Having a green home provides savings and peace-of-mind

-- When it comes to character, you just can’t beat the charm of an older home. Newly constructed homes however, come with their own unique assets, one of the most noteworthy of which is energy efficiency.

From the roof to the foundation, a number of innovative building practices often go into constructing today’s greenest homes.

Roof shingles for example, are now available in recycled materials. Environmentally friendly spray foam insulation, which can help prevent dampness, keep out pollutants and contribute to structural strength, is even partially made with recycled materials.

Roofs, walls and floors can be insulated as well with special structural panels that consist of two layers of board with insulating foam in between them. The forms that are used to mould a home’s poured concrete foundation can now also be found with insulating ability, and barriers that prevent dampness from rising into the foundation can be used at this stage of construction as well. Even exterior cladding is now insulated to offer greater energy efficiency.

If you prefer an older home though, there are many simple ways to make it more energy efficient and environmentally friendly.

Start with an Energy Star programmable thermostat that will save on heating and cooling costs when you’re not home. You can take this approach a step further by investing in a new high efficiency furnace or air conditioner. Adding insulation to the attic of your home will offer reduced energy costs for years to come as well.

A tank-less water heater will also save on energy costs by providing only the amount of heated water that you need rather than maintaining it in a cylinder.

Even making minor changes can have an impact, like choosing energy efficient light bulbs - Compact Fluorescent Lamps (CFLs) are good and Light Emitting Diodes (LEDs) are even better.

If you’re planning to make cosmetic changes to your home you can do your part for the environment by choosing wood flooring, and even carpet, made with recycled content. Look for low VOC paints and stains as well, which reduce the number of unstable, carbon-containing compounds that enter the air and react with other elements.

In the bathroom, you can keep more money in your pocket by installing low-flow faucets, showerheads and toilets.

Replacing old windows with low-E argon-filled units that have the Energy Star symbol can make a dramatic difference to your home’s energy efficiency as well.

Changing your old appliances with new Energy Star machines is also a great way to reduce energy consumption while enhancing the overall appeal of your home.

Beyond enjoying the aesthetics, cost savings and fulfillment associated with helping the environment, you can also consider getting an energy audit to take full advantage of a number of government rebates for energy-saving home improvements. Please visit www.TorontoRealEstateBoard.com to learn more about them.

Regardless of the approach you choose, remember that nothing can substitute for good-old fashioned conservation. Remember that the energy you save today may well be the energy that is needed tomorrow.



--
"HELPING YOU IS WHAT I DO"

I Believe in building relationships.
I am here to meet your needs
- to Serve & Protect - Your Investment.

As a Real Estate Consultant I am dedicated to the Real Estate Investor & Home Owner
- who is willing to work for one of the most precious things in the World
- Freedom.

Peter Tarshis
http://agents.royallepage.ca/PeterTarshis
Royal LePage Real Estate
416.921.1112 office/pager
416.921.7424 fax
1.800.622.9536

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House prices on an upward trend that is likely sustainable, analyst says

Canwest News Service
Published: Thursday, January 28,2010

A measure of home prices in major Canadian markets was up in November compared with a year earlier for the second straight month. The Teranet-National Bank home index, released yesterday, was up 2.6% on an annual basis for November. The last two gains followed prices being down on a year-over-year basis for 10 straight months. The latest gains put the overall index just 0.1% shy of its peak in August 2008. The index has been up on a monthly basis seven consecutive times, although the 0.8% rise was the first time in six months it has been less than 1.2%. "On balance, this report provides further evidence to support the general view that the recovery in the Canadian housing market is gaining further momentum, and suggests the recent gains in home prices are being sustained," Millan Mulraine, economics strategist with TD Securities, said in a research note

House prices on an upward trend that is likely sustainable, analyst says;
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HST Transition Rules - Homes - Ontario, Canada

The provincial government has provided rules/guidance on how it will transition to the implementation of the proposed Harmonized Sales Tax.

Background

The provincial government has passed legislation to combine the eight percent Provincial Sales Tax with the five percent federal Goods and Services Tax, creating a 13 percent Harmonized Sales Tax (HST).

The HST is NOT YET IN EFFECT. The HST will come into effect beginning on July 1, 2010; however, note transition rules below.
HST will not apply on the purchase price of re-sale homes.
HST would apply to services such as moving cost, legal fees, home inspection fees, and REALTOR® commissions.

HST will apply to the purchase price of newly constructed homes. However, the Province is proposing a rebate so that new homes across all price ranges would receive a 75 per cent rebate of the provincial portion of the single sales tax on the first $400,000. For new homes under $400,000, this would mean, on average, no additional tax amount compared to the current system.
Click here for more background information on how the HST will affect REALTORS®.
Click here for some common questions and answers.

Transitional Rules for New Housing

Generally, sales of new homes under written agreements of purchase and sale entered into on or before June 18, 2009 would not be subject to the provincial portion of the single sales tax, even if both ownership and possession are transferred on or after July 1, 2010.
The tax would also not apply to sales of new homes under written agreements of purchase and sale entered into after June 18, 2009 where ownership or possession is transferred before July 1, 2010.

Additional Transitional Rules

Where services straddle the HST implementation date of July 1, 2010, the tax charged for the service may have to be split between the pre-July 2010 and post-June 2010 periods. However, the HST will generally not apply to a service if all or substantially all (90% or more) of the service is performed before July 2010.
Four key timelines are important (see below). All are based on the earlier of the time the consideration is either due (In general, an amount is due on the date of the invoice or the day required to be paid pursuant to a written agreement), or is paid without having become due. If consideration is due or paid,
Before October 15, 2009, HST will generally not apply (however, see above transition rules for new housing).
From October 15, 2009 to April 30, 2010, certain business that are not entitled to recover all of their GST/HST paid as input tax credit may be required to self-assess the provincial component of the HST with respect to goods or services supplied after June 30, 2010.
From May 1, 2010 to June 30, 2010, HST will generally apply for services supplied after June 30, 2010.
After June 30, 2010, HST will generally apply. An exception to this rule would be where ownership of the property is transferred before July 2010 or the invoice relates to services provided before July 2010.
With regard to the lease or license of goods, including non-residential real property, HST will generally apply to lease intervals or payment periods on or after July 1, 2010 and the general rules noted above will apply. However, where a lease interval begins before July 2010 and ends before July 31, 2010, it is not subject to HST.
With regard to the sale of non-residential property, HST is due where both possession and ownership of non-residential property occurs on or after July 1, 2010.


More Detail

Additional detail on the transition rules is available at the provincial government web site here or by calling the provincial government enquiry line at 1-800-337-7222.

How to avoid `easy money' sales pitch

Mark Weisleder
Special to the Star

Since warning consumers about the dangers of no money down real estate seminars, I have received more emails than from any other article that I have written. The overwhelming majority are from readers who have been victimized by these schemes in the past.

For buyers, the current historic low interest rate environment has offered a great opportunity to buy a home or investment property. It has also contributed to prices rising faster than they probably would if interest rates
were higher.

But the flip side is that if you are looking to invest in bank term deposits or certificates, it will be hard to earn more than 2 per cent on your money.

As a result, consumers are always looking for investments that will generate 10 per cent returns or more.

We have read too many unfortunate stories about investors who have trusted their life savings to financial advisers who guaranteed substantial returns, only to lose everything in the end.
In many cases, these were sophisticated investors who should have known better, but fell victim to the lure of "easy money."
There are many people promising similar guaranteed returns, but the investment is based on being part of real estate "clubs" or syndicates. Be very careful before investing anything with these clubs and do not be fooled just because they mention that everything is based on solid real estate.

Also be wary of strange terms such as "lease options," "contract assignments" or "hard money loans." If you don't understand the concept, do not put your money down.

