Simple steps to Energy Efficiency

When it comes to character, you just can’t beat the charisma of an older home. Newly constructed homes however, come with their own unique assets, one of the most remarkable of which is energy efficiency.

From the roof to the foundation, a number of innovative building practices often go into constructing today’s greenest homes.

Roof shingles for example, are now available in recycled materials. Environmentally friendly spray foam insulation, which can help prevent dampness, keep out pollutants and contribute to structural strength, is even partially made with recycled materials.

Roofs, walls and floors can be insulated as well with special structural panels that consist of two layers of board with insulating foam in between them. The forms that are used to mould a home’s poured concrete foundation can now also be found with insulating ability, and barriers that prevent dampness from rising into the foundation can be used at this stage of construction as well. Even exterior cladding is now insulated to offer greater energy efficiency.

If you prefer an older home though, there are many simple ways to make it more energy efficient and environmentally friendly.

Start with an Energy Star programmable thermostat that will save on heating and cooling costs when you’re not home. You can take this approach a step further by investing in a new high efficiency furnace or air conditioner. Adding insulation to the attic of your home will offer reduced energy costs for years to come as well.

A tank-less water heater will also save on energy costs by providing only the amount of heated water that you need rather than maintaining it in a cylinder.

Even making minor changes can have an impact, like choosing energy efficient light bulbs - Compact Fluorescent Lamps (CFLs) are good and Light Emitting Diodes (LEDs) are even better.

If you’re planning to make cosmetic changes to your home you can do your part for the environment by choosing wood flooring, and even carpet, made with recycled content. Look for low VOC paints and stains as well, which reduce the number of unstable, carbon-containing compounds that enter the air and react with other elements.

In the bathroom, you can keep more money in your pocket by installing low-flow faucets, showerheads and toilets.

Replacing old windows with low-E argon-filled units that have the Energy Star symbol can make a dramatic difference to your home’s energy efficiency as well.

Changing your old appliances with new Energy Star machines is also a great way to reduce energy consumption while enhancing the overall appeal of your home.

Beyond enjoying the aesthetics, cost savings and fulfillment associated with helping the environment, you can also consider getting an energy audit to take full benefit of a number of government rebates for energy-saving home improvements.

Regardless of the approach you choose, remember that nothing can substitute for good-old fashioned conservation. Remember that the energy you save today may well be the energy that is needed tomorrow.

Regards,
Zeenia Kola
Re/Max Realty Specialists Inc., Brokerage
Ph: 905-828-3434
Email: zeenia@zeeniakola.com
Website: www.zeeniakola.com

or

http://zeeniakola.com/AgentProfile/contactme.cfm

Low number of houses on the market in Mississauga, Toronto and GTA

This is the latest press release from Re/Max regarding the real estate market. Lack of inventory in Mississauga is going to set stage for heated Spring Market!!

Low inventory levels set stage for heated Spring market in most major Canadian centres, says RE/MAX

Active listings down in 81 per cent of markets in January

Mississauga, ON (February 24, 2010) - Lack of inventory will be the greatest challenge facing housing markets across the country this Spring, according to a report released today by RE/MAX.

The RE/MAX Market Trends Report 2010, which examined real estate trends and developments in 16 markets across the country, found that unusually strong activity during one of the traditionally quietest months of the year has led to a sharp decline in active listings in 81 per cent of markets surveyed. The threat of higher interest rates, tighter lending criteria, and in British Columbia and Ontario, the introduction of the new Harmonized Sales Tax (HST) have clearly served to kick-start real estate activity from coast-to-coast, prompting an unprecedented influx of purchasers. As a result, 87.5 per cent of markets posted an increase in sales in January. Average price appreciated in 81 per cent of markets surveyed.

"There have never been so many motivating factors in play at once," says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. "We're in for a heated Spring market that will, in all probability, spill over into the summer months, as the window of opportunity draws to a close. The supply of homes listed for sale has been drastically reduced, housing values are once again on the upswing, and banks and governments are moving in unison toward stricter lending policies."

Regards,
Zeenia Kola with Sales Representative with Re/Max Realty Specialists Inc. Brokerage.
Ph: 905-828-3434
Website: www.zeeniakola.com
Email: zeenia@zeeniakola.com

or visit

http://www.zeeniakola.com/AgentProfile/contactme.cfm

If you planning to sell in next 2 to 3 months, feel free to contact me for a complimentary home evaluation.

