Travel season has started ....What you should know before start your Travel

Fly through the airport — in 8 easy steps Share this article: "It's easy to get frustrated at the airport when you're waiting in a long security check lineup — even more so when your bottle of water is intercepted or you have impatient little ones with you. But it doesn't have to be so bad," says Mathieu Larocque, spokersperson for the Canadian Air Transport Security Authority (CATSA). "So much of getting through security faster is about packing smart and knowing what to expect." Follow Mr. Larocque's eight basic tips for speeding your way through airport security: 1. Only bring what you need onboard Fit everything in your checked luggage unless you need it to get on the plane and during your flight. You also want to have anything you need for when you immediately land. "More things are allowed in checked bags than carry-on," says Mr. Larocque. "Take the minimum onboard and chances are you'll get through security faster." Expert tip: Before you even pack, check your airline's website to find out the exact dimensions and weight restrictions for carry-on luggage. 2. Get the facts about liquids, aerosols, and gels "You are allowed to bring onboard only as many 100 ml containers as can fit into a one-litre plastic bag," says Mr. Larocque. "It's important to note that we're talking about the size of the container, not the amount of product found within it." That means you can't bring an almost empty 250 ml bottle of water onboard. How large is a one-litre bag? CATSA estimates they're about 15.24 cm by 22.86 cm (6 inches by 9 inches) or 20 cm by 17.5 cm (8 inches by 7 inches). Tip for parents: If you're travelling with kids under the age of two, you have some leeway. Generally, you can bring as much baby food and beverage as you need for the duration of your flight. 3. Leave suspicious-looking items behind "Obviously, firearms and weapons are prohibited onboard," says Mr. Larocque. "But things that may simply look like a weapon (a toy gun or a belt buckle in the shape of a grenade, for example) or sharp items can look suspicious to a security officer — especially through an X-ray machine. This can slow down the screening." Tip for parents: Check your child's backpack and jacket to see if there's anything tucked into a pocket that may be not allowed. 4. Go through early Gone are the days when there's nothing to do after security check but sit and wait. Today you'll find shopping, food, and in some cases, entertainment once you pass through security. 5. Check for special screening lines Major airports in Canada have dedicated screening lanes for passengers with special needs, including families, and they are staffed with specially trained officers. That's a real bonus when you want to bring a stroller or car seat onboard the plane. 6. Be prepared for security Have your boarding pass ready for the officer to check. Put your jacket and laptop in bins and leave loose change, jewellery, pens, cell phone, and shoes (if you are asked to) in a bin to be X-rayed. 7. Plan to remove your shoes if needed "If you're flying to any U.S. destination, everyone must remove their shoes and put them through X-ray," Mr. Larocque says. "If you're flying within Canada or internationally, then only shoes that contain metal — like in the toe or heel — must be X-rayed." Not sure? Take them off rather than set off the metal detector. Tip for parents: This rule applies to kids as well. Simple slip-ons or Velcro closures may be your best option. 8. Know about secondary screenings "If you're picked for a secondary screening, you'll have a choice between a full body scanner or a physical search," says Mr. Larocque. "Unlike some of the controversial machines being used in some U.S. airports, the full body scanners we use in Canada emit a radio wave and Health Canada has assured us they're completely harmless." Tip for parents: If your child is chosen for a secondary screening and is under the age of 12, you will be asked to give your consent and must be present during the screening. If your child is 12 to 15 years old, you, a guardian, family member, or a person escorting them may be present for a private physical search. Would you like more detailed info about what you can and can't bring onboard? Use the interactive CATSA Pack smart online tool. This article is courtesy of TD Melochemonex.

What is CMA or Market Evaluation ?

After reading it on my website someone asked me other day.. What is a FREE market evaluation and CMA  mean ?

CMA is real estate shorthand for "Comparative Market Analysis". A CMA is a report prepared by a real estate agent providing data comparing your property to similar properties in the marketplace.

The first thing an agent will need to do to provide you with a CMA is to inspect your property. Generally, this inspection won't be overly detailed (she or he is not going to crawl under the house to examine the foundation), nor does the house need to be totally cleaned up and ready for an open house. It should be in such a condition that the agent will be able to make an accurate assessment of its condition and worth. If you plan to make changes before selling, inform the agent at this time.

