Open House, Sunday April 22

Visit 53 Rockwood Avenue, St. Catharines, this Sunday, April 22nd, between 2:00 and 4:00PM!

“The whole process has been a fantastic experience!”

“The whole process has been a fantastic experience!
It was seamless. I got through the whole process without becoming flustered or stressed. It was really easy to stay calm and collected.
Jim Gifford has been on the ball the whole time. He kept me updated on everything and always gave his honest opinion. My Mom loved him! Working with the Salisbury Team really has been a great experience!”
Itayi Nyaundi

Important information for home owners!

In case you have not yet done so, now is a good time to report the sale of your principal residence.

Before 2016, if you sold your property, and it was your principal residence for every year you owned it, you did not have to report the sale to claim the principal residence exemption. Now you do.
Canada Revenue Agency advises you to amend your tax return as soon as possible for any year in which you forgot to report.
CRA is getting tougher with people when it comes to reporting the routine sale of their home, even when there is zero tax owed.
Fines can be as high as $8,000.

For more information, have a look at Canada Revenue’s website.

Dealing with the Salisbury team was great!

Dealing with the Salisbury team was great. We liked the team concept because when Jim wasn’t available, Alison immediately picked up the slack. We never felt abandoned.  Service was top notch from both Alison and Jim.

Mark and Nathalie

We felt confident immediately after meeting them

We’ve worked with a few different real estate agents in the past and working with this team was completely different. We felt confident immediately after meeting them; confident that they were well versed in this competitive market, experienced as a team, and willing to devote the time and energy into finding us what we wanted right away. The process was painless and the
service was outstanding. Never did I once feel like they were in this for the commission.

Trisha Tisi and Zac Scott

Feds to tighten mortgage rules for homes over $500K

The federal government is expected to tighten mortgage rules in an effort to cool the red-hot housing markets in Toronto and Vancouver, CTV News has learned.

The new regulations will increase the minimum down payment required to buy a home for more than $500,000, with portions beyond that amount requiring a 10 per cent down payment. The down payment on the first $500,000 will remain at five per cent.

For example, a home costing $700,000 would require a $45,000 down payment – a five per cent down payment on the first $500,000, added to a 10 per cent down payment on the remaining $200,000.

The regulations are expected to take effect in early 2016.

Buyers shopping for homes below the $500,000 mark will be unaffected by the new rules.

The announcement is expected from finance minister Bill Morneau sometime Friday morning. The government is expected to stress that the new rules are designed to foster equity and dissuade cash-strapped buyers who may be seduced by low interest rates.

The decision is based off research by the C.D. Howe Institute, an independent think tank.

The move is expected to take pressure off the Canada Mortgage and Housing Corporation (CMHC), which offers mortgage loan insurance for properties valued below $1 million.

Since the 2008 recession, the federal government has made it more challenging for Canadians to obtain CMHC-insured mortgages.

For homebuyers with a down payment of less than 20 per cent, the government decreased the maximum amount of time allowed to pay off a mortgage to 25 years from 40 years.

The move was intended to dissuade borrowers from making riskier purchases and instead encourage them to invest in less expensive homes.

http://www.ctvnews.ca/mobile/business/feds-to-tighten-mortgage-rules-for-homes-over-500k-1.2695989

High Ratio Mortgage Premium Increase

Just a reminder that the high ratio mortgage insurance premium increase is effective May 1st If you know someone who is thinking of taking out a high ratio mortgage (less than a 20% down payment) soon they will save money if they submit their application prior to May 1st. Here is a summary of the increases:

Loan to value (LTV) ratio Standard premium – single and progress advance Rental property premium (for CMHC insured only)
Up to and including 65% 0.60% 1.45%
Over 65% to 75% 0.75% 2.00%
Over 75% to 80% 1.25% 2.90%
Over 80% to 85% 1.80% Not applicable
Over 85% to 90% 2.40% Not applicable
Over 90% to 95%
The maximum LTV for 3‑4 unit owner‑occupied property is 90%.
3.15% Not applicable

Paul Croteau, AMP Mortgage Specialist BMO Bank of Montreal
Phone: (905) 321-3230 Fax: (905) 641-7854 Paul.croteau@bmo.com