2009 Property Tax Rates for GTA

I found it troublesome looking for the tax rates of several municipalities. So, here it is in a convenient chart.

The tax rate and the assessed value of your property are used to calculate your property tax.

If you have any questions than please email your favourite neighbourhood Realtor, Kirby and I will send you the relevant MPAC literature.

Kirby Chan
Sales Representative
Forest Hill Real Estate
info@kirbychan.com
www.KirbyChan.com
416.305.8008

By the way… I’m never too busy for your referrals.

First Time Home Buyer’s Guide

What are the benefits of home ownership?

Pride of Ownership

Pride of ownership is the number one reason why Canadians desire their own home. There is no landlord looking over your shoulder. You are able to make improvements knowing that any appreciation that results, will be to your benefit. Home ownership gives you and your family a sense of stability and security. It’s making an investment in your future.

Appreciation

In Canada, especially in the last few years, homes have appreciated considerably and in doing so have added substantially to owners net worth. Unlike stocks and bonds, you get to live in your investment. Also, in Canada your principal residence is exempt from capital gains taxes.

Mortgage Reduction Builds Equity

Each month, part of your monthly payment is applied to the principal balance of your loan, which builds your equity. You can borrow against a home’s equity for a variety of reasons such as home improvement, sending your kids to university or college, or starting a new business. Why pay-off your landlord’s property when you can own your own?

Homeowners accumulate wealth for the future while enjoying the benefits of a shelter that they have can use, improve and sell. Their home is a safe haven for investment.

Are You Ready to Buy a Home?

First – do you have the financial resources? You should have at least five percent of the purchase price of a home for the down payment, but ideally should be more than 5%. Are there other priorities in your life e.g. starting a new business, which require your savings? If not, buying a home should be on your radar.

Second – do you expect to stay in your new home for some time? Moving can be expensive and you will want to build some equity before having to relocate. Your job and home life should be stable.

What Can You Afford?

If you haven’t already gone through the mortgage pre-qualification process, you will need to meet with a lender or mortgage broker. They will establish how much of a mortgage you will qualify for. Mortgage rates vary considerably and it is paramount that you shop around for the best rate, terms and options.

First time homebuyers may want to take advantage of the federal government’s Home Buyers’ Plan. Under this plan, you may use up to $25,000 of your RRSP towards the purchase of a home. The money is tax-free as long as you pay it back in the next 15 years.

Key Issues / Questions To Ask When Assessing Home Features

• Do you need several bedrooms, more than one bathroom, space for a home office, a two-car garage?
• Do you want air conditioning, storage or hobby space, a fireplace, a swimming pool? Do you have family members with special needs?
• Do you plan to have children? Downtown or suburbs? Proximity to recreation or work.
• Do you need a substantial backyard? Pets?
• Is there adequate storage space?
• Will any remodeling be required to make the home move-in ready for you?
• What service providers (cable, Internet, telephone, Satelite) are available in the area, and is the house completely wired for each? 
• How good is the cell phone reception?
• How much are the yearly property taxes?
• How much do utilities run each month? Does the house use gas or electric for the furnace, water heater, and appliances?
• How old are the major appliances, and which are included with the house?
• Have there been any major repairs to the house, and if so, when were they completed? For example, how old is the roof? Has water ever damaged the basement or foundation?
• Ever had problems with insects, such as termites and spiders, or rodents?
• Older homes need to be carefully examined – Windows may need caulking or new sashes, bathroom tiles may need grouting, home may need rewiring (planning on a hot tub or sauna?), a new hot water heater, or a new furnace.

Location, Location, Location

• How far will you be commuting and what is the traffic like? Factor in cost of fuel.
• Where will your children attend school and how will they commute?
• Are there recreational facilities and parks close by?
• Are you close to family and friends?
• Is safety or high crime an issue?
• Is the property close to an obstacle or negative influence? (i.e. an apartment building, shopping centre, school, radio tower, power lines, LRT or railroad track, highway, airport or commercial project).
• Access to schools, work, recreation, shopping centres, public transportation, cultural attractions, libraries, churches and hospitals.
• Adjacent undeveloped land – what is proposed for this or other green space?
• Heavy traffic can be noise nuisance and hazard for children.
• Distance from the unit to amenities, parking, walkways, roads, public transit.
• Does the neighborhood reflect positively on the value of the condo and your lifestyle choice?
• Does this neighborhood, for any reason, have a poor reputation?
• Is the future economic climate for the area good? Are businesses moving in? Is there government investment?
• Are people moving in or out of the neighborhood? What is their age, income level, family size?
• Are there plans for this neighborhood that you may be unaware of (i.e. a future highway, a commercial development or a new housing development) that will provide competition on resale?

Noise and Privacy

• Proximity to highways, driveways, parking lots, playgrounds, trains.
• Proximity to elevators, garbage disposal, fire exits, heating and air conditioners.
• How well is the building soundproofed?
• Visit at different times/weekends to check noise levels and activity.

Too many questions to answer by yourself? That is where my expertise can benefit you. If you are looking to buy your first home, let me guide you through this exciting process.

Kirby Chan
Sales Representative
Forest Hill Real Estate
info@kirbychan.com
www.KirbyChan.com
416.305.8008

By the way… I’m never too busy for your referrals.