The next step is for the agent to obtain data on comparable properties. This data is usually available through MLS (Multiple Listing Service), but a qualified agent will also know of properties that are on the market or have sold without being part of the MLS. This will give the agent an idea how much your property is worth in the current market. Please note that the CMA is not an appraisal. An appraisal must be performed by a licensed appraiser.

The CMA process takes place before your home is listed for sale. This is a good assessment of what your house could potentially sell for.

CMAs are not only for prospective sellers. Buyers should consider requesting a CMA for properties they are seriously looking at to determine whether the asking price is a true reflection of the current market. Owners who are upgrading or remodeling can benefit from a CMA when it's used to see if the intended changes will "over-improve" their property compared to others in the neighborhood.

Best regards,

 

Ritesh Joshi
Your Next Door Realtor

www.riteshtherealtor.com

647-281-3424

TREB Housing Market Average Price

Your homebuying team

 

Buying a home can be a complicated process. You'll want to get help from a team of knowledgeable professionals who can provide reliable information and answers to your questions.
Your team will likely include a realtor, a lender or mortgage broker, a lawyer, an insurance broker and a home inspector. Take your time and do some research before choosing any of these professionals.
Realtors
If you are buying a resale home there's a very good chance that you will work with a realtor. Your realtor's job is to help you find the ideal home, write an Offer to Purchase and negotiate on your behalf to get you the best possible deal. Realtors can also provide important information about the community you are considering and help you arrange a home inspection.
When you are ready to select a realtor, don't be afraid to ask questions – especially about possible service charges. Normally the seller pays a commission to the realtor but some realtors charge buyers a fee for their services. To learn more about realtors including their ethical obligations, visit the Canadian Real Estate Association's website at www.crea.ca or contact your local real estate association.

Lenders and Mortgage Brokers
For most people, buying a home means taking out a mortgage. There are many different institutions that lend money for mortgages including banks, trust companies, credit unions, caisses populaires (in Quebec), pension funds, insurance companies and finance companies.
Mortgage brokers don't work for any specific lending institution. Their role is to shop around and find the lender with the terms and rates that are best for the buyer.
To find a lender or mortgage broker you can ask for a referral from your realtor, family members, friends or other professionals. You can also contact the Canadian Association of Accredited Mortgage Professionals (CAAMP) at www.caamp.org.
Lawyers
The lawyer on your homebuying team is there to protect your legal interests by making sure the home you are buying does not have any building or statutory liens (a claim against a property for money owing), charges or work or clean-up orders. Your lawyer will review all contracts before you sign them, especially the Offer (or Agreement) to Purchase.
Lawyer fees range widely and depend on the complexity of the transaction and the lawyer's expertise so be sure to shop around for rates. To find lawyers who specialize in real estate law, check with your local law association.
Insurance Brokers
An insurance broker can help you to shop around for your insurance needs.
Lenders require property insurance because your property is their security for your mortgage loan. Property insurance covers the replacement cost of your home, so the size of your premium depends on the value of your home.
Home inspectors
In order to avoid costly surprises, consider having the home you are thinking of buying inspected by an experienced home inspector. The home inspector's role is to inform you if something is not functioning properly, needs to be changed or repaired, is unsafe or maybe even identify where there were problems in the past. In most areas of Canada there are no licensing or certification requirements for home inspectors, so look for one who belongs to a provincial or industry association.

by Mark Salerno of CMHC

Breakdown of Home Energy Use

Canada introduces new 'super visa' for families - Yahoo! News

News excerpt from Yahoo News.

Canadian officials on Friday announced a new two-year, multi-entry "super visa" for parents and grandparents of immigrants settled in Canada.

The move came after wait times for sponsorship of "family class" applications had grown to an unwieldy seven years or longer.

"Without taking action, those times will continue to grow, and that is unacceptable," said Citizenship, Immigration and Multiculturalism Minister Jason Kenney in announcing the move.

"Action must be taken to cut the backlog, reduce the wait times, and ensure that the parents and grandparents program is sustainable over the long run," Kenney said.

The multiple-entry "Parent and Grandparent Super Visa" will be valid for up to 10 years, officials said, and allow applicants to remain in Canada for 24 months before needing seek visa renewal.

The new visas will begin on December 1 and the will be issued, "on average, within eight weeks of the application," officials said.

Mortgage Interest Rate Changes

Both variable and fixed mortgage rates have increased recently.

Variable Rates:

• the prime rate has stayed the same at 3.00% and is likely to remain as is for the next year.
• however, the "prime minus" has reduced from an average of minus 0.75% to minus 0.20% or less resulting in a variable rate increase, up from 2.25% to 2.80% or higher.

