By Warren McNeil

My broker sent this around to us this morning. For all you optimists out there, this is for you. I am right there with you and feel that we have nothing to worry about.

Here are some articles

Buying a home expected to get more affordable Source Kitchener-Warterloo The Record

RBC study: homes will be more affordable in 2008 Source ctv.ca

Housing affordability expected to improve in 2008 Source Winnipeg Sun

Homes to become more affordable this year: observers Source CBC

Thanks for reading!

By Warren McNeil

 Buying a home can be a bit of a challenge if you don’t have a downpayment. Even though banks are offering no-money down or 5% downpayments, you still might want to put a larger downpayment. Keep in mind that the bigger your downpayment, the less money your home will cost you over the long-haul. It makes a lot of sense to put a bigger downpayment if you can afford it. 

One option that can help individuals with their downpayment is a Canadian government program called the Home Buyers’ Plan or HBP.

  If you are a first time homebuyer or someone who is buying on behalf of someone who is disabled, you are eligible to withdraw an amount of up to $20,000 to put towards the downpayment when purchasing or building a new home. Spouses are also eligible to withdraw up to $20,000 as well for a total maximum of $40,000.

No tax is deducted from these funds so long as you repay the fund to an RRSP.

For more information about this type of assistance along with forms, conditions, prepayment options
see http://www.cra-arc.gc.ca/tax/individuals/topics/rrsp/hbp/menu-e.html

This is just one more thing to make you homebuying experience a little bit easier. Be sure to talk to your local lendor or realtor to get more information about this plan or any other plan.

Reference: Orea Guide: How to Buy Your Home pg 88

Thanks for reading!

By Warren McNeil

If you have purchased a condominum before then I am sure that you have heard of a status certificate. If you haven’t and are considering buying a condo then read on.

A status certificate is a document containing information about the operational, legal and financials of a condominium corporation. This condo corporation is required to prepare the status certificate for each person (buyer/seller) that is requesting it. It is often the buyer requesting it during an offer. The condominium corporation must prepare the status certificate within 10 days. The fee for the certificate is $100 and can’t exceed that amount. Once a lawyer has had a chance to review the status certificate, They notify their client as to whether they should be concerned with any aspect of the document contents and then proceed to tell them to either waive or not waive. Like other conditions such as home inspection, financing or sale of buyers property, the status certificate condition is provided for the benefit of the buyer.

Here is what the clause looks like:

"This offer is conditional upon the Buyer’s lawyer reviewing the Status Certificate and Attachments and finding the Status Certificate and Attachments satisfactory in the Buyer’s Lawyer’s sole and absolute discretion. The Buyer agrees to request at the Buyer’s expense, the Status Certificate and Attachments within 10 days after acceptance of this Offer. Unless the buyer gives notice in writing to the Seller not later than 5:00 p.m. on the fifth day (Excluding Saturdays, Sundays and Statutory Holidays) following receipt by the buyer of the Status Certificate and attachments, that this condition is fulfilled, this Offer shall be null and void and the deposit shall be returned to the Buyer in full without deduction."

 Here is what is typically included in a status certificate:

• Statement of common elements (including default  for the unit if any)
• amount payable by unit for common expenses
• Details of any increase in the common expenses for the unit since the date of current years budget. Reasons for increas must also be provided.
• Statements relating to any assessments of the reserve fund since the date of the current years budget including reasons for assessments.
• Information relating to any applications of amendments to the declaration
• Particulars of any outstanding judgements
• Status of any legal action that is currently being taken against the condo corporation
• Information about the current budget including an auditors report
• Copy of declaration by-laws and rules
• Listing of any agreements (management, insurance)
• Statement that requestor can view the documents
• Owner compliance of any current agreements that include modifications to the unit. e.g. additions, or changes to common elements
• details about the most recent reserve fund and amount. (No earlier then the end of the month and within 90 days of the certificate). Included are also the plans to increase the fund.
• number of leased units  for fiscal year preceding the status certificate date
• Certificate of insurance policies
• Any proposed or planned additions, alterations or any other improvements ot the common elements, other assets of the condo corporation
• A statement if a court has appointed an inspector persuant to the Act

There you go. Everything you need to know about the status certificate.

