Additional Costs When Buying a Home

TREB - The purchase price of your home is only one of the costs you'll encounter. Here are other possible costs you need to consider:

Mortgage loan insurance: If you are putting less than 20 per cent of the house value down, you're going to need mortgage loan insurance. Depending on the lender, the premium can be added to mortgage payments.

Appraisal fee: Lenders typically loan a percentage of the home's purchase price or the market appraisal of the property. Cost depends on the size and complexity of the assignment.

Land survey: The lender may ask for a current survey or certificate of location before signing off on the loan. There can be a substantial cost for having a new survey done on the property.

Deposit: A deposit normally goes with the formal offer to purchase, and forms an integral part of the contract.

Insurance: The lender will require proof of property insurance for the replacement value of the house and its contents from the day you take ownership.

Title insurance: Provides coverage in case of problems with the property title among other things. The cost is relatively low, usually a few hundred dollars.

Application fee: Some lenders will pass on the cost to process your application. These fees vary and some lenders will waive entirely if you have other accounts with them.

Mortgage broker's fee: If you use a mortgage broker, a fee may be charged to arrange a mortgage on your behalf.

Home inspection fee: An inspection protects the buyer by revealing any problems in the property that you'd want to know before you move in.

Legal fees: You can save some of the legal fees usually charged by the lender if your lawyer draws up the mortgage. You'll also pay for disbursements which are the costs involved in drawing up the title deed, conducting a title search, and preparing and registering the mortgage.

Land Transfer Tax: Use the land transfer tax calculator accessible from the home page of this website to calculate both your Ontario and City of Toronto (if applicable) land transfer taxes. First time home buyers qualify for a maximum $2,000 (LTT on a $227,500 home) provincial rebate and a maximum $3,725 (LTT on a $400,000 home) City of Toronto rebate.

Goods and Services Tax: The purchase price of resale homes is exempt from the HST. The purchase price of newly constructed homes is subject to HST. New home buyers can apply for a 36% rebate of the federal portion of HST applicable to the purchase price to a maximum of $6,300 for homes costing $350,000 or less. For new homes priced between $350,000 and $450,000, the rebate on the federal portion of the HST rebate would be reduced proportionately. New homes priced $450,000 or higher would not receive a rebate of the federal portion of the HST. New home buyers can apply for a 75% rebate of the provincial portion of the HST applicable to the purchase price to a maximum of $24,000.

Other costs: These include moving costs, fees charged by utilities for service hook-ups, property tax and other adjustments (an adjustment takes place when the seller has already paid for something in advance and wants to be credited for the unused portion on the date the house becomes yours), and ongoing maintenance (condo fees etc) and utility costs.

Asif Khan, Sales Representative
Member of Re/Max Hall of Fame
Re/Max 100% Club
Re/Max Platinum Award

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Alternative Cleaning Products

GO GREEN - CONSIDER ALTERNATIVE CLEANING PRODUCTS - via HouseMaster
 
According to the National Environmental Service Center (NESC) it is estimated that the average homeowner may have up to 100 pounds of various types of hazardous household waste products at any time in their home. This includes products that are flammable, combustible, toxic, explosive or corrosive. You are probably well aware of the hazards associated with the improper storage and use of certain products such as gasoline, anti-freeze, pesticides, and varnishes. But other common products such as nail polish remover, charcoal lighter fluid, and fluorescent light bulbs can be hazardous to humans, pets and the environment when used or disposed of improperly.

One way to reduce the need to have these hazardous products around is to use alternate cleaning solutions for everyday home maintenance needs. By reducing your reliance on the potentially hazardous products, you not only reduce the risk of injury to yourself or other family members, but also help the environment.

Two long-used and widely available products, baking soda and vinegar, are good alternatives for many household cleaning products. Baking soda, mixed with water or other products, depending on the particular need, can be used to remove perspiration stains, as a scoring powder to clean plumbing fixtures, and as a general household cleaner. Vinegar can serve as a water softener, pet odor remover, paintbrush softener, and window cleaner. Even baby oil can substitute for harsh chemicals to remove grease and tree sap. Club soda helps remove stains from carpets. Use baking soda with the right mix of vinegar and you have a drain cleaner or tile scum remover.

The National Environmental Service Center  has a technical assistance hotline (800-624-8301) available to answer questions. Environment Canada  also provides information and offers solutions for the disposal of household hazardous waste.

Even alternative products must be used and handled with care. Check with product manufacturers and green product websites for specific recommendations and mixtures. And of course, don’t take any chances; store all cleaning products in a safe and appropriate location.

