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1954: Introduction of the Mortgage Loan Insurance- by the Canada Mortgage and Housing Corporation 1971: Principal residences were exempted from Capital Gains in The Income Tax Act 1992: There were two programs created by the federal government. The first was the Home Buyers’ Plan (HPB) allowing buyers to withdraw up to $20,000, tax-free, from their Registered Retirement Savings … [Read more...]
Updated from our First Time Buyer's Archive. Originally posted on Jun13, 2007 Imagine falling in love with a home, making and offer only to find out later that you are not eligible for such amount? Or another scenario: Competing with other buyers over your dream home, to find out the vendor accepted the other buyer’s offer JUST because they were already pre-approved. It does happen. … [Read more...]
Image by Corbis The asking price of a home should reflect the current market price, which is calculated quite differently from the municipal assessment. The city evaluates properties every three years (meaning they are often behind the going market values), and they base their assessments on the property itself and its neighbourhood. To determine optimal asking price, a homeowner should get … [Read more...]
Sometimes you find properties that have a municipal evaluation higher than the asking price. In most cases, it’s the other way around. So as a potential buyer, you might wonder whether or not this is an error -- how can it be that the person is selling for less than the municipal evaluation? … [Read more...]
To first-time buyers, closing costs are a mystery; most people have a slight idea of what they are, but don’t know what’s specifically involved or how much the cost will be. Many think closing costs refer to the notary fee, end of story. In reality, though, there’s more to it than that. In addition to a down-payment on your mortgage, you (the buyer) will need to put aside a little extra … [Read more...]
This is the first post of 2012. I sincerely hope that you all enjoyed a great New Year’s celebration! This video, shot last month, talks about how many agents/brokers you (the potential buyer) can employ when looking for a property. httpvh://www.youtube.com/watch?v=YqDSNkCPEgs … [Read more...]
So, after countless of times promising myself I would sit down and create a simple tutorial on How to Use the Client's Portal, I finally got to it! I found this really cool way to make video-tutorials with Screenr.com, impressively easy to use. Hey, you could impress your clients and friends too ;) And here it is... Useful tips on how to view, classify and organize listings by … [Read more...]
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