Happy New Year!

May 2016 bring good health and happiness to all!

Karen. 

E2

It has been a fabulous year for e², including making progress with the "160
Girls" Kenya police training that our shelter partners describe as having
made a "night and day" difference, and filing the "Believe Her. End
Corroboration" Constitutional claim in Malawi (here's a link to photos from
that memorable filing day, November 25th, International Day for the
Elimination of Violence Against Women):
https://www.flickr.com/photos/56356777@N08/sets/72157661597935026.

The progress made by the equality effect in 2015, making girls' and women's
rights real, wouldn't have been possible without support. 

With just a few days remaining in 2015, we would like to ask you to please
consider making a donation to the equality effect to help us continue to
achieve the "160 Girls" progress being made in Kenya, enforcing the landmark
"160 Girls" High Court decision and holding perpetrators accountable for
their sexual violence, and ensuring that rape victims in Malawi also get
access to justice.  Your contribution will help to make rights real for the
10 million girls of Kenya, 9 million women and girls of Malawi, and beyond.

All contributions received by midnight on December 31st will receive a 2015
tax receipt.  You can donate on-line at:
https://www.canadahelps.org/en/charities/the-equality-effect/

Thank you!

Karen

Hug someone

This was a great posting I saw and it made me feel that this year we should all make a little more effort to spread love and happiness and squash all feelings of hate.

Karen

The Grinch

A lesson we should all remember this holiday season! Let's be kind to one another and appreciate the little things!

Karen

Food Tube

This is fabulous! Have you joined Jamie Oliver's Food Tube on Facrbook or YouTube? It's free, he has amazing cooking tips with video demonstrations and the recipes are delicious! Check it out at http://jamieol.com/FoodTube

Enjoy!

Karen

Energy equals productivity

Chalene Johnson said it best "While we can't manufacture more hours for our day, we CAN be infinitely more productive with the time we do have. To be more productive, you need more energy!  The number-one way to improve your physical energy, mental stamina, work performance, focus, and ability to cope with stress, is exercise. The productivity of people after exercise is an average of 65% higher than those who didn't exercise! Just exercise."  Anything and everything counts. Fresh air helps too so go for a walk in this balmy weather!

Karen

Decorate a tree for the birds

Help decorate an evergreen tree in High Park with handmade pine cone bird feeders and edible garlands for the birds. Hike through the woods and learn how to feed chickadees from the palm of your hand, search the skies for soaring hawks and discover how birds like cardinals, nuthatches and woodpeckers survive the winter. The event runs from December 19-20, 10 am-noon or 1-3 pm. Tickets are $8.50 (child under 3 free). Please pre-register at http://highparknaturecentre.com/. The High Park Nature Centre is located at 375 Colborne Lodge, Toronto.
Enjoy!
Karen

Looking for gift ideas?

Looking for last minute gift ideas? I found this and thought it would be a marvellous gift. Arbonne has something for everyone. Check out their site at http://www.arbonne.com/pws/homeoffice/tabs/home.aspx

Enjoy!

Karen

Happy holidays

From our family to yours, we wish you a happy holiday season and a fabulous 2016!

Karen

Christmas in the Valley

Experience the holiday traditions of the 1890s and the 1940s through sampling historic recipes, making take-home crafts and an outdoor tour of the Wildflower Preserve at Todmorden Mills 67 Pottery, Toronto. Christmas in the Valley runs December 1 & 13 from Sat-Sun, noon-4 pm. Tickets are $4-$8.
Enjoy!
Karen

Leslieville Christmas Market

T'is the season for markets! This one is in Leslieville and will feature handmade goods by local artisans, Father Christmas, soup and hot chocolate competitions, live music and more.  The Market begins December 12 & 13 from 11 am-6 pm at 25 Booth Avenue (south of Eastern Ave). Free parking!
Enjoy!
Karen

Holiday Market at the Shops at Don Mills

This is fabulous!  Celebrate the season at the Shops at Don Mills Holiday Market with their festive holiday music, vendors and strolling Santa! The Holiday Market runs from now until December 20, 2015 (Weekends in December leading up to Christmas).Market Hours
Sunday: Dec 13 - 11am - 4pmSunday: Dec 20 - 11am - 4pmSaturday: Dec 12 - 11am - 4pmSaturday: Dec 19 - 11am - 4pmEnjoy!Karen

Down payment rule change

Here is a great read from Jake Abramowicz

"There has been a lot of speculation about a potential increase to down payment rules from 5% to 10%, especially with the Vancouver and Toronto housing markets continuing their incredible run. 