Here are some tips to follow to ensure that you are not tricked by the next real estate sales pitch and that you do not lose the majority of your life savings:
Do not invest more than 25 per cent of your available investment funds with any one person or investment opportunity, no matter how good it seems.
Conduct research on the person who is presenting the investment opportunity. Check out their website and their references.
Who is presenting the opportunity? If they do not own the company or they are not the main principal, then remember that their sole source of income is a commission based on what you pay into the scheme.
If they claim to own many real estate properties, or the investment is based on real estate, ask for the municipal address of these properties and then hire a lawyer or real estate salesperson to confirm who actually does own the property, what they paid for it and whether there are any mortgages registered.

If the property is within driving distance, go and see it. If it is not close, be careful before investing. If possible, find a lawyer or real estate salesperson in the area where the property is to confirm the property is as described and who is the registered owner.

If the main principal lives in your community, arrange a title search on their own home to see whose name it
is registered in and whether there are any mortgages registered. Be careful if you find the property is not registered in their name or if there are unusually large mortgages registered against it.
If you see statements such as "guaranteed to make 10 per cent or more," "once in a lifetime opportunity" or "chance to get in the ground floor," watch out. It is never that easy.

If you don't understand it, then don't be a part of it. Remember, if it seems too good to be true, it is.

Mark Weisleder is a lawyer, author and public speaker for the real estate industry and a regular contributor to
Real Estate News. Email: mark@markweisleder.com.

Beware 'free' real estate seminars

January, 2010
Mark Weisleder
Special to the Star

How many times have you seen late-night infomercials or advertisements inviting you
to a seminar on how you can become a millionaire by buying real estate with no money
down, even if you have a poor credit history? As with most get-rich-quick schemes,
there is an old saying, "If it seems too good to be true, it is."
Becoming a real estate investor is not easy. It involves careful study as well as being surrounded by a team of professionals to assist with properly evaluating, negotiating, financing and managing your investment. Even with all of this, some very experienced investors have also suffered losses or even bankruptcies when the market unexpectedly turns, as we saw in the last four months of 2008.

Typically, what these no-money down programs attempt, in a two-hour "free"
presentation, is to convince you to attend a three-day workshop in which you'll learn
the "secrets" to become an instant real estate entrepreneur. You are then invited to pay several thousand dollars to attend this seminar, with a promise that you'll make tens of thousands of dollars within 30 to 60 days of completing the program.
Here are some of the methods used to entice you to attend the three-day seminars:
The instructor will usually spend time telling you about all the vacations he is taking now that he is financially secure, and that he has personally purchased several hundred properties in your area using this system.
The main principle is that the seminar will help you find properties in distress that no one knows about where the owners owe more on their mortgage than they can afford.
You will learn how to place advertising in key real estate magazines to help you find
these owners who are in distress.

You will then receive at least 50 to 100 calls from sellers in trouble, either through job loss, marriage breakdown or a death in the family.
These homeowners will be very happy to give you their property if you take over their
mortgage payments, so they can avoid having their credit score ruined for the next 10
years.

Even if you have bad credit, you will still be able to take over an owner's mortgage
without getting approval from the owner's bank.
They will provide you with lenders who will lend you money at high interest rates for a short period of time – usually 30 to 60 days, which is okay because in two months you can re-sell your property and make your first profit.
They have a database of properties in your area that are in a category called "preforeclosure," where the bank is about to take over.

Notice the phrase "pre-foreclosure." That's a term rarely used in Canada, but it's
common in the U.S. Many other principles in these seminars are taken from similar U.S. seminars that have little or no application in Canada.

In Canada, most banks use the power of sale remedy if a mortgage goes into default;
they typically do not use the foreclosure remedy because it takes too long. And we are not experiencing the real-estate meltdowns people are facing in the U.S., because most lenders in Canada have been more responsible than lenders in the U.S.
More than 15 years ago some trust-company mortgages allowed buyers to take over a
mortgage without bank approval, but it's very unlikely you'll find one of those
mortgages today.

In Canada, most lenders will not give you money, even at high interest rates, unless
you can demonstrate you have some equity in the property. So why would owners in
this situation not just sell their properties themselves to pay off their mortgages?
I invite readers to share with me any of their own experiences attending these
seminars.

Remember, if it seems too good to be true, it is.

Email: mark@markweisleder.com. Website: www.markweisleder.com. Mark Weisleder is a
lawyer, author and public speaker for the real estate industry and a regular contributor
to Real Estate News.

Home buyer prep for 2010

.Many people who were prescient enough to buy a house in Toronto at this time last year are likely spending the opening days of 2010 exulting and revelling in cheap money.

Meanwhile, if you spent last year scratching up a down payment with the hope of buying a house or condo in the coming year, here are a few things you need to know:

1. Brace for higher interest rates

Expect more heroism from home buyers in the first half of the year, says deputy chief economist Douglas Porter of BMO Nesbitt Burns, who named the Canadian home buyer “person of the year” in 2009. Mr. Porter says purchasers “bravely looked beyond the valley of the recession and helped lead the domestic recovery,” and he expects another burst of activity in the first two quarters. The Bank of Canada has signalled that it will keep its key lending rate at its current level until the end of the second quarter.

As a result, Mr. Porter predicts prospective home buyers will rush to beat the possible tightening of interest rates that may begin in July.

2. Anticipate an HST flurry

At the same time, the Government of Ontario is preparing to introduce a harmonized sales tax that will take effect in July, 2010. While the tax will hit hardest those who buy newly constructed houses, it will also add to the costs of buying an existing home.

He expects buyers will hustle to complete a deal before the tax is implemented.

“Where people can save a few dollars, they will try to,” says Mr. Porter, who points to the same kind of run-up before the introduction of the land-transfer tax in Toronto.

3. Choose whether to sell first or buy

Many people who sold their existing house or condominium unit in the effervescent finale to fall 2009 are now frantically searching for their next home. Real-estate agent Geon van der Wyst of Royal LePage Real Estate Services Ltd. has clients who sold recently and still haven't found a new place to land before the closing date in January or February.

Mr. van der Wyst often advises homeowners to buy first if they will be selling the kind of property that moves quickly – such as a house in a coveted location or a family-friendly home that “shows” well.

As for those who are currently scrambling, Mr. van der Wyst does his best to soothe their anxiety. He reminds people that they can always rent for a while or bunk with relatives. “Please be patient,” he tells them. “I'm looking at the hot sheets every day, all day.”

Besides, it could be much worse. In late 2008 and early 2009, some purchasers suffered the misfortune of buying a new house only to face a market collapse when they tried to sell their old house.

But properties that appeal to a niche market will take longer to sell.

In the case of a client who wanted to bring a spacious and luxurious loft to market, Mr. van der Wyst recommended she sell first because he knew only a small slice of buyers could afford the premium price and maintenance fees.

4. Look for a robust crop of new listings in the spring

Mr. Porter expects a stronger-than-usual spring rebound in the number of houses and condos listed for sale.

The signals were already there as the fall market wound down, he points out, as sellers were enticed to bring their houses and condos to market by tales of bidding frenzies.

Across Canada, new listings in November swelled by 5 per cent compared with October to mark the largest one-month gain in two years, the Canadian Real Estate Association says.

That improvement will likely continue when the city thaws, says the economist, who adds that the increased listings will bring balance to the Toronto market.

“That may be what keeps us from gliding into full bubble territory.”

5. Use timing to your advantage

The real-estate market in 2010 will likely be a tale of two halves, says Mr. Porter. The first half will vibrate with activity while the latter half will settle down.

So, on balance, will buyers be wise to join the stampede trying to get in ahead of increased taxes and interest rates, or wait and take the risk of paying those higher costs?

