Beware of mortgage tax deduction claims Earlier this month, the Supreme Court of Canada issued a decisive ruling that clarifies once and for all that the interest paid on a mortgage taken out to purchase a principal residence cannot be tax deductible under any circumstances (unless part of the house is used for business purposes.) The ruling in the case of Lipson v. Canada relates to a complicated series of transactions put into place by Earl and Jordanna Lipson back in 1994. Initially, Jordanna borrowed $562,500 from the Bank of Montreal to buy shares in her husband's company at market value. She paid the proceeds of the share purchase loan directly to her husband. The next day, the couple bought a home for $750,000 and obtained a Bank of Montreal mortgage on it for another $562,500. R... 02/02/2009

Appraisals for the purpose of the Lender (Mortgage Company) are to ensure that their lending amounts are in line with the borrowers purchase. Simply put, The amount you are borrowing against a house, is valued in the range you are buying for.In a Seller's Market, where we had multiple offers, and Buyer's furiously competing with each other, an appraisal was not as critical... in theory the house would /could be worth more tomorrow. Ostensibly by the time you moved in, 90 to 120 days later you may have instant equity.But in a Buyer's Market, the appraisal is ever so critical. The Appraiser, is taking real estate values from identical sales (historic values) similar homes on streets near your purchase, to compare values. An appraiser is not caught up in the emotion of buying, does not giv... 02/02/2009

Is This The Market For You To Buy? Because you're reading this, I know one thing about you... you are ready to start the exciting, but frought with potential danger, home buying process!  There's a lot to think about and consider these days. What will the Toronto real estate market do in the next 1-2 years? Are prices going to fall and should I stay renting? That's why we would like to meet with you as we will educate you about the home buying market in Toronto, how the process of purchasing a house or condo works in a 'neutral' market (finally)and help you avoid making serious mistakes that could cost you thousands of dollars. Avoid Making Serious Home Buying Mistakes... Many Toronto house or condominium buyers have many fears and concerns when they start thinking about purchasing thei... 01/31/2009

The WinterCity Festival is a celebration of Culture and Cuisine.It runs from January 30th to February 12, 2009 and is presented by the Royal Bank of Canada. Diversity and incomparable culinary experiences await you; and the City showcases its vibrant art scene. There is free entertainment at Nathan Phillips Square (concerts and street theatre); there are various attractions throughout Toronto, and there is, of course, Winterlicious - mouth-watering culinary experiences, presented by over 150 restaurants, with a prix-fixe menu.  Lunches start at about $15 and dinner starts at about $25 - for a 3 course meal, per person.  Incredible value, at incredible restaurants. You can find additional information here.   You can find a list of restaurants here. Make your reservations now. Call a frie... 01/31/2009

Win Trip Accommodations With your Purchase or Sale! Rules and Regulations for TRIP Accommodations   •1.       Prize Draw: ·  Eligibility for Sellers: All Seller Brokerage Agreements with either Kirk Rickman or Victoria Carter of Percy Fulton Ltd. Brokerage, Century 21 must have a list date between Jan 1, 2009 and Dec 31, 2009 in order for the seller(s) to be entered to win. One entry per listed property. Multiple listings of the same property without successful sale including a property that expires and is relisted or a property that is terminated and relisted will not result in additional entries. Contracts that are terminated prior to their expiry date will eliminate the seller(s) entry into the draw. Multi listing projects including developments with more than one listing in the sam... 01/31/2009

Over the next few weeks you are going to see some changes to my Blog site site. The name has been changed to Torontoism: Richard Silver's Downtown Toronto Blog and we are just in the final stages of a new logo, new skin and yes finally, a new updated photo (I know, I know). I'm sorry if there is some confusion but it is amazing how much you learn quickly about a new project that you start from scratch. I've been having lots of help from Jim Cronin of the Real Estate Tomato. His company focuses on training new bloggers to help them find their voice, develop their "look", and get the word out. A new friend Ines Hegedus-Garcia, a consumate blogger and her husband have a great site called Miamism that has become a great brand in that City....she has allowed me to plagiarize her great idea a... 01/31/2009

In reality...growing up in Edmonton was already "cruel and unusual punishment" when it comes to winter weather and although winter in Toronto is much milder than that part of Alberta, by mid-January I have had it. Whoever came up with the idea of Winterlicious should be given the key to the City of Toronto and be made the next Mayor, although THAT might be "cruel and unusual punishment". Anyway, here is the link to more information and if you read this post and it gets you out to a great culinary experience, think of me...however, if it does not work out...at least you got out on a cold night when you could have been sitting by a hot fire. Hopefully you have a fireplace, but if not, call me and we'll see if we can get you one in your next house!! ENJOY!! For some culinary guidance check... 01/31/2009

