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Hilary Shantz

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Why Move to Oakville, Milton or Burlington? Halton Region Safest in Greater Toronto Region says Maclean’s Magazine

March 23rd, 2008 Categories: Burlington Beat, Client Stories and Testimonials, First Time Buyers, Halton Real Estate, Oakville Real Estate News, Why Move to Oakville?

“Halton Region is a very safe place to live” says Maclean’s Magazine.

I was doing an open house yesterday afternoon in the new area of Bronte Woods and met two families from GTA land, one from Leaside and another that owned a home in downtown Toronto, both planning to relocate to Oakville, “for lifestyle and affordability”. 

This is definitely a growing trend, and not surprising, given the relatively higher price of detached homes in Toronto, high property taxes, and now the new municipal land transfer tax which has placed an added financial burden on home-buyers.

Given the many wonderful benefits of living and raising a family in Halton, we will certainly see this trend continue.

But back to the subject of this post. 

I noticed an article in The Oakville Beaver last week which said that Maclean’s Magazine recently profiled Halton as the safest place to live in the Greater Toronto Area.

Maclean’s rankings were based on 2006 per capita crime rates for murder, sexual assault, aggravated assault, robbery, break and enters, and auto theft from the Canadian Centre for Justice Studies.

To read more about why Halton is so safe, click here to access the Oakville Beaver article. 

The article also says that Halton is the fourth safest region in Canada.  Good news for our families and for the value of real estate in Halton.  Let’s keep it that way!

LOOKING TO MOVE TO OAKVILLE, BURLINGTON OR MILTON?  IT’S A GOOD DECISION!  CALL HILARY AT 905–599–3311 TODAY TO HELP YOU FIND YOUR DREAM HOME.

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Today Bank of Canada Governor Cut Key Interest Rate by 1/2%

March 4th, 2008 Categories: First Time Buyers, Investing in Real Estate, Latest Real Estate Market News & Stats, Mortgages, Economics, Finance, Oakville Real Estate News

He said he would and he did.

Today, Mark Carney, the new Governor for the Bank of Canada announced an interest rate cut of 1/2% bringing the key rate to 3.5%.

He also indicated that further cuts will be needed to deal with a U.S. economy that is experiencing a deeper and more prolonged slowdown than previously projected.

First quarter stats show that Canada’s economy is already experiencing some of the spillover effect of subprime woes in the U.S.

The next meeting is scheduled for April 22nd, at which time there may be further cuts.

Meanwhile, also today, Australia’s central bank raised interest rates to a 12-year high in its fight to contain inflationary pressures in a booming economy fueled by Chinese hunger for resources

The increase in Australia was the second in two months and the 12th since 2002. It bucks the trend among other major central banks, which cut rates as the U.S. subprime meltdown hurt global growth.

“This adjustment was made in order to contain and reduce inflation over the medium term,” Glenn Stevens, governor of the Reserve Bank of Australia, said in a statement after raising the cash rate target 25 basis points to 7.25 percent.

NOTE FROM HILARY:  NEED HELP DECIDING ON FINANCING OPTIONS?  I’d be happy to explain things. 

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TRANSPARENCY IN REAL ESTATE or “Why read my blog?”

March 4th, 2008 Categories: Blogs, Blogging and the Blogosphere, First Time Buyers, Oakville Real Estate News

I went to a listing appointment a few months ago for a couple I had met at the Oakville Centre kiosk.  A comment they made got me thinking.

“You seem very nice etc., but the last time we bought and sold, we interviewed 3 agents and picked who we thought would be the best one, but she turned out to be terrible!  It was such a bad experience.  Now we’re gun-shy.”

Selling or buying a home is a big deal. No doubt about that.

Picking a REALTOR that doesn’t match our expectations or our values or our personality type can be uncomfortable and stressful.

One of the challenges of our generation is we have TOO MANY CHOICES, TOO LITTLE TIME.

One of the reasons I have chosen to write a blog with almost daily postings, is so that people who are buying or selling can use this as a PRE-SELECTION TOOL.

When one writes a lot of stuff over time, one’s true self does get revealed. 

What does this REALTOR know?  How well does she understand the real estate market?  How does she handle situations?  What are her values, preferences, interests, viewpoints on real estate and other matters?  What are her clients saying about her?  What are other agents who comment saying about her?  How abreast is she of the latest developments in real estate?

