REVIEWS
"Working with Yudveer was an absolute pleasure. From the very first call, he was incredibly honest and transparent about every step of the process. He always picked up my calls, no matter the time of day. I never once felt stressed or confused. He made sure everything was handled smoothly. Highly recommend!"
-Entisar
REVIEWS
"I was my first time buying a home and Yudveer was great. He explained everything in detail and made sure I understood all my options. He was patient and never pushy, which I really appreciated."
- Laxmi
REVIEWS
"Highly recommend!
Yudveer knows his stuff and is always on top of things."
- Amel A
The minimum down payment in Ontario is 5% for homes up to $500,000. Starting Dec 15th, 2024 homes priced between $500,000 and $1.5 million, the down payment is 5% on the first $500,000 and 10% on the portion over that. For homes over $1.5million, a minimum down payment of 20% is required. A higher down payment can help lower mortgage costs and avoid mortgage insurance.
Closing costs are fees and expenses that occur when you finalize the purchase of a property.
These typically range from 1.5% to 4% of the purchase price and can include:
• Land Transfer Tax
• Legal fees
• Home inspection fees
• Title insurance, Etc.
A fixed-rate mortgage has an interest rate that stays the same throughout the term, offering stability and predictable payments.
A variable-rate mortgage, on the other hand, has an interest rate that can change based on the prime lending rate, potentially offering lower initial rates but with greater risk if rates rise.
Buying a newly built home in Ontario offers several benefits:
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No maintenance for the first few years.
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Having an extended deposit structure.
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Longer closings, giving you time to plan everything accordingly.
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Energy-efficient appliances and construction can save on utility bills.
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Warranty protection through the Tarion Warranty Corporation, which covers defects for the first 1-7 years.
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Customization options, such as choosing finishes and layouts before construction is completed.
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A conditional offer means the sale is contingent upon certain conditions being met, such as securing financing, passing a home inspection, or selling your current home. These conditions must be fulfilled by a specified date, or the offer may be canceled without penalty.
Common mistakes include:
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Not budgeting for closing costs, such as land transfer tax, legal fees, and inspections.
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Over-leveraging financially, leading to stress with monthly mortgage payments.
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Underestimating ongoing costs, like property taxes and utility bills.
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A HELOC is a line of credit secured against the equity in your home. Homeowners in Ontario can use a HELOC for various purposes, such as home renovations, debt consolidation, or emergency expenses. Interest rates tend to be lower than unsecured loans, and the amount available is based on the value of the home and the remaining mortgage balance.
Title insurance protects the buyer and lender against potential issues with property ownership, such as undiscovered liens or fraud. It’s usually a one-time fee paid at closing and provides peace of mind for new homeowners.
A freehold property means you own both the land and the structure. You’re fully responsible for
maintenance, taxes, and any repairs.
A condo, however, means you own the unit but share ownership of common areas like hallways,
parking lots, and amenities. Condo owners also pay monthly maintenance fees for shared
upkeep.
An assignment sale is when a buyer sells their rights to purchase a pre-construction property
before it’s built. This is common in condo developments. The original buyer assigns the contract
to a new buyer, often at a higher price, and may make a profit in the process.
A Status Certificate is a document provided by a condo corporation that details the financial
health of the condo building, rules, and any potential issues. It includes important information
such as the condo’s reserve fund, ongoing legal matters, and upcoming maintenance projects.
It’s essential for buyers to review before purchasing a condo.
F.A.Q's
Answers to your most asked questions
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