Ruth's Rants about Real Estate in Brampton and the GTA.

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Real Estate Sales Representative - Re/Max Realty Services Inc. Brokerage
Check out this new listing.   Its a 3 bedroom home, totally renovated and open concept on the main floor.   Upstairs there are 3 family sized bedrooms with some built in closets.  The basement has summer kitchen, 2 bedroom and full bathroom.  There is also a sitting area. Its a great home for the...
I am off to the Brampton Real Estate Board Golf tournament today.  They say that it will be 40 degrees with the humidex.  I hope that everyone does not get to hot while out enjoying ourselves today. Take lots of water with you.  Its a great chance to build relationships with other agents in our o...
In the gorgeous Carisbrooke Complex, this lovely 3 bedroom 2 bathroom town backs onto a ravine and is perfect for the first time buyer.  The complex has a great pool and is surrounded by load of parkland to walk the dog and ride your bikes with the kids.  Perfect starter for the family. 

Ruth Ballantyne

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the 27th of September the Region of Peel again released its grant for HomeBuyers. This is an opportunity for you to get a downpayment on a house from the Region and have it act as a grant not a loan if you stay in the house for 20 years. Here are the Details: This program will assist eligible applicants who have a total gross (pre-tax) household income of <80,000 or less to purchase a home in the Region of Peel (Brampton, Caledon or Mississauga) that does not exceed a purchase price of $280,000. Here are the requirements copied from the Region of Peel Website at What is the Affordable Home Ownership Program? The Region of Peel’s Home in Peel Affordable Ownership Program is designed to provide low-to-moderate income residents who are currently renting a unit with the opportunity to qualify for down payment loan assistance. This program will assist eligible applicants who have a total gross (pre-tax) household income of $80,000 or less to purchase a home in the Region of Peel (Brampton, Caledon or Mississauga) that does not exceed a purchase price of $280,000. Participant Eligibility •Applicants must be 18 years of age or older •Applicants must not own or have an interest in another residential property in Canada or elsewhere •The home must be the sole and principal residence of the purchaser •The applicant must currently be renting and looking to buy a sole and principal residence •The applicant must have a total gross (pre-tax) household income not exceeding $80,000 •The applicant must be able to obtain a mortgage pre-approval from a Canada Mortgage and Housing Corporation (CMHC) approved and insured lender and must submit it with their application •Participants may not include anticipated rental income from a portion of the property in order to obtain a mortgage •The applicant must be able to pay all additional closing costs •The applicant must supply all necessary documentation to the Region of Peel Eligible Homes Due to unpredictability of closing dates, new homes will not be eligible for purchase under the Home in Peel program. Participants may purchase: •resale detached homes •semi-detached •row homes •town (condominium or freehold) stacked homes •high-rise condominium units Duplex, triplex or mobile homes do not qualify as eligible homes under the Home in Peel program. For a home to be eligible, it must be modest in size relative to the community, in terms of floor area and amenities, as determined by the province or the service manager. The maximum house price for program participants in the Region of Peel is $280,000. The Down Payment Loan The down payment assistance will be up to $15,000. Repaying the Loan The down payment loan is for a 20-year period and no interest is charged if: •The home remains the sole and principal residence of the owner. The home is not to be rented, leased or sold in the 20-year period. •On the 20th anniversary date of the agreement, the loan is automatically forgiven provided there has been no default. Repayment of the loan is required when: •The home ceases to become the sole and principal residence of the owner. •The home is sold before the 20-year affordability period. If during the 20 year affordability period, the property is resold, transferred, or otherwise disposed, and an appreciation in value is incurred, the purchaser will be required to pay back to the Region of Peel the loan and 5% of the appreciation. If the home is sold for less than the original purchase price, the owner does not pay appreciation and the principal is forgiven (the sale must be at fair market value and must be an arm’s length transaction). Other Costs for the Purchaser The purchaser is expected to pay the following: •Closing costs •Inspection of the home prior to firm offer of purchase and sale •Lawyer’s fees •Land Transfer Tax What is Needed to Qualify for the Home in Peel Program? Interested applicants must complete the application form and provide all supporting documentation and return it to the Region of Peel. As funding for this program is limited, participants are selected on a first-come, first-serve basis. Once an application is received, a letter confirming eligibility will be sent within 15 business days. There is no wait list for this program; once all funding has been allocated, all remaining applicants will be notified by letter that the program has ended. Call me at 905-456-1000 ext 3344 for more details.