Program
Did you buy a new house in Brampton? You may be eligible to claim a rebate for a part of the GST you pay on the purchase price or cost of building your home if:
- you buy a new or substantially renovated home (including the land or if you lease the land) from a builder;
- you buy a new mobile home (including a modular home) or a floating home from a builder or vendor;
- you buy a share of capital stock of a co-operative housing corporation;
- you construct or substantially renovate your own home, or carry out
a major addition (or hire another person to do so); or
- your home is destroyed in a fire and is subsequently rebuilt.
Details
- Resale homes are exempt from the GST.
- New homes are subject to the GST. New home buyers can apply for a 36% rebate of the GST applicable to the purchase price to a maximum of $6,300 for homes costing $350,000 or less before GST.
- For new homes priced between $350,000 and $450,000 before GST, the GST rebate would be reduced proportionately.
- New homes priced $450,000 before GST or higher would not receive a rebate.
NOTE: In the Greater Toronto Area, most builders include the GST in the price of the house, and any rebate would be assignable to the builder as they would be absorbing the net GST cost.
For questions on the Brampton or Georgetown real estate markets drop me an email.
TORONTO, December 17, 2008 — Greater Toronto REALTORS® reported 1,487 resale transactions during the first half of December, from 2,868 sales recorded in the same period a year ago, Toronto Real Estate Board President Maureen O’Neill announced today.
The average price of a home in the Greater Toronto Area is currently $360,652. This compares to an average of $404,707 recorded during the first half of December 2007 and to an average of $343,048 recorded during the same period in 2006.
Keeping today’s market statistics in perspective, MLS statistics confirm that over the last 10 years the price of homes has increased in value. What this means for the consumer is that real estate continues to hold its value and is a solid choice for long-term investments, said Ms. O’Neill.
In the 416 area, 619 transactions were recorded during the first half of this month, from 1,402 sales that took place during the same timeframe a year ago.
The average price in the 416 area is currently $382,759, from an average of $450,731 a year ago, and $367,650 recorded in the first half of December 2006.
In the 905 region 868 homes changed hands in the first two weeks of this month, from 1,466 transactions that took place in the first half of December 2007.
The 905 region’s current average price is $344,887 from an average of $360,691 recorded during the same timeframe a year ago and $325,477 recorded at mid-December 2006.
The recent C.D. Howe land transfer tax study confirms REALTORS concerns that the second LTT imposed on homebuyers in the City of Toronto has indeed contributed to the economic conditions in the GTA, added Ms. O’Neill.
There are currently 24,708 listings on the TorontoMLS system, from 17,027 a year ago. The average number of days a home now remains on the market is 43, as compared to 33 days a year ago. Sellers are achieving 96 per cent of their listing price, as compared to 98 per cent a year ago.
Location, price and your own personal financial and family situation all play an important role when considering a purchase, said Ms. O’Neill. REALTORS can provide you with information about neighbourhoods, school districts and realistic pricing because of their vast knowledge of the local community.
This mid month release does not provide a year in review analysis. A summary of activity for all of 2008 including the month of December will be provided in the January 2009 Market Watch Report.
Source: Toronto Real Estate Board
For statistics on the Brampton or Georgetown real estate markets drop me an email.
When selling a unit, the developer must provide the purchaser with a disclosure statement, which must have a table of contents and contain specific information concerning the unit and project including:
- General description of the property (see above).
- The number of units the developer intends to lease.
- The estimated completion date for the construction of amenities.
- A copy of the proposed declaration and by-laws.
This table of contents helps purchasers find information quickly and easily in the declaration (see definition above), by-laws, rules or disclosure statement about such things as whether a building on the property has been converted from a previous use or whether the building has any restrictions on pets. Purchasers are encouraged to review the purchase agreement and the disclosure document carefully with an experienced condominium lawyer before the end of the 10-day cancellation period.
Purchasers will want to look closely at the types of facilities and services that are offered. The Ontario Human Rights Commission has ruled that adult-only buildings discriminate against families. However, some condos do aim to meet the specialized needs of families with small children, for example, by providing playgrounds. Others may be built with seniors in mind.
