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101 Real Estate Magazine

  1. 1. JANUARY 15, 2010VOLUME 1 NUMBER 1 WhAt IS A MORtGAGE 101 comPrehensive guide LAWYERS CORNER Advice on ProPerty YORK REGION 101 review of york ICE HOTEL: ICE COLD OR COOL? JANUARY 2011 101 REAL ESTATE MAGAZINE | 1
  2. 2. 101 Real estate Magazine editor-in-chief Mahdi Raza executive editor Sameen Jafri JANUARY 15, 2010 - VOLUME 1 NUMBER 1 101 reAL eStAte mAGAZine Is published monthly by Mahdi Raza at www.101realestatemagazine.com and is available always online. To order print please visit our website and send an email under the contact form or call 416.659.6336. Copyright © 2010 101 Real Estate Magazine. All rights reserved. 101 Real Estate Magazine is owned and managed by Mahdi Raza. It is not intended to solicit properties that are currently listed. This publication, including all third party material and all schedules, appendices, pre-printed forms, standard clauses, processes, facts, information and any other material contained therein (the “Publication”), is summary in nature and not intended to replace direct research of original source documents and expert advice. Real estate practitioners and consumers should seek appropriate counsel in matters relating to real estate. At all times, diligence and prudence should be uppermost as all real estate transactions are unique. Selecting the right real estate agent to help you buy or sell This Publication is strictly intended for educational purposes only. Mahdi Raza reserves the right to change or revise this Publication without notice, and will not be liable for any loss or damage incurred by you as a your home is essential to a smooth transaction. For the best result of such changes or revisions. Mahdi Raza, advertisers and others associated with this Publication (collectively referred to as the possible experience, you should consider a professional’s “Advertisers”) are not responsible for any deficiencies, defects, errors, omissions, or for the adequacy, sufficiency, completeness, suitability, accuracy, currency or applicability of the contents of this Publication. This disclaimer, and all that follow, applies regardless of whether this Publication is made available to you background, personality and responsiveness. in paper or electronic form. In the event that you access this Publication by means of the internet or other electronic transmission, you expressly agree that the Advertisers are not responsible for any damage to hardware or software, loss or corruption of data, or any other loss or damage, that may result from your use of this Publication or from your accessing any web-site related to this Publication or utilizing any other means of electronic transmission owned or operated by, or on behalf of, the Advertisers. The Advertisers make no warranty MahdiRaza.com or representation that any such web site, electronic document or electronic transmission will meet your requirements, will be uninterrupted, timely, secure or error-free or that defects, if any, will be corrected. The Advertisers disclaim all warranties of any kind, whether express or implied, including without limitation any warranties of merchantability or fitness for a particular purpose, related to this Publication. Further, the Advertisers are not liable for loss or damage, whether direct, indirect or consequential, and whether or not it was foreseeable, arising from the utilization of this Publication.2 | 101 REAL ESTATE MAGAZINE JANUARY 2011 JANUARY 2011 101 REAL ESTATE MAGAZINE | 3
  3. 3. EDITORIAL W e are proud to present our launch of 101 Real Estate Magazine. The reason why I chose 101 is unique. I wanted to educate people from all walks. After speaking to many people over the past few years, I discovered something special. People like to know a little about everything. To read about things that are specially unique was key from my discovery. Wether it be real estate, mortgages, law, finance, technology, cars, clothing, travel & food. The other purpose of this magazine is to share with you my network of business professionals who I have built a strategic partnership with over the years. Over the course of the year I will add professionals from other faucets of business and they will publish up-to-date unique information for you, the reader. What I want to bring to you in 2011 is a multimedia magazine that will continue to grow. Exciting videos, mind boggling flash, rich graphics, and thrilling content that will leave you with a breathe of fresh air. I would like to thank the partners in the magazine, and please send me a note anytime if you have any ideas, suggestions, or just want to say nice job! I would like to wish you all the best for 2011 and please visit my website at www.mahdiraza.com. Mahdi Raza Thank You, phoTo fRoM MAhdI RAzA4 | 101 REAL ESTATE MAGAZINE JANUARY 2011 JANUARY 2011 101 REAL ESTATE MAGAZINE | 5
