Are You selling your home in Mississauga Area?
There are 3 things you can do right now that will help you sell your house faster and for Thousand’s of dollars more.
Of all the dozens of things people spend time on to get there house ready for sale, the 3 biggest items that will by far reap you thousands of extra dollars and sell your house faster are:
Cleanliness - If your house is spotless including appliances, people will gravitate to your home over the one that is dirty
De-cluttering – Less is better. Try and reduce your furniture by a third, & remove most knick knacks and personal pictures. Rent a storage unit and put all the clutter there.
Painting – a fresh coat of paint in a neutral colour goes a lonnnnnnnnng way to making your house more appealing. Read my article on best paint colours to use when selling your home for ideas.
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Are You a First time home buyer in Ontario?
Are you living in Toronto and buying your first home?
Savings For First Time Home Buyers in Toronto and Ontario
First time home buyers- There are HUGE savings through government programs and rebates available to you.
Depending on where you live there is Toronto Land Transfer Tax rebate for first time home buyers and an upfront rebate for Provincial Land Transfer Tax. it can be confusing but may save you thousands of dollars- if you have any questions and you are looking to buy your first home in the Toronto, Oakville, Mississauga area- I can help .
Give me a call: Lea Jensen 905-891-8089 or email for more information.
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2nd TORONTO LAND TRANSFER TAX (Municipal – This applies to the City of Toronto only)
The new laws can be confusing- if you have any question, please give me a call at 905-891-8089.
The City of Toronto has indicated that it has been able to make arrangements that will allow purchasers who are eligible for a FULL rebate of the Toronto Land Transfer Tax (TLTT) to close their transactions without paying the TLTT upfront (and then receiving a rebate at a later date). The City previously indicated that these arrangements would not be made until the “spring of 2008”, but has now indicated that changes will be made by February 1, 2008, when the Toronto land transfer tax takes effect.
Toronto land transfer tax is not payable on transactions closing before the tax takes effect on February 1, 2008. For transactions closing after the Toronto land transfer tax takes effect on February 1, 2008, the City of Toronto allows for certain rebates, as described below.
Details on City of Toronto Land Transfer Tax Full Rebate
According to the City, purchasers who are eligible for a FULL rebate of the Toronto land transfer tax will not have to pay the tax (meaning that they do not have to pay the tax upfront and be rebated later). This includes the following:
Purchasers who have entered into an Agreement of Purchase and Sale for a property on or before December 31, 2007; and
First-time home buyers where the total Toronto land transfer tax is $3,725 or less ($3,725 is the amount of TLTT payable on a home purchased for $400,000). First-time home buyers with Toronto land transfer tax payable above the maximum rebate amount of $3,725 (those purchasing homes above $400,000) will be required to pay the total Toronto land transfer tax, and then receive the maximum rebate of $3,725 at a later date from the City. Once all changes have been made to Teranet’s collection system, in the spring of 2008, these buyers will only have to pay the balance of the Toronto land transfer tax above $3,725.
More Information
Further information is available by calling:
City of Toronto
416-338-0338.
Looking at Etobicoke real estate?? Give me a call at 905-891-8089. I can help.
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LAND TRANSFER TAX REBATE FOR FIRST TIME BUYERS
This is incredible news for first time buyers who are buying a re-sale home or condo. The Provincial Government has announced that it is expanding the PROVINCIAL land transfer tax rebate for first-time buyers to include re-sale housing!
Provincial Land Transfer Tax Rebate Information
First-time buyers of both re-sale, and newly constructed homes, will be eligible for a rebate of the provincial land transfer tax of up to $2,000.
Effective for first-time buyers who enter into Agreements of Purchase and Sale after December 13, 2007.
This change is being implemented by provincial legislation introduced on December 13, 2007. The Ministry of Finance has indicated that, until the legislation is passed, first-time buyers of re-sale properties eligible for the rebate can submit their applications for the refund and they will be processed once the legislation has passed. It is not known when the legislation will be passed. Buyers can consult with their lawyers if they have concerns.
The provincial land transfer tax rebate applies in all Ontario municipalities.
Further information is available by calling:
Ministry of Finance
Land Transfer Tax Section
905-433-6361
Or
Ministry of Finance
General Inquiry
1-800-263-7965
Lea Jensen
ROYAL LEPAGE
www.leajensen.com
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As of January 2008 changes to CMHC rules now allow mortgage companies to finance a property 100%. Buyers who are buying a property with the intention of renting can get the 100& financing now. The property can be for one -two to qualify for up to 100& finaincing.1-2 units.
For property with three- four units up to 95& financing allowed .
If you are looking to buy a rental property in the Mississauga/Burlington, Oakville are- give me a call!
Lea Jensen : 905-891-8089
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