On September 24, 2024 The Government of Canada announced significant changes to the mortgage rules qualifications. The two changes are: Increasing the $1M price cap for insured mortgages to $1.5M. Expanding the eligibility for the 30-year mortgage amortizations to all first-time home buyers, and to all home buyers of preconstruction homes.   Increasing the $1M price cap from $1M to $1.5M for insured mortgages. This is a significant change for buyers who could afford... [read more]

Some buyers wonder if they should hire a buyer’s agent, or they should represent themselves. Below we will discuss different options, what to be aware of, pay attention to and what to avoid. First off it is important to mention that the buyers aren’t required to use an agent, they can represent themselves, in Ontario you as a buyer are required to use a lawyer to complete the transaction, but you are not required to use a realtor when buying the property. There are over... [read more]

Why Are Condo Fee So High? In this article we will look at why are condo fees so high. The amount to be paid for monthly condo fees can range anywhere from $200 for a studio unit in the brand new condominium building to many thousands of dollars for a large penthouse in older building with many amenities, in most cases the fees will be anywhere between $300 to $1,000 per month, sometimes they seem reasonable, in other cases quite excessive, they only go up, and we often ask ourselves... [read more]

GTA’s municipalities short-term rental rules and regulations. Short term rentals have been a hot topic for few years, highly debated on all levels of governments given our housing crisis, with the recent introduction of the federal government crackdown on illegal short term rentals starting January 1, 2024, we thought it would be a good idea to put together a list of rules and regulations by municipalities in the GTA region. The enforcement of the rules has always been very... [read more]

A buyer of a condominium was hit with a $34,000 special assessment shortly after purchasing a condominium and the judge ruled the buyer is exempt from paying his share because the possibly of the special assessment wasn’t properly disclosed in the status certificate.   The case of Adam Bruce v Waterloo North Condominium Corporation No. 26, they buyer Adam Bruce purchased a condominium in 2021. The buyer received the status certificate package including the status certificate... [read more]