Toronto and 905 Real Estate Market Update for August, GTA Prices and Statistics
Published Date: Wed, 20 Aug 2008 04:59:00 GMT
The Greater Toronto Area (GTA) resale housing market remained stable throughout the first half of this month, Toronto Real Estate Board announced today (August 19, 2008).
While the summer months may have brought some melting sales results we continue to see consistent levels with respect to prices. While the numbers in sales and prices are more conservative than those in recent years, the stability we’re experiencing should help sustain consumer confidence as we move into the fall real estate market.
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GTA Resale Sales Volume Statistics
With 3,019 transactions in the GTA during the first half of the month, sales were down 13 per cent compared to the 3,480 sales recorded at mid-August last year, and off eight per cent compared to the 3,290 sales recorded during the same period in 2006.
City of Toronto Home Sales:
In the City of Toronto, 1,192 transactions were recorded, down 15 per cent from the 1,411 sales that took place in the first half of August 2007, and off six per cent compared to the 1,269 sales that occurred in the same timeframe two years ago.
“While 2007 was a record year, it is still worthwhile to note that sales in the City of Toronto increased 11 per cent between mid-August 2006 and mid-August 2007, before the Toronto Land Transfer Tax went into effect,” said Ms. O’Neill, President of TREB.
905 Home Sales including Mississauga, Brampton
In the 905 Region there were 1,827 sales to mid-month, down 12 per cent from the 2,069 transactions that took place in the same period a year ago, and off 10 per cent from the 2,021 sales recorded in the first two weeks of August 2006.
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Resale House Prices in Toronto to Mississauga continue to Climb:
Prices meanwhile, increased compared to the same timeframe last year. The current average price in the GTA is $373,844, up five per cent from the mid-August 2007 figure of $354,088.
In the City of Toronto the average price is currently $394,563, up seven per cent from the $370,037 figure recorded a year ago.
In the 905 Region the average price is $360,325, up five per cent from the $343,210 recorded at mid-August 2007.
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Listing Inventory Statistics - How many days does it take to sell a house?
There are currently 26,128 active listings, up 28 per cent from the 20,365 properties available for sale a year ago. This has resulted in homes remaining on the market for a slightly longer period of 35 days compared to 32 days last August.
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Neighbourhood Hot Spots in the GTA
Several GTA neighbourhoods however, experienced brisk sales throughout the first half of this month.
In Whitby (E15) transactions increased 12 per cent compared to the same period a year ago as a result of strong detached home sales.
Detached home sales also led Aurora (N06) to a 21 per cent increase in transactions.
Streetsville, Mississauga (W19) saw eight per cent more transactions driven by a significant increase in the sale of attached row houses.
In Downtown Toronto (C01) transactions increased six per cent compared to mid-August 2007 as a result of strong sales in all housing types.
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It’s encouraging to see strong activity levels in pockets throughout all four corners of the GTA.
If you are thinking for selling your home in the coming Fall Market, remember the level of inventory is higher so consider a few “staging tips” to ensure your home stands out among the competition. Call us for our complimentary staging techniques.
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Visit us at www.SuttonRealty.com – Request a Free Home Evaluation.
Buyers check out our Ultra Low 5 Year Closed Sutton Member Mortgage Special.
Calls welcome at 905-896-3333 – 416-896-3333 Quick Over-the-Phone Information.
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> Looking for more stats – check this page to review the latest trends in interest rates and house prices across Canada.
Thinking of Buying A Condo in the GTA? What You Should Know Before Buying!
Published Date: Thu, 14 Aug 2008 23:10:00 GMT
Condominiums are a great alternative to home ownership. If you’re looking to buy your first home, or want to downsize, chances you are considering buying a condominium. There are a few things that you should know first before signing on the dotted line. It’s often said that buying a condominium is buying a lifestyle. What does that mean?
Condominium living is different from owning or renting a detached house because condominiums have a dual nature. Condominium owners hold title to their units and share responsibility for the operating costs of the balance of the property (common elements such as lobbies) that makes up the condominium (or Strata Property as known in BC).
