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Category Archives: FAMILYLAW & REAL ESTATE

Experienced and Savvy Investors Buy in December to March Winter Months

10 Saturday Dec 2011

Posted by gtarealtyagent in BANK SALE P.O.S. - TAX SALE, Business, condo assignment investments, Condos, current real estate affaiirs, Development, FAMILYLAW & REAL ESTATE, FSBO, Green Investment, H.S.T., Home Reno (adds The Value), Houses, Interest Rates, International, Leasing/Renting, Let's Talk Investing, Listing of the Day, Mortgage, Multiplex-Multi Residetial Investment, Neighbourhoods, New Canadian Immigrants, New Development/Week, Opinion, POWER OF SALE-FORECLOSURE PROPERTY, Pre-Construction, Re/Max, Real Estate info & ideas, Rental, Search, Stories!, Toronto Politics, TREB/OREA/CREA, Uncategorized, Unemployment, Videos-Pictures, VIP Condo

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Investors Buy in December to March Winter Months


Experienced and Savvy Investors Buy in December to March Winter Months

Why do a Large Number of Experienced and Savvy Investors Buy in December to March Winter Months?

For a few personal reasons, some people have no time limit (expiration of apartment lease, etc.)and so they really wait until they find something they love to do before purchasing like marrying, which can come at any time, including the snowy winter months as well.

Also, if a property has not sold over the busier season (spring and summer), owners as well as realtors tend to drop the asking price a little to attract more investors to the property. So sometimes, you can get a better deal on a property in the winter months as opposed to the months where the most investors are searching the housing market. Investors think that there is a possibility of better deal to be had….but, many times it is not so….you need right investor agent who can navigate thru this surfing and searching.
There is one good reason is that there are fewer sales and fewer investors in these months so some investors see that as a great time to get a deal. Some houses do not show up in the realtor search as it is in the batches on system for group of years like under 5yrs, under 10 years & so on, so those comes up as soon as the new year starts, also the possible search criteria also changed altogether.

If a seller has placed a conditional offer on a new home and theirs is still not sold by the winter, you may also have an easier time negotiating as they have deadlines to sell their home, so the Investor have an opportunity.

Each selling and purchasing decision is based on a variety of different motives. It’s often case by case and so does just like credit ratings its all depends on individuals.

Don’t be fooled though, some of the statistics I have seen have shown that December is also a good time to sell, and recent years you can verify mls.ca stats, winter months are not bad producing months as well, Because fewer inventories on the market mean less competition, and if investor is in need and do not want to wait despite realtor try to wait for new match property comes up in market. Sometimes good houses do not sell because the competition is fierce and even though they may be priced and war of price so hot, to-gather competitively, they fail to sell because if excess inventory levels. Over major portion of the houses listed in GTA last year in December sold. This made it the number: one month to sell if you want to have an edge on the market inventory if you think and plan properly and willing to take risk with good experience agent and with lots of ice over the head.

Some of my clients save up and buy this time of year. Most investors do not want to be bothered over the Christmas season but investors know that offers at this time of year are scarce at best. This is the time of year when those of us agents that represent investor investors are the busiest. Feel free to contact me if you wish to explore the investor market, there are a lot of great deals out there right now that my clients are snapping up! Would you like to wait or go depends on your choice.

Another good reason is that in winter months only serious sellers remain in the market just like serious investors and price the property accordingly well to sell and ready to make a deal before spring market competition starts. Negotiations take place well when both parties are motivated. An experienced Realtor can get you a great deal in winter.

Always hire the proper agent: www.vijaygandhi.com and save you a lot…

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Housing Starts Still Rising: CMHC (More New Homes are Getting Built)

14 Thursday Jul 2011

Posted by gtarealtyagent in BANK SALE P.O.S. - TAX SALE, Business, condo assignment investments, Condos, current real estate affaiirs, Development, FAMILYLAW & REAL ESTATE, FSBO, Green Investment, H.S.T., Real Estate info & ideas

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Housing Starts Still Rising: CMHC

For the third month in a row, building starts were on the rise in this country, according to new data released by CMHC.

______________________________________________________________________________
To get legal advice, you visit a lawyer; to get medical advice, you go and see a doctor; most people, to get their car repaired, leave it in the hands of a trained professional. Even to get your hair cut, you go to someone who is trained to do that job. In all of these instances, the average consumer, without specific training and resources in a given area, defers to a qualified individual. So what is it about Real Estate that is so different?  … Get benifited from Licensed Real Estate Agents & Save time, money and trouble.
______________________________________________________________________________

These latest numbers signify the best three months in a row since last fall, which is welcome news to economists, who feel that this is a signal of good things to come for builders, and for the housing industry.

CMHC said in a release, “The seasonally adjusted annual rate of housing starts was 197,400 units in June. This is up from a revised 194,100 units in May 2011. April 2011 has also been revised to 194,100 units.”

“Housing starts increased in June due to an increase in single and multiple starts in Ontario,” said Bob Dugan, Chief Economist at CMHC’s Market Analysis Centre. “The revised numbers show that housing starts have been above their trend line since March. However, we expect housing starts to move back towards levels consistent with demographic fundamentals in the near term.”
The fact though, that there was overachieving on expectations, as well as upwards revisions on targets have not been lost on economists, who feel that this is a good sign for the economy, overall, because of the job growth and general economic stimulus that is associated with building and construction.

Looking at the country, region to region, June’s seasonally adjusted annual rate of urban starts increased by 24.1 % in Ontario, and by 5.6 % in the Atlantic region. British Columbia reported a drop of 27.6 % over the same period, while urban starts dropped by 3.6 % in Québec, and by 1.2 % in the Prairie region.

Rural starts were estimated at a seasonally adjusted annual rate of 22,800 units in June.
looking to this numbers it sounds like its good time ahead for first time home buyers because of lower interest rates around.

info: http://ca.reuters.com/article/businessNews/idCATRE74T2QY20110530

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Finding Best Mortgage Rates

19 Tuesday Apr 2011

Posted by gtarealtyagent in current real estate affaiirs, FAMILYLAW & REAL ESTATE, FSBO, Green Investment, H.S.T., Home Reno (adds The Value), Houses, Interest Rates, Leasing/Renting, Let's Talk Investing, Mortgage, Opinion, Real Estate info & ideas

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debt consolidation, home equity financing, mortgage rates, mortgage renewal, refinancing


Finding Best Mortgage Rates



For most Canadians, shopping around for a mortgage is something that happens once every five years. This is the time to figure out if you can get a better mortgage rate, and lock in something new for another five years. But if you want to get the best possible mortgage rate, whether you are renewing, refinancing or buying a home, you will have to do a little legwork.

First Things First: What’s Your Financial Situation?

Before you start shopping around for a mortgage rate, you will need know your own financial situation. Get a good handle on the following aspects of your finances before you start shopping around:

  • Income
  • Debt
  • Expenses
  • Credit History/Score

You should also have a general idea of what you can afford in a home, as well as how much you are planning to borrow. This will give you basic information that banks and mortgage brokers can use as they prepare a quote for you.

Before you start looking for a good mortgage rate, you need to make sure you are in a position to afford your mortgage. With a renewal or refinance, it is a little bit easier to know what you can afford — you are already making payments! If you are buying a home, though, you will need to consider the costs of home ownership, and recognize that a home comes with costs beyond the mortgage. Make sure that you can afford the mortgage plus the added expenses that you will see. There are many online calculators that can give you an idea of what kind of mortgage you can afford.

Shopping Around for the Best Mortgage Interest Rate

Once you know your financial situation, and once you have a pretty good idea of what you can afford, it is time to start shopping around. Be sure to familiarize yourself with the different mortgage options available, and get a general idea of the mortgage product that is most likely to benefit your individual situation. Then, once you have an idea of what you are looking for, it’s time to shop around.

