Use the Federal Home Buyers Progam and a Tax Refund to Boost Down payment!
The Deadline for this RRSP season to help with your first home; contribute before March 1, 2013!
It’s RRSP season! If you’re a first-time buyer, consider how the Federal Home Buyers’ Program (HBP) and a tax refund can boost the funds you have available for your purchase.
If you have RRSP contribution room, you should contribute your savings before March 1, 2013 so you can qualify for a 2012 tax refund based on the amount you contribute and your marginal tax rate. Then, after 90 days, you can redeem those funds under the Home Buyer’s Plan (HBP). The HBP lets first-time homebuyers withdraw up to $25,000 each (or $50,000 for a couple) tax-free from their RRSPs. You’ll need to pay those funds back, of course, on a repayment plan, but this strategy can make a substantial difference in the affordability of home ownership!
While your funds are tied up for those 90 days, we can get you an interest rate hold. Let’s have a conversation about the HBP and determine if this strategy can work for you.
For more information on how to use this tool for the purchase of your first home please contact myself at kevinbaker@kwhometeam.ca or Tracy Bennett at Bennett Capital tracy.bennett@bennettcapital.ca
January 28, 2013 | Categories: Buyers, Kitchener Waterloo, New Construction | Tags: CMHC, condo buying, condo selling, condo units, contribution, downsizing, federal home buyers program, first time buyer, kitchener, loft, market, market update, mortgage, real estate, remax, rrsp, tax refund, twin city realty, waterloo | Leave a comment
Energy Efficient Home Insurance Rebate – Get 10% of your Premium Refunded! – Kitchener Waterloo Condo and loft
Energy Efficient Home Insurance Rebate – Get 10% of your premium refunded!
Consumers can receive a 10% refund of their mortgage insurance premiums as well as their extended amortization surcharge if they their amortization is more than a 25 years.
Mortgage Insurance Premium Refund 25 years:
| $300,000 mortgage @ 95% LTV | Premium Payable* |
| Standard Premium (95% LTV = 2.75%) | $8,250 |
| Energy-Efficient Premium Refund (10%) | ($825) |
| Total Premium | $7,425 |
Mortgage Insurance Premium Refund 30 years:
| $300,000 mortgage @ 95% LTV | Premium Payable* |
| Standard Premium (95% LTV = 2.95%) | $8,850($600) surcharge refund |
| Energy-Efficient Premium Refund (10%) | ($1425) |
| Total Premium | $7,425 |
The following chart will give you an idea in Ontario for the rating required for the year you purchased. You will need to have the rating from the builder or qualfied energy advisor.
* Depending on the closing date of your purchase, the Natural Resources Canada (NRCan) Energy-Efficiency Rating required differs:
| For purchases with a closing date… | EnerGuide Rating Required |
| On or after January 1st, 2013 | 82 |
| From April 1st, 2010 to December 31st, 2012 | 80 |
| From July 27st, 2005 to March 31st, 2010 | 77 |
In order to make an application for a refund you will need to fill out one of the attached forms and send it to your insurer along with and EnerGuide report showing your house rating. The supporting documents cannot be older than five years or a new energy efficiency evaluation will be required. If you renovate your existing home to increase it’s EnerGuide rating by at least 5 points(to a minimum of 40) you can apply for the refund as well.
I have applied and received funds for those that fit the requirements when my clients have bought a house that meets the guidelines. Please contact me if you are looking to purchase an Energy Efficient Home in 2013 that is 82 or higher. At Bennett Capital, we will get you the best rate and apply for the refund for you at closing.
Information provided by Tracy Bennett of Bennett Capital. For More information please contact myself kevinbaker@kwhometeam.ca or Tracy at tracy.bennett@bennettcapital.ca January 25, 2013
January 28, 2013 | Categories: Buyers, Kitchener Waterloo, Loft Style, New Construction, Sellers, Uncategorized | Tags: CMHC, condo buying, condo selling, condo units, downsizing, first time buyer, home energy, home energy audit, home insurance rebate., kevin baker, kitchener, loft apartments, market update, mortgage, mortgage brokers, new construction, real estate, realtor, remax, twin city realty, waterloo | Leave a comment
Kitchener Waterloo Real Estate Market Update for 2013 – Remax Realtor Kevin Baker
I listened to Craig Alexander, Chief Economist for TD Bank speak yesterday on where he see’s the Real Estate market going for 2013. Have a look at the video to hear my thoughts on what he had to say.
