Brantford City Council Endorses Agreement for "Colborne Point" Redevelopment with Vrancor Group

BRANTFORD, ON: At their City Council meeting held August 29, 2023, Brantford City Council endorsed a bylaw directing the City to enter into an agreement of purchase of sale of the lands informally known as “Colborne Point” with Vrancor Group, an established Ontario developer specializing in urban redevelopment projects. Colborne Point is located at the corner of Colborne Street and Icomm Drive on the south side of Colborne Street, adjacent to the architecturally significant Laurier/YMCA athletic facility. Recognized as a high-profile site and a natural gateway to the heart of the city, the development of “Colborne Point” is a vital part of the ongoing revitalization of Brantford’s downtown. Unique advantages such as the prominence of the site, as well as the scenic views afforded of the river lend themselves to a premium architectural development. The comprehensive process to have the site acquired began when the City extended an invitation to submit expressions of interest (EOI) for the acquisition and redevelopment of the high profile site. Consistent with the City’s Official Plan, development proposals were encouraged to be in the form of mixed-use buildings, residential buildings, retail and commercial spaces, offices, institutional buildings, public space(s) and recreational/ entertainment uses. During the EOI process, a series of proposals were thoughtfully considered and thoroughly vetted by an Evaluation Committee consisting of the Mayor, both Ward 5 Councillors, the Chief Administrative Officer, the General Manager of Public Works, and the General Manager of Community Development, with support from the Purchasing Division and Legal and Real Estate Services. In order to accommodate a revitalized, vibrant, and walkable downtown, the Evaluation Committee assessed how architectural concepts submissions took into consideration pedestrian safety, streetscape and façade improvements, landscaping, suitable parking facilities, lighting, access to trails and the Grand River, and open spaces. Consistent with the City’s Official Plan, proposals were also evaluated based on how development would seamlessly integrate into the surrounding district, make the best use of the site in terms of diversity of use and intensification, and serve as a gateway focal point encompassing public space(s) and unique identifying features. The Evaluation Committee also took great attention to ensuring alignment with the right partner who shares the City's vision for the property. The Vrancor Group conceptual submission selected by the Evaluation Committee estimates the site will have a gross floor area (GFA) of 435,0000 square feet, resulting in a minimum of 300 residential rental units, 24,000 square feet of ground floor commercial area and on-site parking. The public spaces include a courtyard and a commercial and river-view terrace. The City expects that the agreement of sale will be finalized and signed by both parties over the next month, and that the sale is intended to close in 2024. -30- Media Contact: 
Maria Visocchi Director, Communications, Community Engagement and Customer ServiceCity of Brantford | Office: 519.759.4150 Ext. 5754 | mvisocchi@brantford.ca  The City of Brantford Newsroom

Navigating the Path to Home Ownership: Step-by-Step Guide to Buying a Home in Canada

Buying a home is a significant milestone, but the process can feel overwhelming, especially for first-time buyers. From assessing your financial capacity to signing the dotted line, there are essential steps to follow. In this guide, we break down the process of buying a home in Canada, helping you embark on this exciting journey with confidence. Step 1: Assess Your Financial Capacity Before diving into the world of real estate, it's crucial to understand how much you can afford. Calculate your budget by considering your income, expenses, and potential mortgage rates. Online mortgage calculators and financial advisors can help you determine a comfortable price range for your home. Step 2: Save for a Down Payment A down payment is a lump sum you pay upfront towards your home's purchase price. In Canada, the minimum down payment varies based on the home's price. Typically, it's 5% for homes under $500,000 and 10% for any amount above that. Having a larger down payment can lower your mortgage amount and monthly payments. Step 3: Get Pre-Approved for a Mortgage Getting pre-approved for a mortgage is a smart move. It involves submitting your financial information to a lender who then determines how much they're willing to lend you. Pre-approval not only helps you narrow down your home search but also gives you an edge in negotiations with sellers. Step 4: Start Your Home Search With a clear budget in mind, start looking for homes that match your criteria. This is the fun part! You can browse real estate listings online, attend open houses, and even consider hiring a real estate agent who can provide expert advice and help you find suitable properties. Step 5: Make an Offer When you find the perfect home, it's time to make an offer. Your real estate agent will help you draft a formal offer that outlines the price you're willing to pay, any conditions you have, and the closing date. The seller can either accept, reject, or counter your offer, leading to negotiations. Step 6: Complete Due Diligence Once your offer is accepted, you enter the due diligence phase. This involves various inspections, such as a home inspection to identify any potential issues, and a title search to ensure the property's legal status. These steps are crucial to ensure you're making an informed decision. Step 7: Secure Financing With the property's condition verified, it's time to secure your financing. Your lender will finalize your mortgage, and you'll need to provide additional documentation. This is also when you'll need to secure home insurance, which is mandatory for mortgage approval. Step 8: Close the Deal At closing, all necessary legal documents are signed. This includes transferring ownership, paying closing costs (such as legal fees and land transfer taxes), and registering the property in your name. Your lawyer or notary will guide you through this process. Step 9: Take Possession Congratulations, you're a homeowner! On the possession day specified in the agreement, you'll receive the keys to your new home. Perform a final walkthrough to ensure everything is as expected. Step 10: Settle In Now that you've officially bought your home, it's time to settle in. Notify utility companies, change your address, and start enjoying your new space. Buying a home in Canada involves careful planning and attention to detail. By following these ten steps, you'll navigate the process smoothly and confidently. Remember, every home buying journey is unique, so seek guidance from professionals and take your time to make the right decision for your future. Happy home hunting!

