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The Mississauga Real Estate Market in 2017 – a Forecast

February 16, 2017 Leave a comment

Here is our latest video on the Mississauga real estate market. We take a look back at 2016, and a look ahead to 2017. All signs point to continued strength in the market, as the three ‘pillars’ which are driving it – low interest rates, a decent local economy, and ongoing immigration into the Greater Toronto Area, are maintained. Will the ‘wild cards’ of the election of Donald Trump in the U.S.A., and the increased tightening of mortgage approval requirements by regulators in Canada, have an effect? Watch the video to find out.

January numbers are already in the books, and local newspapers are publishing reports of incredible bidding wars on average houses. It looks like we are in for another interesting year.

and here is a transcript of the video:

Hello everybody, it’s Randy Selzer here. Once again, thank you for joining me here on my YouTube channel, and how are you? Hope all is well, welcome back. Today, we’re going to look back a little bit at 2016 and see what happened in the market, and we’re also going to look forward to what to expect in 2017 in the real estate market here in Mississauga and also in the Greater Toronto Area. I think most of you are well aware that the, 2016 was incredible. The numbers have come out from the real estate board, and they’re showing about a 23% increase in average prices year over year, which is just an incredible amount to look at, and that’s a historical amount.

So that’s all great news if you’re a homeowner. If you’re a home buyer, it was very difficult throughout the year, trying to chase these listings when they came out, so many bidding wars, and pretty well every house had multiple offers on it, and condos, too, really picked up, especially in the last half of the year; so, as we look forward to 2017, I see a couple of competing things. I think the fundamentals are still there, which is what I like to talk about, the three pillars which are driving the market, and that is low interest rates, a decent economy in general, as well as immigration into the Greater Toronto Area, so those three things are still in place, and that’s all good news for real estate.

There are a couple of things, the kind of wildcards that are out there. One of them was the election of Donald Trump in the United States, and whether or not he messes around with NAFTA and some of the agreements we have with them could affect Canada, and certainly, the Auto Pact, if that gets canceled, that could have a huge effect on Southern Ontario, so we’re not sure where that’s going to go. We’ll have to just watch very carefully to see as it unfolds. The other thing to keep an eye on is that the Canadian Government has done a number of steps to try to slow the market down, it’s a little bit alarmed, I think, that the prices are so high; so as we talked about in another video, they recently required people to, with high-ratio mortgages, to get approved at a higher rate than what they’re actually getting, sort of as a buffer. In case the rates do increase, they’ll still be okay, and …

Also, just very recently, the CMHC fees were increased, and those are the insurance fees that a high-ratio buyer has to pay when getting a mortgage loan, so those two things have combined to make it considerably tougher, especially for first-time buyers, to get into the market. I think what we’re going to see is continued strength in the market for the first half of the year, and I think as these sort of legislative changes take effect, or they’ve taken effect, but as they kind of sift through the market, you may see some decrease in demand perhaps in the second half of the year, but I don’t have a crystal ball. These are just best guesses that I can come up with for where the market is headed.

For investors, the news, also, has been really good. The rental market has been extremely strong, rents are extremely high, and basically, everything is getting snapped up the minute it comes out; so for a rental, if you’re looking at making an investment and renting it out, specifically condos in Mississauga or wherever, that is, we predict that that’s going to continue, because a lot of people are simply priced out of the market to purchase, so they’re going to continue to rent, and that’s going to provide a nice pool of renters for investors.

Anyway, stick with me, we’re going to continue to do videos throughout the year. Hopefully, we can keep abreast of any of the changes that take place, and I wish you all well. Once again, if you have any comments, please feel free, on YouTube or any of the social media, to make comments, and I hope you get a kick out of these videos as much as I get a kick out of making them. Anyways, have a great day, and we’ll talk to you again soon. Bye.

