• About
  • Android Apps
  • Buying a Home & Your Taxes
  • Charity / Join us
  • Contact Me
  • Disclaimer
  • E-Visit Me
  • Fighting Mold in your Home — The Homeowners’ Guide to DIY
  • Home Inspection Articles – Links
  • Homelife
  • Measure above Sea Level

GTA REALTY AGENT'S BLOG >>

~ Information for Real Estate Buy-Sell-Invest in Ontario, Canada

GTA REALTY AGENT'S BLOG  >>

Category Archives: POWER OF SALE-FORECLOSURE PROPERTY

Instant price estimates for property. Is it impossible or possible?

10 Saturday Dec 2011

Posted by gtarealtyagent in BANK SALE P.O.S. - TAX SALE, current real estate affaiirs, Houses, Interest Rates, 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

≈ Leave a comment

Tags

cma, comparative market analysis, Instant price estimates for property. Is it impossible or possible?, Market Evaluation, property


Instant price estimates for property. Is it impossible or possible?

 There are some online appraisal websites where if you click on the tab and enter an address it will ask a few questions and give you a value estimate. You are required re-read the cautions about the service as it does have some limitations. That being said, I have played with the tool, and it is not too scary as thought but if it is accurate? !!!

Some REALTORS do over the phone evaluations. And they claim to be exactly and precisely right. Although I will do them in certain areas that I am highly familiar with I always recommend allowing a proper market evaluation as some things you may not mention to the REALTOR may alter the value either up or down, and ultimately not seeing the property does not allow us to give you the best Market Value Evaluation. If you would like an instant price estimate look in your mail for a local & Licensed REALTOR who advertises over the phone market evaluations and call them. I however caution you that you would do yourself far better service to contact a reputable Licensed REALTOR and invite them to your home. Good Luck and have a great day.

I’ve been in the business for a time and never do estimates from my desk or home office. Sorry, I’m not Magician and a house can be from zero to a hero, I mean unpredictable on unseen. In essence, I do not offer “no service kind of service”. There is none in the world who can guess what your house is like, how much you have spent in upgrades over the home ownership period in comparison to your neighbour who still has green shag carpets from 1969 and war torn hardwood from dog nails etc. When you pay nothing, you generally get nothing. I will not sign an estimate if I do not have all the facts considered and reviewed personally.

If you do want a quick and very rough estimate of the value of your home, I would look to your assessed value for property tax purposes, the report you get every year from MPAC report. It will likely give you an idea if your property is worth $300,000 or $3 million. But if you want more insight then call a reputable realtor for a proper comparative market analysis (CMA). This analysis CMA will give you a better idea what your property would actually sell for in the current market conditions.

Many factors come into play for CMA – what is the overall real estate market like, what is the market like for your specific property, what condition is your property in and how does your property compare to similar homes currently listed right now, so it is called comparables. For example, if your neighbor with a fairly similar property accepts a low ball offer because he already bought the new home and he is anxious to sell this old one that is unfortunately going to affect the market value of your property. Most importantly this estimate is likely to be a range rather than a single number, like the estimate of price could be “from $410k to $430k”. Some properties are difficult to put an accurate price on and the sales price obtained could be within a large range. Other properties are in an area with many similar properties that have sold recently and are a little easier to put a price on within a fairly tight range agreeable to seller.

I spend a considerable amount of time on each comparative market evaluation that I do and I think my clients would agree that I provide useful information that would be difficult to obtain automatically or instantly. I think in this situation the phrase “If it is worth doing, it is worth doing right” is so true. I always research properties on-line and off-line before I actually visit the property to do a market evaluation. It is getting easier to find information online but there really is no substitute for seeing a property, its setting and comparable properties in person.

Hopefully the ‘instant’ Market Evaluation that you seek will not be used to determine the price to list your home. You can probably get one or two evaluations at no expense to you anyway from your local real estate brokerages. It may not be instant, but it will be customized for your unique home and not just made up ones & instead of based on last year’s statistics for all homes in the city.

I am sure you will agree with the personal talk we had thru this article, if you like to have your property evaluated you can contact me directly on cell and arrange appointment or contact me online to set an appointment of your property.

Email: vg_remax(AT)yahoo.ca , Direct: 647.267.6338, web: www.vijaygandhi.com

Share this:

  • Email
  • Reddit
  • Twitter
  • Print
  • Facebook

Like this:

Like Loading...

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

≈ Leave a comment

Tags

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…

Share this:

  • Email
  • Reddit
  • Twitter
  • Print
  • Facebook

Like this:

Like Loading...

