Affordable Home Ownership in Region of Peel

What is the Affordable Home Ownership Program?

For Limited time Region of Peel has again started Affordable Home Ownership Program. This program is First Come First Serve Basis
So if you are looking forward to buy your dream home in Region Of Peel (Brampton, Mississauga and Caledon)

The Region of Peel’s Home in Peel Affordable Ownership Program is designed to provide low-to-moderate income residents who are currently renting a unit with the opportunity to qualify for down payment loan assistance.

This program will assist eligible applicants who have a total gross (pre-tax) household income of $80,000 or less to purchase a home in the Region of Peel (Brampton, Caledon or Mississauga) that does not exceed a purchase price of $280,000.

Participant Eligibility

• Applicants must be 18 years of age or older
• Applicants must not own or have an interest in another residential property in Canada or elsewhere
• The home must be the sole and principal residence of the purchaser
• The applicant must currently be renting and looking to buy a sole and principal residence
• The applicant must have a total gross (pre-tax) household income not exceeding $80,000
• The applicant must be able to obtain a mortgage pre-approval from a Canada Mortgage and Housing Corporation (CMHC) approved and insured lender and must submit it with their application
• Participants may not include anticipated rental income from a portion of the property in order to obtain a mortgage
• The applicant must be able to pay all additional closing costs
• The applicant must supply all necessary documentation to the Region of Peel

Eligible Homes

Due to unpredictability of closing dates, new homes will not be eligible for purchase under the Home in Peel program.

Participants may purchase:

• resale detached homes
• semi-detached
• row homes
• town (condominium or freehold) stacked homes
• high-rise condominium units

Duplex, triplex or mobile homes do not qualify as eligible homes under the Home in Peel program.

For a home to be eligible, it must be modest in size relative to the community, in terms of floor area and amenities, as determined by the province or the service manager.

The maximum house price for program participants in the Region of Peel is$280,000.

The Down Payment Loan

The down payment assistance will be up to $15,000.

Repaying the Loan

The down payment loan is for a 20-year period and no interest is charged if:

• The home remains the sole and principal residence of the owner. The home is not to be rented, leased or sold in the 20-year period.
• On the 20th anniversary date of the agreement, the loan is automatically forgiven provided there has been no default.

Repayment of the loan is required when:

• The home ceases to become the sole and principal residence of the owner.
• The home is sold before the 20-year affordability period.

If during the 20 year affordability period, the property is resold, transferred, or otherwise disposed, and an appreciation in value is incurred, the purchaser will be required to pay back to the Region of Peel the loan and 5% of the appreciation.

If the home is sold for less than the original purchase price, the owner does not pay appreciation and the principal is forgiven (the sale must be at fair market value and must be an arm’s length transaction).

Other Costs for the Purchaser

The purchaser is expected to pay the following:

• Closing costs
• Inspection of the home prior to firm offer of purchase and sale
• Lawyer’s fees
• Land Transfer Tax

What is Needed to Qualify for the Home in Peel Program?

Interested applicants must complete the application form (PDF 333 KB, 8 pages) and provide all supporting documentation and return it to the Region of Peel.

As funding for this program is limited, participants are selected on a first-come, first-serve basis. Once an application is received, a letter confirming eligibility will be sent within 15 business days. There is no wait list for this program; once all funding has been allocated, all remaining applicants will be notified by letter that the program has ended.

Check Real Estate Price Growth In Your Area

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Best regards,

Ritesh JoshiYour Next Door Realtor

www.riteshtherealtor.com

647-281-3424

GTA REALTORS(R) RELEASE MONTHLY RESALE HOUSING FIGURES FOR SEPTEMBER 2012

Greater Toronto Area (GTA) REALTORS® reported 5,879 transactions through the TorontoMLS system in September 2012. The average selling price for these transactions was $503,662, representing an increase of more than 8.5 per cent compared to last year.

The number of transactions was down by 21 per cent in comparison to September 2011. 

"While sales have been lower due to stricter mortgage lending guidelines, we continue to see substantial competition between buyers. The months of inventory trend remains low from a historic perspective, which explains the strong price increases we are experiencing," said Toronto Real Estate Board President Ann Hannah.

September average selling prices were up compared to last year for all major home types. 