You might want to start at your bank, and then compare what your bank is offering to what is being offered by other banks, and by what a mortgage broker is likely to get you. Make sure you get all offers in writing. Let banks and brokers know the basics of your situation, without filling out a full mortgage application. Instead, treat each lender or broker you speak with as if you are interviewing him or her. Find out how knowledgeable each is about mortgage products and services, and find out what sort of rate is available to you. You can try to ask for the best rate in some cases, although you may have to use the posted rate as a starting point for negotiating down.

Be sure you are comparing apples to apples throughout the process, and make sure that banks and brokers know that you are shopping around. You want them to offer their best possible mortgage rate, and you want to be able to make meaningful comparisons between that rate and what is being offered elsewhere.

In the end, what is offered to you will depend on your financial and credit situation, as well as market rates. But, by shopping around you can figure out what would work best for you.

This blog communication is for public awareness and public responsibility, for client and customer benefit and best intrest in mind.

Vijay Gandhi is an Re/max Real Estate Sales Rep. &  independent mortgage planner- industry insider & CENTUM Agent. If you are purchasing, refinancing or renewing your mortgage, contact Vijay or apply for a Mortgage Check-up to obtain the best available rates and terms.
Have you considered a 50/50 Mortgage?

As always, if you have questions about the 50/50 mortgage product and whether it’s right for you, or other mortgage-related questions, I’m here to help!

Whether you are planning to buy-sell-lease-invest your first home or your investment, contact us today!We’d love to hear from you!
Please leave a detail message; I will get back to you soon as possible…

Thanks for visiting my web sites:

vijaygandhi.com , icxforsale.com & torontomortgagetrends.com

Mortgage Rates Are At Historical Lows. Easy OnLine Application. Apply And Get The Best Mortgage Rate!
*condition apply/sub. to availability

Vijay Gandhi,
Sales Representative- REALTOR®

RE/MAX Dynasty Realty Inc. Brokerage*

&

Mortgage Agent – Lic.# M10001947
CENTUM Metrocap Mortgage Corp. Lic.#11074

C: 647-267-6338 (Direct-Leave message or text)
O: 416.335.4335 | 905.471.0002 (page me-Have me)
F: 905.471.7441
E-MAIL: vtgandhi@yahoo.com , vgandhi@remax.net
WEB:  www.vijaygandhi.com , www.icxforsale.com
BLOG: https://gtarealtyagent.wordpress.com/
“YOUR PERSONAL REAL ESTATE & MORTGAGE ADVISOR® FOR LIFE”
Please call me TODAY for a No Obligation Buyer Consultation or Pre-Listing appointment!

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Monthly Real Estate and Mortgage Stats Report

06 Wednesday Apr 2011

Posted by gtarealtyagent in BANK SALE P.O.S. - TAX SALE, Business, condo assignment investments, Condos, current real estate affaiirs, Development, FAMILYLAW & REAL ESTATE, FSBO, Green Investment, H.S.T., Home Reno (adds The Value), Houses, Interest Rates, International, Leasing/Renting, Let's Talk Investing, Listing of the Day, Mortgage, Multiplex-Multi Residetial Investment, Neighbourhoods, New Development/Week, Opinion, POWER OF SALE-FORECLOSURE PROPERTY, Pre-Construction, Re/Max, Real Estate info & ideas, TREB/OREA/CREA, VIP Condo

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Monthly Real Estate and Mortgage Stats Report


Bank of Canada Interest Rate

January 18, 2011
1.00 %
March 1, 2011
1.00 %
April 12, 2011
Next meeting date

Source: Bank of Canada


Bank Prime Lending Rate

January 19, 2011
3.00 %
March 2, 2011
3.00 %
April 13, 2011
Next meeting date

Source: Bank of Canada

Conventional Mortgage – 5 Year Rate*

February 9, 2011
5.44 %
February 23, 2011
5.44 %
March 28, 2011
5.34 %

Source: Bank of Canada
*Determinant for high ratio mortgage variable qualifying rate


US Federal Reserve Board Discount Rate

January 26, 2011
0.00 % – 0.25 %
March 15, 2011
0.00 % – 0.25 %
April 27, 2011
Next meeting date

Source: US Federal Reserve


Exchange Rate $CDN($US)

February 23, 2011
1.0115
March 16, 2011
1.0083
March 31, 2011
1.0314

Source: Bank of Canada


Government of Canada Bonds

Bond Type February 23, 2011 March 16, 2011 March 30, 2011
1 year Treasury Bill
1.36 % 1.24 % 1.35 %
3 year Benchmark
Bond Yield
2.15 % 1.87 % 2.13 %
5 year Benchmark
Bond Yield
2.61 % 2.44 % 2.71 %
10 year Benchmark
Bond Yield
3.32 % 3.13 % 3.29 %

Source: Bank of Canada


Total New Housing Starts (Seasonally adjusted and annualized)

Province December
2010
December
2009
January
2011
January
2010
February
2011
February
2010
Newfoundland/Labrador
3,200
4,200
3,900
3,600
2,700
3,600
PEI
1,100
1,300
800
600
500
400
Nova Scotia
2,700
2,900
4,500
2,800
3,800
5,400
New Brunswick
3,100
3,600
3,500
5,200
1,800
2,400
Quebec
47,800
51,600
48,600
55,100
44,600
47,800
Ontario
46,400
56,300
51,500
55,500
65,800
70,100
Manitoba
6,500
3,400
3,900
5,100
4,700
4,900
Saskatchewan
7,500
4,500
6,200
6,400
8,800
4,600
Alberta
21,000
27,800
19,600
23,500
21,900
27,300
British Columbia
30,000
22,200
28,100
27,600
27,300
30,100
CANADA
169,300
177,800
170,600
185,400
181,900
196,600

Source: CMHC Housing Now – March 2011 and March 2010. This seasonally adjusted data goes through stages of revision at different times of the year.


Average MLS® Resale Price for Local Markets

City February 2011 February 2010
Halifax
$ 261,638
$ 251,072
Saint John
$ 175,371
$ 168,735
Quebec
$ 244,326
$ 227,461
Montreal
$ 300,471
$ 287,151
Ottawa
$ 337,797
$ 318,894
Toronto
$ 454,470
$ 431,509
Hamilton/Burlington
$ 331,741
$ 314,656
Winnipeg
$ 228,180
$ 215,230
Saskatoon
$ 287,202
$ 291,054
Regina
$ 272,609
$ 263,753
Calgary
$ 400,879
$ 389,388
Edmonton
$ 311,674
$ 316,927
Vancouver
$ 791,604
$ 662,741
Victoria
$ 490,970
$ 481,246


April Stats Chart 1
Source: CREA

This blog communication is for public awareness and public responsibility, for client and customer benefit and best intrest in mind.

Vijay Gandhi is an Re/max Real Estate Sales Rep. &  independent mortgage planner- industry insider & CENTUM Agent. If you are purchasing, refinancing or renewing your mortgage, contact Vijay or apply for a Mortgage Check-up to obtain the best available rates and terms.

 


Have you considered a 50/50 Mortgage?

As always, if you have questions about the 50/50 mortgage product and whether it’s right for you, or other mortgage-related questions, I’m here to help!

Whether you are planning to buy-sell-lease-invest your first home or your investment, contact us today!We’d love to hear from you!
Please leave a detail message; I will get back to you soon as possible…

Thanks for visiting my web sites:

vijaygandhi.com , icxforsale.com & torontomortgagetrends.com

Mortgage Rates Are At Historical Lows. Easy OnLine Application. Apply And Get The Best Mortgage Rate!
*condition apply/sub. to availability

Vijay Gandhi,
Sales Representative- REALTOR®
RE/MAX Dynasty Realty Inc. Brokerage*

Mortgage Agent – Lic.# M10001947
CENTUM Metrocap Mortgage Corp. Lic.#11074

C: 647-267-6338 (Direct-Leave message or text)
O: 416.335.4335 | 905.471.0002 (page me-Have me)
F: 905.471.7441
E-MAIL: vtgandhi@yahoo.com , vgandhi@remax.net
WEB:  www.vijaygandhi.com , www.icxforsale.com
BLOG: https://gtarealtyagent.wordpress.com/
“YOUR PERSONAL REAL ESTATE & MORTGAGE ADVISOR® FOR LIFE”
Please call me TODAY for a No Obligation Buyer Consultation or Pre-Listing appointment!
The referral of your friends & family is the greatest compliment you can give me. Thank you for your trust.