Usually a good time to buy is late in the year, when there aren't as many buyers, and sellers may be feeling a little bit more desperate, says the economist.

“I'm not sure you want to be in a rush to go out and buy in the spring.”

6. Focus your search

Mr. van der Wyst urges his new clients to select a target Toronto neighbourhood before they set out for the first showing. But once he knows which community appeals, he can lead them on an “education tour” to look at some alternatives. Sometimes he'll spend half a day driving clients past streetscapes, schools, public- transit systems, libraries, coffee shops and stores.

7. Learn the term “Debt-to-Income Ratio”

The debt-to-income ratio is defined as the percentage of a consumer's monthly gross income that goes toward repaying debt. This is one of the tools that lenders use to determine your ability to repay a mortgage. You can find an online calculator on the web sites of mortgage brokers and credit counselling services. Generally, people run into trouble when that percentage gets too high. Bankers get nervous when the number rises above 40 per cent, but lots of financial pros recommend that home buyers adopt a more conservative stance and stay comfortably below that mark.

Bank of Canada Governor Mark Carney last month cautioned Canadians against taking on too much debt and federal finance minister Jim Flaherty chimed in with his warning that he will bring in firmer regulations to rein in borrowers if the housing market becomes too overheated.

Canadian mortgage borrowers not taking 'undue risks'

Thursday, January 14, 2010 |
Financial Post

Despite concerns about a Canadian housing bubble and high levels of household debt, a survey commissioned by the country’s mortgage brokers suggests Canadians are exhibiting prudence when borrowing from a home.

The survey, released Thursday by the Canadian Association of Accredited Mortgage Professionals, indicated the vast majority of home buyers, at 86%, were opting for fixed-rate mortgages over variable products. Moreover, 70% of people surveyed opted for terms of at least five years or more -– a signal that buyers realize interest rates are headed upward and want to capitalize on the record-low borrowing costs for as long a period as possible.

"This new research shows that Canadians are assessing their abilities and vulnerabilities," said Jim Murphy, CAAMP’s president and chief executive. “They are being prudent and the vast majority of Canadian mortgage borrowers are not taking on undue risks. They have factored rising interest rates in to their mortgage decisions.”

The results emerge after senior officials at the Bank of Canada said that it was “premature” to talk about a housing bubble in the country. Still, the central bank has warned about rising household debt levels and consumers’ ability to finance that debt once interest rates begin their climb back upward.

The survey is based on questions to members who issued more than 40,000 mortgage loans totalling $10-billion, which were funded during 2009 (the data is for home purchases only and excludes renewals or refinances of existing mortgages). CAAMP said the data represent about one-sixth of total mortgage activity for home purchases in Canada.

The findings also indicated that the majority of people who took out their first mortgage last year borrowed less than they could afford to, as their debt service ratios are below allowed maximums.

“The high share of fixed rate mortgages and low debt-service ratios for home buyers are contrary to perceptions that consumers and financial institutions are taking on more risk,” CAAMP said.

In an updated economic forecast released Thursday, CIBC World Markets indicated that the red-hot housing market is set to cool down this year as listings increase and buyers back off once mortgage rates begin to climb

Home Renovation Tax Credit Expires Feb 1.

If you’re planning on doing upgrades on your home or cottage, by purchasing the supplies and/or labour for the project before February 1, 2010, you can participate in the federal home renovation tax credit.

The home renovation tax credit is for 15 per cent of the cost of your project, up to $1,350. To qualify, your project has to be more than $1,000 and the credit tops out at a $10,000 ceiling. Eligible expenses for goods acquired before the deadline, even if they are installed after January 2010, will still qualify. However, according to the Canada Revenue Agency, “If an eligible expense involves work performed by a contractor or a third party, and the work is not completed by the end of the eligible period, only the portion that is completed before February 1, 2010 will qualify even if a payment has been made.”

This is a non-refundable credit, which means it will reduce your taxes owing, but you don’t receive cash if you have a positive balance.

The Canada Revenue Agency website at www.cra-arc.gc.ca has full details.

Make indoor air quality test a standard part of real estate purchases

January, 2010

I've always found it strange that the organized real estate community in Ontario is still highly concerned about urea formaldehyde foam insulation (UFFI) in houses, years after it was proved that it carries no health risks, and yet radon gas and other environmental contaminants – which exist in many homes and can be fatal – are hardly ever mentioned in residential purchase agreements.

For several decades, the standard Ontario Real Estate Association agreement of purchase and sale has contained a warranty that the seller has not insulated the house with UFFI. This, despite the fact that 15 years ago a Quebec court ruled, after an eight-year trial, that there was no basis for fear of health risks and no justification for removing UFFI from houses.

Radon, on the other hand, has one known health risk – exposure above certain levels increases the risk of developing lung cancer.

A detailed guide on the website of Canada Mortgage and Housing Corp., CMHC, explains that radon is a radioactive gas that is colourless, odourless and tasteless. It is formed by the breakdown of uranium, a natural radioactive material found in soil, rock and ground water.

When radon escapes from the ground into the outdoor air, it gets diluted and is not a concern.

But when it seeps from the ground into an enclosed, unventilated space like a house, it can sometimes accumulate to high levels and contaminate the inside air.

Back in the 1970s, Health Canada surveyed the radon levels of 14,000 homes in 18 cities across Canada. A small but significant minority of homes in some locations were found to have high levels of radon gas.

In Canada, the Radiation Safety Institute says that long-term exposure to radon causes about 2,000 deaths per year and is the leading cause of lung cancer among non-smokers.

In addition, it can greatly increase the chances that a smoker living in a contaminated house will acquire lung cancer.

Radon is measured in units called "becquerels per cubic meter (Bq/m3)," and the government of Canada's guideline limit for radon in indoor air is 200 Bq/m3. Even this figure is too high for the World Health Organization, which last year published a handbook proposing a maximum indoor level of 100 Bq/m3.

The City of Toronto website advises residents that the only way to find out if a home contains radon is to have it tested.

I was able to locate a do-it-yourself radon gas test kit by Pro-Lab (1-800-427-0550, www.prolabinc.com) at Canadian Tire. The cost was $9.99 plus a $30 lab fee. The city of Toronto website suggests that kits may also be available from smaller retailers and online for about $50 (Google: "radon test kit Canada").

Health Canada recommends a minimum three-month testing period to maximize accuracy and to be able to estimate the annual average level of indoor radon.

The most popular long-term radon detectors are known as electrets and alpha track detectors.

These devices are placed in a home and exposed to its air for a specified period of time. The testing kit is then sent to a laboratory for analysis.

As an alternative to the do-it-yourself kits, the City of Toronto also suggests that a trained environmental technician can conduct a test for indoor radon levels. This type of test may be more expensive than a passive kit, but the results would be available much faster.

If excess radon is detected in a house, Health Canada recommends that steps be taken to reduce radon levels. The cost is estimated at about $2,500.

As more and more Canadians become aware of the dangers of radon in homes, it may become an important factor in sales transactions.

The typical home inspection does not test for environmental issues such as mould, asbestos, urea formaldehyde, or the telltale signs of a marijuana grow-op or meth lab.

Sooner or later – and I hope it is sooner – an indoor air quality test will become a standard part of real estate purchases, and the standard form agreements will contain warranties as to air quality.

Harmonization Tax will hit homebuyers hard -HST

Ever since the federal goods and services tax was introduced in 1991, there has been talk of "harmonizing" the GST with the respective provincial sales taxes.

Harmonization sounds like such an innocuous thing, almost pleasant, but make no mistake – it's all bad when it comes to new homes. Harmonization is a euphemism for massive tax grab and new homebuyers would be hit harder, by far, than anyone else.

