The Real Estate Pulse - Market Blog!

Property Owners To Get A Fairer Assessment Appeal System

2008-05-07T22:51:00.002-04:00

[News Source OREA (Ontario Real Estate Association)]
A fairer property tax appeal system is expected with changes announced by the provincial government. The changes mean the onus of proof on property assessment appeals is reversed so that, when a property owner appeals an assessment, the Municipal Property Assessment Corporation (MPAC) would be required to prove the accuracy of the new assessment. The government move follows the Ombudsman’s recommendation that this measure would enhance the fairness of the appeal process. The legislation would place the onus on MPAC to prove the accuracy of property assessments that are appealed to the Assessment Review Board (ARB).
The government also intends to introduce legislation to implement changes to the assessment appeal system announced in the 2007 Budget — changes designed to create a more streamlined and transparent appeal system. A key proposed change would make the Request for Reconsideration (RFR) program the first stage of the appeal process for property owners. The RFR, which is free of charge, encourages the sharing of information between MPAC and the property owner, and provides taxpayers with the opportunity to resolve their concerns directly with MPAC in an informal setting.
The Ministry of Finance is also working with MPAC and the ARB to disclose valuation information to taxpayers about their property assessment in a timely way. This will help property owners review the accuracy of their assessment, decide whether to engage in the RFR process, and prepare for their hearing if they decide to appeal to the ARB.
These measures are proposed to take effect for the 2009 taxation year. Details about the proposed new appeal procedures and deadlines will be communicated to property owners in the coming months, prior to the 2009 implementation date.

Water Proofing Your Home

2008-05-07T19:52:00.006-04:00

One of the major concerns when purchasing a home I tend to come across is whether there is any dampness in the basement and what remedies are available. It is a fact that with older homes and especially block foundation water will find a way in. Key things to look for when inspecting the basement are:

1) water (obvious)
2) mould
3) efflorecense- looks like salt staining (may not be an indicator)
4) musty smell
5) damp carpets

How to avoid water in your basement?

The best step to take first before undertaking major work is by properly grading the land around your home so that water flows away from the walls. Also make sure that your eaves are free and clear of debris and that the downspout works properly and leads far enough from the house. You will find that these two steps will fix 80% of the moisture problems that people encounter.

What next? So grading and the eaves are not an issue. There are two other methods available to address water problems and they are either from the inside or the outside. Excavation is the most common method of water proofing your home. It involves digging around the house (or areas affected by the problem) down to the footings. After which you need to lay down perforated tube call weeping tile near the footing. This helps carry the water away from the house. Membrane is then used to protect your walls from getting wet. What this does is basically protects the foundation wall being directly exposed to water. If any water does get in between the membrane and the foundation it will travel down the wall because of the membrane's "bumps". Another precautionary step is to apply blue skin. It is an adhesive and a plastic layer that some contractor install between the membrane and the foundation wall. After the material has been applied the next step is to fill the trench with enough gravel to properly drain the water from the soil down to the weeping tile.

When water proofing from the inside it is basically the same as from the outside. The same materials mentioned above can be applied here. The major differences are there is not such a massive trench to dig. Instead a smaller trench will be dug just enough for the weeping tile to be installed and a little gravel. The membrane will be exposed as well. Of course you can always build out the wall to cover the membrane. Additionally, to properly water proof from the inside a sump pump will have to be installed. This collects the water from thew weeping tile into a basin and pumps it out once a certain level has been filled to the outside.

There are MANY factors that go beyond the scope of this article in regards to determining when and how to waterproof your home. Keep in mid that sometimes water that shows in the basement could be from a window in need of repair or even a leak in the roof of the house. This guide is meant to give you an idea as to what the average home owner can expect. For any issues relating to water it is important that you contact a qualified contractor. Please follow the link provided below that will guide you to CMHC (Canadian Mortgage and Housing Corporation). They too provide a great resource for home maintenance and repair.

http://www.cmhc-schl.gc.ca/en/co/renoho/refash/refash_012.cfm
http://www.cmhc-schl.gc.ca/en/co/maho/gemare/gemare_002.cfm

TIP: If you see that you neighbour is going to water proof their home it might be a good idea to have the contractor quote you as well. If the homes are close enough you and your neighbour can save some money since only one trench might be dug. The problem is that sometimes once your neighbour has water proofed their home the soil may become disturbed and may direct water towards your home. In which case you may find yourself calling someone to waterproof your home next! PLanning in advance may help you nd your neighbour save money.