Asif Khan, Sales Representative
Re/Max Hall of Fame
Re/Max All-Stars Realty Inc., Brokerage

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SPRING ROOF MAINTENANCE

SPRING ROOF MAINTENANCE -via HouseMaster
 
The cold weather and storms of the winter season can wreak havoc on the exterior of a home and the surrounding property. Sometimes it isn’t that there is significant damage, but simply the fact that it may have been several months since you last paid attention to or attempted any outdoor maintenance.

Now is the time to do a winter-end check to make sure everything is in order and your home is ready to withstand those spring-time showers and the pending heat of summer.

While all exterior areas should be checked periodically, one area that typically requires special attention at the end of the winter season is the roof. To identify possible roofing concerns, look for:

Ceiling stains – A possible warning sign that your roof system needs repair or replacement. If localized, it may be an isolated point of roof damage or a flashing leak. Ceiling stains can also be associated with excessive attic moisture and/or ice dam conditions, which may require additional attic ventilation and/or insulation to prevent a recurrence. If there are stains on lower level ceilings, a plumbing leak could also be the cause.

Loose or missing shingles – Any loose or missing shingles should be repaired or replaced immediately to avoid additional leakage and damage to the roof deck or interior of your home.

Loose, lifted or cracked flashing – This is the sheet metal or other type membrane found at the base of chimneys and roof penetrations. Damaged flashing should be repaired or replaced to prevent leakage. Any open gaps should be sealed with roof cement.

Lifted or curled shingles – This may be an indication the roof is worn and at or near the end of its service life, or, at the very least, makes it conducive to wind damage. If found just in an isolated area, spot replacement may be possible, but if widespread, get a professional opinion on the roof’s condition.

Heavy granule buildup in gutters or at base of downspouts – The granules on roof shingles gradually wear away to the point where the underlying material is exposed over large areas. Once this happens the rate of shingle deterioration accelerates. If granule loss is excessive, it may indicate aging shingles that need replacement.
Any roof maintenance check should also include gutter cleaning. This is an area often not paid attention to until an overflow creates problems. Gutters need to be checked year-round to help avoid expensive water damage to the siding or house structure. Extensions or splash blocks at downspouts help divert water away from the house, avoiding soil erosion and infiltration through basement or crawlspace walls.

If you have questions on your roof system, consider utilizing the services of a professional home inspector or qualified roofing contractor to determine conditions. If you need to contact a home inspector or contractor, check out our business directory at www.asifkhan.ca.

Asif Khan, Sales Representative
Re/Max Hall of Fame
Re/Max All-Stars Realty Inc., Brokerage

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2011 Budget News - Markham

Markham has just become the only Ontario municipality to deliver a zero tax rate increase for three consecutive years (2009, 2010, 2011)! Not only is the zero tax rate increase impressive, it ALSO includes expanded community facilities and services. These unprecedented budget achievements continue to keep Markham as one of Canada's top towns to live in. For information on Markham properties, please email us at info@asifkhan.ca or call me at 416-985-5426. Asif

Asif Khan, Sales Representative
Member of Re/Max Hall of Fame
Re/Max 100% Club
Re/Max Platinum Award

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NEWS RELEASE - Toronto Mid Month Market Report - March 2011 http://post.ly/1muNv

NEWS RELEASE - Toronto Mid Month Market Report - March 2011

NEWS RELEASE

GTA REALTORS® Report Monthly Resale Housing Market Figures
TORONTO, March 16, 2011 -- Greater Toronto REALTORS® reported 4,138 sales during
the first two weeks of March 2011 – a five per cent decrease compared to the first
two weeks of March 2010. The number of new listings also dipped – down by 15
per cent compared to the same period last year.
"A positive economic outlook for the Greater Toronto Area, including steady
growth in jobs and incomes, has kept households confident in their ability to
purchase and pay for a home over the long term," said Toronto Real Estate Board
(TREB) President Bill Johnston.

The average price for transactions during the first 14 days of March was $460,196,
representing a 4.6 per cent increase compared to the first two weeks of March
2010.
"Market conditions are tighter compared to this time last year, resulting in more
competition between buyers and sustained upward pressure on the average
selling price. The annual rate of price growth is expected to range between three
and five per cent in 2011," said Jason Mercer, TREB's Senior Manager of Market
Analysis.

