TEAM HILSON ( Milton Real Estate )

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Teri Lynn & Norm Hilson

  • Coming Soon in Old Milton

    Been waiting for the perfect house on the perfect street? The Hilson Team may have what your waiting for. 259 Ridge Drive in Milton is one of those special homes that only come around once and a while. Completely renovated from top to bottom with gorgeous family room addition offering beautiful vaulted ceiling, large windows, gas fireplace, hardwood flooring. The freshly updated kitchen with gleaming white cabinetry, new counter tops, and flooring are perfect!. Relax in your pool or in the super deep soaker tub in the elegant en-suite bathroom. Come and take a look for yourselves you won't be disappointed.
  • Bank of Canada wants rates back to normal – here’s what that means for your mortgage, line of credit

    Today’s interest rates are still at jaw-dropping, forehead-slapping, eye-popping lows if you judge by historical standards.

    So when the Bank of Canada talks about bringing rates back to more normal levels, you better listen up. Rates have already risen in the past 15 months and it now looks like there’s a fair bit more to come. Brace yourself for numbers you’ve never seen if you got into the housing market after the 2008-09 global financial crisis sent rates plunging.

    The benchmark rate set by the central bank is called the overnight rate and it’s now at 1.75 per cent, up from 0.5 per cent in the summer of 2017. The Bank of Canada wants to move rates back to between 2.5 per cent and 3.5 per cent, which we’ll average out to 3 per cent. This is a neutral zone where rates are considered to be balanced between stimulating and cooling the economy.

    Banks use their prime rate as a base for setting the cost of variable-rate mortgages and lines of credit. The prime is now at 3.95 per cent, which is a markup of 2.2 percentage points on the overnight rate. Let’s estimate a prime rate of 5.25 per cent if the overnight rate does get up to 3 per cent.

    The websites of a couple of big mortgage brokerage firms show variable-rate mortgages at 2.85 per cent, which means a discount of 1.1 points off prime. With a 5.25 per cent prime, this aggressive level of discounting would give you a rate of 4.15 per cent. A $500,000 mortgage amortized over 25 years would mean payments of $2,328 at 2.85 per cent and $2,671 at 4.15 per cent, a hefty difference of $343 monthly.

    Unlike variable-rate mortgages, fixed-rate mortgages aren’t directly affected by the Bank of Canada’s overnight rate. But if the central bank backs up its talk about normalizing rates with multiple increases in the overnight rate in the months ahead, then rates in the bond market could rise as well. This would put upward pressure on the popular five-year fixed-rate mortgage, now available for 3.5 per cent with a solid discount.

    Five-year fixed mortgage rates take their cue from the interest rate on the five-year Government of Canada bond. When we last had a 5.25-per-cent prime rate (in early 2008), five-year Canada bonds were around 3 per cent.

    Today, we have a five-year Canada bond around 2.4 per cent, which means a competitively priced five-year fixed-rate mortgage would be marked up by 1.1 points. With a 3-per-cent Canada bond, you get a five-year fixed mortgage rate of 4.1 per cent. In the precrisis world of early 2008, discounted five-year fixed mortgages went for close to 6 per cent.

    Seniors and lots of boomers will remember when five-year mortgage rates topped 20 per cent in 1981. By mid-2001, five-year mortgage rates had fallen to 7.5 per cent. Now you see why today’s rates are still a bargain, even after a series of increases.

    Finally, let’s look at lines of credit. A home equity line of credit, or HELOC, might be priced at 0.5 to 1 point above prime. So expect HELOC rates of 5.75 per cent to 6.25 per cent if rates return to normal.

     


  • Marijuana Study

    According to a study 52% of Canadians would not purchase a home if legalized marijuana was grown in the home. Something to consider with the legalization in Canada.   

     

     

                                                                                                                     Image result for marijuana pic

  • Staging Your Home

    The Hilson Team defines it as “the process of  highlighting a home’s best features to ensure it appeals to as wide an audience as possible. The goal is to make the home stand out in both pictures and in viewings so buyers walk away wanting to live there.

     Home staging can range in price. According Teri Lynn Hilson owner of www.listednsold.com, factors that influence the cost are:

    • the square footage of the home
    • whether it’s a vacant property and will require rental of furniture and accessories
    • The Hilson Team has a wide variety of home staging furniture, props to guarantee a successful sale of the property 
  • 8 easy ways to add value to your condo

     #1 - Pack Up the Clutter

     #2 - Clean Every Inch of the Condo

     #3 - Take a Good Look at the Floors

     #4 - Freshen the Walls with New Paint

     #5 - Make the Most of the Natural Lighting

     #6 - How About the Ambient Lighting?

     #7 - Update the Door Pulls in the Kitchen

     #8 - Install Closet Organizers

  • Land transfer tax not permitted outside of Toronto

    The 444 municipalities spanning Ontario will not be given the same power as the city of Toronto to impose a local land transfer tax.

    Municipal Affairs Minister Ted McMeekin surprised the Opposition during question period Tuesday by announcing the Liberal government would not allow towns and cities to impose their own land transfer tax on top of the province's.