January 18, 2013 | Categories: Buyers, Kitchener Waterloo, New Construction, Sellers, Video | Tags: condo, condo buying, condo selling, condo units, condo value, first time buyer, kevin baker, kitchener, kwhometeam, loft, loft apartments, loft buying, loft selling, market update, new construction, ontario, real estate, remax, twin city realty, waterloo, waterloo region | Leave a comment
Hiring a Realtor to Sell Your Condo – Kitchener Waterloo Remax Twin City Realty
With availability of information, mobile phones and websites it is even more important to hire a Realtor based on what they can do for you to get the home sold quickly, efficiently and for the most amount of money. Have a look at this video to hear my thoughts on what you should be looking for when interviewing your Realtor.
December 12, 2012 | Categories: Kitchener Waterloo, New Construction, Sellers, Video | Tags: agent, condo buying, condo selling, condo units, downsizing, first time buyer, hiring a realtor, kevin baker, kitchener, ktichener, kwhometeam, loft, loft apartments, loft selling, market update, real estaet, real estate, realtor, remax, sales rep, sales representative, selling my condo, twin city realty, waterloo | Leave a comment
When is the Best Time To Sell My Condo? – Kitchener Waterloo Condos and lofts for sale
One of the questions I get asked a lot is….”is now a good time to sell my condo? With Christmas and winter just around the corner the answer might be different than you think. Have a look at the video to hear my thoughts.
December 3, 2012 | Categories: Buyers, Kitchener Waterloo, Sellers, Video | Tags: condo buying, condo selling, condo units, downsizing, fall market, first time buyer, kevin baker, kitchener, ktichener, kwhometeam, loft, loft apartments, loft buying, loft selling, market, market update, real estate, realtor, remax, summer market, twin city realty, update, waterloo, winter market | Leave a comment
Mortgage Plus Improvements and how it works – Kitchener Waterloo Condo and loft
If you are in the market for a new condo and are having trouble finding something that suits or have found something but it needs a bit of work and you may not have the extra money out-of-pocket, then you can get a mortgage plus improvements type product to help make that home a possibility. Have a look at the video to hear how the product works.
November 7, 2012 | Categories: Buyers, Kitchener Waterloo, Sellers, Video | Tags: CMHC, condo buying, condo selling, condo units, downsizing, first time buyer, kevin baker, kitchener, ktichener, loft, loft apartments, loft buying, loft selling, mortgage, mortgage brokers, mortgage news, real estate, realtor, remax, twin city realty, update, waterloo | Leave a comment
Status Certificates and Why They Are So Important – Kitchener Waterloo Condos and Lofts
If you are in the process of looking to buy a Condo or Loft space its important to make sure that any offer to purchase that you do has a Status Certificate condition in it. Have a look at the video to hear how you can protect yourself from a large and costly bill.
October 29, 2012 | Categories: Buyers, Kitchener Waterloo, Loft Style, New Construction, Sellers | Tags: condo, condo buying, condo selling, condo units, condo value, downsizing, first time buyer, kevin baker, kitchener, kwhometeam, loft, loft apartments, market update, new construction, real estate, realtor, remax, status, status certificate, twin city realty, waterloo | Leave a comment
Commission Free May Not Always Be the Best Option. – Kitchener Waterloo Private Sale
If you have been thinking about Selling your condo and loft on your own here is a great video of one families experience with the process and how eventually they have to hire a Realtor to get the house Sold.
October 17, 2012 | Categories: Buyers, Kitchener Waterloo, Sellers, Video | Tags: condo buying, condo selling, condo units, downsizing, first time buyer, kevin baker, kitchener, ktichener, kwhometeam, loft, loft apartments, loft buying, loft selling, market update, mortgage, new construction, real estate, realtor, twin city realty, update, waterloo | Leave a comment
Assessment Value vs Market Value – Kitchener Waterloo Condos and Lofts for sale
The new assessment numbers are coming out in the Kitchener Waterloo Region and I am getting asked is that what my condo is really worth? Have a listen to the video to hear my thoughts on the differences.