There are many advantages to condominium ownership. It may be less expensive than other types of home ownership. It can provide an “instant” sense of community. While someone else is shovelling the snow, you could be enjoying a swim in the shared warm water swimming pool.
However, condominiums are not everyone’s cup of tea. Condominium corporations (or Strata Corporation) may set restrictions on things such as owning pets or having an outdoor barbeque.
How is the condominium managed?
A Board of Directors (or Strata Councils), elected by the owners, manages the condominium association (or Strata corporation). Major decisions are voted on at owners’ general meetings. Participation in community decision-making is a benefit of condominium living.
Conditions and Restrictions
Condominiums are governed by a set of rules called Covenants, which are enforced by the condominium association. Condominium Conditions and Restrictions (CC&Rs) vary from one development to another. The CC&Rs may impose restrictions on noise levels, renovation projects, pet ownership and renting.
As a potential condominium owner, you should be comfortable living within the rules and restrictions of the condominium association and living in close proximity to others.
Condo Fees (or Strata Fees)
The condo or owners association budgets and determines the fees for all units, usually based on the size of each unit, the number of units occupied and the projected expenses for maintenance and repair.
Every condo owner pays fees to help maintain the building, pay the salaries of concierges, handymen or groundskeepers, and provide facilities such as a pool, gym or gardens. The fees are paid monthly and are subject to change.
Special assessments could be made when an unexpected repair or planned modification exceeds the cost of the condo fees collected.
Questions to ask!
It's absolutely critical that you read and understand the documents given to you when you are purchasing a condo. The association is required to give you all documents affecting the use of your property. These documents will tell you absolutely everything you need to know, what you can do and what you cannot do. If you don't have a clear understanding of the information provided in the documents, ask for clarification so that you know what you are getting into.
Request copies of minutes from the past two years from the Board of Directors’ meetings. If there are any major problems with the condominium association, this is where you'll find it. The association is required to have regular meetings and make the minutes available. Be absolutely sure to do this so that you are aware of any major problems with the bureaucracy of the condominium association that would make living in the condo undesirable.
Ask owners for comments or complaints about the association’s (or council’s) activities and reputation. Find out if there any plans to add to the facilities, such as a swimming pool or gym? Such projects can mean a rise in fees. The minutes of the condo association meetings should reveal any such plans.
Be aware of the marketing hype 
If you are thinking of buying a pre-construction condominium unit, be aware of the marketing hype, and bear in mind you are buying a "Fish in the Water". You may be surprised to learn that the beautiful rooms you saw in the model suites are not necessarily like the ones you’ll live in once your building is complete.
The den on your floor plans may become a walk-in closet by the time you move in. And the fantastic view you see in the building model, may soon get distracted by the following phases of the project. Your dream condo may turn out to be "Dog Suite" and you may not get what you paid for. Click here to watch a recent CBC report on new Condos Market
On the other hand, if you get a "Prime Suite", you could make a few thousand dollars in profit by the time you receive your condo keys.
Your real estate agent can help you avoid the pre-construction sale pitfalls and help you make the right decision. We have handy step-by-step home buyer guides plus budget and closing cost worksheets. Helping you prepare is our job.
Check out our brand new Condo Developers page or browse through our resale condo inventory,
visit www.SuttonRealty.com
Have a Question about Buying a Condo in the Greater Toronto Area? Don't hestitate, give us a call today 416-896-3333. No obligation, just friendly advice.
Government Help for First Time Buyers in Peel, Mississauga, Brampton - $10,000 Loan Assistance for Home Buyers
Published Date: Sat, 02 Aug 2008 19:36:00 GMT
Good News for Home Buyers in Mississauga, Brampton & Caledon. Government Assistance Down Payment Plan to help you buy a Home.
The Canada-Ontario Government has designed an Affordable Home Ownership Program to help provide low-to-moderate income residents who are currently renting a unit the opportunity to qualify for down-payment load assistance when they buy a home in Peel Region (which covers Brampton, Caledon and Mississauga)
This program will assist eligible applicants who have a total annual income of $75,800 or less to purchase a home that does not exceed a purchase price of $247,000.