"Barring a major change to the consensus economic outlook, home price growth is expected to continue through 2013. Based on inventory levels, price growth will be strongest for low-rise home types, including single-detached and semi-detached houses and town homes," said TREB's Senior Manager of Market Analysis, Jason Mercer.

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Best regards,

Ritesh JoshiYour Next Door Realtor

www.riteshtherealtor.com

647-281-3424

Do-It-Yourself, Sell Your Dream Home Yourself !

If you are like most people, you have thought, “How hard could it be to sell my house? Let’s just do it ourselves.”

It is a legitimate thought; the average seller has access to most every avenue that the agent does.

You have signs, websites, Craigslist, Kijiji and plenty of other places to advertise. The problem is, the average seller thinks that the only thing they pay a real estate agent for is the advertising and the “getting it under contract part.” While that is a large part of what we do, it isn’t our expertise.


We are trained both in the classroom and in the real world on getting your house under contract and keeping it that way until you have gone to closing and had it recorded under the buyer’s name. That is where an agent earns their commission.

  Especially in a buyer’s market, sellers can get beat up pretty badly if they aren’t well represented, or if they just do not know any different. Buyers are expecting to get great deals, and for that seller need to keep  their home in top-notch condition. 

Again if something unexpected discovered during home inspection, then buyer can further press you. So what typically happens is a buyer comes in and negotiates with you to get you to your bottom dollar, then asks for so many repairs that you net less than you expecting, but you are too scared to say no to the repairs because of fear of losing that oh-so-precious buyer. 

The road from getting your house under contract all the way to the closing table is long and slippery. You have to be able to pull yourself out of the situation emotionally and work through every obstacle from a third party’s perspective. It is not easy, but it can be done.

If you are considering selling on your own, let me give you some tips that will help guide you in the right direction. 

First, make sure that you are being safe. Do not schedule showings if you are going to be home alone if at all possible. Better yet, have each potential buyer email you a pre-approval letter, which will qualify them pretty quickly, and keep you from wasting your time with those people who just want to see what kind of carpet you have. 

Second, read up on what information you are required to tell the buyer. In all situations you are better off to disclose than to keep any information hidden, especially when it comes to defects or material facts. A material fact is anything that would affect the buying decision. Is it something that you would want to know? If so, tell it.

Next, consult the advice of professionals; do not write up a contract on a napkin. Have an attorney do it, talk to your accountant, make sure that you are making good decisions. 

Finally, know your rights as a seller. Yes, most things are negotiable, but you do have the right to say no. Sometimes it is worth losing the buyer.

Do you know how your home is heated during winter ? Forced Air Gas Furnace

The forced-air gas furnace is the most common heating system in North America. It has undergone many improvements over the past few years making them efficient, quiet and reliable.

Efficiency
Most of the heat generated when a gas furnace burns goes into the house, but some of the heat goes up the chimney. Furnace efficiency refers to the amount of heat delivered into the house relative to the total amount of fuel energy used. Another way to look at it: if you burn $1 worth of gas and you get 80 cents worth of heat into the house, your furnace is operating at 80% efficiency. This quotient is often called AFUE, or annual fuel utilization efficiency.

Furnaces are classified into three efficiency categories, each correlating to a specific design: conventional, mid, and high efficiency designs.

Conventional
A conventional furnace is the oldest type and is generally 55% to 65% efficient. In other words, a great deal of heat is lost up the chimney during the operation of the furnace. Conventional furnaces are no longer made but many still exist in homes.

Mid
Improvements in design led to the mid-efficiency furnace, operating at around 80% AFUE. The big development, the induced draft fan, sucks the combustion products through the furnace and discharges them into the flue. No longer reliant on natural draft to run, the heat exchanger design was optimized in order to extract more heat before the combustion gasses went up the chimney.

High
Further developments in furnace design led to the modern high-efficiency furnace, operating at an AFUE of 90 to 97%. A high-efficiency furnace has two heat exchangers, the second’s job being to condense the gases, thus extracting most of the heat that would otherwise have been lost up the chimney.

Other benefits of a high-efficiency furnace:

• Does not require a chimney: since most of the combustion gases are condensed and trickle down the drain, the remaining (fairly cool) gases can be vented through a plastic pipe directly through the wall of the house.
• Doesn’t burn house-hold air: combustion air is drawn directly from the outside through one plastic pipe and a second plastic pipe discharges the remaining combustion gas to the exterior.

