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Category Archives: H.S.T.

What is the Toronto Land Transfer Tax?

21 Thursday Jun 2012

Posted by gtarealtyagent in current real estate affaiirs, H.S.T., Interest Rates, Opinion, Uncategorized

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What is the Toronto Land Transfer Tax?

Simply put, the Toronto Land Transfer Tax is a tax on the dream of home ownership. It’s paid every time people like you purchase a home in Toronto, and it’s not small. The average home buyer in Toronto faces about $15,000 in land transfer taxes, which has to be paid in full before moving into their new home.

Land Transfer Tax Calculator

Why does it matter?

Because, together, we are building a great City, and it’s important, for all of us, that we get this right. The Toronto Land Transfer Tax is no way to build a great City, and here’s why:
It Makes Toronto Less Fair

In any given year, only about five percent of Torontonians move. These are average people, who move for different reasons: a young family with a baby on the way may need more space; aging seniors may need to change their lifestyle; a family break-up. The list goes on. It is unfair, and wrong, to expect these people to shoulder so much more burden in taxes than the other 95 percent of Torontonians, for no additional services.
It Makes Our City Services Less Reliable

Torontonians value their municipal services. To maintain those services, we need reliable and predictable funding. The Toronto Land Transfer Tax is far from reliable or predictable. The revenue it generates goes up AND down with the state of the real estate market. What will we do if real estate markets suddenly cool and Land Transfer Tax revenue drops sharply and quickly? If we want our City’s services to be truly reliable, we should end our reliance on this unpredictable tax.
It Makes Our City Less Competitive

Over the years, Toronto has succeeded largely because people want to live here. In fact, about half of all immigrants arriving in Canada choose to live in the Toronto region. Once they settle on the Toronto region, however, the choice between municipalities becomes less clear, and the Toronto Land Transfer Tax doesn’t help our City’s chances. That’s because Toronto is the ONLY City in the entire country, let alone the Greater Toronto Area, to have two land transfer taxes: the Toronto Land Transfer Tax, AND the provincial Land Transfer Tax. Choosing to live outside of Toronto means paying only once, instead of twice. Clearly, this puts our City at a competitive disadvantage for its most important resource: people.
It Risks OUR Economic Vibrancy

When people buy and sell homes, they create jobs for people. They hire movers. They have their new home painted. They renovate. They buy new furniture and appliances. The list goes on. In fact, studies have shown that about 40,000 Toronto jobs rely directly on this type of economic activity. By discouraging people from moving, the Toronto Land Transfer Tax threatens these jobs.
It Makes Our City Less Affordable

Toronto should be a City for everyone. Anyone who wants to live here should be able to. The Toronto Land Transfer Tax makes that more difficult. Even average middle-class people struggle with this tax, which adds about $6,000 to the cost of an average home in Toronto, and about $15,000 to the cost of an average detached home in Toronto. That’s money that has to be paid in full, upfront, before moving in. That’s not easy, or realistic, for many average people.
It Makes Our Government Less Accountable

As taxpayers, we all expect our hard-earned tax dollars to be spent wisely by City Hall. The Toronto Land Transfer Tax reduces City Hall’s accountability to taxpayers because it is hidden in housing transaction closing costs. It’s important, for our City’s finances, that City Council carefully considers their tax and spending decisions, and the best way to make that happen is for taxes to be out in the open so that all taxpayers know what City Council is doing.
It Makes Our City Less Green and Less Livable

We are all tired of the traffic congestion that plagues Toronto and the entire region. Not only does it affect our quality of life, but the pollution generated by automobiles is bad for our health and our environment. Reducing the amount and length of commuting between work and home is a key part of solving this problem. That means helping people to live close to their jobs. The Toronto Land Transfer Tax does the opposite by creating an incentive to live outside of the City, farther from Toronto jobs, where home buyers don’t have to pay a municipal land transfer tax.

TAKE ACTION NOW

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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.