The down payment assistance will be up to a maximum of $10,000.
Who Qualifies for this Government Assistance Home Ownership Program?
- Applicants must be 18 years of age or older
- Applicants must not own or have an interest in another residential property
- The home must be the sole and principal residence of the purchaser
- The applicant must currently be renting and looking to buy a sole and principal residence
- The applicant must have a total household income not exceeding $75,800
- The applicant must be able to obtain a mortgage and demonstrate sustainability
- Participants may not include anticipated rental income from a portion of the property in order to obtain a mortgage
- The applicant must be able to pay all additional closing costs
- The applicant must supply all necessary documentation to the Region of Peel
Due to unpredictability of closing dates, new homes will not be eligible for purchase under the Home in Peel program.
Participants may purchase:
- resale detached homes
- semi-detached
- row homes
- town (condo or freehold) stacked homes
- high-rise condo units
Duplex, triplex or mobile homes do not qualify as eligible homes under the Home in Peel program.
Terms of the Loan
The down payment loan is for a 20-year period and no interest is charged if:
- The home remains the sole and principal residence of the owner. The home cannot be rented, leased or sold in the 20-year period.
- On the 20th anniversary date of the agreement, the loan is automatically forgiven provided there has been no default.
Repayment of the loan is required when:
- The home ceases to become the sole and principal residence of the owner.
- The home is sold before the 20-year affordability period.
If the home is sold before the 20-year affordability period, and there is a value increase, the down payment loan must be repaid plus five per cent (5%) of the capital gain (appreciation).
If the home is sold for less than the original purchase price, the owner does not pay appreciation and the principal is forgiven (the sale must be at fair market value and must be an arm’s length transaction)
Participants on a first-come, first-serve basis. A waiting list for interested program participants will be created once all initial Home in Peel down payment funds are distributed. Although the Region of Peel does expect some down payment loan funds will be returned to the Region’s revolving loan fund, there is no guarantee when this will occur.
Applying for the Loan does require “paperwork” and we’d be happy to assist. Getting documents together, in advance, can help with the process. At the same time we can help get a Pre-Approval from a bank for a mortgage for the balance of the funding for qualified participates.
If you have any questions, we welcome your calls at 905-896-3333 or email info@suttonrealty.com
To search Affordable Homes for sale visit us at www.SuttonRealty.com
We've just added an "Affordable Homes" tab to our website to instantly scan through our favourite picks in houses for sale in Peel that qualify in this price range. www.SuttonRealty.com
ICE Condominiums Downtown Toronto Preview is Coming + More Info on ICE Condo
Published Date: Mon, 28 Jul 2008 19:45:00 GMT
Ice Condominium Brought To you By:
Lanterra Development And Cadillac Fairview
Why is Ice Condo called Ice, when it is going to be one of hottest developments in Toronto?
It's all about LOCATION, and Features - and the COOL Glimmering Architectural Design!
Count down is on for the arrival of one of the Toronto's hottest condos.
The Ice Condo will be built in an area where you will have access to the downtown core and the lake. Lanterran Development who has also brought us the Maple Leaf Square Condos will have a direct Path.
Todays buyers and investors are looking for Prime Downtown Toronto Locations with ease of moving around without the need of a car. As gas prices squeeze the average consumer, people are looking for alternatives. Ease of getting around town is becoming a critical feature.
Location: only steps to Air Canada Center, where our beloved Raptors and Maple Leafs play ; Gardiner Expressway; Union Station the life line tranportation to TTC, Via Rail, GO bus, and the Go train, and the Metro Convention Center. Also only steps away from our ever changing Harbourfront why not live closer to work, entertainment, and leisure...
Features: 1.8 Million Square Feet unique design Ice Condo will be situated on the south west corner of York Street. Designed by an innovative architecture Peter Clewes of Architect Alliance gives a Scandinavian design. His unique vision of an iconic canopy and a green roof will surely help Toronto go Green.