Combining sales taxes is a non-issue when it comes to products that are already subject to both; however housing isn't one of those goods. Even where an item is currently exempt from PST, harmonization would only add a few bucks to the cost of things like children's clothing or monthly home heating bills.

But harmonizing sales tax on new homes, as the biggest of the big-ticket items, will add tens of thousands of dollars to home prices. How hard homebuyers would be hit would depend upon the price of the house and the extent of any offsetting rebates.

If we look at the example of a $350,000 home, the GST at five per cent is $17,500, offset by the GST new housing rebate of $6,300 for a net tax of $11,200. Under a harmonized scenario, the gross (literally and figuratively) tax at 13 per cent would be $45,500 while the net tax, assuming no change to the tax rates or current GST rebate (36 per cent of the tax payable), would be $29,120. That's an additional $17,920 in tax on a relatively modest home.

The simplified example above explains why I nearly fell off my chair when Premier Dalton McGuinty openly mused last week about a tax harmonization deal with the federal government. Even if there were some kind of offsetting rebate for the PST on building materials currently embodied in the price of a new home, harmonization will hammer housing hard because land and soft costs will now be taxable. And let's not forget that the current federal rebate zeroes out over $450,000, meaning the full harmonized tax would be payable on homes priced above that, barring any adjustment.

It's no wonder that home builder Frank Giannone, president of the Ontario Home Builders' Association, calls harmonization a "poison pill" for housing.

"The harmonization of GST and PST would have devastating consequences for homebuyers. This tax grab would add tens of thousands of dollars to the price of a new home and would cripple a $36 billion industry that is already facing economic headwinds," he asserts.

I'm truly hoping that either the news reports were inaccurate or that the premier reconsiders because he had it right when he said last fall that "harmonizing sales taxes will only hurt consumers." Ironically, harmonization will hurt the province as well through reduced home-buying activity, resulting in less employment as well as lower income, sales and land transfer taxes.

It's no secret that Ottawa is actively promoting sales tax harmonization and is putting intense pressure on the provincial premiers to do so, but that doesn't make it a good idea. It took years for the industry to recover from the implementation of the GST in 1991 and harmonization would set the industry back all over again, if we're not already there.

"Our greatest glory is not in never falling, but in rising every time we
fall" - Confucius

How condo owners can claim the Home Renovation Tax Credit

There are many opportunities for condo owners to reap the benefits of the home renovation tax credit.How condo owners can claim the Renovation Grant Credit.


If the term "Home Renovation Tax Credit" brings to mind images of detached houses in the suburbs and not units in sky-high buildings, you're not alone. Many condo owners are paying little attention to the credit when they could be reaping the benefits.

In fact, there are many opportunities for condo owners to claim the credit, including some outside of their own units.

Condo owners can claim a portion of improvements made to their building between Jan. 27, 2009 and Feb. 1, 2010, as long as they were at least partially responsible for paying for the upgrades.

Here's how it works:

Assuming each condo owner pays a monthly fee to a condo corporation, repairs or renovations completed and paid for with that money should count toward the HRTC. The condo corporation is simply paying for these goods and services on behalf of all of the unit owners.

Condo corporations are unable to claim the credit because it is available only to individuals, so it's up to each person to claim his or her portion.

Therefore, on their 2009 taxes, condo owners can claim the credit for renovations to their own unit – similar to what would be done in a detached home, for example – as well as their share of any renovations to common areas paid for by the condo corporation.

This could include anything from new windows installed in your building to a redesigned lobby area or improved landscaping.

Add these shared costs with renovations you may have done to your individual unit (bathroom or kitchen upgrades, new fixtures, painting) and you could significantly increase your credit.

Canada Revenue Agency guidelines for condo owners indicate that improvements made to common areas will qualify if:

– You own your unit. Renters are out of luck, even if they pay similar monthly fees.

– "The expenses would be eligible expenses if the common areas were treated as an eligible dwelling" – if new furniture wouldn't count in a detached home, it won't count in a condo either.

– Your condo corporation has notified you of your share of the expenses.

As a reminder, the tax credit applies to renovation costs over $1,000 and under $10,000, so if you spent a few hundred dollars on your own unit and the condo corporation spent a few hundred more on your behalf, that may be the difference between getting a return or not.

What you'll need to make the claim:

Since you're not dealing directly with stores or contractors and won't receive original receipts or invoices, in order to claim your portion of building renovations you need documentation from your condo corporation. This can be in the form of a letter and must be signed.

Most condo corporations have a set of guidelines that help them determine the allocation of expenses for common areas. It is this documentation that will guide them in establishing each condo owner's contributions to renovations and therefore how much people can claim.

According to Canada Revenue Agency, the documentation "must clearly identify the type and quantity of goods purchased or services provided" and also include the following:

– The cost of the renovations

– Your portion of the expenses (exactly how much you are considered to have contributed)

– Contact information for the vendor or contractor (including GST/HST number, if applicable)

– A description of the work in question

– The date or dates the work was completed.

If you do not receive documentation for improvements to your building, it is worth asking about. It could mean a few more dollars in your pocket!

Get all the latest news on the HRTC, along with project inspiration, on our Home Renovation Tax Credit page. Call Peter Toronto Real Estate @ 416.921.1112

Does my Renovation qualify- Grants in Toronto, Canada

.With the Jan. 31 deadline just around the corner, anyone who still wants to take advantage of the federal government's popular home renovation tax credit had better hurry.

“The most important thing for people to know is that they still have 10 days to buy and take delivery of materials that they are thinking of using for renovations,” Jamie Golombek, managing director of estate and tax planning with CIBC Private Wealth Management, said in an interview Wednesday.

Although it is likely too late to get the labour done in time, “anyone thinking of doing anything in their home in the next few months should try to get that material now... otherwise you are really losing out.”

The home reno tax credit, introduced as a limited-time program in the 2009 federal budget, has proven extremely popular with housing-obsessed Canadians. “Anecdotally, it is the topic of almost every single presentation I give in terms of personal tax. The Canada Revenue Agency has responded to more technical interpretation questions in terms of what qualifies and what does not than any other topic in recent history,” Mr. Golombek added


“ Anecdotally, it is the topic of almost every single presentation I give in terms of personal tax. ”
— CIBC's Jamie Golombek said of the HRTC


The CRA estimates that as of last Friday, more than four million Canadians had enquired about the program. From Jan. 2 to 15 alone, 302,501 people visited the CRA website or phoned to ask about the HRTC.

Timing has played a role in the HRTC's success, says Mr. Golombek, given that rates for home equity lines of credit are still historically low. “Even if people don't have the actual cash to do the renos right now, they can borrow the money at very attractive interest rates and get a 15-per-cent non-refundable credit from the government.”

Here's how the HRTC works:

Each family is allowed to claim on their 2009 income tax return a 15-per-cent non-refundable tax credit for eligible renovation expenses made to their dwelling. The credit allows tax payers to get up to $1,350 in tax relief for projects worth between $1,000 and $10,000. The $10,000 spending limit applies to homes, cottages or condos, provided the combined total does not exceed the $1,350 limit.

To qualify, all of the renos must take place after Jan. 27, 2009 and before Feb. 1, 2010. The supplies and materials must be bought and in your possession before Feb. 1st, 2010 to be eligible. Likewise, any work done by a contractor must be finished by the deadline, which means that signing a contract for the work ahead of the deadline is not sufficient.

To qualify for the HRTC, renos must be of “an enduring nature and integral to the dwelling.” So putting in a permanent swimming pool or hot tub, a new dock or septic system at the cottage, fixing a retaining wall or doing some landscaping all qualify. Cleaning your carpet, house or eavestrough would not qualify, nor does buying furniture, appliances or electronics.