    The province did its usual consultations on the Municipal Act following last year's local elections and found "no one was asking" for a land transfer tax, McMeekin told the legislature.

    "We are currently reviewing that feedback and can tell you there has been no call, at all, for a municipal land transfer tax, nor is there any legislation before the house that would allow this," he said. "Let me be clear: there will be no extension of the ability to have a land transfer tax to any municipality (outside Toronto)."

    The Progressive Conservatives celebrated after McMeekin's surprise announcement, but also accused the Liberals of floating the land transfer tax as a trial balloon.

    "It just recognizes some of the concerns that municipalities have," said deputy PC leader Steve Clark. "I'm glad the minister made the right decision."

    The Tories claimed the municipal land transfer tax has already cost Toronto up to $2.3 billion in lost economic activity and 15,000 jobs, but there are no indications it has cooled down the city's real estate market.

    McMeekin accused the Tories of using scare tactics to warn people that a land transfer tax would hurt home sales, and said he wanted to make it clear that the province was not imposing such a plan.

    "There was a campaign of misinformation there and it just made sense in the house, to me, that I stand up and clarify and that's what I did," he said.

    Cash-strapped municipal governments are looking for new revenue tools, added McMeekin, who suggested some may want to follow Toronto's lead and impose development charges.

    "That's a potential significant source of revenue," he said. "They have certain tools that many of them use wisely, but some aren't using fully."

    The Opposition said McMeekin should come up with some solid ideas and suggestions for local governments to help them increase their revenues.

    "The minister cannot continue to float trial balloons up to municipalities," said Clark. "He needs to actually have a meaningful consultation with them and table some of his suggestions so they can have that discussion."

    Clark said the Liberals only backed down because of his private member's motion -- which was scheduled for debate Thursday -- that said the government should not impose or help municipalities facilitate the imposition of a land transfer tax.

    "Until I tabled the motion, which put it in the public realm, they would have continued doing what they've been doing and talking behind closed doors," he said. "It's not the way to consult."

    The Ontario Real Estate Association called McMeekin's decision a "huge win" for people who dream of home ownership.

    "It reaffirms that the municipal land transfer tax is a bad revenue tool, not just outside Toronto but in it as well," said OREA president Patricia Verge.

  • Attention New Canadians

    Great program offered by Genworth Financial contact Team Hilson for more info.
  • Purchase Plus Improvements Mortgage

    Team Hilson keeping you informed
  • USE A LOCAL REALTOR

    The importance of using a local Realtor.
  • Growth brings Milton prosperity, growing pains

    The surging growth of the Greater Toronto Area is putting new pressure on Milton.

    In 1955, less than 3,000 people lived in the town located about 55 kilometres west of Toronto. But between 2006 and 2011, Milton's population grew by 56 per cent, earning it the title of Canada's fastest growing community.

    Located next door to Mississauga and Oakville and only an hour from Toronto by GO Train, the town offers housing that is affordable by Toronto standards and what Krantz calls "a bit of both town and country."

    Milton's population, now just over 100,000, is expected to double in the next 15 years to 230,000. 

    It's also one of the youngest communities in Canada, with an average age of 34 years old.

    Krantz has witnessed much of the town's transformation. He was first elected mayor in 1980 and began serving on town council back in 1965.

    He said the town's challenge in the coming years will be to add more housing while using less land. 

    "When I was first elected, apartment buildings and townhouses were never heard of," he told CBC News. "That was probably the wrong thing because we were using up a tremendous amount of land."

    He remembers when four houses were built on an acre of land. Now six houses per acre is common. 

    "We're not growing out anymore, we're growing up."

    Pressures over land use cropped up last week, with some residents planning to oppose CN Railway plans for a new container transfer terminal close to town. 

    Krantz said he worries about Milton losing its identity as a small town and admits residents are feeling the growing pains. Rush hour traffic can be difficult and parking can be a problem at the local GO station.  

    But he's confident the community can grow without losing what made it popular in the first place: its proximity to Toronto with easy access to natural areas like the Niagara Escarpment. 

    "There are two types of people in this world, those of us who are Miltonians and those who wish they were," he jokes.

    CBC NEWS

     

  • Is it possible to buy a property after a bankruptcy?

    By Vanessa Roman

    There are many reasons why people fail to pay their debts; sometimes it’s because of a serious illness, maybe the death of a loved one, a job loss or divorce. And yet, for others, it simply boils down to a complete lack of fiscal responsibility, as they amass more debt than their income can pay for.

    Declaring bankruptcy feels like the end of the world to many people, and understandably so. The event comes with negative social stigmas, feelings of embarrassment and poor self-worth, and it seriously limits your financial opportunities for many years afterwards.

    But all is not lost. If purchasing an investment property after bankruptcy is your goal, it’s certainly possible if you manage your financial affairs wisely.

    Start by arranging a repayment plan (often called a consumer proposal) with your creditors. This will help to get you back on your feet by arranging a manageable schedule of repayments. If your debts are so large that repayment is not possible, then declaring bankruptcy may be your only option to forgive some or all of the debts you have incurred.