Flaherty tightens mortgage rules

Jim Flaherty announced today plans to tightened mortgage lending rules which will take into effect on April 19, 2010. Please read below. I have also included a globe and mail link at the bottom of the page.

The Honourable Jim Flaherty, Minister of Finance, today announced a number of measured steps to support the long-term stability of Canada's housing market and continue to encourage home ownership for Canadians.

"Canada's housing market is healthy, stable and supported by our country's solid economic fundamentals," said Minister Flaherty. "However, a key lesson of the global financial crisis is that early policy action can help prevent negative trends from developing."

The Government will therefore adjust the rules for government-backed insured mortgages as follows:

• Require that all borrowers meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term. This initiative will help Canadians prepare for higher interest rates in the future.
• Lower the maximum amount Canadians can withdraw in refinancing their mortgages to 90 per cent from 95 per cent of the value of their homes. This will help ensure home ownership is a more effective way to save.
• Require a minimum down payment of 20 per cent for government-backed mortgage insurance on non-owner-occupied properties purchased for speculation.

"There's no clear evidence of a housing bubble, but we're taking proactive, prudent and cautious steps today to help prevent one. Our Government is acting to help prevent Canadian households from getting overextended, and acting to help prevent some lenders from facilitating it," said Minister Flaherty. "If some lenders aren't willing to act themselves, we will act. These measures demonstrate the Government is committed to taking action when necessary to support the long-term stability of a sector that is so vital to our economy and the financial well-being of Canadian families."

These adjustments to the mortgage insurance guarantee framework are intended to come into force on April 19, 2010.

http://www.theglobeandmail.com/report-on-business/economy/jim-flaherty-tightens-mortgage-rules/article1469432/

Regards,

For further information contact:
Zeenia Kola with Sales Representative with Re/Max Realty Specialists Inc. Brokerage.
Ph: 905-828-3434
Website: www.zeeniakola.com
Email: zeenia@zeeniakola.com

or visit

http://www.zeeniakola.com/AgentProfile/contactme.cfm

Some Encouraging News and Numbers from the Toronto Real Estate President

February 12, 2010 -- No matter where your travels take you throughout the Greater Toronto Area these days, you’ll find that real estate is on many people’s minds.

From office lobbies to restaurants to subway trains, snippets of conversations about the market can be heard. This is a reflection of how profoundly our city’s real estate market affects all of us. Indeed, the quick bounce back in the real estate market (GTA and Canadian) contributed greatly to the recovery experienced in the economy to date. The Canadian Real Estate Association estimates that each resale home transaction in Canada results in over $46,000 in additional spending across many different sectors of the economy. Obviously, this spending also helps with keeping people employed and creating new jobs as we continue to recover from the recession.

Regardless of whether you’re planning a move in the near future, it’s important to keep up to date on the GTA real estate market as it has such a tremendous impact on the broader economy.
In January, 4,986 homes changed hands throughout the Greater Toronto Area. This figure far exceeds last January’s 2,670 sales, which took place in the depths of our short-lived recession. Most significantly, it is comparable to January 2008’s 5,075 transactions and the 5,173 sales that took place in January 2007, the latter of which was the strongest year on record. Breaking down the numbers, there were 1,973 sales in the 416 Area and 3,013 transactions in the 905 Region last month.

Condominium apartments comprised 47 % of all sales in the 416 and nearly 13 % of all 905 transactions last month. By contrast, at this time a year ago condominiums comprised 43 % of 416 sales and 11 % of 905 transactions, despite the fact that in last year’s struggling economy, a condominium purchase may have been a more affordable option for many homebuyers. Condominium living is becoming an increasingly popular option for a broader array of households in the GTA.

With respect to prices, there is more encouraging news. Currently, the average price of a home in the GTA is $409,058, which represents a 19 % increase over the January 2009 average price of $343,632. The increase was even more significant in the 905 Region, where last January’s average price of $328,935 rose more than 20 % to $396,556 last month. In the 416 Area the average price rose 17 % from $364,416 a year ago to $428,151 in January.

There are currently 12,052 resale homes available for sale throughout the GTA as compared to 20,450 a year ago. As we move toward the spring market though, we can expect more listings as homeowners react favourably to recent months’ activity. The average home price will continue to grow in the GTA, but at a more moderate pace.

To find out more about market conditions in your specific neighbourhood, give me a call or send me an email and I can advise you on recent sales in the area so that you can make informed decisions when planning your next move.