All good questions to which you are likely to find answers right here on this blog. 

Then, by the time you pick up the phone to call me, we are both reasonably assured that we are a “good fit”.  And that is the best thing for you and for me!

Sometimes when I meet people who have been reading it, they say “ I feel like I already know you.”  That’s my goal folks!

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Can’t Afford A Fancy Condo in Florida or Muskoka Cottage? How’s This for a New Trend?

March 4th, 2008 Categories: First Time Buyers, Halton Real Estate, Investing in Real Estate, Lighten Up, Oakville Real Estate News, Real Estate News

Lisa Valade, my mortgage broker, sent me this photo this morning.  If you have champagne taste but a beer budget, might be something to think about!

Call Hilary to talk about your dreams for real estate, 905–599–3311.

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“How exactly does bridge financing work?” asks Claire from Oakville

March 3rd, 2008 Categories: First Time Buyers, Investing in Real Estate, Mortgages, Economics, Finance, Oakville Real Estate News

I was showing homes a few days ago to a nice lady named Claire who asked me a question: “How exactly does a bridge work?”  She had been a senior bank employee and wanted to know how the numbers worked. 

First let me explain why bridge financing may be necessary.

Imagine you’re looking for your next home, and walk into the place of your dreams. The space is tailor-made, the location is perfect, even the price is right. Just one problem: the owner of your dream home has to close the deal within the month, and you can’t sell your current home that quickly. How can you come up with the money to buy the new place, while carrying the old one?

Bridge financing could be your best way to seal the deal. This type of financing is a hefty short-term loan that bridges you over the period when you own and are paying for two homes.

To obtain bridge financing, you have to present your financial institution with two firm offers – one for your current house and one for your next home. You obtain a new mortgage on the new home and carry the two mortgages during the overlap period, before the sale of your current home closes.

Once that happens, you use the proceeds of the sale to pay off the bridge loan, plus interest and costs. Alternatively, you can arrange to repay the bridge loan in six months to a year. This may be useful if you need to save a bit to pay off the bridge in full.

Trouble is, the costs of bridge financing can really add up:

• interest on this type of short-term loan is relatively high, usually the prime rate plus two to five percent.
  Set-up fees can be hundreds of dollars
• worst-case scenario: the deal for your old home falls apart at the last minute. If that home is collateral for the bridge loan, the bank could seize it

The bottom line is you should only consider a bridge loan if you can afford the interest charges and can pay it off in full as soon as possible. With this type of financing, every single extra day can cost you hundreds or even thousands of dollars.

Having said that, if it is for a few days or you can afford it easily, it is a convenient way to deal with closings that don’t match up exactly.

I attended a mortgage financing seminar recently where the speaker gave the following example:

Hope this helps to clarify things.  Best bet is to talk to your REALTOR, bank or mortgage broker before you go out househunting if you think you may want to utilize bridge financing.

CALL HILARY AT 905–599–3311 TO GO LOOKING FOR THAT DREAM HOME! 

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“How do I claim the new land transfer tax rebate for first-time buyers?” says Dan from Mississauga

March 3rd, 2008 Categories: First Time Buyers, Mortgages, Economics, Finance, Oakville Real Estate News

I received a call this evening from a gentleman named Dan from Mississauga who had just purchased his first home, a resale. 

Dan called me as he had read my post on the new rebate and had been surprised that his lawyer did not know about it.  He was wanting to know how to go about claiming it.

LET’S REVIEW THE SITUATION:

1)  December 13, 2007, the Ontario government announced a proposed amendment to extend the Land Transfer Tax Refund Program for First-Time Homebuyers to include purchases of resale homes, to a maximum refund of $2000.

2)  But the proposed amendment has not yet been passed by the Legislature and needs to receive Royal Assent to become law.  It is my understanding that this is a “formality” and that it will likely be passed. 

WHAT DO DO BEFORE THE LAW IS PASSED?

