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Originally posted by 7wonders
can you please tell me in detail what is IRD?

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IRD is interest rate differential.
It is the penalty that you must pay to your current lender if you are canceling a fixed rate, fixed term mortgage.
More explanation here:
http://www.canadianmortgagetrends.com/canadian_mortgage_trends/interest-rate-differential-ird.html

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and what means by portable

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You can carry forward the mortgage to a new property if you buy one

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assumable

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The buyer of your property can assume your mortgage

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conversion to fixed at no penalty

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The lender will let you lock in a fixed rate by converting from a variable rate mortgage without a penalty

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Originally posted by 7wonders

Hello,
I m in the market to buy house. I want to know is there any website or any source from where that we can know the neighbour hood price so we can compare the house price?

- Another question about HST.. I know that it is going to be in effect from July 10 so is it going to affect the price for less than 400k?
- What are the most important things you want to know before buying house?

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Website:
http://www.realtor.ca" rel="nofollow">LINK (realtor dot ca). In this site, you can find the LISTING prices (asking price by the seller), photos and "some" features of houses available for sale in a neighbourhood.
If you would like to know the SOLD price of houses sold in a neighborhood, you would need to contact a Realtor. Only Realtors have access to local real estate board's MLS(Multiple Listing Services) system from where they can get information such as sold price of recently sold homes in your area, additional specifications of a listed property(that are not available in realtor dot ca) etc. and guide you better in the homebuying process.

HST:
All NEW homes will be subject to the HST, starting July 1, 2010. Re-sale homes will not be affected by this HST.
Having said that, all new home buyers in Ontario will get a 75 % rebate on the provincial portion of the HST on the first $400,000 of the total purchase price. Maximum rebate limit is $24k, they will qualify for a maximum rebate of upto $24,000, regardless of how much they pay.
(i.e., $400,000 × 8% (provincial portion of HST) = $32,000 ×75% rebate = $24,000).

Important things you want to know before buying house:

1. Purpose:
Your objective(s) for buying a home. Do you consider any factors other than living such as appreciation, additional income(rent from bsmt) or investment purpose etc. How important are those factors to you? Your short-term and long-term plans, how long are you planning to stay in the house you are going to buy?

2. Mortgage and Budget:
Find out how much mortgage you qualify for and how much you can afford.
If possible, get pre-approved for the amount you need.

3. Prepare a list of YOUR REQUIREMENTS and PRIORITIZE them.
Important factors that you may consider & analyze are Location of your preference, Schools & daycare in the neighbourhood, Safety in the neighbourhood, Commuting time to your workplace, Market trend in the neighbourghood (appreciation%, if any) and Access to public amenities(Highway, public transit, shopping plaza, library, recreational centres etc). Property tax in the area should also be considered with equal importance.

After choosing a neighbourhood, factors about the house such as
Age of the home, type (bungalow or 2-storey), size (lot size, covered area, # of bedrooms and washrooms), garage space, parking space, sidewalk, upgradations done in the home, type of flooring(carpet/hardwood), Age of furnace/roof/windows/appliances, any upgradations done in kitchen/washroom, status of basement(finished or not), fixtures excluded, chattels included in the deal and closing date etc. should be considered.

These are some of the points I strongly recommend.

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Originally posted by 7wonders

Thank you so much Ram for you valuable information.

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Good luck with your house search in Kingston.