  4. 4. 101 Real estate Magazine 8 | LAwyerS corner // Saidaltaf Patel 10 | LAteSt condo trendS // mahdi raza 13 | women Love condoS // Sameen jafri 16 | iBm vS JeoPArdy // dan noSowitz 18 | Secret reciPeS // mahdi raza 20 | york reGion 101 // wikiPedia 22 | whAt iS A mortGAGe? // mahdi raza 25 | Pre-APProvAL SAveS time // mahdi raza 26 | why chooSe remAx // remax.ca 28 | ice hoteL // jane mclean6 | 101 REAL ESTATE MAGAZINE JANUARY 2011 JANUARY 2011 101 REAL ESTATE MAGAZINE | 7
  5. 5. LAWYERS CORNER By SAidALtAf PAteL - BArriSter & SoLicitor What is title insurance? The pre approval of mortgage means what should not be there in agreement Title insurance is very important in all your income is enough to qualify you for of purchase and sale. As for example if types of real estate transactions. Basically it mortgage. The pre approval of mortgage is the agreement of purchase and sale does is a contract for insuring and indemnifying not a guarantee that you are going to get not speak anything about chattels such as property owners or lenders against loss mortgage for particular house you intend fridge, stove, washer dryer etc., The seller or damage from title risks in real estate to purchase. can take the chattels with him upon sale transactions. The insured may claim for It is not advisable to waive the condition and buyer cannot do anything legally. actual loss for the face amount of the policy. of mortgage in agreement of purchase and Also a lawyer plays very important Title insurance protects from defects in sale based on pre approval of mortgage for role in closing of real estate transactions. title as well as legal services related risks in the above mentioned reason. he does title search and other relevant real estate transactions and that protection When should I see a lawyer for my searches to ensure that you get the title is comprehensive no fault protection. real estate transaction? Who are the free of all encumbrances and defects. he Instead of suing lawyer for negligence, a other people I need for real estate communicates with other side’s lawyer policy holder may claim compensation transaction? and lender. A lawyer helps you to close the from the title insurance company. Title transaction with hassles to you. It is highly recommended that you see insurance covers for unforeseeable losses a lawyer as soon as you intend to buy or Another important person in your real unrelated to a lawyer’s negligence such as sell a house or property. The lawyer can estate transaction is a real estate agent. The forgery, fraud, discrepancies not revealed review the agreement of purchase and sale real estate agent is expert in his field and by survey etc. thoroughly and advise you properly. As helps you to choose best suitable house for What does pre approval of soon as you sign the agreement of purchase you. The real estate agent can advise you in mortgage mean? Should I waive the and sale, it becomes a binding contract which locality you should buy a house. he condition for mortgage approval in enforceable under law. The agreement of can guide you through the process. agreement of purchase and sale if I purchase and sale is a complex contract Mortgage broker and home inspector phoTo fRoM ISToCK have pre approval of mortgage? and must be reviewed with your lawyer. are also very important in real estate SP Law Office A professional Corporation - Suite 30- 695 Markham Road - Toronto, ON M1H 2A5 - Tel: 416. 850.3673 - Fax: 416.850.3674 - Email: info@splawoffice.ca - Website: www.splawoffice.ca A lawyer can advise what should be or transaction. Legal disclaimer: This is general information and contains no legal advice. This does not establish any client lawyer relationship. for specific legal advice, contact a lawyer.8 | 101 REAL ESTATE MAGAZINE JANUARY 2011 JANUARY 2011 101 REAL ESTATE MAGAZINE | 9
  6. 6. Latest Condo trends By mAhdi rAZA Left: Brazilian hardwood touched with a 25m lap pool complete with a children pool and a splash court. Hydrotherapy W treatment is integrated into the bays of spa seats lining the 2 hen it comes to condos, staying on the outfitted with dramatic finish as well and furniture in rich lengths of the pool. cutting edge of style and decor is key. distressed black stain is another attractive way to add depth The general perception of what’s hot to your decorating. and what’s not can change daily, so STREAMLINED STORAGE choosing trendy yet timeless decoratingstyles and furniture pieces is the true challenge for the condo Maximize closet space by building shelves and installingdweller. Always keep resale value in mind when you paint closet organizers. Make every square foot count–even