The Ice Condo will consist of two residential towers of 55 and 65 storey, along with an adjacent 31 storey office tower why not work where you live?
Perhaps this hot Ice Condo is a pioneer of condos to come in Toronto, with the new way of saving engery throught the green roof.
If you'd like to join us for the Special Agents Preview next month click here - Offering special discounts plus you get to be one of the first to see this New Project being launched.
www.SuttonRealty.com
Does Staging Help Sell Your Home in the GTA?
Published Date: Tue, 22 Jul 2008 03:15:00 GMT
Does Staging Help Sell Your Home?
We certainly think so. With inventory of available homes for sale on market up about 25% in the Greater Toronto Area, we think giving our Sellers every edge possible helps lead to a faster sale, less overall stress and a higher selling price.
Buyers are now extremely internet saavy. Pictures and virtual tours are one of the key factors for a buyer when making an appointment to view a home with a realtor.
Our marketing department keeps busy all day ensuring our listings have multiple photos and virtual tours attached to their mls listings. It takes considerable planning and work for both the sellers and realtors but the results are incredible.
With the increased inventory, it is essential to present your home in such a way that enhances its best features and minimizes or rectifies problem areas. Many surveys have proven the importance of home staging as a powerful real estate marking tool that helps sell your home faster and for top dollars.
Market Advantage
As a seller, two considerations are of most importance: time (how long it takes to sell the home?) and money (how much money the home sells for?).
Staging provides advantages on both fronts. Many surveys have proven, quite powerfully, that there are many benefits to staging. Indeed, one of the most important benefits of staging is that it can allow sellers to obtain top dollars for their property. Often times, the seller will obtain a 200% to 300% return on their investment in staging.
- A staged home shows better than the competing homes on the market
- Staged homes sell for more money than un-staged homes
- A staged home sells faster than an un-staged home
- The listing of a staged home looks superior in print advertising and appeals to more people.
- Realtors recognize staged homes as the best properties to show their clients
Thinking of selling?
Hire a professional to give you some solid advice, of what to change and what to leave. Making the right strategic decision can help you save time and money when selling your home.
There is no question that staging plays an important role in today’s real estate market where inventory is at a high and buyers have access to listings on the net and can make decisions based soley on photos when making appointments to view properties.
Home Staging Tip when Selling Your Home: Not adding inside photos of your home can sometimes have buyers believing it's not a home in good condition and may skip your listing completely in their home selection process.
www.SuttonRealty.com
Homes Stagers available in the Toronto, Missisauga, Brampton, Oakville and Burlington areas.
905-896-3333 416-896-3333
GTA Real Estate Update Report for July, How healthy is the Real Estate Market in Toronto & Surrounding Areas?
Published Date: Tue, 22 Jul 2008 02:49:00 GMT
The Toronto and area real estate market is doing just fine.
Don't be surprised, while the sales activity is down - strong prices continued for the Greater Toronto Area (GTA). That's right, prices for the resale housing market continued to rise during the first half of July, reports TREB.
This is remarkable when considering during the hot summer months many buyers are thinking of cottage country and vacationing. Just another indicator the Toronto market remains strong. If you've reviewed the average rental rates all this might not be so surprising.
The average price in the GTA during the first half of July was $379,072, which is a one per cent increase from the $374,254 recorded in the first two weeks of July 2007 and a nine per cent increase from $346,267 recorded during the same period in July 2006.
In the 416 area, the average price was $419,199, up one per cent from the $414,321 recorded during first half of July 2007 and up 14 per cent from the $367,541 recorded during the same period two years ago.
At $353,257 the 905 region’s average price was up two per cent from $345,741 recorded in the first half of July 2007 and up six per cent from $332,733 recorded during the same period in July 2006.
Continued strength in house prices throughout the GTA indicates that consumers continue to recognize the value of real estate as a long-term investment.
