February 3, 2012 -- Greater Toronto REALTORS® reported 4,567 sales through the TorontoMLS® system in January 2012. This number was 8.8 per cent higher than the 4,199 sales reported in January 2011. Sales growth was strongest for low-rise home types in the regions surrounding the City of Toronto.
“A favourable affordability picture bolstered by very low posted fixed mortgage rates has kept home buyers confident in their ability to achieve the Canadian goal of home ownership,” said Toronto Real Estate Board President Richard Silver.
“The buyer pool remains diverse in the GTA with strong interest in home types across the pricing spectrum,” continued Silver.
The average selling price for January 2012 transactions was $463,534 – up by almost nine per cent compared to January 2011.
“Low inventory levels have kept competition between buyers strong, resulting in robust annual rates of price growth over the last year. Strong price growth is expected to attract more listings. A better supplied market should result in a slower rate of price growth, especially in the second half of 2012,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.
Home buyers are often advised to set aside one-to-three per cent of the purchase price of their house for closing costs. These fees are explained during the home buying process, but it is helpful to ask questions so you fully understand how these costs can affect your budget.
Legal fees: On average you should budget $600 to $900 for legal fees and an additional $200 to $400 for disbursements, which includes registering the mortgage, completing a tax certificate, and doing a title search on the property. On top of that you may pay administrative fees for postage, faxing and photocopying.
Shop around. Some law offices specialize in handling mortgage disbursements and offer cheaper rates. Ask your bank or mortgage broker which law firm they recommend and then call at least 3 other lawyers for quotes. A few phone calls can save you hundreds of dollars. I paid $810 for legal fees and disbursements - the next best quote was over $1,000.
Property tax adjustment: If you buy an existing home, the previous owners have paidproperty taxes to the City. On closing, you will be required to reimburse them for the taxes they have prepaid for the year.
For example if the previous owners paid $2,000 in property taxes for the year and you took possession of their home on June 30, you will be required to pay the owner half the pre-paid taxes, or $1,000.
Interest adjustment Date: Depending on the date chosen by your lender as the interest adjustment (the date the mortgage starts) you may be required to pay interest from the closing date until your interest adjustment date. The maximum amount would be one month’s interest at the rate of your mortgage.
For example, our mortgage was advanced when we took possession of our home on August 15. We owed an interest-only payment from the advance date until September 1, which was our interest adjustment date. Our first full mortgage payment came out on October 1.
While it may sound like you get some reprieve by skipping a monthly mortgage payment, most people want to start eliminating this debt as quickly as possible.
Hidden costs can make it difficult to stick to a budget, especially for a first time home buyer. Be sure to ask your lender in advance for a detailed description of all your closing costs so they are factored into your overall budget.
Lovely Upgraded Home In Fabulous, Family Friendly Streetsville Neighbourhood. Steps To Credit River Conservation Parks And Trails. Large Eat-In Kitchen With Walk-Out To Backyard. Spacious And Cozy Family Room With Fireplace And 2 Piece Bath On Same Level. Upgraded Interior Doors Throughout
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Connected to the PATH system, Ice Condominiums at York Centre is just steps from the financial core, Maple Leaf Square - Canada's only fully integrated residential, sports and entertainment complex, Air Canada Centre and Union Station. Residents will also enjoy living adjacent to the waterfront and to the citys most exclusive marinas, Rogers Centre, CN Tower and the Entertainment District. The city surrounds Ice with world-famous restaurants and exceptionsal shopping - it's unquestionably the destination of choice for sophisticates from around the globe.
Address: 16 York Street (Toronto)
Builder Name: Lanterra Developments
Marble and Granite countertops are two beautiful additions to any high end kitchen. However, due to their unique physical properties each is suited to different uses and requires different care.
Marble with its unique random appearance and natural veins adds warmth and elegance to kitchens. However, it is porous and easier to scratch than granite. Marble is also more susceptible to the acid found in many foods and can be tarnished easily by oil and chemical cleaning products.
Both marble and granite should receive the application of sealants and conditioning products that are specifically designed for each.
Smoked Salmon Eggs Benedict
1 tablespoon olive oil
12 ounces washed baby spinach
Salt and freshly ground pepper
1/2 stick butter
2 teaspoons fresh lemon zest
2 tablespoons fresh lemon juice
2 tablespoons chopped chives
2 whole English muffins
4 large eggs
1/4 pound sliced smoked salmon
Dill for garnish (optional)
1. Heat a large skillet over medium high heat. Add olive oil, then spinach. Season with salt and pepper and cook the spinach, stirring with tongs, until it has completely wilted - about 5 minutes. Remove from heat and set aside.
2. Melt the butter in a small saucepan over low heat. Remove from heat and stir in lemon zest and juice and chives. Season with salt and pepper and set aside.
3. Separate and toast the English muffins.
4. Poach the eggs (you can also soft boil them if you are not an egg-poaching type of person). While the eggs are cooking, place a quarter of the spinach on each muffin half, and place some salmon on the spinach. Top each portion with an egg. Divide the butter sauce by drizzling over each serving and garnish with chives or dill. Serve immediately.