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| VERONICA KEY
Broker
416-785-1500 |
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KEY TO REAL ESTATE |
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| Friday, 23 April 2010, 02:40:49 PM | | | | Imagine a company bought a 100-acre lot and started selling cars, each one inspected by their certified technicians and advertised across Canada. The company was very successful. Buyers trusted them. Now a private car seller finds out that they cannot get nearly the price or exposure by selling by themselves. Should that person be able to go to the government and demand that he be put on the successful seller’s car lot, with the private seller’s name in the windshield, selling his own uncertified car to the public?
In a sense, this is what the bureau is asking regarding the MLS system, which has been built, paid for and maintained by realtors, to provide Canadians with the widest exposure, security and protection when buying or selling their home across Canada.
There is a real danger to consumers in trying to buy or sell their homes without the advice of a real estate professional. Sellers will not know how to qualify buyers who attempt to tour their home, will not understand how to properly price their home for sale and will not appreciate their obligations of disclosure of defects to unwary buyers. This will result in sellers not obtaining the maximum sale price for their homes and potentially involve them in unnecessary lawsuits from buyers.
Buyers will not know if the seller has any authority to sell the home, or whether the property is in fact in the process of being taken over by the bank. Deposits could thus be fraudulently misappropriated.
According to the Bureau, CREA and its member real estate boards effectively control the market in Canada, since 90 per cent of all residential home sales are completed using the Multiple Listing Service (MLS) systems, and consumers thus have no real choice in paying commissions, which, according to the bureau, is usually five per cent of the sale price. It is further claimed that the rules passed by CREA regarding use of these systems prevent anyone from offering different service models, thus eliminating choice for consumers. They would like every seller and buyer to have access to the MLS system, and be able to sell and buy properties themselves, without the services of a real estate salesperson.
No statistics are introduced by the bureau to support any of these claims. The fact is that there are other alternatives for Canadian consumers today, both within the MLS systems and outside it. There are many “For Sale by Owner” websites gaining market share across Canada, offering a flat fee service to sell your home.
If you make a mistake in the largest purchase decision of your life, it may cost you tens of thousands, and unnecessary legal headaches.
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| Posted on Tue, 16 Feb 2010, 11:00:20 AM in Home buying tips | | As you may have heard this morning, Federal Finance Minister Jim Flaherty announced changes to mortgage insurance rules intended to come into force on April 19, 2010, as follows;
1. All borrowers must meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term.
2. The maximum amount one can withdraw in refinancing their mortgage will be reduced to 90% from the current 95% of the value of one's home – Very rarely will a 95% refinance situation come into play.
3. Non-owner occupied properties will require a minimum down payment of 20% - To avoid additional costs i.e. premiums, most clients have 25% for down payment on Income properties. If a client only has 20% for down payment, the premium that CMHC charges is 2.5%. All income property qualifications are based on 25 year amortization. This has not changed.
4. There were not any changes to down payment requirements or amortization for owner occupied properties.
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| Posted on Mon, 11 Jan 2010, 02:36:16 PM in Marketing strategies | | The Market is Still Moving! So..... if you are thinking of making a Move, start sorting your things out now. There's no better time to sort, organize, donate or throw away unwanted "stuff" than Christmas Holiday time. Invest in Clear Storage Boxes that you can label. They're easy to use and stack.
Call Veronica Key and Start Packing!
416-258-1485
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| Saturday, 02 January 2010, 04:43:28 PM | | | | Honourable Kathleen O. Wynne,
MPP - Don Valley West
Ministry of Education
900 Bay St, 22nd Floor, Mowat Block
Toronto
M7A 1L2
Dear Minister Wynne
I’m writing today to express my opposition to the introduction of the Government of Ontario’s Bill 218, the Ontario Tax Plan for More Jobs and Growth Act, 2009 which implements a harmonized sales tax (HST). As a resident in your riding, I am opposed to the HST because it will increase the cost of day to day living and the cost of owning, buying and selling a home.
Homebuyers and sellers will pay 8 per cent more on legal fees, appraisals, real estate commissions, home inspection fees, and moving costs, adding about $1,500 in new taxes to the average residential real estate transaction in Ontario.
A HST will also add 8 per cent more tax on a series of home related costs. Specifically, a HST will add hundreds of dollars in additional tax on utility bills, such as gas, electricity and home heating fuel, on home renovation labour, the cost of lawn upkeep or landscaping and the cost of snow removal. Moreover, a HST will increase my family’s daily cost of living with 8 per cent more tax on gasoline, personal and professional services, dry cleaning, cab fares, magazine subscriptions, plane tickets, vitamins and cell phone charges.
When added together, the impact of an HST on my family’s disposable income will be considerable. In short, the HST will reduce my family’s quality of life by taking more of our hard-earned money to fund government initiatives.
While the Government of Ontario has tried to compensate Ontarians by offering sales tax transition cheques and a modest income tax reduction, these measures will in no way offset this new tax. A one-time payment of $1000 (for a family of four) and a modest $368 reduction in income tax will do very little to offset the burden of an 8 per cent tax increase on a litany of items year after year after year.
Please tell Premier Dalton McGuinty and Finance Minister Dwight Duncan that we are fed up with increasing taxes. Please vote against Bill 218 and stop the HST.
Yours truly,
Veronica Key
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