With inventory down 15% over last year, multiple offers were on an increase, thereby increasing purchase prices. If you're a buyer looking to purchase this spring/summer, you need to act fast as the "good" inventory is being scooped up fast, and in most cases receiving full to over list price. Sellers: it is no secret that if you want to get full value for your home, you need to get on the market now! Give us a call and we can discuss your plans to buy and/or sell this spring.
Asif Khan, Sales Representative
Member of Re/Max Hall of Fame
Re/Max 100% Club
Re/Max Platinum Award

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REMAX Listing - 80 Coburg Crescent - Richmond Hill House For Sale by Asi...

TORONTO House For Sale by Re/Max, 32 Dorward

Did You Know? The 2011 RE/MAX Edition

"80 Coburg Crescent - Richmond Hill House For Sale" http://t.co/WdoZxrw

80 Coburg
Crescent - Richmond Hill House For Sale Another new Team Khan listing has just hit the market in Richmond Hill! This
great, spacious townhome features 3 bedrooms, 3 bathrooms and a custom deck
overlooking the park. A walk out basement with a separate entrance, and a
huge kitchen with a bright breakfast area are just a few of the highlights.
Call for your private viewing and beat the open house rush. For pictures and
details, text "19830" to 58888! Click here for your sneak preview video: http://t.co/WdoZxrw

(c) Team Khan
Asif Khan, Sales Representative - Member, Re/Max Hall Of Fame

Re/Max All-Stars Realty Inc, Brokerage

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Caveat Venditor - "Let the Seller Beware"

By allowing seller information on the MLS, has the Competition Bureau opened
the door to criminals? With a handful of sellers choosing to pay flat fees
to have their private sale featured on the MLS and wanting to handle all
aspects of the sale on their own, we are on the verge of these sales taking
an ugly turn for the worst. In showing one of these listings, I was asked
to call the seller directly. I was asked to meet the seller at the time
requested and was told that the seller was indeed "cooperating fully with
Realtors". About 15 minutes before my scheduled appointment, the seller
called me on my cellular phone and said they were stepping out but had a
lockbox for my convenience. Not knowing the proper way to handle the
security or legitimacy of the appointment, the seller went ahead to provide
me with the access code to their home. My client and I were in total shock
as we were given a lockbox code to enter the home, which had three laptops,
an ipad, two flat screen televisions, and who knows what else in the drawers
and closets. Now, if I'm a thief and have kept up to date with the changes made by the
competition bureau, I would be salivating! Wow! Thieves no longer have to
break windows, pick locks, or break doors down to random homes and take a
chance that the homeowners may have some exciting goods to steal. Thieves
can now sit back on their stolen laptops, browse Realtor.ca for homes being
sold by the owner, check out each room for attractive
furnishings/electronics, and then simply call the owner for an invitation to
their home WHILE THE OWNERS ARE OUT!! How cool is that? The only drawback
for thieves is that they'd need a business card to get in. What was that?
They can make them at home? Yikes!

While walking through the home, and still in shock that the owner just lets
people in without so much as confirming identity, I was looking at a few
family pictures. The owners had what seemed like two kids under 10 or so.
I thought to myself, the best thing these guys did was to leave for the
showing. Can you imagine if they were home with the kids when thieves were
invited in? Forget Home Invasions, thanks to the Competition Bureau, those
are so last year. You just need to have internet access to browse these
Flat Fee listings, check out the television, appliances, paintings, or
furnishings that you want, and call for an invite. Being new to Real Estate in Ontario, flat fee is in its novelty stage - an
attractive avenue for owners that wish to sell privately. They aim to save
the listing portion of the transaction, not realizing that they are
increasing their liability and risk. Also, private sellers don't have the
time or resources to verify each person's identity and authenticity, a
factor that is taken for granted during the sale process. Secure and
limited access to qualified professionals is imperative for a sellers' peace
of mind and the safety of their family. Just how much money do you need to
save to make it worthwhile to risk your family's well-being? 2 or 3% or a
real estate transaction surely is not even close to being enough, is it?

Although I've only seen one or two of these on the system so far, I know it
will only be matter of time before one of these private sales makes
headlines - for all the wrong reasons. Homes will be targeted through
Realtor.ca and cleaned out, home owners may get hurt, and one or two may
even get killed due to the increased exposure and lack of security.
Insurance costs will surely rise as thieves catch on to this new source of
income, lawyers have already doubled or tripled their fees to "review and
finalize offers", and liability lawsuits will become part and parcel of the
private sale process. It is sad, but it seems to be a sign of the times.
Home owners risking their lives, increasing their liability, and
jeapordizing the safety of their family to try and save a couple of thousand
dollars. One thing that was omitted from the Competition Bureau's summary
after they struck a deal to allow private exposure on the MLS was the Latin
phrase "Caveat Venditor". Let The Seller Beware! Asif Khan, Realtor

Re/Max All-Stars Realty Inc.