Fixed Rates:

• fixed rates have also increased a little.
• however, fixed rates are still at a historic low

Should your clients go with a variable rate or a fixed rate?

• the current difference in rate between variable and fixed rates is about 0.64% .
• previously the difference was about 1.25%
• with the fixed rate you know your rate for the next 5 years and fixed rates are not likely to go down much further.
• with the variable rate the prime could go up in the next year or so and although you can convert to fixed at anytime without penalty fixed rates will have gone up when you decide to convert or you wouldn't have decided to convert.
• so the answer is there is very little difference whether you take variable or fixed rates right now.  The variable rate will save you about $1,600 per year ($133.33 per month) on a $250,000 mortgage "if" the prime rate doesn't go up early in the 5 year term.

Best regards,

Ritesh JoshiYour Next Door Realtor

www.riteshtherealtor.com

647-281-3424

Market Watch October 2011

Make Your House Winter Ready

It's again Time To Clock Back to Standard Time, This Saturday Nov 5th Don't Forget to Change the time.

With the clock back make your house winter ready.

• Shut-off water valves - Locate water valves for backyard and garage (usually in the basement) and turn off, open outside valve and drain them. This will protect you pipe from bursting.
• Add weatherstripping to doors and windows. Don't let your heat escape through small cracks and gaps-seal drafty spaces using weatherstripping or caulk. Here are more helpful tips on sealing up air leaks in your home.
• Check your insulation. If you're in an older home, you may want to supplement the insulation that's already there, or add insulation to uninsulated walls. This will help keep heat in and moisture out.
• Clean your dryer vent. Inside and out. If you have a gas dryer, unplug it and shut off the gas supply at the appliance shut-off valve. Unhook the tube that leads to the vent and clean out as much lint as you can. If you have a wet/dry vac, tackle your exterior vent as well.
• Inspect your roof and chimney, and do any repairs that are needed. Look for cracked shingles, crumbling masonry and damaged or missing flashing. While you're looking at your chimney, take a look at your fireplace as well—make sure the damper opens and closes easily, and get the chimney cleaned if you haven't already this year.

---

 

Appraisals Vs. Home Inspections

Appraisals Vs. Home Inspections

Appraisals Vs. Home Inspections – Do You Know the Difference? 

A home is one of life's most important purchases.  Before committing to a purchase it makes sense to learn as much as possible about any property you wish to acquire.  Understanding the important differences between an appraisal and a home inspection will help you to obtain detailed information about the home's value and condition.  

An Appraisal 
An appraisal allows the lending institution to determine if the property being purchased is suitable as security for a mortgage. For conventional mortgages, a lender will in most cases require that a professional third party assess the property to ascertain its current market value.  In the case of a "high-ratio" mortgage (with a down payment of less than 20 per cent), the mortgage insurer will go through its own internal appraisal process.  In particular, lenders and insurers are concerned that the property (in terms of its age, condition, and remaining economic life) constitutes a good match with the borrower and their ability to repay the mortgage.  An appraisal does not usually include a detailed property inspection.

A Home Inspection 
A home inspection is not used to determine property value, but will provide an assessment of the physical condition of a property.  A well-trained home inspector will perform a comprehensive visual inspection to determine the condition of the building and all of its major systems (for example the roof, structural, heating, plumbing and electrical systems).  While an appraisal is intended to provide the lender with sufficient information to decide on mortgage financing, a home inspection will hopefully reveal to a potential homebuyer whether the building and its systems are in sound working order.  If there are outstanding issues, a good inspector will provide the potential purchaser with a schedule outlining the estimated costs and when  these repairs will need to be completed.  

Ritesh Joshi
Your Next Door Realtor

www.riteshtherealtor.com

647-281-3424

Greater Toronto REALTORS® reported 3,477 transactions through the TorontoMLS® system during the first 14 days of October 2011.

Greater Toronto REALTORS® reported 3,477 transactions through the TorontoMLS® system during the first 14 days of October 2011. 

Click here for full report 

 “The first two weeks of October seem to be pointing towards more balanced market conditions as we move toward 2012. Growth in new listings outstripped growth in sales, meaning more choice for buyers,” said Toronto Real Estate Board President Richard Silver. “A growing number of home owners are reacting to the above average price growth reported this year and have decided to list their home for sale. They are confident they will receive timely offers in line with their asking prices.”

