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BREAKING NEWS: Morneau Eases Stress Test on Insured Mortgages

Minister Morneau Announces New Benchmark Rate for Qualifying For Insured Mortgages The new qualifying rate will be the mortgage contract rate or a newly created benchmark very close to it plus 200 basis points, in either case. The News Release from the Department of Finance Canada states, “the Government of Canada has introduced measures to […]

Condominium Occupancy Fees

Condominium Occupancy Fees

Whenever you purchase a new condo, there is a period of time between when you take occupancy of your unit and when you take ownership of your unit. This is known as the ‘occupancy period’ or ‘interim occupancy’. During this period you will be requested by the developer to pay occupancy fees or ‘phantom rent’ […]

Claim Your First Time Home Buyers Tax Credit

Did you buy your first home in 2019? If so, the Federal Government has a program that just might put $750.00 back in your pocket, or half of that, if only one of the two people on title is a first-time home buyer. To confirm whether or not you meet the criteria be sure to […]

Is Your Roof at Risk?

The following will help you identify the potential for roof failure.   CURLING The upward curling of shingle tabs makes them highly susceptible to wind and ice damage. This is a problem on older roofs where moisture build-up in the attic affects the underside of the shingle.   BROKEN SHINGLES   Damage can be caused […]

Pricing Your Home Competitively

Pricing Your Home Competitively Pricing your home correctly is one of the most important aspects of selling your home, and it can also be one of the most difficult. If you price your home too high above its market value, you risk discouraging serious, qualified buyers. If you price your property below market value, then […]

ONTARIO LAND TRANSFER TAX REFUND

ELIGIBILITY REQUIREMENTS NOTE: On November 14, 2016, the Ontario government increased the first time buyer deduction from $2,000 to $4,000 (on first $368,000 of price) on purchases closing after January 1, 2017. Eligibility requirements for refund/deduction for first time buyers for Ontario Land Transfer Tax are: 1) Purchaser must be 18 years or older 2) Must […]

FIRST-TIME HOME BUYERS’ TAX CREDIT

As of January 27, 2009, first-time home buyers may be eligible for an income tax credit for their closing costs.  However, “first-time home buyer” can be misleading.  Please consider the following: WHO:  An individual is considered a First-Time Home Buyer if neither the buyer, or his/her spouse or common law partner owned and lived in […]

RRSP HOME BUYER PLAN

DID YOU KNOW? Qualified buyers may borrow INTEREST FREE for 15 years from your RRSP savings.  You are allowed to borrow up to $25,000 per buyer ($50,000 per couple) towards the cash down payment on the purchase of a residence. Banks often discourage clients from going this route when purchasing a residence, because banks want […]