South Unionville Square is a new condo project by Mady Development Corporation- Book Here your unit

11 Sunday Sep 2011

Posted by gtarealtyagent in BANK SALE P.O.S. - TAX SALE, Condos, Interest Rates, Let's Talk Investing, Multiplex-Multi Residetial Investment, POWER OF SALE-FORECLOSURE PROPERTY, Pre-Construction, Real Estate info & ideas

≈ Leave a comment

Tags

South Unionville Square is a new condo project by Mady Development Corporation- Book Here your unit


South Unionville Square is a new condo project by Mady Development Corporation- Book Here your unit

September 11, 2011 by resalehomeandcondo

South Unionville Square is a new condo project by Mady Development Corporation currently under construction at 8323 Kennedy Road in Markham. The project is scheduled for completion in 2012. Available condos range in price from $190,000 to $377,000. The project has a total of 253 units.

 


DEVELOPMENT NAME : South Unionville Square
DEVELOPER(S) : Mady Development Corporation
PROJECT TYPE : Condominium
ADDRESS : 8323 Kennedy Road
NEIGHBOURHOOD/CITY : Markham
STATE/PROVINCE : Ontario
PROJECT WEBSITE : http://www.southunionvillesquare.com
E-MAIL : nancyhui@tradeworldrealty.com
SALES CENTRE HOURS : Saturday – Thursday: 12pm to 6pm
CONSTRUCTION STATUS : Construction
ESTIMATED COMPLETION : 2012
SELLING STATUS : Selling
TOTAL NUMBER OF UNITS : 253 units
NUMBER OF STOREYS : 12 storeys
UNIT SIZES : From 520 to 920 Square Feet
CEILING HEIGHTS : From 9’0″ to 10’0″ Feet
SALES COMPANY : Tradeworld Realty Inc., Brokerage
ARCHITECT(S) : Turner Fleischer Architects Inc.
INTERIOR DESIGNER(S) : Gordana Car Interior Design Studio

 

PRICES(AVAILABLE UNITS) : From $190,000 To $377,000
MONTHLY MAINTENANCE : $0.42 Per Square Foot Per Month

 

SIGN UP NOW FOR ACCESS and PRICELIST for BOOKING!!!

 

The Residences Floor Plans
One Bedroom

  • Lily, 1 Bedroom, 622 sq.ft.
  • Tulip, 1 Bedroom, 578 sq.ft.
  • Iris, 1 Bedroom, 671 sq.ft.
  • Jasmine, 1 Bedroom, 648 sq.ft.
  • Pansy, 1 Bedroom, 615 sq.ft.
  • Daisy, 1 Bedroom, 664 sq.ft.

Two Bedroom

  • Bamboo, 2 Bedroom + Terrace, 1,072 sq.ft.
  • Crocus, 2 Bedroom, 810 sq.ft.
One Bedroom + Den

  • Gardenia, 1 Bedroom + Den, 650 sq.ft.
  • Violet, 1 Bedroom + Den, 699 sq.ft.
  • Buttercup, 1 Bedroom + Den, 710 sq.ft.
  • Marigold, 1 Bedroom + Den, 767 sq.ft.
  • Magnolia, 1 Bedroom + Den, 778 sq.ft.
  • Golden Rod, 1 Bedroom + Den, 706 sq.ft.
  • Mimosa, 1 Bedroom + Den, 752 sq.ft.
  • Poppy, 1 Bedroom + Den, 765 sq.ft.

for booking and registration contact thru:

http://www.vijaygandhi.com/index.php?p=258

Share this:

  • Email
  • Reddit
  • Twitter
  • Print
  • Facebook

Like this:

Like Loading...

Home Inspection – Dont’ Forget When You Buy Home

05 Friday Aug 2011

Posted by gtarealtyagent in Home Reno (adds The Value), Let's Talk Investing, POWER OF SALE-FORECLOSURE PROPERTY, Pre-Construction, Real Estate info & ideas

≈ Leave a comment


Home Inspections

When you purchase a home, it’s often recommended that you have a home inspection done. In fact, a typical Agreement to Purchase Form will include a standard preprinted clause with respect to home inspections. This is one of the most common conditions in an offer to purchase a property. When real estate markets are extremely active and you really want a particular home, skipping the home inspection and not placing this kind of condition in an offer can be tempting. Before you make the decision, consider the benefits of a home inspection.

If there is a Seller Property Information Statement (SPIS), you may receive a copy and have a general sense of comfort about the history of the property. However, you should keep in mind that the person selling the home may not be aware of property defects and that the information provided in the SPIS is based only on their personal knowledge.

Similarly, the broker or salesperson representing you in the transaction may have the experience to identify visually obvious defects, but underlying problems can exist.

