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EcoEnergy Retrofit Rebate Program Cancelled Early
The federal government has abruptly cancelled the extremely popular retrofit rebate program that gave homeowners across Canada rebates of up to $5,000 when they performed energy-efficient renovations such as replacing windows and insulating their walls.
The popular ecoEnergy retrofit rebate program has been cancelled.
The program was initially slated to end on March 31st, but was instead cancelled earlier this week after the program reached the limit of applicants.
Homeowners who participated in the program had to first undergo an energy audit, which would spell out all of the renovations that could be made in their home. Then after completing the renovations, a second audit would need to be conducted in order for homeowners to qualify for rebates.
Homeowners had until March 31st to apply initially, but now homeowners already in the program have to finish their renovations by that date and no new applications are being accepted. Homeowners in the program have until June 30th to have their second energy audit conducted.
Last time the Retrofit Rebate program was in place, it was also cancelled early for the same reasons. It’s a popular program that creates jobs for the construction industry, and gives homeowners a break when they want to update their home. One lesson homeowners should learn from the cancellation is that if it does come back: apply as soon as possible!
Why It’s A Good Time To Buy Toronto Real Estate
Many people are uncertain as to whether now – of all times – would be a wise idea to buy a home in Toronto. Toronto real estate lawyer and writer Mark Weisleder pointed out in his most recent column that in his 28 years on the job, he hasn’t seen so many positive signs for housing before. Here’s why:
There's never been so many reasons to buy a home in Toronto.
Immigration
Canada is appealing to immigrants for many reasons, including a steady real estate market. Ontario and the Greater Toronto Area in particular are top destinations for immigrants to come and live, and when they do, they often buy homes, keeping the GTA and Toronto real estate markets strong.
We aren’t like the US
The housing market disaster we’ve seen in the United States simply can’t happen here. Foreclosures in the US are at an all-time high, with approximately 7 million homes underwater and the same number already foreclosed upon. As banks repossess these homes and put them back on the market, they drag down prices across the board.
In Canada, over 99 per cent of Canadians are paying their mortgages on time, according to the Canada Mortgage and Housing Corporation.
Historically-low mortgage rates
Mortgage rates across Canada are currently the lowest they’ve ever been.
You can read the full column here at the Moneyville website.
Mark Weisleder is a lawyer and author who frequently writes about the Toronto Real Estate industry. for the Toronto Star and the Star’s sister site, Moneyville. Visit his website here.
Hot New Toronto Real Estate Listing In Upper Beaches
Toronto Home for Sale: 225 Victoria Park Avenue, Toronto Ontario
$394,800
Two bedroom, semi-detached home
2 Baths
This two-bedroom semi is located in the Upper Beaches neighbourhood, which is close to the water front, great shopping, restaurants and plenty of park spaces.
Enjoy your fully-fenced private backyard and the fragrant lilac trees that bloom along side the home every spring.
This home is bright and cozy, with a spa-like, four-piece bathroom. It’s up-to-date, with the new furnace installed in 2004 and brand-new central air installed in 2011. parking around back. The home also has central vacuuming.
Included: Stainless steel fridge and stove, dishwasher, washer, dryer, electric light fixtures and window coverings.
For more about this property, including floor plans, a video tour and more photos, visit this Toronto Real Estate Team Listing here.
Toronto Real Estate Sales In 2012 – So Far
How’s the Toronto Real Estate Market faring in 2012 so far? Quite well! The Toronto Real Estate Board has just released its mid-month resale housing figures for January 2012, which covers Toronto home sales through the Toronto MLS Listings for the first two months of January in 2012.
Toronto Real Estate sales are doing well even early in 2012. Think warm thoughts!
“The market didn’t miss a beat after the holiday season, with robust sales growth continuing and sellers’ market conditions remaining in place,” said Toronto Real Estate Board President, Richard Silver, in a press release about the mid-month housing figures. “Strong competition between buyers continued to push the average selling price higher in the Greater Toronto Area relative to a year ago.”
GTA real estate agents reported 1,506 sales using the Toronto MLS Listings during this time period, which is an increase of six per cent. New listings also increased over the same time period, rising 3.7 per cent over last year.
To see the full press release, including average prices and sales by property type and area code, click here!
Renovating Your Toronto Real Estate
Renovate Your Toronto Real Estate To Sell
The majority of us Toronto homeowners plan to sell – someday, even if it’s not within the next few years. And some of us may desire a new home, but it’s just not feasible or within our financial goals to move this year.
Which renovations are worth your time - and money?
You can get that new-home feel by renovating, and making your renovations cost-effective by choosing the renovations that will give you the highest return on your investment in the terms of dollars when you sell.
The best way to get the highest return is to give yourself the kitchen or bathroom you’ve always wanted, according to the Appraisal Institute of Canada. When you perform a major kitchen or bathroom upgrade, you can expect to get the highest return: between 75% and 100% of your original investment.
But because kitchen and bathroom upgrades can be the more expensive of your renovation options, here are some other less expensive renovations that also offer a high return on your investment:
Interior and/or exterior painting – 50%-100%
Finishing your basement – 50%-80%
Adding a family room – 50%-75%
Installing hardwood flooring – 50%-75%
Some renovations/home additions surprisingly offer a very low return on investment and might be a bit of a waste of money if you’re renovating with selling in mind:
Installing a swimming pool – 10%-40%
Paving your driveway – 20%-50$
Installing skylights – 0%-25%
If you want to see real numbers, check out the Appraisal Institute of Canada’s RENOVA tool. You can plug in how much you expect to spend on a renovation and see your estimated return.
