Tony's Question: How much HST will my Mom pay when selling her house?

Markham Boxgrove Homes, Morningside Heights Homes, Scarborough Town Centre Condos Real Estate: http://www.JasJagpal.com

Just the other day Tony called and had a few questions on HST.  You see his Mom is looking to sell their house and they were terrified at the prospect of having to pay 13% HST on the sale of their house.  I'd be petrified as well.  Imagine paying 13% tax on a house worth $400,000, yeah that is $52,000 big ones!

I assumed with all the talk about HST in the media and having written a few blogs on it that people understood the basic rules but I think it would be a great idea to refresh everyone how the HST affects you when buying or selling real estate.

1.  If you are buying or selling a house that was built and occupied before July 1st, 2010 then you do NOT pay HST when you sell it.  This is called the RESALE market.  In other words, you are reselling a house you previously purchased.  The majority of the real estate transactions come from resale market so most people won't be affected detrimentally by the HST.

2.  If you buy NEW from a builder, be it Condo, Townhouse, Semi, Detached, etc.  you will be paying HST.  Yeah that Sucks!  To make it suck less... the government decided to provide a 75% rebate on the first $400,000 (average price in Toronto).  So instead of paying $52,000 in taxes on a $400,000 new residence you pay $13,000. 

Obviously if the new house is worth $500,000  you will pay $13K on the first $400,000 and another $13K for the next $100,000 for a total of $26K in HST tax.  Most builders will incorporate the HST tax in their selling price to keep advertising simple and consistent and so they do not alarm Buyers who are looking to buy new.  I'm sure many Buyers would walk away from the builders if they were asked to pay an additional $26K plus for HST on the advertised price.

3.  Lastly, HST is charged on all services that occur in a real estate transaction.  So on an average priced home you will pay around $2000 in HST tax.  This covers tax on Realtor commissions, Lawyer Fees, Bank Appraisals, Inspections,  Movers,  Closing adjustments, etc. 

In a NUTSHELL ... HST is definately an added cost to the real estate transaction in Ontario.  For most resale homes you can think of it as a cost of home ownership and a cash grab by the government,  just like the Toronto Land Transfer Tax.  However, if you want the bells and whistles of buying new and living large you won't mind paying for it.

© 2010- Jas Jagpal

Jas Jagpal, Remax Sales Representative, jasjagpal@gmail.com ; 647-272-6629

Markham Boxgrove Homes, Morningside Heights Homes, Scarborough Town Centre Condos, Toronto Real Estate: www.JasJagpal.com

Posted on: www.1stoprealestate.ca : www.LinkToMorningside.comwww.MarkhamBoxgrove.com

 

 

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Tridel- Solaris 1 and 2- Metrogate Scarborough Condos- 125, 135 Village Green Square - ready spring 2011

Markham Boxgrove Homes, Morningside Heights Homes, Scarborough Town Centre Condos Real Estate: http://www.JasJagpal.com

SOLARIS 1 and 2 FOR SALE

BACKGROUND INFO:

Tridel is building a "green community" which will be the envy of condo owners across Toronto.  The Metrogate community near Kennedy and the 401 will comprise of two 40-storey towers, (Solaris 1 and 2 pictured to the left and under construction).  There will also be two 35-storey towers, two 30-storey towers and a 23-storey office tower and two day care facilities at the premises and a central park.
 
When all construction is done there will be a vibrant community with over 2100 residential condominium units steps from HWY 401 and Scarborough Town Centre and amenities that include GO, TTC subway and bus stations, indoor pool, party rooms, exercise room, day care, and beautiful gardens.
 
125 Village Green Square also called Solaris 1 Condo Tower has 40 floors and scheduled to be completed in spring 2011.  135 Village Green Square also called Solaris 2 also has 40 floors and will be ready by 2011.

