Tag Archives: Winnipeg

Toronto tenants will be paying less on 2011

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Tenants in Toronto has something to celebrate other than Holidays. The City of Toronto will be dispensing mails to the city’s rental households announcing an “automatic rent reduction.”

According to the press release issued by the City of Toronto, tenants of buidlings with six units and so will pay 20% of their rent toward property taxes, so if tax went down so as the rent fee.

128,109 household will receive the mail and the act will be implemented as early as Dec. 31, 2010. If you are one of the lucky ones, it only means that the property tax of your building has been reduced by more than 2.49% this year. If you weren’t able to get the letter, it may indicate that the building has not been covered by the Residential Tenancies Act which only applies to buildings occupied as residences before Nov. 1, 1991.

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Realtor association targets land transfer tax for first-time homebuyers

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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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Canadian home value stays strong

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Home prices will stabilize and remain the same for some time… this is what the report of The Canadian Real Estate Association (CREA) had indicated.

In other words, Canadian homeowners are unlikely to experience what U.S .have underwent in terms of the decline of their home value.

“The relationships between average price and income has recently been cited as portending a U.S.- style correction in Canadian home prices,” said Gregory Klump, chief economist for CREA.

Home prices tend to perform well in the market in accordance with periods of sharp growth periods of stability. By contrast, income generally follows an orderly upwards trend over time.

Winnipeg REALTORS® president Claude Davis said the Winnipeg market is more characterized by the term “slow but steady.” In addition, it is known to be one of the most affordable markets in Canada which is not prone to accelerated price increase unlike Calgary, Vancouver and Toronto.

“The Canadian housing market is now widely thought beat, or very near, the top of a cycle,” said Klump, “and the ratio of the home prices to incomes is currently high. This ratio will revert to its long-term average as it always does as part of a normal housing market cycle.

“History suggests, however, that it will not do so by means of a significant correction in home prices,” he added. “The more likely scenario is that home prices will stabilize, giving incomes chance to catch up again.”

Conservative lending practices in the mortgage industry combined with prudent borrowing and accelerated payments among Canadian mortgage holders have been seen throughout the recent housing market cycle.

Accelerated accumulation of home equity will provide options for the small proportion of homeowners who may face financial difficulty when their mortgage is renewed at a higher interest rate. Their trends are expected to help Canada avoid a U.S.-style housing crisis.

The unwinding of the housing boom in Canada will be more orderly, characterized by softening sales activity and stable prices, according to CREA.

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Tax-bill jump riles homeowner

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A family of five got a nasty shock from Winnipeg’s city hall this festive season. Starting in the new year, their monthly Tax Installment Payment Plan (TIPP) bill is going up 31 per cent.

“They sent us a letter a week or so ago — our TIPP went from $169 to $221,” said Ken Thoroski, who lives in St. Vital.

“I thought there might be some kind of mistake.”

The city says it’s no mistake — the increase is for their own good.
“Given the recent increase in assessed value for many homes in the city, the assessment and taxation department is anticipating an increase in taxes for some homeowners,” a 311 operator told Thoroski in an email.

While any increase in property taxes won’t be decided until spring when city council sets the municipal budget, the TIPP program isn’t waiting.
“In order to diminish the impact of a possible tax increase, the department is estimating your possible 2010 taxes and setting your monthly TIPP payment accordingly” starting Jan. 1. Once the mill rate is set in the spring, the department will know exactly what Thoroski’s taxes will be for 2010 and adjust his monthly TIPP up or down as necessary, the city said.

“It’s wrong,” Thoroski said. “They’re hitting you as hard as they can up front.”

The TIPP program allows property and business owners to make consecutive monthly payments for taxes rather than a single annual payment.

It starts on Jan. 1 of each year and payments are made on the first banking day of each month by automatic withdrawal from an account with chequing privileges at a financial institution.

Thoroski said upping his TIPP payment by so much before the new rate is set isn’t much of a privilege.

“You’re going to pay for 12 months and they hit you hard up front so they’re way ahead and pay you back later,” Thoroski said.

“It’s putting more money in their coffers,” continued the married father of three.

No one is forced to be on the TIPP program, which was designed to help people budget their property and school taxes, said the city’s head of assessment and taxation.

“If they have a real concern with how they’re being requested to make payments when taxes aren’t due, then send us a letter asking us to remove them from TIPP,” Nelson Karpa said. The city will then send the tax bill in the spring and the family can pay it at the end of June when the full amount is due, he said.

Still, the increase in property taxes riles Thoroski, who says the city won’t address his complaints about the sidewalk flooding on his street and noisy, over-lit service stations near his home.

Karpa said an increase in property taxes follows the 2008 reassessment, in which the market value of some homes in Winnipeg increased by as much as 100 per cent from five years earlier.

