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All posts for the month May, 2012

Toronto, ON. Home Sold Statistics April 2012

 

Note: Please be aware the following report is only a statistical evaluation. Market valuation of your home is  subject to different criteria for example the past and present condition and the amount of additional upgrade added to your home. Please contact me in person for more accurante market valuation of your home.

 
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April 2012 Statistics Markham, ONNote: Please be aware the following report is only a statistical evaluation. Market valuation of your home is  subject to different criteria for example the past and present condition and the amount of additional upgrade added to your home. Please contact me in person for more accurante market valuation of your home.

 

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As of June 23, 2008, federal regulations intended to fight money laundering and terrorist financing create new obligations for REALTORS® to collect additional information from their clients.

Why?

Money laundering and terrorism are threats that should be taken seriously. With this in mind, governments across the world have taken action to help prevent it. Because criminals involved in this type of activity can use seemingly legal transactions to camouflage their true purpose, governments have taken steps to filter out legal activity from illegal activity.

Canada’s efforts have focused on the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Among other things, this law requires certain professions and businesses, which could potentially be used as vehicles for money laundering or terrorism financing, to keep records and submit reports to the federal government. These requirements apply to REALTORS® because, often, in the course of regular real estate transactions, they act as financial intermediaries, such as when they hold deposit funds for a property transaction.

New Identification Requirements

The Money Laundering and Terrorist Financing Act was first enacted in 2002, but has been updated with new requirements, coming into effect on June 23, 2008, which will require REALTORS® to ask their clients for certain information. For example, under the new regulations, REALTORS® are required to verify the identity of clients and keep client information records. As a result, homebuyers may need to provide their REALTOR® with valid identification, such as a driver’s license.

More Information

Additional information is available from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) at www.fintrac.gc.ca

Specific information, from FINTRAC, regarding the new requirements for consumers to provide identification is available here

 

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Land Transfer Tax CalculatorLand Transfer Tax. In general, if you buy land or an interest in land in Ontario, you must pay Ontario’s land transfer tax, whether or not the transfer is registered at one of Ontario’s land registry office. Land includes any buildings, buildings to be constructed, and fixtures (such as light fixtures, built-in appliances and cabinetry).

The land transfer tax payable is normally based on the amount paid for the land, in addition to the amount remaining on any mortgage or debt assumed as part of the arrangement to buy the land. In some cases, land transfer tax is based on the fair market value of the land, for example, where:

• a lease can exceed 50 years;
• land is transferred from a corporation to one of its shareholders; or
• land is transferred to a corporation, if shares of the corporation are issued.

Other Types of Land Taxes
In addition to Ontario’s land transfer tax, transfers of land located in the City of Toronto may also be subject to the City of Toronto’s own municipal land transfer tax.

For information on the City of Toronto Municipal Land Transfer Tax:

• visit their website or
• call 416 338-4829

How much tax do I pay?
If you are a first-time homebuyer, you may be eligible for a refund of all or part of the tax. Learn more

The tax rate has not changed since June 1, 1989.

• 0.5% of the value of the consideration up to and including $55,000,
• 1% of the value of the consideration which exceeds $55,000 up to and including $250,000, and
• 1.5% of the value of the consideration which exceeds $250,000, and
• 2% of the amount by which the value of the consideration exceeds $400,000 for land that contains at least one and not more than two single family residences.

On July 1, 2010, Ontario introduced a federally administered Harmonized Sales Tax (HST) that applies to most purchases and transactions. The HST applies to newly constructed homes, but does not apply to resale homes. Buyers of new homes will receive a rebate of up to $24,000 regardless of the price of the new home.

When do I pay the tax?
You must pay Ontario’s land transfer tax at the time the transfer is registered. If the transfer is not registered, you must submit a Return on the Acquisition of a Beneficial Interest in Land [PDF – 200 KB] to the Ministry of Finance along with payment of tax within 30 days.

Exemptions from land transfer tax are limited. The main exemptions include:

• certain transfers between spouses
• certain transfers from an individual to their family business corporation
• certain transfers of farmed land between family members
• certain transfers of a life lease from a non-profit organization or a charity.

A deferral of land transfer tax may be available when land is transferred between affiliated corporations, and notice of the transfer is not registered with the land registry office.

For Land Transfer Tax Calculator click here.

 

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Did you know that bathroom gives the overall character to the house? When doing an open house it is important to pay attention to the bathroom just like everything else. Here are few tips to remember when staging a bathroom for home showing.

 

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Here are few tips to consider when organizing your master bedroom for home showing. Remember open house is all about getting the buyer’s attention and to make them feel they are at home.

 

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The month of May is usually the month for homes to be out for sale in the market. Few tips that might help when organizing your living room for home showing.

 

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Confusion happens when signing a BRA (Buyers Representation Agreement) with a licensed realtor. But what do realtor do for you?

 

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Before hiring a home inspector it is important to know what the home inspector will do specially when inspection a roof. The following video will show tips of what to look for when inspecting a roof in Ontario.

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