Disclaimer: Information in this post was collected from the resources below and is deemed to be accurate. Errors and ommision accepted.

Reference: OREA Provincial Reference Manual pg. 87
Easy Offer 2008: clause (CONDO-2)

If you are still awake after reading this, then thank you for reading!

By Warren McNeil

 I have fond memories of living in Wellesley when I was a kid. I lived there for three and a half years and I often think back on these wonderful times. Some of the memories I have of Wellesley are: tobogganing on the park hill, picking asparagus & raspberries, picking apples at the apple mill, Halloween trick or treating and going to Wellesley Public School. Other memories include playing baseball, going to the Apple Butter and Cheese Festival and the fall fair. I remember one time getting bonked on the head with a baseball while standing at the arena canteen. Many of my friends found this experience quite humourous. Amazingly it didn’t hurt much and I don’t think I even had much of a bump.

 Here is a bit of a writeup from the Township of Wellesley’s website:

“Located in the north west corner of Waterloo Region and once part of a vast Clergy Reserve known as “The Queen’s Bush”, Wellesley Township waited until 1843 to be completely surveyed for settlement. The Township got off to a good start, had nearly 6,000 people by 1861, and showed signs of matching other areas for growth and development. At one time, one of its villages, Hawkesville, vied with Berlin (present day Kitchener) and Galt (part of present day Cambridge) in becoming the county seat.” read more…

 Here are a couple more reasons why Wellesley is a great place to live:

1. Apple butter and cheese festival
http://www.township.wellesley.on.ca/apples/index.html
Want apple products such as apple butter, cider or syrup?
See http://www.wellappleproducts.com/product.html

2. 20-25 minutes to Waterloo
Click http://tinyurl.com/2nwjvo to see a Google map

3. Quiet and safe environment to raise family.

4. Population of Wellesley Township is 10,260 in 2919 households. See http://www.township.wellesley.on.ca/popfigures.htm for more information on population. Not exactly sure what the population of the town of Wellesley is. I will try and update this another time. The figures represented here are for all of Wellesley Township

5.  There are 3 restaurants in town

6. Wellesley Fall Fair which is held once every year on the first consecutive, non-holiday Monday and Tuesday of September.

7. Fishing in the big pond, down by the waterfall, the Grand and Nith rivers.

8. Lots of snowmobile trails surrounding the town

9. There is a real sense of community. Everbody is friendly when you walk down the street. It doesn’t take long to learn who your neighbors are.

10. Wide range of homes to choose from in all price ranges. Really good bang for you buck.

The nice thing about Wellesley is that you are close enough to the city and nearby towns so that you won’t feel isolated. The town is constantly growing and whenever I go there I am always impressed by how they have been able to preserve the character while enabling new families to take residence there.

You should really check Wellesley out if you havent’t already. Take my word for it, it’s a great place to live!

Thanks for reading,

By Warren McNeil

One of the problems I find with the Internet is the ability to find stuff quickly. I don’t know about you but, when I do a Google search, I want to find what I am looking for within the first few links. For example, When I type "Waterloo region schools" I want to find a site that will provide me all the information I need in seconds. In the case of a Waterloo region schoolfinder, I have good news! Such a site exists, read on…

The Waterloo Region has a really cool website with a school search engine for the entire area. This website is located at https://www.wects.ca/

To use the site, all you have to do is enter the street number, streetname, city and volia, schools! 

This website is extremely handy and sure beats searching for schools by driving around the area, phonebook, mental telepathy or calling the Waterloo Region school board. One thing I would like to see In the future would be more detailed maps.

For more information about Waterloo Region schools or the school board, see http://www.wrdsb.on.ca/.

Thanks for reading!