If you are looking for a rental, buying a home may be just as economical in some cases. Finding a decent rental at a low monthly rate isn't all that easy. Our rental department is seeing Landlords increasing rents and holding firm on their asking price. Check out www.SuttonRealty.com to view condos and detached homes for rent in Toronto, Mississauga, Burlington and surrounding areas.
This Months Neighbourhood Hot Spots:
Bowmanville (E17) saw a 12 per cent overall increase in sales due to an increase in detached home transactions.
Brampton (W24) sales increased 18 per cent, driven primarily by a significant increase in semi-detached home transactions.
The Annex (C02) experienced a 70 per cent increase in sales largely due to an increase in detached home transactions.
Burlington was a surprise, showing a 65% increase in activity in June! Driven by detached home transactions and even more robust attached/row house sales. Check out our website at
www.SuttonRealty.com for the latest homes for sale in Burlington. Burlington offers families a wide variety of housing options and price points.
If you are a first time buyer, looking to purchase with Zero Money Down, now my be the perfect time. CMCH has announced that effective October 15th, they will no longer be insuring Zero Money Down Programs. This decision by the Federal Government is an attempt to ensure Canada's mortgage market remains healthy and stays clear of any comparisons to our neighbours in the States.
Inventory in the resale market across the GTA is up, giving buyers a wider choice of listings to view. Although the number of available properties has increased 25 per cent compared to a year ago, from 21,777 to 27,317 listings, the number of days on market remains the same at 32, which is a positive sign our market is not to be compared with the U.S.
Happy House Hunting.
www.SuttonRealty.com or www.SearchTorontoHomes.com
Free Home Valuations at www.SuttonRealty.com
GTA Real Estate Market Update, New Mortgage Changes - 2 Reason for Buyers to Make a Move Now
Published Date: Sun, 13 Jul 2008 02:32:00 GMT
Still sitting on the fence about Buying a Home? Maybe the new upcoming Mortgage Changes might help you make a decision.
The new changes coming into effect on October 15th may leave some First Time Buyers in a tight position.
CMHC has announced resinding the popular 40 Year Amortization Mortgage to a maximum 35 Years. However, private-sector mortgage insurance rivals such as Genworth Financial, PMI Mortgage Insurance Co. Canada and AIG United Guaranty are free to offer the product.
But since Canada Mortgage and Housing Corp., which has an estimated 60 per cent share of the mortgage insurance market it's the big player so don't be surprised if many banks change their policies to reflect a maximum amortization rule.
This announcement marks a responsible and measured approach by the government to ensure Canada's housing market remains strong and that we do not follow the U.S. mortgage default record.
Last year, 37 per cent of new mortgages were for terms of longer than 25 years, according to the Canadian Association of Accredited Mortgage Professionals.
The longer amortizations mean much greater interest costs over the life of the mortgage, but smaller monthly payments, which allows buyers to bid on a more expensive home than they otherwise could afford.
First time buyers that like the idea of a 40 Year Amortization still have time to take advantage before the current deadline.
No More Zero Money Down?
CMHC will also start demanding a down payment equal to at least 5 per cent of the home's value, rather than guaranteeing mortgages where the buyer has borrowed the total amount. Basically meaning the death of the Zero Money Down Programs offered through CMHC. Again this does not apply to all other insurance companies, but there is no guarantee that others will not follow the trend.
So there are TWO Great Reasons for Buying a Home Before the October 15th changes take effect:
Zero Money Down
A 40 Year Amortization
Visit us at www.SuttonRealty.com to Search through our mls and exclusive homes for sale.
Visit www.GetMoneyInfo.com for a free On-Line Mortgage Pre-Approval.
Call us at 905-896-3333 or 416-896-3333 if you have any questions, we are happy to help find the perfect fit for you.
GTA Resale Housing Continues Steady Pace - Real Estate Stats to mid June 2008
Published Date: Tue, 01 Jul 2008 13:05:00 GMT
The Greater Toronto Area (GTA) resale housing market continued at a moderate but healthy pace throughout the first half of June, Toronto Real Estate Board announced.
