🌲 27th Aug 2024 - 'Buyers Are Firmly In The Driver's Seat': It's A Good Time To Buy A Cottage In Canada, Experts Say!

💥 Tuesday 27th August 2024 💥 Toronto GTA Power Of Sale FREE Listings! Hot Property Watch: Daily Toronto News! "Discover Your Home Sweet Home: Free Reports & Hot Listings!" "Hot Property Watch: Daily Toronto News" brings you the most up-to-date and essential insights into Toronto's dynamic real estate market. Every day, we dive into the latest trends, highlight must-watch properties, and offer expert analysis on what’s driving the market. Whether you're looking to buy, sell, or simply stay informed, our daily digest delivers the hot news you need to navigate Toronto's competitive real estate landscape with confidence. Are there any additional costs or fees associated with purchasing properties under "Power Of Sale Listings," such as outstanding liens or legal expenses, and how can buyers assess these potential liabilities? Purchasing a property under a "Power of Sale" listing in Toronto, Ontario, Canada, can present unique opportunities, often at a potentially lower price than a traditional sale. However, there are additional costs and risks that buyers should be aware of, including outstanding liens and legal expenses. Here’s what you need to know: 1. Outstanding Liens or Debts Liens on the Property: When purchasing a property under Power of Sale, any outstanding liens (such as property tax liens, utility liens, or mechanic's liens) might still be attached to the property. Although the lender initiating the Power of Sale is responsible for paying off the mortgage, other debts associated with the property may still need to be addressed by the buyer. Assessment: Buyers should conduct a thorough title search to uncover any outstanding liens or encumbrances. This can be done through a real estate lawyer or a title company. The cost of a title search is typically borne by the buyer. 2. Legal and Administrative Fees Legal Fees: Given the complexity of Power of Sale transactions, legal fees may be higher than in a regular purchase. A real estate lawyer is essential in these transactions to review the sale agreement, conduct a title search, and ensure that the buyer is protected from inheriting any unexpected liabilities. Power of Sale Notice Fees: There might be fees related to the notice of sale, which the lender is required to serve on the homeowner and potentially on other interested parties. These fees can sometimes be passed on to the buyer, depending on the terms of the sale. Additional Legal Costs: If the previous owner challenges the sale, additional legal expenses could be incurred. Buyers need to be prepared for the possibility of protracted legal processes. 3. Property Condition and Repairs As-Is Sale Condition: Properties sold under Power of Sale are typically sold "as-is," meaning the lender is not responsible for any repairs or maintenance. The buyer must assume the cost of any necessary repairs or renovations. There is also no guarantee that the property will be vacant upon closing, potentially leading to additional eviction costs if the former owner or tenants do not leave voluntarily. Property Inspection: It is crucial for buyers to invest in a professional home inspection before purchasing. While this is a standard recommendation for any property purchase, it is particularly important for Power of Sale properties, as the lender is unlikely to make any disclosures about the property’s condition. 4. HST and Land Transfer Tax Harmonized Sales Tax (HST): Depending on the property's use and how it is classified, there might be HST applicable to the purchase. Buyers should verify with their lawyer or accountant whether HST applies to the transaction and be prepared for this additional cost. Land Transfer Tax: Buyers are responsible for paying land transfer tax upon closing. In Toronto, this includes both provincial and municipal land transfer taxes. First-time homebuyers may qualify for a rebate, but it’s important to budget for this cost regardless. 5. Mortgage Default Insurance Mortgage Insurance Costs: If you’re putting less than 20% down, you’ll likely need to pay for mortgage default insurance (CMHC insurance). This is a standard cost but is still an additional expense to consider, especially when already facing potential extra costs associated with a Power of Sale. 6. Assessing Potential Liabilities Title Insurance: Obtaining title insurance can protect the buyer from unknown issues related to the title, including fraudulent claims or overlooked liens. Title insurance is typically a one-time premium paid at closing and provides peace of mind. Reviewing Sale Terms: Carefully review the terms and conditions of the Power of Sale agreement with your lawyer. Some agreements may have clauses that affect the buyer's rights or add additional costs that wouldn’t be present in a standard sale. Consultation with Real Estate Professionals: Engaging with a REALTOR® who has experience with Power of Sale properties can provide valuable insights and help navigate potential pitfalls. They can also assist in negotiating terms that might protect the buyer from unforeseen liabilities. Conclusion: Buying a property under a Power of Sale listing can be an attractive option, especially in a competitive market like Toronto, but it comes with additional risks and costs. Conducting due diligence, including a thorough title search, securing appropriate legal representation, and understanding all potential liabilities, is critical to ensuring that the purchase is a sound investment. By being aware of these potential pitfalls, buyers can better protect themselves and make more informed decisions. 