Peng
Hock
Tan
Broker
March 2012 Volume 02 Issue 06
Tan and the
eeam
Visit Us At: www.TANteam.com
CONTENTS March 2012 Volume 02 Issue 06 FEATURED CONTENT pg 14
An Old Town House Executive Style Living
pg 24
Tight Market Pushes the Average Price above $500K February Mid-Month Resale Market Figures
pg 24
FEATURED PROPERTY LISTINGS pg 19 Hansen Road North - With extensive renovation from top to bottom,
you must not miss this one. Laminated floorings, upgraded kitchen cabinets, pot lightings etc. Call Tan for further details today.
pg 19 Rutherford North - Fully renovated detached home on a large lot!
Rutherford North R
Hardwood floorings, pot lightings, crown moldings are some of the features in the house. For further details, call Tan today. W2309188
pg 19 Wyndham Street - 4 bedrooms detached in a prestige area, Streetsville. A R3 zoning, separate staircase to entrance to a professional basement. A theatre system, above grade windows, 3 piece bath and a gym. Call today for more details. W2269155
Hansen Road North
7DQĂ•JD]LQH 1(:6 pg 04
Most Canadians Wrongly Believe Canada is in Recession
pg 08
Protect Your Mortgage...Protect Your Home
Wyndham Street
pg 12 Home Equity Lines Not A Personal Bank Machine pg 20 What Constitutes Legal Basement Appartments? pg 22
Bank of Canada Holds Rate but says Outlook Improved
pg 26 Despite rising household debt, home
ownership becoming more affordable
Peng
Hock
Tan
Broker
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Royal LePage Meadowtowne Realty™ is a licensed franchise to Royal LePage and is Independently Owned and Operated. :KLOVW HYHU\ FDUH KDV EHHQ WDNHQ LQ SUHSDULQJ WKLV PDJD]LQH 7DQ‡JD]LQH DQG DOO YHQGRUV FRUSRUDWLRQV EXVLQHVV DQG DIILOOLDWHV JLYH QR ZDUUDQW\ IRU WKH LQIRUPDWLRQ FRQWDLQHG KHUHLQ 3RWHQWLDO SXUFKDVHUV VKDOO VDWLVI\ WKHPVHOYHV DV WR DOO PDWWHUV DQG VHHN LQGHSHQGHQW DGYLFH LI QHFHVVDU\ 7KH LQIRUPDWLRQ FRQWDLQHG KHUHLQ GRHV QRW IRUP DQ\ SDUW RI DQ\ FRQWUDFW RIIHU RU UHSUHVHQWDWLRQ $GGLWLRQDOO\ WKLV PDJD]LQH LV QRW LQWHQGHG WR VROLFLW SURSHUWLHV FXUUHQWO\ contracted and/or already listed for sale.
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6948 Financial Drive, Mississauga, ON L5N 8J4 Toll Free: 1-886-821-3200 Office: 905-821-3200 Fax: 905-821-8777
Tan and his team can provide you with an unparalleled level of service and attention when it comes to an important decision such as buying and selling your home. Our passion and knowledge of the area and commitment to making a difference has helped us build a name for offering the highest level of customer service possible. Call Tan now if you are planning to buy or sell your next home.
Peng Hock Tan
Support Kai Min I.T. Support & Marketing Innovator, Unlicensed Assistant
Tina
Coordinator & Administrator, Unlicensed Assistant
Got Questions? Talk To TAN NOW!
Broker & Team Leader
Larissa Sarakaeva L
Sales Representative & Team Member
Tan.gazine NEWS
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This is apparently being reflected by many Canadians in terms of their views and attitudes on the Canadian economy. According to a recent survey sponsored by the Economic Club of Canada, many Canadians believe that we are in recession, when in fact we are not. 7KH SROO IRXQG WKDW RQO\ RI UHVSRQGHQWV IHHO optimistic about the economy, which represents a GURS RI PRUH WKDQ IURP ODVW \HDU $ VWDJJHULQJ RI UHVSRQGHQWV EHOLHYH WKDW WKH FRXQWU\ LV experiencing a mild recession, while economists insist that, while the economy faces some challenges currently, we most certainly not in a recession. It’s no big surprise, really. Everywhere Canadians turn these days there is negative economic data, cautious warnings about slowing economic growth, dwindling consumer spending in the face of elevated household debt levels and employment uncertainty. Coupled with the constant media attention on the fact that the Euro zone is likely facing a recession, it is not entirely unexpected that Canadians, who may not have access to all the data, or the training to interpret it, may think that the country is in fact, in a recession. It’s not just misperception either; the findings of this online poll suggest that there is a disconnect between the crunching of numbers, presentation of data, and the way that Canadians actually feel about their economic prospects in general.
