The biggest story in the Toronto condo market over the past 6 months has been the disparity between supply and demand. Simply put, inventory (condos available for sale) is at an all time low, and demand is at an all time high. This has been a recipe for rapid price appreciation, frenzied buying, and sellers very much in control of negotiations.
Starting July 1, 2010 Ontarians can expect to pay a harmonized sales tax (HST) rate of 13% on a long list
goods and services that were previously exempt from the 8% Provincial Sales Tax (PST). While the impact of the tax will be felt by all Ontarians, the province’s 3 million homeowners and the thousands who buy and sell a home every year will be hit particularly hard by this latest tax grab. … Continue Reading
On November 25th people were not in line waiting for Santa Claus, people lined up for days and weeks for the new X2 project located at Jarvis and Charles St. … Continue Reading
As the seasons change from summer to fall, so must your home accessories! It’s time to pack away the lemonade pitchers and the cool coloured decor and create warmth in the home with rich colours and cosy accents.
Here are some home accessories that will transform your home from summer retreat into a comfy haven for the crisp days of autumn. … Continue Reading
The Real Estate market is HOT, and this can put both the Seller, Buyer and Realtor in a hot situation. The Seller is expecting top dollar for there home, buyers are trying to get a deal, and the Realtors are caught in the middle trying to make the transaction as smooth as possible!
Here are a couple tips to keep in mind when you get into a BIDDING WAR!!!
1.Sit back and decide what your bets offer is, ” the value is in the eyes of the buyer, whatever the buyer is willing to pay will pay, even if its $30,000 over asking if they want to buy that home they will put the number on paper!”. Offering the highest price will make your offer more attractive and is a sure way to get the Seller’s attention. In most cases Seller’s who receive multiple offers only seriously consider those at the top of the price heap.
2. Show the Seller that you are a serious Buyer. Offer a large down payment or deposit, this will show the Seller your motivation.
3.Get Pre-Approved by your mortgage professional. Going in with an offer without a need of a financing condition shows the Seller your are financially stable and can afford this transaction. And you may want to even include your pre approval letter with your offer, so the Seller can see you are approved.
4. Do not add unusual conditions to the offer, you don’t want to complicate things. By adding more useless conditions this can act against you when your up in a bidding war. Try to avoid conditions such as ie: “Conditional on the sale of your home” etc this can act as a loop hole and be a way for a Buyer to get out of the deal. However do not exclude the standard conditions such as for home inspection or financing conditions, unless you know the risks that can come along with it.
Proposed Measures Would Help Businesses and Consumers Prepare For Change.
The McGuinty government has proposed general transitional rules that would assist in the move to a Harmonized Sales Tax (HST).
These rules explain:
Which tax would apply for transactions that straddle July 1, 2010 – the current Retail Sales Tax (RST) or the Ontario portion of the HST, [...]
The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/4 per cent. The Bank Rate is unchanged at 1/2 per cent and the deposit rate is 1/4 per cent.
Global economic growth has been somewhat stronger than projected, with momentum in emerging-market economies increasing noticeably. Exceptional stimulus from [...]
Popular with urban sophisticates and lauded by architecture critic John Bentley Mays, highly-successful Richmond Town Manors is now complete on Richmond Street at Strachan Avenue, between King and Queen Streets West, just south of Trinity Bellwoods Park in Toronto. Only three of these choice residences remain, offering convenient living in modern surroundings inspired by the geometrical abstracts of master Dutch painter Pieter Mondrian. Hurry to take advantage of this exclusive opportunity in one of the city’s most up-and-coming neighbourhoods.