Amenities in Tridel's Solaris 1 and 2 at 125, 135 Village Green Square Condominiums.
-  indoor swimming pool
-  whirl pool
-  ladies' and men's saunas,
-  a billiards room
-  a playground area for kids
-  card rooms
-  a party room,
-  large lobby with sitting lounges
-  theatre
-  two guest suites
-  exercise room- weights, cardio, yoga
-  concierge, security
-  terraces to enjoy
-  some retail shops at the bottom

 

Jas Jagpal, Remax Sales Representative, jasjagpal@gmail.com ; 647-272-6629

Markham Boxgrove Homes, Morningside Heights Homes, Scarborough Town Centre Condos, Toronto Real Estate:www.JasJagpal.com

Posted on: www.1stoprealestate.ca : www.LinkToMorningside.comwww.MarkhamBoxgrove.com

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Tridel - 360 Degrees- 83 Borough Drive- Scarborough Town Centre Condos

Markham Boxgrove Homes, Morningside Heights Homes, Scarborough Town Centre Condos Real Estate: http://www.JasJagpal.com

360 Degrees Condo Tridel For Sale

Tidel's "360 Degrees at the City Centre" oval shaped Condo is located at the NE corner of Brimley Rd and Omni Drive.  This magnificent condo by Tridel was built in 2005 and stands 35 floors high and provides spectacular views of the Toronto City Skyline. 
 
Tridel is a multiple award winning builder and knowing that they have built "360 degrees condo at the City Centre", you can feel confident you are getting quality finishes and world class amenities that fits your condo lifestyle. 
 
You are just steps from the Scarborough Town Centre and Scarborough Rapid Transit station, TTC, and seconds to Highway 401.  There are plenty of shopping and big boxed stores, restaurants, city parks and golf course within few minutes driving distance so you will find something that will interest you. 
 
With over 450 units from 600 sq ft to 1027 sq. ft. there is one that has your name on it.  With 24-hour concierge service, full-scale exercise facilities, an indoor pool, outdoor terrace and party room and so much more - you will love buying and enjoy living in a 360 Degrees Condo at 83 Borough Drive - Scarborough Town Centre.
 
To view 360 Degrees Condo listings at Scarborough Town Centre scroll down and complete the contact form or call Jas Jagpal at 647-272-6629 or email: jasjagpal@gmail.com

Jas Jagpal, Remax Sales Representative, jasjagpal@gmail.com

Markham Boxgrove Homes, Morningside Heights Homes, Scarborough Town Centre Condos, Toronto Real Estate:www.JasJagpal.com

Posted on: www.1stoprealestate.ca : www.LinkToMorningside.comwww.MarkhamBoxgrove.com

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*** Investment Condo- 2BR for the price of 1BR+D

I wouldn't recommend this suite if I didn't believe it would be a great investment option for you.  There are only a handful of them left at Ventus 2 with this unique 2BD + 1WR design.  You get 620 sq ft starting at $258,000K.  As an Investor when selling this suite as a 2BR... then a 1BR + D, it sells for more value.   Also if you want to lease it... you can lease to two different people or a small family that needs 2BR and get more in rent for it.

Call me ASAP... if you are interested in taking advantage of this opportunity.  See previous post for more details and downloadable price list and brochure.

1.  You get an Assignment clause at no fee.

2.  $5000 discount

3.  You can buy with 5% down providing you qualify for a mortgage as BMO will pay your 90, 180 day deposits.  (You only have to pay the interest (prime + 1%) on this loan.  TRIDEL may also agree to pay the interest on the BMO loan as long as you close on the deal.... that is only available to limited number of clients.  But the 5% investment option is great for first timer and your paying less than $100 a month on the interest on the 10% you've borrowed from BMO.  This interest is a tax deduction.  Need more clarifications call me.

4.  1 Parking included.

5.  Individually metered so person only pays for what they consume and keeping maintenance fees in check a bit better which are at: 46cents

6.  Occupancy Summer 2013

Office open till 11-7pm Monday-Thursday and 12-6pm Friday-Sunday.  If I can help you get a suite and save let me know.

Jas Jagpal 647-272-6629  Remax Dynasty

 

Has The Tide Turned in Toronto's Real Estate Market?

Markham Boxgrove Homes, Morningside Heights Homes, Scarborough Town Centre Condos Real Estate: http://www.JasJagpal.com

Hi Everyone,

I thought knowing what is happening with your largest investment (your house) and the current real estate market might be helpful.  If you are not interested please do not read any further and delete it.  If you find this valuable please pass it on to your friends and family.

