CANADA’S NEW DOWN PAYMENT RULES

CANADA’S NEW DOWN PAYMENT RULES

In an effort to slow down Canada’s hot real estate markets and promote stability, the federal government has announced new down payment rules for purchasing homes between $500,000 and $1,000,000. As of February 15, rather than the current minimum of 5% down, home buyers will be required to provide a 10% down payment on any new, government-insured mortgage above $500,000.

According to CIBC World Markets’ deputy-chief economist, Benjamin Tal, the new rules are not likely to affect most homebuyers, especially those in the country’s red-hot markets where “fewer buyers tend to rely on insured, so-called high-ratio mortgages”.

Read all about it here.

 

Canada’s new down payment rules not likely to affect most homebuyers.

16 ESSENTIAL FALL GARDEN TASKS

16 ESSENTIAL FALL GARDEN TASKS

  1. When available, pop ‘Icicle’ pansies into spots where summer annuals have been cleared out. They will bloom until December, then lie down for the winter. Cover them with evergreen cuttings until earliest spring, when they’ll be ready to sprout new flower buds.
  2. Leaves are garden gold. Spread small leaves of trees, such as honeylocust, birch, beech, ginkgo and silver maple (or shredded large Norway maple leaves), under shrubs and over all exposed soil. They will degrade into mineral nutrients; worms will turn them into fertilizer.
  3. Take a gamble and throw seeds of hardy annuals where you want them to bloom next year. Larkspur, poppies, cleome and cosmos will frequently take root from seeds sown in autumn and conditioned under winter snow.
  4. Plant bulbous Asiatic and Oriental lilies in late fall to ensure flower bud set. When planting is delayed until spring they may not get enough chilling and come up blind, with no flowers.
  5. Wait until the soil has frozen before mulching autumn-installed plants. After freeze-up, a thick mulch of leaves and evergreen cuttings will keep their root balls safe from the heaving action of frost.
  6. Lift big, fibrous clumps of summer phlox, hostas and Siberian irises and divide with a sharp spade or knife; tease apart fleshy roots of daylilies. Late-blooming perennials such as Michaelmas daisies and obedient plant (Physostegia virginiana), purchased in bloom, can go directly into garden beds (see #5).
  7. Plant garlic in October, in a sunny spot with lots of manure dug in. Set individual cloves eight centimetres deep and 15 centimetres apart, and mulch with five to eight centimetres of leaves. Hard-neck Rocambole garlics such as ‘Music’ are the hardiest strains, and, when planted in October, can be harvested in July, just as the first cherry tomatoes turn red.
  8. Autumn is a good time for planting evergreen trees and shrubs. The evergreens’ root systems pump water all winter, so be sure to water them well before the ground freezes. And don’t hesitate to purchase deciduous flowering shrubs at discounted prices. Even after a summer in containers, they’ll adapt and make strong root growth in cool autumn soil.

 

As autumn leaves drift by your window, it may be tempting to look outside and think idle thoughts about nature taking care of itself. But like the rest of us, Mother Nature needs a good kick in the pants once in a while. Here are some fall do’s and dont’s, plus tips to help your garden get a jump-start on spring.

WOODLANDS HAZARD ABATEMENT

WOODLANDS HAZARD ABATEMENT

RENEWING OUR URBAN FOREST

The town continues to treat municipal street trees to protect against Emerald Ash Borer (EAB). However, the EAB infestation has had a devastating effect on our woodlands. Most, if not all of the town’s 43,000 woodland ash trees are now dead or dying.
The town is following best forest management practices to remove dead and dying ash trees to reduce the risk to the public and to help our woodlands regrow.
Ash tree removals from all 280 woodlands will be phased over ten-plus years.

2015 WOODLANDS HAZARD ABATEMENT PROGRAM

This year, tree removals begin in 22 woodlands in the area of town where the insect was first detected and levels of infestation are now extreme. Woodlands that have more than 50 per cent ash will be managed first. In addition to ash trees, other trees that are identified as a safety risk or are compromising the health of the forest will be removed.
Trees designated for removal or other work will be marked:
• A yellow dot or slash or an orange X indicates the tree will be cut down
• An orange dot indicates the tree will be pruned
Operations are scheduled to begin the end of August or early September, as weather and ground conditions permit.
Review the 2015 Woodlands Hazard Abatement program map (pdf, 1.34 MB) to find all properties in this year’s program.
To review the proposed schedule of the Woodlands Hazard Abatement and Woodland Maintenance programs open the 20-Year Woodland Management Plan map (pdf, 12 MB)

TEMPORARY WOODLAND PARK CLOSURES

Portions of select woodlands will be temporarily closed while trees are removed. Areas will be reopened once they are safe for public access. A schedule and list of woodland closures will be posted on the Temporary Woodland Park Closures page as the information becomes available.