1)  Pay the land transfer tax upon registration

2)  Download the form - Ontario Land Transfer Tax Refund Affidavit for First-Time Purchasers of Eligible Homes (Resale)

3) Submit a copy of the registered instrument on which land transfer tax was paid (in the case of electronic registration, include a copy of the docket summary which relates to the transaction along with a copy of the statement of adjustments)

4) Submit a copy of the agreement of purchase and sale (only those agreements of purchase and sale entered into after December 13, 2007 may qualify)

5)  Although eligible first-time buyers of resale homes may apply for the refund once the transaction has closed and the tax has been paid, the ministry would retain the refund requests for processing and would issue refunds after the proposed amendments become law.

6)  Certain conditions apply:

• The purchaser must be at least 18 years of age.
• Application for the refund must be made within 18 months after the date of the conveyance or disposition.
• The purchaser must occupy the home as his or her principal residence within 9 months of the date of closing.
• The purchaser cannot have owned a home or had any ownership interest in a home, anywhere in the world.
• A spouse of the purchaser cannot have owned a home or had any ownership interest in a home, anywhere in the world while he or she was the purchaser’s spouse

For more information consult the Ministry of Revenue website, click here or call:

Tel.: 905 433-6361
Fax: 905 433-5770
1 800 263-7776

Submissions should be mailed to:

Ministry of Revenue
Land Taxes Section
33 King Street West
PO Box 625
Oshawa ON  L1H 8H9

Dan, hope that helps!  Having an extra $2,000 back is nice when buying that first home. To keep abreast of real estate news subscribe now to the Oakville Buzz!

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Another Healthy Year Ahead For Canadian Real Estate Say Speakers at Scotiabank Forum

March 1st, 2008 Categories: First Time Buyers, Halton Real Estate, Investing in Real Estate, Latest Real Estate Market News & Stats, Mortgages, Economics, Finance

Scotiabank held a Canadian Real Estate Outlook and Trends Forum 2008 on February 26 last week.  Here are quotes from some of the speakers:

“Our expectations are that balanced conditions will prevail throughout 2008, which will mark a return to a more ‘normal’ environment than the highly skewed sellers market that we have experienced over the better part of this decade.

A stumbling American economy will impact us, slowing growth here at home, yet the solid foundation that supports the contemporary Canadian economy should prevent the housing market here from retracting. 

New flexible financial products, affordable interest rates and increasing choice in the condominium market across Canada, will continue to attract first-time buyers to real estate - even in high-priced markets. We can also expect to see a broadening buyer pool, as emerging high growth market segments such as single female buyers are anticipated to take advantage of the favourable market conditions.” –  Phil Soper, President and CEO Royal LePage

“The Canadian economy is likely to maintain moderate growth momentum this year and next, with the strength of the development boom in the resource-rich regions of the country providing a much needed offset to the increasing drag on our manufacturing centres from the intensifying U.S. slowdown and persistently strong currency.  – Aron Gampel, Vice-President and Deputy Chief Economist, Scotiabank

From a supply perspective, most Canadian markets are still in sellers’ territory, in which prices would be expected to rise faster than inflation.  Yet, some of the hottest markets in recent years, including Edmonton, have become much better balanced due to a flood of new listings. Based on a combination of job growth, housing supply and affordability, among this year’s potential outperformers are Saskatoon, Regina and Winnipeg in the West, Sudbury, Hamilton and Quebec City in Central Canada, and St. John’s to the East. – Adrienne Warren, Senior Economist, Scotiabank

Hilary’s Note: 

The unseasonably cold and snowy weather conditions in Southern Ontario have certainly put a damper on buyers wanting to brave frigid conditions to go house-hunting, while many sellers are waiting for a bit of a thaw before listing.  Any day now we will see more of those FOR SALE and SOLD signs going up!  

Read also:

Canadian Real Estate Market: A Decade in Review 1997–2007

Bank of Canada Governor Confirms Canadian Interest Rates to Be Cut

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Help with Estimating Home Improvement Costs and Payback on Investment

February 22nd, 2008 Categories: First Time Buyers, Home Maintenance, Investing in Real Estate, Mortgages, Economics, Finance, Oakville Real Estate News

Here are two very common questions that homeowners or homebuyers ask me.  I wanted to share some websites that have useful information to address these questions:

1)   “I am buying a home.  How much will it cost to fix/add/renovate X?”

Carson Dunlop just released their 2008 estimate of home improvement costs.  This is a useful tool when you are looking at a home to buy and want to estimate how much it will cost to repair, improve or renovate something. 

