Expert Question posted by Peter Frueh
Views (9056)
Mike: A home inspection is a visual examination of the structure and function of the home and major appliances. The time taken depends on the size of the home. We encourage you to attend, and we show you any problems or issues and discuss maintenance items. If you... [ read more ]
Blog posted by Cory Kline, AMP
Views (7713)
Well it finally happened, the Bank of Canada raised it's rate by 1/4% this morning. This is the start of an upward trend with them.
Their last paragraph in the announcement speaks as to the uncertainty in the markets. They are acknowledging that they will be... [ read more ]
Blog posted by Cory Kline, AMP
Views (7808)
I just want to provide a head up for anyone who may be in the market for an upcoming mortgage and who may not be watching the Bank of Canada announcements or long term rate predictions. If you haven't been following them closely, they are still near the lowest in... [ read more ]
Hi Joanne, Yes I am another McPhail :) Here's my question, hope you can help. I currently own 2 properties as joint title with my wife. (home and cottage) We are currently going through separation and will be listing both properties. We would like to avoid further loss from the capital gains hit on the cottage. If we changed the title to individual on each of the properties and documented that in the separation agreement, then when we sold the properties we would each be showing a principal residence. Could we then avoid the capital gain on the cottage ? Thank you Mark McPhail Barrie
Expert Question posted by Joanne McPhail
Views (13533)
Hi Mark! Unfortunately, I think this is more of a question for your accountant. You will want to be very careful about doing anything until you have obtained tax advice, and also have a separation agreement, so that everyone is clear on tax and... [ read more ]
Why is HST added to a condo status certificate when the Act says that the fee includes all applicable taxes?
Expert Question posted by Joanne McPhail
Views (13145)
Actually, you are correct, in that Ont. Reg 48/01 does stipulate in section 18(2) that a status certificate cost shall not exceed $100.00, inclusive of all applicable taxes. However, in my experience, most condo corps have been charging $100 plus GST. ... [ read more ]
Blog posted by Cory Kline, AMP
Views (8168)
The Canadian dollar rose sharply Tuesday as the Bank of Canada warned that it will be raising interest rates.
At mid-morning, the dollar was up 1.6 cents to 100.14 cents US.
The Bank of Canada kept its key lending rate unchanged Tuesday, but warned that its... [ read more ]
Blog posted by Cory Kline, AMP
Views (8341)
On February 16, 2010, the Government of Canada announced a series of regulatory changes to support the long-term stability of Canada’s housing market. The following changes will be in effect as of Monday April 19, 2010:
Qualifying Rate:
• Fixed Rate... [ read more ]
Blog posted by Cory Kline, AMP
Views (8203)
Royal Bank and TD Canada Trust announced Monday they are increasing several mortgage rates by up to 6/10ths of a percentage point.
The biggest jump is attached to the popular five-year fixed closed rate, which moves from 5.25 per cent to 5.85 per cent at... [ read more ]
Blog posted by Joanne McPhail
Views (29130)
(4 comments)
Many potential home buyers and sellers have been worried about the implications of the HST which kicks in as of July 1, 2010. In fact, no HST will be applicable on the purchase price of a resale home. Some ancillary services, however, will be subject to the new tax.... [ read more ]
What are your legal fees and what is included in the fees when one is purchasing a first time home?
Expert Question posted by Joanne McPhail
Views (12814)
Thanks for asking! Our fee for a purchase with one mortgage is $900.00 plus GST. Then there are "disbursements" on top of that - these are out-of-pocket expenses incurred by us in order to complete your purchase (like registration fees,... [ read more ]
Expert Question posted by Cory Kline, AMP
Views (6313)
Their are 3 main down payment solutions, that can assist you in providing anywhere from a 0%-5% down payment to buy a home. I look forward to reviewing these options with you. [ read more ]
Expert Question posted by Cory Kline, AMP
Views (6241)
Hi, If you own an existing home with equity, your best choice could be to refinance your house and pay cash for the land.
It may be also possible to get a bank to lend you 80% of the value on a line of credit being $120,000 on $150,000
Your other option would... [ read more ]
Expert Question posted by Cory Kline, AMP
Views (5940)
Yes it is possible to use your line of credit for down payment. However depending on the amount of down payment and your income, we will need to review your mortgage approval with you owning both homes. [ read more ]
Expert Question posted by Cory Kline, AMP
Views (6035)
Frances, I have looked at 5 options for you. It does not appear that you could choose a mortgage term with our current rates, that would end up costing you less then your blended 4.84% mortgage. I looked at options using 3.29% for 3 years, and 3.69% for 5 years. If... [ read more ]
Blog posted by Cory Kline, AMP
Views (8408)
Inflation Set to Rise Faster Than Expected
Economists are debating the timing, and extent, of the central bank's first rate moves, and some now suggest they will start earlier than they had initially forecast.
The Bank of Canada is on heightened alert for... [ read more ]