Should I sell my home During the Holidays?

Here is a great article for those thinking about putting their property on the market during the holiday season!
Enjoy!

http://online.wsj.com/article/SB10001424127887324640104578165580618753110.html

10 Tips for Halloween Safety! - From The Fire Guy

Courtesy Canadian Red Cross                            The day that paranormal creatures invade city streets is near.
As your little ones prepare their costumes to trick or treat their way through the night, the Canadian Red Cross has prepared a quick list of 10 tips to make sure everyone gets home safely. You may not need to fear vampires and ghosts knocking on your door, but fire hazards, scrapes and getting lost are potential concerns.

1.     Give your kids a map of their trick or treat route so they can find their way home. Mark the homes of nearby friends and relatives in case they need assistance on their journey. Younger children should be chaperoned by an adult.

2.     Instruct children to walk on the sidewalk not the street - even princesses and fairies have to watch out for motorists!

3.     Prepare for the dark with lighter coloured clothing and reflective surfaces. What better way to decorate a sword or a cape than with magical glowing tape?

4.     Avoid any type of flame by substituting candles with glow sticks. Wigs and costumes are highly flammable and glow sticks are perfect for illuminating Jack-o-lanterns.

5.     Remind your kids to stick with groups of at least four or five - after all, even legendary heroes are stronger as a team (like the Avengers and X-Men!)

6.     Tell them to only visit residences with a porch light on and not to enter a stranger’s home - politely accept candy and promptly leave.

7.     Costumes are meant to embellish - not to hide. Keep hems short to avoid tripping and don’t let masks block the eyes.

8.     Whether you have one eye, two eyes, three eyes or four, always look both ways before crossing the street.

9.     Both mystical creatures and children need to let parents check their candy before eating to remove any potential hazards.

10.   A flashlight is akin to a protective light saber of sorts and makes night-time travelling safer (it also helps you spot a ghost or goblin trying to plan a surprise attack!)

Following these tips on October 31 will help ensure your family has a fun and safe night of trick or treating!

For all your Retrofit needs remember The Fire Guy
 "Who is here protecting you from Fire and Fire Departments"

Increasing your payment by a small amount can yield huge savings.

As you know, you're paying interest every day you have a mortgage. So the sooner you reduce the amount you owe, the less interest you pay. One relatively painless way to do this is by increasing your payment by a small amount. Then all you have to do is sit back and let time work it's magic—before you know it, you'll have chipped thousands of dollars off your mortgage! 

Let's say you have a $200,000 mortgage at 4.5% with a 30 year amortization, and you're in year 3. If you increase your monthly payment by $100—roughly the cost of one premium coffee per day—that reduces your amortization by 51 months and saves you $24,622 in interest over the life of the mortgage! Now, I'm not suggesting you give up all of life's pleasures to pay off your mortgage faster. But it's obvious that doing something small can make a BIG difference. 


Information is compliments of:
Mike Havery AMP, Mortgage Planner
http://www.themortgagearchitect.ca/

December 2011 Market Stats - Annual Recap

Know When it's Time to Renovate - TREB President's Toronto Sun Column

Toronto SUN Column (as it appears each Friday in the Toronto Sun)

July 22, 2011 -- Living in Toronto and renovating homes seem to go hand in hand. One of the major ways we build equity in our homes is by adding a new bathroom, kitchen or family room. Families grow, space must be maximized, and keeping parents close to work and children in their favourite schools often means, "Honey, It is time to renovate...again!"

Buying a fixer-upper can be a great way to get into a desirable neighbourhood at an affordable cost. It’s important to recognize though, that all renovations involve some inconvenience and a lot of elbow grease. While you’re rolling up your sleeves, it’s wise to maximize your efforts, go green, and remember that what may no longer suit your lifestyle, might be of use to someone else.

Renovating Benefits Others as Well!

A great way to renovate for you while supporting a charitable cause is to consider your local Habitat for Humanity ReStore. This building supply store accepts and resells quality new and used building materials. Funds support Habitat's building programs while reducing the amount of used materials that are headed for overflowing landfills. Check ReStores out online at http://www.habitat.ca/en/community/restores/location.

Regardless of the upgrades you undertake, keep in mind that you can reduce the amount of waste you generate by donating or recycling construction materials. Certainly don’t dismiss the old for the new, if there are items to be reused, refurbishing them can add greater character to your home.