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Ritesh Joshi
647-281-3424
www.riteshtherealtor.com
Sent from my iPhone

What is Grow House ? How do you identify a grow-up operation ?

Yesterday, I showed one of my client a grow house listing, as he was tempted with a lower price of a detached house. The house was used for grow-up operation and bank did certain repairs, however still lot to be done.
So What is a grow-house ? How do you identify it ?

 A marijuana grow house is a home that has been physically altered to facilitate the production of marijuana.  The alterations include cutting into hydro power sources in order to steal the extra electricity needed to power the high-wattage lights that help the plants grow.  The ventilation in the house is often reconfigured to remove the strange smells that are produced by the marijuana plants.  Regular spraying of pesticides, fungicides and herbicides on the plants in very high concentrations also contributes to a chemical contamination of the premises.  And, let's not forget that there is an awful lot of water used on those plants and the resulting moisture generally leaves the house with a serious mould problem.

     

The profit is certainly attractive for the criminals. It is estimated that one residential grow op will house 1,600 plants and produce a $1.6 million profit in one year.  Here are the shockers for the owners of the property: most homeowners' insurance policies will not cover the cost of repairing damage caused by this type of criminal activity, and the estimates from the Insurance Bureau of Canada suggest that the average cost of repairing a home that has been used as a grow op—if it can be repaired at all—is about $40,000.

How can you recognize a marijuana grow house?  The following list is taken directly from the website of the Toronto Police (who, unfortunately, are extremely familiar with the grow house phenomenon).  Consider the following:

• •  The house does not appear lived-in.  Someone visits but only stays for short periods of time.
  •  Activity inside the house seems to take place at odd hours.
  •  The exterior appearance of the property, such as the lawn and small repairs, is neglected.
  •  People using the property often back into the garage and enter the home through the garage.
  •  Garbage is minimal and may contain used soil and plant material.
  •  Windows are covered.
  •  Bright light escapes from windows, and windows are often covered with thick condensation.
  •  There are sounds of interior construction.
  •  Timers are set inside the residence.
  •  There is a strong "skunk-like" odour coming from the property.
  •  Items being brought into the house include soil planters, fans and large lights.
  •  Garbage bags are not left for the regular collection, but are transported away from the property.
  •  In the winter, there is no snow on the roof even when other houses in the area are snow-covered.
  •  There are unusual amounts of steam coming from the house vents.

A surprising indicator that a property might be a grow op is not that it smells of skunk but that it smells too good.  Criminals often overuse fabric softener in dryers and vents in order to mask the smell of the plants.  So, an excessive or frequent smell of fabric softener in the air may actually be a clue that the property is a grow op.  

Best regards,

Ritesh JoshiYour Next Door Realtor

www.riteshtherealtor.com

647-281-3424

Mortgage Rate Set to Go Hire...Have a Look At Rates Below

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Best regards,

Ritesh JoshiYour Next Door Realtor

www.riteshtherealtor.com

647-281-3424

How Realtors Help

Looking for Best Mortgage Rate ? It's Here

GTA Monthly Real Estate Sales - August 2012

Greater Toronto Area (GTA) REALTORS® reported 6,418 sales through the TorontoMLS system in August 2012, representing a year-over-decline of almost 12.5 per cent compared to 7,330 sales reported in August 2011. The number of new listings reported in August was down by 5.5 per cent compared to the same period in 2011.

The average selling price for August 2012 transactions was $479,095 – up by almost 6.5 per cent compared to August 2011. The annual rate of price growth was driven by the low-rise home segment in the City of Toronto, including single-detached homes with an average annual price increase of 15 per cent. The MLS® Home Price Index (MLS® HPI)* composite index, which allows for an apples-to-apples comparison of benchmark home prices from one year to the next, was up by 6.3 per cent year-over-year.

“While sales were down year-over-year in the GTA, so too were new listings. As a result, market conditions remained quite tight with substantial competition between buyers in the low-rise market segment,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “The trends for sales and new listings are moving somewhat in synch, suggesting that the relationship between sales and listings will continue to promote price growth moving forward.”

CMHC and Home Buyer

The housing market in GTA has started moving to become a buyer friendly one. There are so many buyers waiting for this opportunity. I know still the prices are not that affordable and difficult to come up with 20 % down payment to avoid CMHC insurance premium.
Oh...Let me explain you what does it mean by CMHC and how is it helpful to a home buyer.
CMHC stands for? Canadian Mortgage and Housing Corporation.

