Ben Sage's Blog

Ontario Land Transfer Tax Rebate program!

Ben Sage (Re/MAX a-b Realty LTD) — Mon, 21 Jan 2008 21:28:35 -0800

Ontario Land Transfer Tax Rebate Program - Proposed Expansion to include Resale Homes

In December 2007 the provincial government proposed to amend the Land Transfer Tax Act to include a maximum rebate of $2,000 to first-time buyers of resale homes. There are still several steps within the legislative process before this comes into effect but it will be retroactive to include agreements of purchase and sale entered into after December 13, 2007. It is recommended that anyone purchasing should review the following criteria (supplied by the provincial government web site www.rev.gov.on.ca ) and get their application at the top of the pile! E-mail me for more information about the existing Land Transfer Tax, what the amount will be on your dream home, and for more information on the proposed rebate.

Resale Homes

Until the proposed amendments become law, the following applies to first-time homebuyers of resale homes applying for a refund:

- Land transfer tax must be paid at registration

The following documentation must be submitted to the Ministry of Revenue at the address at the end of this notice:

- Refund applications on resale homes cannot currently be made electronically.

- A properly completed Ontario Land Transfer Tax Refund Affidavit for First-Time Purchasers of Eligible Homes (Resale) form

- A copy of the registered instrument on which land transfer tax was paid (in the case of electronic registration, please include a copy of the docket summary which relates to the transaction);

- A copy of the agreement of purchase and sale (only those agreements of purchase and sale entered into after December 13, 2007 may qualify) along with a copy of the statement of adjustments.

- Refund applications on resale homes cannot currently be made electronically.

- Refund to be Paid once Proposals become Law

- Although eligible first-time buyers of resale homes may apply for the refund once the transaction has closed and the tax has been paid, the ministry would retain the refund requests for processing and would issue refunds if the proposed amendments become law.

Eligibility Requirements

The following eligibility requirements are proposed to apply for resale homes, and continue to apply for newly constructed homes:

- The purchaser must be at least 18 years of age.

- Application for the refund must be made within 18 months after the date of the conveyance or disposition.

- The purchaser must occupy the home as his or her principal residence within 9 months of the date of closing.

- The purchaser cannot have owned a home or had any ownership interest in a home, anywhere in the world.

- A spouse of the purchaser cannot have owned a home or had any ownership interest in a home, anywhere in the world while he or she was the purchaser’s spouse.

What is a Resale Home?

A resale home is referred to as an eligible home in the proposed legislation. It is proposed that eligible home be defined as follows:

- a detached house

- a semi-detached house, including a dwelling house that is joined to another dwelling house at the footing or foundation by a wall above or below grade or both above and below grade;

- a townhouse;

- a share or shares of the capital stock of a co-operative corporation if the share or shares are acquired for the purpose of acquiring the right to in-habit a housing unit owned by the corporation;

- a mobile home that complies with the Canadian Standards Association Standard CAN/CSA-Z240 Mobile Homes and is suitable for year round permanent residential occupation;

- a condominium unit;

- a residential dwelling that is a duplex, triplex or fourplex;

- a partial ownership interest as a tenant in common of real property if the ownership interest was acquired for the purpose of acquiring the right to inhabit a housing unit forming part of the real property;
a manufactured home that is manufactured in whole or in part at an offsite location, that is intended for basement installation, that is suitable for year round permanent residential occupation and that complies with,
the Building Code made under the Building Code Act, 1992;
if the manufactured home is constructed in sections that are not wider than 4.3 metres, Canadian Standards Association Standard Z240.2.1 Structural Requirements for Mobile Homes and Canadian Standards Association Standard Z240.8.1 Windows for Use in Mobile Homes, or
if the manufactured home is constructed in sections that are 4.3 metres or wider, Canadian Standards Association Standard A277 Procedure for Certification of Factory Built Houses; or;

- any other residential property as may be prescribed.

The "R" Word - Is Canada doomed to suffer the same fate as USA?

Ben Sage (Re/MAX a-b Realty LTD) — Mon, 14 Jan 2008 18:17:26 -0800

Though the jury is still out on whether or not a Recession has actually hit the United States, Should Canadian Realtors worry?

