Mortgage Pre-Approvals vs Mortgage Approval and why they are different – Kitchener Waterloo condos for sale
Thinking of buying a home? A great first step is to talk to the bank or a mortgage broker to find out how much you can afford. Keep in mind though that getting pre-approved is very different then getting actually approved. Have a look at this video where I explain the differences.
March 26, 2013 | Categories: Buyers, Kitchener Waterloo, New Construction, Video | Tags: CMHC, condo buying, condo selling, condo units, downsizing, first time buyer, kevin baker, kitchener, kwhometeam, loft, loft apartments, loft buying, loft selling, mortgage, mortgage brokers, real estate, remax, twin city realty, waterloo | Leave a comment
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
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
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
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
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
Downsizing? Maybe its time to think about Uncluttering Your life! – Kitchener Waterloo Condos for sale
Uncluttering your Life!
Are you thinking of downsizing to a condo but stuck on what to do with all that extra stuff? Well you’re not alone. The downsizing population has enjoyed living in their large spacious homes that offer plenty of storage options. Over the years we can certainly collect a lot of things that don’t serve any purpose today. The biggest step for most of us is to be able to emotionally detach ourselves from our collection!
When moving to a condo you know that you will be able to live a lifestyle of freedom from all that hard outdoor work. So with that in mind you can easily step into your garage to target those snow shovels, snow blower, lawnmower, and collection of tools and trinkets that are adorning the shelves. Imagine the relief of purging all that extra stuff by donating or selling all the unneeded items.
Next is your basement, I am sure it has seen its collection of boxes and totes filled with different items that more than likely only serve as a reminder that you need to dust again.
Do we really need that second set of living room furniture? The extra end tables or set of 6 chairs from the old kitchen set? Let it go… it will be happy that it’s in a new home where it will be loved and used. The great feeling of donating to the less fortunate is another gratifying feeling of downsizing.
Have a garage sale, stop by the donation centres or pass it down to your children.
The magazine Style at Home offers 10 great tips for downsizing. Here are the Top 5
1. Write a list of all the items you love and can’t live without
2. Start thinning out your belongings at least three months before the move.
3. Get a feel for the size of your new rooms by comparing them to rooms of similar dimensions in your present home.
4. Heavily edit areas with items that don’t have as much sentimental value.
5. Don’t throw anything in the garbage. Recycle, reuse,
So whether you are just thinking of downsizing or have already purchased that condo and getting ready for the upcoming move, hopefully these tips will save you time and stress!
Visit the link to view the complete list.
http://www.styleathome.com/homes/real-estate/top-10-tips-for-downsizing/a/308
March 21, 2012 | Categories: Buyers, Loft Style, New Construction, Sellers, Uncategorized | Tags: condo buying, condo selling, condo units, downsizing, kevin baker, kitchener, kwhometeam, loft, loft apartments, loft buying, loft selling, real estate, realtor, 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
Mortgage Pre Approvals.. why they are a good idea! – Kitchener Waterloo Condos for sale
Before you start your home buying search a great first step is to get a mortgage preapproval from your bank or mortgage broker. There are a few key reasons as to why. Have a look at this video to hear some helpful advice.
December 12, 2011 | Categories: Buyers, Kitchener Waterloo, New Construction, Video | Tags: condo buying, condo selling, condo units, downsizing, first time buyer, kevin baker, kitchener, ktichener, kwhometeam, loft, loft apartments, loft buying, market update, mortgage, mortgage brokers, mortgage news, mortgage rates, new construction, real estate, realtor, remax, twin city realty, update, waterloo | Leave a comment
Kitchener Waterloo Market Update -April Showers bring a slow down in activity for April
The month of April showed a slow down in activity vs. the previous year. Keep in mind the weather has been terrible and we are still competing with the brisk PRE-H.S.T. market of 2010. See below for the report from the Kitchener-Waterloo Real estate board. If you have any questions please feel free to contact me at 519-579-4110 or email direct to kevinbaker@kwhometeam.ca
KITCHENER-WATERLOO, ON (May 4, 2011) –Sales of residential properties via the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) were slower than usual for April.
There were a total of 614 residential properties sold last month, a 14.4 percent decrease compared to April of last year, and 47 sales shy of the previous five year’s average.
“Given the record breaking wet weather that dominated this past April, it is probable that this had the effect of slowing the start of the spring selling season,” says George Patton, President of KWAR. “Add to this the distraction of the royal wedding and people’s attention being given to the federal election and you have ample reasons for buyers lowering their home searching priority.”
April’s sales included 416 detached homes, 120 condominium units, 45 semis and 30 townhouses.
“Once again we are noting a shift in where the activity is taking place on the price scale,” says Patton. “Last April 35% of the homes sold for more than $300,000, this past April the number of homes selling above that price point made up 43% of the total homes sold.
The average sales price of all residential sales increased 5.6 percent to $310,704 compared with April 2010. While single detached homes sold for an average price of $350,442, an increase of 4.9 percent compared to last year. In the condominium market the average sale price in April increased 11.3 percent to $214,113 compared to the same month a year ago.
May 6, 2011 | Categories: Buyers, Kitchener Waterloo, New Construction, Sellers | Tags: first time buyer, kitchener, kwhometeam, market update, new construction, real estate | Leave a comment
Kitchener Condo developer gets $200,000 boost for Grants into home ownership
$200,000 Grants for Options For Homes Ownership Assistance in Kitchener
First-of-its-kind Home Ownership
Kitchener – For many, the purchase of a new home is the single largest financial decision made in one’s lifetime. This is especialy true for first-time buyers.
At such a time, it is easy to let excitement cloud the magnitude of costs that go into purchasing a home. Taking the next step into home ownership can seem overwhelming when considering a mortgage and/or condo fees, not to mention saving for the initial down payment.
Options for Homes is proud to announce that it has secured access to $200,000 loan financing to assist individuals looking to purchase their first home. The loans are provided by Home Ownership Alternatives Non-Profit Corporation, a mortgage brokerage licensed with the province. This is the first time in Kitchener that such a program has been offered.
Up to $10,000 per applicant is available in a loan to use towards the required down payment of a new property. The loan requires no payments until the unit is re-sold sometime in the future.
The program does not provide 100% of the required down payment. Successful applicants must have some personal funds to contribute to the initial purchase. For example, a prospective home buyer can approach Options for Homes with a as little as a $1000 down payment and apply to make arrangements for the balance of the 5% down payment.
“With 80% of Tanglewood purchasers being first-time buyers, there is a need to support individuals to make home ownership possible,” says Jan Ciuciura of Options for Homes. “We have found that mortgage payments are not the largest deterrent in the decision to buy, but rather saving for the initial down payments. Thanks to Home Ownership Alternatives, we now have a tool that works to help first-time buyers to make their dreams come true.”
The loans are available to be used at Options for Homes’ 120 units Tanglewood Condominium project, located in the community of Laurentian Hills in the southwest corner of Kitchener. These multi-generation units, ranging from Bachelor to Three Bedroom apartments, cost between $120,000 and $260,000. From Kwnow.
February 10, 2011 | Categories: Buyers, Kitchener Waterloo, New Construction, Sellers | Tags: condo units, downsizing, first time buyer, housing grants, kitchener, loft, loft apartments, lofts, new construction, options for homes, tanglewood condo, waterloo | Leave a comment
KW Condos and Lofts.com 