The Greater Toronto Area (GTA) housing market experienced a transitionary year in 2024. Annual sales were up slightly compared to 2023, and new listings were up significantly year-over-year. Buyers benefited from substantial negotiating power on price, especially in the condominium apartment market. Average selling prices in 2024 dipped in comparison to 2023 as a result.

“Borrowing costs were top of mind for home buyers in 2024. High interest rates presented significant affordability hurdles and kept home sales well below the norm. The housing market did benefit from substantial Bank of Canada rate cuts in the second half of the year, including two large back-to-back reductions. All else being equal, further rate cuts in 2025 and home prices remaining below their historic peaks should result in improved market conditions over the next 12 months,” said the Toronto Regional Real Estate Board (TRREB) President Elechia Barry-Sproule.

Annual 2024 home sales amounted to 67,610 – up by 2.6 per cent from 65,877 sales in 2023. New listings, at 166,121, were up by a greater annual rate of 16.4 per cent. Listings increasing by a greater rate than sales provided buyers with considerable choice in the marketplace, which effectively kept a ceiling on any widespread price growth. The average selling price for all home types combined was $1,117,600 in 2024, representing a decline of less than one per cent compared to the 2023 average of $1,126,263. Market conditions were tighter for ground-oriented housing and selling prices held up better in these segments as a result. Price declines were more notable for condo apartments.

“Market conditions varied by market segment in 2024. Sales of single-family homes, including detached houses, increased last year, whereas condo apartment sales were down. Many would-be first-time buyers remained on the sidelines, anticipating more interest rate relief in 2025. The lack of first-time buyers impacted the less-expensive condo segment more so than the single-family segments,” said TRREB Chief Market Analyst Jason Mercer.

“Consumer sentiment, monetary policy, development policy, and issues such as congestion continued to impact the resale, new, and rental housing markets in 2024. Government policies on these fronts need to be reviewed in 2025. TRREB is providing in-depth coverage on all of these topics in our highly anticipated Market Outlook and Year in Review report to be released at the beginning of February,” said TRREB CEO John DiMichele.

GTA home sales amounted to 3,359 in December 2024 – down slightly from December 2023. New listings were up over the same period, continuing the trend of a well-supplied market. The MLS® Home Price Index Composite Benchmark was up by less than one per cent year-over-year in December. Over the same period, the average price, at $1,067,186, edged lower.

For more detailed statistics and data, please refer to the TRREB December 2024 Market Watch Report.

Source: TRREB

Your Trusted GTA Real Estate Expert

Navigating a shifting market requires insight, strategy, and local expertise. Whether you’re buying, selling, or investing, Jay Paramanathan, your Certified Luxury Home Marketing Specialist (CLHMS) and trusted RE/MAX Experts, is here to guide you every step of the way.

---

Jay Paramanathan
Broker, CLHMS

Your Local Expert with RE/MAX Experts

📞 416.700.2222

📧 [email protected]
🌐 Jay.ca
🌐 JaySellAll.com

🔗 Linkin Bio

   Follow me on social media for the latest market trends and real estate opportunities. Let’s stay in touch!

        

Government Incentives for Canadian Homebuyers

Owning a home is a major milestone for many Canadians. However, with rising property prices, breaking into the real estate market has become more challenging.

The good news? You don’t have to face it alone. Several government programs and incentives in Canada are designed to reduce the financial burden and help make homeownership a reality.

Federal Tax Incentives for First-Time Homebuyers

First-Time Home Buyers’ Tax Credit (HBTC)

The First-Time Home Buyers’ Tax Credit (HBTC) is a non-refundable tax credit to help offset some of the initial costs of buying your first home in Canada. This credit provides $5,000, which translates to up to $750 in tax savings for the year of purchase.

Federal Homebuying Incentives in Canada

Home Buyers’ Plan (HBP)

Through the Home Buyers’ Plan (HBP), first-time homebuyers can withdraw up to $60,000 from their Registered Retirement Savings Plan (RRSP) to purchase or build a qualifying home. Couples can combine their withdrawals for a total of $120,000. Repayments to your RRSP must begin the second year after the withdrawal and be completed within 15 years.

Tax-Free First Home Savings Account (FHSA)

The Tax-Free First Home Savings Account (FHSA) merges the benefits of an RRSP and a Tax-Free Savings Account (TFSA) to help you save for a down payment. Annual contributions are capped at $8,000, with a lifetime limit of $40,000. Contributions are tax-deductible, and both investment growth and qualifying withdrawals are tax-free.

