HST is coming....

I was driving to work listening to the CBC the other day, and the announcer was talking with someone about the HST. Whether we like it or not, it is coming to everyone in Ontario in about 1 week. Now for resale real estate, the only people that it will REALLY effect is Sellers, as they will have to pay HST = 13% on REALTOR'S® commission. (For new home sales, there are rebates for homes under $400,000) Please remind yourselves, that this added 13% does NOT go to the REALTOR®, but to the government of Ontario. Other places you will find added tax during the process, is on the Home Inspection and Lawyer's fees.

I've come to realize that most things will indeed be taxed through HST. To read information directly from the Government of Ontario, click here. Here is very clear chart about what we all will be experiencing.

Until next time,
Jamie

January 2010 Stats

According to the Barrie and District Association of REALTORS®, January has been another great month for sales. The number of sales in the Barrie region have risen 62%, while the total number of properties have risen 67% compared to January 2009. Even though these numbers have risen greatly, the average price has only increased 4% from last year at the same time to $270,340. To view all the stats, click here.

Until next time,

Jamie

Hard to get financing - there is another way

I know with the economy today, many people are wanting to get into the real estate market, and are having difficulties. Often times, the challenges don't result from not having a job. Sometimes, people are self employed or have had bad credit in the past. This credit issue could even be a bankruptcy that hasn't yet been discharged. Certainly if you can get financing through a mortgage specialist, that is ideal as you can take advantage of the great rates at the present time. But, if that is not an option for you, there is another way.

Not too long ago, I came across a very good Rent-To-Own program. After a fair bit of research of their documentation, I learned a lot. A prosective Buyer fills out an application, gets approved (or not), and uses that approval to "purchase" their home. What I like about this particular program is that they work with Buyers to help repair credit issues, work with them to ensure that they can pay their mortgage (even if rates rise), as well as helping them save toward the eventual down payment that they would need at the end of the term. Certainly, this program is not for everyone. The Buyers do need a down payment, as well as enough money to pay the monthly rent/monthly credit. The Buyers also must ensure that their payments are not late, as it jeapordizes the contract.

So, if this sounds like something that you would be interested in learning more about, let me know.

In the meantime, click here to read more about the program.