Thanks Sanjeev for your detailed information....Meanwhile I am also exploring brampton side along with etobicoke. I will update and be in touch.

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PKS

THE ART OF HOUSE HUNTING: 8 TIPS TO HELP IN YOUR SEARCH

Armed with your down payment and your pre-approved mortgage loan, the next step is finding the house that will best meet your family's needs. With realistic expectations, patience, and plenty of research, you'll be well on your way.

Once you narrow it down to the neighborhoods you like, you'll want to determine the maximum house price you can afford. Even though you're pre-approved for a set loan amount, it doesn't mean you can afford it. You'll want to factor in other expenses, including retirement and college savings, vacations, and home maintenance and repairs, when you calculate how much you can afford for a monthly payment. And don't forget to budget for homeowners insurance and property taxes.

Next, differentiate your needs versus your wants. You need three bedrooms, but a fourth room would be nice for a play room or guest room. You need a two-car garage, but a larger one would be nice for storage. You need a functional kitchen but want hardwood floor. You need two bathrooms but want a luxurious master suite. You get the picture.

As you begin on your house-hunting venture, you may want to prepare a checklist, perhaps in a table form on your computer. Break it down between exterior and interior characteristics. Make notes on each feature and give each a 1 to 10 score.

Some of the exterior features to rate might include size of yard, quality of fence, paint condition, roof condition, window conditions, garage, back yard. When it comes to interior, think about square footage; the floor plan; condition of walls; the size, quality, and functionality of the various rooms; and closet and storage space.

Your checklist should also include any other general factors you deem important - the amount of traffic, the appearance of the neighborhood in general, safety in the area, the reputation of local schools, etc.

Meanwhile, Freddie Mac, the stockholder-owned corporation chartered by Congress in 1970 to create a continuous flow of funds to mortgage lenders in support of homeownership and rental housing, and other industry experts make additional suggestions, including:

Take a camera with you to capture an image of each house you look at that makes it to the "maybe" list.

Don't make a hasty decision, especially if you feel yourself becoming guided by emotion. Selecting a home takes time, thought, and analysis. You should carefully weigh the pros and cons of each house you like.

Review your checklist and notes and compare it against your needs, wants, and budget.

Bring your spouse, friend or family member with you to get a second opinion. They may notice a shortcoming that you've overlooked.

Find out how much utilities and maintenance cost.

Stay on top of newly listed houses.

Remain in close contact with your REALTOR®. This is extremely important if you're in a strong seller's market in which homes that are priced right go fast. You want a good agent who will alert you of new listings and who will show you the houses as soon as they're listed.

Be prepared to look at the potential of a house rather than what you see in front of you. Set your priorities and decide what can be sacrificed. It's more important that the layout of the house and the number of bedrooms you need fit your needs and that all major systems are functional versus your dislike for the avocado green carpet or the lack of landscaping. Those types of cosmetic shortcomings can be easily remedied once you buy the house.
If you find a house you like, offer a competitive bid. Keep in mind you'll likely be competing against other offers - especially if interest rates stay low and the spring buying season is in full bloom.

And don't forget - once you make an offer, make it contingent upon the findings of a professional home inspection. If any major defects surface, you'll want to have the leverage to renegotiate or back out of the deal completely.


Written by Michele Dawson


******************************************************
From My Realty Times Newsletter- Emailed once a month and can be subscribed by all http://realtytimes.com/c/amitkalia

Regards,

-----------------------------------------------------------------
Amit Kalia, Broker, REALTOR®
RE/MAX Real Estate Centre., Brokerage
independently owned & operated
100 City Centre Dr, Unit 1-702
Mississauga, ON L5B 2C9
Phone No.: 905-339-5111
Website: https://www.realestate-ontario.com/
Condo Blog: https://condopundit.com/blog/

Interactive Information session on Home Buying

Here is the link:

http://www.canadiandesi.com/read.php?TID=16321

-----------------------------------------------------------------
Sanjeev Manocha, MBA
Real Estate Sales Representative
Accredited Buyer Representative (ABR)

Re/Max West Realty Inc, Brokerage
96, Rexdale Blvd., Toronto

Mobile: 416-843-7600
Office: 416-745-2300
http://www.manocharealty.com" rel="nofollow">LINK

Quote:

---

Originally posted by amit kalia

THE ART OF HOUSE HUNTING: 8 TIPS TO HELP IN YOUR SEARCH

Armed with your down payment and your pre-approved mortgage loan, the next step is finding the house that will best meet your family's needs. With realistic expectations, patience, and plenty of research, you'll be well on your way.