Both Bloomberg News and Canadian Mortgage Trends reported today these potential moves brought on by the Liberal Government. "As many as 115,000 buyers across Canada may not afford a 10% down payment". There is also talk of a sliding scale policy where the 5% down payment would still work for homes under $500,000, 7% being required for $500,001 and $700,000, and 10% on anything over $700,000.

The worst part? If this is to happen expect it to happen fast, without warning, and potentially without much heads up. 

The second worst part? This would cause huge damage to a very weak market outside of Toronto and Vancouver as is evident by the charts below. Our prices are way up, the rest of the country has faltered. Same with our sales, and conversely our inventory is very low, while listings are at a record across the board everywhere else. Take a look:

​

If you have 5% down buyers you'll want to advise them they need to step up their game or risk being completely priced out. NOT because prices will necessarily rise but because the down payment will. 

If you have sellers of homes in these price ranges you should sit down and talk with them about the potential impacts these changes may bring to demand of their homes.

If you have questions please let me know and I will, of course, pass on the information as I get it.

As with the six previous mortgage rule changes AND the Toronto Land Transfer Tax, and considering my experience of approximately 200 closings per year, I do not think this will impact that many people but it certainly will impact the first-time buyer market the most. Who will get hit hardest is the one that has been sitting on the sidelines, barely able to increase their down payment via savings because the city is so expensive to live in where rent is too damn high, and now will face an even longer uphill battle to enter the market.

This will also positively impact condos which is funny because this is/was the number one concern amongst talking heads through the past couple of years. Why? Those buyers seeking homes will now focus on $500K and under condos.

This will also keep helping the "shadow lenders" aka the private lenders out there that are making money hand-over-fist by going to 80-95% on second mortgages right now. This will also further increase HELOC usage amongst parents once the kids are short of the down payment, they'll ask the Bank of Mom and Dad for a loan from the HELOC.

What I think they should do is also let REAL first-time buyers keep their 5% card in the pocket just the one time. Not "Canada Revenue Agency" first time buyers - where if you sell a home +5 years ago you're a first-time buyer again, but people who have never been on title anywhere before, period.

So much craziness surrounding this potential move!

Not the happiest of news if you ask me, but nothing I'm surprised about. If the market can't control itself, then the Government will. Then again, Sweden also has an insane housing market and they have a minimum 20% down payment rule and guess what? nothing has changed there. I don't think we'll have the same effect since our economy is tied to oil, our economy hasn't rebounded the way we'd like, and our market isn't like Sweden (a very small geographic country in relation to here). It's just interesting to see what has happened in other markets.

This news coupled with rising rates which we have seen across the board should cool things off. I've always been a fan of letting the market take its course with minor interaction from the Government. 

Thanks for reading,

Jake"

-- 

Jake Abramowicz

tel .. 416 910 4448 // fax .. 1 888 819 4816

follow me on twitter: twitter.com/mortgagejake
www.mortgagejake.com/blog

www.facebook.com/mortgagejake

recent press: 

Featured in Globe & Mail helping couple decide if to move up or not.

condo buyers adjusting to new rules 

2014 will be an interesting year for new construction closings

buyers helping market with gifts from parents

live on-air interview with CFRB 1010

FSCO Agent Id: M08003274

Municipal land transfer tax

This just in.....

Municipal Land Transfer Tax:  UPDATE!

From Patricia Verge,
President, Ontario Real Estate Association

It gives me great pleasure today to inform you that this morning, Ted McMeekin, the Minister of Municipal Affairs and Housing, informed the legislature that the government will not give municipalities the ability to charge a municipal land transfer tax (MLTT).
 
Below is a portion of copy of the Minister's statement:
 
While we are currently reviewing the feedback from our partners, it is clear is that there has been no call for a Municipal Land Transfer Tax.  I was pleased communicate our government's position today, that other than in Toronto, where the power already exists, our government will not be extending Municipal Land Transfer Tax powers to other Ontario municipalities.

In short, the government has listened to our campaign and agreed that the MLTT was the wrong tax for Ontario municipalities. In doing so, you, Ontario REALTORS, have helped stop one of the largest tax increases on home ownership in a generation. It is one of the biggest government relations wins in our association's history.

Good news for homebuyers outside of Toronto

Karen