October 15, 2012 | Categories: Buyers, Kitchener Waterloo, New Construction, Sellers, Video | Tags: assessment, assessment value, condo buying, condo selling, condo units, downsizing, first time buyer, kevin baker, kitchener, kwhometeam, loft, loft apartments, loft buying, loft selling, market, market update, market value, real estate, remax, twin city realty, update, value, waterloo | Leave a comment
How Long Will It Take My House to Sell? – Kitchener Waterloo Condos and Lofts for sale
How long will it take my condo to sell? I get that question a lot from people thinking about putting up their unit on the market. Have a look at the video to hear my thoughts as to how long and to why.
September 20, 2012 | Categories: Buyers, Kitchener Waterloo, Loft Style, Sellers, Video | Tags: condo buying, condo selling, condo units, days on market, first time buyer, kevin baker, kitchener, kwhometeam, loft, loft apartments, loft buying, loft selling, market update, real estate, remax, twin city realty, update | Leave a comment
August Condo Sales still strong in Kitchener Waterloo. – Kevin Baker Remax Realtor
KITCHENER-WATERLOO HOMES SALES EASE IN AUGUST
KITCHENER-WATERLOO, ON (September 6, 2012) –– There were a total of 495 home sales through the
Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in August,
a decrease of 4.4 percent compared to the 518 homes sold in the same month last year.
On a year-to-date basis, residential home sales remain on par with last year – with a total of 4,492
sales recorded.
August’s residential sales included 322 detached homes (down 7.7 percent), 35 semi-detached (up
6.1 percent), 37 townhouses (up 32.1 percent), and 97 condominium units (down 4 percent).
The average sale price of all residential properties sold in Kitchener-Waterloo and area rose 7.3
percent in August to $314,623, up from $293,303 one year ago. Condominium units increased 9
percent to $231,654, up from $212,513 a year ago. Single detached homes sold for an average price
of $354,064, a 7.6 percent increase compared to a year ago.
“While sales were down in August, we saw fairly strong price gains last month, says Sara Hill, president
of the KWAR. “This was helped along by the fact that 3 residential properties sold for over 1 million
dollars in August, compared to no sales in that price range last August.”
Also putting pressure on August’s average residential sale price was the increase in the number of
homes that sold for more than $400,000. 96 homes were reported sold that came in over $400,000,
representing an increase of 37 percent compared to the 70 homes that sold above that mark in
August 2011.
Information taken from Kitchener Waterloo Real Estate Board.
September 7, 2012 | Categories: Buyers, Kitchener Waterloo, Loft Style, New Construction, Sellers | Tags: condo buying, condo selling, condo units, downsizing, first time buyer, kevin baker, kitchener, ktichener, kwhometeam, loft, loft apartments, loft buying, loft selling, market, market update, new construction, remax, twin city realty, update, waterloo | Leave a comment
Pricing Your Condo Effectively in Today’s Market – Kevin Baker Remax Twin city
Coming into a fall market it is more important than ever to price your home properly get maximum dollar and so that it doesn’t become stale in the buying public eyes. Have a listen to hear my thougths as to some things to look for when setting a price for you next home sale
August 23, 2012 | Categories: Buyers, Kitchener Waterloo, Sellers, Video | Tags: condo buying, condo selling, condo units, first time buyer, kevin baker, kitchener, kwhometeam, loft, loft apartments, loft buying, loft selling, market, market update, real estate, realtor, remax, twin city realty, update, waterloo | Leave a comment
New Mortgage Rules and how they are going to affect you – Kitchener Waterloo condo and lofts for sale
Last week the government mortgage rule changes came into effect. There were 2 major changes that are going to effect people and the amount that they will be able to borrow. Have a listen to the video to hear my thoughts.
July 16, 2012 | Categories: Buyers, Kitchener Waterloo, New Construction, Sellers, Video | Tags: banks, condo buying, condo selling, condo units, first time buyer, kevin baker, kitchener, ktichener, kwhometeam, lending, loft, loft apartments, loft buying, loft selling, market, market update, mortgage, mortgage rules, new construction, real estate, remax, twin city realty, update, waterloo | Leave a comment
Market Update for May in Waterloo Region – Kitchener Waterloo Condos and Lofts
STEADY STREAM OF HOME SALES IN MAY
KITCHENER-WATERLOO, ON (June 5, 2012) –– Sales of residential properties via the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) were steady last month, keeping in line with the previous 5 year average for May.