4 | penghocktan.com
While most Canadians do not have economic training, many do feel that they are involved with itin that they are on the receiving end of the financial impact. While things are perhaps not optimum, they could be much worse economists argue. Economic growth is slow, but is expected to sluggishly tick along; while unemployment is increasing, it is still lower than it has been in the past. Some pockets of the country are even experiencing a job boom. The housing market, for instance, continues to outshine and outpace the economy, taking advantage of the sound fundamentals that propel the market for growth. While many expect the market to moderate in 2012, it is still expected to grow at a reasonable pace. As Leslie Penney, Vice President, APlus Mortgage
Tan.gazine NEWS
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nformation can be a dangerous thing.
Group/Mortgage Alliance told Propertywire.ca, people in his local market are, for the most part, generally optimistic: “Personally, I feel that clients here in Newfoundland are pretty upbeat about the economy. Right now the housing market is fairly healthy and employment prospects haven’t been better. So the euphoria of a well to-do economy is in the air here right now. “ “Now, that’s not to say that people still aren’t worried. All you have to do is turn the television on and most of what you see would make you believe the world is experiencing another Great Depression. And many people believe that here in Canada we have it coming to us yet, but in dealing with clients this is where we become crucial.” As Penney points out too, there is a clear role for Mortgage Professionals to help cut through all the news reports and statistics: “Of course, as professionals, we need to remain upbeat about the economy ourselves. Not to create the notion for our clients that everything is rosy, but to explain and confirm things like how our economy is built on strong financial practices, and that the trouble that we see in other places such as the US and Europe, were brought on by acts of greed and complacency, particularly when it comes to the banking sectors. By doing so I believe we can clarify many of the stories that these people are seeing on television and reading in the newspapers about the world is going to collapse.”
penghocktan.com | 5
Tan.gazine NEWS
Saturday , March 17, 2012
When’ss Easter? When Good Friday: April 6, 2012 Easter Sunday: April 8, 2012 Easter Monday: April 9, 2012
Have A Joyful & Delightful Easter! - Tan and the TAN Team
Tan.gazine NEWS
What’s Easter All About? Eggs and Bunnies? s with other Christian festivals, the celebration of Easter extends beyond the church. Since its origins, it has been a time of celebration and feasting and many Traditional Easter games and customs developed, such as egg rolling, egg tapping, Pace egging and egg decorating. Today Easter is commercially important, seeing wide sales of greeting cards and confectionery such as chocolate Easter eggs, marshmallow bunnies, Peeps, and jelly beans. Even many non-Christians celebrate these aspects of the holiday while eschewing the religious aspects. Throughout the English-speaking world, many Easter traditions are similar with only minor differences. For example, Saturday is traditionally spent decorating Easter eggs and hunting for them with children on Sunday morning, by which time they have been mysteriously hidden all over the house and garden. Other traditions involve parents telling their children that eggs and other treats such as chocolate eggs or rabbits, and marshmallow chicks (Peeps), have been delivered by the Easter Bunny in an Easter basket, which children find waiting for them when they wake up. Many families observe the religious aspects of Easter by attending Sunday Mass or services in the morning and then participating in a feast or party in the afternoon.
breads such as potica are traditionally served. Hot cross buns, spiced buns with a cross on top, are traditionally associated with Good Friday, but today are often eaten well before and after. In Scotland, the north of England, and Northern Ireland, the traditions of rolling decorated eggs down steep hills and pace egging are still adhered to. In Louisiana, USA, egg tapping is known as egg knocking. Marksville, Louisiana claims to host the oldest egg-knocking competition in the US, dating back to the 1950s. Competitors pair up on the steps of the courthouse on Easter Sunday and knock the tips of two eggs together. If the shell of your egg cracks you have to forfeit it, a process that continues until just one egg remains. In the British Overseas Territory of Bermuda, historically famous for growing and exporting the Easter lily, the most notable feature of the Easter celebration is the flying of kites to symbolize Christ's ascent. Traditional Bermuda kites are constructed by Bermudians of all ages as Easter approaches, and are normally only flown at Easter. In addition to hot cross buns and Easter eggs, fish cakes are traditionally eaten in Bermuda at this time. Source: Wikipedia.
Some families have a traditional Sunday roast, often of either roast lamb or ham. Easter breads such as Simnel cake, a fruit cake with eleven marzipan balls representing the eleven faithful apostles, or nut
Right: Easter eggs are popular among religious and secular observers alike.
