Brenda Stansford - Blog

Record First Quarter Sales

brenda.stansford@century21.ca — Wed, 14 Apr 2010 00:00:00 GMT

Market Watch

Record First Quarter Sales

April 6, 2010 -- Greater Toronto REALTORS® reported 10,430 sales through the Multiple Listing Service® (MLS®) in March, pushing total first quarter 2010 sales to 22,418 – the best result on record under the current Toronto Real Estate Board (TREB) boundaries. The average price for March transactions was $434,696. The average price for the first quarter was $427,948.

“The strong rebound in the existing home market was one of the initial drivers of economic recovery,” said TREB President Tom Lebour. “While we don’t expect to see the same rates growth moving forward, GTA households will remain confident in ownership housing as a quality long-term investment, especially as economic recovery expands across all industries.”

The annual rate of growth for new listings continued to accelerate in March. The number of new listings grew by 42 per cent compared to March of 2009.

“The average home price in the GTA will continue to grow this year, but the pace will slow as we move through the spring,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “As growth in new listings starts to outstrip growth in sales, buyers will experience more choice, resulting in more sustainable single digit rates of average price growth.”

Home Renovation Tax Credit Expires February 1st, 2010

brenda.stansford@century21.ca — Fri, 16 Oct 2009 00:00:00 GMT

Canada's Economic Action Plan's Home Renovation Tax Credit could help you save $1350 on home improvements purchased before February 1st, 2010.

The Home Renovation Tax Credit is a federal non-refundable tax credit based on eligible expenses for improvements to your house, condo or cottage exceeding $1,000, but not more than $10,000.

Be sure to get your contracts in writing, keep your receipts, and claim the credit on your 2009 income tax return.

Eligible expenses must be of an enduing nature and integral to your property.

Examples of eligible expenses

Renovating a kitchen, bathroom, or basement
new windows, doors or flooring
building an addition, garage, deck, shed or fence
a new furnace, wood stove, fireplace, water softener, or water heater
a new driveway or resurfacing a driveway, re-shingling a roof, or painting of a house
landscaping, - new sod, perennial shrubs and flowers, trees,etc.
swimming pools (permanent - in-ground and above-ground
fixtures-blinds, shades, shutters, awnings, lights, fans, etc.
associated costs such as permits, professional services, equipment rentals and inceidental expenses

Examples of non-eligible expenses

furniture, appliances, tools, and audio and visual electronics
routine repairs, maintenance and cleaning (e.g. furnace cleaning, snow removal, lawn care, pool cleaning, house cleaning
financing costs

For more answers please go to www.actionplan.gc.ca

Federal Budget To Help Homeowners

brenda.stansford@century21.ca — Fri, 27 Feb 2009 09:48:41 GMT

If you've been putting off home renovations, now is the time to act.

In an effort to boost this particular sector, the federal government introduced the Home Renovation Tax Credit, which puts money in your pocket and those in the home renovation industry.

The measure was introduced last month in the federal budget and can provide up to $1,350 in tax relief on qualified work on an eligible dwelling. The temporary 15% non-refundable income tax credit applies to certain services or goods procured after Jan 27, 2009 and before Feb 1, 2010. Both the Ontario Home Builders' Association and the Canadian Home Buiders' Association welcome the tax incentive.

To qualify the home must be the applicant's principle residence and inhabited by their family (spouse/common-law partner or their children [under 18 years old]): one credit per family.

Examples of applicable work includes, installing new carpet, or hardwood, floors, building a deck, an addition, fence, retaining wall, renovating a kitchen bathroom, or basement, installing a new furnace or water heater, laying new sod,resurfacing a driveway, painting the interior or exterior of the house.

Some ineligible work/purchases include curtains, drapes, furniture and appliances (for example: refrigerator, stove, couch), audio and visual electronics, tools, carpet cleaning, maintenance contracts such as house cleaning, furnace cleaning, lawn care. etc.

Qualified expenditures must be more than $1000 but no more than $10,000. Keep all relevant documentation (detailed receipts, invoices, contracts, etc.,) that clearly identifies the name of the vendor/contractor, business address, GST/HST registration numbers, a description of the goods and services provided, date they were acquired, address at which services were provided and proof of payment.

According to the Revenue Canada Agency's (CRA) website, certain work by certain people may not qualify you for the credit.

"Expenditures will not be eligible if the related goods or services are provided by a person not dealing at arm's length with the individual, unless that person is registered for the Goods and Services Tax/Harmonized Sales Tax under the Excise Tax Act."

Furthermore, the CRA says those who rent a part of the home and renovate it for a tenant cannot claim the credit.

"Individuals who earn business or rental income from the part of their principal residence will be allowed to claim the credit only for expenditures made for the personal use areas of the residence. For expenditures made for common areas or benefit the housing unit as a whole (such as re-shingling a roof), you must divide the expense between personal use and income-earning use."

Your personal income tax will have a new line to accommodate the new tax credit. You will not have to submit the supporting documentation but you will have to provide it at CRA's Request.

For more information, call 1-800-622-6232 or visit www.budget.gc.ca/2009 or www.cra.gc.ca or www.fin.gc.ca.

Don Lawby, President of CENTURY 21 Canada, in discussion with the Globe and Mail

brenda.stansford@century21.ca — Fri, 06 Feb 2009 08:53:05 GMT

Don Lawby, President of CENTURY 21 Canada, in discussion with the Globe and Mail

Don Lawby participated in an online discussion on Globeandmail.com and answered questions from Globe and Mail readers about the Canadian real estate market.

Click here to read the full transcript of the forum - Real Estate: Dealing in a buyer's market.

Don Lawby, President of CENTURY 21 Canada