Thursday, February 22, 2007

Tax Sale Properties in Ontario - How can you find them?

Power of Sales, Foreclosures and Bank Sales Alert for Mississauga, Oakville and Brampton

Example of the procedure of selling a tax sale property


Before there is a sale of property for tax arrears the property owner is given every opportunity to pay the taxes in full in order to keep possession of their property. This right has been supported by the Ontario Court of Appeal.


As the City or Municipality is only interested in recovering the debt outstanding, they typically adhere to the principal that the owner is given all chances to bring the taxes up to date and where an arrangement to pay has been made between the owner and the city, the tax sale of an advertised property will be cancelled.


Sometimes a tax sale does not occur, nobody bids on a property and the property becomes vested with the city or Municipality. Reasons for this can be where there are no bids during the tax sale and the property becomes vested with the city. Some of the reasons for this include but are not limited to:



  • there is an easement on the land and building on it is restricted,

  • the property is so small that building on it would not be allowed,

  • the property is land locked and not accessible,

  • the zoning of the land limits its use,

  • the property is in such disrepair that it is not worth the taxes owed, etc.


In these situations with the exception of the last example the city or municipality may try and identify any restrictions so that bidders are fully aware before they bid and commit their 20% deposit which will be forfeited should the bidder not close the sale.


Where the tax sale has no bids, the City has one year from a failed tax sale to decide whether the City wants to vest the property to itself. If there are any concerns as to contamination or the safety of a building structure then the city will analyze the available data to decide if the city should assume any risk in putting the property in the City's name.


Where it is determined that the City will not vest the property they may issue a Request for Offers and attempt to spur development by accepting much less than the taxes owed while limiting our risk of ownership to a very short period. Examples of these types of properties are where the taxes owed are much more than the assessed value. The City can also choose to do nothing with the property and then start the whole tax process again on that property.


Where a property did get sold at the tax sale the price bid for that property must be at least the taxes owing (minimum bid). Where the bid was for more than the taxes owing the balance is paid into Provincial Court and any other creditors that were registered on title can then make a claim for the excess funds.


On properties for which there is no bid and it is indicated that the property is vested to the City, usually the Real Estate Department becomes responsible for the property. They will work with Power of Sales Propertiestransferring title to any adjoining owners, transferring title to another government agency (i.e. conservation, authority), the city may potentially require the property for its own use, or the Real Estate Department may market the property and attempt to then get the best price available for the property. Often the city or municipality will market the property on the MLS. These properties are then available to the general public through agents like myself.

I can send you a list of foreclosure properties if you use my online form.


As you can see, the process can become quite complicated and may take many months or years to conclude.


For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Tuesday, February 20, 2007

Power of Sales Properties - What are they and how can I get them?

Power of Sales Properties What is a Power of Sale Property?

When a borrower defaults on a home mortgage, the lender may attempt to recover its losses by repossessing and selling the property. However, because of legal fees, foregone interest, and property expenses, estimated losses on these foreclosures range from 30 percent to 60 percent of the outstanding loan balances.

There are other variables that can affect the losses or costs as foreclosures and power of sales properties, one of which is the time it takes to process the paperwork in the courts.

Definition of Power of Sale: A clause commonly inserted in a mortgage and deed of trust that grants the creditor or trustee the right and authority, upon default in the payment of the debt, to advertise and sell the property at public auction, without resorting to a court for authorization to do so.

Once the creditor is paid out of the net proceeds, the property is transferred by deed to the purchaser, and the surplus, if any, is returned to the borrower or debtor. The debtor is thereby completely divested of any interest in the property and has no subsequent right of redemption—recovery of property by paying the mortgage debt in full.

You will often see advertisements about Court Auctions, Pre-Forclosures, Homeowners in Bankruptcy, HUD Homes, VA Homes, Government homes and similar sounding wording. In my experience, many of these types of properties come out of the US and are not as common here in Ontario.

In our trading area, most of the Power of Sale (POS) or foreclosure properties are put on the Toronto TREB MLS. The reason for this is that our laws are very strict about the procedure and marketing of a power of sale property and the company or person who is initiating the power of sale must do their best to obtain market value for the property. Otherwise if the property is sold too far under market value, the owner could sue the lender for the shortfall.

Would you like to automatically receive new MLS listings of residential Power of Sales or Bank sales or Foreclosures in the Toronto or Mississauga and Oakville areas? This would include new power of sale and bank sale listings as they are added to the MLS database system. Click the graphic below to sign up.

Power of Sales Properties

Please send me Power of Sale listings in the GTA and Mississauga areas.

