The Way – Urban Townhomes In Erin Mills!

Urban Townhomes In Erin Mills – Coming Soon!

For Floor Plans, Pricing & Questions Give Us A Call Today!

Sutton Group Realty Systems Inc., Brokerage
416-896-3333
www.SuttonRealty.com

First Time Home Buyer? We Can Help!

Are You A First Time Home Buyer? We Can Help!

Call Sutton Realty Today To See If You Qualify For The First Time Home Buyer Incentive!

Sutton Group Realty Systems Inc., Brokerage
416-896-3333
www.SuttonRealty.com

Brand New Urban Towns In Erin Mills From $535,990

The Way – Urban Townhomes From The Corner Of Erin Mills Parkway & The Collegeway

For Pricing & Floor Plans, Call Sutton Realty Today!
905-896-3333
www.iTorontoCondos.com

Looking To Downsize Your Home? We Can Help!

In The Market To Downsize Your Home? This Could Mean For Greater Savings & Financial Opportunites!

Call Sutton Realty Today – We’re Here To Help!

416-896-3333 / 905-896-3333
www.SuttonRealty.com
#Downsizing #SuttonRealty #Vacations #Budgeting #Finances #Savings #RealEstate #HomeSellers #HomeBuyers

Landlords: Is An Inspection Report Important On Move-In & Out Days?

“One Ontario resident learned the hard way about the importance of inspections. When she initially moved in, neither she nor her landlord formally inspected the property. When she moved out, she found herself legally and financially responsible for removing a wall that the previous tenants had constructed in the unit.”
It is critical that the condition of the rental unit be documented on moving day.
This will help:
  • Note previous damage
  • Establish a baseline to evaluate normal wear and tear
  • Decide who is responsible for paying for any potential damages that might occur in the future.
For tenants, it will also waive any liability for damages that existed prior to moving in.
Tenants and landlords should always conduct the move-in inspection together.
[call-out: Did you know? In some provinces, the security deposit is only repayable if the move-in inspection matches the one completed upon moving out.]
Located in British Columbia or the Yukon?  (not Ontario)
A Condition Inspection Report is required by law. Both the tenant and landlord should complete, sign and date the form at move-in and move-out.
Final inspections
When a tenant moves out, the Move-in Report will come in handy.  Refer to the initial inspection that was completed upon moving in, and compare it with the condition of each room on moving out.
We strongly recommend taking photos prior to move in, ever little bit helps to avoid confusion at move out.
Ask your Sutton Realty for any photos available from the time you listed the property.

Link Condos – Affordable Condos and Government Incentives

Link Condos In Burlington – Affordable Luxury Living!

Brand New Development Close To The Waterfront

Perfect For New Homeowners With Government Incentives!

For More Information, Give Sutton Realty A Call Today
905-896-3333 www.SuttonRealty.com

https://www.youtube.com/watch?v=jnqPIRfaRkk

 

What Is The “First Time Home Buyers Incentive”?

What is the First Time Home Buyers Incentive? And will it truly help Canadians who are ready to commit to buying a home?

It’s a system in place by the Canada Mortgage & Housing Corporation, however mortgage brokers in Toronto & Vancouver will tell you that this cause will only benefit first-time buyers with properties that are outside of Canada’s most expensive cities.

Here are the FTHBI facts the CMHC has shared so far:

  • It is expected that approximately 100,000 first-time home buyers would be able to benefit from the Incentive over the course of the program’s three years.
  • FTHBI is limited to households with a maximum combined income of $120,000. In addition, the program caps out at four times the applicant’s annual income, which means it can only help homeowners looking to buy properties where the mortgage value including the CMHC loan doesn’t exceed $480,000.
  • The maximum equity CMHC will take in a first home purchase is 10% of a newly built home and 5% of an existing home. It will also require borrowers to meet minimum insured mortgage down payment requirements.

Families will have lower monthly mortgage payments due to no ongoing payments however, they will still need to pass the B-20 stress test to prove they can handle the interest rates. Each buyer will also need to be pre-approved, qualify for a mortgage and prove they can carry that mortgage as well as keep up with their living expenses.

The CMHC says they are confident the program will work in all markets, despite the income and borrowing limits. Pointing out average market prices ($770,000 in Toronto) are well beyond the cap, but there is still 23% of transactions in Toronto for homes that were under $500k.

The Home Buyers Plan, which allows first-time home buyers to withdraw funds from an RRSP to purchase or build a home without having to immediately pay tax on the withdrawal. In 2019, the government increased to $35,000 from $25,000 per spouse or partner. Amounts withdrawn must be repaid to the RRSP over a 15-year period.

Over the next several months, first-time home buyers can top up their savings and start talking to their brokers and agents to prepare for the coming investment opportunity.

Are You A First-Time Home Buyer? Do You Have Questions And/Or Concerns?

No Better Brokerage To Call Than Sutton Realty! 

We Have Agents Standing By You Every Step Of The Way To Make Your Home-Buying Experience A Stress-Free Success!

Call Us Today:

Sutton Group Realty Systems Inc., Brokerage

416-896-3333 / 905-896-3333

 

Buying A Home Just Got Easier! New Mortgage Incentive Coming This Year

The Canadian government is taking steps to make homebuying easier for Millennials. According to the budget proposal of 2019, the government intends to put forth $1.25 billion over a three year span from the CMHC First-Time Home Buyer Incentive.

