Bank changes HELOC - Home Equity Line of Credits

My TD mortgage broker updated me that there will be changes starting August 20, 2012 for home equity line of credits by Canadian banks.

Currently, clients can get a HELOC up to 80% of the value of their home, if they qualify.

So if the house is worth 500K, the maximum HELOC can be 400K.

Under the NEW rules the maximum HELOC will be 65% of the value of the home. 

So the same $500K home now offers a  HELOC of only $325K.

Now those that are looking to use HELOCs to purchase investments will lose out on a significant source of CASH available, especially when average homes are around $500K.  That is $75K of money that was accessible to you before the changes.

Talk to your mortgage broker if you have further questions and call me if you are looking to buy, invest or sell.

Jas Jagpal, Broker at RE/MAX Dynasty Realty Inc.  He has formed 2 teams.  One specializing in Investing, primarily in condos and the second helping clients sell their houses in the GTA.  No matter what your needs are, contact him if you are looking to buy, sell or invest in the Greater Toronto Area.  

Choose Results, Honesty & integrity.  Choose Team Jas Jagpal.  
 Jas Jagpal, Broker  647.272.6629   jasjagpal@gmail.com  Office: 905.471.0002 

 Jess Jagpal, Sales Representative  jessjagpal@gmail.com  416.312.9742 

Posted via email from Markham Houses : Markham Condos For Sale- Investment, Pre-Construction, Resale

Are You Fit To Sell your home in Toronto?

Many Sellers or Realtors don't quite understand the many facets that need to be looked at before listing your home For Sale.

We've all taken Buyers to homes that are on Sale and wonder "what were they thinking"?

I remember vividly taking a client to a 3 year old house, a couple years back, in a prime location and was embarrassed to walk in with my clients.  The walls were filthy, food all over the floor in the kitchen and the hard wood floors sticky, while the home owners just sat their in the kitchen eating.

This home sold for over $30K less than market value because the owners did not understand or care to show case the home to Sell at the highest price.  With a thorough cleaning and few hundred dollars paint investment, they would've made thousands more.

You will find a selection of professional Videos by RE/MAX that emphasize the key areas that a home seller must consider when Selling their house.

If you are considering selling your homes in Markham and GTA and have questions, want to sell fast and at the highest possible price, then contact us and we will be happy to help you.

Jas Jagpal, Broker at RE/MAX Dynasty Realty Inc.  He has formed 2 teams.  One specializing in Investing, primarily in condos and the second helping clients sell their houses in the GTA.  No matter what your needs are, contact him if you are looking to buy, sell or invest in the Greater Toronto Area.  

Choose Results, Honesty & integrity.  Choose Team Jas Jagpal.  
 Jas Jagpal, Broker  647.272.6629   jasjagpal@gmail.com  Office: 905.471.0002 
 Jess Jagpal, Sales Representative  jessjagpal@gmail.com  416.312.9742

Posted via email from Markham Houses : Markham Condos For Sale- Investment, Pre-Construction, Resale

Tuesdays with Jas Jagpal - Issue 3 - Toronto Real Estate Newsletter

Toronto Real Estate Market Facts   (Email JasJagpal@Gmail.com to sign up for the complete newsletter) We have two different markets out there it appears.  One for the 416 area code and another for the 905. Though over all stats show an average price increase, year over year for July by 4% to $477K from $459K and a decrease in sales by 1.5% to 7,570 from 7,683.  The real picture is quite different. If you are living in the 416 area: Sales of Detached Homes (- 4%) ; Semi-detached (- 14%), Townhouse (- 5%) ; Condo Apartments (-13%).   If you are living in the 905 area: Sales of Detached Homes (- 1%) ; Semi-detached (+2%), Townhouse (+24%) ; Condo Apartments (-2%). Clearly semis and townhouses are selling like hot cakes in the 905 area code. NEW and ACTIVE LISTINGS:   This is significant as we have 16% more active listings in July 2012 than 2011 and added 12% more new listings in July 2012 than 2011.  The direct impact of this will be greater competition in the market place.  It will become harder to sell homes.  Days on the Market to sell will increase thus softening prices and also making it more difficult for For Sale By Owners, or discount brokers to sell homes.  If the trend continues we will start hitting a Buyers market I'd say by the winter.  MORTGAGE RATES (July 2012): Chartered Bank Fixed Rates:  1 year - 3.10%, 3 year - 3.95%  5 year- 5.24%  (not discounted rates) AMORTIZATION PERIOD: There is a misconception out there that there are only 25 year amortization mortgages.  This only applies to CMHC approved mortgages where people pay less than 20% down payment.  For those paying 20% or more, lenders can still give 30 year amortization. So you should be concerned about the market?  I don't think so.  With low interests projected to last for many years and our overall economy in decent shape,  we should expect stability in the market for the foreseeable future and not crazy price increases we lived through the past two years.  If you are thinking of Selling get a FREE Market Evaluation. Sincerely, Jas Jagpal, Broker  647.272.6629   jasjagal@gmail.com

Buy /  Sell / Invest in Condos.  Toronto Condo Real Estate!

Jas Jagpal, Broker at RE/MAX Dynasty Realty Inc.  He has formed 2 teams.  One specializing in Investing, primarily in condos and the second helping clients sell their houses in the GTA.  No matter what your needs are, contact him if you are looking to buy, sell or invest in the Greater Toronto Area.  

Choose Results, Honesty & integrity.  Choose Team Jas Jagpal.  
 Jas Jagpal, Broker  647.272.6629   jasjagpal@gmail.com  Office: 905.471.0002 
 Jess Jagpal, Sales Representative  jessjagpal@gmail.com  416.312.9742

Posted via email from Markham Houses : Markham Condos For Sale- Investment, Pre-Construction, Resale

5940 Yonge St, Toronto - 1BR Condo for Sale

See the full gallery on Posterous

You Are Going To Fall In Love With This Spacious, Bright And Airy PentHouse Condo - 9 Ft Ceilings . Don't Miss It! Enjoy Your Morning Coffee Or Tea At The Breakfast Bar With The Morning Paper. Ideal For First Time Buyers And Investors

1BR - 506 Sq Ft,  with Parking and Locker and Laminate Floors  at Finch and Yonge St.
Maintenance Fee: $374.80 - all inclusive includes Hydro.

FOR SALE only $259K

Low Rise Condo Building.  Built 2006.

Jas Jagpal, Broker at RE/MAX Dynasty Realty Inc.  He has formed 2 teams.  One specializing in Investing, primarily in condos and the second helping clients sell their houses in the GTA.  No matter what your needs are, contact him if you are looking to buy, sell or invest in the Greater Toronto Area.  

Choose Results, Honesty & integrity.  Choose Team Jas Jagpal.  
 Jas Jagpal, Broker  647.272.6629   jasjagpal@gmail.com  Office: 905.471.0002 
 Jess Jagpal, Sales Representative  jessjagpal@gmail.com  416.312.9742

Posted via email from Markham Houses : Markham Condos For Sale- Investment, Pre-Construction, Resale