Monthly Archives February 2016

First Time Homebuyers Government Incentive Programs

    Thinking of buying your first home? If so, it may be time to get on with it, especially considering the possibility that interest rates will rise. Using government incentive programs that encourage first time homebuyers to enter the real estate market, you can realize additional savings. And, mortgage financing has been almost free for some time, but economic signals point to those costs rising.   Mortgage rates may increase   Several factors are threatening to push Canadian mortgage rates higher even as the Bank of Canada tries to hold its overnight lending rate down. Fixed mortgage rates are linked to long-term Canadian government bond yields, which are tied to U.S. bond yields. Those rates have risen since September as investors have come to expect the U.S. Federal Reserve to boost rates based on the U.S. economy.   Borrow from yourself   The Canadian government’s Home Buyers’ Plan (HBP) allows first time home buyers to borrow up to $25,000 from their RRSP for a down payment to buy or build a qualified home, tax-free. If you purchase with someone who is also a first time homebuyer, including your spouse, you can both access $25,000 from your RRSP for a combined total of $50,000.   The HBP is considered a loan, so if you participate in the Plan, you must repay the amount you withdrew within a 15-year period, in the amount of 1/15 per year. If you repay less than that amount, the difference is added to your taxable income and you are taxed at the applicable rate.   Reduce your income tax   The federal Home Buyers’ Tax Credit helps recover closing costs (legal expenses, inspections, land transfer taxes) so you can save more for money for a down payment. At current taxation rates, it works out to a rebate of $750.   If you buy in Ontario, there is another rebate of up to $2,000 available to help offset the land transfer tax. In Toronto, you can also receive a rebate up to $3,725 for municipal land transfer taxes.   With the current economic uncertainty and the advantages of government incentive programs, now may be the right time for first time home buyers to lock in a mortgage at the low rates and buy a home. The post First Time Homebuyers Government Incentive Programs appeared first on Team Realty. Source: Blog

Why Listing In January or February Can Make Sense

  Although it may seem odd, listing in the winter months can be advantageous for sellers. Statistically, there are indeed more buyers in the spring market.  However, there are also more homes for sale, including properties similar to yours. With more competition for the pool of buyers, your chances of finalizing a deal may actually be reduced. Here are several reasons to list in January or February.   Financial Planning And Taxes   Many families check their finances at year end and start planning their tax returns. And, because of the holiday festivities, it’s often the time for discussions and decisions about gifting, inheritance, upgrading to a larger home or downsizing to a smaller one and homeownership versus renting. Whether it’s a new buyer who moves quickly or a previously active buyer who re-engages, these house hunters are around in January and February and will look at your home if it’s for sale.   If You List They Will Come   Because of online advertising, buyers look at listings all day, every day. They have apps on their phone, get listings texted and emailed to them, and don’t care about the time of year. They realize the home won’t show as well in the dead of winter, so providing photos of your home during these times of year will enable buyers to envision it in the warmer seasons.   Winter Buyers Are Highly Motivated   Buyers looking in January and February are serious. They know what they want, have often been at it for many months and are tired of the real estate hunt. This is your target buyer and, in part, they’re why it’s better to list in January than to wait until spring. Your property will certainly stand out if it’s the only one like it listed.   Offering your home for sale in the “offseason” means less competition which changes the market’s supply-and-demand balance. The demand is far greater than the supply. And, because of the reduced inventory, the seller can often take a little more time to consider offers and negotiate a higher price.   The post Why Listing In January or February Can Make Sense appeared first on Team Realty. Source: Blog

Congratulations to our Award Winners

At Royal LePage Team Realty helping YOU is what we do and we couldn’t do that without a dedicated network of real estate professionals.  We would like to take this opportunity to congratulate our 2015 Award winners and thank them for their hard work and dedication.  We are so proud to work with those who consistently go above and beyond to ensure their clients are provided with excellent real estate service. Looking forward to an awesome 2016! jQuery(document).ready(function($) { var mpImageSlider = $(“.motopress-image-slider-obj#5706adb2160e7”); if (mpImageSlider.data(“flexslider”)) { mpImageSlider.flexslider(“destroy”); } if (!true) mpImageSlider.css(“margin-bottom”, 0); mpImageSlider.flexslider({ slideshow: true, animation: “fade”, controlNav: true, slideshowSpeed: 3000, animationSpeed: 600, smoothHeight: false, keyboard: true }); }); jQuery(document).ready(function($) { var mpImageSlider = $(“.motopress-image-slider-obj#5706adb216f7a”); if (mpImageSlider.data(“flexslider”)) { mpImageSlider.flexslider(“destroy”); } if (!true) mpImageSlider.css(“margin-bottom”, 0); mpImageSlider.flexslider({ slideshow: true, animation: “fade”, controlNav: true, slideshowSpeed: 3000, animationSpeed: 600, smoothHeight: false, keyboard: true }); }); The post Congratulations to our Award Winners appeared first on Team Realty. Source: Blog

