Current Mortgage Rates

Rate
Term
5-Year Fixed 5.94%
3-Year VRM 5.75%, Prime minus 0.50% fully open term

Quote of the Week

“A successful person is one who can lay a firm foundation with the bricks others have thrown at him.”
David Brinkley

Paul Croteau
Mortgage Specialist
BMO Bank of Montreal
ph: (905) 321-3230
Paul.Croteau@bmo.com

Ontario Workers to get another day off!

A day after the provincial election was held in October, the Ontario government confirmed that it would create a new statutory holiday called Family day. The new holiday will be celebrated the third Monday in February, starting February 18th, 2008. Adding Family Day to the calendar would give Ontario workers and families a total of nine statutory holidays per year, putting the province on par with Saskatchewan, Alberta and British Columbia.

The eight other statutory holidays are:

New Year’s Day – Tuesday, January 1
Good Friday – Friday, March 21
Victoria Day – Monday, May 19
Canada Day – Tuesday, July 1
Labour Day – Monday, September 1
Thanksgiving Day – Monday, October 13
Christmas Day – Thursday, December 25
Boxing Day – Friday, December 26

17th Annual Civic Christmas Carol Concert

Hello Bloggers!

The 17th Annual Civic Christmas Carol Concert Hosted by the St. Thomas Anglican Church will be held Tuesday December 11th, 2007 at Noon. Please see the Link below.

17th Annual Civic Christmas Carol Concert – St. Thomas Anglican Church

T.

Timothy Salisbury
Broker
The Salisbury Team
Royal LePage Niagara Real Estate Centre Inc., Brokerage
Toll Free – 1-800-467-8498
Office – 905-937-6000
View My Website at www.timothysalisbury.com
When Buying or Selling, please remember me!

Moving Sale…

Hello everyone, I have a client who is closing her home Friday, November 23, 2007 and has some furniture, etc. for sale. Please contact Stephanie should you have any interest (see below)?

Thanks
T.

Timothy Salisbury
Broker
The Salisbury Team
Royal LePage Niagara Real Estate Centre Inc., Brokerage
Toll Free – 1-800-467-8498
Office – 905-937-6000
View My Website at www.timothysalisbury.com
When Buying or Selling, please remember me!

Washers, Dryers, Stove

Kenmore Heavy Duty Washer & Dryer 5yrs old and in good working order $500.00 or best offer for the set.

Whirlpool Super Capacity Washer & Dryer set for sale 3 yrs old $500.00 or best offer.

White Kitchenaide Self-cleaning stove/oven 5 yrs old $300.00 or best offer.

Please contact Stephanie at 905-708-2630

6th Annual St. Catharines Santa Claus Parade & Christmas Party at Market Square

Sunday, November 25th – 2:30 p.m. – 5:30 p.m.

Please mark Sunday, November 25th on your calendar. It is the “6th Annual St. Catharines Santa Claus Parade” beginning at 2:30. Parade starts at William Street to St. Paul Street, left on James Street to King Street and ends at the Market Square. The Post-parade party at Market Square will have lots of FREE family fun including Jump´n bounce, reindeer (i.e. pony) rides, hot chocolate and/or apple cider and much, much more! What would a Christmas Party be without Santa? Be sure to have the kids bring their letters and place inside the mailbox. There may even be a photo opportunity available. So dress warmly and bring the entire family down to celebrate the holiday season in downtown St. Catharines.

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CHRISTMAS IN MARKET SQUARE
December, 2007

Santa and Mrs. Claus will visit Market Square on December 1, 8, 15, & 22nd from 9am-12noon. Photos with Santa and Mrs. Claus will be available at a cost of $2.00 or bring a canned donation to Community Care. The St. Catharines Downtown Association will be having their annual FREE horse carriage rides on December 1, 8. 15, & 22 from 11a.m.-3p.m. For further information on carriage rides contact Tisha Polocko at 905-685-8424.

Attractive Lakeside Area Home Located at 76A Newport Street

UPDATE: This property has been sold!

Please use our online complimentary St. Catharines Ontario real estate search to find similar available listings.

76a-newport-st.jpg

Priced adjusted to $174,900
New down payment only $8,745.00

Northend location
2 storey home
Maintenance free exterior
3 bedrooms, 1 1/2 bathrooms
Approximately 1,100 square feet
Large master bedroom with double closets
Kitchen with dinette and ceramic flooring
Sliding patio doors to deck and fenced backyard
Very private and ravine setting, no rear neighbours

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Down Payment Options for Home Buyers

I ran this article about 4 weeks ago on my blog and here it is again.

Do you have any friends or family members who would like to buy their first home but just can’t seem to save the down payment. This could be an option for them? (see the notes below)

Timothy

P.S.: Remember buyers that for the next few months it will be the best time for you to purchase your next home. The Real Estate Spring Market depends on the weather and can pick up as early as mid to late January. Should you have any questions, don’t hesitate to call or e-mail me!!

Every year, just a few months before it’s time to file your tax return, we tell buyers that this is the perfect time of year to “create” a down payment by using their RRSP allowable contribution limit and the Federal Government’s Home Buyers’ Plan for first time home buyers.

First a quick review… every first-time buyer has the right to withdraw up to $20,000 from his or her RRSP at the time of a home purchase. The little-known secret is that the money does NOT need to be used strictly for the down payment on your house or condo purchase.

However, it does have to be in your RRSP for at least 90 days before pulling it out to purchase a home, so that’s why you need to do some advance planning!

So how can you create a down payment out of ‘nothing’?

The first step is to dig out your last Tax Assessment form from Canada Customs and Revenue (you received this when you got your tax refund last spring) and check it to find out your allowable RRSP contribution as of right now. Many people have several thousand dollars left that they can contribute because they haven’t topped up their contributions annually; some people have a lot more than that.

Let’s assume for a moment that a couple is planning to purchase a home and each of them can top up their RRSP by at least $20,000.

The next step is to arrange for an RRSP loan of $20,000 each. Pretty well everyone can qualify for this loan because the banks keep your RRSP investment (a GIC, for instance) in their bank, so it’s safe in their eyes. Take out this loan for a long term ( three to 10 years), not because you’re going to have this loan for a long time, but because it will make your payments lower while you do have the loan.

When March 1st comes along, file your tax return right away and wait for the big refund cheque to come in the mail.

Let’s assume that you’re in a 40 per cent tax bracket. You should then get back approximately $8,000 each in tax refund based on reducing your taxable income by $20,000. This $8,000 each (total of $16,000) now becomes your down payment… don’t spend it!

Now here comes the fun part. Go out and purchase a home with a closing date of at least 90 days after you put your borrowed funds into your RRSP.

When you get to about 10 days to 2-weeks prior to the closing date for your home deal, instruct the bank to cash in your $20,000 worth of RRSPs each. The person at the bank, of course, will say… “You’ve got a loan against it” and then you will say “Pay the loan off with the $20,000 I’m withdrawing.”

Following all of these steps carefully will leave you in the enviable position of having NO RRSP loan, $16K in your hand to use as your down payment and 15 years to repay the $40,000 that you withdrew from your RRSPs.

Timothy