The average selling price during the first two weeks of October was $475,743 – up 7.5 per cent compared to the same period in 2010.

“The average resale home price is expected to grow at a slower pace in the months ahead because the market is becoming better supplied. There will be less competition between home buyers as we move through the fall and winter.” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis. “With a more balanced market in 2012, the average rate of annual price growth is expected to be in the mid single digits.” 

Canada’s housing ‘like the fountain of youth’ — for now --Says Financial Post

Read this article on Canadian Real Estate....Why Canadian Real Estate Market is Like Healthy Youth

Click link below to read whole article.

Canada's Housing "like the fountain of youth" says FINANCIAL POST

Get Your Whole Home Ready for Winter

The leaves are falling, there's a nip in the air—which means that winter's not far away. Before the snow flies, use our checklist to make sure your house is winter-ready.

• Shut-off water valves -  Locate water valves for backyard and garage (usually in the basement) and turn off, open outside valve and drain them. This will protect you pipe from bursting.
• Add weatherstripping to doors and windows. Don't let your heat escape through small cracks and gaps-seal drafty spaces using weatherstripping or caulk. Here are more helpful tips on sealing up air leaks in your home.
• Check your insulation. If you're in an older home, you may want to supplement the insulation that's already there, or add insulation to uninsulated walls. This will help keep heat in and moisture out.
• Clean your dryer vent. Inside and out. If you have a gas dryer, unplug it and shut off the gas supply at the appliance shut-off valve. Unhook the tube that leads to the vent and clean out as much lint as you can. If you have a wet/dry vac, tackle your exterior vent as well.
• Inspect your roof and chimney, and do any repairs that are needed. Look for cracked shingles, crumbling masonry and damaged or missing flashing. While you're looking at your chimney, take a look at your fireplace as well—make sure the damper opens and closes easily, and get the chimney cleaned if you haven't already this year.

Greater Toronto Housing Market Video for month of Sept -2011

Market Watch Report Aug 2011

WHY HIRE A REALTOR WHEN YOU BUY BIGGEST DREAM OF LIFE!!

Accelerated Bi-Weekly Mortgage Payments CHECK IT OUT and Please leave comment

Hello Everyone!!!
Last week I had discussion with my colleagues about the confusion about prevails among our client regarding Monthly, Semi-monthly and Bi-weekly mortgage payment.
So I was thinking there must be so many people out there who may have the same questions roaming in their minds…..here is the explanation……
So you've got you're mortgage approval, now the lender gives you the choice of several repayment options. You've heard about the standard monthly payments but what's semi-monthly or accelerated bi-weekly? Which one can save you the most amount in interest and which one can pay your mortgage off sooner?
Here's the down and dirty on the differences..

• Lets use this example:

Mortgage Amount	$100,000
Interest Rate	5
Amortization Period	25 years
Mortgage Payment	$581.60

• Monthly Mortgage Payments

Monthly payments are just that, payments made once per month or 12 payments per year. Based on our example, the total annual mortgage payments are $6,979.20 ($581.60 x 12). Under this repayment option, it will take 25 years to pay off the mortgage in our example.

• Semi-Monthly Mortgage Payments

Semi-monthly means payments are made on the first and the fifteenth of the month. You are making a total of 24 payments in the year. To calculate semi-monthly payments, you take the monthly payment and divide it by 2 ($581.60 / 2 = $290.80). At the end of the year semi-monthly payments still only add up to $6,979.20. ($290.80 x 24), the same as if you made monthly payments of $581.60.
Are there any savings making payments this way? Yes, but very little. The savings come from the fact that your paying down the principal quicker because your making payments twice per month as opposed to once per month.

• Accelerated Bi-Weekly Mortgage Payments

Accelerated bi-weekly mortgage payments are a bit different. The difference between semi-monthly payments and accelerated bi-weekly payments is that semi-monthly payments have 24 payments per year while accelerated bi-weekly payments have 26 payments per year. You are now making payments every two weeks (26 weeks per year) and not twice per month (24 payments per year).
To calculate your accelerated bi-weekly payment, take the monthly mortgage payment, divide it by 2 and multiply it by 26 (every 2 weeks). Using the example, you're total annual mortgage payment is $7,560.80 (($581.60 / 2 = $290.80) x 26)
Essentially you're making one more payment per year ($7,560.80 - $6,979.20 = $581.60). By making accelerated bi-weekly payments, you will be saving money on interest and reducing you're amortization period.

