Tuesday, July 08, 2008

Mortgage interest rates posted and attainable in the GTA

The table below shows mortgage interest rates posted and attainable in the GTA
•"Best" Attainable Rates
• Explore Mortgage Scenarios with Helpful Calculators
at this page
TermsPosted RatesAttainable
Rates
1 YEAR6.95%5.10%
2 YEARS7.00%5.25%
3 YEARS7.00%5.30%
4 YEARS6.99%5.50%
5 YEARS7.15%5.45%
7 YEARS7.60%5.80%
10 YEARS7.95%5.90%
Rates are subject to change without notice. *OAC E&OE
Prime Rate is 4.75%.

Variable rate mortgages from as low as Prime minus 0.65%.

Rates are subject to change without notice. Fixed mortgage rates shown in table above and quoted variable mortgage rates are available nationally to qualified individuals.

Read more about:Homes for Sale

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987

( BUS 905-828-3434
mark@mississauga4sale.com
8 Website : Mississauga4Sale.com

Homes for Sale

Monday, July 07, 2008

RBC reports Downside economic risks easing - Bank of Canada joins Fed on sidelines

Downside economic risks easing — Bank of Canada joins Fed on sidelines

The Bank of Canada defied market expectations and kept the overnight rate steady on June 10, indicating that the balance of risks

for the inflation outlook have shifted slightly to the upside and "that global growth has been stronger and commodity prices have been

sharply higher than expected."

Tentative signs that the U.S. economy will avoid recession and that financial markets, while skittish, no longer are priced for

recession, have dampened some of the downside risks to Canada’s economic outlook.

Canada’s first-quarter growth rate got bogged down by inventory drag and special factors, but the domestic economy is still

holding up reasonably well and we expect growth to rebound modestly in the second quarter, with the economy growing by 2.5% in

the second half of the year.

The Bank of Canada is unlikely to switch to a tightening policy stance in the near-term, especially with the economy growing at a

slower-than-potential rate this year. The Bank’s concluding statement on June 10 that "there continue to be important downside and

upside risks to inflation in Canada, which the Bank will monitor closely" implies no policy action anytime soon.

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987

(
BUS 905-828-3434
2
FAX 905-828-2829 ÈCELL 416-520-1577
E-MAIL : mailto:mark@mississauga4sale.com?subject=Mississauga
Website : Mississauga4Sale.com

Sunday, July 06, 2008

What should you do with your Tax Refund?

Grab the mortgage by the horns - If you bought a home in the past while, there's a no-brainer answer to the question of what to do with this year's tax refund. Pay down your mortgage. It's the smart move at a time when house prices are sky high and buyers are increasingly relying on long-amortization mortgages that go way beyond the once-standard 25 years. Making a lump-sum mortgage payment is one of those things people mean to do, but don't often get around to doing. This should be your first priority with your refund.

More advice: http://www.mississauga4sale.com/OREA/16-Pay-down-your-mortgage-faster.htm

Read more about:Homes for Sale

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987

( BUS 905-828-3434
mark@mississauga4sale.com
8 Website : Mississauga4Sale.com

Homes for Sale

Saturday, July 05, 2008

Revisiting the old question "Is it better to Rent or Buy??"


Rent or buy: The calculations must include many factors
The notion that, financially, home ownership always trumps renting is somewhat of a misconception.

Julian Smith personifies the great Canadian dream of owning your own home.

Some people plan long and hard for homeownership, but Julian Smith is having it thrust upon him.

The professional photographer has been renting a one-bedroom loft condominium in Toronto's east end for nearly two years. He loves the aerie-like suite, where light streams in through the trees whatever the time of day. But recently, it was put up for sale, forcing him to choose between buying it himself or renting another place.

He chose the former, but is buying the right move for Mr. Smith?

"It's good to be in the property market," he muses. "If prices continue to rise, it might be hard to get in later. I like the idea of a condominium because if, say, the roof leaks, I'm not alone in the responsibility. I envision being able to rent my unit and go to England for the summer. This would make an interesting place for a visitor to stay."

Obviously, if he didn't buy his cherished home, he would lose it. But on the down side, his monthly payments will be more. The unit is selling for $240,000. If he takes out a mortgage of $228,000 at 7 per cent, as he is considering doing, he would pay about $1,600 a month, plus condo fees and hydro. Right now, his monthly rent is $1,200.