A qualified and experienced home inspector will examine the major systems in the home such as:

  • Electrical
  • Roofing
  • Plumbing
  • Heating/Air Conditioning
  • Foundation
  • Septic Systems

Many home inspection companies encourage you to attend the inspection and ask the inspector questions during the process and about the results of the inspection. The decision is yours to make, but you will be better informed and able to assess whether or not you want to invest in any upgrades or repairs that might be needed

For information about home inspectors and home inspection services you can speak to your real estate broker or salesperson or refer to the Canadian Association of Home & Property Inspectors website or the Ontario Association of Home Inspectors website.

SEPTIC SYSTEM INSPECTIONS

Ontario’s Ministry of the Environment recommends that home buyers have a septic system inspected prior to finalizing a sale on a property. This condition may also be requested by your financial institution. A time of sale inspection may help protect you against future unexpected costs. The inspection process might involve pumping the tank and examining the leaching bed for any signs of problems. A septic system inspection may be conducted by a licensed septic system installer, a licensed sewage hauler or a professional engineer.

Your Septic System:  Protecting your Investment and the Environment

For more information, visit the Ontario Ministry of the Environment’s Clean Water website.

 

Share this:

  • Email
  • Reddit
  • Twitter
  • Print
  • Facebook

Like this:

Like Loading...

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

≈ Leave a comment

Tags

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…

Share this:

  • Email
  • Reddit
  • Twitter
  • Print
  • Facebook

Like this:

Like Loading...

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

≈ Leave a comment

Tags

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..

Share this:

  • Email
  • Reddit
  • Twitter
  • Print
  • Facebook

Like this:

Like Loading...

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

≈ Leave a comment

Tags

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.

I am a buyer Bookmark and Share I am a seller
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.

I am a buyer Bookmark and Share I am a seller
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

HTML it218r-e.html (34 KB),
For people with visual impairments, the following alternate formats are also available:
E-text it218r-e.txt (22 KB) ,Braille it218r-e.brf (21 KB)

Info:____real estate__www.vijaygandhi.com__mortgages_____

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

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.

I am a buyer Bookmark and Share I am a seller

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

Share this:

  • Email
  • Reddit
  • Twitter
  • Print
  • Facebook

Like this:

Like Loading...

Be careful when buying U.S. property, experts says hire right Realtor

04 Saturday Dec 2010

Posted by gtarealtyagent in BANK SALE P.O.S. - TAX SALE, Business, current real estate affaiirs, Let's Talk Investing, POWER OF SALE-FORECLOSURE PROPERTY, Re/Max, Real Estate info & ideas, Uncategorized

≈ Leave a comment


Be careful when buying U.S. property, experts says hire right Realtor 

Re/max Realtor Partners are there to help you all over the world….

The Canadian dollar is virtually at par. And there’s that gloomy weather outside. That can only mean that Canadians are thinking Florida.

Experts say consumers should be even more careful than normal when purchasing down south. Buying a home in the United States just got a little riskier; after all 50 states launched an investigation into the mortgage industry this fall.

The U.S. government is looking at whether banks used possibly fraudulent paperwork to get homeowners out of foreclosed homes.

This has caused deals on foreclosed homes to stall in areas such as Arizona and Florida, where nearly half the deals done there are foreclosures.

Investigators are looking at whether banks used robotic signers to sign hundreds of affidavits a day without reviewing them properly.

This will help foreclosed households stay in their homes rent-free for longer, but watch sales activity dry up in coming months since it was foreclosed sales that were really impacting the turnover in recent months.

The freeze isn’t expected to last for long. While there was a drop in foreclosure filings in October, a new wave of foreclosures is expected to hit the market once the regulators play catch up.

However, Canadians should always be wary of buying foreclosed properties.

There is a lot of due diligence that you have to do, and this will spook the market even more. Canadian buyers have to do their due diligence before purchasing. In the U.S., you always have to be prepared to do a little more digging especially with a foreclosed property. Many of the best foreclosed properties are already purchased by large private equity corporations or hedge funds.

Unless you have boots on the ground and you have time to sniff around, it’s tough to find that diamond in the rough.

However, there are lots of other properties on the market that are “distressed priced” but not in foreclosure.

Some inventory of developers who are trying to sell empty units that were built during the boom.

You could get a one bedroom condo in Sarasota Florida that would have cost more than $200,000 during the peak for $59,000, he says. A one bedroom in Orlando is going for $66,000 compared with $150,000 at the peak.

Still, analysts say the market could fall even further over the next year, as more foreclosures come on the market. In the short run, inventory will be low as in States such as Nevada and Florida; foreclosures are as much as half the market.