Some Analysts predict that Canada is in a very Resilient position to weather a recession. Some factors that back this up are as follows:

- though the United States is our largest trading partner, our trade ties have been diminishing over the past few years.

- Canada's natural resources are fueling a strong dollar, which strengthens our position against recession

- though new housing starts are predicted to dip slightly in 2008, resales remain high, and a steady jobless rate indicates fair prospects for a successful year.

- The conference board of canada predicts a GDP growth of 2.8% in 2008, alongside a 2.1% growth in US GDP

- Sub-prime mortgage crunch faced in the US is unlikely to be duplicated north of the border, due to tighter lending policies, and insured mortgages.

The truth is, an economic slowdown in specific regions of Canada is likely this year. Consumer confidence in the United States has remained relatively constant up to this point, and since 76% or our exports go to the united states, we are in a decent position. However, any furtherance of recession south of the border could prompt a pullback on consumer spending south of the border and could threaten an already floundering Canadian manufacturing sector. The upside of this whole situation is that in order to keep inflation in line with our american counterparts, the Bank of Canada may have no choice but to cut interest rates for the first half of 2008. Some members of the financial community have forecast 2 consecutive interest rate cuts, which could bring prime as low as 5.5% by mid 2008. Coupled with our new Land Transfer Tax rebate for first time homeowners, financially, 2008 could be a great year to buy that first house!

Here in Woodstock, Ontario, we have an excellent opportunity for local market growth, as soon-to-be #1 International Auto Maker Toyota is opening a manufacturing plant set to employ between 2000 and 3000 workers. There are also rumours of another plant set to open immediately after production has begun! Exciting times in 2008 for Woodstock realtors and homebuyers!!

Cottage Commuting nightmares!!!

Ben Sage (Re/MAX a-b Realty LTD) — Tue, 09 Oct 2007 14:47:05 -0700

Hello Activerainers!!!

Like Many Southwestern Ontarians, I am an avid Cottager. In my family we have a cottage in beautiful Port Loring Ontario, right on the pickerel river. My girlfriend Amanda and I regularly make the trip up there for a few days away from the hustle and bustle of everyday life.

3 Months ago we lived in Toronto, and our drive to the cottage took us 3.5 - 4 hours, depending on traffic. I thought this was a pretty sane amount of time to spend in the car for the remoteness of this property. We moved about an hour and a half west of Toronto, back to our home town of Woodstock. Understandably, this concerned us, as it added time to our cottage commute!!! This reality struck home yesterday, as we were making our trek home after a soggy thanksgiving weekend. (Yes, it rained all weekend up there, while it was hot and sunny at home!!! booooo!!!)

There was an accident on Highway 400 Southbound (the only main artery from Cottage Country to civilization). The Engine was shut off, as we parked in the "fast lane" for at least an hour and a half. People were milling about, talking to one another, snacking on leftovers, passing around bottles of coke. Some people used the time to play fetch with their dogs in the northbound lanes (which were also closed), skateboarding, riding bikes, etc, all to pass some time in the hot thanksgiving sun!

Nine and a half hours later, we made it home, exhausted and frustrated. Next year, I think we'll be staying home for thanksgiving!!!! I am thankful that we made it home safely, and I hope that the person who's Jeep "exited the highway unsafely" is alright.

New to Activerain

Ben Sage (Re/MAX a-b Realty LTD) — Fri, 07 Sep 2007 14:05:13 -0700

Hello out there! This is officially my first blog entry on ActiveRain. This website was HIGHLY recommended to me by Bettianne Hedges of Sutton Group Right way Real Estate (2007) Inc. in Woodstock Ontario, Canada. Bettianne is a highly skilled real estate representative, so I take what she says very seriously! So Here I am!!!

I am optimistic that ActiveRain will give me lots of relevant information to read. I really enjoy researching and learning, and I'm hoping for information on techniques for showing houses, running open houses, inspections, construction techniques, mortgage financing, income properties, flipping houses, and staging, to name a few things!!

I am also new to the idea of having to market myself. I am seriously looking for original, thoughtful ways to market myself and put my name in front of as many people as often as reasonably possible. Sutton group provides excellent template resources for marketing yourself as a sales representative initially, but I hope to soon graduate into my own custom designed marketing profile. Since I have no idea how to do graphic design, its a learning process!

Gotta run - phone is ringing!!!