Carson Dunlop updates these costs yearly so they provide a useful gauge of current costs, for everything from installing a new furnace, fixing a roof or adding a fireplace.

Click here to access this guide from the Carson Dunlop website, print out and carry with you when house-shopping.

2)  “Will I get my money back if I renovate my kitchen/bathroom/or put in a pool?” 

A handy tool for estimating payback on home improvement is a renovator calculator provided by AIC, the Appraisal Institute of Canada. 

The Appraisal Institute of Canada has developed RENOVA, an interactive web-based guide to the value of home improvements. RENOVA is designed to give consumers a better idea of the return on investment they can expect for a variety of home improvements. It does this by providing a payback value range derived from the cost of the improvement expressed in dollars.

For example, a homeowner might indicate that he or she is considering spending $10,000 on remodeling the kitchen. The calculator will then provide a payback amount of between x and y dollars for that particular renovation. Homeowners can choose from among the 20 most popular renovation improvements, identified by a survey of AIC members.

LOOKING TO SELL THIS SPRING?  Now’s the time to consult a REALTOR, call Hilary at 905–599–3311 for expert guidance and advice about the home-selling process.

Like this post?  Read also:

Ten Ways to Keep Heating Costs Down this Winter

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First Time Buyers: Want to Withdraw RRSP Funds to Buy a House?

February 6th, 2008 Categories: First Time Buyers, Halton Real Estate, Mortgages, Economics, Finance, Oakville Real Estate News

Question:  “Can I use my RRSP’s to buy a house?”

First Time Buyers often ask if they can use some of their RRSP money in the home purchase.

First let me say, now is a  a wonderful time for first time buyers to purchase their first home. 

Some recent posts on The Buzz discuss various factors iimpacting this decision including new Land Transfer Tax Rebate for first time buyers, an environment of declining interest rates, and a more balanced real estate market in the GTA/Halton area, versus the seller’s market of the last 7 years, all of which bode well for FTB in Ontario. 

(See also a recent post on solid economic fundamentals in Canada, despite challenges in the U.S.)

The question of RRSP money being applied to home purchase has been asked me enough times to warrant mention here. 

There are two categories of people who are eligible to withdraw RRSP funds (without tax penalty) for home purchase:

1)  First Time Buyers

2)  People with disabilities or relatives of people with disabilities who are helping them purchase

Some Pointers for RRSP withdrawal:

1)  Must be a resident of Canada

2)  Must occupy the home as principle residence

3)  Have up to 30 days after closing to withdraw funds from your RRSP

2)  Don’t need to use all the funds towards the down payment (money can be used for closing costs, home renos etc)

3)  Allowed a maximum withdrawal of $20,000 per qualified home buyer

4)  Have 15 years to repay RRSP, without tax implication

5) Revenue Canada helps keep accounting straight by providing a statement on the annual Notice of Assessment outlining repayment requirements.

More details on this can be found here on the Revenue Canada website.

IF YOU ARE A FIRST TIME BUYER, CONTACT HILARY 905–599–3311 FOR STEP-BY- STEP GUIDANCE, from financing, to market conditions to moving advice!

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Getting a Mortgage Today? Fixed or Variable Rate?

January 31st, 2008 Categories: First Time Buyers, Mortgages, Economics, Finance

 

The simple answer to this question is to go variable as more rate cuts by the Bank of Canada are anticipated in the next few months. (See my article last week explaining this.)   Remember you can always lock in at a later date.

 

Just in case you’re new to all this stuff:

 

The discount rate is the interest rate that a bank is charged to borrow short-term funds directly from the central bank (Bank of Canada).

 

The prime rate is the interest rate that commercial banks charge their most credit-worthy customers.

 

Banks in the past would set their variable mortgage rate at 0.9% – 1.0% off prime.  Not today.  They are narrowing the discount so as to improve their profit margin on variable products.

 

I read an article in the Financial Post on the weekend which you might find interesting (reprinted below). 

 

BORIS’ READER’S DIGEST VERSION of Financial Post article:

 

1) The banks are not obligated to lower prime just because the B of C rate has fallen, although most likely they will.

 

2) With rates falling, the banks will recoup some of their losses by reducing the discount off prime that  they give to borrowers.

 

Mortgage: To fix or to float?

