Kitec Lawsuit Ends this Jan + kitec facts for Ontario Home Owners

Helpful Information for Ontario Home Owners with Kitec Plumbing.  Here is a little update that might be of interest.
Feel free to pass this along to anyone you know that has been affected  by Kitec Plumbing in their units.
– The claim filing deadline is January 9, 2020
– Piping with the names Kitec, PlumbBetter, IPEX AQUA, WarmRite, Kitec XPA, AmbioComfort, XPA, KERR Controls, Plomberie Améliorée are included in this settlement
– At this stage, only people who have experienced a failure in a Kitec plumbing system are eligible to receive settlement payments
– If you have not experienced a leak, you should still file a Claim Form
If there are sufficient funds remaining at the end of the claims filing period, you might be eligible for some compensation
– Per the plan of allocation, a payment will occur per each qualified leak experienced. The payment is approximately one half of the estimated costs to repair or replace the affected fitting or pipe
– If you had to replace your plumbing to sell your house, you should file a Claim Form and include documentation showing that you were required to replace your Kitec System and the costs. Depending on fund sufficiency you might be eligible for compensation at the end of the claims period
– The laws regarding the disclosure of information to potential buyers vary depending on the state or province. If you are planning on selling your home and have a Kitec System you should disclose this information.
* For full details of the lawsuit go to http://www.kitecsettlement.com/
* If you are not sure a house has piping related to the Kitec Lawsuit contact ACISS for a pipe inspection. 905-464-6967 or email aciss@sympatico.ca
Sutton Group Realty Systems Inc Brokerage
416-896-3333
http:/www.SuttonRealty.com
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Does Toronto Have The Lowest Property Tax Rates In Ontario?!

New study shows Toronto has the lowest property tax rate among the 25 major cities in Ontario – Beating Markham, Milton & Richmond Hill at roughly 0.615 per cent.

To put this in perspective, a home priced at $500k in Toronto would require owners to pay $3074 in taxes but a home at the same price in Windsor would require $8,947! Although this may seem too good to be true if you are thinking of purchasing a home in Toronto, you must remember that by keeping taxes down, Toronto faces a number of serious challenges such as housing affordability, public transit, road repairs, etc… All which come with a cost.

A main reason the property tax rates are higher in other cities is because the housing prices are much lower. An average cost of a home in Toronto is around $915,481 while Windsor homes sit at around $337,923.

Another thing to think about are the separate charges the City of Toronto bills homeowners (i.e water consumption, garbage pickup) while some cities in Ontario include all of this on a property tax bill.

Reasons To Lock In A Mortgage RIGHT NOW In Canada

Rates in the mortgage market have fallen to the lowest level since September 2017, meaning now may be a good time to think about a 5-year fixed rate. Typically during the busy spring homebuying season, lenders will offer their most competitive rates, and the timing is spot on with the surging of sales in Toronto.

With a 5-year fixed rate by 0.6% in four months shows why buyers should continue to shop around to make sure they are getting the best rate before they lock in a mortgage. With purchases closing in June, the timing is excellent for consumers to take advantage of these new rates!

The best rates can be found (currently) at the following:

Equitable (Fixed: 2.89%, Variable: 2.90%), MCAP (Fixed: 3.09%, Variable: 3.10%), DUCA (Fixed: 2.89%, Variable: 2.95%) and Scotiabank (Fixed: 3.24%, Variable: 3.35%). Also worth noting that fixed rates are the cheaper option above all.

Unless the Bank of Canada cuts it’s benchmark rate, don’t expect variable mortgage rates to go down. However, fixed rates may fall even further – so keep yourself updated!

Do you need the help of an experienced realtor to help you through the homebuying process?

Call Sutton today – we have agents standing by waiting to hear from you!

Sutton Group Realty Systems Inc., Brokerage

416-896-3333 / 905-896-3333

www.SuttonRealty.com