'Buyers are firmly in the driver's seat': It's a good time to buy a cottage in Canada, experts say As the weather cools down across Canada, so too is the cottage market, with real estate experts saying now is the time to purchase that cottage you've had your eyes on. ctvnews.ca READ MORE ... Who's afraid of the big bad variable rate mortgage? With all evidence suggesting interest rates are on the decline, why are borrowers still afraid of variable rate mortgages? Find out more. communitypress.ca READ MORE ... House of the week: Custom-built home nestled by a creek in Mississauga | INsauga This week's home is nestled by a creek in Mississauga. insauga.com READ MORE ... Summer pulse check & fall outlook: What’s happening in Canadian real estate markets Uncover the latest insights on the Canadian housing market. Explore the impact of rate cuts, demand, and future housing activity in the fall realestatemagazine.ca READ MORE ... ‘Shell-shocked’: Homeowners reeling as Ontario Line gobbles up more Toronto homes | Globalnews.ca Metrolinx said 'updated assessments' revealed more homes are 'vulnerable to potential structural impacts ... due to tunnelling activities' for the Ontario Line through Riverdale. globalnews.ca READ MORE ... Calgary among best condo markets for investors in Canada Calgary is likely to be on Toronto real estate investors’ radar more thanks to a recent report showing the city is among the more lucrative markets in Canada where average rent exceeds the mortgage cost when purchasing the average-priced condominium. “Alberta’s largest cities were among top cities in the report with Edmonton at No. 1 and Calgary in sixth,” says Tarek Hageahmad, realtor with eXp Realty in Calgary. The study by Zoocasa, a national... msn.com READ MORE ... Major Canadian rental company warns tenants that hackers may have their banking info One of western Canada’s largest rental property companies is warning tenants about a cyber security breach it says was discovered earlier this year. saskatoon.ctvnews.ca READ MORE ... Who says you can't buy a house? Young Canadians remain hopeful Canada's youth remain committed to home ownership, viewing it as a key investment despite financial hurdles wealthprofessional.ca READ MORE ... Despite first quarterly loss in 21 years, TD sees strong mortgage volumes in Q3 - Mortgage Rates & Mortgage Broker News in Canada TD Bank braces for historic U.S. fine amid AML issues but sees 6% growth in mortgage lending canadianmortgagetrends.com READ MORE ... Modest gains in housing affordability seen across most of Canada Housing affordability is improving across Canada, albeit modestly, a new report shows. National Bank of Canada Financial Markets released its Housing Affordability Monitor report this month showing continuing improvement in affordability in the second quarter of 2024 (April to June). It found in eight of 10 markets it tracked that mortgage payments as a percentage of income fell from the previous quarter. The two outlier markets, the report... msn.com READ MORE ... Here are the top cities people want to move to in Ontario and Canada | insauga The top cities people want to relocate to in Ontario and Canada may come as a surprise. insauga.com READ MORE ... House of the Week: $5.8 million home has its own sauna, wet bar and pool in Mississauga | INsauga Located in Mississauga’s prestigious Lorne Park neighbourhood, this luxury home features a gorgeous custom design from award-winning Ontario design firm David Small Designs, which won the BILD Best Custom Home award back-to-back in 2021 and 2022. Walk Thru + Tour While Lorne Park is known for its iconic custom-built homes, 1604 Spring Road stands out […] insauga.com READ MORE ... Income needed to buy a Calgary home down slightly It's getting a little easier to buy a home in Calgary, but finding an affordable home continues to be a sticking point. calgary.citynews.ca READ MORE ... Doorbells Before Wedding Bells: New Generation Of Home Buyers Unlocking Financial Success Houseful survey reveals first-time homebuyers under 30 in Canada prioritizing home ownership over other goals to secure their financial futures Despite a challenging housing market and recurring headlines around housing affordability, first-time homebuyers in Canada under 30 are undeterred. Instead, they are doubling down on home ownership as a financial priority over common life milestones such as weddings. A […] muskoka411.com READ MORE ... GTA home bidding activity cools in July while Hamilton heats up: Wahi Explore the drop in GTA overbidding activity and how it's creating