Last week’s Federal Budget 2009 proposes a temporary Home Renovation Tax Credit (”HRTC”), which will provide a 15% non-refundable income tax credit on eligible home renovation expenditures made after January 27, 2009 and before February 1, 2010, for agreements entered into after January 27, 2009.

The credit may be claimed on the 2009 tax return for the portion of eligible expenditures over $1,000 but less than $10,000, and will provide up to $1,350 in tax relief (i.e., 15% multiplied by ($10,000 minus $1,000)).

Family members will be subject to a single limit based on their pooled expenditures. For this purpose, a “family” will generally be considered to consist of an individual, his or her spouse or common-law partner, and their children who were, throughout 2009, under the age of 18 years. Eligible dwellings are generally restricted to personal-use homes including houses, cottages, and condominium units.

What expenses are eligible?

The tax credit is for “enduring renovations and alterations”. Individuals will need to keep receipts.

Eligible: renovating a kitchen, bathroom or basement, purchasing new carpet, hardwood floors, a new furnace or water heater, building an addition, deck, fence or retaining wall, painting the interior or exterior of a house, resurfacing a driveway, or laying new sod. Most costs associated with such projects will be eligible for the credit, including the cost of labour and professional services, permits, building materials, fixtures, equipment rentals and incidental expenses.

Ineligible: routine repairs and maintenance normally performed on an annual or more frequent basis, carpet cleaning, financing costs associated with a renovation (e.g. mortgage interest costs), the purchase of furniture and appliances (e.g. a refrigerator, stove or couch), audio-visual electronics, tools or construction equipment or maintenance contracts such as furnace cleaning, snow removal, lawn care and pool cleaning.

So stop putting off doing a bit of work on that house of yours, just don’t go overboard!

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The maximum amount that can currently be withdrawn from an eligible person’s RRSP under the Home Buyers Plan is $20,000. The Budget proposes that this withdrawal limit be increased to $25,000 for withdrawals made after January 27, 2009.

You are not considered to be a first-time home buyer if, at any time during the period beginning January 1 of the fourth year before the year of the withdrawal and ending 31 days before the withdrawal, you or your spouse or common-law partner owned a home that you occupied as your principal place of residence.

Special rules apply where the home is being acquired for the needs of a disabled person.

Amounts withdrawn must be repaid over a 15-year period, or the unpaid amounts will be included in taxable income.

2)  First-Time Home Buyers’ Tax Credit

The Budget proposes a new non-refundable tax credit for first-time home buyers who acquire a qualifying home after January 27, 2009. (The closing date for the purchase of the home must be after that date in order for the tax credit to be available.)

The amount upon which the tax credit is calculated is $5,000, multiplied by the lowest personal income tax rate for the year (15%). The First-Time Home Buyers’ Tax Credit may be claimed in the year in which the home is acquired.

A “qualifying home” is a home which the person or the person’s spouse or common-law partner intends to occupy as their principal place of residence not later than one year after the acquisition.

This new tax credit will also be available for the acquisition of a home acquired after January 27, 2009 either by an individual who is eligible for the Disability Tax Credit (”DTC”) or by an individual for the benefit of a relative who is eligible for the DTC. The home must be acquired to enable the DTC-eligible individual to live in a more accessible dwelling or in an environment better suited to the person’s needs.

The First-Time Home Buyers’ Tax Credit may be claimed either by the person who acquired the home or by his or her spouse or common-law partner. If a qualifying home is purchased jointly, the total amounts claimed by the couple cannot exceed the credit that could be claimed if only one individual had acquired the home.

So First Time Buyers, you are now in a perfect storm, with interest rates at an all time low (prime=3%), a downward adjustment in prices since the economic meltdown in Ocober 08, and a lot of homes on the market.

Give me a call to find out all the relevant information!

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Note that these stats include all homes listed on TREB, both in 416 and 905 areas.

1) Number of Sales on TREB down by half over last year
Greater Toronto Area reported 1,487 resale transactions during the first half of December, from 2,868 sales recorded in the same period a year ago. This includes all 416 and 905 homes listed on TREB.

The average price of a home in the Greater Toronto Area is currently $360,652. This compares to an average of $404,707 recorded during the first half of December 2007 and to an average of $343,048 recorded during the same period in 2006.

(Note that these figures are simply the total $ value of sales divided by number of homes sold, as such it does not accurately reflect how much home prices are falling. For example, currently more lower priced homes are being sold and this affects the weighting.)

In the 416 area (GTA), 619 transactions were recorded during the first half of this month, from 1,402 sales during the same timeframe a year ago.

The average price in the 416 area is currently $382,759, from an average of $450,731 a year ago, and $367,650 recorded in the first half of December 2006.

In the 905 region 868 homes changed hands in the first two weeks of this month, from 1,466 transactions that took place in the first half of December 2007.

The 905 region’s current average price is $344,887 from an average of $360,691 recorded during the same timeframe a year ago and $325,477 recorded at mid-December 2006.

2) Number of Listings up 45% over last year
There are currently 24,708 listings on the TorontoMLS system, from 17,027 a year ago.

3) Average Days on Market 43 versus 33 last year

The average number of days a home now remains on the market is 43, as compared to 33 days a year ago. (Note that this reflects how long the homes that sold were on the market, for the many that overprice and have not yet sold the days on market is likely much longer.)

4) Sellers are achieving 96% of their listing price, as compared to 98% a year ago.

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These schools are part of the Halton District School Board, the public English education board for the region.

Public elementary schools
Abbey Lane Public School
Brantwood Public School
Brookdale Public School
Chisholm Public School (JK-G5)
Captain R. Wilson Public School (JK-G8)
Eastview Public School (JK-G8)
E.J. James Public School (G6-G8)
Falgarwood Public School
Forest Trail Public School (G.1-G7)
Gladys Speers Public School (JK-G6)
Heritage Glen Public School
Joshua Creek Public School
Linbrook Public School (JK-G5)
Lorne Skuce Public School (JK-G6)
Maple Grove Public School (JK-G5)
Montclair Sr. Public School (G7-G8)
Munn’s Public School (JK-G6)
New Central Public School (G6-G8)
Oakwood Public School (JK-G5)
Pilgrim Wood Public School (JK-G8)
Pine Grove Public School (G1-G6)
Post’s Corners Public School (JK-G8)
River Oaks Public School (JK-G8)
Sheridan Public School (JK-G5)
Sunningdale Public School (G1-G6)
West Oak Public School
W.H. Morden Public School

Public High Schools
Abbey Park High School
Iroquois Ridge High School
Oakville Trafalgar High School
T. A. Blakelock High School
White Oaks Secondary School

Halton Catholic District School Board
These schools are part of the Halton Catholic District School Board, the separate English education board for the region.

Catholic Elementary Schools
Holy Family Catholic Elementary School
Mother Teresa Catholic Elementary School
Pope John Paul II Catholic Elementary School
Our Lady of Peace Catholic Elementary School
St. Andrew Catholic Elementary School
St. Bernadette Catholic Elementary School
St. Dominic Catholic Elementary School
St. James Catholic Elementary School
St. Joan of Arc Catholic Elementary School
St. John Catholic Elementary School
St. Joseph Catholic Elementary School
St. Luke Catholic Elementary School
St. Marguerite d’Youville Catholic Elementary School (French Immersion)
St. Matthew Catholic Elementary School
St. Michael Catholic Elementary School
St. Vincent Catholic Elementary School

Catholic High Schools
Holy Trinity Catholic Secondary School
St. Ignatius of Loyola Catholic Secondary School
St. Thomas Aquinas Catholic Secondary School

Conseil scolaire de district du Centre-Sud-Ouest
This school is part of the Conseil scolaire de district du Centre-Sud-Ouest, the public French education board for the region.

École Patricia-Picknell

Conseil scolaire de district catholique Centre-Sud
This school is part of the Conseil scolaire de district catholique Centre-Sud, the separate French education board for the region.

École Saint Marie ll

For more information, consult individual school board websites:

Halton District School Board: www.haltondsb.on.ca

Halton Catholic District School Board: www.haltonrc.edu.on.ca

Conseil scolaire de district du Centre-Sud-Ouest: www.csdcso.on.ca

Consei scolaire de district catholique Centre-Sud: www.csdccs.edu.on.ca

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Nicely renovated and painted in fresh modern colours, with Heather’s beautiful photos of children and families adorning the walls, the studio reflects this Oakville photographer’s fresh, crisp approach to her craft. 

Heather is a talented  photographer and celebrating her sixth year in business by opening her new studio.

You can find her at 115A George Street above the UPS store, or at www.heatherhoganphotograhy.com.

FOR A FRESH APPROACH TO REAL ESTATE, CALL HILARY AT 905–599–3311.

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This is the 10th Annual Art and Artisans by the Lake to be held on the beautiful 52–acre campus of Appleby College, located on the shores of Lake Ontario, 540 Lakeshore Road West.   The exhibit will be held in the Arena, between 10 and 4 both days.

Sponsored by the May Court Club of Oakville, this annual event showcases original works of the highest quality from Canadian artists and artisans.  Original paintings, drawings, sculpture, photography and mixed media will be exhibited.  All entries will be juried.

Funds raised will go to the Halton Emergency Shelter and the Halton Women’s Place.

One of the artists being profiled this year is Jacqueline Dravetz, of Burlington, Ontario.  I visited Jacqueline and her husband Warner in their lovely home in Burlington which they are currently renovating. 

Here is Jacqueline after a day of horse-back riding in her dining room with one of her paintings.

Having worked for many years as a registered nurse, Jacqueline discovered her talent with the brush six years ago.  Since then she has devoted herself full-time to painting, exhibiting and doing portraits.  She is currently enrolled in the Academy of Realist Art in Toronto where she is learning to perfect the old master tradition of realist painting and portraiture. 

Jacqueline has a special gift for portraits of people and pets.  To find out more about Jacqueline’s work visit www.jdart.ca.  

Hope to see you at the art show!

FOLKS, THE SPRING MARKET IS HERE!  LOOKING TO FIND THAT DREAM HOME OR SELL YOUR CURRENT HOME?  GIVE HILARY A CALL NOW AT 905–257–3633. 

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I was doing an open house yesterday afternoon in the new area of Bronte Woods and met two families from GTA land, one from Leaside and another that owned a home in downtown Toronto, both planning to relocate to Oakville, “for lifestyle and affordability”. 

This is definitely a growing trend, and not surprising, given the relatively higher price of detached homes in Toronto, high property taxes, and now the new municipal land transfer tax which has placed an added financial burden on home-buyers.

Given the many wonderful benefits of living and raising a family in Halton, we will certainly see this trend continue.

But back to the subject of this post. 

I noticed an article in The Oakville Beaver last week which said that Maclean’s Magazine recently profiled Halton as the safest place to live in the Greater Toronto Area.

Maclean’s rankings were based on 2006 per capita crime rates for murder, sexual assault, aggravated assault, robbery, break and enters, and auto theft from the Canadian Centre for Justice Studies.

To read more about why Halton is so safe, click here to access the Oakville Beaver article. 

The article also says that Halton is the fourth safest region in Canada.  Good news for our families and for the value of real estate in Halton.  Let’s keep it that way!

LOOKING TO MOVE TO OAKVILLE, BURLINGTON OR MILTON?  IT’S A GOOD DECISION!  CALL HILARY AT 905–599–3311 TODAY TO HELP YOU FIND YOUR DREAM HOME.

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Having just received a note from Oakville resident and neighbour of mine, Peter Bright, that Bright’s Gallery of Burlington is relocating to Collingwood this spring, I decided to check out the new gallery site, right in the Village at Blue where we were staying. 

Best of luck in your new venture Peter.  I am sure visitors and locals will appreciate the fine collection of Canadian artists that you profile in your gallery. 

This weekend was also an opportunity for me to meet Marg Scheben-Edey of ReMax in Collingwood who has been an inspiration to me as a Canadian blogger and REALTOR.

By the time we met in person on Monday in Collingwood, we were like old friends!  That’s the kind of connection that real estate bloggers have with each other.

Marg has a zest for life, a razor-sharp mind and a warm and easy-going personality. 

Marg and her husband John grew up in West Oakville.  Marg recalls when the land behind their Pinegrove Road house (now Speers Road) was a strawberry field and they would ride horses across the QEW to their friend’s farm on Burnhamthorpe Road.  The Edey’s have been living in the Collingwood area for the last 22 years where they raised their two kids.

Our family of four were treated to a tour of Collingwood in Marg’s van. 

Development in the area since I was up here last, quite a few years back, is mind boggling!  It is certainly the vacation and retirement destination for many in the Golden Horseshoe and GTA. 

(I chatted with a lady in one of the Village stores who had just moved up here with her husband, having traded their fast paced life in Southern Ontario for the slower recreational lifestyle of the area.  She sold me a very delicious piece of home-made praline fudge.)   

“No bird soars too far on its own wings” is one of my mottoes.  Staying connected to people like Marg helps me to keep growing and innovating in my business.

By the way, Marg and I  are hoping to help get a “Canadian Real Estate Bloggers Conference” going so that real estate professionals on the vanguard of using the internet can exchange ideas and learn from each other. 

Any Canadian REALTORS interested in this?  Let us know.

Check out Marg’s blog.  If you’re looking to buy property in the South Georgian Bay area, she’ll take good care of you.  

DON’T MISS OUT ON THE SPRING MARKET!  TO LIST YOUR HOME IN OAKVILLE OR BURLINGTON, PICK UP THE PHONE AND CALL HILARY (905) 599–3311 TODAY!

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Do you get tired of making the same meals over and over?

Here are some things I’ve done lately to spice up our mealtimes.

1)  I discovered a wonderful free site www.allrecipes.com.  I signed up for their daily recipe and it comes to my inbox.  Sometimes it is just the right bit of inspiration that I need!

2)   I try to plan out the meals for the week, before doing the grocery shopping.  This way we have the ingredients required on hand and don’t have to keep popping into the store for this or that.

3)  Every now and then I visit the www.allrecipes.com website.   Most of the recipes are posted by ordinary folk like you and I.  Usually there is a photo, but the best part is the reviews that people who have tried the recipe write.  Readers suggest ways to modify or improve on the recipe, rave about the results or say “it’s just so-so, nothing to write home about”.   

4)  I use the online Recipe Box to store the recipes I like (it comes up under “My Stuff”).

Here are some new recipes I tried lately that turned out pretty well. 

Marie’s Easy Slow Cooker Pot Roast (We put this in the crockpot before church and it was all ready when we got home with our lunch guests)

Sugar Free Blueberry Coffee Cake (I made this for a coffee morning I had recently) 

Creamy Mushroom Soup (My first time making mushroom soup from scratch, easy and tasty)

Dark Chocolate Cake II (easiest one bowl scratch cake I’ve made, moist and dark!) Goes well with Chocolate Cheese Frosting.  (I had some frosting left over and froze it.  Tasted just as good when defrosted.)

Why don’t you try a few recipes from www.allrecipes.com and let us know which ones you recommend by adding comments to this post?

CALL HILARY FOR ALL THE RIGHT INGREDIENTS when selling your home.  Let me take good care of you and your investment!

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Try to guess the name of each bird before placing the cursor over the image to find the name.  How many do you know?

FOR A BIRD’S EYE VIEW ON LOCAL REAL ESTATE CONDITIONS, CALL HILARY AT 905–599–3311!  NOW’S THE TIME TO LIST FOR THE SPRING MARKET.

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The kids have flown the coop, and now you’re looking to build a smaller nest. But downsizing doesn’t have to mean downgrading. Instead, add more comfort, convenience and luxury with less square footage. After all, life is too short to not love your surroundings.

The Great-er Outdoors

For mature adults who are tired of the rigors and high cost of constant lawn upkeep, no-mow lawns are a time-, water-, fuel- and money-saving alternative. These lawns are a mix of several slow-growing fescue grasses that form a dense, tough turf. They are extremely low maintenance, needing no fertilizer nor watering, and typically only require mowing once per year.

For colder climates where snow removal is important, driveway heating systems are an ideal amenity. Most feature automatic smart sensors that turn on when it begins to snow, providing snow removal, whether you’re home or not.

Ordinary Extraordinary

Mature adults are finding ways to turn ordinary rooms into extraordinarily indulgent experiences. Shower customization with rainshowers, sidesprays and handheld showers are today’s hottest bathroom trend – creating a private spa escape. But mature adults also need to keep it safe by adding shower seats and grab bars. Home Care by Moen offers safe and stylish options with their mesh shower chair and its SecureMount grab bar installation system. The beautifully designed grab bars are available in a variety of styles and finishes — looking like decorative pieces, rather than safety devices – while a unique anchor system makes them easy to install.

Interior Ingenuity

With many mature adults using their retirement as a time to jet set around the globe, get a second home, or visit children and grandchildren, a convenient, accessible space for luggage is a must. According to CNNMoney.com trend spotter Les Christie, luggage rooms, which store luggage and travel goods between trips, are one of the top home amenity trends. Luggage rooms save homeowners the hassles of cramming suitcases in closets or using inconvenient attic storage space.

Another popular amenity is the customized exercise room. Many older adults are using their spare time (and spare rooms) to get in top shape with customized weight training, cardio machines and even indoor lap pools, which provide a rigorous resistance workout without placing stress on joints and muscles.

Regardless of the size of your home, whether you build new or buy used, filling your empty nest with hot amenities will help to make your golden years as good as gold.

Source - News Canada

HILARY CAN HELP YOU FIGURE OUT THE RIGHT HOME FOR YOU IF YOUR KIDS HAVE LEFT HOME.  CALL 905–599–3311 TODAY TO LEARN WHAT YOUR OPTIONS ARE.

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And winter is not over yet!

In honor of such a snowy winter,  I am sharing some winter scenes  as seen through the lens of my friend Ashley:

LONE TREE IN WINTER

ONTARIO SNOWY FENCELINE

FARMHOUSE AND FIELD IN WINTER

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I give regular updates on The Buzz about money-saving energy initiatives so stay posted!

Both the provincial and federal governments have new programs designed to encourage energy reduction. By staying up-to-date on the latest programs, you can save money.

Natural Resources Canada (NRCan) is offering a new residential energy efficiency assessment service to owners of single family homes, including detached, semi-detached and low-rise multi-unit residential buildings (MURBs) that are no more than three storeys high.

Under the ecoENERGY Retrofit program, property owners can qualify for federal grants by improving the energy efficiency of their homes and reducing their home’s impact on the environment.

Energy advisors come to your home to do assessment
NRCan-certified energy advisors conduct a detailed on-site assessment of the home’s energy use from the attic down to the basement. They provide a personalized report, including a checklist of recommended retrofits to improve the energy efficiency of your home and, in some cases, to reduce water consumption. The report also shows the grant amounts for each eligible upgrade that you can receive by carrying out these energy-saving improvements. The maximum grant you can receive for a home is $5,000.

For instance, if you replace an old natural gas furnace with the most efficient unit available (92% AFUE or annual fuel utilization efficiency gas furnace with DC variable speed motor) you could qualify for $1,350 in rebates: $500 (Federal) plus $500 (Provincial) plus $100 from Enbridge plus $250 from the Ontario Power Authority (Cool Savings Rebate). According to the Ontario Ministry of Energy, replacing an old system (63% AFUE) with a new high efficiency condensing furnace (93% AFUE) in an average 1,200 square foot, detached house will result in savings of approximately $450 per year.

Because of its high-tech design, a high-efficiency natural gas furnace squeezes the most heat out of every heating dollar. For every dollar you spend on energy, it produces 88 to 97 cents worth of heat. It could save up to 24% in energy and related energy costs and will also help insulate homeowners from increasing energy prices.

The high efficiency furnace and many of the other retrofits eligible for rebates come with a higher price tag, but environmentally conscious homeowners believe the energy cost savings – and reduced greenhouse gas emissions – are well worth it. Also, from a resale perspective, many potential homebuyers will view “greener” appliances as a desirable feature.

For more information on the ecoEnergy Retrofit Rebate program visit the following sites:

1. Natural Resources Canada (Federal) Web site at www.oee.nrcan.gc.ca/residential/personal under residential housing, home improvements.
2. Ontario Ministry of Energy Web site at www.energy.gov.on.ca and click on the Rebate update.
3. For information on qualifying toilets from the federal and provincial perspective, go to www.veritec.ca under Reports, 11^th Edition (test results start on page 16)
4. For information on residential rebates from the Ontario Power Authority - Cool Savings Rebate Program, go to www.everykilowattcounts.ca.
5. For information on Energy Star appliances go to www.energystar.gc.ca.
6. For information on Enbridge rebates, check under Residential, Rebates Incentives and Energy tips at https://portal-plumprod.cgc.enbridge.com.

(Some of the information for this post came from OREA Edge newsletter March 2008)

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About 42% of residents in Richmond Hill, and 41.5% in Oakville, hold degrees at the bachelor’s level or above. 

By comparison, the percentage for Toronto was 37% while the Canadian average is 23%.  The city of Oshawa had the lowest percentage at 12.1%.  Burlington was 30.3%

The booming Town of Milton showed the highest gain in university grads in Ontario between the censuses of 2001 and 2006, moving up from 23% to 28%.

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What’s it like to blog?

It’s like being pulled by your pen to new places every day.    

Writing is one of those things that the more you do it, the more you want to do it, and the easier it is to do. 

Something comes to the top of your mind and you just want to record it so it won’t get lost.  Perhaps someone else can relate or follow what you are thinking? 

You have a desire to express something.  A desire to connect with a reader.

I think we all have this desire inside us but we have been so indoctrinated into thinking that there is only one right way to write. We have had teachers that put red marks all over our feeble efforts at creative expression.

We have become writing-repressed and self-conscious.

The beauty of blogging is that you don’t have to get published.  You just put it out there in the hope that someone will  read it.  Who knows?  It might inspire someone else to write something.  It might help spawn other writers out there. (I use the term writer loosely.) 

You don’t have to be an English major or a prolific reader. 

What’s the worst that could happen?  What you write makes no sense at all?  Still it would be your thoughts, a legitimate expression of what’s on your mind and in your subconscious.

It’s just a freeing thing to start typing on a blank page.  Try it some time. Don’t think. Just put your fingers on the keyboard and let your pen take you where it wants to go.  You might be surprised at the outcome. 

I would be thrilled to read a comment from bloggers and would-be-bloggers out there who connect to others through your pen!  On-line interaction is another fun thing about blogging but that’s for another post.

Like this Post?  Read also:

What’s the Buzz in Oakville? Hilary Launches New Blogsite

Hilary Shantz, Oakville Ontario Real Estate Agent, Has Been Meme’d

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Today, Mark Carney, the new Governor for the Bank of Canada announced an interest rate cut of 1/2% bringing the key rate to 3.5%.

He also indicated that further cuts will be needed to deal with a U.S. economy that is experiencing a deeper and more prolonged slowdown than previously projected.

First quarter stats show that Canada’s economy is already experiencing some of the spillover effect of subprime woes in the U.S.

The next meeting is scheduled for April 22nd, at which time there may be further cuts.

Meanwhile, also today, Australia’s central bank raised interest rates to a 12-year high in its fight to contain inflationary pressures in a booming economy fueled by Chinese hunger for resources

The increase in Australia was the second in two months and the 12th since 2002. It bucks the trend among other major central banks, which cut rates as the U.S. subprime meltdown hurt global growth.

“This adjustment was made in order to contain and reduce inflation over the medium term,” Glenn Stevens, governor of the Reserve Bank of Australia, said in a statement after raising the cash rate target 25 basis points to 7.25 percent.

NOTE FROM HILARY:  NEED HELP DECIDING ON FINANCING OPTIONS?  I’d be happy to explain things. 

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“You seem very nice etc., but the last time we bought and sold, we interviewed 3 agents and picked who we thought would be the best one, but she turned out to be terrible!  It was such a bad experience.  Now we’re gun-shy.”

Selling or buying a home is a big deal. No doubt about that.

Picking a REALTOR that doesn’t match our expectations or our values or our personality type can be uncomfortable and stressful.

One of the challenges of our generation is we have TOO MANY CHOICES, TOO LITTLE TIME.

One of the reasons I have chosen to write a blog with almost daily postings, is so that people who are buying or selling can use this as a PRE-SELECTION TOOL.

When one writes a lot of stuff over time, one’s true self does get revealed. 

What does this REALTOR know?  How well does she understand the real estate market?  How does she handle situations?  What are her values, preferences, interests, viewpoints on real estate and other matters?  What are her clients saying about her?  What are other agents who comment saying about her?  How abreast is she of the latest developments in real estate?

All good questions to which you are likely to find answers right here on this blog. 

Then, by the time you pick up the phone to call me, we are both reasonably assured that we are a “good fit”.  And that is the best thing for you and for me!

Sometimes when I meet people who have been reading it, they say “ I feel like I already know you.”  That’s my goal folks!

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Lisa Valade, my mortgage broker, sent me this photo this morning.  If you have champagne taste but a beer budget, might be something to think about!

Call Hilary to talk about your dreams for real estate, 905–599–3311.

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Although her mother and her upbringing was atheistic, Akiane from a young age believed in God and was able to express her visions of heaven and God in her art.  Her faith began to impact her whole family.  

Take a look for yourself, folowing this link http://tinyurl.com/yxewot. 

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First let me explain why bridge financing may be necessary.

Imagine you’re looking for your next home, and walk into the place of your dreams. The space is tailor-made, the location is perfect, even the price is right. Just one problem: the owner of your dream home has to close the deal within the month, and you can’t sell your current home that quickly. How can you come up with the money to buy the new place, while carrying the old one?

Bridge financing could be your best way to seal the deal. This type of financing is a hefty short-term loan that bridges you over the period when you own and are paying for two homes.

To obtain bridge financing, you have to present your financial institution with two firm offers – one for your current house and one for your next home. You obtain a new mortgage on the new home and carry the two mortgages during the overlap period, before the sale of your current home closes.

Once that happens, you use the proceeds of the sale to pay off the bridge loan, plus interest and costs. Alternatively, you can arrange to repay the bridge loan in six months to a year. This may be useful if you need to save a bit to pay off the bridge in full.

Trouble is, the costs of bridge financing can really add up:

• interest on this type of short-term loan is relatively high, usually the prime rate plus two to five percent.
  Set-up fees can be hundreds of dollars
• worst-case scenario: the deal for your old home falls apart at the last minute. If that home is collateral for the bridge loan, the bank could seize it

The bottom line is you should only consider a bridge loan if you can afford the interest charges and can pay it off in full as soon as possible. With this type of financing, every single extra day can cost you hundreds or even thousands of dollars.

Having said that, if it is for a few days or you can afford it easily, it is a convenient way to deal with closings that don’t match up exactly.

I attended a mortgage financing seminar recently where the speaker gave the following example:

Hope this helps to clarify things.  Best bet is to talk to your REALTOR, bank or mortgage broker before you go out househunting if you think you may want to utilize bridge financing.

CALL HILARY AT 905–599–3311 TO GO LOOKING FOR THAT DREAM HOME! 

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