Tan.gazine NEWS
3URWHFW \RXU PRUWJDJH SURWHFW \RXU KRPH pay car insurance to ensure that you're able Y outo cover the fees in case of an accident, so why wouldn't you protect your home the same way? Your home is often your number one investment in life. Making sure that your mortgage is protected can help you maintain your credit rating and quality of life in the off chance that your family faces a tragedy. If you haven't invested in mortgage protection it could result in the loss of your home. Do You Have Enough Savings? There's been a lot of talk about how much household debt Canadian families have today. Many Canadians have not spent the time to prepare for the unexpected. In fact, most Canadians do not have enough savings to get them through the hardest times. According to the Canadian Association of General Accountants, a quarter of all Canadians would not be able to handle an unforeseen expenditure of just $5,000. According to the Canada Guaranty Mortgage Insurance Company: ‡ RI &DQDGLDQV KDYH QR ILQDQFLDO SODQ DQG ‡ KDYH LQVXIILFLHQW VDYLQJV
SHIFT_the way you move 8 | penghocktan.com
Since the leading causes for mortgage foreclosures are the unforeseeable incidences of disability and death, wouldn't it make sense to protect one of your biggest investments - your home? Life Insurance is Not Enough ,QGXVWU\ VWDWLVWLFV VD\ WKDW OHVV WKDQ RI Canadians have life or disability insurance through their employer. Even those who have life insurance through work may find that their insurance policy will only pay one- or two-times salary. Financial planners have noted that the average amount of coverage a person needs lies somewhere between five and seven times their salary. According to the Canadian Life & Health Insurance Association (CLHIA), there was $1,819 billion worth of individual life insurance policies in 2008. Sounds like a whole lot, doesn't it? However, if you divide that amount between the 21.2 million Canadians between the ages of 20 and 64, that's only about $85,000 worth of protection for each person. If we consider that the average person needs five- to seven-times their salary to cover costs, the average of $85,000 is only enough if the client's annual income is less than $20,000!
Brampton North Nissan
Annemarie Maksimovic Sales & Leasing Consultant
www.bramptonnorthnissan.ca
annemarie.maksimovic@bramptonnorthnissan.ca
Stay connected and be more productive than ever before
Find Out More @
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Tan.gazine NEWS
Peng Ann the Ace of The harbinger of hope and happiness to the Wat Than Slum Community of Cambodia Peng Ann, Advisor/Director Sing-Cam programs February 18, 2012 I visited a slum community in the heart of Phnom Penh, the capital of Cambodia and found children going without a proper meal for days. They run about aimlessly without guidance, without love. I realized I had to do something. No point watching and talking. Do something was my immediate reaction. Instead of asking why, my immediate thought was what can be done. Together with a Cambodia friend who is the founder of a local NGO, we bought this poor child a bowl of porridge and saw the smile on his face. With this, the Porridge for Hope Program was conceived. The rest is history. I sought donations from caring friends in Singapore to develop a program for the community. This culminated in the start of the Sing-Cam Centre. With the Porridge for Hope Program and the Sing-Cam Centre, we were able to provide the following support for the children and youths since October 2011.
10 | penghocktan.com
A
Understanding the Cambod
The Social Leadership Situation There is a severe shortage of Cambodian youths with leaders were killed to prevent uprisings. The effect is the shortage of
Cambodians need the skills to make their own decisions and There is a need for good and conducive environments for lea
Unfortunately, due in part to the legacy of the Khmer Rouge do not have the means to afford a good education will contin opportunities in student councils, extracurricular clubs and ot
There is an urgent need to develop a generation of effective y university education and confidence attitude as we need to bu will be the role-models for the new generation.
ACE Unique role in the dilemma Many NGOs in Cambodia already provide leadership training inclusion of Cambodia’s poorest and most vulnerable citizen between the rich and poor, as those with means seek to main
ACE is also unique by providing a very tightly integrated prog leadership experience on a daily basis. We guide the students projects. 10 | pengho
Tan.gazine NEWS
ACE
dian Dilemma
ship skills especially from within the poorer communities. During the Khmer Rouge period, many educated Cambodians social leadership as can be seen by the enormous role played by foreign run NGOs.
solve their own problems in order to achieve sustainable social development and change, through self-governance. arning and applying leadership skills, and for developing good social role models.
e regime, the public schools in Cambodia are inadequately funded. The effect is the poor segment of the community who nue to be left behind. The schools these children attend also lack the resources to develop good leaders through learning ther organisations. The gap between the rich and the poor gets wider.
youth leaders, especially from the poorer segment of the community. It is necessary to provide poor people with uild professionals within the poor community who can act as change agents for the community. Moreover, these youths
g, but their programs are targeted towards, and only affordable to, middle and upper income Cambodians. This lack of s has resulted in the main beneficiaries of these programs being the wealthy. This further entrenches the wealth disparity ntain systems which reinforce their privilege and thus further impoverish the poor.
gram where students not only learn leadership training, but live in a self-governed environment and gain practical in their studies and give them a place to enhance their leadership qualities through organization of the ACE’s other
ocktan.com
To See How You Can Help Contact Tan For More Information penghocktan.com | 11
Tan.gazine NEWS
Home equity lines not a personal bank machine Sunny Freeman - The Canadian Press March 8, 2012
ome equity loans have become a fastgrowing source of cheap borrowing for Canadians - so alluring that some have treated their homes as a personal bank machine and put off thinking about the debt that must be repaid. Many Canadians have turned to their homes as a source of cash for everything from renovations or vacation to debt consolidation or RRSP investments, which they can achieve at a much lower interest rate than credit cards or unsecured loans because their home is used as collateral. But with mortgage rates expected to rise and home prices to fall, now is the time for those who have piled on debt while decreasing their home ownership stakes to start building up equity. Home equity lines of credit, known in the industry as HELOCs, are the fastest growing source of credit in Canada. The Bank of Canada estimates that the dollar amount of HELOCs has risen by as much as 170 per cent in the past decade or almost twice as fast as mortgage debt.
