LATEST REAL ESTATE NEWS FOR BUYERS & SELLERS - NEED TO KNOW!
What the New Mortgage lending rules mean for Buyers in 2018
The Office of the Superintendent of Financial Institutions has implimented new rules on mortgage lending which will take effect in 2018. CLICK HERE FOR ENTIRE ARTICLE
Ontario government gives tax break to first-time home buyers - November 2016
November 14, 2016 13:57 ET
New LTT rebate will help more young families achieve their dreams of home ownership
TORONTO, ON--(Marketwired - November 14, 2016) - In its 2016 Fall Economic Statement, the Government of Ontario committed to increasing the land transfer tax (LTT) rebate for first-time home buyers from $2,000 to $4,000. The new LTT rebate will help more young families achieve their dreams of home ownership.
"Finding an affordable home has become a struggle for thousands of young couples," said Ray Ferris, president of the Ontario Real Estate Association (OREA). "This tax break will reduce a first-time buyer's closing costs and help them save more for their down payment."
According to research prepared by Altus Group Economics for OREA, an improved LTT rebate will create 5,000 jobs and $268 million in economic spinoffs. Research shows that home ownership contributes to families becoming happier and healthier, and enjoying improvements in their children's school performance.
"Home ownership changes you for the better," said OREA CEO Designate, Tim Hudak. "It builds strong and stable neighborhoods. A tax break for first-time buyers will give a lot of young families the leg up they need to get into home ownership."
"Premier Wynne and Minister Sousa deserve credit for taking positive steps to address affordability," said Hudak. "It's encouraging news for that young couple looking to get into the market. We look forward to continuing to work with the government to improve affordability by looking at other issues impacting prices, like supply."
Representing the 66,750 real estate brokers and salespeople members of Ontario's 40 real estate boards, the Ontario Real Estate Association (OREA) serves its members through advocacy, educational programs and special services. www.orea.com
MORTGAGE RULE CHANGES OCTOBER 2016
Anticipated changes have been announced and released by the Ministry of Finance office.
Starting October 17th, 2016, borrowers who take out insured mortgages that are fixed-rate loans of five years or longer will be subject to a more stringent “stress test”. Currently borrowers who take a five year insured mortgage (less than 20 percent down payment) qualify for their mortgage based on the actual rate they receive. Now under the new rule the mortgage amount that a borrower qualifies for will be based on the Bank of Canada’s posted 5 year rate which is currently 4.64%. Your actual payment of course will still be based on the rate you actually receive from the lender. This would result in most Canadians qualifying for a far less mortgage amount then they had anticipated.
As Mr. Morneau states “This would create a “buffer” to ensure that Canadians will continue to be able to easily service the mortgage payments in the event interest rates rise.” The impact is that you simply might not qualify for the mortgage and house you want after October 17th, 2016 due to using the higher interest rate to qualify.
What really matters is what this means to you and your family. As your mortgage professional I understand the new changes and how they can impact your home purchase and mortgage. You still have until October 17th, 2016 to get a mortgage approved based on the old rules given that the home closes prior to March 1st, 2017.
HALTON HILLS INTERIM BY-LAW TO CONTROL CONSTRUCTION OR ADDITIONS IN CERTAIN AREAS OF TOWN - APRIL, 2016
The Town of Halton Hills has passed an Interim Control By-Law to control the Construction or Additions of Dwellings in Certain areas of town. This will affect those who are planning on tearing down and rebuilding a home, or for those who are planning to make significant renovations. CLICK HERE FOR ENTIRE ARTICLE
GTA REALTORS® REPORT RECORD YEAR FOR TREB MLS® HOME SALES TORONTO, January 6, 2016 –
The second best sales result on record for December capped off a record year for TREB MLS® home sales in the GTA. Toronto Real Estate Board President Mark McLean announced that there were 4,945 sales reported in December bringing the 2015 calendar year total to 101,299 – a substantial 9.2 per cent increase compared to 2014 as a whole. Strong annual sales increases were experienced for all major home types last year. CLICK HERE FOR ENTIRE ARTICLE
FEDERAL GOVERNMENT ANNOUNCES CHANGES TO MINIMUM DOWNPAYMENT RULES
On December 11, 2015 the Federal Finance Minister announced changes to the rules for Government Backed mortgage insurance. These changes are effective February 15, 2016 and will affect Buyers purchasing homes over $500,000. CLICK HERE FOR ENTIRE ARTICLE
NO MUNICIPAL LAND TRANSFER TAX - ONTARIO
No Extension of MLTT
December 1, 2015 -- The Minister of Municipal Affairs and Housing Ted McMeekin announced today that the government will not give municipalities outside of Toronto the ability to charge a municipal land transfer tax (MLTT). YOU SAID "NO" AND THEY LISTENED.
REALTORS® mounted a strong campaign against this proposal, and TREB Members played an integral role in speaking out. As a result, Realtors have helped stop one of the largest potential tax increases on home ownership.
Coldwell Banker Fieldstone Realty Brokerage, Real Estate Agent Janice Rumley provides exceptional services for home buyers, first time buyers, relocations, home sellers, home evaluation, MLS listings, Georgetown Halton Hills homes for sale, Buying Selling Real Estate in Georgetown Ontario, Halton Hills, Acton, Erin, Rockwood
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