opportunities for buyers, plus what's happening in the Hamilton market. realestatemagazine.ca READ MORE ... B.C. tenant claims $18,813 for 'disgusting' mouse infestation A renter was pregnant during the tenancy and said the mice infestation caused a lot of stress. vancouverisawesome.com READ MORE ... B.C. caps allowable rent increase for 2025 at 3% | Globalnews.ca Starting Jan. 1, landlords will be able to raise rents by a maximum of three per cent, which is down from 3.5 per cent for this current year. globalnews.ca READ MORE ... House of the Week: $3.1 million for an Edwardian duplex in Little Portugal sitting on a massive commercial lot - Toronto Life 1,077,815 Torontonians can’t be wrong. torontolife.com READ MORE ... Young GTA buyers shift from downtown condos to suburban homes: Here's why it's a problem Young buyers are opting for suburban townhomes instead of downtown condos in the GTA. Learn why this is problematic and what can be done realestatemagazine.ca READ MORE ... Canada To Roll Out New Steel Tariffs, Home Building Costs To Rise - Better Dwelling Canadian home building costs surged as rates were cut, and stimulus fueled record demand. Policymakers assured households that it was just supply shortages and the inflation was transitory. Supply chains will scale up and prices will come down, eventually. That day is finally here for steel. It turns out that was never the goal.  Earlier […] betterdwelling.com READ MORE ... 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!" Click Here For Hot New Toronto Regional Real Estate Board [TRREB] MLS® Listings. Call | Email me for more Info on any GTA Listings, Buying, Selling, Investing or Homebuyer's queries. Click Here to View Listings like Real Estate Agents. Click Here For HOMES & CONDOS In Toronto. Click Here For PRE-SALE CONDOS in Toronto. How does Rent-To-Own Homes works? Click Here for Power of Sale Listings. Manoj Atri, REALTOR®  Experienced Toronto GTA Sales Representative with Architectural Background. My forte: Power of Sale | Bank Foreclosures | Fixer-Upper | Rent-To-Own Homes All types of Credits Low or Zero down With Bank Cash-Back + Cash For Renovations Info & Much More... Re/Max Hallmark Realty Ltd., Brokerage 401-685 Sheppard Ave E, Toronto ON M2K 1B6 Cell: [416] 275-2089 | Office: [416] 494-7653 | Email: Manoj@ManojAtri.com Websites:   Homebuyer Hub | ManojAtri.com | SearchRealEstateInToronto.ca Rent-To-Own Homes | ManojAtri.ReMaxHallmarkRealty.ca  Social Media: Facebook Profile • Blog • Pinterest • Tumblr Subscribe To My FREE Daily Curated Hot News Articles e-Newsletter! © Copyright 2023 ManojAtri.com All rights reserved. "Disclaimer: Articles in this newsletter are generated by AI." If you no longer wish to receive these Emails, please Unsubscribe Here

📚 26th Aug 2024 - 15 Must-Know Terms To Boost Your Financial Literacy!

💥 Monday 26th August 2024 💥 NEW vs Resale Homes - FREE Report! GTA Real Estate Daily: Hot Updates! "Empowering Your Property Journey: Expert Reports & Prime Listings!" "GTA Real Estate Daily: Hot Updates" delivers the most relevant and up-to-date information on the Greater Toronto Area's dynamic real estate market. Each day, you'll receive a concise yet comprehensive overview of the latest trends, listings, and key developments that are shaping the market. Whether you're looking to buy, sell, or invest, our daily updates will keep you informed and ready to make smart decisions in this ever-evolving landscape. Stay connected with the pulse of GTA real estate and never miss a beat with our daily hot updates. Can buyers expect different levels of warranty protection and builder guarantees when purchasing new homes versus resale homes, and how does this affect peace of mind and long-term investment security? Yes, buyers can expect different levels of warranty protection and builder guarantees when purchasing new homes compared to resale homes. These differences significantly impact the peace of mind and long-term investment security for homeowners. Here’s how these variations typically play out: 1. Warranty Protection and Builder Guarantees for New Homes Builder Warranties: Coverage: New homes often come with builder warranties that cover various aspects of the property for a set period. These warranties typically include coverage for structural elements, systems (such as electrical, plumbing, and HVAC), and sometimes even cosmetic items like paint and flooring. The specific coverage and duration can vary by builder and location. Typical Duration: Builder warranties usually provide coverage in stages: One-Year Warranty: This often covers workmanship and materials, such as windows, doors, and roofs. Two-Year Warranty: This may cover mechanical systems, including electrical, plumbing, and HVAC systems. Ten-Year Warranty: Structural defects, like foundation issues, are often covered for a longer period, typically up to ten years. Peace of Mind: Knowing that the home is covered by a warranty from the builder provides significant peace of mind, as any defects or issues that arise within the warranty period can typically be repaired at no cost to the homeowner. Tarion Warranty (Ontario Specific): Mandatory Coverage: In Ontario, new homes are protected under the Tarion Warranty Corporation, which mandates coverage for new homes built by registered builders. Tarion offers protection against defects in workmanship, materials, and major structural components. Details: The Tarion warranty offers: One-Year Warranty: Covers defects in work and materials, ensuring the home meets Ontario Building Code requirements. Two-Year Warranty: Protects against water penetration, defects in electrical, plumbing, and heating systems, and major structural issues. Seven-Year Warranty: Covers major structural defects that affect the load-bearing structure of the home. Security: The Tarion warranty provides a standardized level of protection that can offer homeowners additional security when purchasing a new home in Ontario. 2. Warranty Protection for Resale Homes Limited or No Warranties: As-Is Condition: Resale homes are generally sold "as-is," meaning they do not come with the same level of warranty protection that new homes offer. Buyers should not expect the seller to provide a warranty unless it is explicitly negotiated as part of the sale. Home Warranty Plans: Some sellers or buyers may choose to purchase a home warranty plan that provides coverage for specific systems and appliances for a limited time, usually one year after the purchase. However, these plans are often limited in scope and may not cover all potential issues. Potential Risks: Undetected Issues: Because resale homes may not have the same level of warranty coverage as new homes, buyers may face unexpected repair costs if issues arise after purchase. This can affect long-term investment security, as significant repairs could reduce the return on investment. Pre-Purchase Inspections: To mitigate risks, buyers of resale homes typically rely heavily on pre-purchase home inspections. These inspections help identify potential issues, but they are not foolproof, and some problems may not become apparent until after the purchase. 3. Impact on Peace of Mind and Long-Term Investment Security Peace of Mind: New Homes: The comprehensive warranties and guarantees associated with new homes provide a high level of peace of mind. Buyers know that many potential issues will be covered by the builder or under a warranty plan, reducing the likelihood of unexpected expenses. Resale Homes: Buyers of resale homes often have less peace of mind, particularly if the home is older and out of warranty. The possibility of hidden issues arising after the sale can cause anxiety, and buyers may need to budget for potential repairs. Long-Term Investment Security: New Homes: The security provided by builder warranties can make new homes a safer long-term investment. With fewer out-of-pocket expenses for repairs, homeowners can better predict their long-term costs and protect their investment. Resale Homes: While resale homes can still be a good investment, the lack of warranty protection means buyers need to be more diligent in assessing the property’s condition and be prepared for the possibility of additional maintenance costs over time. Conclusion When comparing new homes to resale homes, the warranty protection and builder guarantees available for new homes offer significant advantages in terms of peace of mind and long-term investment security. Buyers of new homes benefit from comprehensive coverage that can protect them from costly repairs in the early years of homeownership. On the other hand, buyers of resale homes should be aware of the potential risks and take steps, such as thorough inspections and possibly purchasing a home warranty plan, to mitigate those risks. Ultimately, the choice between a new and resale home depends on the buyer's priorities, budget, and tolerance for potential risks. 15 must-know terms to boost your financial literacy Take 30 minutes to increase your financial IQ. We’ll explain insurance, savings and investment terms – simply. Watch now. sunlife.ca READ MORE ... Has the tide turned in Canada's mortgage market? Rates are on the way down – but are homebuyers jumping back in? mpamag.com READ MORE ... This Whistler mansion just hit the market for $25.5M The latest mega-mansion to hit the market in Whistler, B.C., is the most expensive residential listing within a Canadian mountain resort town, according to its listing agent. bc.ctvnews.ca READ MORE ... Who's afraid of the big bad variable rate mortgage? With all evidence suggesting interest rates are on the decline, why are borrowers still afraid of variable rate mortgages? Find out more. communitypress.ca READ MORE ... Analysis: As interest rates ease, variable rate mortgages regain appeal Two rate cuts by the Bank of Canada, and the expectation more are looming, have started to make variable-rate mortgages more enticing lfpress.com READ MORE ... CONDO REPORT: Interest rate reduction needed to address overstock 'There is too much inventory currently on the market' in Barrie, says columnist barrietoday.com READ MORE ... Collingwood offers to pay you to add new units to your home The Town of Collingwood is offering residents a cash incentive