12 | penghocktan.com
However, many Canadians are unaware of the implications of this cheap borrowing. Nearly 60 per cent of respondents in a recent poll for TitlePlus insurance did not know that taking out a HELOC amounts to a mortgage or a second mortgage (if they already have one). The trend has left Canadians with an average 34 per cent of equity in their home, the lowest level in two decades and a 20 per cent drop in four years. The Bank of Canada has recently pointed out that much of the increase in household debt to a record 153 per cent of income is not due to mortgages, but rather loans secured by home equity which Canadians in turn spent on consumer items and renovating their homes. "We've seen it as a growing problem, first with debt consolidation and now more often with renovations and things like that," said Patricia White, executive director of Credit Counselling Canada. White said she's talked to clients who have taken on a HELOC to consolidate debt, then find themselves in debt again and no longer have any room to manoeuvre because they can't use their small remaining stake in their homes as leverage. Home equity lines of credit allow you to access up to 80 per cent of the appraised or purchase price of your home (whichever is lower) less any outstanding mortgage or other charges. The more equity you have in your home, the more credit becomes available - but the more you use, the less equity you have in your home. They're usually calculated based on the prime rate and you can get a secured line of credit for as little as half a point above that rate. Your interest rates will change if the prime rate does - and sometimes
Tan.gazine NEWS
even if it doesn't as lenders can raise the interest rates they charge on top of prime arbitrarily. The plans are extremely flexible and allow you to pay as little each month as interest only, or as much as you want. The problem is some homeowners choose to pay just the minimum, which only covers interest - leaving a huge mortgage on their homes. Cheap borrowing rates introduced since the recent recession have helped Canadians to get deeper into debt, said Lior Hershkovitch, a mortgage agent in the Toronto area. The most recent downturn marked the first time Canadians came out of a recession with more debt than they had going in, he noted. "But it would be very wise for them to take advantage of (low interest rates) and pay it down as much as they can while rates are low." Those who find themselves in debt with declining equity in their homes need to put the brakes on drawing from their HELOC, even if there is still room on it. Don't borrow over half your limit unless for an emergency. And if you use your HELOC for discretionary spending, don't fall into the trap of interest only payments, said Rob McLister, editor of the Canadian Mortgage Trends blog.
Committed to Environmental Protection
Dave Lau
Owner & Operations Manager
"If your balance is large, pay at least four to five per cent of your balance each month. If you can't afford four per cent payments, don't borrow further until you can," he advises. Start by calculating how much you can realistically increase the amount you pay every month. If that extra amount would be difficult to reach while still making ends meet, it's a sign you're overextended and may need to seek a professional to help create a plan. It's important to take such steps now because the share of household income going toward paying off debt will increase when borrowing costs return to more normal levels as economic conditions improve. One option is to ask your financial institution abut a fixed rate option that would protect you from interest rate increases and establish regular fixed payments to help plan your budget. The point is to start reducing the principal payment and not just make the minimum interest payment because that will catch up to you and it's not ideal to be carrying a big debt burden into retirement. Finally, a HELOC can keep you trapped in your home because if you're looking to sell, your HELOC must be paid off.
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Tan.gazine NEWS
An Old Town House 7DQ JD]LQH (GLWRULDO 7HDP %UDPSWRQ March 20, 2012
ave you been looking for a brand new furnished home within the 200k range? Then this is the property you have been waiting for, for the longest time. That's right, near-by in the heart of Brampton with a minute drive away from Mississauga and just a heartbeat away off the Hwy 410 exists a condo townhouse that screams “brand-new”.
Executiv
With over 50k of serious upgrades from slate floors to solid maple stairways it's no wonder this property is predicted to be the next crowd pleaser in the following weeks ensuing April 2012. Owner of the home tells us, “You need to see this house to fall in order to fall in love with it.” - Sure enough we were given a tour of the property and we were literally floored to say the least.
Living Room 14 | penghocktan.com
Tan.gazine NEWS
ve Style Living The condo townhouse boasts some of the best features you can imagine. Included with the condo fees are 100 channel cable TV, swimming pool and snow removal/landscaping services. As we can see, this had to be one of the best if not “the” best well maintained condo townhouse complex we have ever seen to date. When we entered the premise the gorgeous Jacobean colored maple stairs and oak railings caught our eye and the color matching premium 12mm laminated floors and Behr Premium painted walls created a picture perfect townhouse home.
Breakafast Bar
Excited, the crew and I were guided right into the living room where we were completely stunned with what we saw. A highly functional and very large living area opening to the dining area with just a couple steps into a fully furnished designed kitchen. A place where home cooks will just absolutely adore.