Please, forward my name, phone number & e-mail address to your friends, relatives, clients…

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Former Marijuana Grow Houses For Sale?

02 Wednesday Feb 2011

Posted by gtarealtyagent in BANK SALE P.O.S. - TAX SALE, current real estate affaiirs, FAMILYLAW & REAL ESTATE, FSBO, Green Investment, Home Reno (adds The Value), Houses, Leasing/Renting, Let's Talk Investing, Neighbourhoods, Opinion, Real Estate info & ideas

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Crime Stoppers, Marijuana Grow Houses


Former Marijuana Grow Houses For Sale?


When you go house hunting you should be looking for more than “For Sale” signs. Other signs you should be alert to be indications the house you are considering may have been a former grow op.

this info is especially for House hunters who do not include Real Estate Pro. In their initial search.
With so much at stake, take advantage of the experience and knowledge of a registered real estate broker or salesperson.

Brokers and salespersons are obligated to disclose any material fact about a property or its history they are aware of that could affect a person’s decision to buy. A broker or salesperson may also be able to provide you with a Seller Property Information Statement (SPIS) if one exists.

Grow ops can be hard to spot after an operation has been dismantled, particularly if the house’s grow-op history is several buyers in the past. Mould especially can be difficult to detect.

They may look like any other home on the surface, but grow ops undergo a number of renovations. Although they usually require extensive repair, former grow houses are just as likely to be given only cosmetic alterations to hide the real damage before being put up for sale.

You should give serious consideration to having a home inspected to reduce the possibility of buying a home that has been cosmetically renovated.

In some circumstances, you may also want to consider having a professional engineer check for possible structural damage.

 

In addition to working with a professional home inspector, you can also look for these “Top Ten” signs that a home may have been used as a grow op:

 

  • Mould in corners where the walls and ceilings meet
  • Unusual number of roof vents or signs of roof vents
  • Fresh paint on window frames to cover damage caused by the high levels of      humidity
  • Painted concrete floors in the basement with circular marks where pots once stood
  • Evidence of tampering with the electric meter (damaged or broken seals) or the ground around it
  • Unusual or modified wiring on the exterior of the house
  • Brownish stains on the underside of beams or arches that bleed down a wall
  • Concrete masonry patches, or alterations on the inside of the garage
  • Patterns of screw holes on the walls
  • Fire place alterations
  • Denting on front doors (from police ramming the door)

 

If you suspect that a property is being used as a grow-op, you should contact your local police department or call Crime Stoppers.

Contact Information

Toronto Crime Stoppers
808 York Mills Road, P.O. Box 36002
Toronto, Ontario
M5B 1X8

416 222-TIPS (8477) or 1-800-222-TIPS(8477)

Text TOR and your message to CRIMES (274637)

Please note that the “top ten” signs listed above are only some of the signs that a property has been used as a grow op.
Source: http://www.reco.on.ca/publicdocs/Marijuana%20Grow%20Houses.pdf

The perils of buying a former grow-op

How to Spot a Marijuana Grow Operation

This publication contains general information only and should not be construed as legal or professional advice. For legal or professional advice specific to your real estate transaction or situation, you should seek the services of a competent professional.

 

This blog communication is for public awareness and public responsibility, for client and customer benefit and best intrest in mind.

Vijay Gandhi is an Re/max Real Estate Sales Rep. &  independent mortgage planner- industry insider & CENTUM Agent. If you are purchasing, refinancing or renewing your mortgage, contact Vijay or apply for a Mortgage Check-up to obtain the best available rates and terms.

 


Have you considered a 50/50 Mortgage?

As always, if you have questions about the 50/50 mortgage product and whether it’s right for you, or other mortgage-related questions, I’m here to help!

Whether you are planning to buy-sell-lease-invest your first home or your investment, contact us today!We’d love to hear from you!
Please leave a detail message; I will get back to you soon as possible…

Thanks for visiting my web sites:

vijaygandhi.com , icxforsale.com & torontomortgagetrends.com

Mortgage Rates Are At Historical Lows. Easy OnLine Application. Apply And Get The Best Mortgage Rate!
*condition apply/sub. to availability

Vijay Gandhi,
Sales Representative- REALTOR®
RE/MAX Dynasty Realty Inc. Brokerage*

Mortgage Agent – Lic.# M10001947
CENTUM Metrocap Mortgage Corp. Lic.#11074

C: 647-267-6338 (Direct-Leave message or text)
O: 416.335.4335 | 905.471.0002 (page me-Have me)
F: 905.471.7441
E-MAIL: vtgandhi@yahoo.com , vgandhi@remax.net
WEB:  www.vijaygandhi.com , www.icxforsale.com
BLOG: https://gtarealtyagent.wordpress.com/
“YOUR PERSONAL REAL ESTATE & MORTGAGE ADVISOR® FOR LIFE”
Please call me TODAY for a No Obligation Buyer Consultation or Pre-Listing appointment!
The referral of your friends & family is the greatest compliment you can give me. Thank you for your trust.

Please, forward my name, phone number & e-mail address to your friends, relatives, clients…

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Top Toronto (GTA) Schools – A Special Report

01 Tuesday Feb 2011

Posted by gtarealtyagent in current real estate affaiirs, FAMILYLAW & REAL ESTATE, FSBO, Green Investment, Home Reno (adds The Value), Houses, Leasing/Renting, Mortgage, Opinion, Real Estate info & ideas

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http://www.vijaygandhi.com, Top Toronto (GTA) Schools, top toronto schools, top10torontoschool, top20torontoschool


Top Toronto (GTA) Schools – A Special Report (download the Report)



The Fraser Institute is known as the premier expert on School Performance Evaluations. As a parent, by checking schools ranking you will be able to gauge the performance of the schools your child will possibly be attending before you make a move to that school district. We have compiled a list of the top 36 Elementary Schools in the GTA (as determined by the Fraser Institutes Overall Rating out of 10) and a list of the top 24 Elementary Schools in the GTA (again as determined by the Fraser Institutes Overall Rating out of 10)

In addition to the list you can simply click on the neighborhoods for the corresponding schools to see a full history and facts about that particular neighborhood that school falls into. We have also provided a plethora of information gleaned from the City of Toronto which includes age, gender, language, ethnicity, income and detailed profiles for every single neighborhood listed. (This info can be found by clicking on the neighborhood number for the corresponding school)

You may also click on the check mark under School Info to get the full contact info and all details for the school from the corresponding school board website. Where it was available we also provided a link to the direct website of the schools.

**To help simplify your search (in case there is a certain school(s) who’s district you would like to live in) just click on the last check mark in each row and select the desired school and every single street and street # that falls into that schools boundaries will be displayed. Alternatively if you are looking at a particular home(s) and want to know what school boundaries it falls into (for elementary, intermediate and high school) simply click the same check mark at the end of each row and type in the address of the home(s)

In case the school district found in your boundaries does not fall into our top schools list and you would like to know the Fraser Institute Rankings for that school simply click HERE for elementary schools, and HERE for secondary schools.

For further information or if you would like to set up a consultation with me personally  to further discuss your home buying options in the area of the Top Toronto Schools, you can email us directly.

http://ontario.compareschoolrankings.org/ChooseReport.aspx

download the report at

Top Toronto (GTA) Schools – A Special Report

http://www.vijaygandhi.com/BUYING/page_2228232.html


Vijay Gandhi is Re/max Real Estate Sales Representative  & Independent mortgage Agent -planner- industry insider & CENTUM Agent. If you are purchasing, refinancing or renewing your mortgage, contact Vijay or apply for a Mortgage Check-up to obtain the best available rates and terms.


As always, if you have questions about the 50/50 mortgage product and whether it’s right for you, or other mortgage-related questions, I’m here to help!