Provincial Incentives for Homebuyers

British Columbia: First-Time Home Buyers’ Program

This program provides full or partial exemptions from the Property Transfer Tax for first-time homebuyers. Homes valued up to $500,000 qualify for a full exemption, with partial exemptions available for homes priced up to $525,000.

Alberta: First Place Program

The Alberta First Place Program, offered in Edmonton, repurposes surplus school building sites to develop affordable homes for first-time buyers.

Saskatchewan: First-Time Homebuyers’ Tax Credit

This tax credit offers first-time buyers up to $1,050, calculated as a percentage of qualifying home purchase costs.

Ontario: Land Transfer Tax Refunds

Ontario provides a refund of up to $4,000 on the Land Transfer Tax for first-time buyers.

Quebec: Accès Condos Program and First-Home Tax Credit

The Accès Condos program allows buyers to purchase a condo with a down payment as low as $1,000. Additionally, Quebec’s First-Home Tax Credit offers a non-refundable tax credit to ease the financial strain of purchasing your first home.

Newfoundland and Labrador: First-Homebuyers Program

This initiative covers up to 50% of closing costs (to a maximum of $1,500) and offers a repayable loan of up to 5% of the home’s purchase price, with a cap of $350,000.

Nova Scotia: First-Time Homebuyers Rebate Program

This rebate offsets the Harmonized Sales Tax (HST) on newly built homes or significant renovations, providing up to $3,000.

Prince Edward Island: First-Time Home Buyer Program

The PEI program provides an interest-free loan covering up to 5% of a home’s purchase price for 10 years.

New Brunswick: Home Ownership Program

This initiative provides forgivable loans or grants to assist with down payments for low- and moderate-income families.

Regional & Municipal Homebuying Incentives

Calgary: Attainable Homes Calgary Corporation (AHCC)

The AHCC program offers down payment assistance, with eligible buyers contributing $2,000 toward their down payment. The program provides up to $50,000 in shared-equity loans for qualifying properties.

Toronto: Home Ownership Assistance Program (HOAP)

HOAP provides down payment loans of up to $50,000, repayable upon the sale of the home. Similar programs are available in other cities, including Kingston, Collingwood, and Haldimand-Norfolk.

Homeownership may feel out of reach, but these programs and incentives can bring it closer to reality.

If you’re ready to explore your options, contact me today. As your local RE/MAX Expert and Certified Luxury Home Marketing Specialist (CLHMS), I’m here to guide you every step of the way.

---

Jay Paramanathan
Broker, CLHMS

Your Local Expert with RE/MAX Experts

📞 416.700.2222

📧 [email protected]
🌐 Jay.ca
🌐 JaySellAll.com

🔗 Linkin Bio

   Follow me on social media for the latest market trends and real estate opportunities. Let’s stay in touch!

        

Tenants and Landlords, the Yin and Yang of the real estate world!

COMMUNICATION IS KEY!
It might sound a little bit cliche, but in this case, as the livelihood of numerous people is at stake, communication can make this entire process painless and effortless!
 
The main legal aspect to cover when a tenanted property is being sold or listed as being up for sale, is providing the current tenants a notice of intent to sell.
 
It is required from the landlord to provide a 60 days’ notice regarding his or her intent to sell, starting from the first of the month. For instance, if a notice period is provided to the tenants on the 15th of November, the Tenant's 60 days will start ticking from the 1st of December!
 
A very important thing to pay attention to, as if you do disregard this, it can lead to unnecessary delays and possible losses.
 
 
PROVIDING MUTUAL SUPPORT!
Every move can be hard and stressful, especially when you don't have a permanent residence. As a tenant, this can have a huge impact on your mood, health, social interactions, and much more!
 
As a landlord, selling your property, something you have worked hard for, can feel like a step towards the unknown, a step towards uncertainty.
 
Both positions are quite ungrateful and can lead to a huge amount of stress to both parties, including the buyers as well.
 

THERE IS AN UPSIDE TO THIS!
As a landlord, you can provide support to the tenants moving out, possibly help them look for a new home close by, or even suggest them to a friend who might be a landlord as well, it will greatly reduce the tension, and provide them the helping hand they may need!
 
As a Tenant, you do have the ability to provide feedback regarding the home itself, the ups and downs.
 
You could even provide helpful staging for the Landlord as when the potential buyers do come to look at the property, the chances of them purchasing the property drastically increase!
 