If he didn't grab it, he would be forced to leave his cherished loft. Also, the extra amount he might be paying out could be viewed as a kind of forced investment, one that he might not make otherwise. And another plus is that money from the sale of a principal residence is not taxed.

But according to Steve Parker, Ottawa-based managing partner of Parker Prins Seel Chartered Accountants, the notion that, financially, home ownership always trumps renting is somewhat of a misconception. It a renter invests the difference between the rent and what the mortgage payment would have been, it's likely that, over time, there would be very little difference in the result.

He adds, however, that it's questionable whether the renter would actually make that investment.

"Very few people take the money they would save by renting and invest it," Mr. Parker says. "However, if they would do something like maximize their RRSP contributions every year, they would likely end up as well off as with home ownership. Traditionally, the stock market and the housing market have had similar results over time."

He also notes that rents have not risen the way housing prices have, which can make renting somewhat of a bargain right now — at least a relative bargain.

An example in an upscale area of the city is a two-bedroom, two-bathroom unit in a fourplex on St. Clair Avenue near Yonge Street in Toronto, complete with finished basement and parking. It's currently for rent at $2,200 a month, not including hydro. The listing agent, Jack Hill of Harvey Kalles Real Estate Ltd., says a comparable two-bedroom condominium at Yonge and St. Clair might be selling for $500,000, and there could be a fee of up to $800 a month on top of the mortgage.

With 10 per cent down, a mortgage at 7 per cent and a 25-year amortization, and figuring in other factors, the monthly payment on the condo would be about $4,100, according to a Citizens Bank of Canada calculator.

But potential renters of the unit in the fourplex, at $2,200 plus, would be a well-heeled, select few.

People who are transferred to a city such as Toronto by large corporations often rent, Mr. Hill explains, for just the time it takes to get to know the city or for the duration of their stay.

"A lot of people like to rent," he adds. "Some people will invest their money elsewhere, or perhaps they have a cottage up north. Some people just do not want to make the big investment in a home, or you will get a few students going in together on a place. Some people have sold their home and are renting while they assess what do to, on a long-term basis."

In Toronto's Moore Park, renters in one of the area's many duplexes and apartments can enjoy the same parks, ravine trails, tennis courts, shopping venues, restaurants and public transit as those owning million-dollar homes. Their children can attend the outstanding local schools there, too. Nearby Rosedale also has a good stock of rental accommodation in addition to its mansions and lavish estates.

Al and Marlene Parker (no relation to Steve), for example, rent a 700-square-foot, two-bedroom apartment there for $1,700 a month. They own a home in Muskoka but still seek the pleasures of downtown Toronto.

Having just returned from hearings on new taxes at City Hall, a 15-minute trip for him, Mr. Parker says, "There's an energy in the city — my wife and I are enjoying life here.

"We're like tourists. We're both 65 now and retired. Life is stages, and at this stage we are not sure what we want to do. Driving between two homes isn't feasible and we rented our Muskoka place for July and August.

"Meanwhile, do we want to buy something? I'm worried that the bubble may burst in the housing market."

So while renting may not be the great Canadian dream, it can put you in an excellent location for less than the cost of buying a comparable home. And an accommodating landlord will take care of shovelling snow, cutting the grass and unclogging the toilet.

"Raising a family, people do tend to want to buy homes," Steve Parker says. "But a house is a high-maintenance proposition. Even at the end of the mortgage, when the equity and the value will be at their best, the home will probably need a lot of work. Real estate is not a foolproof investment."

For those trying to decide whether to take the plunge into home ownership, there are websites that offer tools to help in making the decision. The federal government offers a "Rent or buy calculator" at strategis.ic.gc.ca. And the Citizens Bank site is www.citizensbank.ca.

Read more about Renting vs. Buying

Toronto Real Estate Board (TREB) Average Prices and Graph

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

Placing listings on Google Maps

What are some of the benefits to you when you list your home for sale or for rent with me?

I place all my sale and renting properties on Google maps which could helpful to you as a Seller as well as Buyer.

Here's what we've for you...

Within your search feature, I will integrate our Google Map application.

Benefit to buyers

While searching for their area, nature and their price range, A buyer can..

a) A buyer can locate his next home on map

b) A buyer can locate Schools, Hospitals, Health centers or his favourable areas within his range of radius.

c) A buyer can find out his distance from friends, office and his favourite areas in city.

d) A buyer can see his driving direction to new home from his office or wherever he is.

e) A buyer can see image gallery of a new house/Land.