Why Homeowners Should Beware of Icicles

  Ottawa’s freeze-thaw weather patterns often create sparkling icicles that look magical. But, they actually identify a dangerous — and potentially costly — hazard, an ice dam. Imagine coming home from work to find water streaming down your interior walls and soaking into the hardwood of your foyer. What would you do?   What Is An Ice Dam   After frantically tracing the flow, you would find that a pool of water had formed behind a thick ridge of ice in the gutters – hence the term ice dam. Snow on the roof had been melted by heat loss, causing water to collect behind the dam. And, the water was seeping through the shingles and into the house exposing it to significant potential damages.   After calling three roofing companies and getting no answer, you climb up a ladder to the second level, stand on a stool at a precarious angle, hold the gutter for support with one hand and use the other to smash the ice with a hammer. Eventually, you clear the dam but not before almost sliding off the roof … twice.   How To Remove An Ice Dam   Luckily, in this hypothetical case, there was only minor water damage, but the do-it-yourself approach was very risky and you did bend the gutter. Homeowners experiencing the effects of an ice dam — or those worried about a leak — should hire a professional roofing company to remove any ice buildup and assess for further preventive measures.   Safe removal of snow and ice should be accomplished by qualified technicians, who are fully trained in fall-arrest prevention, use the appropriate safety gear and equipment and have full insurance coverage. Instead of using hammers, chisels and salt, they will steam away the ice and remove excess snow with rakes designed for the purpose.   How To Avoid Ice Dams   To prevent ice dams, you must keep heat from reaching the roof, so the snow won’t melt in the first place. That goal is accomplished by insulating and ventilating the attic space to maintain the roof surface at, or near, outdoor temperatures. Any breach into the attic from the heated living space needs to be insulated. For homes with finished attics, this may involve opening up the ceiling.   Periodically check your roof for snow coverage because the snow’s weight alone, which should not exceed 20 to 25 lbs/sq ft, can cause damage. Depending on moisture content, snow weighs about 1.25 lbs/sq ft for each inch of depth, so 20 inches is a considerable burden. And, if you see icicles, investigate further. Professional roofers can provide accurate measurements, remediation or maintenance on a scheduled or as-needed basis. The post Why Homeowners Should Beware of Icicles appeared first on Team Realty. Source: Blog

Packing Tips for a Clever Move

Moving soon? What to do? How to do it? Here are a few packing tips to help in my article from the magazine Power2DoIt – Just click on the link below for more! Packing Tips for a clever move

Why Listing In January or February Can Make Sense

Although it may seem odd, listing in the winter months can be advantageous for sellers. Statistically, there are indeed more buyers in the spring market. However, there are also more homes for sale, including properties similar to yours. With more competition for the pool of buyers, your chances …read more Source: Team Realty News Feed

Congratulations to our Award Winners

At Royal LePage Team Realty helping YOU is what we do and we couldn’t do that without a dedicated network of real estate professionals. We would like to take this opportunity to congratulate our 2015 Award winners and thank them for their hard work and dedication. We are …read more Source: Team Realty News Feed

Why Homeowners Should Beware of Icicles

Ottawa’s freeze-thaw weather patterns often create sparkling icicles that look magical. But, they actually identify a dangerous — and potentially costly — hazard, an ice dam. Imagine coming home from work to find water streaming down your interior walls and soaking into the hardwood of your foyer. What would …read more Source: Team Realty News Feed

Ottawa Real Estate Market Eases off with Cooler January Weather

Ottawa Real Estate “Market Snapshot” January 2016 Statistics are useful in establishing trends but should not be used as an indicator of an increase or decrease in value of specific properties. If you are curious about the value of your home and/or specific neighbourhood …read more Source: Team Realty News Feed