If you are looking for some great tubs and sinks you may have to go no further than your current bathrooms and kitchens. Techniques for resurfacing and countertops made of more recent materials like Caesar Stone, recycled glass, concrete, steel, stones, and the myriad of tiles will give you lots of options for upgrading the look without replacing the whole bathroom or kitchen.

Paint and paint techniques can change the look of a kitchen in a few afternoons, save you money and improve your investment: The Appraisal Institute of Canada says that upgrading kitchens and bathrooms is a smart choice, potentially offering a 75 to 100 per cent return.

Greening your Renovations!

Energy efficient lighting, appliances, faucets, toilets and showerheads are a few of the options for increasing the green factor in these two essential rooms and you can watch your monthly expenses drop.

When it comes to flooring, cork and bamboo are among the greenest options, as they are derived from renewable resources. While bamboo is also an excellent choice for cabinets, wood that is certified by the Forest Stewardship Council of Canada is another responsible option.

Visit the Appraisal Institute of Canada’s 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.

Household drafts will increase your heating bills and make those lovely spacious rooms an expensive proposition in our colder months. Window and door replacement may offer a more limited return of 50 to 75 per cent, but if your existing units are broken or have been installed for fashion rather than performance, this upgrade should take priority.

When purchasing windows, look for low-E argon-filled units with the Energy Star symbol to achieve the highest thermal efficiency. Note: if you wonder how old your thermo pane windows are, most are stamped with the year and month they were made on the metal piece between the panes of glass.

Similarly, replacing an aging roof may only offer a small return but it’s an upgrade that should not be deferred due to the potential for water damage. Fortunately, roof shingles made from a variety of recycled materials are widely available and sometimes the life expectancy of your new roof is worth paying the extra costs. Housing is a long term investment.

Heating systems can offer a 50 to 75 per cent return, while central air conditioning can deliver 25 to 75 per cent on your investment, but given the extreme temperatures of our climate, these are also wise investments, particularly when you choose models with the Energy Star symbol. We replaced our workable 60 percent efficiency furnace with a high efficiency furnace that, with our new windows and doors keeps us toasty all winter.

While decorating choices may be subject to taste, you’ll find that when it’s time to move again, energy efficient, money-saving upgrades have universal appeal. Renovating can be helpful to you, others, and reduce your carbon footprint all at the same time. Enjoy!

For Greening, Renovating or finding the right home, talk to a Greater Toronto REALTOR® and visit www.TorontoRealEstateBoard.com for neighbourhood profiles, open house listings, market updates and more.

Richard Silver is President of the Toronto Real Estate Board, a professional association that represents 31,000 REALTORS® in the Greater Toronto Area.

for more eral estate information, go to www.darcytoombs.com

The 1% solution: 5 tips to help sell your house

By Jennifer Wilson | Wed Mar 23 2011

Whether you’re moving out of town, moving up or splitting up, everyone has the same goal when they’re selling their home: to make as much as they can.

One way to get the best sale price is to invest a few dollars to spruce up your place for prospective buyers. One rule of thumb is that you should set aside 1 per cent of your asking price, so, if you’re listing for $400,000 a renovation budget of $4,000 isn’t out of line.

Of course, certain projects will get you more, though in most cases you won’t get all your money back. The return can be anywhere from nothing, for skylights and pools, to an average of 75 per cent on high-performing kitchens and bathroom projects.

Here are some tips:

Kitchen

You can expect to recover 75 to 100 per cent of your investment in kitchens and bathrooms.

“The payback is tremendous,” says Frank Turco, Home Depot’s trend and design manager. That’s because buyers don’t want to undertake a cumbersome renovation that restricts access to these key spaces.

A few hundred dollars can give your kitchen a whole new look. Cabinets can be cleaned, lightly sanded and painted to look like new, while hardware can also be updated quickly and inexpensively, with new pulls and handles starting at a few dollars a pop. Outdated track lights can be replaced with more fashionable varieties, focused task lighting and undercabinet lighting. Dingy backsplashes can also be refreshed with a coat of paint or new tiles, which are available in peel-and-stick varieties.