Once you narrow it down to the neighborhoods you like, you'll want to determine the maximum house price you can afford. Even though you're pre-approved for a set loan amount, it doesn't mean you can afford it. You'll want to factor in other expenses, including retirement and college savings, vacations, and home maintenance and repairs, when you calculate how much you can afford for a monthly payment. And don't forget to budget for homeowners insurance and property taxes.

Next, differentiate your needs versus your wants. You need three bedrooms, but a fourth room would be nice for a play room or guest room. You need a two-car garage, but a larger one would be nice for storage. You need a functional kitchen but want hardwood floor. You need two bathrooms but want a luxurious master suite. You get the picture.

As you begin on your house-hunting venture, you may want to prepare a checklist, perhaps in a table form on your computer. Break it down between exterior and interior characteristics. Make notes on each feature and give each a 1 to 10 score.

Some of the exterior features to rate might include size of yard, quality of fence, paint condition, roof condition, window conditions, garage, back yard. When it comes to interior, think about square footage; the floor plan; condition of walls; the size, quality, and functionality of the various rooms; and closet and storage space.

Your checklist should also include any other general factors you deem important - the amount of traffic, the appearance of the neighborhood in general, safety in the area, the reputation of local schools, etc.

Meanwhile, Freddie Mac, the stockholder-owned corporation chartered by Congress in 1970 to create a continuous flow of funds to mortgage lenders in support of homeownership and rental housing, and other industry experts make additional suggestions, including:

Take a camera with you to capture an image of each house you look at that makes it to the "maybe" list.

Don't make a hasty decision, especially if you feel yourself becoming guided by emotion. Selecting a home takes time, thought, and analysis. You should carefully weigh the pros and cons of each house you like.

Review your checklist and notes and compare it against your needs, wants, and budget.

Bring your spouse, friend or family member with you to get a second opinion. They may notice a shortcoming that you've overlooked.

Find out how much utilities and maintenance cost.

Stay on top of newly listed houses.

Remain in close contact with your REALTOR®. This is extremely important if you're in a strong seller's market in which homes that are priced right go fast. You want a good agent who will alert you of new listings and who will show you the houses as soon as they're listed.

Be prepared to look at the potential of a house rather than what you see in front of you. Set your priorities and decide what can be sacrificed. It's more important that the layout of the house and the number of bedrooms you need fit your needs and that all major systems are functional versus your dislike for the avocado green carpet or the lack of landscaping. Those types of cosmetic shortcomings can be easily remedied once you buy the house.
If you find a house you like, offer a competitive bid. Keep in mind you'll likely be competing against other offers - especially if interest rates stay low and the spring buying season is in full bloom.

And don't forget - once you make an offer, make it contingent upon the findings of a professional home inspection. If any major defects surface, you'll want to have the leverage to renegotiate or back out of the deal completely.


Written by Michele Dawson


******************************************************
From My Realty Times Newsletter- Emailed once a month and can be subscribed by all http://realtytimes.com/c/amitkalia

Regards,

---

Second Interactive Information Session on Real Estate - March 2007
Dear CD family members,
First of all, I would like to thank you for such an encouraging response to our first effort - the Interactive Information Session held on Feb 11th, 2007. The photographs can be seen in the album section.

After the grand success of that first event, I proudly announce the date for the second session.

The second session will be held on March 18th, 2007 and this time it will be for three hours as last time we saw that the discussion was so interesting and informative that it lasted for more than two hours and everybody was participating very actively. The timing for session will be: from 11.00 am to 2.00 pm.

There will be Realtor, Lawyer, Home Inspector, Mortgage professional and A Financial Planner to discuss various aspects of home buying/selling. Just a reminder: It will be FREE event, FREE lunch and FREE GIFTS; advance registration is required because of limited seats and please make sure that if you register, you do come otherwise you might be restricting someone else to participate in the event.

The venue will be be in Mississauga. You can call me directly on my cell : 416-409-8291 for more information or pm me or mail me : smanocha at remax.net.

