The Toronto Real Estate Market

The Toronto market is still reasonably healthy. I always advise the best time to buy is when nobody wants to. I don't expect the real estate market to be setting off any kinds of records but then again why does it have to? If you are planning on making a move and feel secure enough with your financing why not make the move now?

Below is an update the current real estate market.

Gian-Piero

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Source: Market Watch

Questions to Ask When Buying A Condo

Here is a checklist that will help you when you set out to buy a condo. Due diligence is always advised when buying into anything. Buying a condo can involve more legwork than buying a hoouse. Below are a few tips to help you on your way.

Gian-Piero

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Source: Market Watch

It's more than just location, location, location when buying a condo. Certain rules and regulations set out in the condominium's documentation may surprise you. When buying a condo, ask the following questions:

• What are the rules about the number of people who can live in the unit?
• Can I rent out my unit?
• What percentage of units are rented out
• Can I have pets?
• Can I operate a business from my unit?
• What are the rules concerning decorating my condo, inside and out? (e.g., paint front door, hang up a wreath or door decoration, etc.)
• What types of renovations are permitted?
• Can I use a barbecue on my patio or balcony?
• Can I use patio furniture)
• Is there guest parking?
• What are the rules concerning use of common elements such as pools, exercise rooms and party rooms?
• What portions of my unit are covered by the condo corporation's insurance) What is excluded?
• What are the regulations regarding security of the condo?
• Is the corporation in good financial condition?
• Are there any legal claims or judgements against the corporation?
• What is the age mix of people who live in the condo? Is it mostly seniors, young adults, or families with children?
• Are utilities included in the monthly maintenance fees? If not, how much will I have to spend for them)
• What are the rules regarding cable/satellite television and Internet access)

Finally, don't forget that while location isn't the only important thing; it is probably the most important thing. Make sure your new condo is close to whatever neighbourhood amenities you'll require. If you are in a developing neighbourhood, check to see if an about-to be- constructed building will impede your view.

Calling All Landlords! Rent Increase Guidline Set Annually By The Government

The 2009 rent increase guideline is 1.8 per cent. That's the maximum percentage by which a landlord can raise the rent for residential tenants without getting approval from the Landlord and Tenant Board. The Ontario government sets the increase guideline annually based on the changes in the Ontario Consumer Price Index for all goods and services. Last year's guideline was 1.4 per cent. If at least 12 months have passed since the tenant first moved in or since the last rent increase, a landlord can raise the rent by as much as 1.8 per cent. However, the tenant must be given proper written notice of the rental increase at least 90 days before it takes effect.

Landlords can apply to the board for a larger increase if they can prove that their costs for municipal taxes and utilities have increased by more than the rent guideline plus 50 per cent (i.e. 2.7 per cent for 2009). They can also apply for larger increases to help cover costs related to security services and capital expenses.

If you are a landlord or tenant who needs more information, call (416) 645-8080 or visit http://www.ltb. gov.on.ca.

Open A Tax Free Saving Accounts And Start Building Your Deposit To Buy A Home

There are various programs to help people buy real estate. When it comes to saving up for a deposit opening up a tax free savings account appeals the most to me. The account can be used for other purposes as well making this even more attractive.

Gian-Piero

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Source: Market Watch

In January, you can start saving for a home or anything else - with a tax-free savings account (TFSA), a new financial product. As the name says, investment income earned with money in the account is tax-free and can be withdrawn anytime.

You must be a Canadian resident, 18 years and older, and have a Social Insurance Number to sign up for a TFSA. Each year you can contribute up to $5, 000, in either stocks, GICs, Canada Savings Bonds or various other market funds or savings accounts. The money can be withdrawn anytime, depending on what you invested in, and you don't have to pay tax on it.

Another advantage is that you can carry forward unused contribution room indefinitely and you can replace funds that you withdrew.

For example, if you and your spouse each put $5,000 into a TFSA for each of the next three years, by the end of that time you would have $30,000 plus whatever interest has accrued. You can then withdraw this amount tax-free to use as a downpayment, buy a new ca r or do whatever you need . Later, you can replace that money if you wish .

Unlike RRSPs, contributions to TFSAs are not tax deductible. However, for first-time home buyers, there may be some advantages to using a TFSA to save for a downpayment, rather than using the Home Buyer's Plan that has been in place for several years. Under the Home Buyer's Plan, you can borrow $20,000 from a RRSP interest-free for a downpayment. However, you must repay this amount within 15 years or pay taxes on it. The withdrawal also reduces the amount in your RRSP that could come in handy at retirement.

By using a TFSA to save, you still get the tax-free advantages and you don't have to repay it. However, you may be able to save faster in a RRSP, so discuss which strategy is best for you with your financial advisor. Don't forget that the Home Buyer's Plan applies only to first-time buyers.

For more information about TFSAs, contact your financial institution.
Further information can also be found at The Canadian Revenue Agency 's website http://www.cra-arc.gc.ca/tx/bsnss/tpcs/tfsa-celi/qstns-eng.html

Winter Woes - What to do when the mercury drops

We really notice the inefficiancy of our homes construction during the colder months. The hot air just seems to fly out the window along with our money. Below are a few tips looking into how we can do our part not only for the environment but to also allow us to use the money for better purposes other than heating the outside!

Gian-Piero

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Source: Market Watch

If you want to stay warm this winter, one option, especially with an older house, is to increase the amount of insulation in the attic and exterior walls, but you may be better off to decrease the amount of air getting through the walls. This involves caulking and sealing your home from the inside to prevent air leakage. It's often best to hire professionals to do this job. The monetary payback is relatively short, but the payback in terms of comfort is immediate.

How do you know where the leaks are? We recommend the Natural Resources Canada program, ecoENERGY for Buildings and Houses. This residential energy assessment service provides a thorough basement- to-attic assessment of your home's energy use. The energy advisor's written report will help you plan retrofits that will improve your home's energy efficiency.

How does the residential energy assessment service work? The service includes a detailed energy evaluation of your home, carried out by a licensed energy advisor; a "blower door" test to find air leaks; a printed report that shows where your energy dollars are being spent and what you can do to improve your home's energy efficiency; and an energy efficiency rating label showing you how energy efficient your home is compared with others in your region.

Drafts, cold spots and frosted windows.
Once your house has been "ecoASSESSED," you will have found the source of problems and have information about repairing them, and not just caulking and weather-stripping. Whether you are renovating or retrofitting your energy advisor uses state-of-the-art evaluation practices and can advise on the best techniques and types of products.
If you are thinking about upgrading your heating and cooling system, your advisor can suggest improvements that can make a difference to the size of the heating and cooling system that your home needs.

Selling your house?
After you've made upgrades and improvements, the energy efficiency rating label shows potential buyers how much you've improved your home's energy efficiency and how it compares to other homes in your area.

Worried about conflict of interest?
Natural Resources Canada's energy advisors provide unbiased advice on how to improve your home's energy use. The service is also quality assured by the Government of Canada to ensure the integrity of the service.

Short on loonies?
As a bonus, homes that have had pre- and post-retrofit evaluations from a Natural Resources Canada licensed energy advisor are eligible for grants, based on each of the recommended retrofits you have completed and the relative impact the retrofits have on your home's energy efficiency. Your energy advisor can suggest the retrofits that are your best options.

For More Information goto:Http://oee.nran.gc.ca/residential/personal