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Darryl Bandoro

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3-Year Fixed Rate at 3.75% - TMG Special!

01-28-09
Darryl Bandoro


As we've been reporting, interest rates have been dropping like a rock lately. Many financial institutions have lowered their 5-year fixed rate to 4.49% or better! Similarly, rates have been dropping for other terms as well. But one of the BEST deals we have found to date comes from The Mortgage Group (TMG)!

For a limited time, TMG is offering a fantastic 3-year fixed rate of 3.75%. However, this rate can only be held for 45 days, so if you're shopping for a mortgage, now is the time to act!

Give us a call at 1-866-904-8383 or visit www.GreenMortgageSolutions.ca
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Budget Breaks: Tax Credit for Home Renos in Canada?

01-15-09
Darryl Bandoro


The Globe and Mail is reporting today that Canadian Finance Minister Jim Flaherty is considering giving tax credits to homeowners who make home renovations. While there has been a lot of talk lately about large infrastructure spending in the upcoming federal budget, this home reno idea would focus on smaller but more wide spread spending. The idea is to provide personal tax credits for homeowners who make certain (yet to be determined) upgrades to their home. Not only would this help homeowners directly, but it could provide a significant boost to the construction industry.

There are a number of benefits to this type of economic stimulous strategy. Not only does it encourage long lasting home improvements, but renos increase the home's market value. Plus, if the renos are energy efficient then homeowners will continue to save money on a monthly basis, through lower utility bills. As mentioned often in this blog, energy efficiency renovations can increases a family's disposable income and help improve our environment. This type of program could also be executed quickly. Large infrastructure projects can often take a long time to implement. However, a surge in home renos across the country could get the economy going much faster!

What are the downsides? Well, these types of programs are typically difficult for the government to run, are hard to monitor and are open to fraud. Luckily the government is already running an ecoEnergy Retrofit program. This national program is well established, has strict rules, and uses licenced auditors to check that the renovations are completed as claimed.

So, if the government is looking for a way to boost the economy, provide long-term benefits for households, and reduce our greenhouse gas emissions, one of the strongest options it has is to heavily invest into and expand the ecoEnergy programs.
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Lots to See: Shows, Expos and Fairs in early 2009

01-13-09
Darryl Bandoro
For all of you interested in checking out the latest and greatest in home renovations and green living, there are a number of great events coming to Ottawa in the next few months...

Starting on Jan 23rd, the 8th annual Home Renovation Show will be taking place at Lansdowne Park. This three day event (Friday to Sunday) will feature interior designers, professional renovators, local building experts and hundreds of companies exhibiting their products and services. It should be a great time to dream up or finalize your reno ideas. Tickets are selling for $10, but you can get them at a discount online.

Later on in March, Lansdowne Park will host another event: the Ottawa Go Green Expo. This two day even is billed as one where "people can shop green, learn green, eat green and live green." It swill feature over 250 exhibitors, free seminars and local celebrities. Attendees can expect to be immersed in green living, home and gardening, organic cooking, food sampling, green fashion, recreation, eco-tourism, transportation, health and wellness and much more. The expo will be held on March 21st and 22nd and full details can be found here.

Finally, on April 18th the 6th annual Ottawa Eco-Stewardship Fair will be held in the RA Centre (at 2351 Riverside Drive). This locally organized event will feature Ottawa area products, services and programs. The Fair is an opportunity for the public to find out how to save money, improve health & help the planet all under the same roof.

Have you been to these events in the past? Do you know of other events happening in or around Ottawa? Let us know!
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Ontario Homes Going Green in 2009

01-02-09
Darryl Bandoro


Home energy efficiency improvements provide benefits to both homeowners (through lower heating costs) and the environment (using less energy reduces our carbon footprint). However, individual homeowners rarely know how efficient their house is and are unsure about what renovations need to be made. Luckily, the Ontario government is taking steps to help us improve our energy efficiency.

New Ontario building code regulations come into effect in 2009. All new homes will have to be built with greater insulation on foundation walls. Improvements in the building code mean that new homes built in 2009 will be 28% more efficient than homes built just a decade ago. Local MPP Jim Watson had this to say about the changes, "Our new insulation requirement will ensure Ontario remains a leader in energy efficiency in new home construction. It will support the building of cleaner, greener communities." For more on the building code changes, visit the Globe and Mail.

Another interesting development is a proposed new law being sponsored by Ottawa-Orleans MPP, Phil McNeely. This potential law would require that an energy audit be conducted on certain homes before they are sold. This way homebuyers would have a better understanding of the home's energy efficiency and would know what improvements have been recommended. Stay tuned for more updates on this proposal!

Finally, a program I can't forget to mention is the ecoEnergy Retrofit, where homeowner's that complete energy-saving renovations can qualify for up to $10,000 in grants from Ontario and the federal government. Check out GreenMortgageSolutions.ca for more!
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Energy Efficiency Mortgage Loan Insurance Rebates

12-23-08
Darryl Bandoro

When getting a mortgage, many homeowners often are required to purchase mortgage loan insurance - usually though CMHC (Canada Mortgage & Housing Corporation) or Genworth Financial. This can add thousands of dollars in extra costs to the home buyer. Luckily, by buying an energy-efficient home or making energy efficient upgrades, there's a way to get a 10% premium refund, saving you money up-front and over the long run!

Energy-efficient home

CMHC Mortgage Loan Insurance Refund

If your mortgage has been insured with CMHC, not only can you receive a 10% premium refund if you qualify for the program, but you can also extend your amortization to 35 years at no added cost.

Genworth Energy-Efficient Housing Program

If instead your insurance is with Genworth, you can participate in their program, which will get you a 10% premium refund and give you access to Genworth Financial's Homebuyer Privileges - an exclusive on-line discount program for commonly purchased houhold items.

For existing homes to qualify, you must:

  • Order an energy audit for your home to find out your home's EnerGuide rating (which measures the energy-efficiency of the home).
  • If you have an EnerGuide rating of 80 you automatically qualify.
  • If it's lower than 80, then you will need to make renovations so that you improve your EnerGuide score by at least 5 points (and the post-renovation score has to be at least 40).

For new homes to be eligible, they must have:

  • An EnergGuide score of at least 77;
  • Be certified R-2000;
  • Been built under a CMHC or Genworth qualifying energy-building program. (Ask your developer to find out if this is the case.)

Have any questions? Need more detailed information? Make a comment below or visit GreenMortgageSolutions.ca

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