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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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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

 

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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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Capital Gains Tax (Summary & Web Links)

07 Friday Jan 2011

Posted by gtarealtyagent in condo assignment investments, Condos, current real estate affaiirs, FAMILYLAW & REAL ESTATE, Green Investment, H.S.T., Interest Rates, Let's Talk Investing, Mortgage, Multiplex-Multi Residetial Investment, Opinion, Real Estate info & ideas

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Capital Gains Tax, Exclusive VIP Condo Previews


Capital Gains Tax (Summary & Web Links) 

I am a buyer Bookmark and Share I am a seller

A capital gains tax (CGT) is a tax charged on capital gains, the profit realized on the sale of a non-inventory asset that was purchased at a lower price. The most common capital gains are realized from the sale of stocks, bonds, precious metals and property. Not all countries implement a capital gains tax and most have different rates of taxation for individuals and corporations.

For equities, an example of a popular and liquid asset, each national or state legislation, have a large array of fiscal obligations that must be respected regarding capital gains. Taxes are charged by the state over the transactions, dividends and capital gains on the stock market. However, these fiscal obligations may vary from jurisdiction to jurisdiction because, among other reasons, it could be assumed that taxation is already incorporated into the stock price through the different taxes companies pay to the state, or that tax-free stock market operations are useful to boost economic growth.

In Canada

Currently 50.00% of realized capital gains are taxed in Canada at an individual’s tax rate. Some exceptions apply, such as selling one’s primary residence which may be exempt from taxation.[2] Capital gains made by investments in a Tax-Free Savings Account (TFSA), are not taxed.

For example, if your capital gains (profit) is $100, you’re only taxed on $50 at your marginal tax rate. That is, if you were in the top tax bracket you’d be taxed at approx 43%. Formula for this example using the top tax bracket would be as follows:

Capital gain x 50.00% x marginal tax rate = capital gain tax

= $100 x 50.00% x 43%

= $50 x 43%

= $21.50

In this example your capital gains tax on $100 is $21.50, leaving you with $78.50.

The formula is the same for capital losses and these can be carried forward indefinitely to offset future years’ capital gains; capital losses not used in the current year can also be carried back to the previous three tax years to offset capital gains tax paid in those years.

Corporations who earn capital gains are taxed at their full marginal rate – there is no 50% deduction for them as in the case of individuals. If more than 50% of a small business’s income is derived from specified investment business activities (which include income from capital gains) they are not even allowed to claim the small business deduction.

Capital gains earned on income in an RRSP are not taxed at the time the gain is realized (i.e. when the holder sells a stock that has appreciated inside of their RRSP) but they are taxed when the funds are withdrawn from the registered plan (usually after converting to a registered income fund.) These gains are then taxed at the individual’s full marginal rate.Unrealized capital gains are not taxed.
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What’s new for capital gains

Topics about Line 127 – Capital gains

Calculating and reporting
How to calculate your capital gains and losses, and complete line 127 and schedule 3 of your return.
Capital losses and deductions
You may be able to reduce your taxable income by claiming capital losses, deferrals, reserves and the cumulative capital gains deduction.
Shares, funds and other units
Publicly-traded shares, bonds, mutual fund and trust units, stock options, flow-through entities, and identical properties.
Capital gains (or losses) from information slips
How to report your capital gains (or losses) from T3, T4PS, T5, T5008, T5013 and T5013A information slips.
Principal residence and other real estate
Designation, change of use and disposition of a principal residence, which can be a house, apartment, cottage, mobile home or houseboat.
Transfers of capital property
Transfers to a spouse or common-law partner, or to a trust, corporation or partnership.
Capital gains and losses from business and partnerships
Information for individuals whose capital gain or loss arises from a business or partnership.
Gifts of shares, stock options, and other capital property
Donations of Canadian cultural property, ecologically sensitive land, and other capital property such as bonds, shares or stock options.

Note
You cannot file your income tax return using Telefile if you are reporting capital gains (or losses) on Schedule 3, Capital gains (or losses).

Questions and Answers about capital gains.

Forms and publications

Forms and publications you may need for capital gains.

