Rate Watch

 

Are you in tune to today’s reality?

With the value of the Canadian Dollar increasing Imports are becoming less expensive this is great news for certain segments of the economy. However, we are a country that needs to sell goods to the world and our Exports are now more expensive for our trading partners. 

Will the dollars assention to parity cause a decrease in employment as companies adjust to this new norm? I personally think the decrease has already happened during the last recession and Canadian companies fared better than most and are now poised to expand.

With all that in mind a tightening of the Bank of Canada Rate could occur and this may cause variable rates of Canadian mortgages to rise. Don’t get to excited just be aware know what you can afford do the math see what a .5% increase in your rate could cost you each month

 

Company	New rate	Term	Change	Get Details
	2.49%	1 year closed	-0.16%
	2.99%	2 year closed	-4.00%
	2.05%	5 year variable closed	-4.00%

 

Rates compliments of Ratesupermarket.ca

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Robert Paterson is a Salesperson at Realty Executives – Experts

416 444-7755 Office, Cell 416 997-7268 Rpaterson@trebnet.com

Serving you throughout the Greater Toronto Area

Canada & the United States

 

The Ontario Home Energy Savings Program (OHESP)

 

Are you Interested in Home Energy Savings. Well the OHESP program may save you some money. This program has been around for a while and is coming to an end.

Despite the federal government’s decision to cancel its contribution to OHESP in March, 2010, the Government of Ontario will continue its funding to help residents achieve their home energy efficiency goals until the scheduled close of the program in March of 2011.

Review the Link and see where you may save. Depending on the upgrades/retrofits you make a savings of up to 10,000 may come your way. Use the interactive calculator page

The Ontario Home Energy Savings Program (OHESP) is coming to a close as scheduled on March 31st, 2011.

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Robert Paterson is a Salesperson at Realty Executives – Experts

416 444-7755 Office, Cell 416 997-7268 Rpaterson@trebnet.com

Serving you throughout the Greater Toronto Area

Canada & the United States

 

Toronto 2011 A Happy New Year ?

 

Well Toronto, 2011 is a few hours away and the question on all of our minds is like always what does the New Year bring for our real estate market?

Let’s quickly review 2010, We made it yes I mean there was no real downturn in our housing industry that caused homeowners to lose any real value that was gained throughout the year. Second interest rates remained stable encouraging a modest housing market. Third, this is all water under the boat if you know what I mean.

My thoughts are in 2011 Interest Rates are going to increase for example, although the Bank of Canada is not raising rates yet financial institutions are. In the last few weeks the Big Banks have acted unilaterally and are quietly raising there variable rates.

My advice if you have not already seen your mortgage advisor lately do so keeping the variable rate may not be the best strategy in the coming year.

If you own your home outright, a moderation of prices is coming. 2011 will see house prices drop slightly how much will depend on your home and area in which you live.

If you are looking to buy for short-term investment purposes do the research, find out what the plans for the area are this will assist in the timing of your sale.

For those of you who are not selling remember your home is only worth as much as the experts tell you and presently that is nothing. So do your best to keep that valuable asset in great condition because there will come a time when you wish to sell and your home will be worth Market Value a price you and the Buyer determine?

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Robert Paterson is a Salesperson at Realty Executives – Experts

416 444-7755 Office, Cell 416 997-7268 Rpaterson@trebnet.com

Serving you throughout the Greater Toronto Area

Canada & the United States

 

 

Latest Rates As Of November 30, 2010

Company	New rate	Term	Change	Get Details
	3.10%	2 year closed	0.11%
	6.50%	2 year open	-0.20%
	2.09%	5 year variable closed	-4.00%

View all best mortgage rates

Courtesy of  Ratesupermarket.ca

Compliment of Robert Paterson.

Market Health

 

The Real Estate Market that is. With the economic situation hampering growth, we are currently experiencing modest price increase in Toronto.

Don’t be fooled by these lackluster price increases and think a crash is coming remember Toronto’s market is unlike other areas even with house prices now at close to or historic highs future gains will continue to be made.

My rationale for this is supply & demand immigration to Toronto continues to be high while supply remains stable. If there is a change in this where to much inventory comes on the market and it is not absorbed then we will have a problem where there maybe a downward pressure on existing homes currently for sale. 

Source Robert Paterson

Toronto Land Transfer Tax

Toronto’s land transfer tax – What are we to believe, listen to what Rob Ford & George Smitherman have to say about it

                                                                

                       Rob Fords Comments @ Treb Meeting                              George Smithermans Commens @Treb Meeting

Source Toronto Real Estate Board

Compliments Robert Paterson.

Happy Thanksgiving

 

In the past, when our economies were more rural, we would celebrate the bounty of our harvests on Thanksgiving . In today’s economy, we don’t celebrate the harvest, but being together as a family and what we’re thankful for.