Whether you are planning to buy-sell-lease-invest your first home or your investment, contact us today! We’d love to hear from you!
Please leave a detail message; I will get back to you soon as possible…

Thanks for visiting my web sites:

vijaygandhi.com , icxforsale.com & torontomortgagetrends.com

Mortgage Rates Are At Historical Lows. Easy OnLine Application. Apply And Get The Best Mortgage Rate! *condition apply/sub. to availability

Vijay Gandhi,
Sales Representative- REALTOR®
RE/MAX Dynasty Realty Inc. Brokerage*
&
Mortgage Agent – Lic.# M10001947
CENTUM Metrocap Mortgage Corp. Lic.#11074

C: 647-267-6338 (Direct-Leave message or text)
O: 416.335.4335 | 905.471.0002 (page me-Have me)
F: 905.471.7441
E-MAIL: vtgandhi@yahoo.com , vgandhi@remax.net
WEB:  www.vijaygandhi.com , www.icxforsale.com
BLOG: https://gtarealtyagent.wordpress.com/
“YOUR PERSONAL REAL ESTATE & MORTGAGE ADVISOR® FOR LIFE”
Please call me TODAY for a No Obligation Buyer Consultation or Pre-Listing appointment!
The referral of your friends & family is the greatest compliment you can give me. Thank you for your trust.

Please, forward my name, phone number & e-mail address to your friends, relatives, clients.

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Home Energy Retrofit Grants – Deadlines for Eligibility

30 Sunday Jan 2011

Posted by gtarealtyagent in current real estate affaiirs, FAMILYLAW & REAL ESTATE, Green Investment, H.S.T., Home Reno (adds The Value), Houses, Let's Talk Investing, Real Estate info & ideas

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Deadlines for Eligibility, Home Energy Retrofit Grants


Home Energy Retrofit Grants – Deadlines for Eligibility

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

 

For renovation related loans are also available click

http://torontomortgagetrends.com/Refinancing.php

http://torontomortgagetrends.com/Tap-Into-Home-Equity.php

 

___________________________________________________________
Home Electrical Safety Test – DIY do it your self and score your test- evaluation>>>>FREE DOWNLOAD___________________________

What you should know about Knob & Tube

Knob and Tube Wiring in Residential Installations

What you should know about aluminum wiring

Aluminum Wiring in Residential Installations

Finding an Authorized Contractor

To find the Authorized contractor nearest you

If you are looking for a listing of Licensed Contractors in Ontario, please click here for the ECRAESA listing of Licensed Contractors.

The Authorized Contractor Program was developed by ESA to recognize those Licensed Electrical Contractors and HVAC Installers who consistently perform Ontario Electrical Safety Code compliant work.

The Biological, Chemical and Mold Testing Report, ESA Cover Sheet, ESA Requirements Checklist and Structural Report (if required) may be submitted by:
E-mail: hygiene.reports@electricalsafety.on.ca
Fax: 1-905-712-7845
Mail: ESA, 400 Sheldon Drive, Unit 1, Cambridge ON N1T 2H9

Grow House Report Cover Sheet ESA Requirements for Inspection of a Site for Reconnection After a Grow House or Meth Lab Operation

 

This blog communication is for public awareness and public responsibility, for client and customer benefit and best intrest in mind.

Source of Information : http://www.esasafe.com/GeneralPublic/index.php

 

Vijay Gandhi is an Re/max Real Estate sales Personnel &  independent mortgage planner- industry insider & CENTUM Agent. If you are purchasing, refinancing or renewing your mortgage, contact Vijay or apply for a Mortgage Check-up to obtain the best available rates and terms.

 


Have you considered a 50/50 Mortgage?

As always, if you have questions about the 50/50 mortgage product and whether it’s right for you, or other mortgage-related questions, I’m here to help!

Whether you are planning to buy-sell-lease-invest your first home or your investment, contact us today!We’d love to hear from you!
Please leave a detail message; I will get back to you soon as possible…

Thanks for visiting my web sites:

vijaygandhi.com , icxforsale.com & torontomortgagetrends.com

Mortgage Rates Are At Historical Lows. Easy OnLine Application. Apply And Get The Best Mortgage Rate!   Variable Mortgage  2.1%   5 Years Fixed  3.49%    Prime   3.00%
*condition apply/sub. to availability

Vijay Gandhi,
Sales Representative- REALTOR®
RE/MAX Dynasty Realty Inc. Brokerage*
&
Mortgage Agent – Lic.# M10001947
CENTUM Metrocap Mortgage Corp. Lic.#11074

C: 647-267-6338 (Direct-Leave message or text)
O: 416.335.4335 | 905.471.0002 (page me-Have me)
F: 905.471.7441
E-MAIL: vtgandhi@yahoo.com , vgandhi@remax.net
WEB:  www.vijaygandhi.com , www.icxforsale.com
BLOG: https://gtarealtyagent.wordpress.com/
“YOUR PERSONAL REAL ESTATE & MORTGAGE ADVISOR® FOR LIFE”
Please call me TODAY for a No Obligation Buyer Consultation or Pre-Listing appointment!
The referral of your friends & family is the greatest compliment you can give me. Thank you for your trust.

Please, forward my name, phone number & e-mail address to your friends, relatives, clients.

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Buying a Home: Electrical Current Safe. Safety 1st .

23 Sunday Jan 2011

Posted by gtarealtyagent in current real estate affaiirs, FAMILYLAW & REAL ESTATE, FSBO, Home Reno (adds The Value), Houses, Let's Talk Investing, Multiplex-Multi Residetial Investment, POWER OF SALE-FORECLOSURE PROPERTY, Real Estate info & ideas

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Electrical Current Safe, Electrical Safety Authority, Hiring a Contractor, Safety 1st .


Sunday, January 23, 2011

Buying a Home: Electrical Current Safe. Safety 1st .

Buying a Home: Electrical Current Safe. Safety 1st .

Buying a home is one of the largest investments that we can make, and you want to minimize any surprises.

It is recommended that a record search be conducted with the Electrical Safety Authority to ensure that no outstanding work orders exist on the property that you are considering purchasing. Your lawyer can request a record search to check if ESA has any recorded outstanding defects on the property, or open notifications.

If you are not sure the wiring meets Ontario Electrical Safety Code requirements, you can request that the owner arrange for a general inspection as part of the terms and conditions of purchase. The general inspection will identify if there are any electrical defects that need to be corrected. The existing owner will be responsible for correcting any defects – or can negotiate with the potential purchaser to assume responsibility.

In addition, it is recommended that you ask the previous owner for copies of “Certificates of Inspection” for any electrical installations/modifications that have been conducted since the original construction of the home.

Home Electrical Safety Test – DIY
do it your self and score your test- evaluation>>>>FREE DOWNLOAD

What you should know about Knob & Tube

Knob and Tube Wiring in Residential Installations

What you should know about aluminum wiring

Aluminum Wiring in Residential Installations

Finding an Authorized Contractor

To find the Authorized contractor nearest you

If you are looking for a listing of Licensed Contractors in Ontario, please click here for the ECRAESA listing of Licensed Contractors.
The Authorized Contractor Program was developed by ESA to recognize those Licensed Electrical Contractors and HVAC Installers who consistently perform Ontario Electrical Safety Code compliant work.
The Biological, Chemical and Mold Testing Report, ESA Cover Sheet, ESA Requirements Checklist and Structural Report (if required) may be submitted by:
E-mail: hygiene.reports@electricalsafety.on.ca
Fax: 1-905-712-7845
Mail: ESA, 400 Sheldon Drive, Unit 1, Cambridge ON N1T 2H9

Grow House Report Cover Sheet ESA Requirements for Inspection of a Site for Reconnection After a Grow House or Meth Lab Operation

Following are links to Professional Listings of persons or agencies that may conduct the required testing in compliance with ESA’s Health and Safety requirements. It is the responsibility of the facility owner to confirm that ESA requirements can be met prior to engaging the services of a person or agency.