NATURAL REGENERATION

While the town will establish intensive planting sites in select areas, natural regeneration will account for most of the regrowth in the woodlands.
There will be a significant change in the appearance of the woodlands following tree removals. Logs, branches and wood debris left on the forest floor will eventually break down, nourishing the soil, and aid in the natural regrowth of shrubs and trees. Visit the Iroquois Shoreline Woods page as a prime example of how a forest can regrow over time.

FSC CERTIFIED

By following best forest management practices, the Town of Oakville is the first lower-tier municipality in Canada to have all 280 of its woodlands achieve Forest Stewardship Council® (FSC®) certification through the forest certification program of the Eastern Ontario Model Forest. The FSC® is an international, membership-based, non-profit organization that supports environmentally appropriate, socially beneficial, and economically viable management of the world’s forests.
For further details please review the Frequently Asked Questions page.
To learn more about the town’s EAB management program, visit the Emerald Ash Borer page.

 

“There will be a significant change in the appearance of the woodlands following tree removals. Logs, branches and wood debris left on the forest floor will eventually break down, nourishing the soil, and aid in the natural regrowth of shrubs and trees. Visit the Iroquois Shoreline Woods page as a prime example of how a forest can regrow over time.”

BANK OF CANADA KEEPS RATES ON HOLD

BANK OF CANADA KEEPS RATES ON HOLD

The Bank of Canada announced on September 9th, 2015 that it was keeping its trend-setting target overnight lending rate at 0.5 percent.

Little has changed since the Bank’s previous announcement and revised economic forecast published in July. Its September announcement serves as a placeholder as the Bank awaits more economic data prior to the release in October of its Monetary Policy Report which will be published two days after the federal election.

Previously, the Bank said it expected most of economic damage from the oil price shock would be “front loaded”, with the hit to economic growth being sharp but contained mostly in the first half of the year. However, in its September announcement, the Bank said that the adjustments stemming for the oil shock “are complex and are expected to take considerable time”.

This suggests that the Bank may soon revise its economic forecast in October to reflect how ongoing weakness in the oil patch may continue to offset strength in other sectors of the economy and lead to weaker than currently projected economic growth over the second half of the year.

At this point, the Bank is unlikely to be concerned with the need to fight inflation by raising interest rates. Headline inflation continues to trend near the bottom of the Bank’s target range between 1 and 3 per cent, mostly because of oil prices. Core inflation is hovering near two per cent. Underlying inflation is likely somewhere slightly below two per cent.

The Bank’s September announcement was shorter than usual and acknowledged increased uncertainty while highlighting both upside and downside risks to growth. The Bank now has until October to gauge how it thinks the economy will evolve over the rest of this year. In the meantime, interest rates will remain very supportive for household spending and the housing market.

As of September 9th, 2015, the advertised five-year lending rate stood at 4.64 per cent, unchanged from the previous Bank rate announcement on July 15th, and down 0.15 percentage points from one year ago.

The next interest rate announcement will be on October 21st, 2015, and will be accompanied by an update to the Monetary Policy report.

Little has changed since the Bank’s previous announcement and revised economic forecast published in July. Its September announcement serves as a placeholder as the Bank awaits more economic data prior to the release in October of its Monetary Policy Report which will be published two days after the federal election.

RELOCATING

RELOCATING

RELOCATION KIT

Designed for anyone planning a move to the area, this comprehensive kit will make you feel right at home from the very start. Here are just a few things that are included to get your move off on the right foot:

  • A complete map of the Oakville area, including streets, highways, schools, parks and public areas, shopping centres and major landmarks.
  • A comprehensive guide to Oakville, which details popular restaurants, bed and breakfasts, hotels, shops, attractions, festivals and entertainment.
  • Guides detailing conservation areas in and around Oakville, guides to child care and community programs, Oakville Senior Centre.
  • A complete list of all religious organizations in Oakville.
  • Oakville Parks and Recreation guide, arts guide and the Oakville Public Library Programs and Services.
  • A current copy of the local newspaper so you can read up on all the latest news.

