First-time homebuyers are being lured into the real-estate market by falling prices, lower interest rates, more selection and new government tax credit incentives. Century 21 Miller Real Estate in Oakville, Ontario has reported that sales were up in February, after a terrible January, driven by more first-time buyers entering the market. Many renters are deciding to stop paying the landlord's mortgage ...
Posted by Sean Kavanagh
on March 31, 2009
With the housing industry struggling to recover, the provincial government has implemented a new tax plan to set the industry back yet again.
Dalton McGuinty's government's plan to harmonize the 8-per-cent provincial sales tax with the 5-per-cent federal goods and services tax will add an extra financial burden on those interested in venturing into the housing market. The new blended sales tax will ...
Posted by Sean Kavanagh
on March 30, 2009
Term Rate
6 Months 5.00% 1 Year 3.25% 2 Years 3.79% 3 Years 3.99% 4 Years 3.94% 5 Years 3.99% 7 Years 4.95% 10 Years 5.25% Prime 2.50% Variable 3.30%
Let me help you save money! Send me your email address or give me a ...
Posted by Sean Kavanagh
on March 28, 2009
House prices continued to slide across Canada in February compared to the same time last year, but activity was up for the first time since September.
The Canadian Real Estate Association said Monday that resale home prices fell 9.2 per cent across Canada last month to an average of $281,972. CREA, also said the number of homes that traded hands on the MLS was up 8.6 per cent. "The first monthly ...
Posted by Sean Kavanagh
on March 27, 2009
In many real estate markets, prices appear to have fallen enough to make buying cheaper than renting. When you combine falling housing prices with mortgage rates that are near record lows, renters are now finding it easier to jump into home ownership.
Historically, people rented because they couldn't afford to buy. Prices have dropped so much in certain real estate markets that monthly mortgage ...
Posted by Sean Kavanagh
on March 27, 2009
It is almost Spring time and everyone is itching to get a kick start on their home renovations, but given the current economic situation some of us are hesitant to open up our wallets to dish out those big chunks of change!
The Government is now offering a 15% rebate on all home renovations between January 27, 2009 and February 1st, 2010. While the Government foots the bill for a portion of the renovations, ...
Posted by Sean Kavanagh
on March 27, 2009
On the heels of the Government unveiling their 15% income tax credit for home renovations, I thought I would send you some information on the three areas of your home where renovations will really pay off when you want to add value to your home.
The Kitchen: The kitchen is the best place to put your money, hands down. According to the Appraisal Institute of Canada, the average amount home-owners ...
Posted by Sean Kavanagh
on March 27, 2009
Interest Rate Watch - March 21, 2009
6 Months 5.00% 1 Year 3.25% 2 Years 3.79% 3 Years 3.99% 4 Years 3.94% 5 Years 3.99% 7 Years 4.95% 10 Years 5.25% Prime 2.50% Variable 3.30%
Let me ...
Posted by Sean Kavanagh
on March 21, 2009
Bargain basement borrowing costs are prompting many Canadians to opt for fixed mortgages even though variable products continue to be a money-winning option for the foreseeable future, industry observers say.
Canadian Imperial Bank of Commerce's chief economist Benjamin Tal says variable rate mortgages should produce the greater benefit for the next two to 2.5 years, but be a wash over five years. ...
Posted by Sean Kavanagh
on March 10, 2009
When you pair falling housing prices with record low interest rates, both variable and fixed, many financial experts have deemed a home purchase in this market "a no-brainer."
Even though the financial experts have labelled a home purchase a "no brainer", consumers' fear is keeping them from taking advantage of the great opportunities out on the market today. As prices for most consumer goods, cars ...
Posted by Sean Kavanagh
on March 10, 2009