Brampton Real Estate Blog

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Friday, February 3, 2017

Five Tips When Buying a Home This Winter

(NC) It may not be the busiest season for buying real estate, but the colder months offer many benefits to those shopping for a home.

“Most buyers know they can look forward to less competition this season, but it's also a good time to see how the home holds up to the cold weather,” explains Ray Ferris, president of the Ontario Real Estate Association. “While the home's curb appeal may not be at its best in the middle of winter, it sure is a good time to see how well the furnace works and if there's enough insulation.”

If you're shopping for a home this season, be sure to pay close attention to the five areas below.

“These are things you'll want to ask your Realtor no matter what time of year,” says Ferris. “To get a better idea of how a home looks in the warmer months, simply ask the sellers to provide photos of the house.”

1. HVAC: Is the furnace in good working order? Does the home feel cold or comfortable as you walk through it?

2. Doors and windows: Is the house drafty? You'll want to check whether the windows and doors are properly insulated.

3. Roof: It may be covered with snow, but that's alright because you can see how well it holds up to the weight and if the house has any leaks.

4. Driveway: If the driveway has a snow melting system, now's a good time to check if it works.

5. Neighbourhood upkeep: Take note of how well the neighbours tend to driveways and sidewalks, and whether the city plows or salts icy streets.

Find more information at www.wedothehomework.ca.

Sunday, November 27, 2016

Ontario helping first-time homebuyers

Ontario is doubling the rebate on the land-transfer tax for first-time homebuyers to $4,000, but is increasing the same tax on homes that sell for over $2 million.

The government says half of first-time buyers won't pay any land-transfer tax to the province, while the half-percentage point increase on homes over $2 million will affect less than one per cent of the population.

The province takes in over $2.1 billion a year in the land-transfer tax, and the government says any increase in revenues from the increase on luxury homes will help pay for the doubled rebates for first-time buyers.

Premier Kathleen Wynne had said the government was worried about the difficulty faced by first-time buyers trying to get into the housing market, especially in the Greater Toronto Area where the average price is $762,975.

The government also announced it is freezing the property tax on apartment buildings while it reviews how it affects rental market affordability.

The changes to the land-transfer tax are outlined in the Ontario government's fall economic statement, which says that home ownership has become a key factor in many people's long term financial security.

The Ontario Real Estate Association had asked the government to expand the land-transfer tax rebate program for first-time buyers as one way to help more of them get into the housing market.

The city of Toronto has its own land transfer tax, which offers rebates of up to $3,725 for first time buyers.

Ontario's land-transfer tax rises from half-a-per cent on the first $55,000 of a purchase price to two per cent for everything above $400,000. Toronto's land-transfer tax is one per cent on the first $55,000 and two per cent on the rest.

Source: REP-The Canadian Press

Monday, June 6, 2016

What to Expect When Buying a New Condo

(NC) If you're in the market for a new condo, you're definitely not alone this season. Spring is generally the most active home buying time of year. And as condos continue to rise in popularity, so do your options. While condo living has its advantages, the buying process is a little different than for a freehold home. Knowing what to expect when purchasing a condo will help prepare you and, hopefully, make the process a smooth one.

Read the dates in your agreement

Pay attention to what you're signing and be sure to read the statement of critical dates outlined in the Addendum attached to every Agreement of Purchase and Sale (APS).  This will give you a sense of how long it may take for your condo to be ready for occupancy. It is always best to go over this contract with an experienced real estate lawyer.

Know when a delay may pay

Did you know that you're covered for delays and deposits?  You are if your builder fails to close the sale or substantially complete construction of your condo as agreed in the APS.  In fact, your entire condo deposit is protected in trust under the Condominium Act. As an extra protection mechanism, Tarion also provides a maximum of $20,000 in deposit insurance. There is also delayed closing compensation of up to $7,500 if your condo is delayed beyond certain dates in your agreement.

“Move in ready” may only apply to your unit

In some situations, your condo unit may be complete, but the condo building itself may not be.  This is called interim occupancy, and many buyers find out the hard way that they're required to take possession of their completed unit before common element features are finished.  Common elements include front reception, landscaping and the swimming pool. This means you could be living for many months in a construction zone—without the anticipated amenities.

Condos come with two separate warranties

Your new condo unit has a warranty, and so does the building's common elements.  Your builder provides a seven-year warranty for the condo unit, which is backed by Tarion.  However, the shared areas in your condo are covered under the common element warranty.  Common elements include roofing, parking structures, exterior cladding, and shared amenities like the pool.  Condo owners are responsible for submitting warranty claims for their units only, whereas the condo board handles the warranty for the common elements.
 

Now that you know what to expect when purchasing a condo, it's time to look at the thousands of units to choose from. If you have any questions during any stage of the new home buying or new home ownership process, more information and resources are available online at Tarion.com.

Wednesday, April 6, 2016

COMING SOON to MLS...

End Unit Townhome in Milton

Over 1600 Sq. Ft. of Modern Living Space

Granite Counters
California Shutters
9 Foot Ceilings


For more information before it goes LIVE on MLS, call Bruno or Lina 905-793-5000