I have had the privilege of working with Tibor Olah for several years now. I could carry on about how dedicated, knowledgeable and brilliant he is in negotiations, however his greatest talent is getting into your head, he knew exactly what I wanted before I did and found me my dream home. I couldn’t be happier. I would highly recommend him!!! Sandy
Will you still be able to afford a home after the increases to CMHC premiums?
Effective May 1, 2014, CMHC is increasing its homeowner mortgage loan insurance premiums to reflect its increased capital targets. Will these increases take home buying out of reach for the average buyer, probably not? For the average Canadian homebuyer requiring CMHC insured financing, the higher premium will result in an increase of approximately $5 to their monthly mortgage payment. This is not expected to have a material impact on the housing market.
Who will be affected, all mortgages that have less than 20% down, all Self Employed people, rental and income properties that have 1-4 units. What will happen if you buy a home today, CMHC’s new premium rates will be effective for new mortgage loan insurance requests submitted to CMHC on or after May 1, 2014, regardless of the closing date of the home purchase. The new rates will be applied to people considering refinancing a current mortgage, unless your lender has
To make the best remodel or move decision, it is important to understand all the reasons that you have to remodel and all the reasons that you have to move. This article reviews common reasons to move.
If you are planning to purchase a home, you will be faced with many decisions. What comes first buying the next home or selling your present home?
It would appear that first time home buyers in Canada are not as informed about the buying process as thought. A recent report by Genworth Financial Canada, found that three out of four first-time home buyers were not as knowledgeable about mortgage and home buying terms as thought. It was found that only 25 percent of the participants answered 7 out of 10 questions correctly in the mortgage quiz, and less than one per cent could answer all 10 questions correctly.
Appraisal Value Vs. Market Value
Both appraisal value and market value are considered in the selling or buying of property.
Appraisal Value is based on a professional evaluation by licensed, certified property appraisers who are hired to evaluate a property and provide its estimated worth based on accepted appraisal principals.
Market Value has more variances as it is consumer-driven, allowing for local market conditions and the more subjective influences that determine how much a buyer is prepared to pay. It is the highest amount a property will sell for in a competitive and open market.
If you would like to know what the market value of your home is today feel free to contact me anytime.
Burlington was recently named the GTA’s top city and the second best city in which to live in Canada for 2013 for the second year in a row. Burlington also has the honour of being the only city in Ontario to be in the top 10 spot for best place for jobs. Click on Moving to Burlington to help assist you with questions you may have about our community. If you are planning to move here or have just arrived feel free to contact me for any further information.
Fixed Mortgage Rate or Variable The New Dilemma
Fixed vs Variable
The New Dilemma!
If you are currently looking to buy a new home or if your mortgage is coming up for renewal, I am sure you are wondering if taking a variable rate mortgage will be too risky given that we are in an increasing rate environment. Sales Person Tibor Olah with Apex Results Realty says” When there is a change in rates buyers feel they have to get in on these low rates, what they should be doing is talking to their mortgage person and asking what option is the better choice, low rates and restrictive terms are not always the best route.” Are you debating between whether you should lock in to the 5 or 10 year fixed since these fixed rates are still very low or taking the risk on a variable which is at an even lower interest rate? Which one is going to save you the most money in the long run?
Where none of us has a crystal ball and can not predict what the Government of Canada may or may not do with the Prime interest rate, we can make a somewhat calculated decision.
Second Land Transfer Tax Threatens Cost of Some Homes.
Second land transfer tax threatens Ontario jobs and economic activity, new research shows...
September 18, 2014
New research by the Ontario Real Estate Association (OREA) shows a significant loss of jobs and economic activity in Mississauga, London, Hamilton, Ottawa and Thunder Bay if a second (municipal) land transfer tax were imposed on local home buyers. OREA is undertaking a province-wide information campaign to educate voters and politicians in advance of the upcoming municipal elections about the economic perils of a new municipal land transfer tax (MLTT) – as it is known in Toronto – being considered in some major Ontario cities.
“Municipalities across Ontario are looking to the province for new revenue tools or taxes,” says Costa Poulopoulos, London-based real estate broker and president of OREA. “One of the tools being considered is a second (municipal) land transfer tax on home buyers,