Sara Kareer Century 21 Millennium Inc Brampton Mississauga Vaughan Real Estate

Opportunity knocks - According to the 16^th Annual RBC Homeownership Survey, two-in-three Canadians think it's a buyer's market right now and more than a quarter of Canadians (27 per cent) say they intend to purchase a home over the next two years, up four points from 23 per cent in 2008 - the largest single year increase since 2001. Additionally, almost half (48 per cent) indicate it makes sense to buy a home now versus waiting until next year.

The RBC survey found that younger Canadians are most likely to spark an upsurge in home sales. In the under 35 group, 48 per cent said they plan to buy, which is up sharply from 36 per cent last year. Renters also appear to be saying they are tired of paying someone else's mortgage payment, with 38 per cent planning to become homeowners in the next two years.

Cheaper prices combined with falling interest rates - down 50 basis points after March's rate cut by the Bank of Canada -indicate that people believe they will be able to pay less for a relatively valuable asset that will begin rise in net worth as the economy recovers.

The RBC poll was released March 4th and was conducted by Ipsos Reid between January 6 to 9, 2009. The online survey of 2,026 adult Canadians is considered accurate to within 2.2 percentage points, 19 times out of 20.

Looking to buy a home...want information at your fingertips, call me today!

BONUS: Buy or sell with SARA before April 30, 2009 and you'll receive BONUS Air Miles Travel Miles!


Sincerely,

Sara Kareer
Sales Representative
Century 21 Millennium Inc., Brokerage

(tel) 905-450-8300
(toll-free) 1-888-450-8301
(web) www.SaraKareer.com
(web) www.century21.ca/sara.kareer

MORE Good news for Homebuyers!!

As expected, the Bank of Canada has dropped its key lending rate half a percentage point to a record low of 0.5 percent in its latest move to stimulate the economy.

Shortly after the announcement, Royal Bank, Bank of Montreal, TD Bank, CIBC and Scotiabank announced that they would cut their prime rates by half a percentage point, in step with the central bank. The lower prime rate will fall to 2.50 per cent on Wednesday.

The Bank of Canada's next interest rate meeting is April 21, 2009.

This rate cut along with the measures in the governments January Budget are expected to increase consumer borrowing. Many consumers will be re-financing their mortgages and it will spur a lot of first-time buyers.

The Federal budget provides $750 in tax relief for first-time home buyers and also increases the limit that can be withdrawn from RRSP's for a down-payment to $25,000.

If you need help getting pre-approved, give me a call. I have access to Mortgage Brokers who provide the best terms and rates based on your needs.

Sincerely,

Sara Kareer
Sales Representative
Century21 Millennium Inc., Brokerage

(tel) 905-450-8300
(toll-free) 1-888-450-8301
(web) www.SaraKareer.com
(web) www.century21.ca/sara.kareer

Despite recent slowdowns in some markets, housing remains a good long-term investment, and demographic demand favours housing over the long term.

Homeownership offers immediate benefits and long-term value. Homeowners accumulate wealth for the future while enjoying the benefits of a shelter that they can use, improve and sell.

Reasons Why You Should Stop Renting

• Continual rent increases
• No economic security, and no certainty about how much your rent may go up in the next three years
• No price appreciation
• No tax benefits

I am 100% committed to putting your interests first. Contact me and let me lead you through the exciting world of home ownership.


Sincerely,

Sara Kareer
Sales Representative
Century 21 Millennium Inc., Brokerage

(tel) 905-450-8300
(toll-free) 1-888-450-8301
(web) www.SaraKareer.com
(web) www.century21.ca/sara.kareer

First-Time Home Buyers' Tax Credit

Here is another program geared towards first-time home buyers! The Government is offering an incentive for first time home buyers by offering a 15% income tax credit for closing costs.


Details

• To assist first-time home buyers with the costs related to the purchase of a home.
  
  
• The First-Time Home Buyers' Credit (FTHBC) provides a 15 percent credit on a maximum of $5,000 of home purchase costs (e.g. legal fees, land transfer taxes, etc.), meaning maximum tax relief of $750.
  
  
• Applicable to first-time buyers purchasing a home closing after January 27, 2009.
  
  
• The FTHBC is claimable for the taxation year in which the home is acquired.
  
  
• An individual will be considered a first-time home buyer if neither the individual nor the individual's spouse or common-law partner owned and lived in another home in the calendar year of the home purchase or in any of the four preceding calendar years.
  
  

• If you are a person with a disability or are buying a house for a related person with a disability, you do not have to be a first time home buyer. However, the home must be acquired to enable the person with a disability to live in a more accessible dwelling or in an environment better suited to the personal needs and care of that person.

If you're a first-time home buyer, contact me today for further information on this and other programs geared towards helping first-time home buyers....its time to start building your equity!


I am 100% committed to putting your interests first. Contact me and let me lead you through the exciting world of home ownership.


Sincerely,

Sara Kareer
Sales Representative
Century 21 Millennium Inc., Brokerage

(tel) 905-450-8300
(toll-free) 1-888-450-8301
(web) www.SaraKareer.com
(web) www.century21.ca/sara.kareer

The following is an update on the Home Ownership Program offered in the Region of Peel.

Peel Region will ask Ottawa and Queen's Park to extend for another year a home ownership program that's geared to low-income residents.

In May 2008, Peel received $2.85 million under the Canada-Ontario Affordable Housing program (AHP).

Dubbed "Home in Peel," the initiative set out to provide 282 applicants with up to $10,000 of forgivable down payment assistance towards the purchase of a resale home.

Peel received 807 applications since the program's startup. Some 282 applications have been approved with 80 offers of purchase completed.
However, with the program set to expire on March 31, officials say Peel needs more time to ensure the remaining applicants secure homes.

"This program was administratively heavy in its start up and the time involved in obtaining financing approval, house hunting, sale negotiation and closing times (added) to the process," stated a report handed to councilors recently.
Home in Peel is designed to give low- to moderate-income residents, who are currently renting, a chance to enter the housing market.

Of the 80 homes purchased, 39 have been purchased in Mississauga, 41 in Brampton and zero in Caledon.

The average annual income of purchasers who submitted an offer of purchase is $43,405 and the average sale price for homes bought is $196,882, staff reported.
The homes purchased include five detached homes, seven semi-detached, 44 townhouses, five town houses and 19 high-rise condominiums.

Initially, the program was restricted to people with a household income of less than $62,600, and the home could cost no more than $208,000.

However, regional councillors joined other municipal politicians in asking senior levels of government to improve the criteria in order to "increase the pool of eligible recipients."

As such, both the federal and provincial governments raised the maximum household income to $75,800 and the maximum resale purchase price for a home to $247,500.

The government also decided to hike up the down payment assistance amount to $10,000, up from the $8,500 initially set out.

Region officials have deemed the program a success. According to region staff, 30 of the 80 new homeowners previously lived in social housing projects paying market rent.
~Torstar Network

Sincerely,

Sara Kareer
Sales Representative
Century 21 Millennium Inc., Brokerage

(tel) 905-450-8300
(toll-free) 1-888-450-8301
(web) www.SaraKareer.com
(web) www.century21.ca/sara.kareer