Mortgages 101: What’s a mortgage and how to choose between fixed and variable rates in Canada?

Mortgages 101: What’s a mortgage and how to choose between fixed and variable rates in Canada?

Selecting a mortgage is one of the biggest – and most stressful – financial decision made by many Canadians. But a clear understanding of a few basic terms and concepts can help allay some the anxiety. Here’s a primer on the basics of mortgages, along with insights into the current market.

THE BASICS

What is a mortgage?

In plain terms, a mortgage is a loan most often used to buy a house, condo or some other type of property. It’s a set amount of money provided by a lender (often a bank, credit union or mortgage company), and is repaid over a set […] Read more

Costs and Hidden Fees of Selling your Home in Ontario – Toronto

Costs and Hidden Fees of Selling your Home in Ontario – Toronto

Your home is likely your largest and biggest investment you will ever make. 

When thinking of selling and to maximize the value of your investment you will need to spend some cash before it hits the market and also costs involved after closing.

Let’s go over some of the obvious and less obvious costs of selling you home.

Expected Costs of Selling a Home in Ontario:

1- Realtor Commission: 

2- Closing Costs:

3- Moving Expenses

Hidden Fees and Costs:

4- Capital Gain Taxes:

5- Renovation and Repairs:

6- Landscaping:

7- Staging & Professional Photography:

Realtor Commission: 

The first thing that most people think of when they think of “Selling a Home” is the […] Read more

What closing and other costs do you pay when buying a home?

What closing and other costs do you pay when buying a home?

You’re pre-approved for a mortgage
to help you find the home of your dreams. Then, you hand over your down
payment, collect your mortgage funds, pay the seller and get the
keys, right? Not so fast. There are other costs to
consider. These closing costsOpens a popup. and
additional expenses can impact your offer, the size of your down payment and
the amount of mortgage you qualify for. Only a few are optional, so be
aware of these costs from the start.

Before
closing day

Once you find a property, you need
to know everything about the home — good and bad. Inspections and
surveys can uncover issues that could impact the purchase price, or slow or
stall the sale. These reports are […] Read more

Why a REALTOR®?

Why a REALTOR®?

Maybe
you’re buying a home for the first time. Or maybe you’re selling your old home
to move to something new. Whether buying or selling, you’re involved in an
intricate process requiring many specialists. One of these specialists might be
a REALTOR®, who’s responsible for making the transaction as easy as
possible for you.

The
REALTOR® Difference

However, not every licensed or
registered broker or salesperson is a REALTOR®. To be a REALTOR®,
the agent must be a member of The Canadian Real Estate Association (CREA). And
to be a member of CREA, an agent is expected to be:

Committed to the REALTOR® Code: The code is the accepted standard of conduct for
[…] Read more

Housing Market Stats

Housing Market Stats

CREA
compiles and analyzes numerous factors affecting the real estate market for the
public, REALTORS® and governments.

With the accurate, up-to-date
information that CREA provides:

The public gets a snapshot of the Canadian housing market;REALTORS® can knowledgeably advise
their clients; andPoliticians and government policymakers can craft more
effective legislation and regulations.

MLS® Home
Price Index

With the MLS® Home
Price Index (HPI), you can access data about the residential markets of
participating real estate boards across Canada. There’s no better tool to
determine price trends in the housing market.

Six founding partners jointly
developed it: the real estate boards of Calgary, Fraser Valley, Greater
Montreal, Greater Vancouver, and Toronto and […] Read more

Essential Things to Know About Real Estate Assignment Sales (for Sellers)

Essential Things to Know About Real Estate Assignment Sales (for Sellers)

What’s an assignment?

An assignment is when a Seller sells their interest in a property before they take possession – in other words, they sell the contract they have with the Builder to a new purchaser. When a Seller assigns a property, they aren’t actually selling the property (because they don’t own it yet) – they are selling their promise to purchase it, along with the rights and obligations of their Agreement of Purchase and Sale contract.  The Buyer of an assignment is essentially stepping into the shoes of the original purchaser.

The original purchaser is considered to be the Assignor; the […] Read more