CRBOH – Canadian Registration Board Occupational Hygienists Directory of Consultants in Occupational and Environmental Health and Safety – 2007 Public Database Search for Persons Certified for the Practice of Industrial Hygiene by the American Board of Industrial Hygiene

Certificates of Inspection

  • The Electrical Safety Authority is encouraging the public to request copies of the “Certificate of Inspection” for all electrical work done in their homes/businesses. The General Inspection provides the end-use customer with a record that all electrical work in their home/business complies with the requirements defined in the Ontario Electrical Safety Code.
  • The Certificate of Inspection is sent to the permit applicant — ask your contractor for a copy of the Certificate.
This blog communication is for public awareness and public responsibility, for client and customer benefit and best intrest in mind.

Source of Information : http://www.esasafe.com/GeneralPublic/index.php
Vijay Gandhi is an Re/max Real Estate sales Personnel &  independent mortgage planner- industry insider & CENTUM Agent. If you are purchasing, refinancing or renewing your mortgage, contact Vijay or apply for a Mortgage Check-up to obtain the best available rates and terms.

Have you considered a 50/50 Mortgage?
As always, if you have questions about the 50/50 mortgage product and whether it’s right for you, or other mortgage-related questions, I’m here to help!

Whether you are planning to buy-sell-lease-invest your first home or your investment, contact us today!We’d love to hear from you!
Please leave a detail message; I will get back to you soon as possible…

Thanks for visiting my web sites:
vijaygandhi.com , icxforsale.com & torontomortgagetrends.com
Mortgage Rates Are At Historical Lows. Easy OnLine Application. Apply And Get The Best Mortgage Rate!   Variable Mortgage  2.1%   5 Years Fixed  3.49%    Prime   3.00%
*condition apply/sub. to availability
Vijay Gandhi,
Sales Representative- REALTOR®
RE/MAX Dynasty Realty Inc. Brokerage*
Mortgage Agent – Lic.# M10001947
CENTUM Metrocap Mortgage Corp. Lic.#11074

C: 647-267-6338 (Direct-Leave message or text)
O: 416.335.4335 | 905.471.0002 (page me-Have me)
F: 905.471.7441
E-MAIL: vtgandhi@yahoo.com , vgandhi@remax.net
WEB:  www.vijaygandhi.com , www.icxforsale.com
BLOG: https://gtarealtyagent.wordpress.com/

“YOUR PERSONAL REAL ESTATE & MORTGAGE ADVISOR® FOR LIFE”
Please call me TODAY for a No Obligation Buyer Consultation or Pre-Listing appointment!
The referral of your friends & family is the greatest compliment you can give me. Thank you for your trust.
Please, forward my name, phone number & e-mail address to your friends, relatives, clients..

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Light Rail Transit & Scarborough Condos – Good and Bad sides

22 Saturday Jan 2011

Posted by gtarealtyagent in Condos, current real estate affaiirs, FAMILYLAW & REAL ESTATE, Let's Talk Investing, Mortgage, Pre-Construction, Real Estate info & ideas, VIP Condo

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Sheppard Avenue East Light Rail Transit


Scarborough CONDO home owners and residences will benefit tremendously from Light Rail Transit (LRT) on Sheppard Avenue East – from Don Mills Subway Station to Meadowvale Road. LRT makes public transit more efficiency and enjoyable from Kennedy Rd  to the East along Sheppard Avenue and to the West – Don Mill Subway Station. Not only does Toronto Transit City Light Rail Plan make overall environment greener most likely it will increases the value of all CONDO units in Scarborough. Pre-construction activities & Resale have been up because of that. The specific LRT construction schedule is being confirmed 2010.

 

Sheppard Avenue East   Light Rail Transit (LTR)

 

 

Connection at Don Mills Subway Station

The Sheppard Avenue East Light Rail Transit (LRT) will provide a fast, reliable, and comfortable way to travel on Sheppard Avenue between Don Mills Subway Station and Meadowvale Road. The LRT is planned to enter a tunnel just west of Consumers Road, travel under Highway 404 and connect directly to the subway level at Don Mills Station. The modern electrically-powered light rail vehicles will operate in dedicated transit lanes, separated from traffic.

What key benefits will this project bring to the City and Scarborough in particular?

Like everywhere across Toronto, there will be considerable growth in the Sheppard corridor in the future. By separating transit from general traffic, this project can provide a fast, reliable – i.e. predictable – ride for customers. More people will find transit attractive, so we are taking a major step towards ‘Building a Transit City”. Toronto’s Official Plan is premised on such an approach to making transit a more attractive travel option as the City grows.

The City’s Official Plan (OP) designates certain sections of the city as ‘Avenues’ where they plan to develop a more urban and pedestrian friendly street environment – this includes the section on Sheppard Ave from Victoria Park to McCowan. Light Rail Transit (LRT) will help create development in this area that is more dense, varied and transit-oriented.

Project Overview

The Toronto Transit Commission and the City of Toronto will construct an LRT line from Don Mills Subway Station to Meadowvale Road which will improve transit operations on Sheppard Avenue East significantly.

• The LRT will operate in reserved lanes in the middle of Sheppard Avenue East between

Consumers Road and Meadowvale Road.

• West of Consumers, the LRT is planned to operate in a tunnel under Highway 404, and

connect directly to the subway level at Don Mills Station.

• The associated road works include a major widening of Sheppard Avenue between

Pharmacy Avenue and Meadowvale Road to incorporate the LRT, two traffic lanes in each direction, separate left turn lanes, and new bicycle lanes.

• The project will include a grade-separation of Sheppard Avenue under the Agincourt GO line.

LRT Connection between Consumers Rd. and Don Mills Station

The Sheppard East LRT will enter a tunnel just west of Consumers Road,

travel under Highway 404 and ‘butt up’ against the east end of the subway platform. This

would allow transferring customers to walk from the subway to the LRT along a single

continuous platform without having to change levels.

  

The purpose of the project 

The TTC and the City of Toronto want to identify the best way to provide high quality transit service in the Sheppard Avenue East corridor, from Don Mills Subway Station, to Morningside and potentially as far east as Meadowvale Road, in a manner whichis affordable. It makes transit a much more attractive travel option relative to the private auto; and it supports the City’s growth objectives of a better variety and density of transit-oriented developments.

The projected annual ridership of the route

In 2021, it is expected that the Sheppard East LRT will carry 17 million riders a year. Based on further, detailed forecasting (premised on development levels as far into the foreseeable future as possible – 2031) we can expect to be carrying 3000 people per hour in a single direction on the busiest point on the line.

Technology

There are two basic criteria that are generally required for a facility to be called “LRT”: electrically powered rail vehicles with power supplied from overhead wires – which allows them to operate on a city street – and operation of these vehicles in a dedicated right-of-way. The vehicles can be operated individually, or attached together and operated in ‘trains’. This right-of-way can take many forms – from lanes in the middle of the street, to hydro corridors or abandoned railway corridors

In addition to the above, all-door loading (not just front doors) is characteristic of modern LRT lines in North America and there is normally a much greater distance between stops, relative to a typical bus route.

LRT preferred over a subway extension

The design of a transit service is based on the number of people it is expected to carry per hour in a single direction at the ‘peak point’, the busiest spot on the line. City planning forecasts for the Sheppard Avenue corridor into the foreseeable future show a peak point demand in the order of 3000 people per hour. This demand can easily be accommodated by LRT, particularly given that the new light rail vehicles being designed for the TTC will be about twice the size of a standard Toronto streetcar, and can be easily ‘coupled’ to operate as two-car trains, if single vehicles operation is getting too frequent to avoid vehicles catching up and ‘bunching’. A peak point demand of 3000 per hour is well below what would be required to justify the much higher cost of a subway.

 

Preliminary cost estimates of a surface LRT – such as that proposed on Sheppard Avenue, including vehicles, is estimated to cost roughly $40 million per kilometre. In comparison, recent estimates for the extension of the Spadina/University subway, from Downsview station to Steeles Avenue, are over $200 million per kilometre (including vehicles).

