Prime Location. Gorgeous Reno
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Detached Home at YongeEglinton
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Welcome to TonySellsToronto.com and TorontoCondosAndLofts.com
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 Welcome to 'TonySellsToronto' and 'TorontoCondosAndLofts'.
Our Greater Toronto Area real estate market offers many options. Whether you're Buying, Selling or Leasing real estate, the process can often be complex. Knowing the product, understanding the market and conditions, having the much needed marketing, selling and negotiating skills, are all essential attributes your real estate representative should possess. I consult my clients with leading edge skills, services and knowledge, no matter what their real estate need. My promise is to make their real estate experience 'the best'.
 I invite you to contact me with any of your real estate questions or comments. I look forward to hearing from you.
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Tony Kurec, Sales Associate
416-445-8855
tony@TonySellsToronto.com
Keller Williams Referred Realty |
This Month In Real Estate - Canada - June 2009
Visit our Keller Williams Canada video interview.
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This Month In Real Estate - US - June 2009
Visit our Keller Williams U.S. video interview.
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This Month In Real Estate - Canada - May 2009
Visit our Keller Williams Canada video interview
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This Month In Real Estate - U.S. - May 2009
Visit our Keller Williams U.S. video interview
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This Month In Real Estate - Canada - April 2009
Visit our Keller Williams Canada video interview
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This Month In Real Estate - U.S. - April 2009
Visit our Keller Williams U.S. video interview
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Financial Help For First-Time Home Buyers
1 - The HOME BUYERS' PLAN (HBP) allows first-time home buyers to withdraw up to $25,000 from their RRSP without having to pay tax (or up to $50,000 per couple). To be tax-free, repayment can be made in installments over a period of up to 15 years.
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2 - The FIRST-TIME HOME BUYERS' TAX CREDIT gives a first-time home buyer a non-refundable tax-credit of $750 claimed on their personal income tax return. *A First-Time Home Buyer is defined as someone who has not owned a home within the past 4 years.
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3 - The HOME RENOVATION TAX CREDIT will allow a tax credit of up to $1,350 for renovations and associated costs for work or goods acquired between Jan 27, 2009 - Feb 1, 2010. The credit will be for 15% of expenses between $1,000 to $10,000 and will be only available in 2009.
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4 - LAND TRANSFER TAX REBATES: For the Ontario LTT, first-time buyers are exempt up to $2,000 of the tax. For the Toronto LTT, first-time buyers of re-sale or new homes are eligable for a waiver of up to $3,725 (which is the tax on a $400,000 property). So, basically, first-time buyers of a home up to $400,000 in Toronto will not pay the tax. Over that amount, the rebate is prorated so that the first $3725 is waived. *These LTT Rebate programs are for those who have Never owned a home Ever.
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For helpful CALCULATORS (Mortgage, Land Transfer Tax, CMHC, and Rent vs Buy ),click here>
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New Land Transfer Tax Rebate Plan for First-Time Buyers
Province Expands Land Transfer Tax Rebate **********
December 13, 2007 -- The provincial government has announced that it is expanding the PROVINCIAL land transfer tax rebate for first-time buyers to include re-sale housing, something which REALTORS® have lobbied for.
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Details: First-time buyers of BOTH re-sale, and newly constructed homes, will be eligible for a rebate of the provincial land transfer tax of up to $2,000. Effective for first-time buyers who enter into Agreements of Purchase and Sale AFTER December 13, 2007.
Further information is available by calling:
Ministry of Finance
Land Transfer Tax Section
905-433-6361
********** To CALCULATE your Land Transfer Tax, click here>
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Details of Approved City of Toronto Land Transfer Tax
October 23, 2007 -- Toronto City Council has approved a municipal land transfer tax that will be levied on top of the provincial land transfer tax.
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What was approved by City Council?
A second land transfer tax, on top of the provincial land transfer tax, at the following rates:
***** Residential: (((((An easy-to-use residential 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.
****** Commercial / Industrial / Etc.: 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 1.5% of the amount between $400,000 and $40 million, plus 1% of the amount above $40 million.
***** When does this take effect? February 1, 2008.
***** Note: Any transactions where the purchaser and vendor have entered into an Agreement of Purchase and Sale for the property prior to December 31, 2007 will be rebated the full amount of the Toronto land transfer tax, regardless of the closing date. (Note: Media reports that closings must occur by Feb. 1, 2008 are inaccurate.) Transactions closing before Feb. 1, 2008 will not be charged the Toronto land transfer tax.
***** Purchasers with a Purchase and Sale agreement signed after December 31, 2007 with a closing before February 1, 2008 will not be required to pay the Toronto Land Transfer tax.
***** Purchasers with a Purchase and Sale agreement signed after December 31, 2007 with a closing on or after February 1, 2008 will be required to pay the full Toronto Land Transfer tax.
***** Are first time home buyers affected? First time home buyers of new AND re-sale homes will receive a rebate of the Toronto LT Tax of up to $3,725. This equals a 100% rebate on homes purchased for up to $400,00.
***** CALCULATE here>
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Mortgage News
MORTGAGE NEWS ...
The Federal Department of Finance has announced changes to the guidelines for high-ratio mortgage insurance effective October 15, 2008, as follows:
- Maximum amortization reduced to 35 years from 40 years;
- 5% minimum down payment (no more 100% financing);
- Minimum credit score 620 (lower scores will be considered on an exception basis);
- Insurance will not be available for high-ratio ‘interest only’ payments and lines of credit;
- Minimum loan documentation standards, particularly for appraisals and income verification (this may mean an end to insured mortgages for self-employed purchasers who cannot verify the income required to qualify);
These guidelines won’t apply to conventional mortgages, however, many financial institutions apply the insurance guidelines to all of their lending.
Banks have three insurers they can choose from; Canada Housing and Mortgage (CMHC), Genworth, and AIG. These insurers are typically used for mortgages over 80% of a properties value.
The Federal Government (CMHC ONLY) feels it is prudent to adjust their mortgage insurance policies in response to recent housing and mortgage issues in the U.S.
Mortgage arears in Canada are very LOW at .27%, which is the lowest level since 1990 when it was .65%. Regardless, the Government wants to be cautious.
Most borrowers continue to go with 5 year VARIABLE mortgages, or in other words tieing their mortgage rate to the Governments Bank prime which very stable and rates are currently about 4%. Conversely, few will choose fixed terms that are tied to the BOND MARKET that is typically higher.
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Loft Living At Its Finest
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Gorgeous 3 Bedrm Condo at Yonge & Empress
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