Reserve Fund
The corporation is required to establish a reserve fund for the major repair and replacement of common elements including the roof, exterior of the building, roads, sidewalks, sewers, heating, electrical, plumbing, elevators, laundry and recreational facilities.
Before any of the reserve fund is spent, the corporation must ensure a professional (e.g. architect, engineer) conducts a reserve fund study. The corporation is required to conduct studies at periodic intervals to ensure that the fund is adequate. The act stipulates that a qualified person, such as an architect or engineer, must conduct the study.
A physical site inspection must be done to provide an estimate of the expected life of the major components of the corporation, together with an estimate of the replacement cost of each component. This study shall be presented to the board. Within 120 days of receiving the reserve fund study, the board shall propose a plan for future funding so that the fund will be adequate to meet the requirements of the study.
Within 15 days of proposing the plan, the board shall send a notice to the owners containing a summary of the plan and areas, if any, where the proposed plan differs from the study. The board shall implement the plan 30 days after sending the notice to the owners. New condominiums must complete a study within one year of registration and the fund must be fully funded by the end of the following fiscal year.
NEW CONDO BUYERS
Whether you’re a first-time buyer or have lived in your condo for years, the Condominium Act, 1998, is designed to protect your investment, improve the day-to-day operation of your condominium and allow for new kinds of condominium developments.
Quick Tips for Buying a Condominium
It’s often said that buying a condominium is buying a lifestyle. What does that mean?
- Condominium living is different from owning or renting a detached house, townhouse or apartment because condos have a dual nature. Condominium owners hold title to their units and share responsibility for the operating costs of the balance of the property (common elements such as lobbies) that makes up the condominium.
- There are many advantages to condominium ownership. It may be less expensive than other types of home ownership. It can provide an “instant†sense of community. While someone else is shoveling the snow, you can participate in community decision-making.
- But condominiums are not everyone’s cup of tea. Condominium corporations may set restrictions on such things as owning pets or having an outdoor barbeque.
Ontario’s Condominium Act
The act provides strong protection for buyers by setting out information (e.g. whether the developer intends to lease some of the units) to be provided when they buy a unit. It makes sure owners have a say in the way the corporation is run. It also establishes new types of condominiums.
If you want to change your mind and cancel the contract, the legislation gives you a 10-day “cooling-off†period from the time you receive a copy of the signed purchase and sale agreement or the disclosure statement (whichever comes later). In some circumstances, you may have additional time to cancel the contract if there has been a material change as defined in the act.
Making the Fine Print Clear When Buying a New Condo
First, you should remember that you have a 10-day cooling off period after receiving the disclosure package to cancel the deal if you change your mind. Here is the information you need to know as you make your decision:
A condominium as a corporation is formed when a declaration and description are registered at the Land Registry office of the jurisdiction in which the condominium is situated.
Description: Includes a detailed plan of layout and location of the development, surveys of land, location of the buildings, architectural plan of buildings and specifies boundaries of each unit.
Declaration: This is the founding document that details what constitutes common element vs. what constitutes each unit, establishes the percentage of ownership for each unit and the percentage each unit has to contribute to the common expense fees. This document is often referred to as the “constitution†of the corporation.You are probably aware of the new condo coming up in Brampton. For more information on it drop me an email.
What started as a small village not far from Toronto is now a cosmopolitan city with every conceivable amenity, making Brampton a self contained centre of culture, fine shopping, fine dining, recreation and social life. Brampton ripples outward from a classic small town downtown. The main street features stylish boutique shopping, gourmet dining & several live theatre venues as well as art galleries, museums and parklands.
Gage Park, for example, offers an outdoor skating trail in the winter and a weekly concert series as well as popular weekend festivals throughout the summer.
Historic architecture lines both sides of the streets and stately old homes surround the core area. Downtown Brampton also features a Farmer’s Market and organized community events all year long.
Moving out from the centre of Brampton, you’ll find some of the finest communities and parks in the GTA. Chinguacousy Park features a ski hill, cross-country trails, snowboarding tracks, tubing hill and toboggan runs. Warmer weather yields volleyball, tennis, skateboarding, paddle boating, mini golf, batting cages, several team sports fields, a band shell, picnic areas and botanical garden. This is a park designed for the enjoyment of every citizen of Brampton.