You might have heard that, you can buy your own dream home with 5 % downpayment and most importantly you are still eligible for banks preferred mortgage rate. Isn't it amazing ? Yes it is amazing our home land Canada always there for its people.

Yes, it is possible through the CMHC insurance. If you don't have 20 % down payment to buy your dream home in Canada, you can purchase insurance from CMHC and then bank lands you money and you can be in your dream home. 
How is works ? ..CMHC takes the buyer under it's huge umbrella. That way CMHC assures the financial institute (bank), that due to unavoidable circumstances if  buyer defaults, financial institute(Bank) is not at risk of loosing money. So the bank can easily land money to those buyers at LOW rate.

Refer table below for rates you need to pay.

Loan-to-Value	Premium on Total Loan		Premium on Increase to Loan Amount for Portability and Refinance
	Standard Premium	Self-Employed without 3rd Party Income Validation	Standard Premium	Self-Employed without 3rd Party Income Validation**
Up to and including 65%	0.50%	0.80%	0.50%	1.50%
Up to and including 75%	0.65%	1.00%	2.25%	2.60%
Up to and including 80%	1.00%	1.64%	2.75%	3.85%
Up to and including 85%	1.75%	2.90%	3.50%	5.50%
Up to and including 90%	2.00%	4.75%	4.25%*	7.00%*
Up to and including 95%	2.75%	N/A	4.25%*	*
90.01% to 95% — Non-Traditional Down Payment***	2.90%	N/A	*	N/A
Extended Amortization Surcharges Add 0.20% for every 5 years of amortization beyond the 25 year mortgage amortization period.†

On the other end those buyers who have 20 % or more toward down payment of the house price, they don't need to buy CMHC Insurance.  

Hope this article would have answered all the questions you had about CMHC Insurance.

Rate has been given in above table. If you have any questions regarding donot hasitate to call me or email me.
Best regards.

Ritesh Joshi

RRSP...How can you use to buy your FIRST HOME IN CANADA ?

One of my client last week asked me questions about RRSP for first time home buyer…What are the benefits……..try to read whole article for all info…

Qualified buyers (as described below) may borrow INTEREST FREE FOR 15 YEARS from RRSP savings up to $25,000 per buyer (up to $50,000 per buying couple) towards the cash down payment on the purchase of a residence.

R.R.S.P. HOME BUYER PLAN ("RRSP PROGRAM") (Important information about the RRSP Program)

FIRST TIME BUYER:You must be a first time home buyer or you (or your spouse or common law spouse) must not have owned a home that you occupied in the last five (5) years. Provided you satisfy all requirements, you may re-activate the program. Before withdrawing RRSP funds, you must have a written agreement to purchase a home.

PRINCIPAL RESIDENCE: You must use the home as your principal residence in Canada within one year of completing the purchase.

RESIDENT OF CANADA: You must be a resident of CANADA for the period between the date of withdrawal of RRSP funds and the closing date of the house purchase.

ANY HOME (NEW OR RESALE): The home can be new from the builder or resale.

NO MONEY OWED FOR PRIOR RRSP BORROWINGS: At the time of the RRSP withdrawal, you must NOT owe any money to your RRSP for a prior borrowing from RRSP to buy a home.

90 DAY DEPOSIT; R.R.S.P. funds must have been on deposit for at least 90 days before they can be used under the program.

WITHDRAW RRSP WITHIN 30 DAYS OF COMPLETING HOME PURCHASE: RRSP funds cannot be withdrawn later than 30 days after the house purchase is completed and if multiple withdrawals, they must be made in the same calendar year or in January of the next year.

FUNDS FOR ANY USE: The funds can be applied to the down payment, land transfer tax, legal fees and disbursements, improvements to the home, even furniture and appliances.

MAXIMUM $25,000.00 PER BUYER: You can borrow up to a maximum of $25,000.00 from your R.R.S.P. tax free. Maximum for two spouses (or any 2 buyers) is $50,000.00. Any such qualified withdrawal from RRSP is not subject to tax at time of withdrawal.