underor make upgrades. Chances are, you won’t live in this condo the bed! Buy thin plastic storage boxes which slide easilyforever and when you do sell, you want the place to be into small spaces and use them to store seasonal clothing,attractive to a wide demographic–rather than simply to those wrapping paper, gift bags and more. Invest in drawerwho share the same tastes you do. organizers and cupboard shelves, too. Bottom: Granite back drop withWHAT’S HOT WHAT’S NOT modern and contemporary furnitureCLUTTER-FREE LIVING GARISH PAINT COLOURS to make all the envy of your suite. The choice to live in a condo generally means one must Lime green may be your favourite colour–and very in tocommit to living clutter-free. Although most condos have a boot–but that doesn’t mean lime is a wise paint colour choice.storage locker and at least one closet, the space for storage If you love it, don’t shy away completely, but don’t make itis quite limited compared to that of other types of homes. the main focus of your space, either, as rich colours tend toThat’s why it’s so important to adopt a zen-like approach to dominate. Instead, choose boldly-coloured accessories suchclutter and possessions. If you don’t need it, sell it, give it to as blankets, throws, candles and vases. If you simply mustcharity or throw it out. If you don’t know where you’ll put it, paint in a dramatic shade, choose a single wall to adorn withdon’t buy it. Life is much easier without too much stuff, and shocking colour.condos are much more attractive when they aren’t packed FADING FLOORSwith useless possessions. Even if you didn’t upgrade your floors, it’s important toFLOWING DECOR keep them in great condition. Laminate floors should not be When decorating a condo, choose a theme and stick washed with water, because it can leak through cracks andwith it. Condos and condo townhouses are generally open- cause bubbling. Instead, sweep well and spot clean with aconcept and fairly small, and introducing too many colour damp cloth. If you have hardwood, keep it in mint conditionschemes will overpower the space. When painting, choose a by cleaning and waxing regularly. If you plan to sell, a floorcolour that you can repeat–for example, paint your bedroom sand and refinish may be a good investment.the same colour as your washroom to give the impression of TOO MUCH BULKan ensuite and then chose a lighter or darker version of theshade for the living area and kitchen. You may not plan to live in a condo forever, and thus would rather invest in furniture that will make the transitionDRAMATIC WOOD FINISHES from condo to house with ease – but big, bulky, house-size phoTo fRoM JULIANINTERIoR.CoM phoTo fRoM JULIANINTERIoR.CoM It’s tempting to go with deep, dark paint colours when furniture just doesn’t compute in a small condo. Choose yourseeking to add drama to your condo decor, but particularly stuff wisely, and don’t break the bank on condo furniture.in a small space, this is not a great idea. Instead, stain the There are bargains to be had, especially on small, streamlinedfloors a dark oak or cherrywood finish. Cupboards can be stuff.10 | 101 REAL ESTATE MAGAZINE JANUARY 2011 JANUARY 2011 101 REAL ESTATE MAGAZINE | 11
  7. 7. WOMEN LOVE CONDOS By SAmeen JAfri CONDOREALESTATE o ver the past ten years, there has been a huge .COM increase on the number of women home buyers. for many of these women buyers that I speak to, a new condominium is the perfect choice. Women are noticing various cool amenities which are offered by new condo communities are extremely appealing, with varying combinations of commercially equipped gyms, aerobics/yoga/pilates areas, beautiful swimming pools and whirlpools, wireless media lounges, fabulous party rooms for entertaining, outdoor terraces with phenomenal views. Modern women of 2011 enjoy the freedom and luxury that comes with being able to travel the world and just lock the door on their way out, without worrying about lawn maintenance, snow removal, heavy repairs, up keep of the exterior and the like. This carefree lifestyle includes having neighbours close by who can look after plants and feed pets during vacations. one of the most appealing aspect of the condominium lifestyle for women is the security that comes with services including a 24 hour concierge and infrastructure features such as monitored cameras in underground parking garage, enter phone or in-suite security systems, and the list keeps growing. The other day I say phoTo MENdo gARdEN BLog motion detectors inside the suite! Last but not least, the condo price that women are about to fall in love with is also a major factor. The average condo is less expensive then a typically low-rise home or a semi-detached homes, making it more affordable on a single salary. for the above reasons along with a whole list of others, it is great to see more and more women every day benefitting from the perks of owning one’s own home. for more information on great condos that have awesome amenities for women please email me at info@ condorealestate101.com.12 | 101 REAL ESTATE MAGAZINE JANUARY 2011 JANUARY 2011 101 REAL ESTATE MAGAZINE | 13