How To Win A Bidding War

2008-04-28T10:33:00.004-04:00

- As seen on the Globe and Mail's website -

Tired of losing bidding wars? Here are a few strategies that may help you should you find yourself in one.

One passage I agree with is ""I would encourage people to submit an offer regardless of the level of completion," Ms. Brown says. "It may seem daunting, but you never know the quality of those offers."

You never know unless you ask...in this case offer! Of course this means putting your best foot first. TRANSLATION: It's going to sell over asking. What is the most you are willing to pay. Determine this before ever stepping foot in a bidding war and this will help keep you cool minded so that your ego doesn't buy you a house your wallet can't afford.

Though I won't get into pricing too much here: if the price and within your budget but the neighbourhood obviously has a history of sales and listings of way above, you can bet your life that the advertised price is a bait to initiate a war.

The best advice? Know your financial situation. Determine what you are wiling to pay EARLY on in the game and stick to the plan. Never let your emotions take over. For example, you may convince yourself that though the house is well over your limit you can always rent the basement. What happens if the basement loses a tenant? Or, if the tenant's cheque bounces? Another example is that sometimes home inspection do not reveal everything. You may find yourself with a major unplanned expense which can be financially devastating.

One final piece of advice I can give is don't be afraid that if you don't buy now you'll never own a house. Prices have been driving upwards but it is generally accepted that we can expect a plateau in sales. prices will only go as high as buyers are will to pay for them. The market will correct itself in some fashion or another.

That being said, try to conceive of all the angles, consider then reconsider your current and future financial situation, take your time and stick to the original plan.

Read the fuill article here

First Time Buyers BEWARE!

2008-04-22T21:07:00.004-04:00

So, your a first time buyer and have no clue. Below is an article with exhaustive information regarding buying your first home which is a great place to start.

http://www.realestatenewstoronto.com/first_time_homebuyers.php

Not every purchase is always the same as an other but the steps are similar and it helps to know as much as possible to make an informed real estate decision.

Remember if you have any questions please contact me:
http://www.therealestatepulse.com/contact.html

or fill out my online request form:
http://www.therealestatepulse.com/requestnfo.html

Toronto Home Buying Tax Roll Back

2008-04-22T21:00:00.002-04:00

Last year the due to provincial downloading of expenses Toronto had created a secondary land transfer tax to offset the additional expenses. Without heading the Toronto Real Estate Board and thousands of supporters the city of Toronto went ahead with it's plans. As par of their plans an intended roll-back was promised once a specified amount has been made up for.

Full details of the rollback can be found here:
http://www.nohomebuyingtax.com/media_center/pdf/RollBack_LTT2008.pdf

Banks Lower Morgage Rate

2008-04-22T20:53:00.003-04:00

Today it has been announced that the banks are lowering the rates by 50 basis points. This will help add a little gas to a slowing housing market. This face of the market is changing from a balanced market to a buyers market.

In terms of mortgages do you have an opinion on the 40yr Amortization? In case you haven't thought much of it I found an article on www.thestar.com that gives a little insight as to the pros and cons of taking on such a mortgage.

http://www.thestar.com/Business/article/414934

GTA Resale Housing Market Down But Still Healthy

2008-04-20T01:39:00.002-04:00

As read on the TREB's website:

TORONTO, April 17, 2008 -- The Greater Toronto Area resale housing market saw 3,955 homes change hands in the first half of April, down five per cent from the same time period last year, Toronto Real Estate Board President Maureen O’Neill announced today. See details.

Toxic Free Home

2008-04-20T01:35:00.002-04:00

An interesting document on the the net that lists 5 solutions for a toxic free home. The one I found most useful and interesting is Solution #4. It states that fumes we breathe end up in our bloodstream. In this case they are speaking of dishwasher detergents. Some of them contain dry chlorine when it is activated in water. The evaporated chlorine effects the indoor air quality. It goes on further to note that dishwasher powders are the most common reported household poisoning amongst children.

SO choose you dish soap wisely!!! HINT: phosphate free and without chlorine bleach.
http://www.naturecleanliving.com/PDF/five%20solutions%20for%20a%20toxin-free%20home.pdf

If you found this interesting there is another website that contains many useful information on how to rid your home of toxic materials! Just click on the rooms in the house and it will list a few tips!

http://www.environmentaldefence.ca/toxicnation/pledge/