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5 Government Programs that help Home Buyers in Ontario

February 4, 2016 Leave a comment

ontario programs home buyers

There are a number of programs available from both the provincial and the federal government, which provide help for home buyers in Ontario. Each of these can help you to save money, either directly, or when you file your tax return. Here are 5 helpful programs which can save you money:

 

Ontario Energy and Property Tax Credit

This is a tax credit that helps low to moderate income individuals with property taxes and the sales tax on energy expenses. The credit is part of the Ontario Trillium Benefit and refunded on your tax return.

http://www.fin.gov.on.ca/en/credit/oeptc/

 

Home Buyers Tax Credit (HBTC)

This is a tax credit for first time buyers which reimburses a portion of closing costs. The credit is refunded on your tax return.  The max is $750.

http://www.cra-arc.gc.ca/gncy/bdgt/2009/fqhbtc-eng.html

 

Ontario Healthy Homes Renovation Tax Credit

ontario healthy homes credit

This tax credit benefits seniors and can help them with the renovation costs to improve safety and accessibility in the home. Seniors are eligible for up to 15% back when they spend a max of 10,000 on home renovations.  Amounts are refunded on your tax return.

https://www.ontario.ca/page/healthy-homes-renovation-tax-credit

 

Home Buyers Plan (HBP)

First time home buyers can withdraw up to $25,000 from their RSP’s tax free to use towards down payment and closing costs when buying a home.

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/hbp-rap/menu-eng.html

 

GST/HST New Residential Rental Property Rebate

This rebate is for purchasers of a newly constructed home for use as a rental property and GST/HST was payable at closing. As a landlord, you are eligible to receive most of it back by filling out an application and mailing it in.

http://www.cra-arc.gc.ca/E/pub/gp/rc4231/rc4231-e.html

We hope you find these programs useful. With thanks to Sherry Love, Home Financing Advisor at Scotiabank Mississauga, for her expert input. You can reach Sherry at (416) 908-8563.

Got questions about home financing? You can equip yourself with all the latest money saving tips, by clicking here. Get all the answers to help you with the purchase of your next home.

Day Trip to Elora, Ontario

October 12, 2015 1 comment

Statue of A.J. Casson by Beverley Cairns in Elora, Ontario

Today’s post won’t be about Mississauga, but instead about a day trip we took from there. Today was a glorious, warm, and sunny fall day, and it was also a holiday, being Canadian Thanksgiving. We had already finished with the big dinner earlier on Saturday, and so we decided to go on a “fall foliage tour” to a couple of our favourite southern Ontario places. After spending time taking in the sights of Belfountain & Erin, Ontario, we then headed west to the lovely town of Elora.

The weather was great, and although it’s been a couple of years since our last visit, it is gratifying that not too much has changed in this quaint village. Elora is located about 100km northwest of Mississauga, in a scenic area near the Grand River, and near a very deep gorge known as the Elora Gorge. There are a lot of artists who live here, and the town is indeed known as an artists colony.

While wandering the quaint boutiques in the downtown area, we found a lot of public art on display – there were quite a few to be found in various locations with a Halloween theme, but also this guy – an interesting statue of A.J. Casson, by local artist Beverley Cairns. This is in a park near the centre of town.

AJ Casson Sculpture Beverley Cairns

The material appeared to be some sort of clay or ceramics….

AJ Casson Sculpture Beverley Cairns

A.J. Casson was a renowned Canadian painter, and a member of the ‘Group of Seven’. There were other works of art in the park, but this particular sculpture had a definite presence – you could really ‘feel’ it, standing nearby, kind of quirky, in a very attractive way. The good citizens of Elora are a lucky bunch.

AJ Casson Sculpture Beverley Cairns

It’s so gratifying to see great public art such as this, especially unexpectedly in a small town in rural Ontario. Kudos to the artist, Beverley Cairns, it’s really a great piece, and to the local folks and politicians who made it possible. It makes an already special place even better. One last pic:

AJ Cassons Sculpture Beverley Cairns

If you haven’t been to Elora yet, or if it’s been a while since you’ve been there, it’s definitely worth the short drive, and the public art is a bonus.

Enjoy public art? Does it have a place in our cities and towns? Do you like this sculpture? Share your thoughts in comments below, we’d love to hear from you!

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