Brampton is fully served by several indoor malls, power centres and big box stores in the outlying areas. Brampton is experiencing a renaissance of economic development is various business sectors. Companies who choose to move here often comment on the special quality of life they find once they’ve made Brampton their home. Brampton quite simply is a great place to live, work and play.
All of these aspects make Brampton a great location to buy a new home. Find out more about Mattamy’s Castlemore Crossing community and their Brampton Homes on their website.Source: Mattamy Homes
The Developer and the Builder are one in the same in many subdivisions. In others the Developer sells lots to one or more Builders. Potential home buyers should research both the Builder and the Developer before buying a home.
The Developer enters into a subdivision agreement with the City to ensure that the construction of the subdivision meets the requirements of the City and other public agencies. The City holds financial securities to ensure the developer performs to the requirements of the agreement. Subdivision works include:
• Construction of roads and municipal services on lands to be conveyed to the City.
• Co-ordination of the installation of utilities (hydro, gas, telephone and cable).
• Construction of sidewalks and walkways.
• Paving of the portion of the driveway on public land.
• Construction of privacy and acoustic fences.
• Construction of stormwater management facilities, such as stormwater management ponds. These naturalized ponds are designed to collect runoff after a heavy rainfall, treat it for impurities and discharge cleaner water into rivers and creeks.
• Boulevard tree planting and landscaping of public areas (such as walkways, fences and boulevards).
All homes in Brampton’s new communities are required to observe architectural guidelines approved by the City. The guidelines are intended to ensure that the exterior appearance of each home in the community is in keeping with the overall vision for the community. The developer is required by the City to retain an independent “Control Architect†to review the plans for all new homes to ensure that they are in keeping with the approved guidelines. The guidelines are not intended to control the delivery of special features or upgrades.
The Builder is responsible for obtaining building permits before construction of the dwelling unit commences, for construction of the dwelling unit and for the grading and sodding of the lot, paving of the public portion of the driveway, and maintaining clean roads and a clean building site.
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IMPORTANT NOTES TO HOME BUYERS
• Applications for building permits cannot be submitted until the subdivision is registered. Contact the Planning Department or the Building Division at the City of Brampton to confirm whether the plan is registered.
• Builder’s Deposits – New home purchasers should review their purchase and sale agreement to confirm what deposits and payments the builder requires and when, and how they can get their deposit back. If the deposit is returned upon Assumption, the date of assumption can be obtained through the Clerk’s office or the Engineering Services office at the City of Brampton.
• Assumption of the subdivision by the City occurs when the municipality assumes responsibility for the maintenance of all municipal services (except for mowing of boulevards). This usually occurs within 3 to 5 years after the registration of the subdivision or when the City is satisfied that the Developer’s obligations have been fulfilled (typically after the final coat of pavement has been installed throughout the subdivision). Until Assumption, the Developer is responsible for all municipal services and the upkeep of the street (except snow clearance).
• A consulting professional engineer on behalf of the Developer will be required to certify that the final grading of the lot is in conformity with the drainage plan approved by the City. This certification is carried out after the property has been graded and sodded, which is to occur generally within 12 months of the date building occupancy inspection is completed.
• The Builder cannot legally sell homes until a subdivision is draft approved by the City. Purchasers will know if a subdivision has been draft approved because the Builder is required to post a coloured copy of the signed and approved version of the Homebuyers Community Information Map in a prominent location in the sales office. A black and white reduction of this map must be attached to all purchase and sale agreements. An agreement of purchase and sale should not be signed until confirmation of draft approval has been provided or obtained.
Freehold townhouse that has been totally renovated from top to bottom. Convenient area of Brampton, close to mall, groceries, bus stops, schools, and highway 410. Hardwood throughout the main floor and 2nd floor. Laminate in the basement. No carpeting anywhere. 3 washrooms (very rare for this model). All washrooms have been renovated recently. New cupboards and counter in the sink along with stainless steel appliances.
Asking only $249,900! Last month identical house (with no upgrades at all) sold for $249,000.
For more info or to see this house drop me an email.
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