  8. 8. phoTo BY ISToCK THE FUTURE OF CONDOMINIUMS T By mAhdi rAZA hat may seem like a bold title for this column, but I believe it’s true for a and even roommates who pool their resources are buying condos to start earning equity larger percentage of the population than people may realize. Whether you and set themselves up for a bright future. plus, younger people are frantically busy these are 18, 30, 50 or older, I think there’s a good chance that you will opt for days. A lot of these buyers are not interested in using their time maintaining a low-rise condo living at some point. You may not agree right now, but consider the home. They love the fact that they can own a smaller suite and are still able to entertain reasons for my theory. friends in the building’s theatre, party room, billiards room, rooftop garden, etc. of course, We have had an aging population for quite a while, and empty-nesters who find condominiums are usually close to public transportation and many are in the hub of themselves ready to leave their large homes for the freedom of condominium living. They downtown Toronto, which may mean a quicker work commute for professionals. Some appreciate being able to spend their leisure time enjoying life rather than mowing lawns, may even be able to walk to work, which is amazingly convenient. shovelling snow and cleaning rooms for hours on end. Many baby boomers and seniors Last but not least, let’s not leave families out of the equation. We are seeing more like to travel several months of the year, and it’s so much easier from a condominium people opting to raise their children in the city. This is a familiar concept for people who building. You can simply close the door and immigrate here from Europe, Asia leave with the confidence that your home will be looked after while you’re gone. “YOu cAN SImplY clOSe THe dOOr ANd leAve...” and elsewhere. Toronto, and in fact the entire gTA, has great schools phoTo BY ThEME.vISTA.CoM Most condominium suites are single-level designs, which is perfect for seniors. As we and every municipality is dotted with natural areas such as lush parks. Even in the heart of age, climbing stairs becomes more difficult, so having everything handy on one floor is a Toronto you can walk your dog and take the kids to the park to play. comfortable luxury. And as mobility issues arise, it is wonderful to have everything under There are a lot of other scenarios. parents are buying condo suites for their grown one roof. going to the pool for a swim, heading to the fitness centre for an aerobics class, children to live in while attending university, and then selling them for a profit after a few or meeting friends for a game of bridge in the lounge can be as easy as an elevator ride. years. Some purchasers select a two-bedroom suite and rent out the second bedroom. And You may be thinking, well, sure -- it’s safe to say that people over 50 will choose to live in of course, there are those who buy a condo strictly as an investment and rent it out from the a condo, but I’m still in my teens, 20s, 30s or 40s. Why me? beginning. With the population of the gTA growing by leaps and bounds, condominiums will be in demand for years to come. first of all, the market has been flooded with first-time home buyers who appreciate the advantages of owning in the gTA rather than paying out high rents and, for many of them, You never really know where life will take you. I may not be a psychic, but after many a compact condo suite is an affordable starter home. Single professionals, young couples, years in the industry, I feel confident saying that there is a condo in your future! Neeta Sambrook | Audi Brand Specialist | o. 905.907.2834 | f. 905.907.0904 | nsambrook@pfaffaudi.com 88 Jane Street | Vaughan, Ontario L4K 2M9 | (877) 494 - 900114 | 101 REAL ESTATE MAGAZINE JANUARY 2011 JANUARY 2011 101 REAL ESTATE MAGAZINE | 15
