New projects in caledonia (10kms frm Hamilton airport).
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People who missed to invest don't have to get disappointed. There is still good opportunity here to invest in a house which is within ur budget.
Caledonia project which is 10 kms frm Hamilton airport has been approved for 3500 houses out of which 197 houses detached/semi detached and town houses has been approved and it opens (VIP) on Saturday and sunday. Townhouses are for 239k and detached 3 bhk is 269999/- and 4 bhk with 3 washrooms is for 325k.
I feel it's good opportunity for new immigrants to put 5% dp and book now and u will own it by end of 2016 or early 2017. If you don't want, you can sell it before closing and make a profit of 50k-70k. I know mortgage is a bit difficult but am ready to pass on my contacts frm banks. I just helped 3-4 new immigrants who landed in April 2015 and their closing is this month end. No charges or referral fees frm my side. It is free. (frankly speaking, I have never charged any fees to anybody ever.
Last week their Niagara falls (within 8kms of falls) was sold out fully within one day. They said they can give one detached for 260K 3 bhk with 2 washrooms for me but, alas I have already invested in USA properties. 
I feel both of these projects are good for new home owners/immigrants.
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Revenge can be bitter sweet, but if u sit back and watch, KARMA can be pure entertainment.
Can you please tell how once can sell the property before closing ? AFAIK most reputed builders dont let the assignment clause include in agreement unless its a condo
P.S: I heard that govt can slap you with HST on new houses shall you decide to sell it in the first year of possession OR in later years if you fail to prove that property was for personal use . My bankers daughter has been penalized after 3 years with HST since they never lived in property and sold eventually .
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Growing Old Is Mandatory ..Growing UP is Optional
Quote:
Originally posted by AshwaniG
Can you please tell how once can sell the property before closing ? AFAIK most reputed builders dont let the assignment clause include in agreement unless its a condo
P.S: I heard that govt can slap you with HST on new houses shall you decide to sell it in the first year of possession OR in later years if you fail to prove that property was for personal use . My bankers daughter has been penalized after 3 years with HST since they never lived in property and sold eventually .
http://www.rcllp.ca/condo/hst-rebates-on-new-housing-including-rebates-for-rentals/
Builders and Purchasers of new homes also need to be aware of the fact there is a rebate of HST available to the landlord of a new property (including a single home or residential condominium unit) if the first occupant of the property is a tenant. This rebate is referred to as the New Residential Rental Property Rebate (“NRRP Rebate”).
Purchasers who rent out a new home so that the first occupant of the new home is a tenant are entitled to the NRRP Rebate but cannot obtain the NRRP Rebate from the builder. Such Purchasers must apply for the NRRP Rebate directly after closing.
The obligation for a Purchaser to pay the full 13% HST without being aware of the NRRP Rebate can discourage a Purchaser from completing the purchase.
Further, awareness of the NRRP Rebate may also deter misrepresentation by Purchasers to the CRA.Of late, we have noticed that, in order to avoid being responsible to their builder for lost NHR, some Purchasers have been dishonest about their intentions to rent out a property and misrepresented that they intend to occupy the property as their primary place of residence. If Purchasers are made aware that they can obtain the NRRP Rebate on new homes that they lease out to tenants, we suspect some of this dishonesty will be dissuaded.
The NHR allows Purchasers to recover some of the federal portion of the HST, which is 5% in Ontario. For homes with a base price (exclusive of any HST or rebates) up to $350,000, Purchasers may recover a rebate of 36% of the 5% federal portion. The allowable rebate declines on a sliding scale when the purchase price is between $350,000 to $450,000. If the base price is or exceeds $450,000, the federal portion of the NHR is not available.
Regarding the remaining 8% of the HST, which is the provincial portion, Purchasers may recover 75% of the 8% provincial portion up to a maximum of $24,000. Unlike the federal portion, the amount of the provincial portion of the NHR does not slowly decline once the purchase price reaches $350,000.00. The provincial portion of the NHR simply does not apply to any purchase price in excess of $400,00.00, thereby limiting the amount of the provincial portion of the NHR to $24,000.00.
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Revenge can be bitter sweet, but if u sit back and watch, KARMA can be pure entertainment.
Location: Brampton, Ont, Canada
Posted on: 02-10-15 09:35:38
HP get a real estate licensed - u'll do good
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'Some goals are so worthy, it's glorious even to fail.' (Param Vir Chakra awardee Lt. Manoj Pandey)
Thanks for the link
Did you dodge the question of selling before closing or was it an oversight .
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Growing Old Is Mandatory ..Growing UP is Optional
Quote:
Originally posted by AshwaniG
Thanks for the link
Did you dodge the question of selling before closing or was it an oversight .
Selling or assigning your contract before closing, depends on your contract. Most builders have a clause in the offer which prohibits that. You need to check your contract.
As someone said: "You don't own the house until you close", so you can't sell something you don't own. You can line up a buyer and set it up so that you close one day and sell it the next, but you need to close your home before you sell it. Some contracts even say you can't list it until after you close because the builder could have raised their prices and you're listing would undercut that messing up their market.
If you close and then sell you can ask for a bridge financing until you sell it from your bank, but they would need to be very accomodating.
The new project of Niagara and Caledonia has clause in the contract so, you cannot sell it before closing. I have read that 99% of the time, condos can be sold before closing and only 80% of the time, detached/ semidetached and town houses cannot be sold before the closing. Some builders are flexible and allow u to sell before the closing.
According to me, if we wanna boost Canadian real estate further then, investors should be allowed to sell before closing to make money since we give boost to the builders by investing in his project before project starts.
P.S. if the owner is selling before closing then, if there is structural issue covered by the 7 year warranty you would be responsible to repair it instead of builder.
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Revenge can be bitter sweet, but if u sit back and watch, KARMA can be pure entertainment.
Quote:
Originally posted by happywoman36
Quote:
Originally posted by AshwaniG
Thanks for the link
Did you dodge the question of selling before closing or was it an oversight .
Selling or assigning your contract before closing, depends on your contract. Most builders have a clause in the offer which prohibits that. You need to check your contract.
As someone said: "You don't own the house until you close", so you can't sell something you don't own. You can line up a buyer and set it up so that you close one day and sell it the next, but you need to close your home before you sell it. Some contracts even say you can't list it until after you close because the builder could have raised their prices and you're listing would undercut that messing up their market.
If you close and then sell you can ask for a bridge financing until you sell it from your bank, but they would need to be very accomodating.
The new project of Niagara and Caledonia has clause in the contract so, you cannot sell it before closing. I have read that 99% of the time, condos can be sold before closing and only 80% of the time, detached/ semidetached and town houses cannot be sold before the closing. Some builders are flexible and allow u to sell before the closing.
According to me, if we wanna boost Canadian real estate further then, investors should be allowed to sell before closing to make money since we give boost to the builders by investing in his project before project starts.
Kutch zara simple 'Angrezi' mein samjha sakti hein aap - to some of the illiterate people like me?
