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Oct 31
2011

Condominiums & Status Certificates

Blog posted by Joanne McPhail  ::  Views (11011)  ::  (2 comments)
If you are considering purchasing a condominium, you will no doubt have heard about status certificates. These are documents which are provided by the condominium corporation you are buying into, which outline a number of things about the condo and the building.... [ more ]
Oct 4
2011

First Time Buyer Tips!

Blog posted by Jeremy Ridley  ::  Views (3487)  ::  (1 comments)
A home can be one of the most personally and financially rewarding investments you'll ever make.  But if you've never bought a home before, the process may seem a little overwhelming. To help you, We've put together this special report.  It provides... [ more ]
Aug 23
2011

What is Land Transfer Tax and how much will it be?

Expert Question posted by Joanne McPhail  ::  Views (7198)
The land transfer tax you pay will depend upon the price of your home.   Here is a great link to do the calculation.  Just enter in the purchase price of your home and it will calculate your land transfer tax.  www.landtransfertaxcalculator.ca ... [ more ]
Aug 15
2011

So it's time I start blogging!

Blog posted by Luc Bouillon  ::  Views (511)
So I’m being told blogging is all the rage these days..  I don’t know for sure if that’s true, but I suppose I’m going to have to give it a try! Stay tuned, follow, like, RSS or whatever it is you do with a blog! And I’ll be... [ more ]
May 5
2011

Hi Kevin, I am seeing the mortgage information for the property at 30 Greenfield stating that there is no money down required for an income of over $92k with a 30 yr term. How accurate is this? Thanks! Stephanie

Expert Question posted by Kevin Harris  ::  Views (7584)
Hey Stephanie, This program is offered through several lenders and is available and can be used to purchase this property.The ratios needed to qualify work on the calculation of the carrying costs for this property based on the 92k/yr (income maybe... [ more ]
Apr 27
2011

How much do you charge and what would the land transfer fees be on a $320,000 house. I have a client moving in July so I will refer but he wants to know the charge. Will be selling in Barrie and buying in Springwater. Thanks Judy

Expert Question posted by Joanne McPhail  ::  Views (9375)
Hi Judy:  Thanks for your questions and for thinking of me!  Land transfer tax would be $3275.00.  Our fee on a purchase with a mortgage is $900 plus HST and the usual disbursements.  We usually tell clients to budget about $1600 plus the land... [ more ]
Apr 19
2011

Interest Rate Forcast

Blog posted by Kevin Harris  ::  Views (16940)
INTEREST RATE HIKE LIKELY   Chances are good we’ll see an interest rate hike from the Bank of Canada this summer, based on the latest inflation figures.  Higher food and fuel prices pushed the inflation rate to 3.3 per cent last... [ more ]
Apr 12
2011

Bank of Canada Holds Rates

Blog posted by Kevin Harris  ::  Views (27877)
BANK OF CANADA HOLDS INTEREST RATE AT 1%   The Bank of Canada has kept its trendsetting overnight interest rate at one per cent, but not because the economy is doing poorly. The bank says the economy is actually outperforming expectations, and now expects... [ more ]
Apr 7
2011

Cash Back May Be King

Blog posted by Kevin Harris  ::  Views (19210)
  Cash Back May Be King!!   As mortgage rules have changed and are now in place as of March 18th consumers will feel the effects of these new changes quickly. Drawing the amortization in to a maximum 30 year term from the 35 year term it had been... [ more ]
Mar 18
2011

As a young professional I am looking to buy my first home. With a gross annual income of $69,000 and total monthly debt obligations of $1000, what size of a mortgage should I realistically be looking at? Thank you very much for your time.

Expert Question posted by Kevin Harris  ::  Views (7063)
Thank you for your question.... with the recent changes to the mortgage industry in relation to the limiting of the Amortization period to 30 years I ran my calculations based on that and at today's low rates. With an income of 69K and the 1000/mo obligation... [ more ]
Mar 1
2011

Bank of Canada looks at Prime Rate

Blog posted by Kevin Harris  ::  Views (25822)
  Release: BoC leaves overnight rate at 1.00% and preserves cautious tone   As expected, the Bank of Canada (BoC) left its target for the overnight interest rate unchanged at 1.00% for a fourth consecutive meeting since September 2010. In light of... [ more ]
Nov 8
2010

What Your Lawyer Does on a Real Estate Purchase

Blog posted by Joanne McPhail  ::  Views (19578)
So what does the lawyer do anyway?  Well, here's a brief list of a few things your lawyer's office is working on behind the scenes, to make your deal close smoothly!  First, we sometimes get contacted by your agent to assist in drafting the Offer, if there... [ more ]
Jul 1
2010

Can I ask a Realtor what the previous home sales were and the amounts they sold for, before I consider an offer?

Expert Question posted by Joanne McPhail  ::  Views (7359)
Hmmm...this is more of a question for a realtor than a lawyer I think...I am fairly sure they can access the last transaction so I believe they can tell you what the Vendors purchased the home for.  I am not sure if they can go back further than that.  If... [ more ]
Jun 21
2010

what would be the separate schools (both elementary level & high school) for this property on 49 Ridgeway Ave ? thanks

Expert Question posted by Joanne McPhail  ::  Views (7246)
Sorry, I do not know the answer to this, however, I believe the school boards have a web site which allows you to do a search by address, to determine what school area you are in.  Try googling the Simcoe County Catholic School Board to find the site! ... [ more ]
May 15
2010

Hi Joanne, Yes I am another McPhail :) Here's my question, hope you can help. I currently own 2 properties as joint title with my wife. (home and cottage) We are currently going through separation and will be listing both properties. We would like to avoid further loss from the capital gains hit on the cottage. If we changed the title to individual on each of the properties and documented that in the separation agreement, then when we sold the properties we would each be showing a principal residence. Could we then avoid the capital gain on the cottage ? Thank you Mark McPhail Barrie

Expert Question posted by Joanne McPhail  ::  Views (7223)
Hi Mark!  Unfortunately, I think this is more of a question for your accountant.  You will want to be very careful about doing anything until you have obtained tax advice, and also have a separation agreement, so that everyone is clear on tax and... [ more ]
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