  9. 9. IBM VS JEOPARDY By dAn noSowitZ One of the Internets largest and best-known online cellular repair and consultant sites is designed to help put together an effective way to repair and restore your communication device fast and efficiently. Staff technicians are well-equipped with the latest equipment and tools to fix most problems, while providing easy access to some of the brightest talent in the workforce today. Services include: Water damage, Charging Port repair, LCD and trackballs. Includes; Ipad, Blackberry Torch. W Gear 4 Tech focuses on customer service and responding to clients needs in a timely fashion while only atson, an artificial intelligence program created by IBM (and named after Thomas J. Watson, IBM’s founder, not using OEM parts (Original Equipment Manufacturer). Sherlock holmes’s roommate), is designed as a question-and-answer bot, able to interpret and respond to questions posed in normal human language patterns. The natural use for such a program is, of course, the greatest game show Located conveniently In Oakville just off the QEW and Trafalgar in Oakville Place Mall. Our trained and that ever was or ever will be: Jeopardy!. In february, Watson will be facing off against two of Jeopardy!’s toughest competitors ever: knowledgeable staff are always willing to spend the time to explain the process or provide you with a Ken Jennings, whose 74-day winning streak was the longest in the show’s history, and Brad Rutter, whose $3.3 million winnings are the quick solution. Gear 4 Tech has been in operation for well over 8 years.. show’s highest. Creating an AI that can compete on Jeopardy! is an incredibly difficult task for any programmer. The venerable show poses questions not Staff members always willing to go the extra mile and that is to offer pickup and delivery service available only as simple shows of trivia knowledge, but also puns, various forms of wordplay, trick questions, riddles, and other complex queries. It only in the GTA. Convenient for larger corporations and for people who are not able to make it out in a takes uniquely flexible and quick thinking to succeed at Jeopardy!, placing Watson on a pedestal with chess-playing robot (and IBM sibling) deep Blue. busy schedule. Please let us know how we can assist. Corporate rates available as well as recycling system set up for old handset and equipment. vIdEo BY YoUTUBE.CoM/USER/IBM on february 14th, Watson will go head-to-head-to-head on a very special episode of Jeopardy!, playing against trivia legends Ken Jennings and Brad Rutter. (In case you were wondering, Watson’s spot at the challenger podium will be taken by an avatar--no word on what strained anecdote Trebek will coax out of him and then casually mock.) Watson has been prepping for the battle by sparring with other Tournament of Champions competitors, though neither IBM nor Jeopardy! has released the trivia-bot’s record against human competitors. You can see in the video above that some wordings can trip him up, so nobody knows exactly how capable a competitor he’ll be. OAKVILLE PLACE MALL 240 Leigh Land Avenue | Oakville, Ontario | 416.802.3794 The winner will receive $1 million--if Watson wins, IBM will donate the money to charity, and both of the human competitors have We are in the centre of Oakville Place Mall Right in front of Customer Service pledged to donate half the prize if either wins.16 | 101 REAL ESTATE MAGAZINE JANUARY 2011 JANUARY 2011 101 REAL ESTATE MAGAZINE | 17
  10. 10. SECRET reaL FrIed cHIcKen barg nz ca O≠ers You Can’t Refuse Now is the time to take advantage of LOW INTEREST RATES RECIPES Starting at 2.40 % CUT YOUR MONTHLY PAYMENTS by up to 75% O.A.C. Some conditions apply. Rates subject to change without notice. By mAhdi rAZA Cook Time:14 min LeveL: easy yieLd: 4 servings IngredIents •3 eggs •1/3 cup water •About 1 cup hot red pepper sauce •2 cups self-rising flour •1 teaspoon pepper •House seasoning, recipe follows •1 (1 to 2 1/2-pound) chicken, cut into pieces •Oil, for frying, preferably peanut oil dIrectIons In a medium size bowl, beat the eggs with the water. Add enough hot sauce so the egg mixture is bright orange. In another bowl, combine the flour and pepper. Season the chicken with the house seasoning. Dip the seasoned chicken in the egg, and then coat well $20,000.00 $600.00 $68.74 $531.26 in the flour mixture. (Terms and Conditions Apply) $30,000.00 $900.00 $103.11 $796.89 Heat the oil to 350 degrees F in a deep pot. Do not fill the pot more than 1/2 full with oil. $40,000.00 $1200.00 $137.47 $1062.53 You work hard for your home. NOW, let your home work for you! $50,000.00 $1500.00 $171.84 $1328.16 Fry the chicken in the oil until brown and crisp. Dark meat takesphoTo BY ISToCK longer then white meat. It should take dark meat about 13 to 14 min- utes, white meat around 8 to 10 minutes. CALL NOW! New payment schedule based on 2.25% on a 35 year amortization, 5 year variable. Terms & Conditions Apply. House seasonIng: •1 cup salt •1/4 cup black pepper •1/4 cup garlic powder E-mail: roger.kalwaney@canadalend.com Agent License #M08009114 Brokerage License #11384 Mix ingredients together and store in an airtight container for up to 6 months. 18 | 101 REAL ESTATE MAGAZINE JANUARY 2011 JANUARY 2011 101 REAL ESTATE MAGAZINE | 19 ...See inside for more great rates.
