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Home Ownership

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Why Home Ownership is Important

First Time Home Buyers Guide

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Lets talk Mortgage-

These are the questions your should be asking yourself:

How much can you afford based on your income or joint income with your spouse.  What are the steps involved in getting a pre-approval mortgage, and how long is it valid for? What are the different types of mortgages available for first-time buyers? How to shop for the best rates…. When you buy your first home with me I will walk you through step by step in achieving the best mortgage suitable for you.

 

What are the Costs and Benefits:

When buying a home what are the costs involved and what are the tax benefits for 1st time buyers?

 

Finally House Hunting

When is the best time to shop for your first home, what will be the homes suitable in your budget. Here I tend to set realistic goals for my clients so your protected in the long haul. Call me today to get started!

HST Rebate For Investment Properties: How does this work? What is the process involved? Are you qualified?

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Have you ever heard of prices include HST when purchasing a pre-construction condo? Let me shed some light on this topic as it involves two different actions from investors and end users. HST in Ontario is 13% and this is broken down to 2 Sectors, 1- the non-refundable portion ( 5.2%)  and 2- the rebatable (7.8%) this is calculated on the NET purchase price. How is this calculated? Net Purchase Price= PP- Non-rebatable portion of HST. Usually the net purchase price is calculated using a set of formulas from the CRA depending on the range of Purchase Price. If a new house or condo is priced under $350,000, you’re eligible to receive a maximum of $30,000 back (36% rebate on the GST portion and 75% on PST). Between $350,000 and $450,000 a sliding scale applies.  For properties costing more than $450,000, a maximum rebate of $24,000 can be received.

 

Example: Purchase Price $600,000

Net Purchase Price = ($600,000+ $24,000) /1.13 (CRA Formula) = $ 552,212.40

Total HST= Net Purchase Price * 13% = $71,787.61

Non Rebatable Portion of HST= Purchase Price – Net Purchase Price= $47,787.60

Rebatable Portion of HST= Total HST- Non-Rebatable Portion of HST= $24,000

What this essentially means is when we purchase a new Home or Condo of $600,000 from a builder the purchase price already has the HST included, in this case $ 47,787.60 was already included in the price. This is the non rebatable portion.

Are you qualified to claim this rebate?

As an end-user who lives in the condo as a primary residence. The builder will claim the rebatebale portion from the government. Essentially the developer will take care of the HST for you upon closing. You pay the purchase price and the builder will take care of the HST.

Now as an Investor Stand point, who is renting out the unit for a minimum of 1 year– in this scenario the investor would have to pre-pay the rebatable portion of the HST on final closing and then file a HST rebate application to the CRA to claim back. Usually you can expect to get the full amount back, however if the market value of your home or condo is much higher then the price you paid you can expect a few thousand less in rebate. This is a good thing, means your investment has gone up in equity. This can take about 6-8 weeks to receive. There are a few documents you need for this process where I would be more than happy to facilitate.

 

There is time limit to file your HST rebate- 2 years from final closing.

Finally what is the point of this rebate process?- The purpose is to discourage Flippers. I also strongly believe that a wise investment on any pre-construction property should be longer than final closing or during assignment phase.

 

Drop me an email if you have any further questions!

 

The Top 5 Most Livable Toronto Neighbourhoods

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When purchasing a home you will quickly encounter one of the hardest decisions of your life. It invlolves a lot of work, from finding the right neighborhood to making sure the area and what is has to offer fits into the buyers lifestyle.

In the GTA buyers might have a hard time narrowing their search with 140 officially recognized neighborhoods in Toronto and the surrounding GTA. However do not fret I am here to provide you with the TOP 5 neighborhoods known for predominantly a fabulous quality of life, excellent access to downtown, excellent schools , influential centers and all around enjoyable lifestyle.

1. The Beaches

Location: On the shore of Lake Ontario, near the city’s financial and commercial district.

Selling Points: A developing, family friendly area that is known for its cafe culture, with numerous restaurants and bars, not to mention it’s steps from Toronto’s best beachfront and boardwalk.

Estimated Price: Around $1.5 million for a detached home; $950,000+ for a townhouse; and $700,000+ for a typical two-bedroom condo.

2. Bloor Village West, Roncesvalles and High Park

Location: Bloor Village West is located along Bloor Street in Toronto; Roncesvalles is a north-south street leading from the intersection of King and Queen Streets; High Park is on Bloor Street West.

Selling Points: Bloor Village West boasts of numerous restaurants and bars. It lies about 30 minutes from Toronto’s commercial district by subway.

On the other hand, Roncesvalles is known for its green space and large, traditional homes on quiet streets. Homes here are also cheaper compared to High Park, though the average detached home costs over $1,200,000.

Finally, High Park is attractive to those who would like to live close the commercial heart of the city, but still gravitate to green spaces; with plenty of trees and parkland, this neighborhood satisfies both.

All these neighborhoods have good public transit access and are about 20-30 minutes from Toronto’s business district in rush hour.

Estimated Price: More than $900,000+ for an average townhouse

3. Leaside

Location: Northeast of downtown Toronto, along Eglinton Avenue East and Bayview Avenue.

Selling Points: Known as one of Toronto’s top areas; nearby good schools and convenient access to Toronto’s commercial heart via the Bayview extension.

Estimated Price: Over $1.6 million for an average, detached home; $800,000+ for an average two-bedrooom townhouse.

4. The Town of Markham

Location: Markham lies about 17 km from Toronto’s commercial centre, and about a half-hour ride for those commuting by Go Transit.

Selling Points: The area has grown quickly in the past 30 years, from its roots as a small, semi-rural town. It regards itself as Canada’s high technology capital, home to the headquarters of Apple, IBM, Lucent, Motorola, Toshiba and Sun Microsystems.

Estimated Price: Over $750,000 for an average, three-bedroom townhouse or nearly $500,000 for a two-bedroom condo apartment.

5. The Town of Richmond Hill

Location: Richmond Hill lies about 25 km or half-an-hour by GO train, north of Toronto’s commercial center.

Selling Points: There’s plenty of green space here, with over 166 parks offering facilities such as nature trails, playgrounds, sports and athletic fields, picnic areas, tennis courts. The town also boasts 1,360 acres of natural, environmental areas for recreation.

Estimated Price: About $1.1 million – $1.9 million for a typical, detached house in Richmond Hill; typical townhouses are valued at $700,000 – $1 million; two-bedroom apartment ranges from $400,000.

And there you have it my Top 5 Picks of Neighborhoods you should be considering when making your move.

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