For a bit more of a splurge, try replacing laminate cabinets with wood and laminate countertops for something a higher end, such as Corian or granite. New appliances are also a worthy investment, with stainless steel and once again trendy glossy white appealing to buyers.

Bathrooms

In the bathroom, like the kitchen, painting the vanity, and swapping out light fixtures and pulls can refresh the space inexpensively. Upgrading faucets, taps and shower heads are another simple project in the $50 - $100 range.

Additional storage is also essential in the bathroom, so look into closet and cupboard organizing systems and adding extra shelving.

Or go all out and embrace the trend for more spa-like bathrooms with marble tiling, full glass showers with extra nozzles and high-end showerheads or a steam shower. Double sinks, heated floors and upgraded countertops are also nice perks.

Paint

In all spaces, a fresh coat of paint works wonders – bringing homeowners a return of 50 to 70 cents on the dollar, says says Mariano Gigante, a sales representative with Sutton Group. Others like, Re/Max salesperson Justin Kua estimate a fresh paint job can bring in returns of 300 per cent.

“Even if it is a simple thing to fix, buyers want it done,” says Gigante, noting it also helps sell homes quicker than other upgrades. Wipe away scuffed paint and outdated colours with neutral hues for a fresh, buyer friendly look.

Flooring

Ripping out worn carpets and refinishing, or replacing, battered floors can offer returns of 75 to 100 per cent, says Gigante, noting that laminate and wood offer the highest rate of return.

Turco recommends laminate vinyl options, explaining “vinyl has come a long, long way” and is now available in durable planks, tiles and sheets that can mimic almost any look and texture, with many varieties available in the $60 range for 24 square feet. Plus, as far as projects go, it’s “inexpensive and easy, as long as you have a box cutter and a ruler.”

Other upgrades

Replacing doors and windows can bring in 50 to 75 per cent – and help you save on energy costs to boot.

Landscaping, meanwhile, will put roughly 25 to 50 per cent of what you spend back into your pocket. A well-maintained garden, brick paths and even urns can also do a lot to boost your home’s curb appeal.

A buyer’s first impression is key so for an easy fix up under $100, Turco suggests cleaning up the front yard, repainting pots and planters, laying a new welcome mat and painting the front door.

Read about 10 easy ways to boost your home’s curb appeal here.

What not to do

Finishing a basement will see about a 50 per cent return on your investment, but as a big and costly job, Gigante says it’s only worthwhile if the homeowners intend on using it themselves for a while.

Skip the skylight. While additional natural light can be a boost, this project is expected to bring you absolutely no return, says Gigante.

Also avoid adding a swimming pool or Jacuzzi. It usually doesn’t improve your resale value and can even discourage buyers, such as families with small children.

If you are tackling a larger scale reno or working with a contractor, make sure the project comes in at less than your one per cent resale renovation budget, including a hefty contingency fund. The projects that offer the biggest returns – kitchens and bathrooms – can also bring the biggest surprises, snowballing costs as mechanical problems are uncovered.

Jennifer Wilson is the editor of yourhome.ca

Real estate market heads into 2011 with stronger than expected momentum - Winnipeg Free Press

Real estate market heads into 2011 with stronger than expected momentum - Winnipeg Free Press

TheStar GTA November New Home Sales Up

Click Here to Read the Storey: TheStar GTA November New Home Sales Up

Fall housing market to improve after summer slowdown: Re/Max

Fall housing market to improve after summer slowdown: Re/Max

Home ownership costs soar across Canada

The Canadian Press

Date: Monday Sep. 27, 2010 8:43 AM ET

TORONTO — The cost of owning a home continues to rise, according to a quarterly report on housing affordability by Canada's largest banking group.

The latest housing report by RBC Economics Research says the costs of owning a home increased the most in Ontario and British Columbia.

The higher monthly costs for owning a home were driven by increased mortgage rates and further appreciation in home prices, the report said.

The report said home ownership costs in B.C. neared the all-time highs reached in 2008.

The RBC report also says it expects a temporary easing in housing affordability because of the recent drop in mortgage rates and signs that home prices are stabilizing in many markets.

Click here to read the Report

Looking Through the Buyers Eye's

Below are questions to ask yourself when preparing your home for sale, to ensure it looks the best it possibly can to the buyer's eyes.

Exterior

•Does your yard look well maintained?

