| Recent Blog Posts by Sean Kavanagh | ||
How Much Are My Closing Costs Going To Be?It is always a shame when you hear about someone having a huge financial surprise on the day of closing. On the day you are making the biggest purchase of your life, many forget to calculate all of the other expenses that are to be paid on closing. These expenses will not be rolled into your mortgage, so be sure to calculate them all on top of the money you had planned to put down as your ...
Posted by Sean Kavanagh
on January 26, 2011
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Clarifying the New Mortgage Regulations
When the new HST was announced, many clients called me to ask questions about how they would be affected. I still have conversations with people who still unwittingly believe HST is applied to the purchase price of a home. So, to avoid similar confusion regarding the new mortgage regulations, I thought I would do my best to clarify the issue. 1) Reduce the maximum ...
Posted by Sean Kavanagh
on January 20, 2011
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Housing market begins to coolAs anticipated, July 1st has come and gone leaving a cooling of the real estate market in its wake. With many buyers and sellers trying to complete transactions before July 1st due to the HST introduction, raising interest rates and new government regulations on real estate purchasing, we are now witnessing a collective SIGH in the market......the calm after the storm, if you will.
Experts ...
Posted by Sean Kavanagh
on July 13, 2010
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More young Canadians taking advantage of low interest rates in housing marketYounger Canadians are expected to lead the way with home buying this year as they take advantage of low interest rates, new jobs and what they consider "good prices," a bank survey says.
The survey for the Royal Bank suggested that 15 per cent of Canadians between the ages of 18 and 24 were very likely to buy, almost double from eight per cent in 2009. "Our poll found that 35 per cent of younger ...
Posted by Sean Kavanagh
on April 21, 2010
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Bank of Canada warns raising interest rates may come sooner than anticipated.The Canadian dollar posted its biggest single-day gain since July as the Bank of Canada warned that it will be raising interest rates. As the economy continues to recover, the raising of interest rates is just around the corner in an attempt to slow inflation.
The bank's "extraordinary policy" of ultra-low rates was introduced to boost the economic recovery, but as the banks feel we are well into ...
Posted by Sean Kavanagh
on April 21, 2010
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More young Canadians taking advantage of low interest rates in housing marketYounger Canadians are expected to jump into the real estate market this year as they hope to take advantage of low interest rates and what they consider "good prices," The Royal Bank suggested that 15 per cent of Canadians between the ages of 18 and 24 were very likely to buy, almost double from eight per cent in 2009. With a tough job market with uncertain job security, young Canadians had been ...
Posted by Sean Kavanagh
on March 19, 2010
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Inventory Surge Will Help Balance Real Estate Market...and Prices!The recent low levels of housing inventory has contributed to buyer frenzy and multiple offer situations that have driven purchase prices skyward. This is coming to an end as the warm weather is getting more and more people to put their houses on the market. This sudden surge in inventory will alleviate some of the buyer anxiety as there will be more houses to choose from. This will ...
Posted by Sean Kavanagh
on March 19, 2010
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Average Family Debt Rises To $96,000 in 2009A Canadian study on family finances says the average household debt has climbed to $96,000 in 2009.
The number of mortgage payments that were at least 90 days late was up 50 per cent compared with 2008. There was also a 40 per cent increase in the number of credit card holders who were at least three months behind in their payments.
The finance minister has announced changes to the home buying ...
Posted by Sean Kavanagh
on February 18, 2010
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Thinking of Buying or Selling in 2010? - Maybe I Can Help!We are now full steam into 2010 and many people are beginning to think about buying or selling real estate. As you are making your plans, please consider the following points.
1. Interest rates are on the rise
Home buying has continued its hot streak from 2009 into 2010. Interest rates remain low and continue to pull buyers into the market. The threat of rising interest rates ...
Posted by Sean Kavanagh
on February 11, 2010
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Canadian Real Estate Continues to RecoverExceptionally low interest rates, government incentives (rebates, tax breaks and RRSP contributions), the looming HST and a renewed consumer confidence puts Canada as the world leader when it comes to the recovery of the global real estate market.
In a recent report on Global Real Estate Trends written by Adrienne Warren of Scotiabank, Canada is leading the way in the global real estate recovery ...
Posted by Sean Kavanagh
on January 22, 2010
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2009: A Record Year for Real EstateLast year ended stronger than expected for Canadian real estate and shed some hope for the industry and the Canadian economy as a whole. Many in the real estate industry predicted that 2009 would continue to post a decline in both units sold and average prices. MLS sales for 2009, however, were reported at approximately 465,000 which represents a 7% increase over 2008 and the average housing ...
Posted by Sean Kavanagh
on January 22, 2010
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Ontario Housing Market Will Stay Strong in 2010Canada and more specifically Ontario appears to have avoided any lasting impact from the collapse of the US housing market and the subprime mortgage market meltdown. What we have seen over the past 18 months was fear versus demand and fair market values relative to the true economic environment in Ontario. From the price stability we have seen, I would say we are on great footing going forward. The ...
Posted by Sean Kavanagh
on January 14, 2010
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McGuinty rejects public hearings on HST; expects new tax to be election issueThere's no need for the Ontario government to hold public hearings on its plan to harmonize the provincial sales tax with the GST next July, Premier Dalton McGuinty said Wednesday, adding that voters can pass judgment on the issue in the 2011 provincial election.
Basically, McGuinty is telling the public he plans to ram this tax down your throat whether you like it or not and it doesn’t matter ...
Posted by Sean Kavanagh
on November 18, 2009
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New HST Means Big Tax Increase for Buyers, Sellers and Home OwnersEffective July 1, 2010, home buyers and sellers will pay 8 per cent more on legal fees, appraisals, real estate commissions, home inspection fees, and moving costs, adding about $1,500 in new taxes to the average residential real estate transaction in Ontario.
For homeowners the HST will also add hundreds of dollars in additional tax on utility bills, such as gas, electricity and home heating fuel, ...
Posted by Sean Kavanagh
on November 16, 2009
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