Keep in mind, today is not just a day to feast on the turkey and fixings (although we will most definitely be doing so). But rather, create more long-lasting memories for the future.

From my home to yours, enjoy the day with your family!

Robert Paterson

Rate Watch

Latest Rate Changes

Company	New rate	Term	Change	Get Details
	2.19%	1 year fixed closed	0.20%	Click Here
	3.44%	5 year fixed closed	-0.05%	Click Here
	2.15%	5 year variable closed	-0.05        Click here

 

Source Ratesupermarket.ca

Compliments of Robert Paterson

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Robert Paterson is a Salesperson at Realty Executives – Experts

416 444-7755 Office, Cell 416 997-7268 Rpaterson@trebnet.com

Serving you throughout the Greater Toronto Area

Canada & the United States

 

RRSP Home Buyers’ Plan

 

 

The Home Buyers’ Plan (HBP) is a program under which you can, generally, withdraw up to $25,000 from your registered retirement savings plan (RRSPs) to buy or build a qualifying home.

 

 Withdrawals that meet all applicable HBP conditions do not have to be included in your income, and your RRSP issuer will not withhold tax on these amounts. However, before you can withdraw funds you must have entered into a written agreement to buy or build a qualifying home which you must occupy no later than one year after buying or building the home.

If you buy the qualifying home together with your spouse or other individuals, each of you can withdraw up to $25,000. You cannot withdraw an amount from your RRSP under the HBP if you or your spouse owned the home more than 30 days before the date of your withdrawal.

Details: 

  Up to $25,000 per person could be withdrawn tax-free from RRSPs to buy or build a principal residence. Couples Including common-law — will be able to withdraw up to $50,000.

 • You have to meet the first-time buyer’s condition. You are not considered a first-time home buyer if you or your spouse owned a home that you occupied as your principal place of residence in the past 5 years. To determine past 5 years, the 4 years preceding the year you make your withdrawal plus the period in the year you make your withdrawal ending 31 days before your withdrawal is the rule adopted.

• Home buyers withdrawing funds do not have to pay income tax on the amount withdrawn, as long as the funds are repaid into an RRSP in the future.

• The 15-year repayment period will begin in the second calendar year following the calendar year in which the withdrawal is made. In addition, a qualifying home must generally be acquired before October 1 of the calendar year following the year of withdrawal. For example, those making withdrawals under the plan in 2009 will have until October 1, 2010 to acquire a qualifying home and their first annual repayment will be due by the end of 2011 or the first two months of 2012.

• A special rule denies a tax deduction for contributions to an RRSP that are withdrawn within 90 days of the RRSP deposit being made. Consequently, to get the normal tax break for a contribution and to use those funds under the plan, the money must be in your RRSP for at least 90 days before a withdrawal is made.

 

 Existing Home Owners can use the HBP to purchase a more accessible home or a home for a disabled dependent relative where the individual withdrawing the funds:

 • qualifies for the disability tax credit (DTC) and is buying a home that is more accessible for the individual or is better suited for the care of the individual;

• is related to a disabled individual who qualifies for the DTC and is buying a home for the benefit of the disabled individual that is more accessible for, or better suited for, the care of the disabled individual, or; 

• is related to a disabled individual who qualifies for the DTC and is withdrawing an amount for the disabled individual to buy a home that is more accessible for, or better suited for, the care of the disabled individual.

 Note:   You can participate in the HBP more than once if:

Your HBP balance for your previous participation is zero on January 1 of the year you want your new  participation in the HBP to occur; and  you meet the first-time buyer’s condition and all other HBP conditions that apply to your situation. 

Source, TREB 

Compliments of Robert Paterson

 

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Robert Paterson is a Salesperson at Realty Executives – Experts

416 444-7755 Office, Cell 416 997-7268 Rpaterson@trebnet.com

Serving you throughout the Greater Toronto Area

Canada & the United States

 

 

 

Who’s Job Is It Anyway’s

 

Finding the telephone number can be a task all by itself you can call the 311 service in toronto or save the link below. There are many numbers that can assist you when you least have the time or patience.

Ever wondered who resolves these types of Residential problems? 

• Low water pressure, no water, water has funny taste
• Noise complaints

 

• Street parking
• Garbage, recycling, collection calendar needed

• Hazardous waste & special pick-up
• Street not plowed/salted
• Litter & debris removal
• Drain backed up
  

In Toronto Click here For The telephone numbers and services

Source TREB,

Compliments Of Robert Paterson

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Robert Paterson is a Salesperson at Realty Executives – Experts

416 444-7755 Office, Cell 416 997-7268 Rpaterson@trebnet.com

Serving you throughout the Greater Toronto Area

Canada & the United States