Six Tips When Buying a Home

Tip #1 – Get Pre-Qualified

Before looking for your next home take the time to get pre-qualified by the bank or mortgage broker you choose.  This can save you hours of searching for homes in the wrong price range or worse, purchasing a home and then finding out you don’t qualify for financing.  Pre-qualifying gives you peace of mind, helps narrow your search criteria and most importantly, gives me a negotiating edge by being able to alleviate the sellers concern over financing. The latter is especially important should a competing offer surface.

Tip #2.  Shop For Mortgage Terms

Rates are negotiable! Banks will sharpen their pencils to get your business especially if you have a good credit rating and bring other business to them e.g. RRSP’s, general account, savings etc. Posted rates should be viewed as a starting point. You need to know what the best rates are and this is usually done by getting competitive quotes. Also, ask whether the bank will cover appraisal fees, and about buy-out fees, penalties, payment options, portability etc.  The time spent can save you thousands of dollars over the life of the mortgage.

Tip #3.  Get Professional Inspections

Nobody wants to purchase a home only to find out later there are defects, latent or otherwise.  Ensure you obtain inspections where needed e.g. home inspection, structural engineer, insect, radon etc.  If the inspection identifies deficiencies you may be able to negotiate the purchase price to cover required repairs or make your satisfaction of the inspection subject to the homeowner remedying the problem. I can advise you on inspections you should consider.

Tip #4.  Contact Kirby Chan, Your Professional Sales Representative

Kirby Chan can help you make a purchase with the least amount of problems.  I can ensure the price you pay is never above market value.  I can offer expert advice on what to look for, conditions to include, negotiation strategy etc. After all, I work for you.

Tip #5.  Sell Before You Buy

If price is important you should always sell your present home before buying another.  It has the advantage in letting you know exactly how much money you will have available for your next purchase.  Selling your home first allows you to place fewer conditions on your purchase which makes your offer more attractive to a seller.  They often will demand more money to take a “subject to” offer which takes their home off the market.  The other advantage is if you find a terrific house, chances are others will also find it attractive and you stand to lose it if you can’t make an unconditional offer.

Tip #6.  Know The Full Cost Of Buying

Know all the costs associated with your purchase.  Consider the following costs:   legal fees, transfer tax, property taxes, new home landscaping, fencing, appliances and window coverings.

Kirby Chan
Sales Representative
Forest Hill Real Estate
info@kirbychan.com
www.KirbyChan.com
416.305.8008

By the way… I’m never too busy for your referrals.

Forest Hill Real Estate

Effective today, I will be working at Forest Hill Real Estate. I consider this a natural move forward, because of all the services Forest Hill Real Estate provides me and to my clients. I am at the point in my career where I either hire an assistant to help me or join a Full Service brokerage. It was an easy choice choosing whether to train and pay an assistant or joining an established service-first brokerage.

Other than having a prestigious name, let me tell you a little more about Forest Hill Real Estate.

Forest Hill Real Estate is Toronto’s premier independent full service real estate brokerage. With three strategically located offices, over 250 salespeople and over one billion dollars in annual sales, Forest Hill Real Estate Inc. prides itself on providing the finest level of service.

Over the past 20 years, Forest Hill Real Estate has enjoyed remarkable growth in market share and sales of residential, commercial and recreational properties in the Greater Toronto Area and surrounding communities.

Forest Hill Real Estate is a perfect fit for my clients who demand the ultimate in the total service experience.

I welcome the opportunity to demonstrate, Kirby Chan’s commitment to excellence combined with Forest Hill Real Estate’s level of experience, for a truly satisfying experience, whether you are buying or selling!

There are 3 convenient offices where I can serve you.

Forest Hill Real Estate has 3 location to serve you.

My main office:
BAYVIEW OFFICE (Bayview / Sheppard)
500 Sheppard Ave. East, Suite 201
Toronto, ONT
M2N 6H7

VILLAGE OFFICE (Spadina / St. Clair)
441 Spadina Rd.
Toronto ONT.
M5P 2W3

CENTRAL OFFICE (Avenue / Lawrence)
1688 Avenue Road
Toronto, ONT
M5M 3Y4

Kirby Chan
Sales Representative
Forest Hill Real Estate
info@kirbychan.com
www.KirbyChan.com
416.305.8008

By the way… I’m never too busy for your referrals.

Monday’s Deal of the Week – Renovated Thornhill Bungalow

This is a renovated bungalow siting on a 50-foot frontage lot.  It is located in Thornhill at Yonge Street/Steeles Ave. East. Exterior has been updated with a stucco finish. Interior has been substantially renovated with new hardwood floors, granite kitchen, new 4 piece bathroom. -Please Click here for a full set of interior photos-

This is a great property to live in now and build later. Many bungalows in the area have been torn down by builders to build custom homes. The asking price is $350,000 and has been on the market for 1 month. As a comparison, for the past two years the lowest price a bungalow has sold on this street was $357,000 with no renovations.

If you are looking for an investment, this is a great chance buy this property and rent it out while you sit back and let it appreciate in the coming years. Land in North York is getting scarcer so sooner or later, development will move north of Steeles.

When the market was high, were you thinking how come I did not buy when it was low? Well it is the time to buy now, because prices are low. If you wait and try to find the bottom, you may miss everything. For the past couple of years, real estate has been a good short-term investment but that has changed now. You have to get yourself into a good position now and hold real estate as a long term investment.

This one won’t last long. Please give me a call and I’ll show you this fabulous bungalow.

Kirby Chan
Real Estate Sales Representative @ Re/Max
info@kirbychan.com
www.KirbyChan.com
416.305.8008