  11. 11. campuses located in York Region, in King, Markham and GEOGRAPHY Newmarket. York University is located just outside of York York Region covers 1,776 square kilometres from Lake Region’s southern border, in Toronto. YORK REGION Simcoe in the north to the city of Toronto in the south. Its In addition, there are many other religious and private eastern border is shared with durham Region, to the west schools located in the Region. These include: Academy for is peel Region, and Simcoe County is to the northwest. A gifted Children (Richmond hill), The Country day School map of the region showing its major roads and communities (King City), holy Trinity School (Richmond hill), Leo is available. Towns and cities in York Region include: Town Baeck day School (Thornhill), Netivot haTorah day School of Aurora, Town of East gwillimbury, Town of georgina, (Thornhill), pickering College (Newmarket), St. Andrew’s Township of King, Town of Markham, Town of Newmarket, College (Aurora), St. Thomas of villanova College (King 101 Town of Richmond hill, City of vaughan, Town of City), Town Centre Montessori private School (Markham) Whitchurch-Stouffville and Blyth Education (Thornhill) York Region’s landscape includes farmlands, wetlands and kettle lakes, the oak Ridges Moraine and over 2,070 hectares (vaughan), and vaughan Mills (vaughan) NEWS MEDIA of regional forest, in addition to the built-up areas of its municipalities. TRANSPORTATION York Region Media group, first Local/Rogers Tv York Region, CKvR - A (based in Barrie), CfU758 - 90.7 RAv fM The road network in York Region is remarkably ‘grid- (Thornhill) and CKdX 88.5fM - foxy 88-5 (Newmarket) GOVERNMENT like’, meaning most roads run north-south or east-west. and Yorks finest oulets. The region is governed by a group known as York Regional The topography of the land has permitted roads to be set in predominantly straight lines. York Region assigned York’s news media is also served by the outlets based in By wikiPediA Council, which consists of 20 elected representatives Toronto. from each of the constituent towns and cities in the approximately 50 roads as York Regional Routes, meaning that the cost of maintaining of these roads is paid for by York region, including each of the nine mayors and 11 regional Region. ATTRACTIONS T councillors, who are elected from specific municipalities as follows: 1 from each of georgina and Newmarket, 2 from The major highways in the Region are: highway 7 (East- York Region has an unusual assortment of points of Richmond hill, 3 from vaughan, 4 from Markham. west), highway 9 (East-west), highway 11 (north-south), interest, ranging from nature reserves to pioneer-era he Regional Municipality of York, also called York Region, is a The leader of Council is referred to as “Regional Chair and highway 27 (north-south), highway 48 (North-South), museums, to a modern amusement park. CEo”. highway 400 (North-South), highway 404 In vaughan, the major regional municipality in Southern Ontario, Canada, between In october 2008, the York Regional Municipality was (North-South), highway 407 (East-west) and highway 427 (North-South) attractions include the McMichael Canadian Art Collection, located Lake Simcoe and Toronto. It replaced the former York County named one of greater Toronto’s Top Employers by Mediacorp Canada Inc., which was announced by the Toronto Star York Region is served by: York Region in the community of Kleinburg and Transit (YRT), which also runs viva (bus features works by Canadian artists newspaper. in 1971, and is part of the Greater Toronto Area and the inner rapid transit) including Inuit and first Nations artists. Canada’s Wonderland, ECONOMY go Transit, which offers bus and train ring of the Golden Horseshoe. The regional seat is in Newmarket. The economy of York Region is a mix. In general, the services in the greater Toronto Area which features roller coasters and other rides, concerts and fireworks economies in its southern communities include a full range Toronto Transit Commission, which shows, is also in vaughan. The 2006 census population was 892,712, of which 50,815 residents of businesses from industrial to high-tech. further north, has several bus routes which cross York’s beginning in the northern sections of vaughan and Markham, southern border, and which offer limited DEMOGRAPHICS inhabited rural areas in the municipality, and 841,897 resided in urban extensive wetlands and farmland