Here you will find many valuable tools to aid you in the process of buying and selling real estate.
Please feel free to contact me via telephone or e-mail at any time and I will be pleased to help you with your real estate needs.
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1801 - 31 Bales Ave
Spacious And Bright Unit With Unobstructed S/W Views, 2 Separated Bedrooms, Master Has Ensuite Bath & Walk In Closet, Den Can Be Used For 3rd Bdr Or Office, Laminated Floors Throughout, Steps To Subway, Whole Food, Banks, Sheppard Centre, Parks And Much More, Easy Access To Hwy 4...
Luxurious 88 Scott Condo In The Heart Of The Financial District And The Historical St. Lawrence Neighbourhood. Bright And Spacious 743 Sqft Two Bedroom Corner Unit With High Quality Finish And Appliances. Steps To King Station, St. Lawrence Market, Berczy Park, Harbourfront, Acc,...
This Stunning Condo Located In The Popular Crestview Place Condos Of Don Valley Village. This Luxury Unit Features 2 Bdrms, Modern Kitchen With Quality Appliances, Open Concept With Granite Counters And Center Island. West Facing Balcony With Great View. Close Proximity To Seneca...
Corner Unit With A View Of All Directions. Across Fairview Mall And Subway. Ttc At The Door. Easy Access To 403/401, Schools, Library, Church And Grocery. All At Your Convenience. Very Bright Unit With Granite Counter-Top. You Couldn't Ask For A Better Location. Tenant To Pay For...
Brand New Condo, Never Occupied, New Kitchen With Granite Countertop, 24 Hour Concierge, Amazing South West View To Toronto Downtown And The Cd Tower From The Balcony And Many More.
Brand New Unit, South West Amazing View Of Cn Tower & Downtown Toronto From Balcony, New Kitchen Granite Countertop, Family-Oriented Neighbourhood, 24 Hr Security
Brand New Unit, South West Amazing View Of Cn Tower & Downtown Toronto From Balcony, New Kitchen Granite Countertop, Family-Oriented Neighbourhood, 24 Hr Security
Cont***Plan 66M1070, Pts 3 & 4 66R2791. Attention Investors, Contractors & Builders!!! Transform This House Into Your Dream Home. Design To Your Own Specifications From A Blank Slate. Large Porch Overlooking Well Maintained Neighbourhood. Great Streetscape With Grassy Verges On B...
Beautiful, Bright, Spacious Open Concept 4 Bdrm Home, Great Location To Live In. Good Schools, Park, Restaurants, Bars, Cafes, Shopping, Close To Dufferin Mall And More. Minutes To Subway Station And 24 Hours Ttc. No Pets Please, Bsmt Is Not Included. 2/3 Utilities. 1 Year Lease,...
Assignment Sale, Brand New Condo Community. Family Oriented Neighbourhood. Amazing View To Lake Ontario And Downtown Toronto, Building Equipped With Following Amenities Party Room, Guess Room, Multipurpose Room, Gym And Swimming Pool Which Is Located At Ph1 And Connected Through...
Great Home In High Demand Willowbrook Neighbourhood W/Practical Layout & Tasteful Design Perfect For Entertaining And Family Living.Well Maintained W/Major Upgrades.4 Bdrms,4 Wshrms,New Open Concept Kitchen W/O To Deck.Cozy Family Room Looking At B/Y. Formal Liv/Din Rm ,Large Fin...
Brand New Unit, South West Amazing View Of Cn Tower & Downtown Toronto From Balcony, New Kitchen Granite Countertop, Family-Oriented Neighbourhood, 24 Hr Security
Bright, Sunny And Spacious,4 Bdrm 3 Bathroom Semi In Vellore Village. Nicely Finished And Super Clean. Gas Fireplace, New Maple Hardwood, California Shutters. This House Features Ceramic Flooring, 4Pc Master Ensuite W/Soaker Tub & Separate Shower. Steps To Hillside Park & Glen Go...
Parking Included In This Modern, Large 1 Bedroom Condo For Lease @ The Award Winning Mozo Lofts! With Over 675Sf Of Living Space, This Gorgeous Loft Is Located In The Heart Of Downtown And Features Floor-To-Ceiling Windows, 9Feet Exposed Concrete Ceilings, Hardwood Floors Throug...
Spacious Town House With Many Upgrades! 3 Bedroom Family Home In A Desirable Neighbourhood. Finished Basement Has 2 Principle Room And A Large Rec Room. Walk Out To Back Yard From Living Room. This Is A Great Starter Home! Fenced Back Yard, Hardwood Floors. Great Location Close T...
Prime North York Area Sought After Bayview Village. Great School District Such As Earl Haig School Zone (School Rating 8.5) Bayview M.S, Elkhorn P.S. Lots Of Upgrades Over The Years. Professionally Landscaped Front And Backyard. Great Family Home With Huge Rec Room And Extra 3 Be...