Banks expected to get stingier with discounts

Gary Marr, Financial Post  Published: Saturday, January 26, 2008

Would you borrow money from someone if they could change the rate of interest whenever they wanted to?

About 20% of Canadians signing up for new mortgages have been doing just that. One out of every five new mortgages is now a variable rate product tied to prime. Prime is dictated by your bank.

As rates tumbled during this housing cycle, consumers worried about locking into long-term mortgages. The fear of being shut out of the latest rate cut from the Bank of Canada had consumers looking to products with floating interest rates.

Generally, when the central bank cuts rates, your interest rate comes down. But as the global credit crisis has widened, one big question is whether the banks will continue to lower prime with every cut from the country’s central bank.

So far, the answer is a clear yes. The major banks went along with a 25 basis cut from the Bank of Canada this past week and lowered their prime lending rate for customers from 6% to 5.75%.

“The word on the street has been that maybe they wouldn’t drop,” says Don Lawby, chief executive of Century 21 Canada Ltd.

Whether the banks continue to pass on Bank of Canada cuts probably will not change demand for variable rate products, he predicts. One of the reasons he does not think consumers should or will panic is that they always have the option of locking in their rate on a variable rate product.

Most variable rate products sold by the banks include an option that allows you to fix your rate for the remaining term of your mortgage–albeit at a slightly higher rate than you might normally achieve if you did not have a mortgage contract.

“The issue will always be, ‘is the rate I can negotiate for one, two, three or five years better than my current variable rate or not?’ That’s the decision the consumer is going to make. If consumers think rates are going up, they lock in,” says Mr. Lawby.

But the truth is, floating rate mortgages have been rising for months but it has been happening in such a subtle way few people have noticed. A year ago, a consumer could borrow money at 90 basis points off prime. Anybody with that type of deal is now paying 4.85% interest based on the latest cut.

Unfortunately, if you are borrowing today, credit availability has tightened. As the banks’ costs have increased, their profits have narrowed. To deal with the shortfall they cut the discount offered to 50 basis points off prime.

Essentially, they have balked at the Bank of Canada rate cut by cutting the discount. That same variable rate mortgage today will be at 5.25% interest.

Given the shrinking discount and the uncertainty of the banks going along with future rate cuts, does it make sense to continue to have a floating interest rate on your mortgage?

Moshe Milvesky, a professor at York University’s Schulich School of Business, wrote the now widely disseminated study on whether it made sense to lock in your mortgage rate. In the study which looked at decades of interest data, he found consumers did better 88% of the time with a floating rate mortgage.

“It’s the other direction that worries me. If the Bank of Canada lowers rates and they raise prime or the banks arbitrarily raise prime … that’s more worrisome because of unpredictably,” says Mr. Milvesky.

He predicts the banks will probably just get stingier with the discounts they offer rather than not passing along Bank of Canada rate cuts. They can knock the discount down to 10 basis points and few people will get upset, says Mr. Milvesky.

Ultimately, he does not see a sudden rush to fixed rate mortgages but it will open the eyes of consumers. “It makes them aware of the fact that it is the bank that controls their interest rate, not the Bank of Canada,” says Mr. Milvesky.

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Canadian Interest Rates Anticipated to Go Down Further/No Cause for Alarm for Canadian Home Prices

January 24th, 2008 Categories: First Time Buyers, Latest Real Estate Market News & Stats, Mortgages, Economics, Finance, Real Estate News

Canadian Interest Rates To Fall Further

As world stock markets roil and the spotlight turns on U.S. Fed Chairman Bernanke to follow up Tuesday’s sharp 75 basis point rate cut with another cut next week, Canadians are wondering what will happen to interest rates here at home.

Last week I was hearing rumors that even if the Bank of Canada were to cut rates, some or all of the major Canadian banks might break precedent and not follow suit.  However the relatively more conservative 1/4 point cut in rates this week by the Bank of Canada did result in all major banks reducing their rates accordingly, impacting mortgage rates.

The Bank of Canada has communicated that they are prepared to cut rates further.  A communique I read today from the Toronto Dominion Bank Financial Group said we can anticipate a further 50 basis point (1/2%) rate reduction on March 4^th with the potential of another 25 basis point cut on April 22nd.

This is good news for homebuyers. 