Who's using it?

Dan Wilson is one many Canadians taking advantage of the credit. He and his neighbour spent most of the fall rebuilding the front porch on their east-end Toronto semi. He also had a contractor fix a flat roof in his backyard, put in a new deck, installed two fireplaces and painted.

“I spent at least three times the limit for the tax credit,” said the 45-year-old Ontario government worker. “I think almost everyone on my street had something done to take advantage of it.”

Robert Katzer had a contractor redo both bathrooms in his Victoria condo, putting in marble sinks and faucets, along with a new bathtub with marble wall linings. Not done there, he upgraded most of the lighting in the unit, replaced the carpets, painted, caulked the windows and retiled the fireplace. “It wasn't cheap but I love the end result,” he said.

Across Canada, the tax credit seems to have provided the push many Canadians needed to get those home reno projects going.

Mr. Wilson says he might have taken care of the renos in the next year or two, but the tax credit prompted him to do it now. “I love this credit. The prospect of getting $1,350 back is just so appealing. If it were continued next year, I would definitely consider re-doing my kitchen next year.”

How long will it last?

Contractors and home renovation retailers would also like to see the tax measure extended, arguing that it would continue to boost the economy and allow the recovery to fully take hold.

But Finance Minister Jim Flaherty said this week the measure was “not inexpensive” and the government's plan is to let it expire at month's end. He also ruled out any kind of extension back in December, when he said: “Well, that's our plan to end it at the end of January, yes.”

RBC Dominion Securities Inc. chartered accountant and certified financial planner Suzanne Schultz says the credit, which was part of the conservative government's stimulus plan, has been successful. “The point of this was to get the economy going and it seems to have done that. People are spending, retailers and contractors are saying they are busy.”

She says people who bought materials in order to qualify for the home renovation tax credit but ran out of time to get the work done before next week's expiry date will likely keep contractors busy for the first part of 2010. After that, however, she expects to see a lull.

Ms. Schultz urged people to get out and make their purchases before the Jan. 31st deadline. “Make a list of what you need done and get shopping. This is not common, for the federal government to introduce short-term tax measurers like this.”

Just finished my 5am, volunteer shift at "Out of the Cold" http://ping.fm/C6pIP

“The greater danger for most of us is not that
our aim is too high and we miss it, but that it is
too low and we reach it.”
Michelangelo

Toronto REALTORS Giving Back

January, 2010 -- Although we are very privileged to live in a country that is ranked fourth in the world on the United Nations’ Human Development Index, which measures health, knowledge and standard of living, there is still much work to be done to help those less fortunate. It’s estimated for example, that one in three Toronto children live in poverty.

Greater Toronto REALTORS® though, are working to change statistics like this one. Throughout the year, they routinely give back to the communities in which they live and work.

I personaly raised 10thousand $'s for the "Seeds of Hope" Foundation & their shelter based Charity "Our Homes".

The Children’s Breakfast Program is one example of how they’re working make a difference to Toronto families on a daily basis. A joint venture between the Toronto Real Estate Board and the Toronto District School Board’s Toronto Foundation for Student Success, the Children’s Breakfast Program provides nutritious breakfasts to 1900 children each week in 11 different schools. Many GTA REALTORS® are involved in this effort, and since its inception, the Children’s Breakfast Program has grown to include eight sponsoring Brokerages and one large corporation: TDCanada Trust.

Given that our city’s future depends on its young people, REALTORS® have developed a program to support their post-secondary education pursuits as well. Each year two $5,000 scholarships are awarded to graduating GTA high school students based on an essay writing competition. This year scholarships were awarded to Victoria Park Collegiate Institute graduate Cristiana Mergianian who is now studying at Queen’s University and St. Michael’s College School’s Konrad Teichman who now attends the University of Toronto.

A number of shelter-related causes also receive Greater Toronto REALTORS’® support, through the REALTORS Care Foundation. This year alone, the Toronto Real Estate Board presented grants totaling $171,000 to 20 charities on behalf of its Members. A hospice, centres for homeless youths, a refugee reception service, a community outreach program, affordable housing organizations and numerous women’s shelters were among the recipients.

Greater Toronto REALTORS® are in fact, so committed to supporting the work of the REALTORS Care Foundation that for the past two consecutive years they have asked TREB to make a donation equivalent to $1 per Member, per month for a year. In 2009 that contribution was more than $342,000.

They’re quick to roll up their sleeves for this cause as well, generating an additional $10,000 in support for the Foundation through a fundraising motorcycle ride that took place in July.

Another summer event, TREB’s Annual Charity Golf Classic raised more than $10,000 for the Salvation Army of Toronto.

The individual efforts undertaken by REALTORS® are also recognized each year, with TREB’s Civic Service Award. This year’s recipients were REALTORS® Susan Gucci, who has adopted leadership roles on a number of the Toronto District School Board’s parent councils, and Norman T. Jones, who in addition to his numerous volunteer roles, has raised funds to send seriously ill children on trips of special interest.

I hope that the work of Greater REALTORS® has made a positive difference in the life of someone you know this year.


--
"HELPING YOU IS WHAT I DO"

I Believe in building relationships.
I am here to meet your needs
- to Serve & Protect - Your Investment.

As a Real Estate Consultant I am dedicated to the Real Estate Investor & Home Owner
- who is willing to work for one of the most precious things in the World
- Freedom.

Peter Tarshis
http://agents.royallepage.ca/PeterTarshis
Royal LePage Real Estate
416.921.1112 office/pager
416.921.7424 fax
1.800.622.9536

416.705.1181 cell / text

Thank You !

See Peter Tarshis on:

http://twitter.com/PeterTarshis
www.rlptv.com
www.Linkedin.com
www.torontorealestateboard.com

'Recognized, Respected, Recommended'
The referral to your friends, family and business associates is the greatest compliment you can give me.

A referral is a big responsibility...it is also the biggest compliment a client can give me and is never to be taken lightly. I pledge to treat everyone that is referred to me with the utmost level of respect and professionalism.

Thank You for Your Trust

Greater Toronto REALTORS reported 1,749 existing home sales during the first two weeks of January, almost 2x's last Jan.'09

Greater Toronto REALTORS reported 87,308 MLSR transactions in 2009 - a 17 per cent increase over 2008

Property Assessment in Ontario - 4 year phased-in assessment

Property Assessment in Ontario - The Government of Ontario has made a
number of changes to the property assessment system that went into effect in
the 2009 property tax year. These changes include the introduction of a
four-year assessment update cycle and a phase-in of assessment increases.

Currently, the assessed value of properties in Ontario is based on a January
1, 2008 valuation date. MPAC's last province-wide assessment update took
place in 2008 and was based on a January 1, 2008 valuation date.

To provide an additional level of property tax stability and predictability,
the market increases in assessed value between 2005 and 2008 will be
phased-in over four years. The phase-in program does not apply to decreases
in assessed value. Any market decrease in the value of a property is applied
immediately and reflected on your most recent Property Assessment Notice.
The change in assessed values and the phased-in assessment values for the
2009 to 2012 property tax years are listed on the 2008 Notices. There is a
difference between the 2008 Current Value Assessment (CVA) (the destination
value) and the current year's phase-in value. The current year (which can be
2009, 2010, 2011 or 2012 taxation year) phase-in value is the assessed
amount that the municipalities or the local tax authorities use to calculate
the annual property taxes. An example of this is as follows:

Current year (2010) Phase-in CVA=$250,000
Total Municipal Tax Rate= 1 %
Total Municipal Tax burden = $250,000 x 1 %= $2,500.
The 2008 CVA is not used until 2012 since this is the destination value.