Google me: Asif Khan Re/Max

Follow me on Twitter Become a Fan on Facebook

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York Region's Full-Time Kindergarten

An update to our last post. The York Region District School Board has announced that there will be 80 York Region schools offering Full-Time Kindergarten as of September 2012 (not 2011 as originally posted). List of schools to feature Full-Time Kindergarten is attached.

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York Region Going Full-Time KG In More Schools

york region full time kg.pdf Download this file

Great news for York Region parents!!
York Region District School Board has announced that 82 schools will offer Full-Time Kindergarten classes starting September 2011!
To see if your child's school has been selected, check out the attached chart.

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Get Your Groupon And Save

Hello Everyone:

Who wants to save a few dollars? 

A friend of Team Khan has recently introduced us to Groupon and asked us to share the rewards with you.  What is Groupon?  Groupon is a website that features many deals on day to day products and services.  It is similar to a buying group which will help maximize your buying power.  Groupon is a way to purchase items/services that you would normally purchase at regular price at group purchase pricing.  Groupon negotiates huge discounts—usually 50-90% off—with popular businesses (restaurants, theatres, spas, etc). We send the deals to thousands of subscribers in our free daily email, and we send the businesses a ton of new customers. That's the Groupon advantage.  All you need to do is print out the groupons or pull them up on your mobile phone and present them.  The more people that buy the product, the more you save.  There are over 30 million people using Groupon right now.   A few recent deals are attached, such as dining at Bombay Palace for $20 instead of $45 and Half Price Ski Lift Tickets at Horseshoe Valley (a $27 value).

.

Click here or on the link below to register yourself on the Groupon site.  It's easy, and takes a few seconds.  You can customize the products and services that you are interested in, so that you don't receive the deals that may not apply to you. 

http://www.groupon.com/r/uu23296678

Ready, set, start saving!  Happy Shopping!

Team Khan

Asif Khan, Realtor

Re/Max All-Stars Realty Inc.

 

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Economic Spin-Off From Real Estate Transactions

A Healthy Real Estate market is a key to economic recovery and growth.  Have you ever wondered how much Economic Spin-Off is generated from one single Real Estate Transaction?  In Ontario, the average spin-off is over $47,000!

Related Services and Renovations make up just over $30,000 of that amount.  No wonder the Real Estate Market has played such a huge role in leading Canada to economic recovery!

Asif Khan, Realtor

Re/Max All-Stars Realty Inc.

 

Google me: Asif Khan ReMax

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Save Our Park!!

On March 8th the Town of Markham will be having a preliminary meeting to decide on an application to rezone land near the corner of Castan and Harry Cook.  Land in this area was originally proposed as open space and park land and under this application would be turned into land for more homes.

We are asking all residents of South Unionville to let the councillors know that this is not acceptable.  Please join us in this fight by doing the following:

1. Send an email to our councillor Don Hamilton at DHamilton@markham.ca and let him know you oppose this application.

2. Sign the online petition at http://www.ipetitions.com/petition/suca_parks/.

3. Show up to the meeting at the Town offices on March 8th at 7 pm to express your concerns.

Visit www.suca.ca for more information or email suca@suca.ca if you have any questions.

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Toronto Real Estate Board Market Watch - February 2011 was a great month finishing 50% higher for sales than February 2009, and just 14% shy of February 2010's record sales. http://bit.ly/dTYNn8

