Online Education Available for New Home Buyers
(NC)-Tarion Warranty Corporation is now offering New Home Buyer Education Seminars online to help
consumers understand the warranty that comes with newly built homes in Ontario. Tarion regulates Ontario's home building industry and ensures purchasers receive the statutory warranty coverage that builders are required to provide.
'Understanding Warranty Coverage' is the first in what will be a series of online topics designed to help purchasers better understand the warranty process and coverages. It provides a broad range of information on topics such as deposit and delayed closing protection, what is and is not covered under the work and materials warranties and how homeowners can go about making a warranty claim to their builder.
Originally offered at the company's Customer Centres in Toronto, Ottawa and London, the seminar was well-attended and received positive feedback from participants so, the next logical step was to offer the information more broadly to new home buyers across the province. Additional seminar topics will be added over time.
The seminar can be accessed 24 hours a day, seven days a week on tarion.com. Topics are arranged in manner that allows viewers to quickly move through the presentation to the areas that are of most interest.
"Offering educational seminars online will allow us to reach homeowners across Ontario so they can better educate themselves about their warranty rights and responsibilities," said Tarion President and CEO Howard Bogach. "Understanding not only the warranty process, but also the roles that builders and Tarion play will help ensure a successful new home experience - and that is our goal."
Online Education Seminars will allow home buyers to:
• view the presentation in their own time, starting and pausing at their convenience;
• select specific topics relevant to their individual needs; and
• print out a copy of the presentation for reference.
In addition, relevant documents such as the Homeowner Information Package and the Construction Performance Guidelines are readily available in the resources section.
In order to ensure continual improvement Tarion encourages viewers to provide comments through the feedback section. To watch the Understanding Warranty Coverage seminar go to www.tarion.com and select the link on the homepage.
To learn more about the mandatory new home warranty, visit www.tarion.com
courtesy of: News Canada www.newscanada.com
Visit www.LisaTollis.ca For more Information about Real Estate & Listings.
Lisa Tollis SRES.
Sales Representative
Seniors Real Estate Specialist
Royal LePage State Realty, Brokerage.
Hamilton Ontario
Office: 905 574 4600
Toll Free: 1 877 574 4601
www.LisaTollis.ca
(NC)Renovations like a new roof, upgrading electrical wiring and bathroom remodels are eligible expenditures and qualify for the Home Renovation Tax Credit.
The Home Renovation Tax Credit (HRTC) is available for the 2009 tax year. It is a temporary, non-refundable tax credit. Here are a few things you should know about the HRTC as well as information about
what renovations qualify and how much you can claim:
• The tax credit is 15% of eligible expenditures over $1,000 and up to $10,000 on home renovations made in respect of eligible buildings.
• The maximum tax credit amount is $1,350 per family ($9,000 x 15%).
• The tax credit will apply for costs incurred after January 27, 2009 and before February 1, 2010.
• Costs related to an agreement entered into before January 28, 2009 are not eligible for the credit.
• Costs incurred will be claimed on the 2009 tax return, including the January 2010 costs.
• The HRTC will not be reduced by any other tax credits or grants to which a taxpayer is entitled, for the same expenditures, under other government programs. For example, if an eligible expenditure also qualifies for the medical expense tax credit (METC), both the METC and the HRTC can be claimed.
• For purposes of sharing the HRTC, a family consists of an individual, and where applicable, their spouse or common-law partner, and children under 18.
• Each family is subject to the maximum tax credit of $1,350, based on eligible expenditures.
• If one family member is unable to utilize the entire credit, the unused portion may be claimed by one or more of the other family members.
• If two or more families share ownership of an eligible dwelling, each of those families will be eligible for their own credit up to $1,350, based on eligible expenditures.
Eligible dwellings
• An eligible dwelling is a dwelling which qualifies as the individual's principal residence at any time during the period January 28, 2009 to January 31, 2010 inclusive, and includes the land that forms part of the dwelling.
• A housing unit qualifies as a principal residence if it is owned by the individual and ordinarily inhabited by the individual, the individual's spouse or common-law partner, or their children. This could include a cottage or vacation home.
• For condos and co-op housing, costs will be eligible for the credit if they are incurred to renovate the individual's principal residence "unit", and a share of the cost in respect of common areas may also be claimed.
• Where a portion of a principal residence is rented out, the credit can be claimed only for expenditures made in respect of the personal-use areas of the home.
• Where costs are incurred for common-areas of a partly-rented home, such as a roof, the credit will apply only to the portion allocated as personal use.