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com


Monday, February 19, 2007

Mississauga Celebrates 10 years in a row of $1 Billion in Construction


Mississauga Celebrates $1 Billion in Construction 10 Years in a Row

Mayor Hazel McCallion, members of Council and the City's Leadership Team, along with staff in the Planning and Building Department, will celebrate the City's 10-year building milestone at a cake-cutting reception following the regularly scheduled Council meeting at 2 p.m.

"This is a very exciting time for Mississauga. New condominium developments are dramatically changing our city centre, and innovative new commercial and industrial developments, our talented labour force, and access to quality city amenities, are attracting businesses to Mississauga from around the world."

Total value of residential building permits issued last year was $552,832 million.
"About 44 hectares are located in the city centre where, once developed, the employment opportunities will complement the residential development already in place and will add to the vitality and excitement of Mississauga's downtown."

The total value of construction over the last decade is $14 billion. Of that, $7.96 billion was for residential development.

Mississauga City Centre is where much of the new condo activity is located. Many of the projects mix residential with commercial and office developments.
They include:
- One Park Tower at 388 Prince of Wales Dr. This 38-storey tower features grade-related commercial space.
- Solstice One at 225 Webb Dr. This 38-storey tower offers grade-related retail and commercial space as well as second floor office space.
- Absolute Tower Three at 80 Absolute Ave. This is the third in a series of five condominiums to be built at the corner of Hurontario St. and Burnhamthorpe Rd.

During Council, Agris Robeznieks, the City's chief building official and director of building will make a presentation outlining Mississauga's 2006 Year-End Building Statistics and overview of the City's 10-year achievement in surpassing $14 billion total in prescribed construction in 10 years.

"Building is still booming in Mississauga where we have an ideal balance of residential and commercial-industrial development, which provide wide choices and great opportunities for living and working in our city," says Mayor Hazel McCallion.

"Mississauga is open for business with 1,198 hectares of vacant employment land available," says planning and building commissioner Ed Sajecki.

The City of Mississauga is celebrating its 10th year of construction activity totalling more than $1 billion.

The final tally for 2006 shows that 4,275 permits were issued during the year, valued at $1.05 billion.

Read more about the City of Mississauga

For more information please contact A. Mark Argentino
Toronto Real Estate Board (TREB) Average Prices and Graph

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com


Thursday, February 15, 2007

Directory Listing of Government Websites in Mississauga and the GTA

This page contains a list of Government websites located in the GTA and Mississauga, Ontario, Canada

One of the great benefits of the Internet is that it allows improved public access to to all levels of our governments

The explosive growth of the Internet and the continuing public demand for greater access to government has resulted in governments at all levels rushing to ensure their presence is known and seen on the World Wide Web.

The main purpose of most of the government Web sites is to communicate with constituents and distribute information on various programs and services. Governments at the federal and provincial levels, as well as most local and regional governments in the Greater Toronto Area (GTA) have established their own Web sites in an effort to get closer to the voters.

In addition to obtaining information about government programs and services, the public can also communicate with many elected officials via e-mail. For example, by accessing the Government of Canada Web sites, individuals can obtain e-mail addresses for the Prime Minister, and various federal cabinet ministers.

Furthermore, many of the Web sites have links to other government related home pages making it easier for the public to stay in touch with their elected representatives.

Listed below are the home page addresses for the federal and provincial governments, and for many of the local and regional governments in the Greater Toronto Area.

If the government you are searching for is not listed, try searching by using a good search engine, such as google.ca At the search engine's home page, simply enter the name of the government, start the search and you should pull up some sites. If you are unsuccessful, it may mean that no Web site exists for that particular government search or it could be under construction.

Government Web Site Addresses

Government of Canada

http://www.canada.gc.ca/

Government of Ontario

http://www.gov.on.ca/

Regional Governments:

Durham Region

http://www.region.durham.on.ca/

Halton Region

http://www.region.halton.on.ca/

Peel Region

http://www.region.peel.on.ca/

York Region

http://www.region.york.on.ca/

Municipal Governments:

