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i The Canadian Statesman, Bowmanville, Monday, December 23, 1996 13 V Please phone 623-3303 and ask for the Real Estate Sales Department J Real Estate Deadlines and Policies Deadline for Wednesday Publication is Monday at 12:00 Noon. Any compensation for errors or omissions by The Canadian Slalcsman will be limited to the value of the space occupied by the error in the advertisement. Dirk Woudstra 234 King Street East, Bowmanville Telephone 623-3393 Toronto Line 686-1035 Jim Vinson Josie Doxtater REALTOR Terry Witherspoon, Val Aston ' Don't Forget Closing Costs When Purchasing a Home GM Choir Makes $2,063 Donation to Lung Assoc. The General Motors Choir put on a humorous skit as part of their afternoon concert for staff on December 11 at the corporate headquarters in Oshawa. The choir presented a cheque for $2,063 to the Durham Region Lung Association from collections received at their local annual Christmas concerts. The choir is currently recruiting new members. members. If interested, call 725-1969. Housing Starts Reach Two-Year High This article is provided by local local Realtors and the Ontario Real Estate Association (OREA)forthe benefit of consumers consumers in the real estate market. market. Despite the low, low cost of buying a home and carrying a mortgage these days, you should keep in mind "closing costs" in addition to your down payment for that dream home. These various charges can add up, and for the most part they are all legally required payments in buying a property. Here is a list of most of your major "closing costs." * Legal fees: Since a lawyer is an essential part of your home-buying team, the work provided involves fees. Most legal fees include searching the title of the property, arranging a property survey if necessary and handling other disbursements disbursements as required. * Mortgage insurance and application application fee: For any high ratio ratio mortgage, which is any National housing starts rose 17 per cent in November to a seasonally adjusted annual rate (SAAR)* of 138,200 units from an October rate of 118,100, according to Canada Mortgage and Housing Corporation Corporation (CMHC). In urban centres, single- detached dwelling starts rose 12.4 per cent to 61,700 units. Multiple unit construction moved up 34.7 per cent from the previous month, to 51,600 units. "The November housing starts level is the highest since November 1994.' It coincides with higher activity in the existing existing home market, which rose 13 per cent to a record 347,000 sales in October," said Michael Laurence, Senior Economist at CMHC's Marker Analysis" Centre. "Full time employment is still higher than at the 1989 peak. That, along with lower mortgage rates, is producing gains in the new and existing markets." In Ontario, urban starts increased increased 3.8 per cent in November, November, to 41,000 units. Gains in the single-detached segment offset a drop in multiples. Condominium Condominium starts rose but rental starts declined. Activity was lower in Toronto. British Columbia urban starts reached 26,900 units in November, November, a 47 per cent increase over the previous month. Single Single starts were up, but most of the increase was in multiples. This segment benefited from greater construction in both condominiums and rental units. Urban starts in Quebec rose 26.1 per cent to 20,300 units in November. Both single- detached and multiple markets improved. Multiples were much more active as condominium condominium starts picked up across the province and rental starts increased in the Montreal area. Starts in the Prairies in creased 32.6 per cent to 18,300 units in November. Higher starts were recorded in all provinces but a greater number of rental starts lifted the Alberta Alberta total. Joe Jeronimo John Shewchuck Rovnin Awadia Ann Van Dyk Charlene McAuley Charlie Reid mortgage in which 75 or more per cent of the house's purchase purchase price is covered by the mortgage, the lender requires mortgages insurance. Mortgage broker's fee: A mortgage broker will charge a fee to set up a mortgage for you. In some cases the fee may be included with the legal fees if your lawyer arranges the mortgage, or included in the lender's fees if you deal directly directly with a lender such as a bank. * Job Loss Mortgage Insurance: Insurance: This job loss insurance plan will take care of your mortgage payments for up to 12 months if you should lose your job. Your Realtor has all the details. * Property insurance: This insurance insurance covers the replacement value of your home and its contents. Most mortgage lenders lenders will require proof that you have this insurance before processing processing a mortgage. * Home Inspection: A professional professional home inspector knows what to look for and can confirm confirm or add to the information you've gleaned from the Realtor Realtor or your inspection. Basic inspections on most houses are usually in the $150 to $200 range. * Land transfer tax: Anyone buying property in Ontario must pay a land transfer tax. It usually runs between 0.5 to two per cent of the home's purchase price, depending on that price. *GST: GST is payable to some degree on the purchase price on all new homes, although although partial rebates arc available available on the purchase of most homes. A resale residential home is usually exempt from GST. Various other closing fees, however, do involve payment payment of GST. * Extra charges: You may also be required to pay the costs of such things as heating oil in the tank, or other costs incurred by the seller, but in cludes with the house, prior to the closing day. * Hook-ups: There may be hook-up charges required for appliances and services such as telephone, TV cable, hydro and other utilities. * Moving costs: Don't forget the basic costs involved in moving from your old place into your new home, particularly particularly if you use a professional moving company. A Realtor can explain further details on closing costs. Just remember remember to add them to your financial financial plan when saving to buy a home. Season's greetings I am hoping that your season brings lots of glad tidings and beautiful things; The warmth of family, The blessing of friends, Plus peace and joy That never ends. May all your hopes and dreams come true in the New Year Wilma Entwisle 0' Little Star of Bethlehem May peace and enlightenment guide you, and may God bless you and your loved ones during this holiest of seasons. Bob and Louise Gowdy Property Valuators/Consulting Inc. Starting Up a New Business If you want something done right...well, you know the rest. And if you're a farm or rural woman with a terrific business idea, 1997 could be the year you become your own boss! WRED (Women and Rural Economic Economic Development) announces announces a new program called "Self Start" designed to train would-bc entrepreneurs in ntn- ning a business. Funded by the Agricultural Adaptation Council, Council, Self Start is a 42-wcck development development program focusing on business plan creation, marketing marketing strategics, business financing, financing, record keeping, networking networking skills, connecting with your community, selling techniques techniques and more. With an initial commitment of 30 hours per week, participants participants will actually start their business while taking the course, which begins in late January at the Ontario Ministry of Agriculture, Food and Rural Affairs (OMAFRA) office at 60 Vaticdward Drive (Unit 1) in Port Perry. The program is designed with a great deal of self-directed progress to accommodate accommodate individual experience experience and needs, Based on the core curriculum of successful WRED self- employment training, Self Start can awaken valuable skills. "1 went in unsure of the possibility possibility of turning my hobby into a business," says past participant, participant, Dorothea Helms, "but I graduated with a flourishing writing/editing business that I run from my rural homo in Sunderland." To sign up for a free information session on January 16 from 10 n.m. to noon, call Martha Toll Free 1- 800-407-6419, BOWMANVILLE Bungalows & 2 Storeys from $129,990 HWY.l u E i r Ï i i u w« I MfWI Lowhamy Min i ti SH LU HWV.401K GRAND OPENING IN BOWMANVILLE s tyle Community 0,1 NEWCASTLE Townhomes and 40' Lot Detached Ü 19,990 Heritage Homes in a Friendly Hometown Community Setting ! " .,'V Detached Freehold Bungalows on 38' & 45' Lots from $149,990 (905)623-7027 or (905) 427-8605 «E» h"-jpr r* A hH hJ h M < z <