfer tax up to a maximum of $2,000 for Ontario and $3,275 for Toronto.

The other sizeable cost to consider is lawyer fees likely in the range of $750 - $1,500.

Some other costs you may want to consider include home inspection, appraisal fee and property insurance.

Keep in mind that these cash costs are in addition to your down payment which must be a minimum of 5% of your home value. If your down payment is between 5% - 19.99% you will also incur CMHC insurance. This is not a cash outlay, as it is rolled into your total mortgage amount.

 
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Posted via email from Selling Cambridge with Clare DeJong

Wednesday, January 12, 2011

First week of January 2011 - Economic Highlights

U.S. economic data releases set the tone for a positive start earlier in the week.  The ADP private sector employment report surprised on the upside with a strong 297K gain in December.

 
For 2011, we in Canada expect respectable economic growth of 2.6% in a context filled with lingering global risks.
 
While job growth eased considerably from the first to the second half of 2010, its composition improved substantially in December, and should continue to do so gradually over the course of this year.

By itself, the Canadian labour market is not creating pressures for the Bank of Canada to hike its overnight interest rate anytime soon.
 
The big question for North American equities this year is not whether they will advance further, but whether the S&P/TSX can outpace the S&P500 for an eighth consecutive year.  We give the cheaper U.S. market the edge this year.
 
information supplied by: TD Economics

Posted via email from Selling Cambridge with Clare DeJong

Monday, January 10, 2011

Real Estate: 10 things you need to know - Moneyville.ca

It's true what they. When buying a house, location is everything.

It's true what they. When buying a house, location is everything.

Shutterstock/Shutterstock

By Tony Wong - Business Reporter | Wed Jul 21 2010

    Next to public speaking, buying or selling a home is at the top of many people’s fear and loathing list. It’s understandable. A home is the biggest investment you’ll ever make and while exciting, the potential for things to go wrong is pretty big. That adds up to enough stress to keep you awake at night thinking about all the what-ifs. But it doesn’t have to be that way. Here are 10 things to consider when buying a home.

    1. The housing market isn’t really a market

    At least not in the way you might think. While housing analysts like to compare real estate returns to stock market returns, it is a misleading comparison.

    The first big difference is that a stock market is a place where you can by and sell immediately. In the real estate market you can wait months for the home you want to come on the market and just as long to find someone who wants to buy yours. The price you expect may not bear any resemblance to the one you get.

    The long run return on stocks is also a lot better. The average stock in the Standard & Poors 500 index, a basket of blue chip U.S. stocks, has returned about 7.5 per cent a year after inflation in each of the last 25 years. The average increase in the value of a Canadian home over the same period petty much tracks the rate of inflation which during the same period was 2.5 per cent.

    A home is also more than an investment. It has all kinds of intangible qualities, including a neighbourhood you want to live in, a spot with a particular view or landscape, a type of architecture that you enjoy. So, while it’s tempting to think of your primary home as a profit centre ripe for a flip, that shouldn’t be the main purpose.

    Besides, your Microsoft stock can’t keep you warm at night. (Unless you bought it when Bill Gates was still working out of his garage. In which case, you probably have your own heating company.)

    2. It’s always a good time to buy

    No it isn’t. People who bought at the height of the market in the 1989 real estate bubble, didn’t break even until prices bounced back in 2002. That’s 13 years. And even then they didn’t make their money back. Factoring in inflation, they actually lost money. House prices don’t go up forever. Buy when your circumstances dictate, not because your neighbor the agent says it’s a good time to.

    3. Location, Location, Location.

    Yah, they’re right. You’ll pay more initially, but investing in a property in the good neighborhood close to transit will pay dividends down the road when it comes time to sell

    4. Buy the cheapest house on the street

    Some people argue you shouldn’t, because the home will compare poorly to the other homes when you sell.

    I say go for it. It may already be discounted because it looks like a shack compared with other properties and provides far more upside if you spruce it up in the future. A rising tide can also help to lift all boats. As the street gentrifies, infill housing will continue to keep property values high. Getting your foot in the right address is half the battle. Hello Park Place!

    5. Do I need an agent?

    No, you don’t. While a good realtor can be a huge asset, not everyone needs professional advice. If you have time, selling your own home can save you a ton of money on commissions. With the advent of the internet, and the opening up of the Multiple Listing Service there are many more services for the aaaRSS Feed

      Posted via email from Selling Cambridge with Clare DeJong

      Ontario housing sales to rise 5 per cent in 2011, house prices increase to an average of $356,500, Central 1 predicts.

      Ontario house sales will increase by about 5 per cent next year and prices will hit new records, predicts a new forecast by Central 1 Credit Union released today. The strong market will spur new home builders to increase housing starts by 9 per cent to 66,000 in 2011 and another 7 per cent in 2012, says Helmut Pastrick, chief economist with Central 1.

      “In spite of the increases new home construction will remain modest compared to the last decade and there may be an undersupply of new homes by the end of 2012,” Pastrick says.

