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Your Daily Dose: Greater Toronto Real Estate Updates!"Transform your Home Buying and Selling Journey with our valuable Insights and Listings!"Welcome to "Your Daily Dose: Greater Toronto Real Estate Updates!" Our daily newsletter is your prescription for the latest updates, trends, and insights in the Greater Toronto real estate market. We understand that staying informed is essential, so our newsletter delivers the most relevant and impactful information directly to your inbox. Whether you're a buyer, seller, investor, or industry professional, our curated content covers a wide range of topics, including market updates, new listings, investment opportunities, and expert analysis. Get your daily dose of knowledge and make informed decisions with our newsletter. Subscribe now to "Your Daily Dose: Greater Toronto Real Estate Updates" and stay in the loop in the dynamic Greater Toronto real estate scene. When purchasing a home in Toronto, there are several taxes and fees that you should factor into your budget. These additional costs go beyond the purchase price of the property and can have a significant impact on your overall expenses. Here are some taxes and fees to consider: Land Transfer Tax: Toronto has both a municipal land transfer tax and a provincial land transfer tax. The amount of tax is based on the purchase price of the property and can vary. First-time homebuyers may be eligible for rebates. Use online calculators provided by the city to estimate these costs. Legal Fees: You'll need to hire a real estate lawyer to handle the legal aspects of the transaction, including title searches, document preparation, and registration. Legal fees can vary, so request quotes from potential lawyers. Title Insurance: While not mandatory, title insurance provides protection against title defects, ownership disputes, and other issues that may arise after the purchase. The cost depends on the property value. Home Inspection Fee: Though not a tax, a home inspection is a critical expense. It helps you identify potential issues with the property before purchasing. Property Appraisal Fee: If your lender requires an appraisal to determine the property's value, there may be a fee associated with this service. Mortgage Insurance Premiums: If your down payment is less than 20%, you may need to pay mortgage insurance premiums. The cost varies based on factors like the down payment amount and property value. Home Insurance: Lenders require proof of home insurance to protect against damage and liability. The cost depends on various factors, including coverage and property type. Utility Hookups and Deposits: Setting up utilities such as water, electricity, and gas may involve connection fees or deposits. Adjustments and Prepaid Expenses: You may need to reimburse the seller for prepaid property taxes, utilities, and other fees that extend beyond the closing date. Moving Costs: Budget for expenses related to moving your belongings to the new property. HST on New Builds: If you're purchasing a newly constructed home, HST may apply to the purchase price. New homebuyers can apply for rebates on a portion of this tax. Condo Fees and Special Assessments: If you're buying a condo, factor in monthly condo fees and any special assessments that may be applicable. Real Estate Agent's Commission: Typically paid by the seller, this fee covers the services of both the buyer's and seller's agents. Provincial Sales Tax (PST) and Goods and Services Tax (GST): These taxes may apply to certain goods and services associated with the transaction.
It's essential to be aware of these taxes and fees and include them in your budget calculations. Working closely with your real estate agent and financial advisor can help you accurately estimate these costs and plan for a smooth and successful home purchase in Toronto.
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The report calculated the minimum annual income needed to buy an average home in 10 of Canada's major cities and looked at how that amount rose between June and July 2023.
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Banks will not likely be able to accommodate the surge of new arrivals over the next few years
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The average income needed to buy a new home in Ottawa increased $3,600 in July, as rising mortgage rates and the stress test threshold offset a decline in housing prices.
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"One day, I noticed a camera angled at my bedroom and the bathroom. The landlord said it was for our safety"
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OPINION: Do we try to load up Toronto and Vancouver and other large cities? Disperse the demand as widely as possible? These are policy choices we have to make — and soon.
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Canada Mortgage and Housing Corp. says the annual pace of housing starts in July fell 10 per cent compared with June when they posted their strongest showing so far this year.
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This 1,300-square-foot home comes with 10-foot ceilings, wall-to-wall windows, a walk-in closet and amenities to the nines
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A vacant field in Mississauga could soon become a vibrant urban focal for the surrounding suburban community.
The massive proposal from developer T...
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Here's what you need to know about that site, from its environmental importance, to what developers are planning to build there, where those plans stand, to the potential pushback from the City of Pickering and federal government.
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Inventory Recovering in Major Markets Including Vancouver and Toronto: CREA
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It's a complex crisis that all levels of government are working to address, but its impacts are already being felt, both in terms of short-term shelter and permanent housing.
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Academics, commercial banks and policy thinkers have all been warning the federal government that the pace of population growth, facilitated by immigration, is making the housing crisis worse. But the Liberals are doubling down on their commitment to bring more people into the country, arguing that Canada needs high immigration to support the economy and build the homes it desperately needs.
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Housing markets have settled down in recent months with prices moderating
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Tens of thousands of Canadians were "Alberta bound" as they searched for a more affordable place to live amongst higher interest rates and home prices.
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It’s not an easy time for anyone looking to downsize their home, including seniors and retirees in the Maritimes.
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Saskatoon benchmark home prices hit an all-time high of $384,200 in July, indicating high demand and low supply.
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This place: Located in the quickly growing waterfront neighbourhood of Lakeview in Mississauga, this huge modern home combines beautiful design with functionality and has various amenities for luxurious living. Price: $5,888,000 Address: 1438 Haig Blvd, Mississauga Beds: 5+3 Baths: 9 Size: 11,468 sq. ft Taxes: $6,946.52 Features: Modern contemporary design with exquisite finishes Multiple terraces with gorgeous views Kitchen with sleek Italian cabinetry […]
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By Ketki Saxena Investing.com -- The Canadian Real Estate Association (CREA) reports that home sales in July showed the most significant year-over-year increase in over two years, even though they remained relatively unchanged from June. In terms of...
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Mortgage rates rose for the third straight week last week, matching a 22-year high. As a result, mortgage demand dropped as well.
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One-bedroom apartments and other rental units are needed now and in the years to come, staff report says.
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An Insured Mortgage is one which is insured by the Federal Housing Administration. The Insurer does not actually loan the money itself, but rather insures home mortgage loans issued by banks and other lenders so that the lender has reduced risk in the case of default by the borrower. A High Ratio Insured Mortgage is […]
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The B.C. government is urging the Bank of Canada to hold off increasing interest rates in the wake of a surprise jump in inflation.
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Here is a roundup of stories from The Canadian Press designed to bring you up to speed on what you need to know today... Liberals say newcomers can help solve housing crisis ...
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The Bank of Canada's rate hikes appear to have amplified those sentiments
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Editor's Note"Welcome to my Newsletter Page! I am a professional Real Estate Agent in Toronto GTA with an Architectural background from India. With a unique combination of design and real estate knowledge, I am dedicated to helping clients find their dream home. My expertise in both fields allows me to understand the potential of a property and how to best showcase it to potential buyers. I am committed to providing excellent service and going above and beyond for my clients. Let me help you navigate the real estate market and find your perfect property in the Greater Toronto Area & Surroundings. Contact me today!"
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