    Declaring bankruptcy will, of course, have negatively impact your credit rating, because it remains on your credit file for three to five years. It will also be a permanent part of your life history because, when asked if you have ever been bankrupt, you will be legally obligated to answer “yes”. But when structured properly, bankruptcy gives you a second chance to rebuild your credit, and that means future potential to successfully apply for a new mortgage, by earning steady income and living within your means.

    Applying repeatedly for new credit every few months – whether for credit cards, furniture store layaways, car loans or any other type of credit application – can actually count against you because each time a business accesses your credit file it lowers your overall credit score.

    A more sensible plan in the years following bankruptcy is to pay all of your bills in full and on time while saving as much money as you can for your future investment – at least 20 per cent. These actions help to develop a positive credit score and the larger your down payment for a new property, the more favourably a financial institution will view your mortgage application.

    Remember the fable about the tortoise and the hare? Rebuilding your financial reputation takes time and there is no quick fix. Be thankful for the second chance you have been given; learn from your past financial mistakes and use those lessons to rebuild your financial future.
     
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  • ARE YOU A REALTOR

     

    http://lightersideofrealestate.com/real-estate-humor/10-signs-might-real-estate-agent

     

  • Downtown Milton has something for everyone

    Downtown Milton has something for everyone 

     

    Milton Canadian Champion

    With its historic charm and 180 shops and services, Downtown Milton is a preferred destination not just for locals, but those throughout the GTA.

    People love Downtown Milton for its small town character and wide variety of unique stores and restaurants, as well as the vibrant events organized by the Downtown Milton Business Improvement Area (DMBIA).

    The area is defined by Bell Street to the west, Fulton Street to the east, Mill Street to the north and Mary Street to the south.

    Of all the fun events offered throughout the year, one of the most anticipated is always Downtown For the Holidays. The area is lit with sparkling Christmas lights, carolers come out to sing, businesses offer special promotions and horse drawn wagon rides are offered.

    In the summer, people flock to Main Street for The Chamber of Commerce's Farmers' Market, where fruits and vegetables picked fresh that morning are available.

    The DMBIA always makes sure children love visiting the downtown area, with their annual Easter Egg Hunt and Tiny Tots Trick or Treat.

    The diverse events organized to bring the community together also include Classic Cruise Night in July and the Downtown Milton Street Festival in June, co-hosted by The Town of Milton.

    Even when there's not a specific event officially on, the heart of the community is a special place. There are local small businesses you just can't find anywhere else. Locally owned and operated shops and services offer unique items and experiences. Whether you want a pedicure, a new outfit, updated eyeglasses or a delicious meal, Downtown Milton has it all. Click here for the Downtown Directory of shops and services.

    Milton's downtown is nestled in a picturesque setting and the DMBIA always makes an effort to compliment the natural beauty of the area with hanging flower baskets and garden beds.

    The Downtown business owners take pride in their neighbourhood and enjoy giving back to their community. Every September, participating businesses support The  United Way of Milton through the Paint the Town Red campaign by donating proceeds from their sales.

    To find out about all the latest events that you can enjoy in Downtown Milton, click here to visit their Facebook page.

  • Quebec boards file motion against FSBO

     

    In what will surely become a landmark move, the Québec Federation of Real Estate Boards (QFREB) has filed an application for authorization to institute a class action suit against a major for-sale-by-owner player in the province.
     
    The proposed lawsuit accuses for sale by owner (FSBO) company DuProprio of “systematically engaging in deceptive advertising campaigns for years, misleading Québec consumers about the so-called savings associated with DuProprio's services, and about the supposed advantages of its real estate services compared to those of brokers,” the QFREB said in a press release this morning.
     
    The board conglomerate, which represents the province’s 12 real estate boards and 13,000 real estate professionals, says DuProprio explicitly promises its clients they’ll incur less financial strain by using its services as opposed to paying a real estate agent’s commission. The QFREB says that statement fails to consider the various real estate commission structures available to buyers and sellers.
     
    Further, the QFREB asserts DuProprio slanders the industry by claiming agents do not protect consumers from the perils of purchasing real estate. Again, the FSBO company fails to consider the insurance programs offered by many brokerages for the purpose of consumer protection, the federation argues.
     
    "In Québec, the legislator has ruled that real estate brokers should have received professional training and hold a licence issued by the OACIQ,” says Éric Vallières, a lawyer with McMillian, the Montreal firm representing the QFREB. “They are also subject to strict requirements and high standards of service."
     
    The fight against FSBO models is prevalent across the country, leading to advertising campaigns on both sides of the argument. Agents in the REP forum, however, have been pushing back against companies like DuProprio and Property Guys, arguing an agent’s services go well beyond an MLS post.
     
    “If you get an experienced agent who knows how to negotiate, who spends money on advertising, who can do the open houses, who ensures they have a legitimate buyer, then you’re way better off than selling by owner,” Janette Graf-King, a real estate agent with Re/Max, says. “You get what you pay for.”
     
     

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