• What happens to my mortgage?

The following chart shows the impact on you're mortgage between monthly payments, semi-monthly payments and accelerated bi-weekly payments.

	Monthly Payment	Semi-monthly	Accelerated Bi-Weekly
Mortgage Amount	$100,000	$100,000	$100,000
Interest Rate	5.00%	5.00%	5.00%
Amortization Period	25 years	25 years	21.43 years
Mortgage Payment	$581.60	$290.80	$290.80
Interest Paid	$74,481.49	$74,301.97	62,044.18
Savings		$179.52	$12,437.31

The saving between monthly payments and semi-monthly payments over 25 years is only $179.52. The largest benefit comes from accelerated bi-weekly payments. In the example, you save $12,437.31 in interest costs and reduce your amortization period from 25 years to 21.43 years.
If you think this has answered your questions…please leave the feedback and question you have about real estate…I would be more than happy to answer you….
YOU CAN REACH ME AT ritesh.realtor@gmail.com…..

Do you Know How Much Property tax in your area ?

      Check it out how much property tax are you paying ?

City	2011 Tax Rate (%)	For value of  $100000 you pay per month
Brampton	1.181834	$98
Mississauga	0.962611	$80
Toronto	0.792922	$66
Markham	0.93208	$78
Richmond Hill	0.955328	$80
Vaughan	0.951958	$79
Milton	0.851644	$71
Oakville	0.957907	$80
Pickering	1.355112	$113
Ajax	1.36443	$114
Whitby	1.38207	$115
Oshawa	1.658715	$138
Stouffville	0.979539	$82
	Prepared for you by Ritesh The Realtor
These are approximate values, for information only.

Housing Market Still Stable : CREA

According to new data released from the Canadian Real Estate Association, housing activity in Canada remained stable in the month of August, which represents the second month in a row.

"The housing market in Canada remained on a firm footing in August when compared to volatile financial markets," said Gary Morse, CREA President. "Through their actions, homebuyers are showing that they remain confident about the stability of the Canadian housing market, and recognize that the continuation of low interest rates represents an excellent opportunity to buy their first home or trade up."

Looking at specific metropolitan centres, Toronto and Ottawa registered a monthly increase in activity, compared with Calgary, Montreal and Vancouver registering slight declines. Year-over-year, actual sales activity nationally rose by 15.8%.

Representing the first time that year-to-date activity has surpassed 2010 levels, 324,030 homes have traded hands, which is also in line with the ten year average.
70% of all local markets were solidly in balanced territory for the month of August, which represents the largest percentage on record. Only 12 markets reported being in buyer’s market position.
The national sales-to-new listings ratio, a measure of market balance, stood at 51.6 per cent in August, unchanged compared to July. The actual (not seasonally adjusted) national average price for homes registered in at $349,916, which marks a 7.7 % increase year-over-year, which was also the lowest price point seen in 2010.
"Once again, economic and financial market headwinds outside Canada are keeping interest rates lower for longer," said Gregory Klump, CREA's Chief Economist. "Those headwinds will likely persist until, and indeed after, fiscal quagmires in the U.S. and Europe are resolved. In the meantime, the Bank of Canada will have ample reason to delay raising interest rates further, which is supportive for the Canadian housing market."
Centres that had been hotbeds for both sales and for price appreciation, that had been having the effect of skewing national prices upwards like Toronto and Vancouver appear to have moderated somewhat, pulling price levels more in line with averages.

Take benefit of lower mortgage rates

Mortgage rate is going to remain low for longer than expected.

Are you taking full advantage of lower rate ?

Have a look at the table below, if you have a variable mortgage rate, I am sure you are not paying more than 2.5 %.

My suggestion to you is try to increase you installment as much as possible allowed by mortgage privileges.

Just assume that instead of keeping mortgage rate steady, Bank of Canada has increased the prime rate to 3.5 %. 

Look at difference in the interest payment and the percentage of your payment goes to principal at 2 % and 4 %. It is 25 % more goes to principal at 2%.

Click on image to zoom it.

WagJag deal for Winter Fertilizer for $19

Hello,

I  thought you would be interested in this deal - it's offered exclusively at WagJag.com and you can learn more below:

$19 for a Fall/Winterization Fertilizer Plus $30 Towards the 'Complete Program' from Hometurf Lawn Care (a $58 Value)

click here to view the deal today!