-----------------------------------------------------------------
Sanjeev Manocha, MBA
Real Estate Sales Representative
Accredited Buyer Representative (ABR)

Re/Max West Realty Inc, Brokerage
96, Rexdale Blvd., Toronto

Mobile: 416-843-7600
Office: 416-745-2300
http://www.manocharealty.com" rel="nofollow">LINK

Own or Rent? Study Shows Location and Discipline Key

A study by the Sauder School of Business at the University of British Columbia concludes that on average, Canadians who own their homes become wealthier over time than renters.

"It's not that renters cannot build wealth similar to that of owners," says Tsur Somerville, lead author of the study. "But it requires a level of discipline and sophistication in investing that most North American households have shown themselves unable to achieve."

The study, Are Renters Being Left Behind? Homeownership and Wealth Accumulation in Canadian Cities, compares the wealth that homeowners achieve by paying down a mortgage, with what a renter could amass by investing an amount equal to a home down payment, and the difference between ongoing owner and renter costs. Researchers looked at nine Canadian cities and created several scenarios, to allow for variations between owner and rental costs, type of renter investment, and types of mortgages. The analysis covers the period from 1979 to 2006.

"The results of this research show that only renters who are highly disciplined, savvy investors are able to match the wealth that owners can accumulate simply by making their mortgage payments," says the study. "If they meet these criteria, in the best scenario for renters, they can accumulate over 24 per cent more wealth than owners in Edmonton, Halifax, Montreal and Regina, and they can accumulate at least as much wealth as owners in Ottawa, Vancouver and Winnipeg. In Calgary and Toronto, renters cannot on average over our study period match the wealth achievable through home ownership."

The study says that in the cities where matching owner wealth is possible, renters would have to save between 60 and 100 per cent of the difference between annual owner and renter costs. "The average of 80 per cent is analogous to a savings rate of nine per cent," says the study. "In contrast, the most recent Canadian savings rate was negative 0.4 per cent."

In addition to avoiding spending money on automobiles and other consumer goods, renters would also have to invest in high yield assets with very low fees, the study says. "Yet, most mutual funds charge high fees and return less than the Toronto Stock Exchange's total return," says the study. "The challenge for renters to accumulate the same wealth as owners, while surmountable, does not seem to be realistic for the vast majority of renters who even have the income and wealth to buy."

The study says that renters are also at a disadvantage because of the tax advantages of owning a principal residence. Although mortgage interest is not tax deductible as it is in the United States, Canadians enjoy a capital gains tax exemption when they sell their principal residence.

"In one scenario, 60 per cent of the difference between the gross and after tax and fee wealth ratios between renters and owners, is because of taxes that affect investment gains but not the returns from the primary residence," says the study. "The social benefits of homeownership may well justify this subsidy. Still, it is striking how much tax policy contributes to the gap in wealth between what renters and owners can amass."

In Toronto, the study finds that renters could not catch up with homeowner wealth because of fast-rising house prices. In Calgary, renters were faced with higher rents, which mean they had less money to invest.

In Vancouver, the country's most expensive housing market, the study's "best-case scenario" required renters to invest 100 per cent of the difference between owner and renter payments in the Toronto Stock Exchange, and pay very low investment management fees. That would have enabled them to match owner wealth.

The study received funding from the Real Estate Institute of British Columbia and the Real Estate Foundation of B.C., through contributions to the UBC Centre for Urban Economics and Real Estate.

Somerville says that homeownership provides a unique opportunity for people to accumulate wealth. "The significant benefit of home ownership for individuals is that a mortgage effectively forces them to save and build equity through mortgage payments," he says.


Written by Jim Adair

*****************************************************
From My Realty Times Newsletter- Emailed once a month and can be subscribed by all http://realtytimes.com/c/AmitKalia

-----------------------------------------------------------------
Amit Kalia, Broker, REALTOR®
RE/MAX Real Estate Centre., Brokerage
independently owned & operated
100 City Centre Dr, Unit 1-702
Mississauga, ON L5B 2C9
Phone No.: 905-339-5111
Website: https://www.realestate-ontario.com/
Condo Blog: https://condopundit.com/blog/

Hello Everybody,

I'm planning to buy a house (TH/SEMI) in Markham area. I am not familiar with this area much, so if anybody who is aware with this area, I would like to know about following:

1) Which area I should avoid?
2) Any idea about traffic in rush hour on MaCowan Rd (from 16th Ave to Sheppard)
3) Where can I find some GUJJU/Indian community?

I appreciate your time and your ideas/suggestions will be definitely helping me.

Thanks,

Regards,

Jaymin