The municipalities/local taxing authorities set property tax rates and the
province sets the education tax rate. MPAC's assessed values are used to
determine these taxes.
How MPAC Assesses Properties
MPAC's mandated role is to accurately value and classify all Ontario
properties in compliance with the Assessment Act and related regulations. To
establish a property's assessed value, MPAC analyzes property sales in a
community to determine the CVA. This method is used by most assessment
jurisdictions in Canada and throughout the world. When assessing a
residential property, we look at all of the key features that affect market
value. Five major factors usually account for 85% of the value: location;
lot dimensions; living area; age of the structure(s), adjusted for any major
renovations or additions; and quality of construction. Examples of other
features that may affect a property's value include: number of bathrooms;
fireplaces; finished basements; garages and pools. Site features can also
increase or decrease the assessed value of your property such as traffic
patterns; being situated on a corner lot; and proximity to a golf course,
hydro corridor, railway or green space.

For more information on how MPAC assesses property, please visit our website
at www.mpac.ca.

"You are braver than you believe, and stronger than you seem, and smarter
than you think" ~
Christopher Robin to Pooh

Did you know that the words "Listen" and "Silent" are spelled with the same
letters? 2ears~1mouth for a
reason...to listen 2x's as much.

My Cabbagetown Weekend Open House ~ this Sat/Sun 2-4pm @ 451 Wellesley St. East ~ near the park ~ http://tinyurl.com/yjuc7r6

My Cousin MT Kelly His new book "Downriver" http://ping.fm/gLWkD

My Cabbagetown Weekend Open House ~ this Sat/Sun 2-4pm @ 451 Wellesley St. East ~ near the park ~
http://tinyurl.com/yjuc7r6

Still a man hears what he wants to hear
And disregards the rest ~

– The Boxer, by Paul Simon

“Judge nothing, you will be happy. Forgive everything, you will be happier. Love everything, you will be happiest.” -Sri Chinmoy

Cabbagetown Open House

Peter Tarshis Toronto Realtor

Cabbagetown Weekend Open House

~ Sat/Sun 2-4pm ~ 451 Wellesley St. East

~ http://tinyurl.com/yjuc7r6 14 minutes ago from Twitter

Cabbagetown Weekend Open House
~ Sat/Sun 2-4pm ~ 451 Wellesley St. East ~
http://tinyurl.com/yjuc7r6

Toronto Real Estate ~ Common Selling Mistakes

Mistake #1 -- Placing the Wrong Price on Your PropertyEvery seller obviously wants to get the most money for his or her product. Ironically, the best way to do this is NOT to list your product at an excessively high price! A high listing price will cause some prospective buyers to lose interest before even seeing your property. Also, it may lead other buyers to expect more than what you have to offer. As a result, overpriced properties tend to take an unusually long time to sell, and they end up being sold at a lower price.

Mistake #2 -- Mistaking Re-finance Appraisals for the Market Value Unfortunately, a re-finance appraisal may have been stated at an untruthfully high price. Often, lenders estimate the value of your property to be higher than it actually is in order to encourage re-financing. The market value of your home could actually be lower. Your best bet is to ask your realtor for the most recent information regarding property sales in your community. This will give you an up-to-date and factually accurate estimate of your property value.

Mistake #3 -- Failing to "Showcase" In spite of how frequently this mistake is addressed and how simple it is to avoid, its prevalence is still widespread. When attempting to sell your home to prospective buyers, do not forget to make your home look as pleasant as possible. Make necessary repairs. Clean. Make sure everything functions and looks presentable. A poorly kept home in need of repairs will surely lower the selling price of your property and will even turn away some buyers.

Mistake #4 - Trying to "Hard Sell" While Showing Buying a house is always an emotional and difficult decision. As a result, you should try to allow prospective buyers to comfortably examine your property. Don't try haggling or forcefully selling. Instead, be friendly and hospitable. A good idea would be to point out any subtle amenities and be receptive to questions.

Mistake #5 - Trying to Sell to Lookers A prospective buyer who shows interest because of a "for sale" sign he saw may not really be interested in your property. Often buyers who do not come through a realtor are a good 6-9 months away from buying, and they are more interested in seeing what is out there than in actually making a purchase. They may still have to sell their house, or may not be able to afford a house yet. They may still even be unsure as to whether or not they want to relocate.

Your realtor should be able to distinguish realistic potential buyers from mere lookers. Realtors should usually find out a prospective buyer's savings, credit rating, and purchasing power in general. If your realtor fails to find out this pertinent information, you should do some investigating and questioning on your own. This will help you avoid wasting valuable time marketing towards the wrong people. If you have to do this work yourself, consider finding a new realtor.

Mistake #6 -- Being Ignorant of Your Rights & Responsibilities It is extremely important that you are well-informed of the details in your real estate contract. Real estate contracts are legally binding documents, and they can often be complex and confusing. Not being aware of the terms in your contract could cost you thousands for repairs and inspections. Know what your are responsible for before signing the contract. Can the property be sold "as is"? How will deed restrictions and local zoning laws affect your transaction? Not knowing the answers to these kind of questions could end up costing you a considerable amount of money.

Mistake #7 - Signing a Contract with No Escape Hopefully you will have taken the time to choose the best realtor for you. But sometimes, as we all know, circumstances change. Perhaps you misjudged your realtor, or perhaps the realtor has other priorities on his or her mind. In any case, you
should have the right to fire your agent. Also, you should have the right to select another agent of your choosing. Many real estate companies will simply replace an agent with another one, without consulting you. Be sure to have control over your situation before signing a real estate contract.

Mistake #8 - Limiting the Marketing and Advertising of the Property There are two obvious marketing tools that nearly every seller uses: open houses and classified ads. Unfortunately, these two tools are rather ineffective. Less than 1% of homes are sold at open houses, and less than 3% are sold because of classified ads. In fact, realtors often use open houses to attract future prospects, not to sell the house.
Your realtor should employ a wide variety of marketing techniques. Your realtor should also be committed to selling your property; he or she should be available for every phone call from a prospective buyer. Most calls are received, and open houses are scheduled, during business hours, so make sure that your realtor is working on selling your home during these hours. Chances are that you have a job, too, so you may not be able to get in touch will many potential buyers.

Mistake #9 - Choosing the Wrong Realtor® Selling your home could be the most important financial transaction in your lifetime. As a result, it is extremely important that you select the realtor that is best for you. Experienced real estate agents often cost as much as brand new agents. Chances are that the experienced agent will be able to bring you a higher price in less time and with fewer hassles.
Take your time when selecting a real estate agent. Interview several agents; ask them key questions. If you want to make your selling experience the best it can be, it is crucial that you select the best agent for you.

Royal LePage Canada - our own Foundation

Stamping Out ABUSE.
New Royal LePage Shelter Foundation our latest video to see how we making a difference! http://www.youtube.com/watch?v=4WCfyMZnJ2A

Why TORONTO REALTORS® & Toronto Real Estate are the envy of the world

January, 2010 -- As the fifth largest city in North America, Toronto has many characteristics for which it is noted. Our city is home for example, to a number of world-renown cultural events; we have the world’s seventh largest stock exchange and a university that ranks amongst the top ten globally.

You may not be aware though, that Toronto also has a system for the purchase and sale of property that is admired internationally. In many countries, there is simply no equivalent to the Multiple Listing Service®, a sophisticated computer database of sold, expired and active listings accessed only by your REALTOR®.

As a professional association of more than 29,000 REALTORS®, the Toronto Real Estate Board operates our city’s Multiple Listing Service®, TorontoMLS, and in doing so, supports Greater Toronto REALTORS’® efforts to offer you outstanding service.

Established nearly 80 years ago, TREB has evolved through the decades to offer a range of services to its Members that include statistical updates on the market, Continuing Education sessions and access to land registry, assessment and new construction data.

