Many renters dream of taking the money they spend on rent and using it for mortgage payments. But there's a lot more to buying and owning a home than just paying the mortgage. There are real estate and legal fees, home inspection and moving costs, property taxes, utilities and interest rates.
One of the best ways to determine if you can realistically afford to buy a home is to sit down and crunch ...
Posted by Carol Ireland
on February 3, 2012
In the current economy, many Canadians are looking for ways to save money. These savings can often be found in the little purchases so many of us make each day.
Need proof?
A new online calculator developed by Industry Canada, called My Expenses, lets you take the amount of money you spend every day, week or month on those little extras and instantly forecast what you could be saving. Since ...
Posted by Carol Ireland
on February 2, 2012
These videos highlight the fact that there is no HST on the purchase price of resale homes.
Sales tax did not apply to the purchase price of resale homes under the previous PST, and it does not apply under the HST. For new housing, additional tax only applies to the portion of the price above $400,000.
The Minister of Revenue Sophia Aggelonitis partners with the President ...
Posted by Carol Ireland
on March 22, 2011
56% mistakenly believe HST applies to purchase price
Toronto, Ontario, October 27, 2010 –
An Ipsos Reid survey commissioned by the Ontario Real Estate Association (OREA) and released today reveals that fully 56 percent of Ontarians mistakenly believe that the new Harmonized Sales Tax (HST) applies to the full purchase price of a resale home. In fact the HST is only levied on the various ...
Posted by Carol Ireland
on October 27, 2010
Canada-Ontario Affordable Housing Program's Homeownership Program
The purpose of the Homeownership Component of the Canada-Ontario Affordable Housing Program (AHP) is to provide down payment assistance in the form of a forgivable loan to eligible individuals and families for the purchase of a home.
The County of Simcoe has committed to delivering the Homeownership Program for a ...
Posted by Carol Ireland
on September 7, 2010
(NC)—Mortgage options can be confusing for first time home buyers. Choosing what's right for you depends on a number of factors, including your comfort with interest rate risk and when you plan to sell your home.
“First time home buyers should sit down with a professional and ensure they know exactly what each mortgage option means to them,” says Chris Wisniewski, Associate Vice ...
Posted by Carol Ireland
on May 12, 2010
(NC)—With spring home buying season in full bloom, Chris Wisniewski, Group Product Manager, Real Estate Secured Lending, TD Canada Trust, offers this list of things Canadians, especially first time buyers, should consider when purchasing a home.
“The Big Things”
• Consider a larger down payment – a 10% or greater down payment will make a big difference to ...
Posted by Carol Ireland
on March 30, 2010
OTTAWA — New federal measures meant to cool the red-hot housing market will make it more difficult for homebuyers to qualify for government-backed mortgages, Finance Minister Jim Flaherty acknowledged this morning.
Some buyers will have to settle for less expensive houses or a bigger mortgage as a result of the rule changes brought in by the Conservatives. To give the financial industry time ...
Posted by Carol Ireland
on February 16, 2010
Tax Brackets, Credits Higher
The taxable income thresholds in all four federal tax brackets were increased by 2.5 per cent in 2009 to mirror changes in the consumer-price index (CPI). All indexed non-refundable tax credits also increased by 2.5 per cent in 2009 in order to reflect the CPI adjustment.
Increases in the thresholds for the lower and middle-income tax brackets will positively affect ...
Posted by Carol Ireland
on December 29, 2009
Earlier this week, the Government of Ontario formally launched its latest assault on homeowners, purchasers and sellers with the introduction of legislation to harmonize the provincial sales tax and goods and services tax.
Homebuyers and sellers will pay 8 per cent more on legal fees, appraisals, real estate commissions, home inspection fees, and moving costs, adding about $1,500 in new taxes to ...
Posted by Carol Ireland
on November 17, 2009