Attention Buyers!

Attention Buyers!

As of Monday, May 14th, 2018, the minimum qualifying rate for mortgages increased from 5.14% to 5.34%.
This will decrease the total mortgage amount you will be able to qualify for.
Just as a side note, one year ago the qualifying rate was 4.64%.
To give you an idea of how much impact this has, a couple with a $120,000 household income would have qualified for a mortgage as high as $800,000 a year ago.
Today, that same couple would only qualify approximately for around $600,000. That’s a 25% drop!

Read more about it in this article of the The Financial Post .

Market report April 2018 VS April 2017.

Click the picture to see a larger image.

There was a bit of a delay in the monthly stats over the last few months. Data keeps changing constantly and we wanted a fresh look to the Salisbury Stats page. Here is a look at April 2018 versus April 2017.

Notice a trend?
Average Sale Price in 30% of the areas are actually down from 2017! Houses are taking approximately 50% longer to sale ( D.O.M – Days on market) and the number of sales overall are approximately down 23% .
What does that mean? For sellers, the listing price we set has to be more accurate than before and for buyers, finally a little more selection to choose from since January 2016.
As always, any questions, don’t hesitate to ask!
 

The 5th Annual Cuthbert Cup


The 5th annual Cuthbert Cup raised $11,000, supporting the Walker Family Cancer Centre! What a great accomplishment!

Thanks to Matt and Michelle Cuthbert and their dedication and commitment to this event, organized in loving memory of Linda, Matt’s mother.

Timothy rewarded with the Diamond Award!

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.

Top 10% of donors for the Royal LePage Shelter Foundation for 2017

shelter foundation donor 2017

I’m proud to be in the Top 10% of donors for the Royal LePage Shelter Foundation for 2017!
This is such an awesome joint effort and all contributions helped us to raise $2.8 million
– the most we’ve ever raised in a single year!
– in support of women’s shelters and domestic violence prevention programs across the country.
What a great accomplishment!!

First-time home buyers to get $4,000 land transfer tax rebate

Nov 14th announcement in The Star

Finance minister Charles Sousa is giving first-time home buyers a $4,000 land transfer tax rebate.

Sousa used Monday’s fall economic statement to announce the tax break for eligible purchasers is being doubled from $2,000.

“Purchasing your very first home is one of the most exciting decisions in a young person’s life, but many are worried about how they will be able to afford their first condo or house,” the treasurer told the Legislature.

The change, which takes effect on Jan. 1, means first-time buyers will not pay land transfer tax on the first $386,000 of the cost of their homes.

“For many this will mean no land transfer tax on the purchase for their first home,” said Sousa.

For more information please go to :  https://www.thestar.com/news/queenspark/2016/11/14/first-time-home-buyers-to-get-4000-land-transfer-rebate.html