Canadians are the largest foreign buyers of property in the U.S., representing 23 per cent of all sales according to the National Association of Realtors.

Unlike smaller investors, corporate and larger investors have not really been affected by the foreclosure documentation crunch.

With the very large transactions there is normally a greater oversight and due diligence. But it has certainly affected people at the consumer level if right people or due diligence is not followed. Some transactions are now taking longer than normal as the market has stalled.

Also you see this in cases where the mortgage broker may not have got all the proper paperwork because they were rushing things through.

For the better mortgage service www.torontomortgagetrends.com

It doesn’t matter the size of the deal, but Canadians should be careful when they sign the dotted line.

I think Canadians were all excited about the deals a year ago, and now they’re wondering if the bottom will ever come, things have spiraled downhill so badly, it’s just overwhelmingly bad down there. And just because the house may go into a foreclosure auction, doesn’t mean the price is right.

There are lots of homes that don’t sell, and the bank takes them back and resells them later for a cheaper price. This is also the better route because unlike the foreclosure, you’re not getting something ‘as is’.

It is recommends that buyers get a lawyer to review their transaction in the U.S.

Unlike Canada, many transactions are done with title insurance companies doing the paperwork without the benefit of a lawyer.

I think Canadians are obsessed over taxes, so they hire an accountant first, but they forget that they could also use legal advice, especially to make sure you have a clean title, and to make sure that your deal will close. All you need is right realtor partner who guide you thru the process. You sure can contact us at www.vijaygandhi.com and get referred to right RE/MAX realtor partner across the south of border.

Visit me : www.vijaygandhi.com or call me for more info 647.267.6338

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 & useful 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

Share this:

  • Email
  • Reddit
  • Twitter
  • Print
  • Facebook

Like this:

Like Loading...

DIY: Winterize your Home & Save

21 Sunday Nov 2010

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

≈ Leave a comment

Tags

Winterize your Home & Save


DIY: Winterize your Home & Save

DIY – Winterize your Home 

The weather is turning cooler and there’s a chill in the air. Keep the cold out by taking the following steps to keep warm while reducing energy costs.

  1. Seal your windows
    Let’s work on the outside first. Fill out any small gap or crack around your window with a caulking gun. Once you apply the caulk you can smooth it with your finger covered with a latex glove, a spoon or a foam paintbrush. If you have wider gaps and cracks use an expanding foam sealant to fill them up.Now let’s move inside. Indoor air leaks can be eliminated by using either weather stripping or plastic sheeting from a window insulation kit. You can find a variety of weather stripping options to choose from, such as vinyl foam, sponge rubber, rope cord caulk and a few others. For more information about these options visit our hardware department. 

    If you decide to use weather stripping, no matter which material, the application is simple and easy. First make sure the area is clean and dry, and then apply it between the sash and the frame of each window. Foam or rubber weather stripping will have to be cut to the length of the window with a pair of scissors or a utility knife, while the rope cord caulk can be just tear to fit. Remember weather stripping should not interfere with the window operation.

    If you find a plastic sheeting kit that fits your needs just tape down the edges. Then use a hair dryer to shrink and seal the sheeting over the window.

    Potential areas of air leakage: Windows, Doors, Switches & Outlets, Poor Maintenance of Heating System 

  2. Seal your doors
    Don’t let the heat inside your home walk out your door! Sealing your doors is as easy as sealing your windows. Thoroughly clean and dry both sides and top of the door; cut the strips to length, peel off the backing and press it into place. To seal the bottom you can install a weather-tight threshold or door sweep.
  3. Seal your outlets and light switches
    As you know air can leak through interior walls and exterior walls through outlets and light switches. To stop these leaks you can install foam gaskets filling out any holes or gaps around the switches and outlets. You can also use safety plugs to stop air leaks through unused electrical outlets.
  4. Check your heating system
    Before it gets really cold clean your furnace or heating system. You can have a professional come in or you can check your owner’s manual. Remember that if your furnace uses a filter you should change it every three months, or follow the manufacturer’s instructions.
  5. Consider your home winterized
    Once you’ve sealed all the potential areas of air leakage, you can sit back and enjoy your toasty home and its lower energy costs. Using some form of insulation product around your windows and doors can save you an average of 15% on a normal energy bill*. We hope this short list gives you the basics to start your winterizing project today.

Share this:

  • Email
  • Reddit
  • Twitter
  • Print
  • Facebook

Like this:

Like Loading...