Benefit to Sellers

a) Extensive information to buyer

b) Because of so much of information available, Buyer can make up his mind while coming to see their property/land because they already have seen property ins & outs on your website. So better chances of selling.

c) If the property is in sellable area/location, you don’t need to speak about its worth.

Just one more benefit when you list your property for sale or for rent with Mark!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987

(
BUS 905-828-3434
2
FAX 905-828-2829 ÈCELL 416-520-1577
E-MAIL : mailto:mark@mississauga4sale.com?subject=Mississauga
Website : Mississauga4Sale.com

Friday, July 04, 2008

Have you heard of these seminars?

Often I will receive emails about seminars like the one below. Have you ever gone to such a seminar and did you find it worthwhile?

Any comments appreciated, post or PM me,
Thank you,
Mark


#1 Rated Las Vegas Hard Money Seminar is happening soon

You Will Learn How To:

• Double you're Income in 2008 with Hard Money

• Use FHA as an Exit Strategy for Hard Money

• Become a Hard Money Lender

• Package Hard Money deals that fund and who to submit to

• Develop & Optimize your own Hard Money Website

• Set up and Market your own Mortgage pool

• Successfully market for Hard Money Loans that will fund

• How to use Hard Money to purchase distressed properties

Who should Attend:

• Mortgage Lenders

• Mortgage Brokers

• Real Estate Agents

• Real Estate Investors

• Loan Officers

• Attorneys

• Accountants

• Insurance Agents

Wednesday, July 02, 2008

FINTRAC new law for Real Estate Transactions require your ID

New federal rules force realtors to seek IDs

New laws that kick in today will trigger major changes to real-estate transactions, as part of federal efforts to battle money laundering.

Under the new regulations, realtors will have to collect personal information from property sellers and buyers, such as their name, address, date of birth and occupation, backed up by identification such as a driver's licence or passport.

When dealing with foreign buyers, agents in Canada will now have to hire local agents who can vouch for the identity of the buyer.

The agents will be required to hang onto that information for five years and have it available for the Financial Transaction and Reports Analysis Centre of Canada (FINTRAC), if needed. Otherwise, the information will remain confidential.

The centre was established by the federal government in an effort to track suspicious property deals and prevent shady buyers from dumping large amounts of cash into property purchases.

Bill C-25, which was passed in 2007, demands several industries do their part to help put a stop to terrorist financing and money laundering.

It is estimated that nearly 63 per cent of money laundering is done through real estate.

RE/MAX reported having $2.6 billion in sales in 2007 in 67,000 transactions.

"Real estate agents have had legal obligations under the federal government's push to prevent criminal activity and terrorism since 2001," says Calvin Lindberg, president of The Canadian Real Estate Association. "In the first phase of compliance, real estate agents were required to report only suspicious transactions, or transactions involving more than $10,000 in cash," he said in a news release issued Monday.

Now, real estate agents have to complete a report on the receipts of all funds received during the transaction, not just for $10,000 or more.

If an agent is dealing with the corporation, they must collect corporate documentation and the names of the corporation's directors.

In cases where only one of the parties involved in the transaction is represented by the agent, identification must still be collected.

"Those buying or selling privately will be asked by the agent representing the other party involved in the transaction to provide proof of identity as well, and that record must be kept by the real estate agent involved in the transaction," the news release said.

Bob Linney, CREA spokesperson, said there are also ways to keep track of buyers and sellers who choose to complete the transaction without the help of an agent.

"Sales involving private sellers only are not covered by the real estate regulations," "FINTRAC assumes they will be captured by regulations governing the banking industry now, and in addition by the legal profession when their compliance requirements kick in later."

The new regulations will be non-negotiable and buyers who are unable or unwilling to provide the required information will not be able to complete property purchases. Additionally, the agent would be required to walk away from the deal or report the buyer to FINTRAC.

In Ontario alone, 47,000 realtors will be subject to the new rules.

Over the next six months, the government will perform random spot checks on real estate transactions. But once that window closes, agents will face fines, or even jail time, if they fail to comply with the regulations.

The new requirements for realtors are part of regulatory changes that Finance Minister Jim Flaherty announced in December of last year to strengthen Canada's anti-money laundering and anti-terrorist financing regulations.

