A Comprehensive Guide to buying a new home in Ontario

So you’re thinking about buying a new home?

Buying a new home-Read our guide

Download buying a new home in Ontario – comprehensive guide

One attractive option are buying new houses in suburban areas that offer bigger living spaces. Another option are buying new condos and townhouses in urban centers close to amenities, transportation and entertainment. Many buyers find buying new homes appealing because it gives you the ability to choose custom finishing’s. And let’s not forget everything will be brand new!

This guide will provide you a comprehensive overview about what to consider and how to protect yourself if you are planning to buy a newly built house or condo.

It will show you:

a) what protections you have under Ontario law when buying a new home
b) what overlooked details to check out that can save you thousands of dollars down the road
c) how to avoid paying extra condo fees
and much more!

If you have any questions about buying a new home, house or condo, I’m happy to help. Call Sam Marji, your trusted real estate adviser at 647- 220-9588.

Download buying a new home in Ontario – comprehensive guide

TFSA vs RRSP – Which earns you more money?

TFSA vs RRSP debate

TFSA vs RRSP debate

The Money Dilemma: TFSA vs RRSP

Being only a few months away from the RRSP season, I ask myself where I should be putting my money. I recently sat down with Ron Halabi, who is my Certified Financial Planning professional, Ron explained to me that this question tends to pop up every year during this season. There is still a great deal of confusion as to the benefits of each product and how each one can be used to maximize savings. So, here’s the dilemma: Where should my money go?

As a rule of thumb, if you believe your income in retirement will be higher than it is today, then you should consider a Tax-Free Savings Account (TFSA) as your primary source for savings. If you anticipate that your income will be the same or less than it is today, then a Registered Retirement Savings Plan (RRSP) may be your best option. Why? Allow me to explain. When you contribute money into an RRSP, you reduce your current year’s earned income by the amount deposited. The result is a reduction in your income tax due, and can result in a refund. The benefit at retirement is that if your income is less than your income today, the amount you receive from your RRSP/RRIF will be taxed at a lower rate and therefore you keep more of your money!!! If your income is greater than it is today, then you lose the tax savings benefits because you will be taxed at a higher rate in the future and will therefore pay more in taxes and have less money than you would today. Who wants to pay more taxes in retirement, right?

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What does MLS listing mean in real estate?

What does a MLS listing meang?

What does a MLS listing meang?

Basically, the MLS is like a virtual warehouse. I like to call it the “home depot” of homes. A MSL listing means property is available for sale, it goes on the MLS. When it is sold, it gets taken out of the MLS.

Since real estate cannot actually be stored in a warehouse, this means MLS only contains information. So the MLS is actually a database – an extremely convenient way to know what is available for sale at a given moment. That is why real estate agents developed the MLS.

Since developing and maintaining the MLS system wasn’t free, agents created local “MLS Associations,” required membership, and charged each other annual dues (plus additional fees) so that they could pay for the necessary staff and materials to make it work.

In the really olden days, an agent submitted listings to their local association and the MLS staff compiled the data on what was available for sale and what had been sold. Once a week MLS members received a book that showed all the current listings.

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Why Pay Rent?

How to decide if you should rent or buy

How to decide if you should rent or buy


Renting is a huge business in the greater Toronto area. If you currently rent, you know that paying out those hundreds of dollars every month to line the pockets of your landlord is not a pleasant task. However, like most renters you probably feel stuck in a home that isn’t even yours simply because you can’t save up that down payment for your own home.

This article contains explains whether you should rent or buy. It shows you how you can stop paying rent and start contributing to your own financial future, rather than that of your landlord. By having some valuable information about the real estate industry, as well as some tips and tricks about property ownership, you’ll be able to start on the road from renting to owning. After reading this article, my goal is that you will learn the following:

1. Save for a down payment for your property
2. Make best use of your financial institution, and other loan sources
3. Consider reversing the rental roles

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What happens after Closing?

Repairs after closing - who is liable?

Repairs after closing – who is liable?

Home sellers and home buyers who make purchase agreements with each other are generally bound by their contracts’ terms. Many real estate purchase agreements contain language detailing just what repairs home sellers are responsible for completing before home sales close. Also, homebuyers sometimes have home inspectors or contractors check out the homes they’re buying to ensure completeness of any agreed-upon repairs. As for repairs after closing, the seller’s liability is complicated. It may or may not exist.