Prices continued their upward trend in the first half of this month. The GTA average price is currently $398,542, up four per cent over the $384,576 average from the same timeframe a year ago and up 11 per cent from the $358,648 recorded at mid-June 2006.
In the City of Toronto the current average price is $439,469, up three per cent over the $424,888 average a year ago and up 14 per cent over the $386,960 average in the first half of June 2006.
In the 905 Region the average price is $371,686 up four per cent from the $357,359 average a year ago and up 10 per cent from the $338,578 recorded at mid-June 2006.
In the City of Toronto 1,733 sales took place to mid-June 2008. This represents a 15 per cent decrease compared to the 2,045 properties sold a year ago but a two per cent increase over the 1,690 transactions in the first half of June 2006. A different story emerges when you compare the first half of June 2007 before the Toronto Land Transfer Tax went into effect to the same period in June 2006, a period showing a 21 per cent increase in sales.
"With 4,374 transactions in the first two weeks of June, sales in the GTA declined 14 per cent compared to the same timeframe a year ago when 5,074 properties were sold,” TREB Reports. However, compared to the first half of June 2006 when 4,074 properties changed hands, this month’s activity is up seven per cent.
In the 905 Region, the scenario was similar. In the first two weeks of June, 2,641 properties were sold. This represents a 13 per cent decline compared to the 3,029 homes sold in the first half of June 2007 but an 11 percent increase over the 2,384 properties sold at mid-June 2006. When you compare the first half of June 2007 to the same period in June 2006, sales increased by 27 per cent.
Certain communities including Riverdale, West Agincourt, Caledon and Richmond Hill South experienced strong activity in the first half of this month.
In Riverdale (E01) transactions increased 28 per cent compared to the first half of June 2007 driven by strong condominium apartment sales.
Condominium apartment transactions also drove West Agincourt (E05) to a 24 per cent increase in sales compared to the same timeframe a year ago.
In Caledon (W28) detached home transactions lead to a nine per cent increase in sales over the same period a year ago.
Richmond Hill South (N03) also experienced strong detached home sales, which resulted in a five per cent increase from mid-June 2007.
"With employment and interest rates holding steady and a 17 per cent increase in available listings compared to a year ago, it is an ideal time to take advantage of all that the market has to offer,” stated Ms. O’Neill, president of the Toronto Real Estate Board.
Check out the latest Homes for Sale across the GTA at www.SuttonRealty.com or visit www.SuttonHomeValues.com if you'd like to receive an actual Market Value of your specific home or neighbourhood.
Buying or Selling a Home? New Law Requires Canadian Realtors to Ask for ID. Q & A's
Published Date: Tue, 01 Jul 2008 10:49:00 GMT
Next time you meet up with a real estate salesperson don't be surprised if after the introduction, the Big Question of "may I see your identification please" pops up.
Realtors are not exactly thrilled with the imposed new Law by the Federal Government to request personal information to confirm a buyer or sellers identity. While common sense has guided us in the past, we are now required by law to document proof we personally viewed some type of photo ID from both our buyers and sellers. This could mean a passport or drivers license, but not your health card for some reason.
Yes, we are required to fill out a form confirming we've reviewed the id, even if it's for our mothers or brothers and sisters. Another government form to add to the mountain of paperwork we are already required to fill out for each and every transaction.
Who says we have to do this? Well, the Federal Finance Department, in an effort to help FINTRAC (Financial Transaction and Reports Analysis Centre of Canada) another Federal agency set up to detect signs of money laundering or terrorism.
What if you don't want to provide ID. The Realtor will be required to walk away from the transaction or face stiff penalties and report suspicious individuals to FINTRAC.
Over the last 5 months in preparation for this new ruling, I have watched the rules change along with the forms. I am expecting more changes soon. The origin
al paperwork was a bit over done and hopefully we will have a simpler version shortly. So please be patient with your Realtor, all these forms are new to us too and they keep changing.
Who should you be suspicious of? Read the papers, verify the requirements yourself on the
FINTRAC website,
Hank Daniszewski of the Toronto Sun wrote a great article outlining the requirements. Now if your Realtor isn't asking you for ID, perhaps you should be suspicious as to why, when it's now law. Click here for a Full Detailed brochure on
What You Need to Know.