How Can You Grow Your Lawn Healthy and Weed Free

This time of year is perfect for thickening an established lawn or starting a new one from seed. The cool evening temperatures, heavy dew, regular rain falls and shorter days of September are perfect for seed germination.
How Do You Start?
Rake your lawn with a fan rake where you plan on sowing fresh grass seed (overseeding) and be sure to remove the dead grass and debris that may be in the way.
Next, spread triple mix or lawn soil over the area about 4- to 6-centimetres thick. Spread the seed by hand by letting the seed roll off your index finger while waving your arm back and forth in front of you. Or buy a small, hand held whirly gig to spread your seed evenly.
Rake smooth.
Step the seed into firm contact with the soil.
Water well and apply a fertilizer with slow release nitrogen or a grass seed starter fertilizer (especially helpful for a new lawn).
Water the area well for 6 to 8 weeks, when Mother Nature is not taking care of this for you.
Competing weeds out of existence is not an exercise of spraying anything on your lawn. It is a matter of changing lawn maintenance habits in favour of a healthier lawn.
Complete the Recipe
Cut your lawn 2 ½- to 3-inches high.
Use a mulching lawn mower (and return the nitrogen rich goodness of the grass blades back to the root zone).
Fertilize three times a year with a slow release nitrogen-based product, including a final application just before the snow flies.
The third and final application of lawn fertilizer is the most important one of the year; use a quality national brand formulated for late autumn application. It will provide a boost to your lawn that will produce results early next spring when the grass plants emerge from winter dormancy. Snow mould will be minimized. Your lawn will green up faster (you can always tell the neighbours who have applied fall fertilizer — they are the ones with the greenest lawns in spring).

Land Transfer Tax Rebates (Provincial and Toronto)

Program

First-time buyers of new and re-sale homes are eligible to receive rebates of the provincial and Toronto land transfer taxes. The maximum provincial land transfer tax (LTT) rebate for first-time buyers is $2,000 and the maximum Toronto LTT rebate for first time buyers is $3,725. A FULL rebate of the Toronto land transfer tax is also available for ALL buyers who entered into Agreements of Purchase and Sale prior to December 31, 2007.

Details

Provincial LTT

• Provincial LTT is payable anywhere in Ontario (including Toronto)

• Maximum provincial LTT first-time buyer rebate is $2,000 (equivalent to the provincial LTT payable on a $227,500 property).

• For RESALE homes, the provincial rebate applies only to first-time buyers who entered into Agreements of Purchase and Sale AFTER December 13, 2007.

• First-time buyers of NEWLY CONSTRUCTED HOMES are eligible for the provincial rebate even if they entered into Agreements of Purchase and Sale prior to December 13, 2007.

• The provincial LTT for residential properties is calculated as follows (An easy-to-use calculator is available at www.NoHomeBuyingTax.com):

  • 0.5% of the amount of the purchase price up to and including $55,000, plus

  • 1% of the amount of the purchase price between $55,000 and $250,000, plus

  • 1.5% of the amount of the purchase price between $250,000 and $400,000, plus

  • 2% of the amount of the purchase price above $400,000

Toronto LTT

• Toronto LTT is payable only for properties in the City of Toronto.

  Maximum Toronto LTT first-time buyer rebate is $3,725 (equivalent to the Toronto

• LTT payable on a $400,000 property).

  ANY purchaser who entered into an Agreement of Purchase and Sale prior to
  December 31, 2007 is eligible for a FULL rebate of the Toronto LTT.

• Toronto LTT rebates are in addition to any provincial LTT rebate that the buyer
  qualifies for.

• The Toronto LTT for residential properties is calculated as follows (An easy-to-use calculator is available at www.NoHomeBuyingTax.com):

  • 0.5% of the amount of the purchase price up to and including $55,000, plus

  • 1% of the amount of the purchase price between $55,000 and $400,000, plus

  • 2% of the amount of the purchase price above $400,000

First-Time Buyer Eligibility

To be eligible as a first-time buyer for the provincial LTT rebate and/or Toronto LTT rebate,

• The purchaser must be at least 18 years of age.

• The purchaser must occupy the home as his or her principal residence no later than nine months after the date of the conveyance or disposition.

• The purchaser cannot have previously owned a home, or had any ownership
  interest in a home, anywhere in the world, at any time.