Canadian Home Prices:  No Cause for Alarm

The TD communique also indicated that despite tighter credit conditions, strength in domestic demand is expected to remain supported by continued income growth associated with increases in commodity prices since October, which has led to further gains in our terms of trade. 

With respect to Canadian home prices, and the rationale for their 50 basis point prediction I quote from today’s TD report:

Home prices remain on the upswing in most major urban centers, and there is little concern that the Canadian housing market will start to mirror the slump in the U.S. In fact, we believe national home prices will rise at a rate of 5-7% in 2008, compared to a U.S. market that will likely absorb losses of around 5% or more. However, we believe that by the next meeting (i.e March 4th), data on the U.S. economy will provide a smoking gun, showing clear signs of a sharp economic slowdown. Given that inflationary pressures remain well in hand, a 50 basis point cut would provide much-needed insurance against the degree to which a U.S. economic downturn would lap onto Canadian shores.

Certainly, inflation will not provide a barrier to a more aggressive Bank of Canada. The central bank has indicated that increased competitive pressures in the retail sector and the one percentage point GST cut at the start of the year will cause both core and total CPI inflation to fall below 1.5% by the middle of this year before returning to their 2% target by the end of 2009.

Looking to buy or sell?  Call Hilary at 905–599–3311 or click here to contact Hilary for more market information.

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Buying Your First Home? New Ontario Land Transfer Tax Rebate Puts Money in Your Pocket

December 14th, 2007 Categories: Client Stories and Testimonials, First Time Buyers, Oakville Real Estate News, Real Estate News

Today I went to visit a young couple in their new home.  They were very happy to have their very own home after renting for years.

So I was glad to read the good news today that first time buyers in Ontario will find it just a little bit easier to get into the market.

Effective today, the Ontario government is giving all first-time home buyers a break on land transfer tax by expanding the Land Transfer Tax Refund Program to include purchases of resale homes.

Ontario Finance Minister Dwight Duncan announced that first-time buyers of resale homes, as well as newly constructed homes, would be eligible for a refund from the provincial government of up to $2,000 of the Land Transfer Tax paid.

The expanded Land Transfer Tax Refund Program for First-time Home buyers is part of a package of new tax initiatives  that are expected to provide $1.4 billion in provincial tax relief for business and people over three years.

“The government is making strategic investments in people, communities and infrastructure to strengthen Ontario’s economic advantage and help manufacturers and other sectors challenged by current economic conditions” said the press release issued yesterday.

If you are a first-time home buyer in Oakville, Burlington, Mississauga, Milton, Etobicoke or Georgetown,  call Hilary to guide you through the process.  

Note, I’ve been getting inquiries requesting more details about this rebate so here are the practicalities:

• Enter into the Agreement of Purchase and Sale after December 13, 2007 (December 14th or later). The date that you entered into the Agreement of Purchase and Sale is considered to be the date at the top of page 1 of the Agreement, NOT the date that all the conditions were fulfilled.
• The rebate hasn’t passed through legislation yet, it’s just a proposal - Passing through legislation takes 1-6 months usually  – However, an affidavit is going to be released Friday Dec 14th or Monday December 17th to allow purchasers to apply for the refund, so the likelihood of approval through legislation is pretty good.
• You are allowed up to 18 months from closing to apply for the refund.
• You have to pay the LTT on closing and then apply for the refund thereafter.

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First Home in Burlington, Congratulations Kevin and Barbara!

September 17th, 2007 Categories: Burlington Beat, Client Stories and Testimonials, First Time Buyers, Oakville Real Estate News, Real Estate News

When people purchase their first home, it’s like having their first child.  It’s scary, exciting, they have a lot of questions, and value advice of trusted professionals and other friends who’ve been through it.

Brian Harvey, an Oakville renovator, referred Kevin and Barbara to me.  We saw the home in the morning and put in an offer without delay that afternoon.  There were multiple offers but we won out!

I like the town house you chose, with its private backyard and Engelman’s ivy growing on the back fence.  We met a few of the neighbours and they all seem nice and have lived there a long time.  The home inspector gave it “above average condition” rating. We could see it was good value for the price. 

Kevin and Barbara, you were fun to work with and I am pleased that you can look forward to moving into your very own home before Christmas!  I will come by to visit and have some eggnog!

 

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