LRT preferred over buses

LRT is more comfortable for riders, quieter, has no emissions on the street, and is far superior in carrying capacity in a constrained environment such as an arterial roadway. Buses in dedicated lanes, sometimes called BRT, or bus rapid transit, cannot easily accommodate 3000 people – the peak hour demand projected on Sheppard Avenue – unless the bus ROW includes by-pass lanes at intersections to allow some buses to operate “express” and pass “local buses” stopped to serve customers. To illustrate the problem, it would require 40 articulated buses per hour to accommodate a peak hourly demand of 3000 people. That is a bus every 1 ½ minutes. Even with dedicated lanes, buses operating this close together would catch up to one another and ‘bunching’ would result if some of them don’t operate express. Given that there are a variety of important objectives for Sheppard Avenue – in addition to high quality transit – such as a comfortable walking environment, attractive streetscaping, bike lanes, etc., there is not sufficient width available to allow for the construction of a by-pass lane to be added to the transit right of way.

Speed of LRT vs Buses 

In terms of reduced travel times, in the p.m. rush hour, the bus service on Sheppard Avenue is scheduled to operate at an average speed of about 17kph. For purposes of comparison, the average speed of TTC subways is in the order of 30kph. It is expected that the LRT will travel at speeds of about 22km-25km depending on the number of stops in the final design.

Therefore the travel time savings on Sheppard using an LRT are projected to be considerably faster than bus service in the p.m. peak period, when there is the greatest interference from traffic. Keep in mind that those are today’s figures – the average speed of a bus in mixed traffic would be expected to decrease as the city grows; given that the LRT is to operate in separate lanes, it will be protected from increasing traffic congestion.

The LRT run in the middle of the street

In designing dedicated transit lanes, any crossings by other traffic must have a traffic signal to ensure everyone knows who has the right-of-way. On Sheppard Avenue, or any roadway where there are very frequent un-signalized intersections and driveways, the side of the road option is not feasible because they would all have to be signalized.

The Sheppard LRT connect to the existing transit network (SRT)

SRT is a separate study looking at optional alignments – that study will determine the location of and design of the interface between the two lines. The SRT (Scarborough Rapid Transit) study website is also located at www.toronto.ca/involved .

At a minimum, it must extend far enough east to intersect with the Scarborough Malvern LRT line. At present, that line is proposed on Morningside, but that EA study will evaluate Neilson as a potential alternative. In any event, the Sheppard East LRT EA study is evaluating going as far east as Meadowvale

Traffic, Parking and Other 

East of Pharmacy, Sheppard has two through traffic lanes in each direction and the road will be widened to maintain these lanes. However, there are some existing right turn lanes that may be removed to allow more space for a better pedestrian/cycling environment and better urban design. West of Pharmacy, where there are three through lanes in each direction, we expect a reduction to only two through lanes, consistent with the section to the east. However, our designs to date do not include a reduction to the number of lanes on Sheppard in the vicinity of the Hwy 404 overpass.

Left turns across the right-of-way will only be permitted where there is a traffic signal. Between traffic signals, there will be no left turns permitted from Sheppard into un-signalized intersections or driveways, or from those locations, onto Sheppard. However, there will be separate left turn lanes provided at the signalized intersections and motorists will be able to make “U” turns from these lanes; a motorist on Sheppard who now makes a left turn into a midblock driveway could, with the LRT in place, simply go past the driveway, to the next signalized intersection, and make a “U” turn to return to his/her destination.

Noise or vibration from the LRT

There will be very little noise – the greatest problem with noise on light rail lines is created at locations where the vehicle must operate through a loop to turn around. This creates ‘wheel squeal”. The vehicles on Sheppard are planned to be ‘double-ended” – ie. have an operators’ cab at both ends so it can be operated in either direction. It will reverse direction at each end of the line, similar to the operation of a subway, and therefore will not need loops. TTC will design the trackbed to dampen vibration and ensure it is kept at an acceptable level; as part of the EA study, TTC will be undertaking a vibration assessment. 

Vijay Gandhi from RE/MAX is dedicated to providing you with a home you’ll love to live in. Contact him as by email

From all economic indicators, it appears that higher interest rates are on the way in 2012.

What would your monthly payments be at current home prices in your neighborhood?  Compare your options using CENTUM Mortgage Calculators.

Vijay Gandhi is an independent mortgage planner- industry insider & CENTUM Agent. If you are purchasing, refinancing or renewing your mortgage, contact Vijay or apply for a Mortgage Check-up to obtain the best available rates and terms.
Have you considered a 50/50 Mortgage?

As always, if you have questions about the 50/50 mortgage product and whether it’s right for you, or other mortgage-related questions, I’m here to help!

Whether you are planning to buy-sell-lease-invest your first home or your investment, contact us today! We’d love to hear from you!
Please leave a detail message; I will get back to you soon as possible…

Thanks for visiting my web sites:

vijaygandhi.com , icxforsale.com & torontomortgagetrends.com

Mortgage Rates Are At Historical Lows. Easy OnLine Application. Apply And Get The Best Mortgage Rate!   Variable Mortgage  2.1%   5 Years Fixed  3.49%    Prime   3.00%
*condition apply/sub. To availability

Target for the Overnight Rate
Key interest rate: target for the overnight rate

Sincerely,
Vijay Gandhi,

Sales Representative- REALTOR®
RE/MAX Dynasty Realty Inc. Brokerage*

Mortgage Agent – Lic.# M10001947
CENTUM Metrocap Mortgage Corp. Lic.#11074

C: 647-267-6338 (Direct-Leave message or text)
O: 416.335.4335 | 905.471.0002 (page me-Have me)
F: 905.471.7441
E-MAIL: vtgandhi@yahoo.com , vgandhi@remax.net
WEB:  www.vijaygandhi.com , www.icxforsale.com
BLOG: https://gtarealtyagent.wordpress.com/ , http://gtarealtyagent.blogspot.com

“YOUR PERSONAL REAL ESTATE & MORTGAGE ADVISOR® FOR LIFE”

Please call me TODAY for a No Obligation Buyer Consultation or Pre-Listing appointment!
The referral of your friends & family is the greatest compliment you can give me. Thank you for your trust.

Please, forward my name, phone number & e-mail address to your friends, relatives, clients..

Your comments on the subject is most welcome…

Please discuss the recent developments in your community connected to this project and find out the ways and get advice if it is connected to your real estate interest from us .Thank you.










Light Rail Transit & Scarborough Condos
 

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Profit, Capital Gains and Losses from the Sale of Real Estate

08 Saturday Jan 2011

Posted by gtarealtyagent in BANK SALE P.O.S. - TAX SALE, Business, condo assignment investments, Condos, current real estate affaiirs, FAMILYLAW & REAL ESTATE, FSBO, Houses, Interest Rates, International, Leasing/Renting, Let's Talk Investing, Mortgage, Multiplex-Multi Residetial Investment, Opinion, POWER OF SALE-FORECLOSURE PROPERTY, Pre-Construction, Re/Max, Real Estate info & ideas, VIP Condo

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Capital Property, Conversion of Real Estate, Farmland and Inherited Land, Income Tax, Inventory and Vice Versa, Sale of Real Estate


Profit, Capital Gains and Losses from the Sale of Real Estate 


I am a buyer Bookmark and Share I am a seller

(Income Tax Interpretation Bulletin)

Profit, Capital Gains and Losses from the Sale of Real Estate, Including Farmland and Inherited Land and Conversion of Real Estate from Capital Property to Inventory and Vice Versa

NO: IT-218R

DATE: September 16, 1986

SUBJECT: INCOME TAX ACT
Profit, Capital Gains and Losses from the Sale of Real Estate, Including Farmland and Inherited Land and Conversion of Real Estate from Capital Property to Inventory and Vice Versa

REFERENCE: Section 9 (also subsections 13(7), 45(1) and 248(1), paragraphs 13(21)(c), 54(a), (c), (f) and (g), subparagraph 40(2)(g)(iii) and Regulations 1101(1) and 1102(1)(b))

This bulletin cancels and replaces IT-197R dated August 20, 1979 and IT-218 dated May 26, 1975 and applies with respect to taxation years commencing after the date of its issue. Please note that the comments in IT-102R concerning real property and its conversion from capital property to inventory and vice versa continue to apply to taxation years commencing on or before the date of issue of this bulletin.

