Did you know that you can still get financing for up to 100% of your home? There is no getting around the 5% down payment required by CMHC, but some lenders will give you the 5% down payment if you are willing to take on a higher interest rate.
Don't forget though, that for non-owner occupied or investment properties, you now need a 20% down payment as part of the new mortgage rule ...
Posted by Szabolcs Pall
on March 2, 2010
Image: Danilo Rizzuti / FreeDigitalPhotos.net
How do you characterize our current real estate market? Lots of buyers, not enough homes.Homes are selling at over and above the asking price as demand pushes excited home buyers, nervous at the thought of losing out on a home, to bid full asking price sometimes without conditions. While active listings are down from last year, we are already ahead ...
Posted by Szabolcs Pall
on March 2, 2010
With the introduction of HST in Ontario starting July 1st 2010, your real estate transaction will be effected in a number of ways. While you don't have to pay HST on resale homes, the services that you use may be HST taxable. Lawyer, home inspector, appraisal, survey and real estate fees are subject to the new HST. New home purchases are also subject to HST, but you may qualify for ...
Posted by Szabolcs Pall
on February 5, 2010
Did you fully understand the document you just signed? If you are a little unsure about your level of comprehension of the last listing/offer you signed, don't worry, you are not alone.
I've got a great example of a home owner who misunderstood one of the many important clauses in his Listing Agreement, namely in reference to the Holdover Period. This states that the seller agrees to pay ...
Posted by Szabolcs Pall
on February 5, 2010
As one of the newest residents in our neighbourhood (34 Redpine Dr.), and a CENTURY 21 Capital Realty Sales Representative, a few observations are worth highlighting:
1) Shoveling snow is not only a great way to keep fit; it's also an opportunity to meet your neighbours. Winter shows no sign of letting up, and in 2 short weeks I've met a lot of our neighbours already, thanks for stopping ...
Posted by Szabolcs Pall
on January 6, 2010
Markets in Canada and the U.S. rebounded in 2009 from a disastrous start to the year as investors warmed to signs that the recovering economy would boost profits? The TSX ended with a gain of more than 30% on the year. While this is positive news for our economy, it’s still difficult to predict the financial success of many investment opportunities. Real estate however, continues ...
Posted by Szabolcs Pall
on January 5, 2010
Did you know that while condos remain an affordable option for many first time home buyers or empty nesters looking to downsize, the lower price doesn't always tell the whole story. The condo fees that vary according to age, size and location of the condo, can sometimes be up to 50% of the cost of your monthly mortgage. Always check with your REALTOR® and lawyer to find out what amenities, ...
Posted by Szabolcs Pall
on December 2, 2009
There is no better time to get in the market then now! This is something you may hear repeated often but it definetly rings true today!
Consider the following: The dollar is at about .95US again, the stock market has survived the bad news coming out of Dubai and is once more pushing towards 12,000 points. Overnight lending rate by major banks is still hovering at all time lows and the ...
Posted by Szabolcs Pall
on December 2, 2009
The house I just purchased is roughly 40 years old. Although I had the opportunity to thoroughly look at the home before deciding to buy it, the piece of mind that an experienced home inspector gave me is well worth it.
As a realtor, I'm trained to look at those items in a home that a buyer might otherwise overlook. But it's hard to spot everything when caught up in the excitement, ...
Posted by Szabolcs Pall
on November 8, 2009
Did you know, that this stage is where a prudent realtor will communicate with you on a regular basis to avoid surprises. What happens if the final walkthrough reveals some concerns. Are you prepared for what's on the statement of adjustments? There are a number of issues that can arise at this stage of the real estate transaction, and I ensure that you have full representation ...
Posted by Szabolcs Pall
on November 1, 2009