11. Obligation to the bank
Q. My friend also bought a house and is closing around the same time but he has a better rate can I still get that rate even though I have signed the papers at my bank?
A. Absolutely - you can always shop around until it is logistically impossible for the new [...]

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1. Where to start
Q. I’ve already got a headache, where do I start when buying a home?
A. Buying a home should be an amazing experience. The problem is how to squeeze in time for likely the biggest investment of your life.
The first place you want to start is with figuring out what you can [...]

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In an effort to help combat money laundering, the Canadian government are now asking realtors to collect personal info from their client such as: “name, address, date of birth and occupation, and ask for proof of identity, such as a driver’s license or passport”. How realtors will go about confirming all this info, I’m [...]

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Be prepared, make sure your closings costs account for all the ‘little’ things. You don’t want to be shocked on the closing day. We recommend budgeting 2-3% of the purchase price for your closing costs. You will need to budget additional amounts because ancillary expenses can arise, and without a proper cushion, you could find [...]

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The recent TREB Rental Market Report indicated that within the first four months, January to April, condo rental activity increased 9%. Price-wise, 2 bedroom units increased by 4% to $1,852 per month, while 1 bedroom units increased about the same amount to $1,445. This is just the average of Toronto. If you [...]

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Urbanation launched it’s report for condos in Toronto for the first quarter of 2008:

17 new condos are being launched for the second quarter of 2008
277 new condominium projects were tracked in the first quarter, which is 56 more than the first quarter in 2007.  Meaning the new sales resulting 3,433 for Q1/2008 were spread over 25 percent more buildings than Q1/07. 
Resales [...]

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The Toronto Real Estate Board had recently released their report for mid-May, showing a slow down, yet steady market.
Things to note:

Sales declined 15% in the first two weeks of May in Toronto
Prices continue to be strong, averaging $$437,205 in Toronto, up 6%
Increased properties for sale by 11%
Due to this increase, days on the market increased [...]

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Here is the breakdown of what you should be paying for legal fees:
Lawyer’s fees including title insurance ($350) - $1,199.00 + GST.
Mortgage registration - $70.50 including GST.
Registration of transfer of ownership - $70.50 including GST.
Land transfer tax application - some lawyer charge for this … typically around $75.
The most you should have to pay for [...]

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With now two land transfer taxes, it can be confusing for home buyers. For the first time home buyer, you need to be prepared to have the money for both taxes, the provincial and the Toronto municipal, at closing. As a first time home buyer, you get a $2k rebate on the provincial tax and [...]

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The first rule for anybody wanting to buy is to get pre-approved. Many make the mistake of looking for a house before they know what they can afford.
So, what exactly is a pre-approval?
It’s the first step in the home buying process where the applicant will submit an application (name, employer [...]

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