You can also send Rina a message and tell her what you would like to know about the Oakville area. She will send you a customized package designed just for you!

FIRST TIME BUYER’S GUIDE

The First Time Buyer’s Guide explains the buying process from start to finish. It also provides you with some worthwhile information links.

  • How can a Buyer’s Agent help?
  • Gives you the standard closing costs.
  • Provides you with a moving check list containing an amortization chart.
  • Explains the buying process.
  • Formula for the Land Transfer taxes.
  • Contains a list of important contacts and their e-mail address.
  • Explains the different home ownership options.

The Customized Buyers Guide builds on the First Time Buyer’s Guide by providing a detailed list of homes in your price range or desired area. It explains the buying process from start to finish and provides you with some worthwhile information links!

  • How can a Buyer’s Agent help?
  • Gives you the standard closing costs.
  • Provides you with a moving check list containing an amortization chart.
  • Explains the buying process.
  • Formula for the Land Transfer taxes.
  • Contains a list of important contacts and their e-mail address.
  • Explains the different home ownership options.
  • Detailed list of homes in your price range or desired area.
  • This comprehensive guide provides you with enough information to give you a solid understanding of what to expect and how best to prepare yourself for a simple and rewarding buying experience!

Contact us today!

 

Relocation can be difficult and at times stressful. Allow us to ease some of these pressures. We know Oakville and can answer any of your questions about the area.

REAL ESTATE TERMS

REAL ESTATE TERMS

Amortization Period: The actual number of years it will take to pay back your mortgage loan.

Appraised Value: An estimate of the value of the property. Conducted for the purpose of mortgage lending by a certified apprasier. The appraisal is not to be confused with a building inspection.

Assumability: Allows the buyer to take over the seller’s mortgage on the property.

Closed Mortgage: A mortgage that locks you into a specific payment schedule. A penalty usually applies if you repay the loan in full before the end of a closed term.

Condominium: The owner has a title to a single unit, as well as a share in the common elements such as elevators or surrounding land.

Condominium Fee: Common payment among owners which is allocated to pay expenses.

Conventional Mortgage: A mortgage loan issued for up to 75% of the property’s appraised value or purchase price and the amount of the mortgage loan.

Down Payment: The buyer’s cash payment toward the property. The difference between the purchase price and the amount of the mortgage loan.

Equity: The difference between the home’s selling value and the debts against it.

High-Ratio Mortgage: A mortgage that exceeds 75% of the home’s appraised value. These mortgages must be insured for payment.

Interest Rate: Value charged by the lender for the use of the lender’s money. Expressed as a percentage.

Land Transfer, Deed Tax or Property Purchase Tax: A fee paid to the municipal and/or provincial government for the transfering of the property from seller to buyer.

Maturity Date: The end of the term, at which time you can pay off the mortgage or renew it.

Mortgagee: The person or financial institution that lends the money.

Mortgagor: The borrower.

Mortgage Insurance: Applies to high-ratio mortgages. It protects the lender against loss if the borrower is unable to repay the mortgage.

Mortgage Life Insurance: Pays off the mortgage if the borrower dies.

Open Mortgage: Allows partial or full payment of the principal at any time, without penalty.

Portability: A mortgage option that enables borrowers to take their current mortgage with them to another property, without penalty.

Pre-Approved Mortgage: Qualifies you for a mortgage before you start shopping. You know exactly how much you can spend and are free to make a “firm” offer when you find the right home.

Prepayment Privileges: Voluntary payments in addition to regular mortgage payments.

Principal: The amount borrowed or still owing on a mortgage loan. Interest is paid on the principal amount.

Refinancing: Paying off the existing mortgage and arranging a new one or re-negotiating the terms and conditions of an existing mortgage.

Renewal: Re-negotiation of a mortgage loan at the end of a term for a new term.

Second Mortgage: Additional financing. Usually has a shorter term and higher interest rate than the first mortgage.

Term: The length of time the interest rate is fixed. It also indicates when the principal balance becomes due and payable to the lender.

Title: Legal ownership in a property.

Variable-Rate Mortgage: A mortgage with fixed payments, but fluctuates with interest rates. The changing interest rate determines how much of the payment goes towards the principal.

Vendor Take-Back Mortgage: When the seller provides some or all of the mortgage financing in order to sell their property.

