Archive for the ‘Finance & insurance’ Category
HST around the house
Posted by: Sam Reiss in Finance & insurance, Real estate industry news on July 2nd, 2010
With HST tax coming into effect July 1st, many new home owners are wondering what exactly will be affected, and what won’t. Many household items that were previously subject to 8% provincial and 5% federal tax will now simply switch over to the 13% HST, and consumers will incur no additional costs. However, some items that were only subject to the 5% federal tax will now be subject to the 13% HST. In total, about 83% of products and services purchased by consumers will see no new tax.
Builders working to reduce impact of HST on new home buyers
Posted by: Sam Reiss in Finance & insurance, First time home buyers, New Homes and Condos, New home builders, Real estate industry news, Real estate market updates on February 19th, 2010
The controversial new HST rules have been causing quite a stir as their July 1, 2010 implementation date approaches, and nowhere is this more evident than in the realm of the biggest of big purchases, new home sales.
The good news for most Ontario homebuyers is that because of the way the tax is structured, there will be no significant increase in cost for new homes that are priced below $400,000.
Is your income at risk? Your home doesn’t have to be
Posted by: editors note in Finance & insurance, First time home buyers, Genworth Financial advice, Mortgage questions, New Homes and Condos, Real estate industry news on August 6th, 2009
When life delivers an unexpected blow – like a serious illness, a marital separation or loss of employment – it can be difficult to stay on track. Sometimes, it can even put your ability to make your mortgage payments at serious risk.
HST squeezes middle-class homebuyers, hits GTA hardest, new report finds
Posted by: editors note in Finance & insurance, First time home buyers, New Homes and Condos, Real estate industry news, Real estate market updates on May 5th, 2009
Greater Toronto Area homebuyers will absorb an exorbitant share of the whopping $800 million tax increase on new homebuyers across the province under the Provincial government’s harmonized sales tax (HST), which could threaten up to 21,200 jobs, a new report released by the Building Industry & Land Development Association (BILD) revealed today.
The report, titled “Big Hit on GTA Middle-Class Homebuyers with the Ontario Budget’s HST Proposals,” reveals that GTA new homebuyers will absorb $575 million or nearly three quarters (72%) of the $800 million tax increase while accounting for less than half (45%) of new home sales in Ontario.
Don’t let your mortgage automatically renew
Posted by: editors note in Finance & insurance, New Homes and Condos on April 7th, 2009
(NC)-When’s the last time you thought about your mortgage? Do you know your rate? Do you know when your term is up for renewal? Do you know what happens if you don’t renew your mortgage? Many Canadians don’t. It’s no wonder when it comes time to renew a mortgage, many people fall into the auto renewal trap.
Sales tax harmonization will hurt resale home market
Posted by: editors note in Finance & insurance, First time home buyers, Real estate industry news, Real estate market updates, Resale homes, Selling your home on March 27th, 2009
TORONTO, March 26 /CNW/ – Ontario’s REALTORS(R) say the McGuinty governments plan to harmonize the GST and PST will add over $2,000 to the cost of a real estate transaction, hurting the resale home market and prolonging the housing industry’s recovery from the current economic downturn.
“Now is not the time to be erecting barriers to homeownership,” said Pauline Aunger, President of the Ontario Real Estate Association. “We need consumers to invest in housing to help get our economy going again.”
Energy-efficient housing made more affordable
Posted by: editors note in Finance & insurance, First time home buyers, Home improvement tips, New Homes and Condos, Real estate industry news, Tips for Green Living on March 12th, 2009
As the price of energy continues to rise, homebuyers are becoming more conscious of the energy efficiency of their potential home. Today, more options exist to buy an energy efficient abode than ever before. The growing demand for energy efficiency has led homebuilders to accommodate these requests by building more R-2000 standard homes.
What is an R-2000 home? It is a home that meets the standards set by the federal government to promote energy efficient construction in residential housing. A home built under the R-2000 standard uses two-thirds less energy than a conventional home.