Borrowers would still have to figure out a down payment of at least 5% of the purchase price, but they would still receive an incentive of up to 10%, which would lower the mortgage.

The incentive covers 10% for newly built homes and 5% for existing homes. A few of the catches: Your annual income must be under $120,000 to participate, and you will have to eventually repay the incentive although officials have not decided how that will unfold just yet.

The federal stress test will still be required to ensure buyers will be able to repay the debts at even higher rates.

The government is also enhancing the Home Buyer’s Plan which allows first time buyers to take out up to $25k from their RRSP to finance a home, without paying tax on withdrawal, they are proposing to raise the cap to $35k, and the new limit would apply to withdrawals made after March 19th 2019.

The only problem is that more borrowing means that housing prices are likely to go up, and may encourage Canadians to take on more debt. Buyers must keep in mind that the government is not extending the program’s repayment timeline, so any money taken out of their RRSP must be put back with 15 years to avoid the withdrawal being added to their taxable income. Now Canadians will have to repay a max. of $35k instead of $25k over the same period.

Are you a first-time home buyer looking for the best guidance in the business? Call us today! We have agents standing by to help you with any questions of concerns you may have.

Sutton Group Realty Systems Inc., Brokerage

416-896-333 / 905-896-3333

www.SuttonRealty.com  

 

Which Features Will Help To Sell Your Home Quickly?

With trends constantly changing these days, it’s hard to tell which new features and design improvements will actually benefit in the quick sale of your property.

Realtor.com has offered a few key features that have helped home owners sell their home the fastest and for the best price!

  1. Gourmet Kitchens/Chefs’ Kitchens
    Open kitchen designs have exploded onto the real estate market, becoming a centerpiece for each home. Luxury is important to buyers, especially when it comes to hosting friends and dinner parties. Dark palettes like black & navy have taken precedent over the more traditional white and neutral shades. Open shelving, double doors, lots of windows, quartz counters, stainless steel appliances – these are all adding to the popularity and success of home-selling!
  2. Specialty Rooms Whether it be a home office, theatre, gym or mudroom – buyers are asking “why go out when you can stay in?”. While not as popular as they were in the beginning, design experts are saying that homes which come equipped with any type of specialty room usually go for about twice as much as the national median!
  3. Outdoor FeaturesSolar panels have become a really hot commodity thanks to the demand from climate-conscious buyers and those who are looking to cut down their electricity bills. Built-in pools (whether shared or private) have always been consistently popular, but while they attract some buyers in warmer parts of the globe, some buyers may repel due to maintenance and liability issues. Bottom line for pools is to install it for your own enjoyment first, resale value second.
  4. Smart Home Features and Electronics Anything from interconnected appliances or internet-controlled thermostats to fully-wired homes. This can be an expensive addition, but the trend is booming thanks to Amazon Echo and Google Home. These electronic home features are so easy and convenient to use – there is almost no reason these additions will go out of style. With this technology, homeowners can now pick up a simple smart home security system for pricing as low as $150, vs. having a technician come in and install a system which could run a bill over $1000! People really like having an app on a phone to know if someone’s at home or not.
  5. Indoor FeaturesNo matter where you go – fireplaces are always welcome and will never go out of style, however there are definitely more modern approaches to the classic fire place, such as being built into the wall. Another key indoor feature is the walk-in closet; not as popular as they once were due to the de-cluttering movement.

Whether you are looking to sell your home at an amazing price or are looking to purchase a home which includes any of the above upgrades, please give us a call!

We have agents waiting by the phones to answer your questions and help you with all of your buying and selling needs – each step of the way!

Sutton Group Realty Systems Inc., Brokerage

416-896-3333 or 905-896-3333

www.SuttonRealty.com

Can You Guess How Low These Mansion Rentals Are In Vancouver?!

Suddenly there are hundreds of multi-million dollar mansions on the rental market in Vancouver for insanely low prices!

“The first day we moved in, me and my family were like, ‘What? Is this real?'” said a UBC Student who moved from Toronto into a 6,000 sq.ft home in West Vancouver.

It could be a combination for the city’s empty home tax or the province’s speculation tax that are dropping the rental rates for these mega-homes.

Some numbers for thought… One $4.64 million home with 5 bedrooms is being offered at $5,900 per month, and another $7.23 million dollar mansion with eight bedrooms for $7,000 per month! With these astonishingly low prices, the City of Vancouver may have the cheapest real estate in Canada right now.

However, these low rental prices definitely put landowners in a difficult position when you think about the tax rate on such a large home. Taxes can add up to 1% of the home’s assessed value, and if the landlord declares less than 50% of their combined household income for the year, the minimum tax rate will be 2%.

One of the reasons landlords are renting at low rates is not to make a profit, but rather to hang onto the property until they are ready to retire and move back to Vancouver. If they don’t rent it out, they’ll need to pay hundreds of thousands a year. If you rent out a building, it saves hundreds of thousands per year, even if the renter does not may any rent.

Many of the renters for these properties feel fortunate to have such an affordable and large home. A lot of them are being asked “How much are you paying?” and “Are you rich?!”… One can only hope that Toronto will see such rental prices for fabulous properties in the near future.

Are you looking for a great rental property in the GTA area? We have thousands of condos, houses and townhomes for lease right now! 

Give us a call any time, we have real estate agents standing by waiting to help answer your questions and find you a perfect rental!

Sutton Group Realty Systems Inc., Brokerage

416-896-3333 / 905-896-3333

www.SuttonRealty.com