Most frequent concerns by tenants and landlords:
1) Do I have to move in case the property gets sold?
 
It depends, if the property is bought, but the new buyers have bought it to rent it, you can communicate with the new owners if it would be possible to extend your lease!
 
2) How to arrange a property viewing if I have tenants?
 
It is required for any sort of viewing to be followed by a notice given to the tenants 24 hours ahead of time. Legally, after the notice has been provided, the Landlord has the right to show the property between 8 AM and 8 PM!
 
(We would suggest communicating any sort of viewing with your tenants as you could benefit from it via staging)
 
 
If you would like us to fill in the gap between landlord and tenant, to be the neutral ground so the entire process goes by perfectly, let us know!
 
We are here for you, and we will be more than happy to provide you with our knowledge and experience!
 

Jay Paramanathan
Broker, CLHMS

Your Local Expert with RE/MAX Experts

📞 416.700.2222

📧 [email protected]
🌐 Jay.ca
🌐 JaySellAll.com

🔗 Linkin Bio

   Follow me on social media for the latest market trends and real estate opportunities. Let’s stay in touch!

        

 

Purchasing a home may be an exhilarating experience. Even so, it's a time-consuming process that might be stressful if you don't know what to expect.
 
Closing is the final step in a real estate transaction, during which the seller transfers ownership of the property to the buyer. Closing day is undoubtedly something you're looking forward to as a buyer or a seller. While every real estate transaction is different, the following are general stages that show what to expect on Closing Day.
 

Are you thinking about buying your first house in the Greater Toronto Area? What you should
know and what to do next
 
 
When Does Closing Day Occur?
The closing date is set when the final purchase offer on the house is approved. It's up to the buyer to decide when the sale will be finalized.
 
Agreement Between the Buyer and the Seller
Before accepting an offer, the seller could change the closing date if they aren’t happy with it. After that, it would be sent back to the buyer for final approval before moving forward. The closing date will be set once both parties have agreed on it.
 
The Legal Process
When both the seller's and the buyer's legal teams have received all of the closing documents, the legal process can begin. They individually figure out what needs to be done in their individual capacities. There is no set time frame for this, as it will depend on the lawyer's availability.
 
By the time the closing date approaches, the lawyers will have completed all of their work. In order to sign all the papers, each lawyer will have their clients appear in person at their office location to sign them. These are the documents required for the transaction to be completed. While this is true, a buyer does not own a house until the closing has taken place.
 
How Soon After Closing Day Can I Expect to Receive My Keys?
The buyer's attorney should have the keys to the house by the closing date, assuming everything goes smoothly.
 
In the lawyer's office, you will be listed as the new owner of the property.  Before the sale is registered, the lawyer is not allowed to give the keys to the new buyer legally. 
 
The Big Day is Here - Move-in Day!
Most people arrange their move-in day around the closing date. This is frequently due to the fact that the residence they are leaving necessitates their departure on the same day and that here's a chance that the house will have new occupants. As a result, meticulous preparation for hiring a moving company is required.
 
The majority of professionals advise reserving a moving company for the late afternoon. This provides the lawyers adequate time to finish their work before handing over the keys. It is illegal for a buyer to move into a residence until they have the keys in their hands.
 

Managing Closing Day Issues That Could Arise
There may be unforeseen circumstances that delay the move-in date.
 
If the keys don’t work - The keys that were supplied to the new owner are not working. When the moving van is idling, waiting for the contents to be unloaded, this can be frustrating. The best course of action is to call a locksmith and leave the reimbursement to the lawyers.
 
If the seller leaves trash around - Most home sellers comply with the expectation that they will vacate the property in a neat and orderly fashion. However, there's a lot of rubbish left behind on occasion. The buyer of the house should consult with their attorney about their options in this case.
 
Closing day normally goes smoothly as long as both the buyer and the seller have given their respective attorneys all of the essential documentation well in advance.
 
 
Closing a real estate deal necessitates a lengthy process, as demonstrated above. The good news is that if you are prepared and know exactly what to expect at each stage, you will feel completely at ease.
 
Get in touch with Jay Paramanathan today for additional information for both buyers and sellers, or for any other real estate questions.
 

Residents in Ontario who want to make renovations to their homes will be happy to know that many renovation grants and energy rebates are available.
 
We've compiled a list of available programs for Ontarians, including any current Canadian government subsidies for home improvements.
 
If you're a first-time home buyer searching for strategies to come up with a down payment, click here!
   