to add additional units to their homes. barrie.ctvnews.ca READ MORE ... Edmonton named the best city for Toronto residents to 'rentvest' If you're looking to break into the Toronto housing market but saving up enough for a down payment feels out of reach, it turns out there is a lucr... blogto.com READ MORE ... This Week’s Top Stories: Canadian Real Estate Sees Inventory Surges, & Condo Prices Double Dip - Better Dwelling Time for your cheat sheet on this week’s top stories. Canadian Real Estate Canadian Real Estate Inventory Grew More Than 2x The Rate of Sales  Canadian home sellers expected rate cuts to stimulate the market, but apparently no one told buyers. July saw annual growth of new listings grow at double the rate of sales. […] betterdwelling.com READ MORE ... Income needed to buy a Calgary home down slightly It's getting a little easier to buy a home in Calgary, but finding an affordable home continues to be a sticking point. calgary.citynews.ca READ MORE ... Gen Z adults, younger millennials dream of home ownership but many in Ontario see it as unachievable: survey | CBC News Despite the high property prices in Ontario, the vast majority of people aged 18 to 35 have a strong desire to own a home and hope to purchase one within the next five to 10 years, according to a new survey released Thursday by Royal LePage. cbc.ca READ MORE ... Here's the income you really need to earn to afford a home in Toronto right now Even with hardly anyone buying real estate in Toronto lately, the city's home prices remain among the highest in the world, necessitating an unreal... blogto.com READ MORE ... This abandoned Toronto house hasn't been on the market since 1951 While homebuyers usually need a salary of at least $208,950 to buy the average house in Toronto, you won't need that much to buy 35 Via Italia.  Th... blogto.com READ MORE ... An adorable one-bedroom detached Toronto house is only $700,000 While it seems weird for a whole house to only have a single bedroom, 285 Chisholm Ave. is just that – a one-bedroom, one-bathroom house.  But she ... blogto.com READ MORE ... Canadian Real Estate Inventory Grew More Than 2x The Rate of Sales  - Better Dwelling Canadian real estate prices have yet to budge, but there’s a lot more inventory hitting the market. Canadian Real Estate Association (CREA) data shows new listings surged in July 2024. An army of sellers hit the market last month, sending new listings to grow at more than double the rate of sales. Some of the […] betterdwelling.com READ MORE ... Many young people in Ontario still believe they will own a home one day but yeah right Even though homes in many parts of the province haven't been anywhere near affordable for the majority of their lives, a large proportion of young ... blogto.com READ MORE ... The tallest office tower under construction in Canada is quickly rising in Toronto The tallest office building currently under construction in Canada is now making an impressive impact on the Toronto skyline. Work is in full swing... blogto.com READ MORE ... Modern $4.5 million Toronto house is made with all native Ontario materials Normally, it's a flex to say you've imported materials from Italy or France to build your house in Toronto.  But we think it's way cooler if you ca... blogto.com READ MORE ... Ontario developers in a panic as new home construction falls off a cliff Developers who are accustomed to rolling in the dough from Ontario's booming housing industry have been panicking this year amid record-low sales a... blogto.com READ MORE ... 105-storey megatower rising in Toronto will soon be Canada's tallest building You'd be forgiven for not noticing the new condo tower rising from the Toronto Star lands at the foot of Yonge Street. For now, it just seems like ... blogto.com READ MORE ... 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!" Click Here For Hot New Toronto Regional Real Estate Board [TRREB] MLS® Listings. Call | Email me for more Info on any GTA Listings, Buying, Selling, Investing or Homebuyer's queries. Click Here to View Listings like Real Estate Agents. Click Here For HOMES & CONDOS In Toronto. Click Here For PRE-SALE CONDOS in Toronto. How does Rent-To-Own Homes works? Click Here for Power of Sale Listings. Manoj Atri, REALTOR®  Experienced Toronto GTA Sales Representative with Architectural Background. My forte: Power of Sale | Bank Foreclosures | Fixer-Upper | Rent-To-Own Homes All types of Credits Low or Zero down With Bank Cash-Back + Cash For Renovations Info & Much More... Re/Max Hallmark Realty Ltd., Brokerage 401-685 Sheppard Ave E, Toronto ON M2K 1B6 Cell: [416] 275-2089 | Office: [416] 494-7653 | Email: Manoj@ManojAtri.com Websites:   Homebuyer Hub | ManojAtri.com | ManojAtri.ca SearchRealEstateInToronto.ca | Rent-To-Own Homes | ManojAtri.ReMaxHallmarkRealty.ca  Social Media: Facebook Profile • Blog • Pinterest • Tumblr Subscribe To My FREE Daily Curated Hot News Articles e-Newsletter! © Copyright 2023 ManojAtri.com All rights reserved. "Disclaimer: Articles in this newsletter are generated by AI." If you no longer wish to receive these Emails, please Unsubscribe Here