56% of people in Ontario incorrectly believe that the new HST applies to the cost of resale homes

Most recent Ontario Real Estate Association (OREA) shows that 56% of people in Ontario believe that the new HST applies to the cost of resale homes. This confusion means that many buyers think the cost of a resale home is tens of thousands of dollars higher than it actually is.”With the average resale home price sitting at $333,000 in Ontario, this means that many would expect to pay an additional $40,000 in sales tax if they bought a home at that value. The reality is that there is no HST collected on th full purchase price of a resale home. In fact the HST is only levied on the various transaction fees associated with the purchase of a home that has been previously occupied (i.e. not a newly-built home).
HST is not added to the selling price of your home.It  only applies to the services which are associated with selling of your home.  Before HST came into effect, seller would need to pay GST (5%) on commission, lawyer fees, etc.Now Seller needs to pay GST (13%) on commission, lawyer fees, etc.  THAT IS IT. AGAIN YOU DO NOT PAY HST on the top of the selling price of your home. Bottom line is that you the SELLER will net same money as before after selling your home less 7% difference paid for the services.
 HST does apply to buying new homes from the builder but only on does homes which value is OVER $400,000.
If you have additional questions just send me an email and i will be happy to answer your further questions.  If you are considering selling your property please let me know and i will be happy to show you what i can do for you to sell your home for top $$$$.

Condominiums first step to homeownership in most major centres, says RE/MAX

Mississauga, ON (November 1, 2010) - Given serious escalation in detached housing values, condominium apartments and towns have now emerged as the first step to homeownership, says RE/MAX Ontario-Atlantic Canada.
Affordability has fuelled buying activity across the board, according to the 2010 RE/MAX Condominium Report, highlighting trends and developments in eight Ontario markets and one in Nova Scotia. Condominiums now represent one in every three homes sold in the Greater Toronto Area; close to one in every four homes sold in Ottawa and Hamilton-Burlington; and almost one in every five homes sold in London, Kitchener-Waterloo, and Collingwood. The trend has translated into a solid upswing in unit sales activity, with 78 per cent of markets posting an increase in year-to-date sales (January - September 2010 vs. 2009)-with percentage gains outperforming overall residential sales in most markets examined.
"As one of few affordable housing options available to first-time buyers, the concept is poised for dramatic growth in years to come," says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. "The lifestyle has also gained a foothold with younger, hipper audiences, as the definition of homeownership evolves with the changing demographic. Dreams of the small home with a white picket fence are being replaced by the funky loft apartment in close proximity to shops, restaurants, and entertainment."

2110 - 225 Webb Drive Sold

225 WEBB DRIVE SOLD IN 1 DAY !

co-op vs condominium

Sometimes i am being asked by my clients what is  co-op and how it is different from condominium. the main difference between the two is ownership. In condominium you own the unit and share common elements which are paid for with monthly condo fees. With co-op you do not physically a unit but rather you buy shares in a corporation that owns the building. Also in co-op current residents have the right to accept or reject applicant owners or tenants. 

Just Listed 2110 - 225 Webb Drive Solstice Condos

$330,000

Solstice Condos On Sq1. High Floor Corner 'Jasmine' Suite With Large Balcony And Beautiful, One Of The Best View Of The Lake. This Unit Features Unique Wall To Wall Glass Windows With Lot Of Sun Light,High Ceilings,Just Installed Premium 13.5Mm Laminate Flooring In Entire Suite.Large Living/Dinning Area, Open Concept Kitchen With Upgraded Cabinets,Granite Countertops And Stainless Steel Appliances.Two Good Size Bedrooms,Den,Two Full Washrooms & Laundry

The Unit Is Sold With All Appliances,Electrical Fixtures,One Underground Parking And One Locker.Solstice Is State Of The Art Condo Building With Awesome Amenities And 24Hr Security.Located Across Sq1 Plaza,Minutes To Highway.Do Not Miss It!

GTA Housing Market Conditions Remain Healthy in September

GTA Housing Market Conditions Remain Healthy in September
October 5, 2010 -- Greater Toronto REALTORS® reported 6,310 sales through the Multiple Listing Service® (MLS®) in September 2010. This represented a 23 per cent decrease compared to the 8,196 sales recorded during the same period in 2009. Through the first nine months of the year, sales amounted to 69,069 – up four per cent compared to the first three quarters of 2009.

"The level of sales in the second half of 2010 has been lower, representing a balancing out period following record levels of sales in the latter half of 2009 and first few months of 2010. We remain on track for one of the best years in history for existing home transactions in the GTA," said Toronto Real Estate Board President Bill Johnston.

The average price for September transactions was $427,329– up five per cent compared to the average of $406,877 reported in September 2009. The average selling price through the first nine months of the year was $429,657.

"Resale homes in the GTA remain affordable," said Jason Mercer, TREB's Senior Manager of Market Analysis.

"It is important to consider the positive impact of declining mortgage rates over the past two decades. Simply considering home prices relative to incomes does not allow for an accurate analysis of affordability," continued Mercer. "The share of average household income going toward a mortgage payment on the average priced home in the GTA remains within accepted lending guidelines. This is why the average home selling price has continued to grow."

Median Price
In September, the median price was $360,325, from the $347,000 recorded during September of 2009.

what are differences between exclusive, owned and rented parking.

 When you buy your condo , parking or locker that comes with it can be owned, exclusive or rented. Owned parking means that you are purchasing a parking space with seperate deed. It is yours and you can sell it as you please. So if you buy a condo with two parkings and then you decided that you do not need one you can just put it on the market and sell it seperately to the unit. Exclusive use means that you are assigned a parking spot that is for your own and only use as long as you own condo condo. Rental parking means that there is no parking sold with the unit but it is sometimes available but for which you need to pay extra monthly fee.