Cabbagetown is a great place where things are always happening and it is sometimes hard to keep track of. However, that being said the Old Cabbagetown BIA runs a Blogand updates it regularly. Make sure that you check it out or that you subscribe to it. On today's OCBIA Blog there is a model of the new Building planned for the "Javaville" location at the North East Corner of Carlton and Parliament. Have a look at the model and feel free to comment below. This week I received a presentation from the Toronto Kiwanis Boys and Girls' Club about a Facility Study. They are inviting interested parties to a further neighborhood consultation On Monday February 23rd at 7 PM in the Rigg Room at 101 Spruce Street. Please RSVP by contacting: Ian Edward, Executive Director,Toronto Kiwanis Boys and Gir... 01/31/2009

1. Family Dinners in with friends2. Shorter gas lines and better prices per liter3. Less junk mail 4. More Time with your Family/Spouse5. Better Prices on Everything you really need 6. Bargains on vehicles and houses7. New Business Opportunities/ Relationships8. Time to read a book or three9. Everyone has a chance to take a breathe and decide what's important10. New perspectives on what creates true happiness For everything there is a season, The spring to sow,The summer to make hay,The Fall is to Harvest and Give Thanks,The Winter to stay inside and plan for the future. This simply also applies to the economy. During the winter time, the soil must rest, rejuvenate itself for the new planting season, the snow covers the fields to remoisturize the earth, cold makes us stay in and rest fo... 01/30/2009

Renovation Tax Credit   is available for Bathroom Renovation for Toronto West Homes You can take advantage of this limited time offer! Elegant Homes in Toronto, David Pylyp has paired with http://Bathfitter.ca for a Special Discount offer plus the advantage of Taking the Home Renovation Tax Credit available to you only till Feb 2010. Renovate the bathroom, either for yourself or as a prelude to listing the property and getting Maximum return with a fresh look.  Make your home sparkle. Consider replacing an aging tub with a walk in double shower that is easier to step into. Deferred Payment plans allow you to take the 6 months interest free option and then pay the reno off from the proceeds of the sale.  IS the house hard to sell because of the bathroom? Pictures Available at http://Bath... 01/29/2009

This is a good article on how buyers should think in a buyer's market. Here's an excerpt from Gary Keller's new book: "A buyers' market should be just that-a buyers' market. It's not a fence-sitting, waiting, loitering, delaying, dawdling, postponing, vacillating, hesitating, wavering, faltering, pausing, foot-shuffling market. It's a buyers' market. By its very name it means buyers should be doing one thing and one thing only-buying. So where are the buyers, and why aren't they buying? The great irony of a buyers' market is that even though the opportunity to buy is high, buyer urgency tends to hit an all-time low. The media becomes the excited purveyor of negative news and uninformed advice, and buyers buy it all. Actually, it feels like the only thing they're buying. Their reluctance... 01/28/2009

Are you a teacher or employee of any Toronto, Durham or York Region School board in Ontario? Are you considering purchasing or selling a property in Toronto, Durham Region or York Region? Contact Victoria Carter and Kirk Rickman at Century 21 Percy Fulton; 416-298-8200 to learn how our Realtor services are different from most others!  Any Teacher or school employee who buys or sells a home with us will automatically receive a $1000 gift card.  You may choose $1000 gas, groceries, movie tickets, clothing, Westjet flights... the list is endless.  Visit www.TwoMoveYou.com to see all of the giftcards you may choose from.  In addition to this very generous gift, Edvantage members would ALSO receive our regular unique benefits as well (including free up to 8 hours of free labour in moving, bo... 01/28/2009

Real estate matters. We're not selling donuts here, folks. We're talking about shelter. Lives. Families.We can do better. But can has seldom been enough. Perhaps now, in a time of must, and it will happen. It's time for agents to get among the customers. Times are tough. People are hurting. They're angry and unsure. Consumers are flooded with confusing, conflicting and negative news. People are concerned about layoffs and job loss. Are we promoting Job loss insurance?Embrace the technology available to us to promote available properties for sale. Remember according to CMHC in the Toronto Market 50 % of the listings expire. Lets be creative in our marketing and communication. Digitize all documents related to their purchase into a mini cd, Pictures of apppliances and fixtures, Create Fla... 01/25/2009

