Kevin W Lee
CENTURY 21 Leading Edge Realty Inc., Brokerage*
- 165 Main Street North
Markham, ON L3P 1Y2
2 Stonesthrow Crescent, Goodwood, ON L0C 1A0
4,000 living area
9 Stonesthrow Crescent, Uxbridge, ON L0C 1A0
4,000 living area
TREB HOUSING CHARTS- DECEMBER 2016
MARKET WATCH FOR DECEMBER 2016
NEW MORTGAGE RULES
On Monday, October 3, 2016, Finance Minister Bill Morneau announced changes to eligibility rules for new government-backed insured mortgages that will impact first time buyers as well as owners who are refinancing their homes. Effective October 17, 2016, all insured homebuyers will be qualified against the Bank of Canada’s Benchmark rate, which is currently 4.64%.
The Federal Government has also announced changes for newly insured low-ratio government-backed insured mortgages that will come into effect on November 30, 2016 to help ensure safer forms of lending. The new eligibility criteria will help Canadians continue to service their debts in a higher interest rate environment, should an increase occur.
For more information about these announcements, please read the following publication: http://www.fin.gc.ca/n16/data/16-117_2-eng.asp.
Based on the current regulations, we still have until October 17, 2016 to obtain a mortgage approval for your refinance or purchase, provided that the mortgage is funded by March 1, 2017.
Please feel free to contact me if you have any questions about how these new regulations may affect your investment.
Government Announces Provincial LTT Changes
November 14, 2016 -- The provincial government has announced significant changes to the Provincial Land Transfer Tax (PLTT), including a doubling of the rebate available to first-time home buyers, bringing it in line with the City of Toronto's rebate, and an increase in the PLTT paid on the portion of the price of properties over $2,000,000 to help pay for the increase in the first-time buyer rebate.
- The provincial government is proposing to double the maximum rebate for first-time home buyers from $2,000 to $4,000. This change would bring the PLTT rebate in line with the City of Toronto LTT rebate. The real estate industry welcomes this change, which will help to make housing more affordable in the GTA.
- The provincial government is proposing to increase the PLTT for homes priced over $2,000,000 by charging 2.5% on the portion of the value above $2,000,000 (currently this portion is charged 2%).
- For non-residential properties, the provincial government is proposing to increase the PLTT on the portion of the value above $400,000 to 2% (currently this portion is charged 1.5%).
- As a transitional measure, purchasers who entered into agreements of purchase and sale on or before November 14, 2016 would not be subject to the increased rates of tax.
TREB welcomes the increase to the provincial first-time buyer rebate to bring it in line with a similar rebate in the City of Toronto as long overdue. TREB, however, always has concerns with tax increases on property, and governments should be focused on measures to make property ownership in the GTA more affordable, not more expensive.
- The provincial government is proposing to restrict eligibility of the first-time home buyer rebate to Canadian citizens and permanent residents, effective January 1, 2017. As a transitional measure, purchasers who entered into agreements of purchase and sale on or before November 14, 2016 would remain eligible for the refund, regardless of citizenship or residency status.
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Welcome to Kevin W Lee Property
As a CENTURY 21® Real Estate professional, I am dedicated to providing you with the highest quality service possible. My personal knowledge of the local Real Estate market is combined with the power of the CENTURY 21 brand - the most recognized name in Real Estate today.
Let me assist you in finding your dream home, in a neighbourhood that is right for you, and in the price range you want. Or if you are interested in selling a property, I also have the expertise to help you get the fastest sale possible and at the best price.
I look forward to the opportunity of working for you!
STOUFFVILLE COMMUNITY STATS FOR DECEMBER 2016
Strong demand remains in the Stouffville Community.
The number of DETACHED homes rose 39% in December over the same month last year, while average prices continue to remain strong with a 17% increase over December 2015.
AVERAGE SOLD PRICES
DETACHED $876,876, DOM 22, # SOLD 25
SEMI-DETACHED $720,000, DOM 11, # SOLD 2
TOWNHOUSE $619,550, DOM 14, # SOLD 10
BUY FIRST OR SELL FIRST?
- Hunting experience more enjoyable.
- You’ll have time to wait until the right home comes up for sale.
- Less stressful knowing that if your offer is unsuccessful, you can wait for the next opportunity to come up.
- Unable to sell your home fast enough, you will find yourself owning two homes at once.
- Could mean paying two mortgages at the same time, not to mention all the other costs of home ownership.
- Trouble securing a mortgage for the new home.
- As a buyer with an existing home to sell, you can protect yourself by making your offer conditional on the sale of your current home. That means if you’re unable to sell within a specified period of time, you’re able to back out of the transaction.
- Worth pointing out that this condition will likely make your offer less attractive to the seller, especially if you’re buying in an area with a hot market.
- Biggest benefit is that you will know how much money the sale brought in, which will help determine how much you can afford to pay for your next home.
- You'll find yourself in a race aganist the clock with your closing date looming and potentially no home to move into when you move out of your current home.
- You may end up rushing the buying process and settling for a home that isn't ideal for you or pay more than our planned because you fell pressured.
HAVE A CONTIGENCY PLAN
- Have a back-up plan in place in case you are left with two homes, or no home, for a period of time.
- If the sale of your home closes first, you might consider a short term rental or moving in with family or friends. This could be better than settling for a less-than-ideal home because you are rushed.
- If the purchase of your new home closes first, you might need something called “bridge financing” to cover the down payment and other closing costs until the sale of your current home closes.
- No matter which option you choose, it’s important to remember that a registered real estate professional is knowledgeable about market conditions and will offer advice and solutions to guide you through the process
- They will be able to discuss various scenarios to make sure you have realistic expectations about what may happen and help you come up with a plan that works for you and your growing family.