August Canadian Housing Market Performance

August home price value jumped 0.2 per cent from July statistics— a clear indication that home prices is moderating across Canada, based from the recent Teranet-National Bank composite home price index.

According to the authors, for the second consecutive month, home value did not rise from the month before in all six markets. The trend of Canadian home prices has been different in every region, there was a noted decline in Calgary and Vancouver while on opposite direction in Toronto, Montreal, Halifax and Ottawa.

See the price gain in these 6 major Canadian cities based from the data gathered from public land registries:

clip image002 thumb August Canadian Housing Market Performance

Results had shown that home value was up 10 per cent in August compare to the previous year. Although majority were gained in the first half of the year.

Buyers rushed into the market amid fears of higher interest rates, tighter mortgage rules and a new harmonized sales tax in B.C. and Ontario—one good explanation why home prices inflated quickly at the beginning of the year. However, the market went on the opposite by spring which was supposed to be the busiest period.

According to a Royal Lepage poll, housing prices drop as well as the sales in the third quarter and increases in housing slowed to a more normal 5 per cent rate year-over-year. The Canadian Real State Association said in its monthly report that home prices in September were little changed from last year at $331,089.

Despite the weak market condition, prices continue hover record highs, which may place the country in a housing bubble. Canadian homes may be overhauled and that home prices drop could more sharply than expected. If this takes place it would exacerbate growing debt burdens that households are facing, said Bank of Canada Governor, Mark Carney.

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Property-tax freeze expected in next month city’s budget unveiling

Mayor Sam Katz and city council finance chairman Scott Fielding plan to unveil the city’s operating budget in mid-February, the mayor’s office says.

Katz and Fielding are expected to unveil an operating budget that includes the city’s 13th straight property-tax freeze. Raising taxes during an election year would be unlikely, despite the fact inflationary increases in salaries and fluctuating fuel costs continue place pressure on city finances.

The city expects to post a $5.2-million surplus on its 2009 operating budget of $785.3 million. The 2010 budget is expected to be higher.

Before the budget is tabled, the city is inviting the public to take part in round-table discussions next week at the Winnipeg Convention Centre.

Sessions are planned for Wednesday, Jan. 27 from 6 to 8 p.m. and Thursday, Jan. 28 from 7 to 9 p.m. You may pre-register at budget@winnipeg.ca or 986-4242.

Walk-ins are also welcome, the city says.

http://www.winnipegfreepress.com/local/breakingnews/Property-tax-freeze-expected-in-citys-budget-82396027.html

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Realtor association targets land transfer tax for first-time homebuyers

The new president of the WinnipegREALTORS is hoping persistence pays off when it comes to the much maligned provincial land transfer tax.Claude Davis and other WR representatives met Finance Minister Roseann Wowchuk to urge her government to exempt first-time homebuyers from having to pay the land transfer tax.

The association made the same pitch last year to then finance minister Greg Selinger, now premier, but to no avail. Davis said he’s hoping this time will be different, although Wowchuk didn’t give them an answer at the meeting.

“She received it as information and said she’d consider it. And that’s all we can ask,” Davis said.

However, Wowchuk didn’t sound like she held out much hope for an LTT reprieve in this spring’s provincial budget.

She said in an interview that although she’ll take this and other tax-change requests into consideration, the province is facing a deficit as a result of the recession and has to find a way to balance the budget, stimulate the economy and maintain health care and other essential services.

Davis said WR representatives pointed out that each house transaction in Manitoba generates about $40,000 in spinoff economic benefits, and exempting first-time buyers as some other provinces do could help stimulate the market by making homes easier for them to purchase.

The tax is intended to pay for the costs of registering a property transaction in the provincial land registry. It is based on a percentage of the value of a transaction, rather than a set fee.

The tax rate is 0.5 per cent for the portion of the selling price between $30,000 and $90,000, one per cent from $90,000 to $150,000, 1.5 per cent from $150,000 to $200,000, and two per cent for anything above $200,000. On a $350,000 sale, the homebuyer pays a land transfer tax of $4,650.

http://www.winnipegfreepress.com/business/realtor-association-targets-land-transfer-tax-for-first-time-homebuyers-81304347.html

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Education funding takes a dip

Manitoba’s public schools will be dealing with a much smaller funding boost next year.

The provincial government announced Thursday that it is increasing funding by 2.95 per cent for the 2010-2011 school year, which is a significant drop from the 5.25 per cent increase provided for the current year.

However, Education Minister Nancy Allan said the funding is considerable in comparison to the expected rate of economic growth.