Related topics

  • Line 217 and 228  –  Business investment loss
  • Line 252 – Non-capital losses of other years
  • Line 253 – Net capital losses of other years
  • Line 254 – Capital gains deduction
  • Non-resident dispositions

·        Capital Gains Tax on the Sale of Real Estate Properties in Ontario

·        How do I create income from a second home or vacation property?

·        Principal Residence and Other Real Estate : PART-4

·        The tax implications for Canadians buying U.S. property 

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Property Tax : Things you need to know

01 Wednesday Dec 2010

Posted by gtarealtyagent in condo assignment investments, Condos, current real estate affaiirs, FAMILYLAW & REAL ESTATE, Green Investment, H.S.T., Interest Rates, Let's Talk Investing, Mortgage, Real Estate info & ideas, Rental

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Property Tax


Property Tax : Things you need to know

 

For homeowners property tax is one of the most painful and visible taxes going. Instead of having the tax skimmed off their pay cheques at source, they generally have to cough up hefty installments either monthly or four to six times a year. Alternatively, they can see their mortgage payments swollen even more, if their lender insists on making the tax payments.

Tenants pay property tax, too – arguably at higher rates than homeowners in some municipalities – but landlords build it into their rent. If you can’t avoid it, you can at least understand it.

Here are ten things you need to know about property tax.

1. How is it calculated?

Your municipality takes the assessed value of your home and applies the tax rate. If your home is assessed at $300,000 and the tax rate is 2 per cent, your tax is 2 per cent of $300,000, or $6,000 a year.

2. How is my assessment determined?

A non-profit agency called the Municipal Property Assessment Corporation (MPAC) assesses your property, and sends the owner a notice of its assessment. The assessment is supposed to reflect the price it would likely fetch if you put it up for sale. MPAC tracks real estate sales neighbourhood by neighbourhood so it can put a value on a one-bedroom condo in the St. Lawrence neighbourhood, say, or a four-bedroom detached home in Stouffville/Markham. It may reduce the assessment if the home is on a busy corner beside a gas station, or boost it if it’s on a prestigious street backing on ravine.

3. How is the tax rate set?

Your city or town council sets a tax rate through the annual budgeting process. The regional council, if there is one, also sets a tax rate. (Toronto has no regional government, but the other municipalities in Greater Toronto each have both local and regional governments.) Finally, the provincial government sets a tax rate for education. The three rates are added together.

If the local tax rate is 1 per cent, the regional rate is 1 per cent, and the education rate is 0.5 per cent, the total tax rate is 2.5 per cent. The city (or town or township) collects the tax on behalf of all the other governments, so you get just one tax bill.

4. I think my tax rate is too high

There’s not much you can do. Politicians on local and regional councils set property tax rates for their areas, and the provincial government sets a province-wide rate for education. If you don’t like the tax rates, you’ll have to persuade the politicians to change them, or run for office yourself.
http://www.toronto.ca/taxes/property_tax/index.htm

5. I think my assessment is unfair

First, you should call MPAC at 1-866-296-6722. If a phone call doesn’t change your mind, you should ask MPAC to send you a list of the assessment on properties similar to yours. There is no fee. You can also send MPAC a list of properties you think are comparable and they will select six properties of their choosing. You can do this in the “About My Property” section of the MPAC website. Your assessment notice should contain the User ID and password you’ll need.

If you still think you’re over-assessed, you can make a “request for reconsideration,” an informal process in which you state your case in writing, and MPAC tries to respond within 60 days. Instructions are on the MPAC website. This is free.

6. I’m still not happy

You have one further avenue, which is appealing to the Assessment Review Board, a tribunal independent of MPAC. This is a more formal process involving a hearing before a board member. You can represent yourself, or hire a lawyer. You must pay a fee of $75. You must have already been through the “request for reconsideration” process, and must file your appeal within 90 days of the mailing date of your request for reconsideration decision.

