The Karen Millar Team


The Shops at Don Mills
8 Sampson Mews #201
Toronto, ON
M3C 0H5

416.443.0300
1.877.366.SOLD (7653)

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Signature Realty
IND. OWNED & OPERATED
BROKERAGE
 

Sunday 27 November 2016

When you wish upon a Star


Holiday magic celebration with shows by illusionist entertainers Professor Wick, Soli and Rob, Santa's castle workshop, arts and crafts, holiday mascots, decorating treats, sing along with carolers and more at Casa Loma 1 Austin TerraceToronto, now until January 8 2017 9:30 am-5 pm. $27, seniors/youth $21, under 13 years $17. For more details visit the website for program schedule.

Enjoy!
Karen

Thursday 24 November 2016

Holiday in the Hood

Looking for gifts for the Holiday season? Stop in to Earl Beatty Public School November 25 & 26. Enjoy a holiday craft sale with Santa photos, bake sale and a kids sale with items under $5 just for kids. Vendors will be selling art, jewelry, soaps, crafts and much more. Proceeds go to the Play Hard for our Yard campaign to raise money for Earl Beatty yard improvements. 
DATE & TIMEFriday, 25 November 2016
Time: 4:00 PM - 8:00 PM

Saturday, 26 November 2016
Time: 10:00 AM - 4:00 PM


LOCATION & ADMISSIONEarl Beatty Public School
55 Woodington Avenue, Toronto ON, M4C 3J6
Enjoy!
Karen

Saturday 19 November 2016

Toronto Christmas Market


The Toronto Christmas Market is back at the Distillery District! This European-inspired seasonal festival has live folk, blues, jazz and seasonal music, family activities, carolers, handcrafted products, food and more. The Festival starts now and runs until December 22, Tuesday-Thursday noon-9 pm; Friday noon-10 pm; Saturday 10 am-10 pm; Sunday 10 am-9 pm.
Tuesday-Friday free, Friday from 5 pm and Saturday-Sunday $6 (net proceeds are reinvested into the festival and also go to the Daily Bread Food Bank and other local charities).  For more information visit Toronto Christmas Market.

Enjoy!
Karen

Kidzfest


This sounds like a blast for the kiddos! Kidzfest will have stage performances from Bob the Builder, Chase from Paw Patrol and other characters, plus arts & crafts, science experiments, a ferris wheel, bouncy castle and more November 26 11 am-5 pm. Free at Yonge-Dundas Square 1 Dundas EToronto. For more information visit Kidzfest.http://www.downtownyonge.com/kidzfest/
Enjoy!

Karen

Tuesday 15 November 2016

Tax Break for First Time Buyers!


This just in:

"We did it.

Ontario REALTORS® have lobbied for and won the first tax break for first-time buyers in over ten years. This tax break will help make home ownership more affordable by providing some relief to those Ontarians that need it most – young families.

This news came today as part of Ontario's Fall Economic Statement. In the statement, Minister Charles Sousa committed to increasing the land transfer tax (LTT) rebate for first-time buyers from $2,000 to $4,000. The increase was done specifically to help first-time buyers enter the housing market. Buyers can start claiming the rebate eefective January 1, 2017.

At this time last year, Ontario REALTORS® were fighting to stop what would have been the largest tax increase on home ownership in a generation – the municipal land transfer tax. Today, we've helped usher in one of the largest tax breaks in a decade.

There's still more to be done. Other factors like a lack of housing supply are impacting prices and REALTORS® are working with government to address those issues.

But for the young couple entering the housing market, today’s announcement is good news. It's also a testament to the strength of the REALTOR® voice at Queen's Park.

So, congratulations. We did it.

Yours sincerely,

Valerie Miles, Chair
2016 OREA Government Relations Committee"

Mortgage Update

Jake Abramowicz kindly sent me the following update. Please call myself of Jake to discuss:

"Realtors,

It feels like the low-rate party is over.

Having a look at the Government of Canada 5 year Bond Yield (which dictates the mortgage rates for 5 year fixed), the spike seen recently is pretty significant:


So far 2 of my lenders have increased rates by 20-25 basis points (from 2.44 to 2.69) and it's just a sign of things to come. We already know TD Bank increased its prime rate from 2.7% to 2.85% but that was on variable-rate mortgages. However we have not seen much action on fixed rates (except that rates have been trending downwards). The opposite is true here, and most likely, moving forward.

Why?

Come early next year there's another policy change on the table where lenders will have to share more of their risk when it comes to mortgage lending. From a taxpayer perspective it's argued that this is not such a bad thing - we should not be on the hook for when (or if) the market takes a dive, where when (or if) people walk away from their loans. This along with the already-announced rule changes will absolutely increase cost of borrowing and we're already seeing the markets dictate by how much (and how quick) come this week.

The bottom-line is, expect rates to be 25-50 basis points higher by the end of this year, beginning of next, where we'll be back to the just-under 3% for 5-year fixed money (which is still tremendously low but not what we've been used to over the past few months).

A rise in fixed rates also means a rise in posted rates, which means a lessening of affordability since many mortgages are now stress-tested at the posted rate (those with less-than 20% down ... for now).

If you have any buyers on the fence seeking pre-approvals, now is the time to get that done.
 I haven't been singing the praises of pre-approvals at all when rates move sideways, but a 20-25 basis point jump is reason enough to get it on the books.

Oh and in other news, I'm sure you're all aware that the Provincial Government increased land transfer taxes on $2M and greater homes while reducing them for first-time buyers' tax impact. Here's a great synopsis from Romana King at MoneySense. Still TBA is if this helps buyers closing before January 1st 2017 (I've asked my lawyer)

Jake

Jake Abramowicz
..
..