•Are the trees and bushes trimmed?

•Is your lawn mowed and edged?

•Is your lawn free of weeds?

•Are the decks and patios clean?

•Does your house need painting?

•Are there any exterior holes or cracks?

•Are your walks and porches clean and in good repair?

•Does your roof leak or sag?

•Are any shingles or tiles missing?

•Is your chimney in good shape?



Carpeting/Walls/Ceilings

•Are your carpets clean and in good condition?

•Do your carpets need stretching?

•Are there any pet or smoking odors?

•Do your walls have any cracks or holes?

•Do your walls need painting?

•What about that wallpaper?

•Do your ceilings have any water stains, cracks or peeling?

•Do your ceilings need painting?



Kitchen

•Are your appliances clean and in good working order?

•Are your cabinets in good condition?

•Are your countertops in good condition?

•Is your tile grout clean?

•Is your sink stained, chipped, or in need or re-calking?



Bathroom

•Do your faucets shut off completely?

•Do your sinks drain freely?

•Are your toilets in good condition?

•Are your shower doors shiny?

•Do your tubs need caulking?

•Is your floor in good condition?

•Are your vanities and mirrors in good condition?



Living Room

•Is your fireplace clean?

•Is the fireplace screen in good shape?

•Are all drapes, shutters and shades clean and working properly?

•Are any window screens bent?

•Do all the windows open and close easily?

•Are the windowsills clean?

•Are your doors in good condition?

•Do any doors sag or stick?

•Do the locks work?

•Is the paint in good condition?

•Do the doors seal tightly?



Basement/Attic

•Is your basement/attic organized?

•Are they well lit?

•Are they clean?

•Are the stairs in good repair?

•Do the doors open and close easily?

•Are there any signs of insects or rodents?



Garage


•Is your garage organized?

•Is it well lit?

•Is the floor swept?

•Are there oil spots or other stains on the concrete?

We have a Wide Variety of Housing Options in the GTA

July 30, 2010 -- As residents of Canada's largest city we are fortunate to have a wide variety of housing options available to us. Regardless of whether life on a farm or the waterfront appeals to you, the Greater Toronto Area has something to offer for everyone.

As multi-faceted as the region itself, The Toronto Real Estate Board's 30,000 REALTORS® have unique assets ideally suited to helping you find your next home.

You're likely to find for example, condominium apartment or commercial property specialists working in downtown Toronto's C01 district. In this area REALTORS® can advise you on the specific amenities available in downtown condominium communities, what you can expect to pay in maintenance fees and whether parking spaces can be leased.

By contrast, a REALTOR® who practices in the northern most reaches of the GTA, in areas like Cookstown, can advise you on the details of septic systems and well water on rural properties.

The area between Toronto and rural Cookstown is incredibly vast and accordingly, the REALTORS® throughout the north 905 districts can offer advice on everything from buying a condominium apartment in Markham to a horse farm in King. From enclaves located in wooded settings to homes overlooking golf courses, your REALTOR® can guide you through the north 905 districts' many beautiful options.

The GTA is known internationally for its diversity of cultures, employment options and housing types and Mississauga, a city within our city, really epitomizes these features. Here you'll find REALTORS® with experience in everything from 905 condominium living near Square One to executive waterfront properties in Oakville/Burlington to lovely starter homes near the escarpment in Milton.

In the 905 Region's east districts you will also find many beautiful areas like Pickering's Frenchman's Bay, homes in Whitby that are within minutes of ski slopes and a community built around a marina in Newcastle. Many wonderful options are available in the communities and rural properties east of Toronto and you can count on a REALTOR® to advise you on the many specifics, from zoning allowances to school ratings to varying municipal property tax rates.

Your REALTOR® can also advise you on new home construction developments, which are plentiful in all three of the regions that comprise the picturesque 905 districts, where rolling hills are dotted with small lakes.

No matter what type of lifestyle appeals to you, you can count on your Greater Toronto REALTOR® to identify your many options and counsel you on with regard to all of the considerations when helping you find your next perfect home.

For more information on the many available options visit www.TorontoRealEstateBoard.com where you'll find GTA listings, plain language real estate forms, mortgage and land transfer tax calculators and more.