Home Buyers’ Plan Demystified: Boost Your Down Payment Wisely

Purchasing your dream home often requires a substantial down payment. If you find yourself in need of additional funds to fulfill this requirement, the Home Buyers’ Plan (HBP) can provide a solution. This article provides an insightful overview of the HBP and offers valuable tips for maximizing its benefits. Why Opt for the HBP? For aspiring homeowners with a limited down payment, the Home Buyers’ Plan offers an avenue to withdraw up to $35,000 from their registered retirement savings plan (RRSP) to assist in purchasing a home. This withdrawal is tax-free as long as it is repaid within the specified timeframe. Couples who are buying a home together can potentially access up to $70,000. By leveraging the HBP, you can bolster your down payment, potentially exceeding what you could save independently. This increase in your down payment not only reduces your mortgage amount and subsequent payments but can also bring you closer to bypassing mortgage loan insurance requirements. Is the HBP the Right Choice? The HBP is suitable for those who meet specific criteria: Use your own RRSPs for withdrawal. Maximum withdrawal of $35,000 per eligible person. Property being purchased or built must be in Canada. Qualify as a first-time homebuyer or haven't owned property in the past four years. Hold Canadian residency. Property must become your principal residence by a specific date. Funds withdrawn must be in your RRSP for at least 90 days before withdrawal. Repayment within 15 years, starting from the second calendar year post-withdrawal. Contributions to the program can be made in multiple withdrawals within the same calendar year. Understanding the HBP Process The HBP process is straightforward: Ensure your desired withdrawal amount is in your RRSP for at least 90 days before withdrawal. Complete Canada Revenue Agency form T1036 to verify eligibility. Withdraw funds from your RRSP after the required waiting period. You have 15 years to repay the withdrawn amount, beginning in the second calendar year after withdrawal. Repay at least 1/15th of the withdrawal annually, such as $2,333.33 for a $35,000 withdrawal. Additional Strategies: RRSP Loan If your RRSP balance is modest, consider an RRSP loan to leverage the HBP: Secure an RRSP loan from the bank, capped at $35,000. Deposit the loan amount in an RRSP account for 90 days, with interest payments. Receive a tax receipt for RRSP contribution, leading to a tax refund. Use the refund to enhance your initial down payment. Summing It Up The Home Buyers’ Plan is a powerful tool to amplify your down payment, making homeownership more accessible. Careful planning and understanding of the process are essential to ensure optimal use of the HBP. Whether you're a first-time homebuyer or seeking financial strategies for property purchase, the HBP can be a game-changer on your path to homeownership.

A Guide to Canada's F.H.S.A

The dream of owning your first home has undergone significant changes due to factors like housing prices, inflation, and fluctuating interest rates. Overcoming these challenges requires innovative financial strategies. In this pursuit, the Canadian government has introduced the First Home Savings Account (FHSA) – a tax-free registered plan designed to assist potential first-time home buyers in achieving their homeownership goals. What is the FHSA? The FHSA is a novel registered plan tailored to aid Canadians in entering the housing market. It acts as a savings account specifically for the purpose of purchasing a qualifying first home. The term "qualifying home" encompasses various housing units in Canada, ranging from single-family homes to apartment buildings. Am I Eligible for the FHSA? Determining your eligibility for the FHSA involves several factors: Canadian Residency: You must be a Canadian resident. Age Criteria: Depending on the type of FHSA, you may need to be the age of majority in your province or territory of residence, which is generally 18 years. First-Time Homebuyer: To qualify, you should be a first-time homebuyer. Past Homeownership: In the calendar year before opening the account or within the previous four calendar years, you shouldn't have owned or lived in a qualifying home. Principal Residence: The home you intend to purchase or build should become your principal residence. How Much Can I Contribute to an FHSA? The FHSA offers eligible Canadians the opportunity to contribute up to $8,000 annually. This contribution room can accumulate if not utilized fully, up to a lifetime maximum of $40,000. For instance, if you contribute $4,000 in one year, your contribution limit for the following year would be $12,000 ($8,000 + $4,000). Advantages of an FHSA: Utilizing the FHSA offers several benefits: Tax Deduction: Contributions made to the FHSA can be claimed as tax deductions, resulting in potential tax savings. Tax-Free Growth: Investments within the FHSA grow tax-free, providing an opportunity to maximize your savings. Tax-Free Withdrawals: When you're ready to purchase a qualifying first home, you can withdraw both your contributions and investment earnings tax-free. Combined Strategies: You can use funds from both the FHSA and the RRSP Home Buyer's Plan for your first home purchase. FHSA vs. RRSP: A Comparison Image Source*Questtrade Navigating the challenges of purchasing your first home requires innovative financial solutions. The FHSA offers Canadians a strategic way to save for their qualifying first home while benefiting from tax deductions, tax-free growth, and tax-free withdrawals. Moreover, the option to combine the FHSA with the RRSP Home Buyer's Plan provides added flexibility. By harnessing these tools, aspiring homeowners can embark on their homeownership journey with a stronger financial foundation.