PAY BACK: After an initial grace period of the year in which the withdrawal was made (plus one more full calendar year), you are required to pay back the funds borrowed (beginning in the second year following the year of withdrawal) over a period of 15 years by depositing 1/15th of the amount withdrawn, annually to your R.R.S.P. Prepayments are allowed at any time without penalty. However, if you miss a payment for any given year, you will not be allowed to pay it back and it will be included in your taxable income for that year. If a person paying back dies or becomes a non-resident or becomes 70 years of age, additional repayment rules apply.

How Can You Make Your Moving Worry Free ?

When I moved from one area of GTA to another area, that was my first move after moving to Canada. The move was so bitter, that I don't recommend any one to hire any mover. 

I know not all the movers same, I would say 90 % mover are professional and give you a very good service.

Let me share what happened with me. I contacted the movers they came and gave me quote, I found it reasonable and gave them the contract to move. The day of moving they came and load everything in the truck. Now when we reached at my new location, one of the guy called his boss and then came and told me that your moving took more time than usually it takes so I need to pay another $150 on top of what we decided, if I refused to pay they are not going to unload anything from their truck. 

I was so furious, but no option other than paying them extra and start unpacking my stuff and start living leaving behind bitter and ripping off experience from the mover I hire and I paid.

Moving is a big job and hiring the right movers can make the difference between a stressful ordeal or a hassle-free move. Consumers can protect themselves and minimize potential problems and headaches by following a few easy tips:

• Get three references from every mover you consider for the job and check them thoroughly.
• Don't hire the first mover who gives you a quote. Get written estimates from three different movers.
• Reputable movers should inspect your furnishings to conform the approximate volume or weight in order to provide a proper quote. Avoid dealing with someone who wants to skip the inspection or give you a quote over the phone.
• Sign a detailed written agreement with the mover, but first read it carefully. Understand what is included and what is not. Make sure you know who is responsible for damage or loss.
• Keep the agreement handy. You may need to refer to it if there is a disagreement on the day of the move or when you receive the bill.

Best regards,

Ritesh JoshiYour Next Door Realtor

www.riteshtherealtor.com

647-281-3424

How water is being treated in most of GTA area ? Wanna Know ? Have a look ?

The model shown is from Region Of Peel.

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Best regards,

Ritesh JoshiYour Next Door Realtor

www.riteshtherealtor.com

647-281-3424

Yard waste collection schedule in Peel Region

For Peel Region (Brampton, Mississauga and Caledon area) Garbage collection information 

CLICK HERE.............

This map is show when your YARD WASTE will be collected as during the summer months it's collected bi-weekly.

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Best regards,

Ritesh JoshiYour Next Door Realtor

www.riteshtherealtor.com

647-281-3424

Take the 2012 saveONenergy PLEDGE. | saveONenergy PLEDGE

Take the 2012 saveONenergy pledge and earn 45 airmiles and when you register for peaksaver PLUS will make you eligible to receive a free Energy Display that will help you see and manage your electricity use at home.


CLICK HERE FOR MORE INFO
http://www.mysaveonenergypledge.ca/#.UB7vKngTzcU.email

Enrol in peaksaver PLUS™ and receive an

Energy Display, FREE of charge!

By enrolling in peaksaver PLUS, you can join the other Ontario households working together to manage our electricity use. PLUS, you will receive a FREE Energy Display to help you see and manage your electricity use at home all year.

How does the program work?
Once you are enrolled in peaksaver PLUS, an authorized technician will install a device that can be remotely activated when demand is high to help manage electricity consumption by making small adjustments to the appliance(s) that you enrol in the program (including central air conditioner, electric water heater and/or in-ground pool pump) for short periods of time. The program will never be activated on weekends or statutory holidays.

If you previously enrolled in peaksaver^®, you must reapply to participate in peaksaver PLUS. For new and continuing participants, signing up for peaksaver PLUS will make you eligible to receive a free Energy Display that will help you see and manage your electricity use at home.

What is an Energy Display?
The Energy Display is an easy-to-use home electricity monitor that is connected to your meter and provides near real-time feedback on how you are consuming electricity in your home. It can tell you at a glance:

• The amount of electricity you are consuming at any particular time.
• The difference in electricity consumption caused by turning various electrical appliances in your home ON and OFF.
• The amount of money you are spending on electricity consumption, based on current electricity rates.

GTA(Toronto Area) Home Prices Up in July 2012