      MLS® housing sales fell to an annualized rate of 155,000 units last July and have climbed since, helped by low mortgage rates, improved affordability and an improving economy. Central 1 expects sales to continue to grow early in 2011 to an annualized rate of 210,000, before tailing off in the second half as mortgage rates rise.

      The forecast is for sales this year to reach 194,000 units, down 0.9 per cent from 2009, rise to 204,000 units in 2011 but fall 3 per cent to 197,000 units in 2012. Prices will continue their upward trend, hitting $342,100 this year, $356,500 in 2011 and $365,000 in 2012.

      Ontario housing starts increased dramatically last spring before trailing off towards the end of the year, and are expected to reach 61,000 for 2010, a 21 per cent increase over 2009, but that total will be the second lowest since 1998. In 2011 builders will start 66,000 units, up 9 per cent, and starts will increase a further 7 per cent in 2012 to 70,700 units.

      But starts will be below the pace of new household formation so a housing shortage will put pressure on resale home prices, providing an incentive for builders to start 80,000 units in 2013.

      The vacancy rate for apartments will be flat in 2011 at 3.7 per cent, but will decline to 3 per cent in 2012. “High youth unemployment has meant more young people are living at home, or sharing accommodation, which has pushed the vacancy rate up,” Pastrick says.

      Mortgage rates are predicted to increase slowly in 2011 from an average of 5.40 per cent in the first quarter to 6.50 per cent by the fourth quarter of 2012, as the Bank of Canada slowly increases its policy rate.
       

      Posted via email from Selling Cambridge with Clare DeJong

      Friday, January 7, 2011

      TheRecord - Early surge boosts yearly house sales in region

      TheRecord - Early surge boosts yearly house sales in region

      50 Police Officers To Go Back On The Beat

      WATERLOO REGION — The Waterloo Regional Police are pulling 50 officers out of specialized investigative units and putting them back on front line patrol as part of a wide-reaching plan aimed at increasing police visibility and balancing officer workload.

      It’s all part of a dramatic reorganization of the service’s front-line operations called the Neighbourhood Policing Deployment plan.

       

      The plan was developed after regional police spent more than a year tracking calls for service, response time and time allocation for front-line officers

       
      “They will also see a decreased level of investigative service, but I can’t stress enough that we’ve done our best to not make that drastic for the community and we anticipate and hope it will be temporary.” Chief Matt Torigian said.

      The shift and the new patrol divisions will take effect Jan. 11.

      Posted via email from Selling Cambridge with Clare DeJong

      Wednesday, January 5, 2011

      Some Thoughts for the New Year

      The paradox of our time in history is that we have taller buildings but shorter tempers, wider freeways, but narrower viewpoints. We spend more, but have less, we buy more, but enjoy less. We have bigger houses and smaller families, more conveniences, but less time. We have more degrees but less sense, more knowledge, but less judgment, more experts, yet more problems, more medicine, but less wellness.

      We drink too much, smoke too much, spend too recklessly, laugh too little, drive too fast, get too angry, stay up too late, get up too tired, read too little, watch TV too much, and pray too seldom. We have multiplied our possessions, but reduced our values. We talk too much, love too seldom, and hate too often.

      We've learned how to make a living, but not a life. We've added years to life not life to years. We've been all the way to the moon and back, but have trouble crossing the street to meet a new neighbor. We conquered outer space but not inner space. We've done larger things, but not better things.

      We've cleaned up the air, but polluted the soul. We've conquered the atom, but not our prejudice. We write more, but learn less. We plan more, but accomplish less. We've learned to rush, but not to wait. We build more computers to hold more information, to produce more copies than ever, but we communicate less and less.

      These are the times of fast foods and slow digestion, big men and small character, steep profits and shallow relationships. These are the days of two incomes but more divorce, fancier houses, but broken homes. These are days of quick trips, disposable diapers, throwaway morality, one night stands, overweight bodies, and pills that do everything from cheer, to quiet, to kill. It is a time when there is much in the showroom window and nothing in the stockroom. A time when technology can bring this letter to you, and a time when you can choose either to share this insight, or to just hit delete.

      Remember, spend some time with your loved ones, because they are not going to be around forever. Remember, say a kind word to someone who looks up to you in awe, because that little person soon will grow up and leave your side. Remember, to give a warm hug to the one next to you, because that is the only treasure you can give with your heart and it doesn't cost a cent.

      Remember, to say, "I love you" to your partner and your loved ones, but most of all mean it. A kiss and an embrace will mend hurt when it comes from deep inside of you. Remember to hold hands and cherish the moment for someday that person will not be there again. Give time to love, give time to speak, and give time to share the precious thoughts in your mind.

      Life is not measured by the number of breaths we take, but by the moments that take our breath away.

       
      Are there any changes you can make this year?  What will they be?

      Posted via email from Selling Cambridge with Clare DeJong