Weekly rate minder provided by: Souchita Rattanarasy Dominion Lending Centres Optimum 780-932-2225. Explore Mortgage Scenarios with Helpful Calculators on http://www.souchita.com/

Weekly rate minder provided by: Souchita Rattanarasy Dominion Lending Centres Optimum 780-932-2225. Explore Mortgage Scenarios with Helpful Calculators on http://www.souchita.com/

Wow what a busy long weekend this was.  Normally long weekends are slow as people are out of town enjoying their days off.  Well this long weekend I still managed to get 3 of my listings go deal pending.  This is indicative to me that there are many people out there looking at homes and today’s stats seem to back that up.

As of this morning there were 2,071 active single family homes listed in Edmonton proper.  That is a slight drop over last week.  We also had 905 homes sell in the last 30 days.  That would give us a listing to sales ratio of 2.29:1 which is slightly lower than last week, and indicates that we are going to see continued upward pressure on valuations.

With valuations of homes increasing if you are thinking of buying or thinking about making a move up to a more expensive home don’t wait any longer.  Save some money and do it now.

Over $80,000 spent on upgrading and renovating this 3 bedroom bungalow with a one bedroom basement suite, and a double heated garage.  Newer oak kitchen, formal dining area, and brightly lit living room complete with fireplace.  3 Bedrooms up, and a 4pce bath.  Suite has full kitchen, large living room, 1 bedroom and 3 pce bath.  Heated and insulated double detached garage.  Low maintenaince backyard patio and shaded area, perfect for summer!  Listed for only $329,900 Call me today to view 780-995-6520 or view all pictures at www.findmyhouse.ca

•     Beautiful home that is a 10 – Just move in and enjoy!

•     Situated on a quiet street in the popular Carlisle neighborhood

•     Extensive upgrades have been done (hardwood, laminate, carpeting, windows, doors, 98% high efficiency furnace, hot water tank, shingles)

•     Enjoy summer BBQs on your exposed aggregate patio while you entertain your new neighbors and friends in your outstanding landscaped yard with new fencing, small vegetable garden, landscaping rock, and many shrubs

 Or visit us at http://www.findmyhouse.ca/list_properties_office.php to view more information and pictures

Weekly rate minder provided by: Souchita Rattanarasy Dominion Lending Centres Optimum 780-932-2225. Explore Mortgage Scenarios with Helpful Calculators on http://www.souchita.com/

Well it looks like the heat, Capital-Ex, and the Rexall Indy had very little impact on the real estate market here in Edmonton.

As of this morning there were 2,156 active Single Family homes on the market in Edmonton proper, which is very similar to what we saw the previous week.  In the last 30 days there were 911 sales, which again is very similar to the numbers we saw last week.  This would give us a listing to sales ration of 2.37:1 which again is similar to last week’s number.

Even though the market seems to be stabilizing at these numbers that ratio is still below the 4:1 that we need for a balanced or neutral market and does indicate that we are going to see increases in valuations.

Like I have been saying for some time now, don’t hold off on buying your next home as it will cost you more money.

Source: Lee Politano, Mortgage Specialist (780) 264-1749    TD Bank Financial Group

HIGHLIGHTS OF THE WEEK

>>To view the full report click here<<

Source: Lee Politano, Mortgage Specialist (780) 264-1749    TD Bank Financial Group

HIGHLIGHTS OF THE WEEK

• Minutes of the FOMC reveal that the Fed has upgraded its economic growth forecasts. The central bank now expects a contraction of -1.5% to -1.0% in 2009 and growth of 2.1% to 3.3 in 2010%.
• U.S. retail sales recorded a better-than-expected +0.6% in June, led by auto and gasoline sales.
• Housing starts in the U.S. jumped up to 582,000 in June, marking the second straight month of gains.
• U.S. headline CPI advanced 0.7% in June, but remain down 1.4% Y/Y; core inflation was up 0.2% on the month and 1.7% above year-ago levels.
• Federal deficit hit $1.1 trillion during the first nine months of the fiscal year beginning in October.
• Canadian manufacturing sector continues to reel from outside pressures as the downward spiral in manufacturing shipments continued with a 6.0% decline in May
• The domestic economy looks set to recover as both auto and home sales improve.

>>To view the full report click here<<

New in Canada’s Economic Action Plan

Through Canada’s Economic Action Plan, the federal government will introduce a First-Time Home Buyers’ Tax Credit (HBTC) to help with the purchase of a first home. This measure is expected to cost $30 million in 2008-2009, $175 million in 2009-2010 and $180 million in 2010-2011. 

About the Initiative

The HBTC will assist first-time homebuyers with the costs associated with the purchase of a home, such as legal fees, disbursements and land transfer taxes, which are a particular burden for first-time homebuyers, who must also save for a down payment.

The $5,000 non-refundable HBTC amount will apply to qualifying homes acquired after January 27, 2009, and will provide up to $750 in federal tax relief.

A qualifying home is generally considered to be a housing unit located in Canada that the individual or individual’s spouse or common-law partner intends to occupy as the principal place of residence no later than one year after its acquisition.

Any unused portion of an individual’s HBTC may be claimed by the individual’s spouse or common-law partner. When two or more eligible individuals jointly purchase a home, the credit may be shared but the total credit amount claimed cannot exceed $5,000.

How It Works

First-time homebuyers purchasing a home will be able to claim the HBTC on their income tax returns, starting in 2009. Claimants should ensure that documentation supporting the purchase transaction is available if requested by the Canada Revenue Agency. Claimants are also responsible for making sure that all applicable eligibility conditions are met. 

Who Is Eligible

First-time homebuyers are eligible. An individual is considered a first-time homebuyer if neither the individual nor the individual’s spouse or common-law partner owned and lived in another home in the year of the home purchase or in any of the four preceding calendar years. Special rules apply for the purchase of homes that are more accessible or better suited to the personal needs and care of an individual who is eligible for the Disability Tax Credit. In these situations, the HBTC can be claimed, even if the first-time homebuyer requirement is not met. 

How to Find Out More

For more information, please visit the Department of Finance Canada website or the Canada Revenue Agency website.