Follow TREB on www.twitter.com/TREB_Official, www.Facebook.com/TorontoRealEstateBoard and www.youtube.com/TREBChannel or visit www.TorontoRealEstateBoard.com

Bill Johnston is President of the Toronto Real Estate Board, a professional association that represents 30,000 REALTORS® in the Greater Toronto Area.

Toronto Real Estate Board April Stats

TORONTO, May 5, 2010 - Greater Toronto REALTORS® reported 10,898 sales through the Multiple Listing Service® (MLS®) in April, representing a 34 per cent increase compared to April 2009. There were also 20,683 new listings in April – a 59 per cent annual increase. Both the sales and new listings results amounted to new records for the month of April under the current Toronto Real Estate Board (TREB) boundaries.

“The GTA resale market is functioning properly. Sales were high as buyers continued to take advantage of affordable home ownership opportunities. Listings grew as home owners reacted to strong sales and price growth,” said Toronto Real Estate Board President Tom Lebour. “More balanced market conditions will result in sustainable rates of annual price growth in the second half of 2010.”

The average price for April transactions was $437,600 – up 13 per cent compared to the average of $385,641 recorded in April 2009.

"Home sales continue to be driven by many different segments of the market, with sales growth for all major home types in both the City of Toronto and surrounding 905 regions," said Jason Mercer, TREB's Senior Manager of Market Analysis. "Home sales will remain strong in the second half of 2010, but will slip from the current record pace as borrowing costs rise.”

Mid-April Resale Market Figures

TORONTO, April 16, 2010 – Greater Toronto REALTORS® reported 4,601 sales throughthe Multiple Listing Service® (MLS®) during the first two weeks of April.

This represented a 25 per cent increase compared to the 3,681 sales recorded during the same period in 2009. New listings increased by 48 per cent annually to 9,512.

“The fact that annual growth in new listings outstripped growth in sales suggests that the GTA existing home market is becoming better supplied,” said Toronto Real Estate Board President Tom Lebour.

"Home owners are reacting to strong sales and price growth by listing their homes in greater numbers. They are confident they will receive offers in line with their asking price."

The average price for April mid-month transactions was $430,271 – up 12 per cent compared to the average of $383,361 recorded during the first 14 days of April 2009.

"The average annual rate of price increase has declined and we are shortly going to see a return to sustainable single-digit rates of growth," said Jason Mercer, TREB's Senior Manager of Market Analysis.

"As home buyers experience more choice in the marketplace, there will be less upward pressure on the average selling price in the GTA.”

As this graph shows, March was the best month for sales volume in 4 years.

The supply levels are significantly higher now than in the spring, which is causing the market to balance out a bit more than we witnessed in the winter months. If supply outweighs demand, prices drop.

The sales-listings ratio is actually down from february, which isn't that uncommon, but a big contrast to what happened the same time last year.

Becuase of the large unbalance of demand outweighing demand over the winter months, average prices skyrocketed over those of the past 4 years.

YOu can see the large disparity of available homes for sale over the course of 2009 from the above graph which I believe helped fuel the demand as the signs of economic recovery appeared.

Transit Future Woes - Budget Cut backs could put Road Widening on Hold.

If you were hoping to trade in your car for the region’s new rapid transit service in the next few years, you may want to hold on to your keys.

The budget unveiled by Ontario Finance Minister Dwight Duncan Thursday asks Metrolinx to delay $4 billion in transit spending during the next five years, meaning Viva’s bus lanes, including an extensive project on Newmarket’s Davis Drive, likely won’t open as soon as hoped.

Viva didn’t know about the funding delays until the budget announcement, but will soon meet with the province and Metrolinx, spokesperson Dale Albers said. The province and York Region will work together to deliver programs in a reasonable time frame, he said.

Mr. Albers emphasized the province’s prior commitments to transit and that no projects are cancelled. But with shovels nearly ready to go in the ground in Newmarket, Markham and Richmond Hill, the future is suddenly uncertain.

“It does’t seem sensible to halt the project this far along,” said Newmarket Regional Councillor John Taylor, who began making enquries as soon as he heard about the delay.

Engineering work for Davis Drive’s rapidways is complete and expropriations have proceeded to the point some buildings along the strip are boarded up.

Mr. Taylor said he was very concerned, but spoke with regional chairperson Bill Fisch Friday and is confident Mr. Ficsh and staff, who brought Viva so far already, will ensure things don’t grind to a halt.