Ajax

http://www.town.ajax.on.ca/

Aurora

http://www.town.aurora.on.ca/

Brampton

http://www.city.brampton.on.ca/

Brock

wwww.townshipofbrock.ca

Burlington

http://www.city.burlington.on.ca/

Caledon

http://www.town.caledon.on.ca/

Clarington

http://www.municipality.clarington.on.ca/

East Gwillimbury

http://www.town.eastgwillimbury.on.ca/

Georgina

http://www.town.georgina.on.ca/

Halton Hills

http://www.town.halton-hills.on.ca/

King

http://www.township.king.on.ca/

Markham

http://www.city.markham.on.ca/

Milton

http://www.town.milton.on.ca/

Mississauga

http://www.city.mississauga.on.ca/

Newmarket

http://www.town.newmarket.on.ca/

Oakville

http://www.town.oakville.on.ca/

Oshawa

http://www.city.oshawa.on.ca/

Pickering

http://www.cityofpickering.com/

Richmond Hill

http://www.town.richmondhill.on.ca/

Scugog

http://www.township.scugog.on.ca/

Toronto

http://www.city.toronto.on.ca/

Uxbridge

http://www.uxbridge.com/

Vaughan

http://www.city.vaughan.on.ca/

Whitby

http://www.town.whitby.on.ca/

Whitchurch-Stouffville

http://www.town.whitchurch-stouffville.on.ca/

See more links at this page

For more information please contact A. Mark Argentino

A. Mark Argentino Associate Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc.
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS 905-828-3434
FAX 905-828-2829
E-MAIL mark@mississauga4sale.com
Website: Mississauga4Sale.com



Monday, February 12, 2007

Average Sales Prices for West Mississauga zones W16, W19 and W20

Toronto Real Estate Board (TREB) Average Prices and Graph
In the three tables below you can see the sales statistics for the month of January 2007. The stats show the averages for Freehold townhomes, townhome condos, high rise condos, semi detached home, detached homes, co-operative homes, link detached homes and detached condos that were sold in the areas of W16, W19 and W20

If you are not sure of the boundaries for these zones, please browse to this page and it will show you all the W zones and you may click the zone to see details and boundaries.



MLS Sold Statistical Summary for W19 on 1/31/2007

MLS Sold Statistical Summary for W20 on 1/31/2007


W16
Toronto Real Estate Board (TREB) Average Prices and Graph

W19
Toronto Real Estate Board (TREB) Average Prices and Graph



Toronto Real Estate Board (TREB) Average Prices and Graph
See all the stats and numbers at this page

For more information please contact A. Mark Argentino

A. Mark Argentino Associate Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc.
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS 905-828-3434
FAX 905-828-2829
E-MAIL mark@mississauga4sale.com
Website: Mississauga4Sale.com



Friday, February 09, 2007

Age Old Question - Should I Rent or Own??

Toronto Real Estate Board (TREB) Average Prices and Graph
Is it better to Rent or Own your home?

The Benefits of Home Ownership

Unlike renting, buying a home is an investment that can appreciate over time, giving you more financial security long term. If you are still paying rent to someone else, these numbers may be of interest to you.
The example that follows is based on these assumptions:

Anticipated Home Price: $ 200,000 Down Payment: $ 0.00
Interest Rate: 5.09% Amortization: 25 yr
Monthly Rent: $1,200 Mortgage Payment: $1,173
Annual Rent Increase: 3.0% Home Value Increase: 3.0%

Toronto Real Estate Board (TREB) Average Prices and Graph


After 5 years, you will have accumulated $54,591 equity in your home. In addition, you will have paid $6,043 less than your rental payments. This chart shows the totals year by year:

Toronto Real Estate Board (TREB) Average Prices and Graph

*Calculation results are approximations and are for information purposes only. Actual figures may vary. It assumes all payments are made when due. This does not include any additional home ownership expenses i.e. property taxes, heating costs, and condo fees if applicable. Article courtesy of Scotiabank

For more information please contact A. Mark Argentino

A. Mark Argentino Associate Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc.
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS 905-828-3434
FAX 905-828-2829
E-MAIL mark@mississauga4sale.com
Website: Mississauga4Sale.com

Thursday, February 08, 2007

"Set the Stage" if You are Thinking of Selling soon -

Toronto Real Estate Board (TREB) Average Prices and Graph
Home Staged Home
What to do before you sell

"Home Staging" is more than just preparing to sell your home by making it look the best it can. It's really the art of first impressions. For many home sellers and real estate agents, the concept of "home staging" is being more frequently recognized and used to effectively promote and market a home in the marketplace. However, while real estate agents are experts in the field of selling houses and closing the sale, many are not experts in design. If you are in the process of, or thinking about, selling your home, you may want to consider hiring a professional home stager to assist you. They work with the "flow" of a home, eliminate clutter, arrange furniture, and even assist in enhancing curb appeal. Or, if you're more the do-it-yourself type, below are some tips on what you can do to improve your home's "first impression."