still remain, although new services in vaughan, Richmond hill and Markham. The Regional Municipality of housing developments continually consume space year after York is one of the fastest growing census divisions in Canada; areas. Its growth rate of 22.4% from 2001 to 2006 was the third highest year. There are ongoing conflicts between conservationists and developers over land use. Most contentious is the conflict EDUCATION from 2001 to 2006, its population increased by 22.4%. The 2009 mid-year population estimate by Statistics Canada was amongst all census divisions in Canada, and the Government of Ontario use of the oak Ridges Moraine. phoToS BY ISToCK public schools, with classes up to grade 12, are 1,016,379 residents. It is the third-largest census division administered by the York Region district School Board, in ontario, next to that of Toronto and peel Region,[9] expects its population to surpass 1.5 million residents by 2031. SHOPPING which operates 180 schools. In addition, the York Catholic and seventh-largest in Canada.[10] Its population density Major shopping centres located in York Region district School Board operates 95 schools with a curriculum of 506.7 residents per square kilometre is 11th highest in include: Markville Shopping Centre (Markham), pacific based in Roman Catholic doctrine. Canada. Mall (Markham), The promenade Shopping Centre Seneca College of Applied Arts and Technology has three20 | 101 REAL ESTATE MAGAZINE JANUARY 2011 JANUARY 2011 101 REAL ESTATE MAGAZINE | 21
  12. 12. A allowing your financial institution to gather information from your employer, creditors and mortgage is made up of two parts: principal and interest. principal is the credit rating agencies. actual amount borrowed. Interest is the lender’s fee you are charged for If you’ve had credit problems, it may be a good idea to check and clean them up before you borrowing. You’ll have to decide on an amortization period (the length of apply for a mortgage. You can check your own credit rating by contacting a company that time it will take to completely pay off the mortgage) and the term, or length of compiles the information. The two companies that take sure of credit are: Trans Union and time each mortgage agreement guarantees the interest rate. Before you go to a Equifax. They both have websites or you can check for their contact numbers in the yellow financial institution or mortgage broker, keep in mind that there are many mortgage options pages. Although your credit may not be perfect, it does not mean you are unable to purchase available. Shop around for the best rates and the best terms. Negotiate. Everyone wants your a home. Make sure you talk to a mortgage broker about your situation before you give up on business, but it’s up to you to look after your interests. of course, the key thing to remember your dream. Even if you can’t buy now, your mortgage broker can help you re-establish your is to negotiate a mortgage that fits into your lifestyle, and doesn’t take over your life! Your credit so that one day you will be able to live your dream of owning a home. mortgage broker can help guide you through this process and supply you with information. TyPES OF MORTGAGES: OBTAINING A PRE-APPROVED MORTGAGE CONVENTIONAL AND HIGH RATIO MORTGAGES - what is a Why go house hunting only to find that you don’t qualify for a mortgage on the dream To qualify for a conventional mortgage, you simply have to have a 25% down payment of home you’ve found? having a pre-approved mortgage will give you the confidence of the purchase price, with the mortgage not exceeding 75% of the appraised value. If your down knowing exactly what you can spend on a home before you start looking. You will also be payment is less than 25%, then you qualify for a high-ratio mortgage. This type of mortgage protected against interest-rate increases while you look for your new home because your requires loan insurance, which can cost an additional 0.5% to 3.75% of the mortgage amount. lending institution will “lock your rate” for a certain amount of time (usually 90 days) in case With this type of mortgage you could also be limited to a maximum house price. You’ll be the rates go up. A bonus is that if rates go down, you’ll automatically get the lower rate. paying those extra fees to the insurer – either Canada Mortgage and housing Corporation PRE-APPROVED MORTGAGE FEATURES TO LOOK FOR: (CMhC) and gE Capital Mortgage Insurance