7. If my assessment rises, do my taxes go up?

Not necessarily. If everyone’s assessment goes up 10 per cent, but the cities and school systems don’t increase their budgets, they should be able to lower their tax rates 10 per cent and still collect the same amount of money. It’s seldom that everyone’s assessment rises by the same proportion, of course. A hot housing market in one neighbourhood may drive up assessments faster in that area than in others.

8. Do businesses pay property tax?

They do. In fact, some business property owners in Toronto have long complained that they bear more than their fair share of the property tax burden.

9. What happens if I don’t pay?

You get charged credit-card type interest on unpaid tax. Toronto, for example, charges 1.25 per cent a month. If you put your head in the sand and continually refuse to pay, the municipality can seize your property and sell it to recoup the taxes, although this is a long and seldom-used process that often takes years. The property owner gets whatever is left over. This doesn’t happen often, but towns and cities do use this power in some cases if payments fall far in arrears.

10. Where does the tax money go?

Property tax goes to local governments to pay for services such as roads, parks, police, fire fighting, ambulance and transit. Municipal property taxes also cover part of the cost of welfare. Some of the proceeds also flow to the public and separate school systems; taxpayers are given the option which system to support.

For property in Ontario, GTA, Toronto, please visit me/email me on

Web@ www.vijaygandhi.com, mail@ vgandhi@remax.net

Thanks for visiting blog; it’s always updated with new info.

WE ARE GOING TO KEEP POSTING NEW ARTICLES RELATED TO VALUE YOUR INVESTMENT SERIES, YOU CAN SUBSCRIBE IN ORDER TO STAY CONNECTED, THANK YOU FOR BEING PART OF NETWORK.

(The comments contained on this site are for information purposes only and do not constitute legal advice.)

If you have any questions/suggestion or require more information, please do not hesitate to contact me and I will be happy to assist you.

Vijay Gandhi,
Sales Representative- REALTOR®,
RE/MAX Dynasty Realty Inc. Brokerage*
C: 647. 267. 6338 (Direct-Leave message or text)
P: 416.335.4335 | 905.471-0002 (page me-Have me)
F: 905.471.7441
E: vtgandhi@yahoo.com , vgandhi@remax.net
W:  www.vijaygandhi.com , www.torontomortgagetrends.com

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6 ways to save on fall maintenance

16 Saturday Oct 2010

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

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fall maintenance, save


6 ways to save on fall maintenance

If you live in an area where the fall season means preparing for extreme winter weather, you know that the work can be expensive, back breaking and time consuming.

Not to worry, though, we’ve collected some tips to making those fall chores fit more comfortably in to the budget.

Fix Those Leaky Windows

here’s a quick quiz: How much of their annual energy costs does the average consumer throw away because of leaky windows and doors? The answer? 10 per cent. If your energy bill averages $150 per month what would you do with an extra $180?

A general cost analysis would reveal that if you spend less money than 10 per cent of your annual energy costs, this fall activity is worth the cost.

Take a stick of incense and go around the perimeters of doors and windows. If the smoke flickers, there’s a leak. Purchase a $5 tube of acrylic caulk to fix many of these leaks. That’s a lot less than $180!
Gutter Guards

If you don’t address the leaves and debris in your gutters, your gutters will eventually clog. As water builds up, so will the weight in the gutters. This can not only cause roof damage, the weight can pull the gutters down.

Professionally installed gutter guards can cost $30 per foot or more. This can total more than $5,000 on a 2,000-square-foot house. There are do it yourself gutter guards that cost as little as 50 cents per foot.

Leaf Removal

With the right equipment, taking care of a yard full of leaves takes a fraction of the time but how many times do you clean up leaves in a year? Two out of 12 months? If you’re the frugal type, you know that buying leaf blowers, tarps and rakes isn’t cost effective if it is only used a few times a year and if you do buy a low-cost leaf blower, it may not be powerful enough if your yard has a lot of trees.

But how about making it a neighbourhood effort? Rent a few large blowers and borrow some tarps and do a few lawns over a weekend. This is also a great plan if you have exposed roots or stumps that need removed.

Furnace Inspection

You’re in the dead of winter, it’s snowing, it’s windy and the temperature is a comfortable -20 C and you notice that it’s getting cold in the house.