“There was a pretty dramatic increase in the value of real estate,” Karpa said. The average property value increased 67 per cent, he said.

“We simply report on what the market has done.”

Homeowners whose assessment increase is above the city average will likely see their property taxes increase.

The market value of Thoroski’s home increased 78 per cent from 2003 to 2008, according to the city’s property assessment website.

If city council succeeds in freezing property taxes again, homeowners with assessment increases below 67 per cent could see their property taxes drop.

http://www.winnipegfreepress.com/local/tax-bill-jump-riles-homeowner-79968637.html

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BMO: Time for Homeowners/Prospective Buyers to Stress Test their Budget

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Talk to a BMO Bank of Montreal banker about considering a bigger downpayment and reducing the amortization on your mortgage to save money

The housing market in Canada has seen existing Canadian home sales surge 76 per cent from their January lows. Not only that, in November, existing home prices spiked 19 per cent above year-ago levels, the second fastest clip in two decades. With record low interest rates, more people than ever are looking to purchase a home. However, BMO experts are predicting that interest rates will rise in 2010.

“We expect the Bank of Canada’s overnight rate target to climb from 0.25 per cent beginning in July 2010, to 4.25 per cent in mid-2012. In turn, consumers can also expect mortgage rates to increase,” said Sal Guatieri, Senior Economist, BMO Capital Markets. “While today’s ultra-low borrowing costs represent a unique opportunity to purchase a property, home buyers need to proceed with caution and keep in mind that renewal rates will likely be substantially higher in coming years.”

“Stretching the limits of your budget by choosing the maximum amortization period and a minimum downpayment leaves you little wiggle room to deal with an unexpected financial challenge,” said Jane Yuen, Senior Manager, Mortgages, BMO Bank of Montreal. “A meaningful down payment and shortening your amortization by making extra payments on your mortgage will save you tens of thousands of dollars in interest costs.”

http://www.newswire.ca/en/releases/archive/December2009/22/c5258.html

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Park makeover begins

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There are rarely any major surprises in Winnipeg capital budgets because they are long-term documents that rely on stable, predictable funding to maintain and improve the bricks and mortar that hold the city together.

One exception to the rule this year was the addition of $8 million to support the redevelopment of Assiniboine Park. It’s a small amount when compared with the ambitious $180-million plan to reinvent the park and turn it into a major destination, but it shows the city is committed to the amenity. That’s important because the private sector is unlikely to support the redevelopment unless the city puts up some cash first.

The funding may not be all that was requested by the Assiniboine Park Conservancy, the group that has taken the park under its wing, but it’s more than enough to get started. The money specifically targets the old duck pond for renewal, as well as the construction of a family centre near the pond.

Cities, in case anyone hadn’t noticed, cost a heck of a lot of money to run, and parks are likely to take a back seat to critical infrastructure, which itself is suffering from years of underfunding.

There are some critics who say the city shouldn’t spend a nickel on beauty until it has filled every pothole. If this advice was followed, the city might have fewer potholes, but it would make the rest of us yawn with boredom.

It sometimes seemed in the past that Mayor Sam Katz was uninterested in spending taxpayers’ money on beauty and nature when roads were collapsing, but he seems to have evolved on the question, realizing that there’s no point in good roads that lead nowhere interesting.

He once believed, for example, that condos on park property would be good for property values and taxes, an idea he has not tried to resurrect.

Funding for the city’s public art program and for image-route enhancements also remains intact in the capital budget, more evidence, we hope, that beauty is slowly being regarded as a desirable, if not essential, service.

http://www.winnipegfreepress.com/opinion/editorials/park-makeover-begins-70262487.html

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City talks taxes on new interactive website

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The mystery behind where Calgarians property tax dollars are going can now easily be solved with a new website launched by the city.

The Tax Talk website, launched on the eve of Calgary’s 2010 budget discussions, is intended to “help Calgarians understand where their tax dollars go,” according to a statement released by the city.

“It is an excellent tool for Calgarians to put their property tax in perspective,” said Gord Lowe, chairman of the city’s finance committee.

With a proposed increase of at least 4.8 per cent on property tax coming with council’s budget decisions, the Tax Talk site comes at the right time to answer basic questions Calgarians may have, Lowe said: “With the ability to measure their property tax against 14 other Canadian cities, Calgarians gain an important look at how they sit in relation to the rest of the country.”