Members of the KWAR sold 650 residential properties in May, a decrease of 3.4 percent compared to May of last year. On a year-to-date basis this brings the total number of sales recorded through the MLS® System of the KWAR to 2,844 a 2.7 percent increase compared to 2011.
May’s sales included 440 detached homes (down 1.1%), 117 condominium units (down 10.7%), 50 semi-detached (up 16.7%) and 38 townhouses (up 26.7%).
The average sale price of all residential sales increased 0.5 percent to $312,219 compared with May 2011. Single detached homes sold for an average price of $353,368, which is on par with May of last year. The average price of condominium units sold in May was $206,063 a 2.9 percent decline compared to last year.
The dollar volume of all home sales in May was $202,942,505, down 2.9 percent from year-ago levels.
“Sales in May demonstrate continued strength in the Kitchener-Waterloo housing market”, says Sara Hill, President of KWAR. “What we saw last month is a steady stream of homes sales, combined with an excellent selection of listings on the market, which helped to moderate price gains.”
The KWAR cautions that average sale price information can be useful in establishing long term trends, but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. Those requiring specific information on property values should contact a local REALTOR®.
June 14, 2012 | Categories: Buyers, Kitchener Waterloo, New Construction, Sellers | Tags: condo buying, condo selling, condo units, downsizing, first time buyer, kevin baker, kitchener, ktichener, kwhometeam, loft, loft apartments, loft buying, loft selling, lofts, market, market update, real estate, realtor, remax, twin city realty, update | Leave a comment
New Construction vs Condo Conversion vs Resale – Buying a Condo in Kitchener Waterloo
If you are thinking of buying a condo there are 3 types to choose from. Here I talk about the differences between new construction condo’s vs condo conversions and the resale condo market.
June 4, 2012 | Categories: Buyers, Kitchener Waterloo, Loft Style, New Construction, Sellers, Video | Tags: condo buying, condo selling, condo units, downsizing, first time buyer, kevin baker, kitchener, kwhometeam, loft, loft apartments, loft buying, loft selling, market update, new construction, realtor, remax, sales reps, twin city realty, waterloo | Leave a comment
Selling Your Condo Privately or Exclusive vs the Multiple Lisiting Service (MLS) – Kevin Baker
I shot this video over a year ago and i think its does a good job of explaining the differences between listing “exclusively” or “Privately” vs the MLS system. Have a look to hear my thoughts on my experience with both.
May 2, 2012 | Categories: Kitchener Waterloo, Loft Style, New Construction, Sellers, Video | Tags: condo buying, condo selling, condo units, downsizing, exclusive, first time buyer, kevin baker, kitchener, kwhometeam, loft, loft apartments, loft selling, market update, mls, mulitiple listing service, new construction, private, sale, selling your home, twin city realty, waterloo | Leave a comment
Assessed Value, Appraised Value and Market Value… What do they all mean? Kitchener Condos and lofts for sale
The value of your home greatly depends on who is looking at it. Ultimately the value you want to know is what a buyer is willing to pay for it but there are several different values put on it depending on the reason. Have a look at the video I shot and see what it all means.
April 27, 2012 | Categories: Buyers, Kitchener Waterloo, Loft Style, New Construction, Sellers, Video | Tags: CMHC, condo buying, condo selling, condo units, downsizing, first time buyer, kevin baker, kitchener, loft, loft apartments, loft buying, loft selling, market, market update, new construction, real estate, realtor, remax, twin city realty, update, waterloo | Leave a comment
Know Your Closing Costs and Plan Accordingly – Kitchener Waterloo Condos and Lofts for sale
Closing Day is fast approaching and one of the most important things is to make sure you have planned for all the closing costs that come up when you are buying or selling a Condo. Have a look at the video I did to learn why this is a very important step in the process.