T he kitchen comes with a designer grade white high-gloss finish cabinets and boasts a fully glass tiled backsplash accentuated with valance lighting throughout. We were informed that the matching 3pc stainless steel appliances will be part of the package for willing buyers. Another key part of this kitchen that we absolutely loved is the breakfast bar that is nestled between the living area and the kitchen, a perfect place to wake up to a glass of coffee and eggs with toast in the morning while gazing at the 17” LCD cable TV that comes equipped on the kitchen countertop. You heard me, this kitchen has a 17” LCD cable TV provisioned intelligently in the unused corner of the countertop adjacent to the stove. Just pure genius. On the upper floor, we were introduced to 2 bed rooms and one giant master bed room with a ensuite. The bathroom comes with a glass framed standing shower complete with all new premium 24” vanity and
penghocktan.com | 15
Tan.gazine NEWS
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Executive Style toilet. We also forgot to mention this was the first home we have even seen to have slate introduced into a bathroom. Simply gorgeous is barely enough to explain what we saw. As we made our way to the basement I couldn’t help but yelp about how cool it is just walking down these stairs. Cool, you say? Believe me we liked this personal touch and it was quite clever of the home owner in my personal opinion. These flight of stairs going down into the basement comes with built LED stainless steel deck lights to illuminate our path down. Great for seniors and definitely adored by the future home owner as these lights would be very inexpensive to have on, not to mention it looks super cool. The pot lights throughout the basement was a excellent touch, keeps over head area clean and un-obtrusive to the eyes while providing the ample lighting we love. We would like to just throw in a mention that these pot lights are completely pivotal, meaning, you could change the positioning of the lights. Pretty cool eh? Before walking right into what I’d call a home theatre...the enclosed laundry area caught our eyes.
16 | penghocktan.com
Master Bedroom
This enclosed laundry meant doors to the furnace and water heater which equates to massive noise buffering which means a quieter home, very impressive touch. This laundry area comes equipped with all brand new washer and dryer and is accentuated with matching pot lights.
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Out in the entertainment area boasts a mounted 55” Plasma TV complete 5.1 Dolby home
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Tan.gazine NEWS
An Old Town House
Living
7DQ‡JD]LQH (GLWRULDO 7HDP %UDPSWRQ March 20, 2012
theatre system and mounted over head rear speakers. This home is what we call “decked out� - we envy the lucky soul who buys this seriously out-done home. Last but not least, our tour finally ends in a fully equipped bathroom with a glass standing shower and brand new 18� vanity and toilet with lovely premium porcelain tiles. Other mentions should include premium lighting upgrades throughout the home, 5� baseboards with matching shoe trims, doors and windows come complete with 3.5� trim/casings and the living room to dining area comes furnished in premium Alexandria Crown Molding. Excited to see this home for yourself ? Call Tan and the TAN Team to book your very own private viewing of this hot property today!
This Executive Style Living
Asking:
$269,883 Same price as a 2 bedroom appartment!*
Property Specifications
TRVBSF GFFU (excluding finished basement) CFESPPN XJUI B EFO XJUI GVMM CBUISPPNT & Finished basement 8BMLPVU UP HBSBHF GSPN GPZFS 'VMMZ GFODFE CBDLZBSE $POEP GFFT JODMVEF XBUFS DBCMF 57 TFSWJDF
Kitchen
penghocktan.com | 17
Getting Your Drea
can be simple as p
We Are Here To Assist You
That’s Our Job!
6948 Financial Drive, Mississauga, ON L5N 8J4 Toll Free: 1-886-821-3200 Office: 905-821-3200 Fax: 905-821-8777
Peng Hock Tan
Grand Ravine Drive Oakville
4 bedrooms detached in a beautiful River Oaks Community, featuring upgraded kitchen, hardwood floorings, landscaped garden etc. Close to great schools, shopping and all major highways. Want more information? Call Tan today! W2224359
Larissa Sarakaeva
$749,000
Sales Representative & Team Member
223 W Webb bb Drive
Cedarglen Gate
New Building And A Beautiful Spotless Unit,
3 bedroom sunlit condo only minutes to UTM. New renovated kitchen with backsplash, open concept living room with walkout to balcony overlooking treed ravine. For a private appointment, call Tan now. W2272495
Mississauga
Mississauga
Freshly Painted Through-Out In A Soothing Neutral Color. Great Location With Walking Distance To Square One, Restaurants, Library And Transit. Live In The Lap Of Luxury With Great Fitness And Social Facilities And Enjoy The Ambience Of The Rooftop Terrace And Lounge! W2291529
$259,883
Durant Crescent
Pedalina Drive
Markham
Absolutely Stunning and Immaculate One Of A Kind Home. Lot Of $$$ Spent On Upgrades. Front Door Entrance Open To Above, Granite Floor On Main Floor. Kitchen Updated With Granite Top. Gleaming Hardwood Floor Throughout Main And Second Floor. Lots Of Pot Lights, Computer Loft, Laundry Room, Gym Room. Finished Basement, Walkout From Basement To Garage. Too Many Upgrades To List. Near All Amenities Hwy 407, Transit, School, Hospital. N2291478
$269,000
Mississauga
$799,883
A spacious layout Semi detached, with 4 bedrooms, 9’ceiling, cold room and a rough-in 3 piece washroom. Separate entrance to basement from garage, close to all amenities. Call Tan today to find out more! W2282717
$515,000
If Are Planning On Moving, Make The R
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am Home icking one! Lakeshore Blvd West
Mississauga
Located in one of the prime sector of Streetsville, this 4 bedroom executive home has lots of upgrades! 2 bedrooms in the basement with a kitchen and full bath, Close to Credit River walking trail, Schools, Highways, Malls etc. Call Tan for further details today. W2268562
$639,900
Ideally located in Credit Woodlands Neighborhood, 3 bedrooms Semi-Detached are 138 feet deep with fully fenced yard, a separate entrance with car park up to 4 cars. Close to all amenities, want to know more? Call Tan now!