Many buyers insert repair clauses into the real estate purchase agreements they and their home sellers sign. Home sellers are generally liable for completing repairs they’ve agreed to make listed in the real estate purchase contracts they’ve executed with buyers. However, home buyers sometimes waive home repair inspection requirements after seller repairs are made, thus possibly ending seller liability for such repairs. But legal action could be possible if a home seller falsely assures a homebuyer that agreed-upon repairs have been completed.

Home sellers are required to give truthful information about home defects they know or should have known about. Home sellers can never deliberately withhold from potential buyers knowledge about their homes’ condition that could later pose problems, such as lead paint or termites.

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Winter-Proof 101

Protecting your home from the winter weather checklist

Protecting your home from the winter weather checklist

Winter weather is just around the corner and this is the time of year to make sure your home is prepared for the cold months ahead. Follow my checklist to winter-proof your home and to save hundreds of dollars on energy costs, potentially thousands of dollars in preventable home repair fees and to protect yourself and your loved ones from preventable accidents.

1. Seal driveways, brick patios, and wood decks. Clear away dead shrubbery near your foundation. Check walls for cracks and seal them as necessary

2. Inspect your attic to ensure you have adequate insulation to prevent warm air from escaping and forming condensation or ice dams in your home. Replace worn or missing roof shingles or tiles. Make sure that water from gutters runs away from the house by at least 2-3 metres. Clean your gutters

3. Change or repair weather stripping around doors. Look for cracks where heat may escape, and fill them. Upgrade dated windows with new, energy-efficient ones. Rake away all debris and edible vegetation from the foundation of your home

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Hillcrest New

Hillcrest Real Estate News

Recently, I have created a Facebook Page titled, Hillcrest Real Estate News. The intent of this Facebook page is to promote my farm area and to allow the residents of this area to keep abreast with current real estate news, new listings and sold properties in their neighbourhoods.

My new Facebook: Hillcrest Real Estate News

My new Facebook: Hillcrest Real Estate News

Please visit my page at www.facebook.com/HillcrestRealEstateNews.

The Benefits of a Larger Down Payment

To obtain a conventional mortgage, buyers are required to put down at least 20% of mortgage price. Larger down payments save you money.

To obtain a conventional mortgage, buyers are required to put down at least 20% of mortgage price. Larger down payments save you money.

The size of a down payment can vary. Depending on the type of mortgage, down payments generally range from 5% to 20% of the purchase price.

To obtain a conventional mortgage, home buyers are required to put down at least 20% of the purchase price or appraised value (whichever is less) as a down payment. If you don’t have the necessary time or resources to save a full 20% down payment, you can choose a high-ratio mortgage and buy a home with a down payment of as little as 5%. This option is called a high-ratio mortgage and it requires you to purchase default insurance.

Whether you choose a conventional or a high-ratio mortgage, one thing is almost always certain: larger down payments saves you more money in the long run.

Keep in mind that a larger down payment:

1. Reduces the amount of your monthly principal and interest payment
2. Reduces the total amount of interest you pay over the life of your mortgage

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What are the telltale signs that this home was used as a Meth House?

Are You About To Buy A Former Meth Lab?

Shopping for a good home can be difficult enough when simply considering the location. You may worry about additional factors such as the type of neighbors you’ll have or the quality of the school your children might attend.

One important factor that is often overlooked is the history of the home in question and whether it may pose as a problem.

Before you prepare to buy a home, this is one question you will definitely want to know the answer to.

“Am I Buying A Home That Was a Former Meth Lab?”

You may look at the house and not see any apparent clues that anyone ever produced methamphetamines there. It could be that you have no idea what signs to even look for.

I was recently contacted by an associate from bestrehabcenter.com,based out of Jensen Beach, Florida, who was generous enough to provide me with a visual graphic of the telltale signs of former meth labs.

12 Keys Rehab created this graphic as a guide:

Signs your house was a former meth lab

Signs your house was a former meth lab

Is Your Home a Former Meth House? by 12 Keys Rehab

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