The site enables Calgarians to enter the amount of property tax they pay and then breaks down that amount, dollar by dollar, into how much each citizen contributes to specific city services.

http://www.metronews.ca/calgary/local/article/370275–city-talks-taxes-on-new-interactive-website

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Artis Real Estate Investment Trust announces monthly cash distribution

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WINNIPEG,- Artis Real Estate Investment Trust (TSX: AX.UN) (“Artis” or the “REIT”) announced that its trustees have declared its regular monthly cash distribution of $0.09 per trust unit (“Unit”) of Artis for the month of October, 2009. The cash distributions will be made on November 13, 2009 to Unitholders of record on October 31, 2009. As at the date hereof, there are an aggregate of 36,875,757 Units issued and outstanding.
Artis is a growth oriented real estate investment trust focused exclusively on commercial properties located in primary and growing secondary markets in western Canada. The REIT’s goal is to provide unitholders the opportunity to invest in high quality western Canadian office, retail and industrial properties, as well as to provide monthly cash distributions that are stable, tax efficient, and growing over time. Artis’ commercial property comprises approximately 6.7 million square feet of leasable area in 96 properties. Leasable area is approximately 39% in Manitoba, 7% in Saskatchewan, 48% in Alberta, and 6% in B.C.; by asset class the portfolio is 29% retail, 34% office and 37% industrial. The REIT’s Distribution Reinvestment Plan (“DRIP”) allows unitholders to have their monthly cash distributions used to purchase trust units without incurring commission or brokerage fees, and receive bonus units equal to 4% of their monthly cash distributions. More information can be obtained at www.artisreit.com.
http://www.newswire.ca/en/releases/archive/October2009/20/c8577.html

WINNIPEG,- Artis Real Estate Investment Trust (TSX: AX.UN) (“Artis” or the “REIT”) announced that its trustees have declared its regular monthly cash distribution of $0.09 per trust unit (“Unit”) of Artis for the month of October, 2009. The cash distributions will be made on November 13, 2009 to Unitholders of record on October 31, 2009. As at the date hereof, there are an aggregate of 36,875,757 Units issued and outstanding.

Artis is a growth oriented real estate investment trust focused exclusively on commercial properties located in primary and growing secondary markets in western Canada. The REIT’s goal is to provide unitholders the opportunity to invest in high quality western Canadian office, retail and industrial properties, as well as to provide monthly cash distributions that are stable, tax efficient, and growing over time. Artis’ commercial property comprises approximately 6.7 million square feet of leasable area in 96 properties. Leasable area is approximately 39% in Manitoba, 7% in Saskatchewan, 48% in Alberta, and 6% in B.C.; by asset class the portfolio is 29% retail, 34% office and 37% industrial. The REIT’s Distribution Reinvestment Plan (“DRIP”) allows unitholders to have their monthly cash distributions used to purchase trust units without incurring commission or brokerage fees, and receive bonus units equal to 4% of their monthly cash distributions. More information can be obtained at www.artisreit.com.

http://www.newswire.ca/en/releases/archive/October2009/20/c8577.html

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Your 2010 reassessment notice

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You will have received one or more of the 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 your municipality levies a business tax or fee

This updated assessment may affect your 2010 property taxes. Please take a few minutes to review your notice, including the important information on the back.

The Manitoba Government is reducing property taxes across the province 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 annually.
•increasing the Farmland School Tax Rebate to 75% in 2009 from 33.3% in 2004.

Why has my property been reassessed?

Under provincial legislation, all properties across Manitoba are being reassessed regularly to:

•ensure taxes are fairly shared according to the assessed value of owned or leased properties.
•ensure assessed values keep pace with real estate market conditions.
•help property owners understand and evaluate their assessments.

When does this new assessment become effective?

The new assessment becomes effective in 2010, and will be used on your 2010 property tax statement. Assessment notices are being mailed well in advance of the 2010 tax year to benefit:

•you as a property owner, as you will have more time to review your assessment and discuss it with an assessor.
• your municipality, as there will be more time to finalize assessments before the final roll is needed for tax purposes in 2010.

How can I get more information about assessments?

On the Internet

You can obtain assessment information via the Internet at www.gov.mb.ca/assessment where you will find:

•answers to frequently asked questions
•assessments of all properties in Manitoba except in Winnipeg (Winnipeg assessments are available at www.winnipegassessment.com)

Meet an assessor in a community near you

As well as being available at our offices, assessors will hold Open Houses in many communities, offering you a convenient opportunity to discuss your assessment. Dates and locations for the Open Houses are listed on the back of this brochure.

Property Tax Assessments to be Mailed Soon

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It's not all about curb appeal

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Higher assessment doesn’t necessarily mean you’ll pay higher property taxes.

On average, the assessed value of residential properties in Winnipeg shot up 78 per cent from the last assessment period, according to the city’s assessment and taxation department.

While the increase officially gives you a clear picture of the wealth you may have already known you were sitting on for the past few years, it may also have implications for your tax bill.

But it doesn’t necessarily mean an increase in your property taxes, says the city’s assessment and taxation department’s director, Nelson Karpa. Continue reading →

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