Start at the curb
Curb appeal is the first step to selling your home. No one wants to buy a previous owner's dirty house. Power-wash the siding and wash windows until they shine. Trees, shrubs, and flowers should be neat and tidy, the garden weeded and the lawn mowed and edged. Once you've removed everything that isn't necessary, add touches such as large, lush flower pots or hanging planters to welcome visitors.

Move inside
Once you've created a promising exterior, you need to focus on the interior. The key to staging is to make it meaningful, set the tone and suggest countless possibilities. That means you need to remove everything that could distract the buyer's attention. Keep only what you must to remain functional. If you don't use something everyday, pack it for the move.

Like the exterior, the inside needs to be neat and clean. If paint is showing signs of age, repaint. Neutrals often work best.

Once the house is clean, stage your home with minimal furnishings. If you need inspiration, visit some model homes to see how decorators have put rooms together.

Clear out closets, cupboards, and drawers.

Strip the kitchen down to the necessities. Counters, however, should be clear, except for a decoratively placed bowl of fruit or bouquet of fresh flowers.

It's not necessary for individual rooms to be used for their original purpose as long as the functions they represent are logical and show the space off well.

Remove anything personal such as family pictures and mementos.

Edit books, CDs, and videos on bookshelves.

Arrange furniture to enhance the strengths of the room and facilitate traffic flow.

If your furniture shows signs of age, consider borrowing pieces.

Open the curtains to allow natural light to fill the room.

Appeal to the buyer's sense of smell. Hot apple cider, cinnamon rolls, or fresh baked cookies add a homey smell.

Simplicity and comfort is your ultimate goal!

Your Home Staging Checklist

Are all countertops clean and clear?

Have you removed unnecessary furniture throughout the house?

Is the refrigerator free of children's art and magnets?

Check the bathrooms

Are the surfaces clean and clear?

Are shower curtains clean and hung properly?

Is the flooring clean and fresh?

Are towels neatly hung?

Check the walls

Is paint and wallpaper fresh and clean?

Are the walls free from cracks and holes?

Is there anything on the walls that need to be removed?

Check the floors

Is the carpet clean and free from stains?

Are hard surface floors clean and free from stains?

Check the windows

Are all the windows clean?

Are draperies and blinds clean?

Pet check

Remove any signs that this is a pet's home.

Check the aroma

Air out the home prior to showings.

Set the mood prior to showings

Open draperies and blinds.

Turn on the radio to a soft music station, set the volume low.

If you have time, bake a batch of cookies or muffins to create a warm, welcoming aroma.

Read more about setting the stage

For more information please contact A. Mark Argentino

A. Mark Argentino Associate Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc.
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS 905-828-3434
FAX 905-828-2829
E-MAIL mark@mississauga4sale.com
Website: Mississauga4Sale.com

Tuesday, February 06, 2007

New Landlord and Tenant Rules in Ontario as of February 2007


New Residential Tenancy Rules Take Effect in Ontario

February 2, 2007 -- New rules regulating residential tenancies took effect on January 31, 2007. The new rules are a result of a provincial government initiative that began almost two years ago with consultations that included input from TREB.

TREB Input Achieved Results

When the provincial government began consultations on making changes to residential tenancy rules, one of the most significant changes proposed was with regard to rent control. The proposal considered eliminating the current system of vacancy de-control, which allows landlords to negotiate rent freely with a prospective tenant when dealing with a vacant unit. Once the tenant has agreed to a rent, they are then protected by the annual rent increase guideline, set by the provincial government, which stipulates how much the rent can be increased each year.

Given the high vacancy rates in recent years, TREB, and other groups, told the provincial government that the system of vacancy de-control was working, as intended, to improve availability and standards of rental accommodation. As a result of this input, the provincial government decided to maintain vacancy de-control.

New Rules

The new Residential Tenancies Act, which is now in effect, makes various changes to rules governing rents and landlord-tenant relationships. Some of the key changes include:

The annual rent increase guideline will be based on the Ontario Consumer Price Index, which will be the rate of inflation for the year running from June to May.
Landlords will be able to inspect rental units for maintenance problems, with 24 hours notice.
Landlords will have more remedies to deal with a tenant if he/she is causing willful and/or excessive damage in a rental unit or building. The new remedies will cut the eviction process approximately in half.
Improvements to processes under the Landlord and Tenant Board (formerly known as the Ontario Rental Housing Tribunal)
Interest paid to tenants on last month’s rent deposit will be the same as the Consumer Price Index

More Information

Complete background information, including highlights of the new Residential Tenancies Act, is available at a special web site established by the provincial government.