Your furnace is out and the heating and air conditioning person can’t get there because of the weather. It’s now the weekend and the rates are twice as high. All of this could have been avoided by getting your furnace inspected in the fall.

Among the important mechanical inspections, they also check for carbon monoxide, a deadly gas that can build up in your house.

Often, during the offseason, heating and air conditioning companies offer special pricing for these inspections. Some also offer maintenance plans that include furnace and air conditioning inspections for cheap.

Insulate the Pipes

A broken pipe not only requires a plumber, but the water can damage floors, appliances, walls and other valuable items. The biggest cost involved in this repair is time. Foam pipe insulating kits are widely available in home improvement stores. To save money, don’t just buy the kit.

Check plumbing supply stores to see if the individual parts cost less than the kits. Insulating pipes is a prime example of a miniscule investment to save a major repair cost later.

Clean the Chimney

Spending money to clean the inside of your chimney is worth it because a dirty chimney is a fire hazard. Over time, flammable creosote builds up in your chimney and can cause a chimney fire.

This is one of those times when spending the money on a professional cleaning is worth the expense. A professional cleaning will cost about $150 – well worth the peace of mind knowing that a fire hazard has been removed.

The Bottom Line

Preparing for the winter months can be costly but the cost is small compared to the costs of repairing your home because of lack of routine maintenance. Spend a little bit of money now to save money later.

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Online mortgage calculators are helpful in planning for a home purchase. For more information on CENTUM broker negotiated rates, visit Centum.ca for a referral to your nearest broker.

For property in Ontario, GTA, Toronto, please visit me/email me on

Web@ www.vijaygandhi.com, mail@ vgandhi@remax.net

Thanks for visiting blog; it’s always updated with new info.

WE ARE GOING TO KEEP POSTING NEW ARTICLES RELATED TO VALUE YOUR INVESTMENT SERIES, YOU CAN SUBSCRIBE IN ORDER TO STAY CONNECTED, THANK YOU FOR BEING PART OF NETWORK.

(The comments contained on this site are for information purposes only and do not constitute legal advice.)

If you have any questions/suggestion or require more information, please do not hesitate to contact me and I will be happy to assist you.

Vijay Gandhi,
Sales Representative- REALTOR®,
RE/MAX Dynasty Realty Inc. Brokerage*
C: 647. 267. 6338 (Direct-Leave message or text)
P: 416.335.4335 | 905.471-0002 (page me-Have me)
F: 905.471.7441
E: vtgandhi@yahoo.com , vgandhi@remax.net
W:  www.vijaygandhi.com , www.centum.ca/vijay_gandhi

Please call me TODAY for a No Obligation Buyer Consultation or Pre-Listing appointment!

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Home Title Insurance- Mortgage Loan Insurance

04 Monday Oct 2010

Posted by gtarealtyagent in current real estate affaiirs, Green Investment, H.S.T., Let's Talk Investing, Mortgage, Real Estate info & ideas

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Home Title Insurance, Mortgage Loan Insurance


Home Title Insurance- Mortgage Loan Insurance

Not everyone is an expert in the home buying process; there will be many questions and concerns that arise during your purchase. This section will offer advice from experts in the industry regarding various topics that will be of interest when buying a home

Home Title Insurance

Do you need it?

The phrase “home title insurance” is becoming more common in Canada these days, as the concept catches on with home buyers and their lawyers. Simply put, home title insurance is a policy of insurance that protects the buyer and/or mortgage lender against loss or damage sustained if a claim covered under the policy terms is made. These terms typically involve defects in the title or survey that might affect your right of ownership and ability to resell the property.

This includes unpredictable or undetectable issues such as conflicting interests or ownership of the land, and mortgages or other encumbrances affecting title. Plus, this insurance covers compliance risks such as noncompliance with new restrictive covenants, the existence of work orders, and major encroachments, as well as access-related problems due to right-of-way or easements or other defined rights and defects. Other issues that are covered include fraud and missing heirs.