The Mortgage Jake App is available for iTunes & Android

I've been interviewed in such outlets as: Bloomberg TVMoney SenseGlobe and MailToronto Star and CFRB 1010 Talk Radio."

Saturday 12 November 2016

Music on the Donway


Mark your calendars! Music On The Donway invites you to join a wonderful evening of Opera Comedy performed by Kyra Millan and Tina Faye. Opera Comedienne Kyra Millan and pianist Tina Faye invite you into the sublime and sublimely ridiculous world of opera through a brilliantly funny, whirlwind concert full of operatic favourites and well-known classical tunes, on Saturday, November 19 at 7:30 p.m, at The Donway Covenant United Church, 230 The Donway West, Don Mills. Tickets:  Adults/Seniors $20, Students with ID $10, Children under 12 – FREE, available at the door the evening of the concert.  For more information call 416-444-8444.
Enjoy!
Karen

Sunday 6 November 2016

Lest we Forget


Thank you to all those who fought in the past and continue to fight and protect us. I can only wish that the world finds world peace one day soon.

Karen

Remembrance Day Ceremony in Don Mills


This Remembrance Day, come to The Shops at Don Mills for a lovely ceremony remembering all of the heroes from the past, present and future. The ceremony starts at 10:45 am in the Town Square.

Lest we forget.
Karen

Saturday 5 November 2016

Drop, Swap & Shop

November 13, 2016 | 10:00am–3:00pm
Drop, Swap & Shop
Contributing Partner: The Toronto Tool Library
Try swapping instead of shopping at our Swap Mall. Pass on things you don't use, like that funky purse that was never "you," for things you really want, like summer kids clothing, hockey gear or even records! Pick-up one-of-a-kind items from a variety of Swap Stores, contribute to the sharing economy and connect with your community at this cool event. 
How it Works: For each item you drop off you will be given 1 ticket in return.  If you bring 10 clothing items, 2 casserole dishes and 1 framed art piece, you will get 13 tickets in return. Each item dropped has equal value. There is a maximum of 25 items to swap per person. All items must be gently used, clean, and functional.
Locations: BMO Atrium, Young Welcome Centre, Building 14
Price: $2 Admission to Swap
Shopping Categories:
  • Baby Supplies: Clothes, shoes, blankets, bottles, dishes, toys, & accessories
  • Children’s Clothing & Toys: casual wear, outerwear, shoes, accessories, clean & working toys
  • Women’s Clothing & Accessories: casual wear, work wear, fancy dress, handbags, jewellery, shoes, suits, jackets, outerwear, athletic wear, jeans, t-shirts, blouses, dresses, skirts, shorts, rompers, dress pants, jumpsuits, hoodies, scarves, hats, vintage items, silk tops, high heels, ballet flats, running sneakers,
  • Men’s Clothing & Accessories: casual wear, work wear, suits, dress shirts, t-shirts, jeans, zip-up hoodies, wallets, belts, ties, jewellery, athletic wear, bags, hats, & scarves
  • Housewares & Art: dishes, fine china, utensils, small appliances like blenders, juicers, bread makers, linens, quilts, lamps, framed art, ceramics, craft supplies, tools, small furniture like coffee tables or chairs
  • Media/Entertainment: DVDs, Blurays, video games, books, CDs, cassettes, vinyl records, art supplies, & instruments
  • Sports & Recreational Equipment: hockey gear, ski equipment, tennis rackets, soccer balls, skates, golf clubs, nets, free weights, yoga mats, jump ropes, rollerblades, boxing gloves, skateboards, & camping/hiking gear
Advance Drop Off Times:
(at the Welcome Desk in the Young Welcome Centre)
  • November  5–6:  10am–5pm
  • November 7–11:  9–11am and 1–4pm
  • November 12: 2–5pm
 Enjoy!
Karen

Tuesday 1 November 2016

Mortgage Update



This just in from our friend Jake Abramowicz:

"Today, TD Bank announced it will increase its own prime rate to 2.85% from 2.7% thus effectively increasing the cost of borrowing for any variable-rate mortgage AND home-equity-line-of-credit (HELOC) mortgage holder by $38 on a typical $500,000 mortgage, per month. That is $2280 more over 5 years. Keep in mind - TD bank can set its own prime rate as can most banks. As a matter of fact, did you know that the actual prime rate is 2.5%? So now the banks have an additional .15 spread over that and what they lend out money at. Awesome! (Don't be fooled - everyone else will follow suit, soon. Real soon.)

Why did TD Bank do this? Most likely in a reaction to the impending risk-sharing that is being tabled which inevitably WILL increase the cost of borrowing for everyone. Most are already speculating the interest rates we see today (average 5 year is 2.49%) will increase to above 3%. That is HUGE. We already know that a return to normal rates will cripple some of us, but nobody is calling for rates to be at 5% (which according to history is "normal"). Even a 1/2% jump in interest rates will send shocks through many borrowers' budgets.

Here's what you need to know:

1. Pre-approvals aren't ever priced at "best rates". So if you have buyers shopping for property, until they secure the property the best rate they will get is 2.49-2.69%. Not bad but not great.

2. This change only affects VARIABLE-RATE borrowers but TD did increase its fixed rates on shorter-terms so may be a sign of thing to come.

3. Come January nobody knows how much higher rates can actually go but everyone believes they will rise. This will undoubtedly cool our Spring housing market (which starts in February, go figure)

Wish I had better news but I'm sharing it as I see it, when I hear it, and putting my spin on it. "

Jake

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