$399,883
Wyndham Street Mississauga
$267,000
Mclaughlin Road
4 bedrooms detached in a prestige area, Streetsville. A R3 zoning, separate staircase to entrance to a professional basement. A theatre system, above grade windows, 3 piece bath and a gym. Call today for more details. W2269155
$849,000
Albina Way
Brampton
Mississauga
$159,900
Right Move & List With TAN!
19 | penghocktan.com
Oakington Place
EXCLUSIVE
$294,900
Mississauga
Well maintained complex in Brampton best condo building. Excellent condition, perfect for retirees, single or investors. Close to schools, Sheridan College, Shopper World Shopping Mall and public transport, building is backing on to greenbelt. Call Tan for further information. W2286489
A Private Viewing Today!
Mississauga
350 Webb Drive Large corner unit, 2 bedrooms, 2 bathrooms, solarium with a door can be converted into a bedroom. Unobstructed view, walking distant to Square One mall, transit station, library and new Sheridan Campus. Call Tan now for further more details W2281843
To Book
Ashcroft Cres.
Toronto
A fabulous 1 bedroom decorated suite with open concept living/dining room layout. Private open balcony, there is 1 underground parking spot and first class amenities in the complex. Only steps to park, walking trails and Lake Ontario. Call Tan for further details today. W2264508
Call Tan Now
Beautiful And Well Maintained 3-Bedroom Townhouse (Looks Like Brand New). Sunny Rooms, Large Kitchen With Granite Countertops And Breakfast Area. Located In High Demand Area. Backing Onto Open Space, Freshly Painted (2011-2012). Finished Walk-Out From Recreation Room To Private Backyard. Large Garage With Extra Storage Area, Cold Room And Automatic Opener. Minutes From Square One, Highways 401, 403, 407, And 410, Schools, Parks, And Libraries. W2285153
$384,883
penghocktan.com | 19
Tan.gazine NEWS
What Constitutes Legal
Basemen
Richard Silver, President - Toronto Real Estate Board March 03, 2012
As Greater Toronto REALTORS® we recognize that in comparison to other world cities, ours is a clean, safe and affordable place to live, and its allure means that we’ll continue to see greater intensification in the years ahead. Toronto’s popularity is reflected for example, in the condominium market, which currently has more buildings under construction than in any other city in North America. Basement apartments also play an important role in meeting demand for housing throughout the Greater Toronto Area and if you have ever listed a property with one, you’re probably familiar with the “Seller does not warrant retrofit” clause. Second suites can cause confusion for homebuyers and REALTORS® alike, but this doesn’t have to be the case. According to noted home inspectors Carson Dunlop, achieving a ‘legal’ basement apartment involves five areas of consideration: bylaw permissibility; compliance with the building, fire, and electrical safety codes; and registration. In short, if a listing indicates that a property has a retrofit basement apartment, it must meet municipal bylaw requirements, have a Certificate of Compliance to verify that it has passed fire and electrical inspections, and be registered with Municipal Property Standards. Additionally, if it is newly constructed, it must meet Building Code requirements. Identifying whether a municipality’s bylaws permit basement apartments and if any special conditions
20 | penghocktan.com
apply is the first step in the process. Since1995, municipalities have had the authority to enforce their bylaws with respect to basement apartments; however, units that existed prior to November 1995 are exempt from meeting local bylaw requirements. The Building and Fire Codes are related in that the Fire Code is a subset of the Building Code. There is, however, an important distinction between them. The Building Code, which describes minimum requirements for the construction of buildings, for the most part applies only to the day the house was built, not retroactively. The Fire Code, which prescribes construction and safety issues related to how a building is required to perform should it catch fire, does apply retroactively. In 1994, the provincial government set new Fire Code rules with which all basement apartments, new and existing, must comply. A unit upgraded to comply with the Fire Code is called a ‘basement retrofit’. The fire department must inspect all basement apartments, and when any deficiencies have been corrected, as is required, it will issue a certificate to verify compliance. The Fire Code involves four key areas of compliance: fire containment, means of egress, fire detection and alarms, and electrical safety. Fire containment refers to a building’s ability to contain a fire in the unit where it started. Walls, floors, ceilings and doors are rated based on how long they will survive a direct fire before burning through. The typical requirement is a rating that
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nt Apartments? affords a 30-minute separation between the units. Drywall and plaster ceilings for example, are acceptable but they must be continuous so that joists are not exposed in any room. By contrast, suspended ceilings are not acceptable.
inches; its entrance door must be at least 32 inches by 78 inches; bathrooms require either a window or an exhaust fan; and if there is a parking spot for one of the units, there must also be a parking spot for the other unit.