Declutter Your Home to Help Ease Stress and Simplify Life

RISMEDIA, March 3, 2011—(MCT)—Inside many of us lurks a pack rat—at least a little one, anyway. Even inside Deniece Schofield. Schofield is a nationally known organizing expert who teaches people how to get their clutter under control through her books, magazine articles, TV appearances and seminars.
Schofield and her husband are planning a move from Cedar Rapids, Iowa, to Las Vegas, and the prospect has brought her to the unpleasant realization that she has years’ worth of stuff to cull through before the moving truck arrives. “I’m going to have to practice what I preach,” she said with a laugh, “and that’s really hard.”
Truth is, the tendency to keep stuff is common, though some people have more difficulty than others letting go. In fact, Schofield said pack rats make up the majority of people she meets at her organizing seminars.
Pack rats are just clutterers, people who keep more stuff than they need and probably lack a good system for managing it. Their clutter isn’t so extensive that it prevents them from living normal lives, but it can add to their stress.
Schofield likes to ease pack rats into decluttering by assuring them they don’t have to get rid of things—not yet, anyway. But they do have to get the things they don’t use out of the mainstream.
Maybe it’s the five dull potato peelers in the gadget drawer, the 27 unmatched coffee mugs or the stack of bed sheets that no longer go with your decor. They seem too useful or potentially valuable to just get rid of them, but they’re standing between you and orderliness.
One approach to dealing with that excess is to box it up, Schofield said. But don’t just stick the box on a shelf someplace, where it will become more clutter. Instead, make a list of the contents, note in that inventory where you’re storing the box and keep the document someplace where you can find it easily, such as in a file or on your computer desk top. “That’ll give you even more comfort,” because you’re maintaining control over your possessions, she explained.
Then, write a note on your calendar to check the box in a year. Most likely you’ll realize you didn’t miss the stuff inside, she said, and you’ll be ready to give it away, sell it at a garage sale or take it to a consignment shop.
Another approach is to let yourself keep only so many of a particular item, be it margarine tubs or pens or used greeting cards. Designate a space to store them or decide on a number limit, she said. Once the storage space is full or the number has been reached, don’t keep any more until your stock is depleted.
That’s harder to do with clothing, so Schofield recommends this trick: Start by hanging all the clothes in your closet backward, so the hanger hook is facing you. When you wear an item and hang it back up, turn the hanger the right way.
Give yourself a year, and then go through your closet. If the hook is backward, you know at a glance you haven’t worn that garment in 12 months. It’s a good candidate for culling.
What about all the stuff stored in the basement, the attic, the garage or the storage space you rent across town because you’ve already filled up your house?
Tackle it one box at a time, Schofield said. If you set out to organize the whole thing, you’ll just get overwhelmed. It helps to have a friend with you to go through the box, someone who can be more objective about its contents, she said.
Once you’ve successfully handled one box, you’ll be motivated to try another. And another.
Schofield is quick to note that those methods aren’t meant for items with genuine sentimental value. Those can be harder to part with, because our feelings about them are tied up with our feelings about the people who made them, owned them once or gave them to us. “You’ve got to remember, that thing is not the person,” she said. If you can’t use it, take a picture of it, and then give the item to someone who needs or wants it more than you do. “You keep the memory; you don’t have to keep the monstrosity,” she said.
Getting rid of things is only half the remedy for pack-rat tendencies, though. You also have to be judicious about bringing in new things to replace them.
Schofield recommends taking a hard look at your shopping habits and making an effort to curb the urge to acquire. When you see something you want, write it down instead of buying it, she suggested. Put a date on the note, and revisit it in six weeks. If you still want or need the item, buy it. Most likely, you won’t.
And don’t buy anything unless you know exactly where you’re going to put it, she said. “Exactly” doesn’t mean on the kitchen counter or in the office somewhere. It means displayed on this table or stored in that drawer. But what if the item is on sale? “Well, it’s going to be on sale again someday,” she said. “You have to be tough on yourself.”

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Great News: Bank Of Canada maintains rate!

OTTAWA– The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent.

The global economic recovery is proceeding broadly in line with the Bank’s projection in its January Monetary Policy Report (MPR), although risks remain elevated.  U.S. activity is solidifying and remains supported by stimulative fiscal and monetary policies.  Ongoing challenges associated with sovereign and bank balance sheets will limit the pace of the European recovery and are a significant source of uncertainty to the global outlook. Robust demand from emerging-market economies is driving the underlying strength in commodity prices, which could be further reinforced temporarily by supply shocks arising from recent geopolitical events.

The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of the anticipated rebalancing of demand.  While consumption growth remains strong, there are signs that household spending is moving more in line with the growth in household incomes. Business investment continues to expand rapidly as companies take advantage of stimulative financial conditions and respond to competitive imperatives.  There is early evidence of a recovery in net exports, supported by stronger U.S. activity and global demand for commodities. However, the export sector continues to face considerable challenges from the cumulative effects of the persistent strength in the Canadian dollar and Canada’s poor relative productivity performance.

While global inflationary pressures are rising, inflation in Canada has been consistent with the Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the considerable slack in the economy.

Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the 2 per cent inflation target in an environment of significant excess supply in Canada. Any further reduction in monetary policy stimulus would need to be carefully considered. 

Information note:
The next scheduled date for announcing the overnight rate target is 12 April 2011.

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