A downpayment is an initial payment made when something is bought on credit. It is also a topic that many people inquire about when buying real estate. The minimum downpayment in Canada depends on the purchase price. This was recently changed in the last few years. Let’s break it down to make it less confusing. Under $500,000 Purchase Price If the purchase price is $500,000 or...Read More

A lease is a contract outlining the terms under which one party agrees to rent property owner by another party. When a lease has expired, many people are unsure of what to do and if they need to move out. The simple answer is no. You do not need to move out when the lease has expired. Let me explain it a bit further.  In Ontario, the residential tenancy automatically renews on the expiry da...Read More

Shopping for homes in a hot market is no easy task. Many times, people will buy prior to selling. With this comes a very common question - what happens if the purchase and selling closing dates don’t match? This is when Bridge Financing comes into play.   What is Bridge Financing? Simply put, it is a bridge loan that is used as a financing tool that allows you to bridge the gap betwee...Read More

  When buying a new development there are some hidden costs associated with the purchase. Many times these costs are not shown upfront. Here are the five hidden costs that you should know before purchasing a new development. Window Coverings & Appliances Unlike resale homes, new developments may not include window coverings and appliances. Take into account these extra costs when calc...Read More

Property tax is a real estate ad-valorem tax, calculated by a local government, which is paid by the owner of the property. We may not love them but it is one of the carrying costs that come with homeownership. Property taxes are charged by the municipality you live in, and are used to pay for many city services such as garbage and recycling collection, sewer protection, road maintenance, snow re...Read More

For those new to buying and selling real estate, the language can often add layers of confusion. Here are six terms that you should know before starting the process.   Buyer’s Realtor/Selling Realtor There are usually two realtors involved in a transaction. Buyer’s agent who represents you and the listing agent who represents the seller.   Multiple Listing Service (MLS)...Read More

Before entering the real estate market, it is always best to be well prepared. The same thing goes for when entering a bidding war. The most successful clients in a bidding war are the ones who are prepared for battle as they say. Here are some tips that can lead you to success.   Pre-Approval The first step is to speak with your mortgage specialist to find out how much you can afford. The ...Read More

In the real estate market, it isn’t uncommon to hear about bidding wars and bully bids. These tactics are not my favourite but it is important for both buyers and sellers to know about.   Bidding Wars   Bidding wars are when a realtor and the seller have aggressively priced their property and have chosen a day to convey all offers. This is done in hopes that multiple buyers bid o...Read More

In real estate, a deposit serves two purposes: Provides security to the Seller; and a deposit ensures that the Buyer has a stake in the agreement.  What is a deposit in real estate and when is it due?   The deposit is good faith that is put down by the buyer once you have a successful agreement in sale. This amount is put towards your down payment and closing costs. Unless otherwise s...Read More

Home buying can be defined as one of the biggest purchases in someone’s life and besides the cost of the home itself, there are a few other closing costs associated with home purchasing. Here are four closing costs to keep in mind when purchasing a home.   Land Transfer Tax Land Transfer Tax (LTT) is paid by everyone who purchases property. The LTT is a marginal tax that is paid to ...Read More