The Value of Rate Hold: In the best interest of our clients

10 Sunday Oct 2010

Posted by gtarealtyagent in BANK SALE P.O.S. - TAX SALE, Business, condo assignment investments, Condos, current real estate affaiirs, Houses, Interest Rates, Let's Talk Investing, Mortgage, Multiplex-Multi Residetial Investment, Opinion, POWER OF SALE-FORECLOSURE PROPERTY, Real Estate info & ideas

≈ Leave a comment

Tags

Rate Hold


The Value of Rate Hold

Securing a rate hold is like having insurance on your mortgage rate – you no longer have to worry about mortgage rates increasing while you find your new home over the next 90-120 days. And if rates drop within that same period, so too will your pre-approved rate.

For instance, if you obtain a 3.75% rate hold and then global risks subside and the economy strongly recovers over the next three to four months, that 3.75% could easily jump to 4.50% or higher. In this case, your rate hold for 3.75% would have saved you three-quarters of a percentage point, which would translate to a savings of a significant amount of money over the term of your mortgage.

But a rate hold means nothing if you don’t meet the lender’s qualifications. By working with me to obtain a pre-approval and a rate hold, you can be confident you have access to mortgage financing and you will know how much you can spend before you head out shopping for a property.

It’s important to note, however, that there is a significant difference between being pre-

approved and pre-qualified. In order to obtain a pre-approval, the lender fully underwrites the deal, whereas with a pre-qualification only the most basic details are considered. Remember that many banks will only issue a pre-qualification.

There are several reasons why you may want to secure a rate hold, including when you:

•Are thinking of buying a home in the next four months

•Are considering locking in your variable rate to a five-year fixed if rates rise, but your lender won’t hold a good rate for you

•Are casually thinking of refinancing but prefer to wait for fixed rates to rise so that your interest rate differential (IRD) penalty falls

•You want to hold a rate on a different term than you were pre-approved for by a different lender

As always, if you have any questions about rate holds, pre-approvals or your mortgage in general, I’m here to help!

 

Share your comments on our Facebook page.

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!

 

Share this:

  • Email
  • Reddit
  • Twitter
  • Print
  • Facebook

Like this:

Like Loading...
← Older posts

Enter your email address to follow this blog and receive notifications of new posts by email.

Pages

  • About
  • Android Apps
  • Buying a Home & Your Taxes
  • Charity / Join us
  • Contact Me
  • Disclaimer
  • E-Visit Me
  • Fighting Mold in your Home — The Homeowners’ Guide to DIY
  • Home Inspection Articles – Links
  • Homelife
  • Measure above Sea Level

Categories

  • 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

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 Stories! Toronto Politics TREB/OREA/CREA Uncategorized

Top Clicks

  • None

Archives

Meta

  • Register
  • Log in
  • Entries feed
  • Comments feed
  • WordPress.com

gtarealtyagent tweets

  • RT @berry_mory: @AprilNicoleinVA @AOC I live in the UK, we pay £0.00 for insulin, because it’s free for those suffering with diabetes. The… 3 months ago
  • RT @Schwarzenegger: My message to my fellow Americans and friends around the world following this week's attack on the Capitol. https://t.c… 2 years ago
  • RT @CTVToronto: #BREAKING: Health officials in Ontario are confirming more than 400 new cases of COVID-19 for the third day in a row. http… 2 years ago
  • RT @IChitrangda: Indifference makes us blind . We have to have to be better than this .. #WeAreTheVirus #RIPHumanity 😔 https://t.co/NTvHccd… 2 years ago
  • @Breaking911 ? 2 years ago

Recent Posts

  • Bank of Canada hikes key interest rate 50 basis points for 1st time in 22 years!!
  • The Bank of Canada raised its target for the overnight rate to 0.50 per cent.
  • Despite record high inflation, Bank of Canada holds interest rate steady & Unchanged
  • The Bank of Canada today lowered its target for the overnight rate by 50 basis points to 1 ¼ percent. Feb/05/2020
  • Two Big Six banks hike benchmark rates by Approximately 45 BPS, Despite BOC holding its rate.

Enter your email address to follow this blog and receive notifications of new posts by email.

Join 14 other subscribers

Blog Stats

  • 109,063 7998

Create a free website or blog at WordPress.com.

Privacy & Cookies: This site uses cookies. By continuing to use this website, you agree to their use.
To find out more, including how to control cookies, see here: Cookie Policy
  • Follow Following
    • GTA REALTY AGENT'S BLOG >>
    • Already have a WordPress.com account? Log in now.
    • GTA REALTY AGENT'S BLOG >>
    • Customize
    • Follow Following
    • Sign up
    • Log in
    • Report this content
    • View site in Reader
    • Manage subscriptions
    • Collapse this bar
 

Loading Comments...
 

    %d bloggers like this: