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Dear Friends,
Greetings! I'm sending you this electronic newsletter with hopes to keep you updated with current real estate market and mortgage rates.
If you're thinking of making a move, or are just curious as to real estate trends in your area, please feel free to call me anytime at my Cell. 416-917-6787, or email me at fran@franlee.com. It's always good to hear from you and please bear in mind that I am never too busy for any of your referrals!
<Not intended to solicit any listing already under contract> |
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Real Estate Market Update |
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Greater Toronto Area Housing Resales at 2,044 in Mid February
February 19, 2009
Greater Toronto realtors reported 2,044 sales through the first 14 days of February, compared to 2,775 sales reported during the same period in 2008.
While sales have been lower, the housing sector remains one of the pillars of the GTA economy. Each existing home transaction generates, on average, more than $33,000 in spin-off spending on renovations and other housing-related items. This spin-off spending translates into jobs.
The City of Toronto needs to do its part to encourage homeownership by reducing the tax burden on existing and potential home owners. To this end, Greater Toronto realtors are calling on the City to roll back the municipal land transfer tax by presenting their views to the City's Budget Committee.
The average home price in the GTA was $364,748 compared to $385,735 in mid-month February last year.
It is interesting to note that while the average price was down, the annual rate of price decline slowed compared to the previous four months. If this trend continues into the spring, it could point towards average home prices leveling off between $360,000 and $370,000.
- Toronto Real Estate Board
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| Real Estate News |
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Harper Government's new Home Renovation Tax Credit
28 January 2009
Effective today, any Canadian who spends money on home renovations will be eligible to receive up to $1,350 in tax relief thanks to the new Home Renovation Tax Credit proposed in the Harper Government's Economic Action Plan.
"Every time Canadians invest in home renovations, they are helping to create construction and building-supplies jobs in their own communities," said the Prime Minister. "By providing an incentive for Canadians to invest in their homes, we are also encouraging them to invest in local jobs."
The Home Renovation Tax Credit will provide a one-year, temporary 15% income tax credit on eligible home renovation expenditures for work performed, or goods acquired between January 27, 2009 and February 1, 2010. The credit may be claimed on eligible expenditures exceeding $1,000 but no more than $10,000.
The Home Renovation Tax Credit is one of several initiatives to help homeowners and homebuyers that is contained within the Harper Government's Economic Action Plan. Before homeowners, homebuyers, and local construction and building supply workers can benefit from these new initiatives, Parliament must pass the 2009-2010 Federal Budget.
- Office of the Prime Minister
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| Mortgage Rates |
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| February 19, 2009
Term Posted Best
1 Year 5.00% 3.89%
3 Year 5.75% 3.75%
5 Year 5.79 4.22%
7 Year 7.00% 5.90%
10 Year 7.35% 6.05%
Variable Rate 3.75%
Prime Rate = 3.00%
*Rates are subject to change without
notice
(Mortgage rates provided by Mortgage Alliance)
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Best Regards,
Fran Lee
Broker
Accredited Buyer Representative
Certified Sellers Representative
Accredited Senior Agent
Certified Neighborhood Specialist
e-PRO
Member of The Chartered Institute of Linguists
RE/MAX Crossroads Realty Inc. |
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