  • Title insurance transfers the risk associated with title from the home buyer, lending institution or lawyer to the title insurer. If a problem with title is discovered after closing, the title insurer may rectify the problem or compensate the holder of the policy, as long as that type of problem is covered by the policy.

A title insurance policy contains:

  • Risks or losses the policy will cover
  • Risks or losses the policy will not cover
  • General terms governing the insurance coverage

What does “Title” mean?

Title is a legal term that refers to ownership of a property. As a home buyer, you want to be sure you own the property and have the right to convey it to someone else at a future date.

Prior to your home closing, public records are searched to determine the previous ownership of, and dealings relating to, a property. For example, there may be an existing mortgage on it, liens for outstanding taxes, etc. The property should be free of these items at closing. Occasionally, defects regarding the title are discovered after closing, or are not handled before closing, which can at some future date negatively affect the marketability of the property, or even cost the buyer money to remedy. For example, if the property was conveyed to the previous owner fraudulently, the real owner may demand his/her rights of ownership. Other risks that may be covered under the policy include the forced removal of existing structures on the property, unregistered rights-of-way, and zoning and set back non-compliance.

Generally, there are certain types of risks that are not to be covered, such as environmental hazards, native land claims, and problems agreed to in the purchase agreement or failed to disclose to the lawyer. Discuss with your lawyer what risks are and are not covered, as well as the parameters of the policy, which remains in effect as long as the insured buyer, or their heirs, retain title to the land. Title insurance is available for resale homes, condominiums, cottages, rural properties, residential rental properties up to four units, and farms.

Do I need title insurance?

Mortgage fraud in Canada is expected to increase as more people enter the homeownership market. Whether you buy a  or resale home, pursuing home title insurance may be in your best interest, depending on the circumstances of your purchase. You may also be required by your lender to buy the insurance. Discuss it with your lawyer and lender, and reap the benefits of being an informed consumer.

Identity Theft Insurance

As of 2007, First Canadian Title, Canada’s leading provider of title insurance, offers identity theft insurance to its title insurance policyholders. Identity theft is a growing problem in Canada. Someone who has obtained your personal information without your knowledge or consent can commit crimes, rent apartments, apply for loans and any number of other activities using your name.

For a one-time fee, First Canadian Title’s identity theft covers up to $30,000 for expenses involved in credit rating recovery and associated costs, plus up to $10,000 for legal fees resulting from the loss, theft or forgery of a credit card, debit card or forged cheques, and the recovery of lost wages for up to $500 a week, for a total of four weeks, as a result of time taken off to deal with the fraud.

Sometimes, being careful isn’t enough. Identity theft can happen to anyone, anytime. The minimal one-time fee for First Canadian Title policyholders can buy a lot of peace of mind.

What is Mortgage Loan Insurance?

Start building equity faster by buying earlier

Canadian home buyers are among the most fortunate in the world. Across the country, purchasers have access to world-class quality homes by Canadian builders, plus buyers have a financial infrastructure in place that is the envy of other countries. Canada’s national housing agency, Canada Mortgage and Housing Corporation (CMHC), makes it possible for you to purchase a home with little or no down payment, so you can take advantage of lower mortgage rates and begin building equity sooner, rather than having to wait until you have saved 25% for a down payment.

How? Through Mortgage Loan Insurance. In essence, CMHC offers insurance that covers lenders’ risks associated with the financial loss that can occur when a borrower defaults on the mortgage loan. Because this insurance exists, lenders are more willing to provide mortgage financing at competitive interest rates, even to those who do not have a 25% down payment.

As this is a type of insurance, premiums have to be paid – usually between 0.65% and 2.75%, depending on how much of the purchase price or home value is financed through a mortgage loan. In most cases, it also means that the insurance premium costs are passed along to the purchaser by your lender – either as an upfront lump sum, or added onto your regular mortgage payments. Usually, lenders require Mortgage Loan Insurance for loans made to anyone buying a home with less than 25% of the purchase price to put down. In fact, because this form of CMHC insurance exists, you may qualify to finance up to 100% of the purchase price of your home through your lender.