Canada (gEMI). mortgage 1) Competitive interest rates. You may be willing to pay a little more to get the flexible Second Mortgage - of course, you may need to consider a second mortgage to be able to features you desire. get the funding to obtain the house you desire. Each mortgage uses your home as security 2) A 90-day rate guarantee. This will protect you against rising interest rates while allowing and gives the mortgagee the right to take your home if you default on your loan. The first you to take advantage of falling rates. While this is usually the standard, ask to make sure just mortgagee gets paid first in cases of default and has the best chance of recovering all of its in case. money. So it only goes to figure that a second mortgage will have a higher interest rate. 3) flexible payment options. discuss payment frequency and lump-sum payment options. ASSUMING AN ExISTING MORTGAGE find out if your lending institution will allow you to skip a payment in special circumstances Say the seller of the home you want has a dynamite mortgage – meaning the rate is low. or double-up on your payments. Some mortgages are very flexible and some are not, make By assuming the existing mortgage, you may be able to save on the usual mortgage fees sure you get the best one for you. such as appraisal and legal fees. You’ll save time, since you don’t have to negotiate to arrange Applying - When applying for a mortgage, provide prospective lenders with enough financing from another lender and the existing mortgage on the home may be less than the A FIVE MINUTE COMPREHENSIVE CRASH COURSE information about your work history, debts and assets. They’re looking at the state of your personal finances. They will look at your gross income and potential mortgage payments current market rates. Unless otherwise specified, you’ll still have to qualify with the lender first! and property tax expenses to come up with a gross debt Service ratio (gdS). This is usually Seller Take Back - With an STB, the Seller also becomes a lender, holding all or some of the By mAhdi rAZA limited to 30-35% of your gross income. To that lenders will add all other debts to come up mortgage. Sometimes the seller will offer this loan at lower than bank rates. with a Total debt Service ratio (TdS), which can’t exceed more than 40 percent of your gross MORTGAGE FEATURES: earnings. prepayment - This is a wonderful option if you receive regular bonuses or if your income WHAT LENDERS LOOK FOR fluctuates throughout the year. With a pre-payment privilege, you have the right to make Lenders are looking at the risk factors from two points. first, will you be able to make your payments toward the principal portion of your mortgage over and above the monthly scheduled monthly payments? Second, if you default (don’t make your payments) can the payments. A mortgage with a pre-payment option is closed. An open mortgage means you financial institution get enough money from the sale of the house to repay the loan? can pay the entire principal sum without notice of bonus. APPROVAL PROCESS portability - If you still have time remaining on that fantastic loan you negotiated, You’ll be asked about your net worth, the difference between the value of everything you portability is one option you’ll want to discuss with your lender. Quite simply, it means own and the amount you owe. Lenders take into account your bank balance, any types of transferring the balance of your current mortgage at the existing rates and with the existing investments, other real estate, cars and boats, other loans, credit card balances and many terms and conditions, to your new home. other things. Remember to be as specific as possible. So if you have a coin, significant stamp Expandability - If you need additional funds down the road, will your mortgage terms or art collection, have it appraised! Your credit rating is your history of loan repayment and allow you to increase the principal amount? Usually, your new rate will be a blended amount will be used by lenders as an indicator of your ability to repay your mortgage. It covers how of the initial mortgage rate and the prevailing rates. It’s a great option to discuss with your you’ve managed past debts or if you’ve filed for bankruptcy. You’ll be asked to sign a form lender if you foresee large expenses in your future like renovation or education22 | 101 REAL ESTATE MAGAZINE JANUARY 2011 JANUARY 2011 101 REAL ESTATE MAGAZINE | 23