GOOD NEWS FOR FIRST-TIME HOMEBUYERS

Ontario has doubled the rebate on the land transfer tax or first-time homebuyers to $4,000 in an effort to help them enter the housing market, but it has raised the same tax on homes that sell for over $2 million.

Since January 1, 2017, first-time buyers don’t pay any land transfer tax on the first $368,000 of a purchase price. There has been be a half-percentage point increase in the tax on homes that fetch more than $2,000,000, a measure expected to affect less than one per cent of the population.
(source: globalnews.ca)

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EVER THOUGHT OF BUYING A SECOND PROPERTY?

Guess what – the rental market in Toronto is also hot!

Despite rising house prices – with the historically low interest rates and rising rents it can make it worthwhile investing in the right property. Call me if you want to find out more.

The following data compares the average rent from the 4th Quarter of 2016 to the average rent of the 4th Quarter of 2015 for condominium apartment rents:

Bachelor Apartments
$1,512 (up 12.0% from $1,350 in 2015)
1 Bedroom Apartments
$1,776 (up 7.4% from $1,653 in 2015)
2 Bedroom Apartments
$2,415 (up 8.0% from $2,236 in 2015)
3 Bedroom Apartments
$3,283 (up 15.9% from $2,833 in 2015)
(Source: Toronto Real Estate Board)

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PLANNING A RENOVATION? DIY OR HIRING A PRO?

Before you start – give me a quick call so when can have a chat what will increase the market value of your home the most!

If you are unsure if you should do it yourself or hire a professional, ask yourself the following questions:

Do I have the necessary skills?

Consider your own skills and abilities carefully. Getting in over your head can end up costing more money, and more frustration.

Do I need a building permit?

You may hope otherwise but the answer is very often: Yes (especially if you touch structural and/or plumbing)

Do I have the time?

Vice versa: You wished Yes but often the answer is No. Be realistic and assess how the amount you save compares to the time you spend. And remember it usually takes longer than expected…

Do I have the tools and equipment?

Acquiring tools will eat away from your savings, but not having the right tools will cost you additional time and not deliver the results you want. If DIY consider tool rental if economical.

How does the rest of my household feel about it?

Discuss with your loved ones – DIY will take you away from them, cause longer construction times and they have to deal with the change of routines

Get a second opinion to be sure you are saving

Talk to a trusted contractor – he will let you know what expectations are realistic in terms of savings and what work is actually doable by yourself.

(Source:  Canadian Home Builders’ Association)

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