Just Listed | 800 Sheppard Avenue West #104

Terrific Opportunity In A Unique Boutique Building, Ashlea Terrace! 

Convenient Main Floor Unit With Great Flow, Oversized Split Bedrooms, Freshly Painted, Renovated Bath, Updated Kitchen With Breakfast Bar. Perfect For Downsizers, First Time Buyers & Investors. Not To Be Missed!!!

How Exactly Do You Pay Off The Home Buyers' Plan?

The Home Buyers' Plan (HBP) allows first-time homebuyers to withdraw up to $35,000 from their RRSP  without having to pay taxes. Afterwards, buyers are expected to repay the funds that were withdrawn under this plan. However, they don't have to start repaying until two years after they took out the funds. For instance, if the funds were withdrawn in 2022, repayments will being in 2024. From there, you have up to 15 years to repay the full amount. 

First, you should find out what your account balance is and the amount owing by logging into your CRA account and selecting "Go to RRSP and TFSA details". From there, you ca view your HBP repayment details, which includes how much you withdrew in total, how much you've repaid so far, how much you owe this year, and the total balance remaining. 

To repay, simply make a contribution to your RRSP at any time during the tax year. When it's time to file your taxes, you must designate all or part of your contribution as a repayment under the HBP. 

It's important to note that any repayments you make under your HBP cannot be claimed as a deduction on your income tax. The good news is these repayments are not affected by your RRSP deduction limit, meaning if your deduction limit is zero, you can still make repayments to your HBP without penalty. 

You are allowed to repay more than the amount that's required every year, but you would still have to pay the minimum amount required in the following years. If for some reason you are unable to make your payments or you paid less than what was required for the year, you would have to claim the unpaid amounts as RRSP income when you file your taxes. This could reduce your tax refund or increase your balance owing. 

Just Listed | 488 University Avenue #5215

 

**The Residences Of University**

Luxury Abounds In This Urban Lifestyle Condo. Bright & Spacious 1+1 Unit On 52nd Floor With Stunning West Views, INCREDIBLE AMENITIES, Floor To Ceiling Windows, High End Appliances, Spa Like Bathroom, Large Den Could Be Used As A 2nd Bedroom, Steps To Hospitals, U Of T, Ryerson & Downtown Core. Direct Access To Subway & Much More!

Checklist For Selling Your Home This Summer

If you're thinking of selling this summer, this is the ideal time to start the process. The earlier you get ready, the more successful your sale will be. It will likely go a lot smoother, too. 

So, with those benefits in mind, here is a quick checklist that will guide you in preparing to list this summer. 

• Financials - find out how much your home will likely sell for in the current market. That calculation is made by looking at what comparable homes in the area have sold for recently. 
• Decluttering - the more neat and spacious your home looks to buyers, the more appealing it will be to them. So, be relentless when decluttering. 
• Fixing - if anything needs to be repaired or replaced, this is the best time to get that work done. You don't want to have to scramble to find a contractor later on. 
• Staging - is the art and science of setting up a room so that it looks attractive to buyers. Well-staged homes tend to sell faster and for a higher amount. You can stage your home yourself or get professional assistance. 
• Scheduling - when you list in the summer, you want to make it as convenient for buyers as possible to book appointments to see your home. So, make sure you have plenty of scheduling flexibility. 
• Targeting - are you also buying a new home? If so, then start the process now. Decide what type of home you're looking for specifically and narrow your focus to those neighbourhoods you want to get into. 

Starting the selling process now gives you a head start when you list this summer. So, begin working through this checklist today. 

Products for Spring & Summer

Every year we get introduced to products designed to make our homes more functional or convenient. Here are just a few new ones you might find interesting for the outdoors: 

• Portable fire pit: Imagine an outdoor fireplace that you can take with you and set up almost anywhere, including on a wooden deck. It's also claimed to burn "smoke-free". 
• Battery-operated mosquito repellant: Portable, refillable, and rechargeable with a USB connection, it's claimed to be effective within a proximity of approximately 15-20 feet. 
• Shish-ka-bob prep tray: It looks somewhat like an ice-cube tray, until you add ingredients and slide in the skewer. 
• Collapsible food tents: They open like mini-umbrellas to protect hot-off-the-grill foods from flies and bees. They can also be used in the garden to deter insects and squirrels from attacking young plants. 
• Plug-in outdoor wi-fi extender that also serves as a programmable timer: It's compatible with popular smart hubs like Google Home and Alexa, so you can verbally command exterior lighting, etc. 

GTA REALTORS® Release April 2022 Stats

The Greater Toronto Area (GTA) housing market continued its adjustment to higher borrowing costs, with the number of transactions down on a monthly and annual basis. As has been the case with previous rate tightening cycles, some home buyers have moved to the sidelines to determine how they will reposition themselves in the marketplace given the higher rate environment and related impact on affordability.

“Based on the trends observed in the April housing market, it certainly appears that the Bank of Canada is achieving its goal of slowing consumer spending as it fights high inflation. Negotiated mortgage rates rose sharply over the past four weeks, prompting some buyers to delay their purchase. Moving forward, it will be interesting to see the balance the Bank of Canada strikes between combatting inflation versus stunting economic growth and related government revenues as we continue to recover from and pay for pandemic-related programs,” said TRREB President Kevin Crigger.

GTA REALTORS® reported 8,008 homes sold through TRREB’s MLS® System in April 2022 – a 41.2 per cent decrease compared to April 2021 and a 27 per cent decrease compared to March 2022. On a year-over-year basis, the decline in sales was greater in the ‘905’ area code regions surrounding Toronto, particularly for detached houses. The MLS® Home Price Index Composite Benchmark was up by 30.6 per cent year-over-year in April 2022. The benchmark level in April was down in comparison to the March level. The average selling price, at $1,254,436, was up by 15 per cent compared to April 2021, but down compared to the average selling price of $1,300,082 in March 2022.

“Despite slower sales, market conditions remained tight enough to support higher selling prices compared to last year. However, in line with TRREB’s forecast, there is evidence of buyers responding to increased choice in the marketplace, with the average and benchmark prices dipping month-over-month. It is anticipated that there will be enough competition between buyers to support continued price growth relative to 2021, but the annual pace of growth will moderate in the coming months,” said TRREB Chief Market Analyst Jason Mercer.

TRREB MLS® Sales-to-New Listings Ratio April 2022

 

TRREB MLS® New Listings April 2022

 

TRREB MLS® Sales April 2022

 

TRREB MLS® Average Resale Home Price April 2022