“I’m hoping we’ll have a positive outcome. I wouldn’t want to see Davis Drive caught in limbo,” Mr. Taylor said.

The bus line would help free up congestion choking Davis for decades, Newmarket Mayor Tony Van Bynen said, adding Southlake hospital’s new cancer centre will bring even more vehicles to town.

Expropriations are also underway along Hwy. 7 East, so construction can begin this fall. Those lanes were set to open in 2013. Further phases, extending north along Yonge Street to Richmond Hill and through Newmarket and west along Hwy. 7 to Vaughan, were set for 2014 to 2015 openings.

Even further down the road were other Viva segments and plans to extend TTC’s light rail transit on Don Mills road and Jane Street into York Region.

It was almost exactly a year ago Premier Dalton McGuinty came to York celebrating $1.4 billion for Viva, fully funding the construction of the median lanes that allow buses to operate out of mixed traffic.

The premier was following through on the promise of the $11.5 billion Move Ontario 2020 plan unveiled during the 2007 election campaign. He hoped the federal government would step up with money, but that never happened and the original funds for transit projects across the GTA are almost entirely dispersed.

Now, the government is trying to hold off spending the more than one-third of funding already spoken for.

While Viva’s future is up in the air, things are surely more bleak for the unfunded Yonge subway extension, despite strong regional lobbying for the needed $3 billion.
It’s “basically dead”, Thornhill Conservative MPP Peter Shurman said of Move Ontario, but he and other local politicians formed a working group with residents to lobby for the subway and they are kicking around alternate funding ideas.

“Gridlock costs a fortune” in terms of money and quality of life for York residents, Mr. Shurman said.

Vaughan’s Spadina subway is unaffected but Toronto’s plans to construct LRT along Finch Avenue and Eglinton Avenue are also pushed back.

“It makes absolutely no economic sense, it makes no sense from a social policy perspective,” Toronto Mayor David Miller told reporters, describing the decision as “disgraceful” and “thick”.

Both Mr. Miller and the Toronto Board of Trade slammed the move as shortsighted given its job-creation potential.

“This is not a good day for regional transit,” board president and chief executive officer Carol Wilding said.

“Our infrastructure deficit has become the casualty of a fiscal deficit with shorter-term priorities sacrificing the fundamentals of long-term economic growth.”
The transit delays were one of several belt-tightening measures announced by Mr. Duncan, including a freeze on provincial salaries.

“Public servants make a valuable contribution to the health and well-being of this province. They are an important part of our well-educated workforce. That is why we will not propose mandatory days off. That is why we will honour existing collective agreements.”

About 700,000 unionized employees will not see a freeze, at least until their contracts come due. That means it’s business as usual for the unions while other Ontarians are busy making ends meet, Mr. Shurman said.

Mr. Duncan also touted previously announced programs, such as plans to spend $63.5 million on daycare, the introduction of full-day kindergarten in September and the shift to the HST in June.

The harmonized tax is expected bring $1.2 billion to the provincial treasury next year.

Storey from:

http://www.yorkregion.com/news/local/article/657189--transit-future-woes

For more information on the VIVANEXT Project and how it's planned to effect Davis Drive, click here

HST and how is will effect the Real Etstae Market

HST Transition Rules

The provincial government has provided rules/guidance on how it will transition to the implementation of the proposed Harmonized Sales Tax.

Background

The provincial government has passed legislation to combine the eight percent Provincial Sales Tax with the five percent federal Goods and Services Tax, creating a 13 percent Harmonized Sales Tax (HST).

- The HST is NOT YET IN EFFECT. The HST will come into effect beginning on July 1, 2010; however, note transition rules below.
- HST will not apply on the purchase price of re-sale homes.
- HST would apply to services such as moving cost, legal fees, home inspection fees, and REALTOR® commissions.
- HST will apply to the purchase price of newly constructed homes. However, the Province is proposing a rebate so that new homes across all price ranges would receive a 75 per cent rebate of the provincial portion of the single sales tax on the first $400,000. For new homes under $400,000, this would mean, on average, no additional tax amount compared to the current system.