Eligible expenditures
• Expenditures must be supported by receipts, which will not have to be submitted with the tax return, but must be available if requested by Canada Revenue Agency (CRA).
• Expenditures will qualify if the renovation or alteration of the eligible dwelling is of an enduring nature, and is integral to, or built into, the dwelling.
Examples of eligible expenditures:
• re-shingling a roof
• interior or exterior painting
• kitchen, bathroom, or basement renovations
• replacing windows or doors
• new furnace or water heater
• resurfacing a driveway
• laying new sod
• upgrading wiring
• upgrading insulation
Expenditures are not eligible if they are for repairs and maintenance which are usually performed on an annual or more frequent basis.
• Expenditures for appliances (e.g. fridge, stove) and audio-visual electronics are not eligible.
• Financing costs are not eligible.
Other examples of non-eligible expenditures:
• furniture and draperies
• purchase of tools or other construction equipment
• carpet cleaning
• house cleaning
• maintenance contracts for furnace cleaning, snow removal, lawn care, etc.
• an air conditioner which is a portable plug-in type (an air conditioning unit which is built in to the home heating or ventilation system would be eligible).
For more information visit www.cra-arc.gc.ca.
courtesy of: News Canada
Visit www.LisaTollis.ca For More Information about Real Estate & Listings.
Lisa Tollis SRES.
Sales Representative
Seniors Real Estate Specialist
Royal LePage State Realty, Brokerage.
Hamilton Ontario
Office: 905 574 4600
Toll Free: 1 877 574 4601
www.LisaTollis.ca
The Hamilton-Burlington area resale market reported a total of 1,369 units sold in July, indicating an increase of 10.6 per cent over the same month last year. The total unit sales for the first seven months of 2009 are being reported at 7.4 per cent lower for the same period last year, while new units listed are 8.3 per cent lower for the year-to-date, according to Multiple Listing Service® (MLS®) statistics released by the REALTORS® Association of Hamilton-Burlington (RAHB).
"The summer market has continued with the strength seen in the spring," said Bruce King, RAHB President. "July marked the second month where sales and average price were up, year over year. Consumers continue to see value and opportunity in the greater Hamilton-Burlington area."
Residential properties sold during July totalled 1,318 which included 1,060 freehold properties and 258 condominiums. Commercial sales for July, including industrial, farm, vacant land and business, totalled 51 units.
The average price of freehold residential properties sold in the month of July was $311,945, an increase of 3.3 per cent over July last year. The average sale price reflects the dollar volume of residential sales divided by the number of total residential units sold.
In the condominium market the average price of condominiums in July was $233,509, an increase of 6.4 per cent over July 2008.
The total number of units listed for sale during July was 1,764, which is 0.7 per cent fewer than were listed in the same period in 2008.
"With inventory low, and the number of new listings easing, buyers may have to be patient," added King. "Market trends differ between cities, and among areas and housing types within a city. For local market expertise and information, buyers and sellers should use the professional services provided by a REALTOR®."
Unit sales reflect "all property types" including residential, condominiums, commercial property, farmland and sale of businesses.
courtesy of: REALTORS® Association of Hamilton-Burlington
Visit www.LisaTollis.ca For More Information About Real Estate & Listings In Hamilton Ontario and Area.
Lisa Tollis SRES.
Sales Representative
Seniors Real Estate Specialist
Royal LePage State Realty, Brokerage.
Hamilton Ontario
905 574 4600
Toll Free: 1 877 574 4601
www.LisaTollis.ca
Aldershot, Burlington - We invite everyone to visit our open house at 941 EASTERBROOK Ave, Burlington Ontario, on Sunday February 17 from 2:00 PM to 4:00 PM.
Minutes To LaSalle Park by The Lake, Burlington Golf & Country Club, Go Train Station & Easy HWY Access.
You're Gonna Love This Place!!!
Lisa Tollis SRES.
Sales Representative
Seniors Real Estate Specialist
Royal LePage State Realty, Brokerage.
Hamilton Ontario 905 574-4600
Visit www.LisaTollis.ca for more Listings & Great Information on Real Estate.
Hamilton West Mountain, Hamilton - We invite everyone to visit our open house at 46 MILANO Court on Sunday February 10 from 2:00 PM to 4:00 PM.
Call Lisa Tollis if you would like to view this home before the Openhouse.
Lisa Tollis
Sales Representative
Seniors Real Estate Specialist
Royal LePage State Realty, Brokerage
Hamilton Ontario 905 574-4600 24hr pager
Toll Free: 1 877 574-7441
Visit www.LisaTollis.ca
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