Below is a press release from the Canadian Real Estate Association about the Bank of Canada cutting rates.  Bank of Canada cuts interest rates again in January Published January 20, 2009 As widely expected, the Bank of Canada lowered its benchmark overnight lending rate by a half of a percentage point to one per cent at its setting on January 20th, 2009. The trend-setting Bank rate, which is set 0.25 percentage points above the overnight lending rate, declined to 1.25 per cent. The Bank acknowledged the global economy has deteriorated further since it last lowered rates in December 2008, when it announced Canada had entered a recession. "Major advanced economies, including Canada's, are now in recession and emerging-market economies are increasingly affected," said the Bank when it agai... 01/25/2009

All of the senior agents I speak with (which have experienced the ups and downs of our markets over the past 30 years) and the recent CMHC market forecast I recently attended, all strongly believe that for the next 6 months buyers should take advantage of our current market. They don't see the market staying the way it is, as in past recessions. Previous real estate recessions had elements in it which we do not have. Higher interest rates, higher unemployment and higher inflation to name a few. This market is different. When the market turns around, prices will increase, and mortgage interest rates will increase. This slower market will be short lived. For the first half of 2009 buyers will have an incredible real estate window in front of them. An amazing opportunity to purchase attrac... 01/25/2009

Most times it seems the task of finding your Dream Home is a combination of the right circumstances in your life that make it possible for you to step into the House Buying Process. With the mortgage terms and affordability as the biggest impediment to home buying a number of down payment programs can be created just for you thru the RBC Preferred Client Program. Amortizations have been shortened from the 40 year plan down to a 35 year amortization maximum. I would hope that with prepayment options that many mortgages and an acceleration of amortization each year at the anniversary of the mortgage, you could shorten the term by at least half. Contact me for program details.  Don't forget the bi-weekly payments Lindsay Doke, Trusted Mortgage Advisor, RBC Mortgages has been a strong propo... 01/24/2009

The information below was provided to me by Rochelle Holt, owner of Wonderworks and The Fleishman Gallery.  If you require additional information, do not hesitate to contact her directly, at Tel: 416 323 3131   Toll Free: 1 800 329 0757 Wonderworks and The Fleishman Gallery are located in Harbord Village, Toronto. Monthly New Moon Gatherings: The Power of Intuition with Ariela Weisfeld Monday January 26th   Awakening our inner springs in the depth of winter Thursday February 26th   Letting go to complete a cycle & spring into the next one March date tba. Come and plant your seeds of intention in community. Each new moon offers a potent opportunity to nurture and cultivate the imagination and awaken the power of intuition.  Ariela Weisfeld and monthly guests will reflect on each new moon... 01/22/2009

That is the question that I get asked every hour of every day....So How do I answer that one? The Stock Market has definitely had a great effect on market confidence and there is no getting around that. Every media outlet is predicting doom and gloom in all sectors and there is no getting around that either... However, would you be surprised to know that even with it all, over 5000 properties sold in Toronto last month? Now, of course, that was less than in 2007 but last year at this time we were having a great market with people jumping the cue to miss out on the Miller's Land Transfer Tax.  So, yes, there is no doubt that the market is slower but there is also no doubt that people are buying houses and yes, there is a Real Estate Market!! Know that when the market slows there are grea... 01/19/2009

Greater Toronto REALTORS® recorded 1,991 resale transactions during the first half of November 2008 from 3,544 sales recorded during the same period a year ago, Toronto Real Estate Board President Maureen O'Neill announced today. The Greater Toronto Area year-to-date figures show 70,474 sales in 2008 from 84,994 recorded during the same period in 2007. The year-to-date average price was recorded at $380,470 in 2008 from $374,678 in 2007. In the 416 area, 830 homes changed hands in the first two weeks of November from 1,643 transactions recorded during the same time frame a year ago. The year-to-date figures show 28,126 compared to 35,045 recorded in 2007. In the 905 Region there were 1,161 sales during the first half of the month from the 1,901 transactions recorded at mid-November 2007... 01/19/2009

I'm just back from my yearly pilgrimage to NAR (National Association of REALTORS) Conference, this year held in Orlando, Florida. There is usually no need to work out every morning as the venue is so massive and courses are so far between, that the need for daily exercise is totally negated. Two days of 10-12 hour sleeps are definitely what the doctor ordered on return and I am not a party-person (my latest night never passed 11 PM). It takes a while for all the stimuli to gel into some comprehensive vision so bear with me. It is always interesting to get 20,000 plus A-type personalities in one place listening to a number of Triple-A type personalities discuss the Real Estate Market, Motivation, Technology, MLS Issues, Politics and my favourite, Restaurants and FOOD!! There were all the... 01/19/2009