Deakin Realty is proud to support the Association Quebecoise de Voile Adaptee (the Quebec Adapted Sailing Association) and its annual raffle. The proceeds from this raffle will enable people living with physical disabilities to enjoy the AQVA adapted sailing program.

» Click here to visit the AQVA website

Help us in supporting this great event to benefit West Island Community Shares.

Watch Mike Vallee and Caroline Tison run 5 kms, play 18 holes of golf on 18 different courses and then run another 5 kms!

Deakin Realty will be the official sponsor for the 3rd hole, being played at Beaconsfield Golf Course.

Date of the event: Monday June 28, 2010
To benefit: West Island Community Shares
Objectives: Raise money and awareness
Where?: All over the West Island
Who's involved?: You and everyone you know

» Learn more about the event and donate!

We are pleased to announce a new addition to the Deakin family. Ben Deakin was born on the morning of June 17th and weighed in at 6 pounds 12 ounces. Mom and Dad (Jay and Cynthia) are thrilled, as is the rest of our gang.

The Montreal Gazette, February 14, 2010

Re: "Housing prices are getting dangerously high" (Montreal Gazette, Feb. 12, 2010).

The spectre of higher interest rates in the future should have everyone concerned. It's a matter of when, not if - but that could be tempered by fixing a few problems with our system.

Right now buyers can pick up the keys to a new home owing almost exactly what they paid for the house (95 per cent of the house plus CMHC fees). If we couple this with 35-year amortizations, you can see we are helping people into houses in which they might not have any significant equity for 10 years.

We have an excellent plan that allows first-time purchasers to borrow up to $50,000 per couple from their RRSPs to put towards a down payment. If a couple hasn't been able to struggle a little to put the equivalent of at least 10 per cent of the purchase price into their RRSPs, why are we lending them money? If we simply go "old school" - 25-year amortization and minimum 10 per cent down - people will start building equity instead of paying interest, and housing market stability will be more realizable. If we don't, we are no smarter than the Americans, filling a few pockets with short-term gains and everyone else with long term pains.

John Deakin
Pointe Claire

It would seem that the Government of Canada is inclined to agree with John. On February 16, Finance Minister Jim Flaherty outlined new mortgage lending rules that will require borrowers to meet more stringent standards.

First, borrowers will be required to prove that they can support mortgage payments calculated using the five-year fixed rate with a 25-year amortization, even if they opt to sign up for a longer term or a lower variable rate.

Second, the rules will lower the maximum Canadians can withdraw when refinancing their properties, to 90 percent of the value of their home, instead of 95 percent.

Third, in order to curb speculation in the real estate industry, borrowers will now be required to put down a minimum of 20 percent on non-owner-occupied properties in order to qualify for CMHC mortgage insurance.

These new rules will come into effect on April 19.

For the 2009 tax year, Revenu-Quebec had in place a renovation tax credit program which was similar to (but more restrictive than) Revenue Canada's program. In essence, taxpayers who hired a contractor to do renovation work in 2009 will earn a tax credit equal to 20% of the cost of the renovations which exceed $7,500 but do not exceed $20,000. Therefore, the maximum tax credit earned would be $2500.

The Quebec plan differs significantly from the Federal plan in many ways. For instance, the work HAS to be performed by a licensed subcontractor - the home owner cannot do it himself. Also, the work has to affect the physical building - such things as design services, installation of pools, hot tubs and landscaping do not qualify.

Deakin Realty has a professional accountant on staff. Don't hesitate to contact us for more information on this program!

» Revenue-Québec website