1. A gain arising on the sale of real estate will be considered to be business income, property income or a capital gain. This bulletin does not deal with gains arising on the sale of real estate that is or was designated as a principal residence because such gains are dealt with in IT-120R3.

2. The word “business” is defined in subsection 248(1) so as to include, inter alia, an adventure or concern in the nature of trade. This definition can cause an isolated transaction involving real estate to be considered a business transaction. As a business, any gain or loss which arises therefrom is, by virtue of section 9, required to be included in computing income or loss, as the case may be.

3. There is no provision in the Income Tax Act which describes the circumstances in which gains from the sale of real estate are to be determined as being either income or capital. However, in making such determinations, the courts have considered factors such as those listed below: (The list is not intended to be exclusive of any other factor.)

(a) the taxpayer’s intention with respect to the real estate at the time of its purchase;

(b) feasibility of the taxpayer’s intention;

(c) geographical location and zoned use of the real estate acquired;

(d) extent to which intention carried out by the taxpayer;

(e) evidence that the taxpayer’s intention changed after purchase of the real estate;

(f) the nature of the business, profession, calling or trade of the taxpayer and associates;

(g) the extent to which borrowed money was used to finance the real estate acquisition and the terms of the financing, if any, arranged;

(h) the length of time throughout which the real estate was held by the taxpayer;

(i) the existence of persons other than the taxpayer who share interests in the real estate;

(j) the nature of the occupation of the other persons referred to in (i) above as well as their stated intentions and courses of conduct;

(k) factors which motivated the sale of the real estate;

(l) evidence that the taxpayer and/or associates had dealt extensively in real estate.

4. None of the factors listed in 3 above is conclusive in itself for the purpose of determining that a gain arising on the sale of real estate constitutes income or a capital gain. The relevance of any factor to such a determination will vary with the facts of each case.

5. A taxpayer’s intention at the time of purchase of real estate is relevant in determining whether a gain on its sale will be treated as business income or as a capital gain. It is possible for a taxpayer to have an alternate or secondary intention, at the time of acquiring real estate, of reselling it at a profit if the main or primary intention is thwarted. If this secondary intention is carried out any gain realized on the sale usually will be taxed as business income.

6. The more closely a taxpayer’s business or occupation (e.g. a builder, a real estate agent) is related to real estate transactions, the more likely it is that any gain realized by the taxpayer from such a transaction will be considered to be business income rather than a capital gain (see 3(f) and (j) above).

7. The objects as stated in the charter of a corporation often offer little assistance in determining the intention of the corporation when real estate is acquired and later sold. Consequently, in any case where a corporation claims a capital gain in respect of real estate the corporate intention relative to the acquisition and sale thereof will be examined and determined by reference to factors such as those described in 3 above. In some cases (e.g., closely-held corporations) the corporate intention may be indistinguishable from that of its officers, directors and/or shareholders and in such cases their intentions, as based on their past and present conduct with respect to real estate, will accordingly be attributed to the corporation.

8. Passive members of a partnership or syndicate will be in no different position with regard to the taxability of real estate profits than that of the active members. The actions and intentions of the active members will be imputed to the passive members.

9. When the sale of shares in a corporation by a taxpayer is merely an alternative method of realizing profits from the sale of real estate, the profits from the sale of those shares will be taxed as if the real estate itself had been sold.

I am a buyer Bookmark and Share I am a seller
Conversion of Real Estate from Capital Property to Inventory

10. Real estate that is held by its owner as capital property may be used by its owner as personal-use property (see definition in paragraph 54(f)) or it may be used for the purpose of gaining or producing income from a business or property. A sale of real estate that is capital property in the vendor’s hands will, as a general rule, give rise to a capital gain or loss, as the case may be, to the vendor (except in the case of a loss on the sale of personal-use property which is nil by virtue of the limitations of subparagraph 40(2)(g)(iii)). However, where real estate is converted from capital property to inventory as discussed in 12 and 13 below, the results will be as follows:

(a) for real estate that is personal-use property its conversion to inventory will constitute a change in use for the purposes of subsections 13(7) and 45(1) with the attendant deemed disposition and acquisition as explained in 11 below; and

(b) for real estate that is used for the purpose of gaining or producing income from a business or property, its conversion to inventory will not constitute a change in use (see also 11 below) and the proceeds from its ultimate sale will be treated in accordance with 15 below.

11. In accordance with the rules in subsections 13(7) and 45(1) property is deemed to have been disposed of for proceeds equal to its fair market value at the time when it undergoes a change in use and to have been reacquired immediately after that time for an amount equal to those same proceeds. The Department considers that the changes in use as described by subsections 13(7) and 45(1) do not include a transfer of property from one income-earning function to another such function of the same taxpayer. Accordingly, it is the Department’s position that subsections 13(7) and 45(1) do not apply where real estate that is used by its owner for the purpose of gaining or producing income from a business or property (e.g., an office building or rental property) is converted by its owner to inventory. The use (by sale) of inventory is still an income-earning function. The same rationale will apply when inventory is converted to capital property provided the property is, immediately after conversion, used by its owner for the purpose of gaining or producing income from a business or property. The comments in 12 to 19 below are predicated on the proposition that subsections 13(7) and 45(1) have no application for the reasons stated above.

12. Vacant land that is capital property used by its owner for the purpose of gaining or producing income will be considered to have been converted to inventory at the earlier of

(a) the time when the owner commences or causes the commencement of improvements thereto with a view to selling it, and

(b) the time of making application to the relevant authority for approval of a plan to subdivide the land into lots for sale, provided that the taxpayer proceeds with the development of the subdivision.

See 23 and 24 below for comments concerning farmland and inherited land.

13. The units in a multi-unit residential apartment, or an office, warehouse storage building or any similar structure that is held as capital property by the owner will be considered to have been converted to inventory at the time when application is made to the relevant authority for approval to change the title to any such building to strata title, provided that the owner proceeds with the sale of the units. See also 18 below.

14. Where the relevant authority rejects an application referred to in 12 or 13 above, and the owner thereafter sells the property en bloc, the sale will ordinarily be treated as a sale of capital property if it would have been so treated had the property been sold before the application was made.

15. Where real estate that is used for the purpose of gaining or producing income from a business or property is converted from capital property to inventory, the action of conversion does not constitute a disposition within the meaning of paragraphs 13(21)(c) and 54(c). It is, however, recognized that the ultimate sale of real estate that was so converted may give rise to a gain or loss on capital account, a gain or loss on income account or a gain or loss that is partly capital and partly income. Accordingly, where such real estate has been converted to inventory, capital gains or losses, if any, will be calculated on the basis that a notional disposition of such property occurred on the date of conversion. The amount of such a notionally determined capital gain or loss in respect of the real estate will be the difference between its adjusted cost base, as defined in paragraph 54(a), (subject to the ITAR rules for property held on December 31, 1971) and its fair market value on the date of conversion. These notional capital gains or losses will be considered to give rise to taxable capital gains or allowable capital losses for the taxation year during which the actual sale of the real estate occurs and will be required to be so reported in that same year. The amount of any income gain or loss arising on actual sale of the converted real estate will be determined in accordance with generally accepted accounting principles on the basis that its initial inventory value is its fair market value on the date of conversion. See 16 to 19 below where the use of these procedures is illustrated by examples.

16. The following examples illustrate the use of the procedures set out in 15 above for non-depreciable capital property.