During the past 6 months we've seen a classic case of what happens when FEAR and misinformation causes people to make buying and selling decisions.  We started the year with a handful of homes for sale putting pressure on Buyers.  Then add the governments changes to the mortgage rules and the hysteria created by misinformed real estate agents and the media on the effects of HST and we have a recipe for madness.  We saw a buying frenzy with multiple offers and house prices rise 10-15% - peaking in May so Buyers would have enough time to close before July 1st (HST)

Average Prices:  Jan:$409K  Feb:$431K  Mar:$435K   Apr. $438K   May: $447K   June: $435K

So what is happening in the housing market now?  You see in a balanced market prices generally rise about 5% annually.  So now we see the market correcting itself.  Unfortunately homes today are more likely to sell for prices found in early February.  Why?

Well if you recall from my January/ February newsletter any decent home would sell within a few days and most within 2 weeks with multiple offers and above asking. 

Unfortunately home owners and most realtors are clueless to the market condition today since very few actually look at the statistics.  If the houses were priced right for the current market, most homes would sell within 2-4 weeks because hundreds of homes are selling each day. 

But the current statistics show they are taking much longer.  As of July 12th.

Morningside Heights has 27 Listings (twice as many as in January/ February)  The real kicker is that the "Average Days on the Market" today is 35 days for these 27 listings.  Which is only going to get bigger.

Markham East -  Average Days on the Market is: 45 days for 11 listings.

Markham Boxgrove - Average Days on the Market is: 39 days for 26 listings.

This points to a further downward trend on house prices in the GTA to offset some of the huge price increases that occurred in the earlier months. We should still have a positive price increase for the year, but we are giving back some of the high gains.

If you are currently listed, you might want to rethink your pricing structure.  Statistics show overpriced properties end up selling for less than market price than properties that were listed at market price from the beginning.  Top Realtors would tell you this information up front instead of promising you the moon and later under delivering.   Unfortunately many Realtors use this under-handed practice to get your listing because they know they can convince you to reduce your price later by blaming the market, etc. and since you will feel that you are stuck in a contract with them and can't get out.  That is not true.

So if you are considering buying or selling... or know someone who is, I'd like the opportunity to help out.  I give you an Unconditional Guarantee of Satisfaction.  Which means if my work as your Real Estate agent does not leave you feeling completely satisfied at the conclusion of our business, I will return to you all of my commission or whatever part you feel should be forfeited, even if you did not pay the commission as a Buyer.  My intention in making this offer is to assure you that I operate my business with your best interests at heart.

It's a good life.  Jas Jagpal.

P.S.  This email is not intended to solicit buyer or sellers under contract or be considered legal advice. This information is solely advisory. 

Jas Jagpal, BSc. York University. C: (647) 272-6629  Fax: 416-352-5711
"Email me for VIP savings for investment condos and get a FREE complimentary Pin-Point Market Analysis when selling your home.

Markham Boxgrove Homes, Morningside Heights Homes, Scarborough Town Centre Condos, Toronto Real Estate:www.JasJagpal.com

Posted on: www.1stoprealestate.ca : www.LinkToMorningside.comwww.MarkhamBoxgrove.com

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2010 Business Directory - Morningside Heights, Markham East, Boxgrove

Hi Everyone,

Last year I published MSH 1st business directory to raise money and help parents buy school uniforms at Brookside public school. Those who advertised were impressed with the quality of the printed directory.
(offset printed on high quality 100lbs gloss text stock with over all AQ coating)- download last years.

I’ve been asked to publish the 2nd Edition but before making a huge commitment I’d like to see how many business owners and professionals in Morningside Heights and Markham Boxgrove are interested.  If I get enough interest by Aug 15th, I’ll publish the 2nd Edition.  

You have to raise your hand and show me your commitment. I don’t have time to canvas this year.  So if the much lower printing cost and printing twice as many directories and mailing them out with Canada post don’t convince you then nothing will.  Having created the 1st directory I know its a huge time commitment on my part to put it all together so unless I hear from you I won't pursue this.

We would print 6000 copies and mail out 5400 homes via Canada Post.  In Morningside Heights, Markham East (North of Steeles, East of Markham, South of Denison) and Markham's Boxgrove. (9th line and South of 14th)

Tentative cost would be:  
Full Page - 8 x 5” at $175  
Half Page- 5 x 4” at $125 

on a 32 page directory... also if you know anyone else who might be interested do pass on this information... more importantly if you know anyone looking to buy, sell or invest... please let me know. 


