Daily Archives: January 30, 2009

Toronto Sun: Shelve land transfer tax, city urged

A veteran city councillor is looking to suspend the controversial Land Transfer Tax in a bid to stimulate Toronto’s local economy.

Doug Holyday’s efforts could be in vain because Toronto Mayor David Miller doesn’t support the idea. The tax raises too much revenue for the city that council would have to find elsewhere if the tax were scrapped, or even suspended.

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DAVISVILLE VILLAGE: A Neighbourhood with a Real Sense of Community

davisville

By Laura Quinn

Davisville Village is a community, not just a series of streets and houses that intersect.  Most people are familiar with Leaside, or Lawrence Park, but our little village spanning from Yonge to Bayview and Merton to Eglinton is often overlooked.  When you spend some time South of the bustling Yonge & Eglinton corridor you’ll start to realize this neighbourhood is full of great people and amazing hidden gems that are off the beaten path.  The residents of Davisville enjoy several delectable bakeries, small family owned restaurants, little markets and of course the many antique stores that have lived on Mt. Pleasant for years.  One of the biggest attributes to our community is that people actually get to know one another.  In the winter time you see people outside talking a break from shoveling and catching up with one another.  In the summer the shovels are usually replaced by a cool glass of chardonnay and backyard barbeque or front yard gathering as people get home from work. This is a community of friends and families who are always willing to help one another.

Most of the homes in the area were built in the 1920’s and 1930’s.  The houses are primarily two and three storey Tudor, English Cottage and Edwardian-style homes, detached and semi-detached in style and a growing number of custom built homes.   While many of these homes have had interior updating done, it’s still common to find the original hardwood, beautiful leaded glass windows, original baseboards, window frames and of course a special feature to the Edwardian homes; Verandas and porches.

The June Rowlands Park at the corner of Davisville and Mt. Pleasant is the social and recreational centre for the neighbourhood.  During the day, it’s busy with children enjoying the playground and wading pool, dogs playing fetch with their owner’s and the occasional recreational soccer game or frisbee free for all.  In the summer, the park’s tennis club comes alive with excitement for a new season of competitive tournaments, active house league and of course re-uniting with old friends.

This is a great neighbourhood for all of us to enjoy and be proud that we call Davisville Village home.

Laura Quinn is a Sales Representative with Royal LePage R.E.S./Johnston & Daniel Division. Laura is a regular blogger with Muddy York.

NEWS / Federal Government Budget

NEWS / Federal Government Budget

Proposed Government Stimulus Helps …

  • First-time buyers
  • Those wanting to renovate their home or cottage
  • Those first-time buyers using the Homebuyers Plan

By James Metcalfe

REALTORS’® Efforts Instrumental says Toronto Real Estate Board and Canadian Real Estate Association.
Take advantage of any or all of these stimulus options as the Federal Government passes its proposed budget.

  • Now is the time to get going on the minor home renos you have been saving for. The Federal Government is topping up the anti tax free.
  • First time buyers have an additional $5000 incentive.
  • Some relief comes to the onerous Land Transfer Tax for first time buyers as a tax credit is applicable.

Here are some of the details as outlined by The Toronto Real Estate Board and the Canadian Real Estate association.

2009 Federal Budget, recently announced proposals to expand the RRSP Homebuyers’ Plan, provide a First-Time Home Buyers’ Tax Credit, and provides a Home Renovation Tax Credit.

Homebuyers’ Plan

  • The federal budget proposes to increase the withdrawal limit for first-time homebuyers using the Homebuyers Plan from $20,000 to $25,000 (per individual).
  • Under this program, first-time homebuyers are allowed to withdraw funds from their RRSP, tax-free, to put towards the down payment on a home.  Amounts withdrawn under the HBP must be repaid over a 15-year period, starting the second year following the year of the withdrawal.
  • Since 1992, an estimated 2 million Canadians have used the Home Buyers’ Plan to purchase approximately 900,000 homes, making this program a huge success.  Unfortunately, as time has passed, the usefulness of this program eroded because withdrawal limits were not adjusted.  For this reason, REALTORS® lobbied the federal government to increase the Home Buyers’ Plan withdrawal limit to $25,000.

First-Time Home Buyers’ Tax Credit

  • The Budget proposes a 15 per cent credit that would be applied to a $5,000 amount, and would provide up to $750 in tax relief to reduce costs associated with first home purchases.
  • To assist first-time home buyers with the costs related to the purchase of a home such as legal fees, land transfer taxes, etc.

Home Renovation Tax Credit

  • The Budget proposes a 15 per cent credit to be claimed on the portion of eligible home renovation expenditures exceeding $1,000, but not more than $10,000, meaning that the maximum tax credit that can be received is $1,350.
  • Will apply to eligible home renovation expenditures for work performed, or goods acquired, after January 27, 2009 and before February 1, 2010, pursuant to agreements entered into after January 27, 2009.
  • Credit can be claimed on eligible expenditures incurred on one or more of an individual’s eligible dwellings, including houses, cottages, and condominium units owned for personal use.


James Metcalfe is a Sales Representative with Royal LePage R.E.S. Ltd/Johnston & Daniel Division. James is a regular blogger with Muddy York.