A B C D
Assumptions:
Property is land Cost of property when acquired (1) $ 1,000 $10,000 $10,000 $10,000
V day value (2) $10,000
Fair market value at date of conversion (3) $15,000 $15,000 $ 8,000 $ 7,500
Cost of additions made after conversion (4) $ 4,000 $ 4,000 $ 4,000 $ 4,000
Proceeds of sale (5) $20,000 $12,000 $ 6,000 $20,000
Notional capital gain
A(3)-(2) $ 5,000
B(3)-(1) $ 5,000
Notional capital loss
C(1)-(3) $(2,000)
D (1)-(3) $(2,500)
Income gain
A (5)-(3)-(4) $ 1,000
D (5)-(3)-(4) $ 8,500
Income loss
B (3) + (4) – (5) $(7,000)
C (3) + (4) – (5) $(6,000)
Effect for tax purposes in year of actual sale of property:
Taxable capital gain or (allowable capital loss) $ 2,500 $ 2,500 $(1,000) $(1,250)
Income gain or (loss) 1,000 (7,000) (6,000) 8,500
3,500 $(4,500) $(7,000) 7,250

17. Where only part of a parcel of land is converted to inventory (e.g., one-half of the parcel is developed for sale as residential building lots), for the purpose of computing business income on the subsequent sale of the converted land the cost of the converted part is considered to be equal to its fair market value at the date of conversion. Similarly, where in a taxation year only part of the converted land is sold, the cost (for the purpose of computing income) of the part sold is the portion of the fair market value at the date of conversion of all the converted land as may reasonably be attributable to that part. The capital gain or loss, if any, on the sale of part or all of the converted land will be computed in accordance with 15 and 16 above.

18. The Act provides rules governing the treatment of proceeds arising on the disposition of depreciable capital property but it does not envisage the possibility that such property may be converted to inventory before its disposition. Accordingly, where, in situations such as those described in 13 above, depreciable real estate is converted to inventory, it is the Department’s position that

(a) the initial cost of the real estate for inventory valuation purposes will be its fair market value as at the time of conversion, and

(b) the ultimate sale of the real estate may give rise to results similar to those described in 15 above.

The classes of property described in Part XI and Schedule II of the Income Tax Regulations are, by virtue of paragraph 1102(1)(b) thereof, deemed not to include property that is described in a taxpayer’s inventory. Accordingly, where depreciable property (e.g., an apartment building) is converted to inventory it ceases to qualify for capital cost allowance for the taxation year during which the conversion occurs and subsequent years, but continues to have an undepreciated capital cost balance in the class of Schedule II of the Regulations to which it was assigned until its ultimate disposition, at which time the class will be credited with the lesser of the cost of the asset and its fair market value at the time of conversion to inventory.

19. To illustrate the conversion of depreciable real estate to inventory and the treatment, for tax purposes, of the proceeds of sale thereof, assume the following:

The property is a 50-suite rental apartment building which, at the time it was acquired by a taxpayer, cost, excluding land (Note (2)) $1,000,000
The undepreciated capital cost of the building as at December 31, 1982 was 900,000
The fair market value of the building when it was converted to inventory (see 13 above) on August 1, 1983 was $2,000,000
Sales were made in 1985 of 20 suites for proceeds of $1,200,000
and in 1986 of 30 suites for proceeds of $2,100,000

In 1985 and 1986, the taxpayer will account for (a) capital gains realized on actual sales (in this example the notional capital gain as at August 1, 1983 was $1,000,000), (b) income from the sale after July 31, 1983 of inventory, and (c) income from the recapture of capital cost allowance, by allocating, on an average per-suite basis, the sales proceeds, cost and capital gain as follows:

1985 1986 TOTAL
Sales proceeds – 20 suites 1985 $1,200,000 $1,200,000
– 30 suites 1986 $2,100,000 2,100,000
$1,200,000 $2,100,000 $3,300,000
Deduct: Lesser of cost and fair market value per suite at the time of conversion to inventory, as credited to the undepreciated capital cost of the class of depreciable property to which the cost of the building was allocated (Note (1))
1985 – 20 suites at $20,000 400,000
1986 – 30 suites at $20,000 600,000 $1,000,000
$ 800,000 $1,500,000 2,300,000
Deduct: Notional capital gain as at August 1, 1983 actually realized
in 1985: 20 x ($2,000,000 – $1,000,000) 400,000 50
in 1986: 30 x ($2,000,000 – $1,000,000) 600,000 $1,000,000
50
Income from sale of inventory (Note (2)) $ 400,000 $ 900,000 $1,300,000
Add: Income – recapture of capital cost allowance (Note (1)) 100,000 100,000
Total income excluding the taxable capital gain $ 400,000 $1,000,000 $1,400,000
Taxable capital gain $ 200,000 $ 300,000 $ 500,000
Total income $ 600,000 $1,300,000 $1,900,000

Note (1): The undepreciated capital cost account for the building, assuming that it was a separate class pursuant to Regulation 1101(1), will appear as follows:

Undepreciated capital cost December 31, 1982-84 $ 900,000
Less: reduction re 1985 sales $ 400,000
U.C.C. December 31, 1985 $ 500,000
Less: reduction re 1986 sales $ 600,000
Recaptured capital cost allowance to be included in income under subsection
13(1)
($ 100,000)

Note (2): Although not shown in this example, the land relative to the building will, except that it is non-depreciable, be subject to the same considerations with respect to the determination of a notional capital gain, income gain, and the reporting thereof in the year of sale.

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Conversion of Real Estate from Inventory to Capital Property

20. Where a taxpayer acquires real estate and allocates its cost to inventory in the taxpayer’s accounting records, such accounting treatment will be considered to represent prima facie evidence that the real estate was initially acquired with the intention of reselling it at a profit at a propitious time (see 5 to 7 above). If such real estate is vacant land, it is the Department’s position that any gain on its sale, as such, will be business income rather than a capital gain. See however, 21 below which discusses the conversion of improved land from inventory to capital.

21. A taxpayer who constructs buildings for sale and who originally intended to sell a particular building soon after it was completed may, however, permanently convert that building from inventory to capital property

(a) by establishing that the original intention to sell the building has been abandoned,

(b) by capitalizing the cost of the building and the cost of the lot (if owned by the taxpayer) upon which it sits, in the taxpayer’s financial records, and

(c) by making use of the building as a capital asset for a period of time in a manner that is more indicative of investing than trading. Examples of such uses are as follows:

(i) the rental of the building on a long term lease which does not provide the lessee with an option to purchase,

(ii) the housing of the taxpayer’s business, or

(iii) the rental of part of the building on terms described in (i) and the occupation of the remainder thereof by the taxpayer for the purpose described in (ii).

The same considerations will apply with respect to real estate, other than vacant land, that was purchased for the purpose of resale.

22. A taxpayer who constructs buildings for sale will not be considered to have converted inventory to capital property when part or all of any such building is temporarily rented for any reason. Rental revenues so received, net of expense, will be included in computing the taxpayer’s income, but since the building will, at all times, be considered to be held as inventory, it will not be eligible for capital cost allowance.

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Farmland and Inherited Land

23. The sale, en bloc or piecemeal, by a taxpayer of

(a) farmland regularly used by the taxpayer for the purpose of gaining or producing income from a farming business carried on by the taxpayer, or

(b) land inherited by the taxpayer

will generally give rise to a capital gain or loss, as the case may be, to the taxpayer except where, for example, the taxpayer

(c) converts such land to a trading property (see 24 below), or

(d) acquired the land referred to in (a) with the intention of reselling it for profit at a propitious time (see 5 above).

24. Parcels of farming or inherited land referred to in 23 above may be difficult to sell en bloc and the land may be sold by subdividing it and selling the lots individually. It is the Department’s view that the filing of a subdivision plan and selling lots thereunder does not in itself affect the status of the gain notwithstanding that such subdivision may enhance the value of such land. A gain on the sale of farming or inherited land will remain a capital gain if an examination of all other facts, both before and after subdivision, establishes this to be so. However, where the taxpayer goes beyond mere subdivision of the land into lots and installs improvements such as watermains, sewers or roads, or carries on an extensive advertising campaign to sell the lots, the taxpayer will be considered to have converted the land from a capital property into a trading property. Where such a conversion occurs see 15 above for treatment of gains or losses arising from the ultimate sale of the property.

Source: http://www.cra-arc.gc.ca/E/pub/tp/it218r/README.html

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