The Manitoba economy was forecast to contract by 0.2 per cent in 2009, but a final number hasn’t been determined.

“I strongly believe that a 2.95 per cent increase to public schools, despite difficult economic times, demonstrates this government’s commitment to education and will help meet the needs of parents, students and taxpayers across the province,” Allan said.

“We have been working co-operatively with school divisions and we are continuing to urge restraint in order to ensure that expenditures are managed carefully and property taxes remain affordable.”

The 2.95 per cent increase equates to an additional $31.3 million dollars for Manitoba’s 37 school divisions.

Statistics Canada has reported Manitoba is the only province to have seen average property taxes decrease from 2000 to 2008, Allan noted.

Read more: http://www.cbc.ca/canada/manitoba/story/2010/01/28/mb-education-funding-manitoba.html#ixzz11jDaVSrO

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Meet an Assessor in a Community Nearby You

Meet an Assessor in a Community Nearby You :

As well as being available at individual offices  assessors will hold “Open Houses” in many communities across the Province of  Manitoba , Canada as well as throughout  the City of Winnipeg in many communities offering you a most convenient opportunity and opportunities to conveniently and fully discuss your property tax assessment and assessments.

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How Can I Get More Information About Assessments

How can you get more information about assessments and your particular assessment in question

1) Over the Internet:  you can easily as well as conveniently obtain assessment information via the internet at the link of

http://www.gov.mb.ca/assessment

http://web5.gov.mb.ca/public/default.aspx

At these sites you can find :

- answers to your most frequently asked question (FAQ)
- assessments of all properties in Manitoba except in the City of Winnipeg (City of Winnipeg assessments are available at
www.winnipegassessment.com )

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Why Has My Property Been Reassessed ?

Why has my property been reassessed ?

Under provincial legislation, all properties across Manitoba are being reassessed regularly and on an ongoing as well as regular basis.

This is being done and accomplished on a regular basis for the reasons of:

- ensure taxes are fairly shared according to teh assessed value of owned or leased properties

- ensure assessed values keep pace with current as well as accurate and timely real estate market conditions

-  to help and best help property owners understand as well as evaluate their full property tax assessments

www.famouspeopleofmanitoba.ca

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Updated Property Assessment Notices

An updated assessment may affect your 2010 property taxes.  It is best to take some time to review your notice , that was sent to you.

Include the important information on the back

The Manitoba Government is reducing property taxes across the full province of Manitoba , Canada by:

- increasing the Education Property Tax Credit since 1999 to $ 650 in 2009

- eliminating the Education Support Levy on residential property saving residential taxpayers $ 100 million dollars annually

- increasing the Farmland School Tax Rebate to 75 % in 2009 from 33.33 % in 2004 .

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Your 2010 Property Assement Notice

Your 2010 City of Winnipeg Property Taxes Assessment Notice

When you receive your official brochur, you have received one or more following types of assessment notices:

- a real property notice for buildings and land

- a personal property notice for certain equipment or machinery

- a business notice.  If you operate a commercial enterprise and our municipalit y levies a business tax or fee

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Property Overassesed ? Realty Property Tax Appeal Services

Cuyahoga County had its regular property assessment in 2006. Many of us homeowners in Cuyahoga County were not happy with new property taxes. The timing was not perfect, as property tax increase came along with sub-prime crisis, growth of foreclosure rate and market price adjustment of 2007. Many homeowners notice that assessed value is much higher than possible market value of their homes. There is a way to reduce your taxes if you file a complaint with Cuyahoga County before the end of the day of March 31, 2008. You may find all the forms and information about the procedure at the web site of Cuyahoga County Board of Revision http://bor.cuyahogacounty.us/.

As we get a lot of inquiries from our clients regarding the market condition in their neighborhoods, we in Local-n-Global Realty decided to offer our clients and friends free Market snapshot services. Please go to the front page of www.Local-n-Global.com and fill in the Evaluate your house form. You will receive the most up-to-date information about house listings and sales in your neighborhood. If you see that your house is over-assessed in comparison with the market value of the similar houses in your community, you may go ahead and ask the County Auditor for tax relief based on real market condition in your area. Please do not hesitate to use this service. It is accurate. It is free. We are here to help you.

We want our communities to prosper, our schools to get stronger, and our neighborhoods to be better. We are responsible tax payers. BUT – if there is any mistake in you

http://realtorsvetlana.wordpress.com/2008/01/10/homeowner-in-cuyahoga-county-is-your-property-over-assessed/

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