Lisa Collins

Rate Are Subject to Change Without Notice. Some Conditions Apply.

If you have been considering jumping into the housing market for the first time, this is the ideal time to do so.

7 Reasons Why Now is a Great Time to Buy:

1. Interest rates have recently been cut to the lowest rate ever.

2. Housing prices are dropping. Who knows when they will bottom out but if you are getting married or starting a family, now is as good as it been in a long time.

3. It’s a buyer’s market out there. There are lots of homes out there to choose from and bidding wars are occurring less so you have more time to decide what to do.

4. Land Transfer Tax Refund. You can get a refund on the land transfer tax in Ontario for new or resale homes if you’re a first time home buyer.

5. The Homebuyers Plan has increased to $25,000 for this year’s budget. You can use $25,000 from your RRSP to buy your home. It has to be paid back but so worth the investment.

6. Tax Credit for Initial Expenses. First time home owners can get a tax credit on up to $5,000 worth in expenses while purchasing their first home. Since this is a federal tax credit, they would get 15% back which is up to $750 cash back.

7. Renovation Tax Credit. If you’re willing, then you can purchase a fixer upper and get a tax credit (15%) on $10,000 in renovations to your home. Note that this credit is for the 2009 tax year only. Here’s more information on the home renovation tax refund.

Home ownership has many advantages long-term, so for those ready to leap into the market, it may be the perfect time to buy.

Rate Are Subject to Change Without Notice. Some Conditions Apply.

1. The largest city in Canada.

2. Toronto has the largest free standing structure in the world, the CN Tower.

3. An amazing array of sports teams: Toronto Argonauts - The official web site of Toronto's CFL football team, Toronto Blue Jays - The official web site of the 1992 & 1993 World Series Champions, Toronto Maple Leafs - The official web site of Toronto's NHL hockey team, and Toronto Raptors - The official web site of Toronto's NBA basketball team.

4. The 4th largest financial centre in North America with head offices of Canada's Big 5 banks.

5. The 5th largest city in North America with a population over 5 million.

6. Great Schools-There is lots of selection for schools with both public, catholic and private schools.

7. Public Transportation. Toronto boasts the largest subway system in North America outside of Manhattan.

8. Melting Pot-Toronto has an incredible range of diversity in cultures. And with each culture their are distinct neighbourhoods and of course restaurants (over 7800).

9. Safe and Friendly

10. Very clean

In Toronto, we have not faced nearly as many foreclosures as our neighbours south of the boarder but with unemployment rates rising, I am sure the number of foreclosures will rise as well.

So what can you do to avoid losing your home?

If you are employed make sure you have 3-6 months expenses saved in case you ever need it. This way if you are unemployed you still have money to cover your monthly expenses.

Speak to your lender and see what can be done to help you. You may be able to renegotiate your mortgage at a lower rate. Other options include defered payments or longer amortization periods.

If you have missed a payment on your mortgage or have paid late, the lender won't usually step in right away. They will send you a letter demanding payment. Once you have recieved your letter, you may decide to enlist the seervices of a real estate agent to help sell your home. Let your bank know you are doing this, some will allow you more time to sell your home before proceeding since you are honouring your debt.

You may find an investor willing to buy your home for less than you owe the bank, the bank may be happy to have whatever they can instead of going through the expensive and lengthy foreclosure process. This is called a short sale. This scenario affects your creidt rating so would be a last resort option.

Whatever is happening, keep the line of communication open with your lender and try to work out a scenario that will work for everyone and save your home.