Read more about Landlord and Tenant Investment Property Issues

For more information please contact A. Mark Argentino

A. Mark Argentino Associate Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc.
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS 905-828-3434
FAX 905-828-2829
E-MAIL mark@mississauga4sale.com
Website: Mississauga4Sale.com

Monday, February 05, 2007

CMHC Purchase Plus Improvements Program


CMHC Purchase Plus Improvements Program

This program is brought to all Canadians by the Canada Mortgage and Housing Corporation (CMHC).

CMHC insured mortgage loans are available to cover the purchase price of a home as well as an amount to pay for immediate major renovations or other improvements that the purchaser may wish to make to the property. This option eliminates the need to obtain secondary financing after the purchase to pay for improvements. The homebuyer obtains a single first mortgage, makes a single mortgage payment, and benefits from first mortgage interest rates.

Details

The insured loan will be based on the lower of:

• The purchase price plus the actual cost of improvements, or,

• The “as improved” market value. Prior to approval, CMHC will determine the market value of the property after renovations/ improvements. The lending value will not exceed the market value of the property after renovations/ improvements.
Applicants must have the following:

• A minimum of 5% down payment of total cost (purchase price plus renovations/ improvements).

• Cost estimates for renovations/improvements.

• Qualifications to obtain a CMHC insured loan through an approved lender.
For more information call CMHC at (416) 221-2642 or www.cmhc.ca.
Mortgage loans are available to cover the purchase price of a home as well as an amount to pay for immediate major renovations or other improvements

Example:
Purchase Price $100,000
Renovations/improvements costs $25,000
Total cost $125,000
Lending Value $125,000
Maximum Mortgage (95%) $118,750
Minimum 5% down payment $6,250

For more information please contact A. Mark Argentino or visit my website

A. Mark Argentino Associate Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc.
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS 905-828-3434
FAX 905-828-2829
E-MAIL mark@mississauga4sale.com
Website: Mississauga4Sale.com

Thursday, February 01, 2007

Is the Land Transfer Tax (LTT) Rebate Program for You?


Land Transfer Tax (LTT) Rebate Program In Canada

How the Program works

This program is for First-time home buyers who purchase a newly constructed home will receive a rebate of the Land Transfer Tax (LTT). All other buyers will continue to pay the full applicable tax. The maximum LTT rebate is $2,000.

Details of the program

The 1996 Ontario Budget announced a special one-year provision to the LTT that was renewed every year and is now a permanent program.

FIRST-TIME BUYERS who purchase a NEWLY CONSTRUCTED HOME will receive a rebate of the LTT. All other buyers will continue to pay the full applicable tax.

The maximum rebate is $2000. If an individual owns less than 100% interest in the newly built home, the amount of the rebate would be reduced and calculated according to the amount of interest in the home.

A rebate of $2,000 is equivalent to the LTT payable on a purchase price of $227,500 (net of GST).

Only individuals who are at least 18 years of age, have not (or spouse) previously owned an interest in a home anywhere qualify for the rebate.

Individuals who have received an Ontario Home Ownership Savings Plan (OHOSP) based refund of the LTT do not qualify.

A real estate transfer tax is assessed on real property when ownership of the property is transferred from one party to another. The tax is a percentage of the value of the property based on a graduated scale:

0.5% on amounts up to and including $55,000;

+1.0% on the amount exceeding $55,000 up to and including $250,000;

+1.5% on amounts above $250,000 up to and including $400,000 for residential / +1.5% on the amount in excess of $250,000 for business properties;

+2.0% of the amount in excess of $400,000. [residential only] For more information call the Ontario Finance Ministry at 1-800-263-7965 or access through

www.gov.on.ca/FIN/english/bke-ltt.htm

These four portions added up together total the LTT payable. As simple formula is as follows:

**Purchase Price Calculation of LTT

$0 to $55,000 .005 x purchase price

$55,001 to $250,000 (.01 x purchase price) minus 275

$250,001 to $400,000 residential (.015 x purchase price) minus 1525

$250,001 plus (business)

$400,001 plus (residential only) (.02 x purchase price) minus 3525

*If the purchase price falls within this range, then apply the appropriate formula to the purchase price. For example, on a $200,000 property, the LTT calculation would be [(.01 x $200,000) minus 275 = $1,725].

Or use my online land transfer tax calculator

Make the Right Move. Consult a Toronto Real Estate Board REALTOR.

www.TorontoRealEstateBoard.com

Read more about Land Transfer Tax here:

I have an online land transfer tax calculator at my site
For more information please contact A. Mark Argentino

A. Mark Argentino Associate Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc.
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS 905-828-3434
FAX 905-828-2829
E-MAIL mark@mississauga4sale.com
Website: Mississauga4Sale.com