So don't be insulted if a Realtor requests to look at your drivers license (we don't have to photocopy it - just look at it and fill out a form with the basic information) Please don't give me your sin number ... that's just too much personal information. We just need the basics, name, address, date of birth, occupation plus to view your driver's license or passport. That's the bare minimum they have requested - so that's all they're getting.
Where does this document go? For now these forms will be securely hidden away until we get picked for a random audit by the Government. Unless of course the consumer is acting suspicious, and then a report is required by the Realtor to be submitted to FINTRAC. But that's nothing new. So avoid CASH especially over $10,000, which is considered suspicious, don't try and buy a house over the phone without looking at it first, and don't send your brother in law to act as your go between and try and wire large sums of money to us - as this might be considered a little suspicious - hummm.
Sorry folks, don't hate your realtor. We don't like this situation anymore than you do. Someone upstairs must think this is important so we need to believe, by doing our part, we're contributing to the overall safety of our country.
First Time Buyers Program, Government Grants when Buying a Home in Mississauga & Brampton
Published Date: Tue, 10 Jun 2008 08:32:00 GMT
Are you a
FIRST TIME BUYER?
Looking for homes around the $200,000 mark? Earn less than $68,000 per year - Did you know there is a possible Government Loan/Grant to assist First Time Buyers currently renting with up to $8,500 towards their down payment?
Information on Affordable Home Ownership Program for Mississauga and Brampton
The Government of Canada has introduced an Affordable Ownership Program designed to assist low and moderate income residents who are currently renting with the opportunity to qualify for a down payment loan, assistance to buy a home in the Region of Peel.
Receive up to $8,500 towards your downpayment
Approved applicants will receive a loan up to $8,500 to be applied towards a down payment on the purchase price of an eligible home in the Region of Peel.
The loan becomes forgivable on the 20th anniversay date of the purchase of the home ... as long as you are not in default. Basically the government will forget about the loan - the resident would not have to pay it back. I guess you could call it something like a Government Grant.
- Maximum Purchase price of $208,000 (updated see below)
- Total annual Gross Income of less than $68,600 combined for all purchasers
(example: both spouses cannot make over this cap amount)
Our area has received funding for approximately 328 affordable homeownership units. And there is a detailed application required, which we can assist in completing for our clients.
Make a Plan Before so you can become a Home Owner sooner.
Before starting your Home Search we recommend making a quick call or emailing us for the entire package. We can walk you through the process 905-896-3333
While you may qualify for this loan, don't forget you must independently still qualify for a mortgage through a regular financial institution. They will qualify based on Income and Credit Worthiness. Have you checked your credit score lately. That's where we can again assist.
Documents required for the Home Ownership Plan:
1. Income Tax Assessment (copies of your previous year Revenue Canada Income Tax Assessment for each household member who will be considered a purchaser and registered owner.
2. Proof of Income (copies of current income verification)
3. Proof of Identity (2 copies of id, one must have a current photo, ages must be 18 years or older.)
4. Signed Application
Did you know there are other First Time Buyer Incentives?
A. Home Buyers RRSP Plan. Where you could withdraw up to $20,000 per person from your personal RRSP.
B. If you purchase a resale home, you could be eligible for a Rebate on the Land Transfer Tax.
When buying your first home, we highly recommend doing as much research as possible to ensure you are receiving every benefit possible to maximize your savings ... every dollar counts when it's your first home!
visit us at www.SuttonRealty.com for helpful Reports or call 95-896-3333 or email info@suttonrealty.com
www.SuttonRealty.com
GOOD NEWS - check out our latest updated Blog on the Peel Affordable Housing Plan - Increased amount of up to $10,000 and they increased the Price and Income category - click here for the update.
http://www.suttonrealty.com/blogs/sutton_realty/archive/2008/08/02/government-help-for-first-time-buyers-in-peel-mississauga-brampton-10-000-loan-assistance.aspx