• If the purchaser has a spouse, the spouse cannot have owned a home, or had any ownership interest in a home, anywhere in the world while he or she was the purchaser’s spouse. If this is the case, NO refund is available to either spouse. Note: If a purchaser’s spouse owned an interest in a home BEFORE becoming the purchaser’s spouse, but not while the purchaser’s spouse, the purchaser may be eligible for some rebate.

More Information

Provincial LTT:
Ontario Ministry of Finance:
1-800-263-7965

Toronto LTT:
City of Toronto: 416-338-0338

First time home buyer’s tax credit

Program : First-time home buyers may be eligible for a 15 per-cent income tax credit
for closing costs.

Detail

1. To assist first-time home buyers with the costs related to the purchase of a home.
2. The First-Time Home Buyers’ Credit (FTHBC) provides a 15 percent credit on a maximum of $5,000 of home purchase costs (e.g. legal fees, land transfer taxes, etc.), meaning maximum tax relief of $750.
3. Applicable to first-time buyers purchasing a home closing after January 27, 2009.
4. The FTHBC is claimable for the taxation year in which the home is acquired.
5. An individual will be considered a first-time home buyer if neither the individual nor the individual’s spouse or common-law partner owned and lived in another home in the calendar year of the home purchase or in any of the four preceding calendar years.

Canada Mortgage repayment options….Explanation

Hello Everyone!!!
Last week I had discussion with my colleagues about the confusion about prevails among our client regarding Monthly, Semi-monthly and Bi-weekly mortgage payment.
So I was thinking there must be so many people out there who may have the same questions roaming in their minds…..here is the explanation……
So you've got you're mortgage approval, now the lender gives you the choice of several repayment options. You've heard about the standard monthly payments but what's semi-monthly or accelerated bi-weekly? Which one can save you the most amount in interest and which one can pay your mortgage off sooner?
Here's the down and dirty on the differences..

• Lets use this example:

Mortgage Amount	$100,000
Interest Rate	5
Amortization Period	25 years
Mortgage Payment	$581.60

• Monthly Mortgage Payments

Monthly payments are just that, payments made once per month or 12 payments per year. Based on our example, the total annual mortgage payments are $6,979.20 ($581.60 x 12). Under this repayment option, it will take 25 years to pay off the mortgage in our example.

• Semi-Monthly Mortgage Payments

Semi-monthly means payments are made on the first and the fifteenth of the month. You are making a total of 24 payments in the year. To calculate semi-monthly payments, you take the monthly payment and divide it by 2 ($581.60 / 2 = $290.80). At the end of the year semi-monthly payments still only add up to $6,979.20. ($290.80 x 24), the same as if you made monthly payments of $581.60.
Are there any savings making payments this way? Yes, but very little. The savings come from the fact that your paying down the principal quicker because your making payments twice per month as opposed to once per month.

• Accelerated Bi-Weekly Mortgage Payments

Accelerated bi-weekly mortgage payments are a bit different. The difference between semi-monthly payments and accelerated bi-weekly payments is that semi-monthly payments have 24 payments per year while accelerated bi-weekly payments have 26 payments per year. You are now making payments every two weeks (26 weeks per year) and not twice per month (24 payments per year).
To calculate your accelerated bi-weekly payment, take the monthly mortgage payment, divide it by 2 and multiply it by 26 (every 2 weeks). Using the example, you're total annual mortgage payment is $7,560.80 (($581.60 / 2 = $290.80) x 26)
Essentially you're making one more payment per year ($7,560.80 - $6,979.20 = $581.60). By making accelerated bi-weekly payments, you will be saving money on interest and reducing you're amortization period.

• What happens to my mortgage?

The following chart shows the impact on you're mortgage between monthly payments, semi-monthly payments and accelerated bi-weekly payments.

	Monthly Payment	Semi-monthly	Accelerated Bi-Weekly
Mortgage Amount	$100,000	$100,000	$100,000
Interest Rate	5.00%	5.00%	5.00%
Amortization Period	25 years	25 years	21.43 years
Mortgage Payment	$581.60	$290.80	$290.80
Interest Paid	$74,481.49	$74,301.97	62,044.18
Savings		$179.52	$12,437.31

The saving between monthly payments and semi-monthly payments over 25 years is only $179.52. The largest benefit comes from accelerated bi-weekly payments. In the example, you save $12,437.31 in interest costs and reduce your amortization period from 25 years to 21.43 years.
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