PLATINUM PREVIEW SALES EVENT! Forest District in West Pickering

PLATINUM PREVIEW SALES EVENT!

Forest District in West Pickering

Saturday May 25th & Sunday May 26th
12 – 4pm

RSVP REQUIRED

Exclusive invitation to our preview sales event. Be the first to learn about this community and to view floor plans & pricing!

Call one of our Sutton Professionals today 416-896-3333

www.SuttonRealty.com

#ForestDistrict #PickeringHomes #PreviewSalesEvent #SuttonRealty

Thinking About Refinancing Your Mortgage? Is 2019 The Year For You?

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Thinking about refinancing your mortgage? Is 2019 the year for you?

Is this a good year to refinance your mortgage? You may be thinking this is a great year to refinance your mortgage with record-breaking low-interest rates but before deciding consider some other factors that you will have to keep in mind.

You will have to pass a stress test that the government implemented in 2018 to prove you can afford payments at a qualifying interest rate but keep in mind it is going to be higher than the actual rate in your mortgage contract.

Refinancing and renewing your mortgage is completely different, to be put simply, refinancing would be like signing up for a new mortgage!

Interest rates may not be low enough to cover all the hidden costs. Most financial institutions may often attach other fees, penalties or closing costs.

If you want to take advantage of your higher credit score or your increased income thinking about refinancing your mortgage this year could mean lower mortgage payments!

Switching from a variable loan to a fixed loan is also an option, but be careful, banks can add legal fees and penalties of three months

You can also consider consolidating your debt.

Have your circumstances changed? Do you have a stronger credit score? Has your income increased?

There’s a lot to consider when thinking about refinancing your mortgage! Consider the governments stress test, interest rates, hidden fees, changed circumstances, variable or fixed loans, and consolidated debt.

We can help you with any questions or concerns you have with refinancing your mortgage.

Call us Today! Sutton Group Realty Systems InC.

905-896-3333 / 416-896-3333

www.SuttonRealty.com

4 Bedroom Backsplit For Sale in Renforth and Rathburn

Welcome To 26 Guernsey Drive!

This Wonderful 4 Bedroom Home Is In One Of Etobicoke’s Best Family Neighborhoods. Beautiful Sun filled And Bright High Ceiling Living And Dining Room!

Renovated Kitchen With Breakfast Area and Granite Countertops!

Finished Basement With Built In Storage & Crawl Space Storage.

Close Proximity To The Airport, Sherway Gardens, Cloverdale Mall, Centennial Park & Highway 427!

Walking distance To Schools and Grocery stores!

Call Us Today To Set Up A Viewing Of This Fabulous Home – It Won’t Be On The Market For Long!!

#1 Etobicoke Realtors, Thinking of Selling Your Etobicoke Home? Think Sutton!

Top Real Estate Agents in Toronto West, Full Service, Staging Consultations, Appraisals and choose your Commission Plans.

Before You List Your Home for Sale – Compare today.  No obligation – just a 2nd opinion that will give you confidence.

Sutton Group Realty Systems Inc., Brokerage

416-896-3333 / 905-896-3333

www.SuttonRealty.com

SOLD! 100% Of Asking Price In ONE Day! Way To Go Bojan!

SOLD! 100% of Asking in ONE Day!

Bojan Pavlovic is a Recognized Industry Professional All Throughout The GTA.

To Get Top Dollar For Your Home, Call Bojan For The Ultimate Combo of The Best Staging, Photography and Marketing, and Negotiating Skills!
416-762-4200

Express Training Week at Sutton

Dear Sutton Agents! It’s express training week at the office!

Did you miss a course or are you in need of a refresher? We are holding express re-cap sessions all week long!

Topics include: Webforms, Authentisign, Facebook Set Up, Listing Presentations, New Geoware Update, Brokerloading/TREB & Emailing the Monthly Newsletter.

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

Which Canadian Province Is Leading In Multi-Family Building Permits?

New statistics show an increase of 1.6% per month in relation to permit value for residential buildings in Canada, with Ontario as the clear leader for both single-family & multifamily permits since January. In Toronto, the value for multi-family dwellings rose from 26.5% to $871 million which was the second highest value on record!

Since December, multi-family permit approvals have increased by 3.5%, totalling to 21,192. Single family home approvals decreased by 2.3% from the previous month.

As for non-residential permits, the drop was pretty significant with a total of $3.0 billion down 15.8% from December, which resulted from lower construction intentions from commercial buildings. The total value for all permits issued in January for both residential & non-residential was $8.4 billion in January, down from 5.5% from December’s record high.

Whether you are looking to invest or to buy the perform home for you and your family, do not hesitate to call us! We have agents standing by to answer any of your questions.

Sutton Group Realty Systems Inc., Brokerage

416-896-3333 / 905-896-3333

www.SuttonRealty.com