"The new regulations bring Canada's anti-money laundering and anti-terrorist financing regime in line with the international standards set by the Financial Action Task Force, a G8 created body," states a news release from FINTRAC.

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987

(
BUS 905-828-3434
2
FAX 905-828-2829 ÈCELL 416-520-1577
E-MAIL : mailto:mark@mississauga4sale.com?subject=Mississauga
Website : Mississauga4Sale.com



Tuesday, July 01, 2008

CMHC reports that Housing Starts Edge Lower in May

CMHC Reports that Housing Starts Edge Lower in May
Total housing starts in the Greater
Toronto Area (GTA) trended slightly
lower in May. A continued decline in
low-rise home starts was moderated
by another strong month for condominium
apartment starts.


On an unadjusted basis, total housing
starts in the first five months of
2008 were up by 33 per cent compared
to the same time period a year
earlier. A resurgence in condominium
apartment construction was
the driver of the total starts increase
year-to-date, with starts of this
housing type more than doubling
through the first five months of the
year.


Strong pre-construction
condominium apartment sales in
2006 and 2007 have resulted in an
increase in new construction activity.
Rising house prices coupled with
strong first-time buying activity
resulted in increased demand for
less expensive home types over the
past two years, especially condominium
apartments.


Low-rise home starts during the first
five months of the year were down
13 per cent compared to the same
period in 2007. Semi-detached and
row houses experienced the greatest
decline, while single-detached starts
remained in line with last year's levels.
Single-detached starts have remained level because of strong pre-construction
sales in 2007. Many areas that
have experienced growth in single detached
starts in 2008 are also
those areas where average absorbed
prices are below the average for the
GTA as a whole.



Read more about:Homes for Sale

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987

( BUS 905-828-3434
mark@mississauga4sale.com
8 Website : Mississauga4Sale.com

Homes for Sale

Sunday, June 29, 2008

Structuring & Negotiating Commercial Leases

These are details to Structuring & Negotiating Commercial Leases.

Topics covered include:
- Other parties involved: Guarantor, Lender, Title insurance company, Attorney
- Understanding the details of your business plans determines the lease
- Long term implications of your agreements
- The relationship with the landlord: advantages & disadvantages
- Premises, Expansions, & appurtenant rights
- Negotiating the expenses: rent, operating expenses, real estate taxes and percentage rent
- Maintenance obligations
- Avoiding double-counting: increases in basic rent and contributions toward the landlords operating expenses

Samples of the types of questions answered in the Video Leadership Seminar include:
- Beside the landlord and the tenant, what other parties may be involved in the lease?
- What are the most important business considerations for the tenant to keep in mind as it enters the lease negotiations?
- How can the lease negotiations be made most efficient and mostly likely to succeed?
- Which terms have the greatest liability exposure for the companies signing the lease?
- What calculations are used to assess financial terms of the lease? What results indicate a term should be avoided?
- What strategies and tactics are proven successful for each key area of the lease?

For more information please email me

Read more about:Homes for Sale

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987

( BUS 905-828-3434
mark@mississauga4sale.com
8 Website : Mississauga4Sale.com

Homes for Sale

Saturday, June 28, 2008

Cottage Financing and CMHC

Hello,

The Canada Day weekend is here and many clients are enjoying Ontario's wonderful cottage country (in fact, some are enjoying cottage life so much that they are contemplating a purchase!).

Did you know CMHC insures vacation homes

CMHC will insure a property the borrower uses for vacation purposes as long as the property is occupied at some point during the year by the borrower, or by a relative of the borrower on a rent-free basis and meets CMHC's general property requirements including;

    • The property is located anywhere in Canada and is suitable for, and available for, year round occupancy; and
    • Properties located on an island must have year-round bridge or ferry access; and,
    • The borrower's ability to occupy the property must not be restricted or limited at any time. Properties with seasonal use or access, time share interests, life leases, or properties in rental pools are not eligible.

Under CMHC's Second Home product, an individual can be a borrower/co-borrower on a maximum of two CMHC insured homeowner properties, including a vacation home which meets the above criteria. CMHC's Second Home product can also be used to purchase a home for a family member attending college or university away from home.

Enjoy the long weekend and don't hesitate in calling if you have any questions.

Read more about:Homes for Sale

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987

( BUS 905-828-3434
mark@mississauga4sale.com
8 Website : Mississauga4Sale.com

Homes for Sale