March 6, 2012 | Categories: Buyers, Kitchener Waterloo, Sellers, Video | Tags: closing costs, condo, condo costs, condo selling, condo units, downsizing, first time buyer, kevin baker, kitchener, ktichener, kwhometeam, loft, loft apartments, loft buying, loft selling, market, market update, new construction, real estate, remax, twin city realty, update, waterloo | Leave a comment
Be Sure You Understand the Closing Paperwork Before Signing – Kitchener Waterloo Condos for Sale
When buying that new Condo and you are meeting with the lawyer to get all the final paperwork signed please be sure you understand what you are signing and if you don’t, take the time to get your lawyer to explain it too you. Click on the video link to hear more.
February 23, 2012 | Categories: Buyers, Kitchener Waterloo, New Construction, Sellers, Video | Tags: closing paperwork, condo buying, condo selling, condo units, downsizing, first time buyer, kevin baker, kitchener, ktichener, kwhometeam, lawyers, loft, loft apartments, loft buying, loft selling, market update, mortgage, new construction, paperwork, real estate, realtor, remax, twin city realty, update, waterloo | Leave a comment
Home Inspections are Important Even on Condo’s – Kitchener Waterloo Condos for sale
Please make sure that when you are doing your offer to purchase with your Realtor that you include a clause that allows you the right to do a home inspection, even on a condo . Have a look at the video to hear why this is in important part of any offer.
February 6, 2012 | Categories: Buyers, Kitchener Waterloo, New Construction, Video | Tags: condo, condo buying, condo value, first time buyer, kitchener, waterloo | Leave a comment
Market Predictions for Kitchener Waterloo Real Estate – Homes and Condos for sale
Hey Everyone, I attended a CMCH housing forecast last week and then on Tuesday of this week I listened to Craig Alexander, Sr. V.P. and Chief Economist for TD Bank give his predictions on where the housing market is going for 2012. Have a listen and hear my brief synopsis on the info I gathered.
January 27, 2012 | Categories: Buyers, Kitchener Waterloo, New Construction, Sellers, Video | Tags: CMHC, condo buying, condo selling, condo units, downsizing, first time buyer, kevin baker, kitchener, ktichener, kwhometeam, loft, loft apartments, loft buying, loft selling, market, market update, mortgage, mortgage brokers, new construction, real estate, realtor, remax, TD Bank, twin city realty, update, waterloo | Leave a comment
Buying a Condo To Fit Your Needs Now and in the Future – Kitchener Waterloo Real estate condos
January 20, 2012 | Categories: Buyers, Kitchener Waterloo, New Construction, Sellers, Video | Tags: condo buying, condo selling, condo units, downsizing, first time buyer, kevin baker, kitchener, ktichener, kwhometeam, loft, loft apartments, loft buying, loft selling, market, market update, real estate, realtor, remax, tanglewood condo, twin city realty, waterloo | Leave a comment
Offer Price and Fair Market Value – Kitchener Waterloo Condos for Sale
So you have found the right condo…. now its offer time, but what price to offer. Here is where a Realtor can help. Knowing what fair market value of a home is extremely important in determining what to offer on the condo of your dreams. You don’t want to overpay for something based on emotion. Watch the video to hear my thoughts on why this is an important consideration in your next home purchase
January 10, 2012 | Categories: Buyers, Kitchener Waterloo, Loft Style, Sellers, Video | Tags: condo buying, condo selling, condo units, downsizing, first time buyer, kevin baker, kitchener, ktichener, kwhometeam, loft, loft apartments, loft selling, market update, real estate, realtor, remax, twin city realty, waterloo | Leave a comment
Do Your Due Diligence when looking for your next Condo or Loft – Kitchener Waterloo Condo for sale
The buying process can be a confusion one at the best of times and its easy to forget things with all the stress of looking, doing offers etc. Make sure you make a list of wants, needs and the important things you are looking for in a new home. Have a look at the video to hear my thougths on some of the important ones.
December 29, 2011 | Categories: Buyers, Kitchener Waterloo, Loft Style, Sellers, Video | Tags: condo buying, condo selling, condo units, first time buyer, kevin baker, kitchener, kwhometeam, loft, loft apartments, loft buying, loft selling, real estate, remax, twin city realty, waterloo | Leave a comment
KW Condos and Lofts.com 