Transitional Rules for New Housing

Generally, sales of new homes under written agreements of purchase and sale entered into on or before June 18, 2009 would not be subject to the provincial portion of the single sales tax, even if both ownership and possession are transferred on or after July 1, 2010.
The tax would also not apply to sales of new homes under written agreements of purchase and sale entered into after June 18, 2009 where ownership or possession is transferred before July 1, 2010.

Additional Transitional Rules

Where services straddle the HST implementation date of July 1, 2010, the tax charged for the service may have to be split between the pre-July 2010 and post-June 2010 periods. However, the HST will generally not apply to a service if all or substantially all (90% or more) of the service is performed before July 2010.
Four key timelines are important (see below). All are based on the earlier of the time the consideration is either due (In general, an amount is due on the date of the invoice or the day required to be paid pursuant to a written agreement), or is paid without having become due. If consideration is due or paid,
Before October 15, 2009, HST will generally not apply (however, see above transition rules for new housing).
From October 15, 2009 to April 30, 2010, certain business that are not entitled to recover all of their GST/HST paid as input tax credit may be required to self-assess the provincial component of the HST with respect to goods or services supplied after June 30, 2010.
From May 1, 2010 to June 30, 2010, HST will generally apply for services supplied after June 30, 2010.
After June 30, 2010, HST will generally apply. An exception to this rule would be where ownership of the property is transferred before July 2010 or the invoice relates to services provided before July 2010.
With regard to the lease or license of goods, including non-residential real property, HST will generally apply to lease intervals or payment periods on or after July 1, 2010 and the general rules noted above will apply. However, where a lease interval begins before July 2010 and ends before July 31, 2010, it is not subject to HST.
With regard to the sale of non-residential property, HST is due where both possession and ownership of non-residential property occurs on or after July 1, 2010.


More Detail

Additional detail on the transition rules is available at the provincial government web site here or by calling the provincial government enquiry line at 1-800-337-7222.

Careful renos can increase home value

President's Message:

The Greater Toronto Area’s spring real estate market is just weeks away and many analysts anticipate that it will be a busy one.

It is expected that the number of properties available for sale will increase as homeowners react favourably to recent months’ activity. It’s also likely that the market will have more homebuyers, prompted to make a purchase before the added costs of the Harmonized Sales Tax take effect on July 1st.

If you’re planning on making a foray into the market this year, now could be the time to undertake improvements, which if carefully planned, can increase the value of your home considerably.

Most of us know that kitchens, bathrooms and a fresh coat of paint inside and out, offer the best return on investment. According to the Appraisal Institute of Canada, you can expect to get back 75 to 100 per cent of what you put into kitchens and bathrooms. Painting can return 50 to 100 per cent of your investment.

While these are typically low risk investments, a number of factors can influence the gains you achieve with other types of renovations. Location is one such consideration. The completion of a basement recreation room for example, can generally return 50 to 75 per cent of expenses, depending on the preferences of future buyers in your area. In a predominantly seniors community its value could be considerably limited.

It’s also important to consider your home’s most crucial needs. Window and door replacement may offer a return of 50 to 75 per cent, but if your existing units are broken, this home improvement should take priority on your project list. Where glaring needs are concerned, the value associated with your home’s overall impression outweighs specific project returns.

When deciding whether to proceed with functional renovations though, it’s also important to consider that significant government rebates are available for many energy efficiency improvements.

There are some improvements that we undertake simply for our own enjoyment, like a swimming pool, from which you can get back up to 40 per cent of your investment or landscaping, which is likely to offer a 25 to 50 per cent return. Despite the limited gains they may offer individually, these types of improvements can also make an important contribution to your property’s overall image.

Consider as well that not all of your renovations need to be sizable. Even minor improvements like new light fixtures, cabinet hardware or faucets can give your home a contemporary look.

For more information visit the Toronto Real Estate Board’s consumer website www.TorontoRealEstateBoard.com to find a REALTOR® who can advise you on wise improvements for your home.

Tom Lebour is President of the Toronto Real Estate Board, a professional association that represents 29,000 REALTORS® in the Greater Toronto Area.

Tom Lebour is President of the Toronto Real Estate Board, a professional association that represents 28,000 REALTORS® in the Greater Toronto Area.

For more information on Estate Home Sales Solutions, Click here

February Market Graphs - GTA

Houseing Market Charts - January 2010