Mandatory mortgage loan insurance has had a positive effect on Canada’s housing finance system over the years, helping to create a stable environment. This insurance is like a safety net for lenders, even during recessions and other slow economic times.

How does it work?

CMHC’s Mortgage Loan Insurance is available for everything from condominium suites to townhomes, semi-detached homes and fully detached homes. There is no upper limit on the purchase price of a home that can qualify for purchase with a small down payment.

The  home you are purchasing must be located in Canada.

Usually, the purchaser will have at least 5% (single-family and two-unit dwellings) or 10% (three- or four-unit dwellings) of the purchase price available for a down payment. The CMHC Mortgage Loan Insurance premium is a percentage of the loan and is based on the amount of your down payment. The higher the percentage you borrow, the higher the percentage you will pay in premiums. This cost is typically offset by the fact that without Mortgage Loan Insurance, you would pay higher interest rates and additional administrative fees.

Check with your lender to work out the size of the mortgage loan you can afford. There are mortgage calculators available online, but it is best to have the figure calculated by your lender according to your unique situation. Ask about being pre-approved for a CMHC-insured mortgage. Your lender will arrange for your CMHC Mortgage Loan Insurance.

Check with your lender for the criteria for the types of funds that can make up your down payment.

Check with CMHC for other programs such as Flex 100, designed to help home mortgage borrowers who have not saved a down payment at all, but who have managed their debt reliably and have the financial means to repay a mortgage.

Depending on your circumstances, there may be other requirements that apply. Ask your lender or mortgage broker to explain everything to you in detail.

Remember – Mortgage Loan Insurance is not mortgage life insurance, which ensures that your remaining mortgage is paid off at the time of your death.

Is your home energy efficient?

CMHC feels strongly about helping the environment, and offers the opportunity to home buyers to “Help the Planet, Help Your Wallet.” If you use CMHC-insured financing to buy a home that is energy efficient, you can save 10% on your Mortgage Loan Insurance premium – and you may have the option of extending your amortization period from 25 to a maximum of 40 years. Of course, this would significantly reduce your regular mortgage payments.

Find out how energy efficient the home is that you are thinking of buying. You can do this by acquiring documentation from your builder, or by hiring a qualified energy advisor to evaluate the home’s efficiency rating. Then check with CMHC or your lender to determine whether this rating qualifies you for the 10% premium reduction and/or a lengthened amortization.

Thank you, CMHC!

For most Canadians, the biggest challenge in buying a home is saving the down payment. CMHC’s Mortgage Loan Insurance is a streamlined solution that has made it possible for millions of Canadians to realize the dream of homeownership.

To obtain a list of approved lenders and for more detailed information on CMHC’s Mortgage Loan Insurance, visit www.cmhc-schl.gc.ca/en/co/moloin/.

…………………………………………………………………….

For property in Ontario, GTA, Toronto, please visit me/email me on

Web@ www.vijaygandhi.com, mail@ vgandhi@remax.net

Thanks for visiting blog; it’s always updated with new info.

WE ARE GOING TO KEEP POSTING NEW ARTICLES RELATED TO VALUE YOUR INVESTMENT SERIES, YOU CAN SUBSCRIBE IN ORDER TO STAY CONNECTED, THANK YOU FOR BEING PART OF NETWORK.

(The comments contained on this site are for information purposes only and do not constitute legal advice.)

If you have any questions/suggestion or require more information, please do not hesitate to contact me and I will be happy to assist you.

Vijay Gandhi,
Sales Representative- REALTOR®,
RE/MAX Dynasty Realty Inc. Brokerage*
C: 647. 267. 6338 (Direct-Leave message or text)
P: 416.335.4335 | 905.471-0002 (page me-Have me)
F: 905.471.7441
E: vtgandhi@yahoo.com , vgandhi@remax.net
W:  www.vijaygandhi.com , www.gtarealtyagent.com

Please call me TODAY for a No Obligation Buyer Consultation or Pre-Listing appointment!

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