FYI: TRIDEL - Top Builder is releasing Ventus 2 at Kennedy & 401 for VIP clients of preferred Realtors.  Starts July 11, 2010 - and units are priced from: $199,900K.  Let me know if you are thinking of investing in a Condo. In total there will be seven condos in this GREEN community with court yards, daycare, recreation centre,  pool, etc.  Tridel is building a masterpiece with all the high class amenities one would expect in Tridel's projects.

Thanks,

Jas Jagpal, BSc. C: (647) 272-6629  Fax: 416-352-5711

========================================

Let's Make A Deal....... www.LetsMakeADeal.ca

Real Estate.................. www.JasJagpal.com

Morningside Heights.... www.LinkToMorningside.com

 

Bathroom Design Trends: Clean and Green

Markham Boxgrove Homes, Morningside Heights Homes, Scarborough Town Centre Condos Real Estate: http://www.JasJagpal.com

Tiles that clean themselves, faucets with no levers, residential urinals and automatic humidity sensing fans - these are some of the design innovations that have started showing up in the bathrooms of upper-end homes during the last few years. Combined with a trend to minimal Asian design, bathroom designs these days can best be designed as clean and green.

Active Clean Air and Antibacterial Ceramic Tiles were introduced to Canada last year by Savoia Canada, a subsidiary of the Italian GranitiFiandre Group. The company says the tiles use titanium dioxide to "clean the air of polluting organic substances when either sunlight or artificial UVA rays shine on the tiles. This process transforms harmful organic and inorganic substances into compounds that are harmless to humans." They are available in about 40 different colours and various sizes.

A set of faucets and showers from American Standard has no levers or faucets, just four electronic control icons on the top surface of the tub filler or the bottom of the shower column. They are operated by regular C type batteries.

Kohler Canada offers waterless residential urinals and toilets with built-in bidet functions including a control for water temperature and flow, a deodorizer function, a heated seat and warm air drying at three speeds.

If you can never remember to turn on the bathroom fan during or after a shower,Broan-Nutone offers Humidity Sensing Fans, which automatically turn on when a rapid rise in humidity is detected in the room.

Waterfall faucets and shower towers that include everything from steam options to waterproof built-in speakers are other popular bathroom features. From an esthetic point of view, Japanese influences are being seen in the clean lines and open spaces in new bathrooms. Hotel-like "floating" vanities and wall-mounted toilets make small rooms look larger.

An American Standard survey in 2008 showed that 88 per cent of people were "doing a lot of things inside their bathrooms besides the obvious." More than one-third read their mail there, while 43 per cent used it to get dressed, 19 per cent listened to music on their radio or I-Pod, 15 per cent talked on the phone and three per cent watched TV.

Most people spent about 30 minutes in the bathroom a day, but 25 per cent of people reported spending at least an hour. Women spent more time there than men, and women with children spent more time in the shower than women without kids.

The biggest bathroom trends are in the "green" categories - conserving water and energy. In Ontario, the provincial government recently announced plans to mandate water-saving toilets. It says Ontarians currently use about 260 litres of water a day, nearly twice as much as people in Germany, the U.K. and the Netherlands. American Standard says Canadians use the second highest amount of water in the world, with 35 per cent of the water used for the shower and the tub, and 30 per cent used by flushing the toilet.

Many municipalities offer incentives to residents to switch from 13-litre toilets to energy efficient six-litre models. For example, Toronto residents can get $60 or $75 for making the move. Kohler Canada offers an interactive map that shows where you can get rebates in municipalities across the country.

In addition to dual-flush and low-flow toilets, water is being conserved in the bathroom with low-flow faucets and showerheads. Changing all three in a bathroom costs as little as $600, but provides long-term financial benefits.

Some other "green" trends include using cleaning materials that are ammonia-free (such as water and vinegar), and installing energy-efficient lighting. Kohler is using recycled and reclaimed materials in some of its cast-iron products.

What's coming up in future bathroom trends? While white still rules as the dominant fixture colour, other more vibrant colours may be making a comeback. In terms of bathroom design, an aging population is prompting more consideration of accessible features, such as grab bars and curbless and level-access showers.

