Number of houses sold in March 2009 = 509
Number of houses sold in March 2008 = 627

Breakdown:
Detacheds  = 280
Semi-detacheds = 106
Freehold townhouses = 45
Condo townhouses = 41
Condo apartments = 35

In December and January the Brampton real estate market was down about 52% but in March things seem to have picked a little bit. By no means should this be considered a full recovery but it is a sign of hope.

Consider hiring one of the hardest working Brampton realtors or view the unique process I use to sell Brampton Homes.

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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.

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.