Means of egress refers to the occupants’ ability to exit the house. Ideally, units should have their own exits. Units that share a common exit are allowed if the common exit is ‘fire separated’ from both of the units with a 30-minute rating. If it not rated as such, it can still be used provided that there is a second exit from each unit and the fire alarms are interconnected. To be considered an acceptable second exit, a window must have an opening of at least 600 square inches, with the smallest dimension being 18 inches; the windowsill must be within three feet of grade; and basement window wells must extend three feet out from the house wall, to allow room to crawl out.
Once bylaw and code requirements have been met and certified, homeowners can register the basement apartment with Municipal Property Standards.
The fire detection area of compliance requires that all units have smoke alarms. Smoke alarms do not have to be interconnected unless the fire separation to the common exit area does not have a 30-minute rating. Some municipalities may also require carbon monoxide detectors. Electrical safety refers to the required inspection by the Electrical Safety Authority. As with the fire department’s inspection, deficiencies that the Electrical Safety Authority identifies must be addressed. In general, an apartment’s minimum ceiling height must be 6 feet 5
Bear in mind that if your clients are planning to construct a basement apartment they must also apply for a building permit and comply with today’s Building Code. Representing a house as a two family property requires that you verify it is registered with Municipal Property Standards. Failure to comply can result in a $25,000 fine and one-year jail term. For more information on basement apartments contact your client’s municipality.
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Bank of Canada holds rate but says outlook improved /RXLVH (JDQ 5HXWHUV 2WWDZD 0DUFK
he Bank of Canada held its key interest rate unchanged on Thursday, as anticipated, but issued a more upbeat outlook for the Canadian and global economies that suggests it is starting to think about an eventual rate hike. The central bank maintained its overnight lending rate target at 1 percent for the 12th straight time. It said the Canadian economic outlook was "marginally improved", uncertainty around the global economy had decreased and the profile for inflation was somewhat firmer than it had foreseen.
product) as households add to their debt burden, which remains the biggest domestic risk," the bank said in a statement. The bank repeated that there was "considerable monetary policy stimulus" in Canada but made no mention of the need to eventually withdraw that stimulus, language that it used in May and July of last year. It tempered its more optimistic tone by noting that while it expected the economy to perform better in the first quarter than forecast, it would be due to temporary factors. Exports will contribute little to growth despite stronger U.S. demand because of persistent Canadian dollar strength and competitive challenges, it predicted.
It also added a line about the dangers of high household debt levels in a sign of increasing worry about the consequences of ultra-low borrowing costs. "Canadian household spending is expected to remain high relative to GDP (gross domestic
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Tan.gazine NEWS Tight Market Pushes the Average Price above $500K In February, the median price was $502,508 from the $453,329 recorded during February of 2011. Toronto, March 5, 2012
Greater Toronto REALTORS® reported 7,032 sales in February 2012 – up 16 per cent compared to February 2011. New listings were also up over the same period, but by a lesser 11 per cent to 12,684. It is important to note that 2012 is a leap year, with one more day in February. Over the first 28 days of February, sales and new listings were up by ten per cent and six per cent respectively. “With slightly more than two months of inventoryin the Toronto Real Estate Board (TREB) market area, on average, it is not surprising that competition between buyers has exerted very strong upward pressure on the average selling price. Price growth will continue to be very strong until the market becomes better supplied,” said Toronto Real Estate Board President Richard Silver. “It is important to note that both buyers and sellers are aware of current market conditions. This is evidenced by the fact that homes sold, on average, for 99 per cent of the asking price in February,” continued Silver.
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The average selling price in the TREB market area was $502,508 in February – up 11 per cent compared to February 2011. The Composite MLS® Home Price Index for TREB, which provides a less volatile measure of price growth compared to the average price, was up by 7.3 per cent compared February 2011. “If tight market conditions continue to result in higher than expected price growth as we move into the spring, expectations for 2012 as a whole will have to be revised upwards,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “While price growth remains strong, the average selling price remains affordable from a mortgage lending perspective for a household earning the average income in the GTA.”
