More Than Half Of Canada’s GDP Gain Was From Real Estate Transactions

First Quarter (click here for full report)

Sip & Shop at Country Heritage Park

Looking for a fun night out? Head over to the Sip & Shop Pop Up Shop for food, drinks, and over 50 local artisans showcasing their handmade crafts! Located at 8560 Tremaine Road, this delightful event is certainly worth the mere $2 entry fee. Mingle with like-minded Milton residents while exploring the unique items and enjoying some refreshments.

To learn more about living in Milton, contact Matthew today!

Wonderful community events like this are always happening in Milton! If you’d like to make this beautiful area your home, look no further than 1360 Main Street, Unit #205.

This stylish modern condo in a great Milton neighbourhood is the perfect place to call home! This immaculate suite features 2 bedrooms, quality hardwood floors, and a private balcony.

Upon entrance, you will immediately take notice of the fantastic open concept layout, ideal for entertaining guests or being close to loved ones. The cozy, chic living and dining area flows into the spacious eat-in kitchen. Equipped with Quartz countertops, high polished granite tile floors, designer backsplash, a breakfast bar, and built-in stainless steel appliances including a dishwasher, stove, and refrigerator, this fabulous kitchen is any home chef’s dream! Double doors open to the large private balcony overlooking the area, perfect for dining outdoors in the warmer months.

The beautiful Master Suite features a tray ceiling, sitting area, and large closet. The second bedroom is detailed with wainscotting and custom millwork and would also make a great home office. The main full bath is available off the living space for added convenience.

The New ‘Wynn’ Policies Effective Immediately

1) 15 per cent tax on home purchases by non-resident foreigners in Toronto and the Greater Golden Horseshoe. Wynne said the tax would not apply to new immigrants who plan to live here, but speculators who will “never set foot in Ontario.”

2) Expanding the province’s existing rent control system to cover all tenants, not just those in buildings built before 1991 under the current rule. CBC Toronto first broke the news when Finance Minister Chris Ballard said the government would move to remove the 1991 rule, an issue that was highlighted in a series of stories called “No Fixed Address.” The rent increases must come through approved legislation, but will take effect today, April 20.

3) A rebate of development cost charges to encourage building of more rental housing.

4) A standardized lease document for all tenants.

5) A ban on flipping of pre-construction units by speculators.

6) A review of the rules governing the conduct of real estate agents.

7) New powers for Toronto and other municipalities to introduce a tax on vacant homes to encourage owners to sell or rent unoccupied units.

8) A move to identify provincially owned surplus lands that could be used for affordable and rental housing development. in Toronto the areas identified include the West Don Lands and 27 Grosvenor St. and 26 Grenville St.

9) A $125-million, five-year program to encourage the construction of new purpose-built rental apartment buildings by rebating a portion of development charges.

Buying A Condo 101

What Are The Advantages Of Buying Your New Home At The Planning Stage?

Buying your condo at the planning stage can involve a substantial saving and also allows you a much wider selection of floor plans and locations within the building.

What Are The Advantages Of Buying A Newly Built Home?

Fresh Paint, never been lived in, clean, worry free maintenance.

Your choice of decor and finishes if bought early enough,allowing a personal touch and feel. Having the full extent of the TARION Warranty Corporation.

What Is The Tarion Warranty Corporation?

Tarion is a government regulated organization which regulates/licenses all builders and vendors of new homes in Ontario, and provides the following safeguards and benefits to all new home purchasers, namely:

Deposit protection of up to a maximum of $20,000
Provides a one-year all purpose warranty against defects in workmanship and materials

Provides a two-year “power train” warranty against defects regarding the electrical, plumbing and heating delivery/distribution systems, as well as violations of the Ontario Building Code’s health and safety provisions

In addition to providing warranty coverage for the individual unit, (up to a maximum of $150,000), Tarion provides warranty coverage for the common elements of the condominium, (up to a maximum of $2.5 million)

Protection against major structural defects

Protection against substitutions of key elements in a new home made without the purchaser’s approval, in those cases where the agreement of purchase and sale expressly allows the purchaser to make choices regarding such elements

Provides compensation to purchasers for delayed closings

See tarion.com for details of warranty coverage and limitations.

How Is Your Interim Occupancy Date Established?

Your interim occupancy date is the target date upon which it is estimated in your agreement of purchase and sale, that your home will be completed to permit occupancy. This date is dependent upon a number of factors, including the achievement of a threshold level of sales to permit the commencement of construction of the condominium building, and the particular location of your suite.

You will be kept up-to-date on the progress of the development, and will be given a revised occupancy date, once it has been established by the builder. Even though you will be moving into your new home on the firm occupancy date, you will not be getting title to it at that time, since the condominium will not be registered.

What Is Registration?

Registration refers to the formal creation of the Condominium Corporation. The process is initiated when the builder submits plans and paperwork to the requisite governmental authorities, once all of the units and common elements within the project have been substantially completed.

The condominium’s declaration and description are ultimately registered in the land titles office, following their approval by the requisite governmental authorities. The entire process may take approximately two to five months following your interim occupancy.

Does The Builder Have The Right To Extend The Occupancy Date?

The builder may extend your tentative occupancy date provided that you are given a minimum of 90 days notice, prior to your original occupancy date and no later than 30 days following roof assembly. Your final tentative occupancy date may then be extended by a maximum of 120 days, provided that you receive written notice a minimum of 90 days before that date. If this final extension is required, your occupancy date status will then change from final tentative to firm.

Remember that according to Tarion “the builder is not responsible for delays caused by strikes, fires, civil insurrections, floods or Acts of God.”

What Happens At Interim Occupancy?