Zeenia Kola with Sales Representative with Re/Max Realty Specialists Inc. Brokerage.
Ph: 905-828-3434
Website: www.zeeniakola.com
Email: zeenia@zeeniakola.com

or visit

http://www.zeeniakola.com/AgentProfile/contactme.cfm

GTA REALTORS® REPORT JANUARY RESALE HOUSING MARKET FIGURES

Sales have started off STRONG this year!!

TORONTO, February 3, 2010 -- Greater Toronto REALTORS® reported 4,986 transactions through the Multiple Listing Service (MLS®) in January 2010. This result represented a large increase over the 2,670 sales in January 2009 when the home sales were in a recessionary trough. Last month’s sales were slightly higher than the January average in the 5 years preceding 2009.

“The GTA housing market has rebounded well from the lows in sales experienced at the beginning of 2009. Sales climbed back to healthy levels across the GTA because the cost of home ownership remained affordable in the Toronto area,” said TREB President Tom Lebour.

“Increasingly confident consumers moved to take advantage of affordable home ownership.” The average home selling price in January 2010 climbed 19 per cent to $409,058, compared to 343,632 in the same month last year.

“Expect strong annual growth rates for existing home sales and average price through the first quarter as we continue to make comparisons to the weak market conditions at the beginning of 2009,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “The rate of sales and price growth will be lower in the second half of 2010.”

Zeenia Kola

How Condo Owners can claim Tax Credits!

Tax Credit brings to mind images of detached houses in the suburbs and not units in sky-high buildings, you're not alone. Many condo owners are paying little attention to the credit when they could be reaping the benefits.

In fact, there are many opportunities for condo owners to claim the credit, including some outside of their own units.

Condo owners can claim a portion of improvements made to their building between Jan. 27, 2009 and Feb. 1, 2010, as long as they were at least partially responsible for paying for the upgrades.

Here's how it works:

Assuming each condo owner pays a monthly fee to a condo corporation, repairs or renovations completed and paid for with that money should count toward the HRTC. The condo corporation is simply paying for these goods and services on behalf of all of the unit owners.

Condo corporations are unable to claim the credit because it is available only to individuals, so it's up to each person to claim his or her portion.

Therefore, on their 2009 taxes, condo owners can claim the credit for renovations to their own unit – similar to what would be done in a detached home, for example – as well as their share of any renovations to common areas paid for by the condo corporation.

This could include anything from new windows installed in your building to a redesigned lobby area or new improved landscaping.

Add these shared costs with renovations you may have done to your individual unit (bathroom or kitchen upgrades, new fixtures, painting) and you could significantly increase your credit.

Canada Revenue Agency guidelines for condo owners indicate that improvements made to common areas will qualify if:

– You own your unit. Renters are out of luck, even if they pay similar monthly fees.

– "The expenses would be eligible expenses if the common areas were treated as an entitled dwelling" – if new furniture wouldn't count in a detached home, it won't count in a condo either.

– Your condo corporation has notified you of your share of the expenses.

As a reminder, the tax credit applies to renovation costs over $1,000 and under $10,000, so if you spent a few hundred dollars on your own unit and the condo corporation spent a few hundred more on your behalf, that may be the difference between getting a return or not.

What you'll need to make the claim:

Since you're not dealing directly with stores or contractors and won't receive original receipts or invoices, in order to claim your portion of building renovations you need documentation from your condo corporation. This can be in the form of a

letter and must be signed.

Most condo corporations have a set of guidelines that help them determine the allocation of expenses for common areas. It is this documentation that will guide them in establishing each condo owner's contributions to renovations and hence how much people can claim.

According to Canada Revenue Agency, the documentation "must clearly identify the type and quantity of goods purchased or services provided" and also include the following:

– The cost of the renovations

– Your portion of the expenses (exactly how much you are considered to have contributed)

– Contact information for the vendor or contractor (including GST/HST number, if applicable)

– A description of the work in question

– The date or dates the work was completed.

If you do not receive documentation for improvements to your building, it is worth asking about. It could mean a few more dollars in your pocket!

If you have any questions please feel free to contact:

Zeenia Kola

Sales Representative with Re/Max Realty Specialists Inc., Brokerage

PH: 905-828-3434

Add: 2691, Credit Valley Road, Mississauga, L5M 7A1

Email: zeenia@zeeniakola.com

Website: www.zeeniakola.com

or

http://www.zeeniakola.com/AgentProfile/contactme.cfm