Luxurious 1 Bedroom 1 Bath With Breathtaking Southwest Lake Views At The Waterclub. Walk-Out From Living And Bedroom To French Balcony. 9' Ceilings. Hardwood In Living/Dining And Hallway. Stainless Steel Appl. And Granite Counter In Kitchen. One Of The Best View And Lay Out In Th...
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Closing Cost Overview
Closing costs, ranging from 1.5% to 4% of selling price, are the legal and administrative costs you will need to pay when your house closes. In addition to closing costs, there are other expenses and/or events that may require a cash outlay before, on or after your house closes. We will outline these in detail to ensure these often unexpected costs do not sneak up on you.
Cash outlays required before your mortgage closes
Home Inspection Fee. It is highly recommended that you contract a home inspection as a condition of your Offer to Purchase. A home inspector will assemble a report on the condition of the home for a fee of around $500, depending on the complexities of the inspection.
Deposit. A deposit that counts towards your down payment is required when you make an Offer to Purchase. The deposit may amount to 5% of the purchase price, which is the minimum down payment percentage in Canada.
Costs financed in your mortgage
Mortgage default insurance, or CMHC insurance, is not normally considered a traditional closing cost as it is added to the total mortgage you require and amortized over the life of your mortgage. I have chosen to include it here to point out the major difference between it and traditional closing costs: it does not require a cash outlay upon closing.
Mortgage default insurance. If you purchase a house with less than a 20% down payment, you will be required to buy mortgage default insurance, commonly referred to as CMHC insurance. This protects the lender in the case the borrower, defaults on the loan.
Mandatory closing costs covered by the home buyer
The following is a list of closing costs that are incurred by the home buyer
Land Transfer Tax. Calculated as a percentage of the purchase price of your home, all provinces have a Land Transfer Tax (LTT) payable on closing, with the amount varying in each province. Some cities, such as Toronto, also have a municipal LTT.
Legal Fees and Disbursements. You can expect to incur a minimum of $500 and may go up to $1000 (plus GST/HST) on legal fees, which account for the preparation and recording of official documents. Find a residential real estate lawyer or contact Nick Ignatiou direct for a list of real estate lawyers that his Clients have used.
Title Insurance. Today, most lenders require title insurance to protect against losses in the event of a property ownership dispute. This is purchased through your lawyer/notary and costs $100 - $300.
PST on CMHC insurance. Though CMHC insurance itself is financed through the mortgage, PST on the insurance must be paid in cash at the time of close.
The following is a list of closing costs that are incurred by some home buyers as they are only applicable to certain properties
Septic tank. If the house has a septic tank, it should also be tested to ensure it is in good working order. Once again, you can negotiate the cost with the previous owner and list it in your Offer to Purchase.
Water Tests. If the home has a well, you will want to test the quality of the water and ensure there is an adequate supply, as well if the water is potable. You can negotiate these costs with the previous owner and list them in your Offer to Purchase.
Estoppel/Status Certificate Fee. A certificate fee may be payable if you are buying a condominium or strata unit, and could cost up to $100.
Mandatory closing costs often covered by the lender
Appraisal Fee. An appraisal, which is an estimate on the value of your home, is often covered by your mortgage lender. An appraisal is performed to certify the lender of the resale value of the home in the case you default on the mortgage. The cost is usually between $250 and $350.
Other costs to consider
Property Insurance. Property insurance, which covers the cost of replacing your home and its contents, must be in place on closing day. This insurance is often paid in monthly or annual premiums.
Prepaid Utility Bills. You may need to reimburse the previous owner of your property for prepaid costs such as property taxes, utilities and so forth.
Property taxes. Property tax is calculated as a percentage of your home value, varies by municipality and must be paid each year. The residential property tax rate in Toronto for example is 0.83%, and on a $400,000 home, would be equal to $3,320 per year. You may need to reimburse the previous property owner if he/she has already paid property taxes for the full year. You are also given the option to set-up an automatic payment plan with your lender. Your lender will set up an account for you, collect an additional $277 per month ($3,320 / 12 months) and then pay property taxes on your behalf. Though by no means necessary, some homeowners find this service extremely valuable for budgeting purposes.
Closing Day
Closing Day is the day you finally take legal possession of your home. It's important that the bulk of your administration is completed by this point including transferring your down payment to your lawyer. Transferring down payment funds, especially from your RRSP can take time, and should be done several days before close.
On closing date, the following events will take place:
Your lender will provide the mortgage funds to your lawyer/notary.
You must provide, your down payment less the deposit, to your lawyer/notary along with the closing costs.
Your lawyer/notary pays the previous owner, registers the home in your name, and gives you the deed and keys to your new home.