You REALTOR® in turn, uses these and other tools to offer you professional counsel.

If for example, you intend to buy a home you can be registered in TREB’s Buyer Registry Service. It is a central repository in which your REALTOR® can register your housing preferences, providing their name as the contact. By registering your criteria in the BRS, your REALTOR® can get early notification from other REALTORS® when properties matching your preferences become available. You can also receive nightly notifications sent through the TorontoMLS prospect match function.

If you are planning on selling, your REALTOR® can use MLS® data to provide a comparative market analysis that will help you establish a realistic asking price for your home. In addition to listing your home on TorontoMLS, your REALTOR® can advertise general information about your home on public websites like TorontoRealEstateBoard.com, REALTOR.ca, your REALTOR’s® own website and those of other real estate professionals through formal agreements facilitated by TREB.

While their primary focus is helping you achieve a smooth and financially healthy transaction, Greater Toronto REALTORS® work to make our city a better place in many other ways as well.

REALTORS® advocate your interests on key legislative issues like property taxes, sales tax harmonization and land transfer taxes. They make direct contributions to GTA communities as well, providing REALTORS Care Foundation grants to 20 shelter-related charitable organizations this year alone. They also offer a helping hand to GTA schoolchildren, through the Children’s Breakfast Program, a joint venture between TREB and the Toronto District School Board’s Toronto Foundation for Student Success, they help to provide nutritious breakfasts to 1900 children in 11 different schools every week.

These are just a few of the reasons that the work of Greater Toronto REALTORS® is so highly regarded around the world. For more information on real estate in the GTA including market statistics, neighbourhood profiles and open house listings, please visit www.TorontoRealEstateBoard.com



--
"HELPING YOU IS WHAT I DO"

I Believe in building relationships.
I am here to meet your needs
- to Serve & Protect - Your Investment.

As a Real Estate Consultant I am dedicated to the Real Estate Investor & Home Owner
- who is willing to work for one of the most precious things in the World
- Freedom.

Peter Tarshis
http://agents.royallepage.ca/PeterTarshis
Royal LePage Real Estate
416.921.1112 office/pager
416.921.7424 fax
1.800.622.9536

416.705.1181 cell / text

Thank You !

See Peter Tarshis on:

http://twitter.com/PeterTarshis
www.rlptv.com
www.Linkedin.com
www.torontorealestateboard.com

'Recognized, Respected, Recommended'
The referral to your friends, family and business associates is the greatest compliment you can give me.
Thank you for your Trust.

Toronto Real Estate : Signs of recovery? More listings in 2010

January, 2010 -- I would like to take this opportunity to wish you all a Happy New Year. We have just crossed the threshold into 2010 and I think it is important to look back on the events that impacted the GTA housing market in 2009 and also consider what the future holds.

Last Thursday, the Toronto Real Estate Board (TREB) released MLS® figures for December resale home transactions in the GTA. There were 5,541 total transactions, with an average price of $411,931. The December results capped off what turned out to be a very impressive year. Sales increased 17 per cent annually to 87,308 – the second highest level of sales under the current TREB boundaries (the record of 93,193 was reached in 2007). Average price for the year climbed to $395,460 – a four per cent increase over 2008. However, simply looking at these numbers on their own masks the interesting ride we took over the last year.

In the first quarter of 2009, Canada was in a recession and existing home sales and prices suffered. In fact, sales had been dropping throughout 2008. According to Jason Mercer, TREB’s Senior Manager of Market Analysis, the balance of the housing downturn in the GTA actually took place in 2008:
“The housing market was and is a leading indicator of changing economic conditions. As we moved through 2008, Canadian consumers were hearing more and more bad news regarding the deteriorating state of the US economy and the problems this would pose for Canada. Households, unsure of what the future would hold in terms of employment and income, put their home purchasing plans on hold well in advance of reported GDP and employment declines. Essentially, downward trending home sales reflected eroding consumer confidence,” said Mercer.

With this back-drop, many people were surprised to see a strong rebound in resale housing demand commence in the late spring of 2009 when unemployment was still rising. Mercer further suggests that the quick recovery made a lot of sense and, in fact, was a key driver to broader economic recovery:
“The Bank of Canada reduced interest rates to record lows in response to the economic downturn. This monetary stimulus had the desired effect. Households that were confident in their employment situation moved quickly to take advantage of the affordable housing market in the GTA. The spin-off consumer spending on housing-related items like furniture, home improvement products and renovation services certainly helped economic recovery,” continued Mercer.

With broader economic recovery seemingly in place, what will the future hold for residential real estate in 2010? I asked Jason Mercer to comment both on the short-term and the long-term prospects in the Toronto area. Here is what he had to say: “The big story in 2010 will be listings. Homes available for sale were in short supply during much of 2009. As home owners react to strong sales and price increases seen in 2009, listings will increase over the next year. With more choice in the market, annual average price growth should moderate into the single digits,” said Mercer.

“Long-term prospects remain positive. Sustained demand for ownership housing is based on population growth, which in Canada comes from immigration. The GTA remains Canada’s single greatest beneficiary of immigration. With Toronto’s ethnic, cultural and labour market diversity, this should continue. Many newcomers will eventually find their way into the home ownership market, helping sustain long-term growth in sales and prices,” continued Mercer.

I know we will all be watching the economic situation closely in the coming year, including changes in the housing market. I look forward to discussing housing market trends with you throughout 2010.


"HELPING YOU IS WHAT I DO"

I Believe in building relationships.
I am here to meet your needs
- to Serve & Protect - Your Investment.

As a Real Estate Consultant I am dedicated to the Real Estate Investor & Home Owner
- who is willing to work for one of the most precious things in the World
- Freedom.

Peter Tarshis
http://agents.royallepage.ca/PeterTarshis
Royal LePage Real Estate
416.921.1112 office/pager
416.921.7424 fax
1.800.622.9536

416.705.1181 cell / text

Thank You !

See Peter Tarshis on:

http://twitter.com/PeterTarshis
www.rlptv.com
www.Linkedin.com
www.torontorealestateboard.com

Number of benefits to LEED-certified condos

January, 2010 -- There’s no doubt that homebuyers are drawn to the luxury and in many cases, affordability, that condominiums offer. As a result, the GTA’s population is booming; it currently ranks as the fifth largest city region in North America behind Mexico City, New York City, Los Angeles and Chicago. And it’s interesting to note that as the GTA grows up, it’s also going green.

From schools to office buildings, municipal facilities to retail outlets, buildings throughout the GTA are working to earn Leadership in Energy and Environmental Design (LEED) certification.

It is a rating system in which points are awarded for environmentally friendly building characteristics in five key areas: sustainable site development, water efficiency, energy efficiency, materials selection, and indoor environmental quality.

An internationally accepted third-party certification program, it provides building operators with tools to have an immediate and measurable impact on their buildings’ performance.

According to recent reports, the Canadian Green Building Council (CaGBC), the non-profit organization that implements LEED, has more than one thousand projects registered, with approximately one-third of all projects located in Ontario.

In Canada for only five years, the LEED program has been widely embraced and certainly by no one more than condominium developers.

To qualify for this coveted status today’s condominiums are built with energy efficient heating and cooling systems, low VOC paints and finishes, and low-E argon-filled windows.

You’ll also find innovative energy-saving ideas like rainwater collection facilities, motion sensor lighting in stairwells, and two-chute disposal systems for convenient recycling on every floor.

LEED condos feature individual suite controls that allow you to monitor and limit energy usage, all off switches, programmable thermostats and energy-efficient appliances.

Building amenities include lush rooftop gardens, individual storage units, covered parking for bicycles, close proximity to transit lines and direct access to car sharing company services.