Approximately 5 – 10 days prior to your firm occupancy date you will be asked to sign an occupancy agreement, along with a series of post-dated cheques for your anticipated occupancy fees, which will be delivered by your lawyer to Tridel’s solicitor.

What Is A Homeowner Orientation (HOO)?

Your Homeowner Orientation is more than just an inspection or the statutory Tarion PDI Inspection of your new home, it is an opportunity for you to learn all about your new home, it’s care and your community.

We spend the time to make sure you are fully oriented into the condo lifestyle and your new home.

When Do I Get My Keys?

Keys are given to you on the date that you take possession of your new home, and are part of the closing package you receive from your Concierge. Included in your closing package are any keys/access fobs required for common areas, two sets of keys to your home, two mailbox keys and more.

When Is Final Closing?

Final closing is the date upon which you will receive title to your home (unit), and will occur approximately four to six weeks after the condominium (including all requisite by-laws) has been registered.

What Happens On Final Closing?

On final closing, the purchase and sale transaction governed by your agreement of purchase and sale will be completed in accordance with the statement of adjustments prepared by Tridel, in order to account for outstanding occupancy fees, realty taxes, common expenses, etc. At this time, your lawyer will receive a deed/transfer of title to your home (for ultimate registration), in exchange for your payment of the outstanding balance of the purchase price.

How Is My Moving Day Established?

The moving process is scheduled in an orderly fashion. It starts with lower floors and finishes with the Penthouse. During the move-in process, corridors and lobby areas may remain unfinished, as the final touches are postponed until the majority of homes are occupied, to avoid damage to the final finishes.

Why Would I Need A Locker?

Lockers are used to store large or cumbersome items that are not used on a regular basis such as bicycles, ski equipment or holiday decorations. They allow the homeowner to store certain items conveniently without having them encroach on valuable living space within your home.

Can I Buy Extra Parking Or Locker Units?

Each Condominium project is unique to another. Certain amount of units need to be sold and construction needs to be completed to a stage where parking allocation can be more accurately determined. Generally a wait/interest list is created by the developer. Once the amount of additional parking is known the wait/interest list will be contacted in priority sequence.

Purchasers should seriously consider their present and future needs when making these decisions and keep in mind that parking spaces and lockers are not available for rent from property management or the builder after the condominium residence is complete. Private rentals within the building will be dependent on availability and condo by laws of the building.

Do I Get To Select My Own Colours And Finishes?

This depends on the status of the home you’ve purchased. For pre-construction condominiums, colour selection begins shortly after the commencement of construction. You will be contacted by a Customer Care Representative to arrange for an appointment. At this time you will select colours and finishes (carpet, tiles, cabinets and countertops) and may also arrange for any upgrades or specialty items.

If you are moving into a completed home, Tridel will have selected some of the finishes and colours for your suite.

Do I Need To Buy Property Insurance?

Yes, as the homeowner, it is your responsibility to obtain a condominium homeowner’s insurance package that covers contents and betterments, which the Condominium Corporation does not provide.

What Is An Amendment?

An amendment is a document to change any part of your original Agreement of Purchase and Sale. They usually involve things such as lockers, parking spaces and mortgage ratios. They must be accepted by both the builder and the Purchaser and cannot alter any other portion of the Agreement. The changes must also be completed a minimum of four weeks prior to occupancy.

Do I Qualify For A High Ratio Mortgage Insurance by CMHC?

For most people, the hardest part of buying a home – especially a first home – is saving the necessary down payment. If you have less than 25% of the purchase price to put down, you will be required to purchase mortgage insurance through your lender. Mortgage insurance protects your lender against payment defaults.

To qualify for mortgage insurance you must be purchasing your home as your principal residence. Credit and income requirements vary dependent upon which financial institution you are dealing with. Insurance Premiums apply as well. Please speak to a Sales Representative for details.

Am I Allowed To Have Pets?

Generally, pets are permitted in condominiums. It is advised however, to refer to the specific rules and regulations of your particular condominium of interest, before purchasing

New 2% For Stress Test – What Does This Mean For You?

If you’re looking to buy and will have more than 20% down, or if you are considering refinancing, then you might want to do so before January 1, 2018. Why? On October 17, the Office of the Superintendent of Financial Institutions (OSFI) released new guidelines for residential mortgage underwriting at all federally regulated financial institutions. Beginning January 1, 2018, a new “stress test” will be applied to all new conventional mortgages – and not just those mortgages that require mortgage insurance (downpayment or equity of less than 20%).

The so-called “stress test” is designed to protect homeowners should interest rates rise. Lenders will be obligated to qualify all new conventional mortgages at the greater of the Bank of Canada’s five-year benchmark rate (currently 4.89%) or the contracted rate plus 2%. So if your contract rate is 3.29%, you will be qualified at 5.29%.

Here’s what that might mean for you:

You want to buy a home with more than 20% down. Your payments will always be based on your contract rate so this new rule isn’t costing you more. However, the new rule might change how much mortgage you qualify for. If that’s the case, you may need to look at a less expensive home, save up for a larger down payment, or reduce any other debt. Or we can take a look at a variable rate mortgage that lowers your qualifying rate (if the rate plus 2% is less than the benchmark 4.89%) and has the option to convert to a fixed mortgage.

You want to refinance to pay off debt or buy an investment property. Here too, your actual mortgage payment will not be affected. But the new rule could slow you down by making it more difficult to qualify for your refinance. You may need to wait and accumulate more equity, or look at a lower-rate variable mortgage. If that refinance is important to securing your own financial health, get in touch ASAP.

Your mortgage comes up for renewal next year. This more stringent qualifying requirement will not apply to mortgage renewals. If you go shopping for a better deal with a new lender, however, that will require that you re-qualify… and the new rule will kick in for you too. It still is very important that we review your options together.