Tan.gazine NEWS Greater Toronto REALTORS® Report Mid-Month Resale Market Figures TORONTO, March 19, 2012 – During the first 14 days of March, Greater Toronto REALTORS® reported 4,215 transactions through the TorontoMLS system, representing a seven per cent increase compared to the same period in 2011. The number of new listings was down by two per cent year-over-year to 6,970. “Home buyers continue to benefit from the affordable housing situation in the GTA. Immigration to Toronto and surrounding areas adds to the pool of home buyers every year. The economic and ethnic diversity found in the GTA consistently attracts newcomers and foreign investment,” said Toronto Real Estate Board (TREB) President Richard Silver. The average selling price for transactions between March 1 and 14 was $502,155 – up by more than nine per cent compared to the first 14 days of March 2011. On average, homes sold for 100 per cent of the asking price within three weeks. “Strong competition between home buyers in many parts of the GTA has resulted in sellers realizing their asking price in a short period of time. The fact that homes are selling for 100 per cent of the asking price, on average, suggests that sellers are very much in tune with the current market situation and know the fair market value of their home,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
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Tan.gazine NEWS
Despite rising hous ownership becomin
Despite ongoing concerns about househ more affordable in Canada, not less, s Beltrame, The Canadian Press March 07, 2012
n RBC's latest report, says home affordability actually improved in the final months of 2011 for the second consecutive quarter, thanks to softening house prices and income gains. Owning a home in Canada now takes up as much of pre-tax income as it did a year ago, even though household indebtedness has continued to rise and is now at a record high 153 per cent of disposable income. Ownership even became more affordable in the ultra-expensive Vancouver market, although it remains the dearest place in Canada to own a home. "The improvement in affordability was modest for the most part, but still significant enough to dial back the deterioration that impacted the market in spring last year,â&#x20AC;? said RBC chief economist Craig Wright in a release issued Wednesday morning.
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"At this point, housing in Canada is essentially as affordable as it was a year ago, and only slightly less affordable on average than it has been over the long term." The study shows affordability rates vary widely depending on the market. Vancouver's rate is down by 4.6 points to 86 per cent, by far the least affordable market in Canada. Next highest is Toronto at 52.2 per cent. Other ratings were Ottawa (40.9), Montreal (40.1) Calgary (36.7) and Edmonton (32.8). RBC defines affordability as the proportion of pre-tax household income needed to service the costs of owning as specific type of home. A ranking of 50 per cent means that a household was spending half its pre-tax income on mortgage, utilities and property taxes. Earlier this week, Finance Minister Jim Flaherty warned Canadians again about taking on too much debt and said he was particularly
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sehold debt, home ng more affordable
hold debt, home ownership is becoming says new research by the Royal Bank.
concerned about the condo market, which has been particularly robust in Vancouver and Toronto.
Flaherty, who has tightened rules on three occasions since 2006, gave no hints he was preparing to move a fourth time.
Acknowledging that there had been recent moderation in housing, Flaherty nonetheless said high debt was a worry.
In a forecast issued Monday, the Canadian Real Estate Association said it expects the average price of a home will decline by 1.1 per cent this year to $359,100, while resales rises a tiny 0.3 per cent.
"I again encourage Canadians to be careful in the amount of debt they take on in terms of residential mortgages because (interest) rates will go up some day," he said. Bank of Canada governor Mark Carney has issued similar cautions, while such global institutions as the International Monetary Fund have estimated Canada's market to be 10 per cent overvalued.
The RBC report shows that affordability has improved in almost all provinces and cities in the last quarter of 2011. Manitoba was the only province to experience a slight deterioration in affordability, while Quebec's index remained unchanged.
TD Bank economist Derek Burleton said it was time for Flaherty to rein in borrowers by reducing the maximum amortization period to 25 years from 30, which he said would tamper housing but not enough to cause damage.
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DIY - Recipe For March 2012 Check out food.chatelaine.com for more cool recipes
March 20, 2012
Lamb Ch recipes
with p
P Preparation time: 25 minut Cooking time: 10 minutes C Makes 3 Servings M
In Ingredients 11/2 cup coarse or medium b 11/3 cup lemon juice 3 tbsp olive oil 3 garlic cloves, minced 2 tbsp dried oregano leaves 33/4 tsp salt 6 lamb-loin chops, about 400 33/4 cup pomegranate seeds (about 1/2 a pomegranate) 11/2 cup cumbled feta 11/2 cup chopped parsley 1 tbsp lemon zest N Nutrients per Serving 3356 calories 223 g protein 228 g carbohydrates 118 g fat 5 g fibre 9923 mg sodium Roberto Caruso
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ops
pomegranate bulgur
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bulgur
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First Things First... 1. Pour bulgur into a medium bowl and cover with 2 cups boiling water. Let stand, covered, until bulgur is tender, 15 to 20 min. Drain well. 2. Whisk 1/4 cup lemon juice with 2 tbsp oil, garlic, oregano and salt in a shallow dish. Add lamb chops and coat well. Marinate at room temperature for 10 min. 3. Heat a large frying pan over medium-high. Add lamb and cook until golden, 3 to 4 min per side for medium-rare. 4. Stir remaining 2 tbsp lemon juice, remaining oil, pomegranate seeds, feta, parsley and lemon zest into bulgur. Serve alongside lamb chops. Wine Pairings: Serving a red with meat may be obvious, but make it your own with this high-value, fully charged red. Its anise and pomegranate flavours especially complement the herbs in Lamb Chops with Pomegranate Bulgur. We recomend you try out Montalto Nero d'Avola Cabernet Sauvignon red wine, Italy, they retail for approximately $10 at most wine stores. penghocktan.com | 29
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