Written by Jim Adair
July 6, 2010

For all you real estate needs call Jas Jagpal at: 647-272-6629 or email jasjagpal@gmail.com
Markham Boxgrove Homes, Morningside Heights Homes, Scarborough Town Centre Condos, Toronto Real Estate:www.JasJagpal.com
Posted on: www.1stoprealestate.ca : www.LinkToMorningside.comwww.MarkhamBoxgrove.com

July 2010- Toronto Real Estate Market Update

Markham Boxgrove Homes, Morningside Heights Homes, Scarborough Town Centre Condos Real Estate: http://www.JasJagpal.com

For all you real estate needs call Jas Jagpal at: 647-272-6629 or email jasjagpal@gmail.com

Markham Boxgrove Homes, Morningside Heights Homes, Scarborough Town Centre Condos, Toronto Real Estate: www.JasJagpal.com

Posted on: www.1stoprealestate.ca : www.LinkToMorningside.com: www.MarkhamBoxgrove.com

(download)

Lunch with God - Root Beer & Chips

A little boy wanted to meet God. He knew it was a long trip to where God lived, so he Packed his suitcase with a bag of potato chips and a six-pack of root beer and started his journey.

When he had gone about three blocks, he met an old woman. She was sitting in the Park, just staring at some pigeons. The boy sat down next to her and opened his Suitcase. He was about to take a drink from his root beer when he noticed that the old Lady looked hungry, so he offered her some chips. She gratefully accepted it and Smiled at him.

Her smile was so pretty that the boy wanted to see it again, so he offered her a root Beer. Again, she smiled at him. The boy was delighted! They sat there all afternoon Eating and smiling, but they never said a word.

As twilight approached, the boy realized how tired he was and he got up to leave; but Before he had gone more than a few steps, he turned around, ran back to the old Woman, and gave her a hug. She gave him her biggest smile ever.   When the boy opened the door to his own house a short time later,  his mother was Surprised by the look of joy on his face. She asked him, "What did you do today that 
Made you so happy?" He replied, "I had lunch with God." But before his mother could Respond, he added, "You know what? She's got the most beautiful smile I've ever Seen!" 

Meanwhile, the old woman, also radiant with joy, returned to her home. Her son was Stunned by the look of peace on her face and he asked, "Mother, what did you do today that made you so happy?" She replied! "I ate potato chips in the park with God."  However, before her son responded, she added, "You know, he's much younger than I Expected."

Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around.  People come into our lives for a reason, a season, or a lifetime! Embrace all equally!

Have lunch with God ....... Bring chips.

 

If you feel it is worthy of sharing this with your family and friends, please do pass this link on.  

Some days we wake up and we really need God's embrace.  

 

Enjoy.  

Jas Jagpa

l

 

For all you real estate needs call Jas Jagpal at: 647-272-6629 or email jasjagpal@gmail.com

BrooksideSoccer.ca - it is in you to give.

Markham Boxgrove Homes, Morningside Heights Homes, Scarborough Town Centre Condos, Toronto Real Estate:www.JasJagpal.com

Posted on: www.1stoprealestate.ca : www.LinkToMorningside.comwww.MarkhamBoxgrove.com

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World Cup- Instant Replay or what?

Markham Boxgrove Homes, Morningside Heights Homes, Scarborough Town Centre Condos Real Estate: http://www.JasJagpal.com

I know I should be talking Real Estate... but I'm human gotta complain about the horrible officiating I've seen the past couple weeks.  Referees  with their straight REDs and linesman's missing offsides and hand balls.

I'm a big Brazil and Argentina fan... but in todays 3-1 shellacking of Ivory coast... if the second beautiful goal by Luis Fabiano- which by the way involved two hand balls- was not allowed we would have had a great finish to the game.  Instead Ivory coast lost all confidence and retorted to fouls when they were down 2-0... many of the fouls I thought were incidental and referee should have let play continue.

What do you think?  Instant Replay for RED cards and suspect goals?

Maybe KAKA would not have been kicked off?

I think instant replay should be used... a couple minute under the hood, like in North American Football would do no harm and maybe stop players from trying to cheat and get booked for yellow cards!

Jas Jagpal: www.BrooksideSoccer.ca

For all your real estate needs call Jas Jagpal at: 647-272-6629 or email: jasjagpal@gmail.com

Markham Boxgrove Homes, Morningside Heights Homes, Scarborough Town Centre Condos Toronto Real Estate – http://www.jasjagpal.com

Posted on: www.1stoprealestate.ca, www.linktomorningside.comwww.markhamboxgrove.com

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