 

Whatever stage you’re at in the real estate process – our hope is that the information here can be of assistance to you and make your decisions and preparations easier.

PACKING TIPS

PACKING TIPS

Separate your boxes by size, and place appropriate size boxes in each room.

Have all supplies (i.e. tape, bubble wraps, packing paper) lined up next to your boxes when packing.

Pack one room at a time, marking each box with a description of its contents and destination.

Put heavy items in small boxes and light items in large boxes. Keep weight of boxes reasonable. Group items of similar size and weight. Wrap heaviest items first with bubble wrap or packing paper and place on bottom of box. Wrap lighter items with the same and place on top of heavier items, separated by bubble wrap or packing paper. Fill all voids with packing paper or bubble wrap to prevent shifting.

Double box fragile items and fill voids between boxes with packing paper or bubble cushioning to avoid shifting.

Use “FRAGILE” labels on boxes with breakable items. This will alert movers to handle with care.

When making boxes, reinforce the bottom of all boxes with 2″ packing tape. Start by taping the seam where the two flaps meet, leaving 4″ of overlap on each side. Add two more strips in the same direction, on both sides of your first strip, approximately halfway between your strip and the edge of the box.

Fill each box as much as possible using packing paper to fill empty space to prevent shifting and breakage.

Make sure tops and sides of boxes do not bulge or sag. Under-packed boxes may collapse and over-packed boxes may rupture.

For books, lay flat and alternate bindings to prevent damage.

Pack plates on their edges in double-wall corrugated dish boxes. Dish/glass dividers will help keep these items safe and organized.

Bubble wrap your fragile items. Small bubble is recommended for smaller, lighter weight items. Large bubble is recommended for larger, heavier weight items. For added protection, line your box with bubble before packing.

To keep large items clean and sanitary, use mattress bags, furniture bags, and stretch wrap.

Use moving blankets to wrap furniture, appliances, TVs or other large objects. Use only strong, corrugated carton boxes with covers. The added strength may avoid damage that results from the use of poor-quality packing materials.

Collect old newspapers for use in packing, but remember that ink may rub off and stain clothing or other items.

Purchase special boxes for dishes, wardrobe and other special items.

Pack audio/video equipment in their original boxes. Label cables and tighten transit screws. If removing screws, tape them to the objects they are removed from.

Have rugs and draperies cleaned before moving and leave them in wrappings for the move.

Pack medicines in a leak-proof container.

Carry all valuables with you.

Here’s a list of packing supplies that will come in handy:

  • Plastic bags and labels for easy identification
  • Foam peanuts, styrofoam pellets or “popcorn”
  • Tissue or craft paper for delicate packing jobs
  • Corrugated paper rolls for figurines and fragile items
  • Gummed tape ((1 1/2 to 2″ wide) and/or strong twine for sealing cartons
  • Markers and labels for identifying contents of cartons
  • Notebook and pencil for carton identification log
  • Scissors and/or sharp knife

 

Packing can feel like the most daunting part of moving and Team Rina knows how chaotic it can quickly become. We decided to compile a list of our best packing tips to help you organize and streamline your packing process.

MOVING OUT CHECKLIST

MOVING OUT CHECKLIST

UTILITIES & SERVICE

  • Electric
  • Gas
  • Water
  • Hydro
  • Telephone
  • Cable service
  • Internet connection
  • Fuel
  • Appliance service

GOVERNMENT OFFICES

  • Schools
  • Library
  • Health card
  • Vehicle registration
  • Drivers license
  • Post office
  • Old age security
  • Family allowance

BUSINESS ACCOUNTS

  • Banks
  • Your employer
  • Finance companies
  • Credit cards
  • Charge accounts
  • Health club
  • Drug store

PROFESSIONAL SERVICES

  • Doctor
  • Dentist
  • Lawyer
  • Accountant

MOVING DATE

  • Drop off keys
  • All meters read
  • Telephone disconnected
  • Pick up new keys

INSURANCE AGENCIES

  • Home
  • Car
  • Life
  • Accident
  • Personal property

PUBLICATIONS

  • Newspaper
  • Magazine

Scheduling your move wiseley can make a lot of difference. Moving out requires a number of actions and steps to make sure you have covered everything. Team Rina has compiled a list of actions and a checklist of items that should be completed when moving out of your home.

Rina DiRisio
B.A., SALES REPRESENTATIVE
Lifetime resident of Oakville

Rina DiRisio

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