If you’re drawn to the idea of owning a green home you’re not alone. In a Nielson Canada-wide survey of attitudes towards green homes 85 per cent of respondents claimed that certification of the home would play an important role in their buying decision and 82 per cent said they would be willing to invest more money in a home purchase if it was certified.

Beyond helping the environment, there are a number of other benefits to buying a LEED certified condominium. You’ll enjoy better indoor air quality, lower costs for water and electricity usage and likely, a more active lifestyle. You might even enjoy a lower home insurance premium and achieve higher resale value.

If you’re interested in finding out about the many benefits of LEED-certified condos, talk to a Greater Toronto REALTOR®.

Toronto Real Estate Board Members not only have access to up-to-the-minute data on resale housing, they also have special access to a database that contains detailed information on 95 per cent of all new construction developments in the GTA that are greater than 15 units in size.

Some REALTORS® have even pursued special training offered by the National Association of Green Agents and Brokers. Look for the ACCREDITED GREENAGENT™ and ACCREDITED GREENBROKER™ designations.

For more information on the home buying and selling process, neighbourhood profiles and the latest market statistics visit www.TorontoRealEstateBoard.com

Toronto Real Estate: Buying a Power of Sale

“I want to buy a cheap property, a distress sale, Estate Sale or a Power of Sale.”

I cannot tell you how many times I have heard this statement. If a property is in distress, it means that it is hard to sell to begin with…why would that be a good buy? There is one location near me that I have watched 5 or 6 restaurants go into and close. Why does the next buyer think they will do better?
Estate Sales are often very overpriced because a lot of people are depending on the outcome and are fighting to get the highest price possible…they seldom sell for under market and remember there are usually no warranties that would run with the house because the owners are not alive anymore…

If you are considering buying a Power Of Sale, there are some important issues that you need to consider:
First, there is a big misconception that because the property is “Under Power of Sale”, that the seller is selling under duress and will accept less than market value. In reality, the Seller (often a Bank or Trust Company) is under strict instructions that the Property be sold for market value, otherwise the Mortgagor may be able to sue for any money that they can prove has been left on the table.

Secondly, the Mortgagee will make no representations whatsoever as to the property and the inclusions…it is definitely “Buyer Beware”.

Thirdly, there may be judgments against the Mortgagor that may cloud the title and you need to be prepared to be patient if you are on any deadline to close the property. You may find that you can have possession and start to live in the property but you may not have title for a while and you may have the odd surprise for years after you do own it. In the end, however, it is in every one’s best interest that you close and get a clean title.

Fourthly, because of the time that your lawyer will have to spend getting you clear title, you may want to make sure that you are dealing with a lawyer that has done Power of Sale properties before and knows what to expect and how to guide you. Get financially prepared…the lawyer will be spending more time for this unusual closing and their bills will reflect that time spent.

In most cases, the original seller can redeem up to closing. I have seen this happen a few times in the last couple of years. Some buyers have been left without a home!

Just be aware that “Estate Sales” and “Power of Sales” have to be approached with open eyes, and lots of patience…

Relocating? in Toronto

Fire-sale safety is easy if you stop, drop and roll.

If you’re buying a house because of a corporate relocation or Family transfer, you can prevent fire-sale madness easily. Stop your whimsical real estate searches, drop your rush to eccentric housing and roll into a successful home purchase.

Stop and drop. Stop and think:

What are your housing needs and what’s available in the real estate market? Will you be transferred within three to five years of buying a house? If you move again, will you have to sell your current house in order to buy a house in a new location?

If you answered yes to the last two questions, then drop any rush to buy eccentric housing. Drop a house with 100 steps leading to the front door or an exotic entertainment room. Drop a house that backs up to a busy street.

“I try to hold standards for all of my clients, relocating or not. I have a list of houses I advise them against - a house shouldn’t back up to a power line or a busy street (for example). … I had a client I was working with for three months who was a corporate transferee.

“I told my client the type of properties he should and shouldn’t look at, but he did end up purchasing a property that backed to nothing at the time. The property ended up backing to a busy road - four lanes. I listed the property in January of last year and it is still listed.” -Jean Bryant, real estate agent in Allen Texas.

Roll into properties that will hold a value. There isn’t a crystal ball to show you how much your house might appreciate over time. You can protect yourself by working with a real estate agent who is willing to do the research on the neighborhood, the subdivision and the house.

“Make sure to focus on the areas that have good resale value. Ignore high-inventory areas. High inventory might be a reflection of value.”

GTA REALTORS® REPORT DECEMBER RESALE HOUSING MARKET FIGURES

IMMEDIATE RELEASE

GTA REALTORS® REPORT DECEMBER RESALE HOUSING MARKET FIGURES

TORONTO, January 6, 2010 -- Greater Toronto REALTORS® reported 87,308 MLS®
transactions in 2009 – a 17 per cent increase over 2008. This result included 5,541 sales in
December. The 2009 result was in line with the healthy levels of sales experienced between
2004 and 2006, but lower than the record of 93,193 set in 2007.
“After a slow start to the year, existing home sales rebounded during the second half of 2009,”
said TREB President Tom Lebour. “As consumer confidence improved, many households
moved to take advantage of affordable home ownership opportunities in the GTA. The strong
residential real estate sector was a key contributor to overall economic recovery in Canada.”
The average home price in 2009 climbed four per cent to $395,460. The average price for
December transactions was $411,931.

“Market conditions became very tight in the latter half of 2009. Sales climbed strongly relative to the number of homes listed for sale, resulting in robust price growth that more than offset average price declines in the winter,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

“A greater supply of listings in 2010 will see home prices grow at a sustainable pace.”

Source: Toronto Real Estate Board
Greater Toronto REALTORS® are passionate about their work. They adhere to a strict Code of Ethics
and share a state-of-the-art Multiple Listing Service. Serving over 29,000 Members in the Greater
Toronto Area, the Toronto Real Estate Board is Canada’s largest real estate board. Greater Toronto Area
open house listings are now available on www.TorontoRealEstateBoard.com.

2009 Toronto Real Estate Update - Sales

January 6, 2010 — Greater Toronto REALTORS® reported 87,308 MLS® transactions in 2009 – a 17 per cent increase over 2008. This result included 5,541 sales in December. The 2009 result was in line with the healthy levels of sales experienced between 2004 and 2006, but lower than the record of 93,193 set in 2007.

“After a slow start to the year, existing home sales rebounded during the second half of 2009,” said Toronto Real Estate Board President Tom Lebour. “As consumer confidence improved, many households moved to take advantage of affordable home ownership opportunities in the Greater Toronto Area. The strong residential real estate sector was a key contributor to overall economic recovery in Canada.”
The average home price in 2009 climbed four per cent to $395,460. The average price for December transactions was $411,931.

“Market conditions became very tight in the latter half of 2009. Sales climbed strongly relative to the number of homes listed for sale, resulting in robust price growth that more than offset average price declines in the winter,” said Jason Mercer, Toronto Real Estate Board’s Senior Manager of Market Analysis. “A greater supply of listings in 2010 will see home prices grow at a sustainable pace.”

20 quick Tips to selling your Toronto House

Make the Most of that First Impression
Invest a Few Hours for Future Dividends
Check Faucets and Bulbs
Don’t Shut Out a Sale
Think Safety
Make Room for Space
Consider Your Closets
Make Your Bathroom Sparkle
Create Dream Bedrooms
Open up in the Daytime
Lighten up at Night
Avoid Crowd Scenes
Watch Your Pets
Think Volume
Relax
Don't Apologize
Keep a Low Profile
Don't Turn Your Home into a Second-Hand Store
Defer to Experience
Help Your Agent