GST/HST New Housing Rebate
For a new or significantly renovated home that is your principal place of residence, you may be eligible for a GST/HST new housing refund of up to $1,500 if you fulfil all the eligibility conditions.
 
CMHC Green Home
With CMHC-insured financing you may get a 15% refund for ENERGY STAR certified homes or a 25% discount on R-2000 certified homes when building or renovating for energy efficiency.
 
   
Grants for Disabled Homeowners

• Ontario Renovates - People with disabilities who need specific adaptations to their home can apply for a forgiven loan up to $20,000 under this program.
• Home and Vehicle Modification Program - Modifications to a home or car for a disabled person who makes less than $30,000 a year may be eligible for up to $15,000 in financial assistance. This program, on the other hand, is meant to be a last resort.
• Easter Seals Financial Assistance - Up to $3,000 will be provided by Easter Seals to assist children with mobility disabilities up to the age of 19 with home renovations or equipment not covered by the Ministry of Health's Assistive Devices Program. Although clients are required to pay $50 or more per request, based on their financial means.

 
Low-Income Homeowner Grants

• Ontario Renovates - This program gives low-income homeowners who live in substandard housing forgiving loans of up to $20,000 so they may make necessary repairs to ensure their homes' health and safety.
• Ontario Energy and Property Tax Credit - Non-seniors are eligible for up to $1,043 in benefits, while seniors are eligible for up to $1,187 in benefits. Any expenditures connected to energy can be refunded to students up to $25, and if you're living on a reserve or in an assisted living facility, you can recoup up to $232.

   
Basement Flooding Protection Subsidy Program
The city of Toronto provides a cash subsidy of up to $3,400 per property to homeowners of single-family, duplex, and triplex residential homes who install flood prevention measures.
 
Toronto Renovates Homeowners Program
For seniors and individuals with disabilities living in low-income households who want to undertake home improvements for their own health, safety, and energy efficiency, the Toronto Renovates Homeowners Program provides financial assistance through the Ontario Renovates program. However, funds are scarce.
   
Heating & Cooling Incentive
Installing energy-saving appliances may get you up to $850 in rebates. Your home may be eligible for a rebate of up to 5,800 dollars if it is currently heated by an electric heat pump. You may also be eligible for an extra $50 off the price of the heat pump and for a smart thermostat.
 
Home Assistance Program
To help low-income families that qualify; for example, a family of four must earn less than $61,028, the government offers free installation of energy-saving appliances and other items. Lightbulbs, programmable thermostats, and window air conditioners all fall under this category. In addition, you'll get a thorough energy audit of your house, as well as suggestions for how to save even more energy.
 
Enbridge Gas Rebates

• Home Winter Proofing Program

Enbridge customers who own a home constructed before 1980 and who make less than a certain amount of money each year may be eligible for free home winter proofing services from qualified contractors. As a result, your winter energy expenses may be reduced by 30%.
 
Toronto Hydro Rebates

• Home Assistance Program - To help you save money and improve the comfort of your home, Toronto Hydro will provide and install energy-efficient improvements including refrigerators, freezers, and lightbulbs for free if you satisfy certain eligibility requirements, for example, a four-person household's maximum income is $43,546.

 
Do you need to make repairs in order to put your home on the market? Click here to find out how much your home could be worth.
 
As you can see, Ontarians have access to a wide range of resources for improving their home and these are just a few of the many options accessible.
 
Hopefully this article has been of use to you in your quest to find ways to lower the cost of home maintenance and improvement projects.
 
Get in touch with Jay Paramanathan now if you want to learn more or need help buying or selling a home in the Greater Toronto area.
 
 
 

A credit score is a three-digit figure that lenders use to assess a potential borrower's credit risk. There are five key elements used to determine credit ratings behind the number itself (credit scores normally vary from 300 to 900). Lenders evaluate these ratings to determine how likely you are to repay your debt; thus, they are frequently the determining factor in whether you will be approved for a new loan.
 
Knowing what characteristics and types of accounts affect your credit score provides you the opportunity to improve it over time as your financial profile changes.
 
History of Payments
Payment history is the most essential factor in credit rating, and even a single missed payment can lower your score. When assessing you for new credit, lenders want to know that you will pay back your debts on schedule. Payment history accounts for 35% of your score, which is used by most lenders.
 
Each month, pay your bills by the due date. Late payments can seriously harm your credit score, so set up automatic payments to ensure you never miss a payment. If you're paying via online banking, make sure you pay a few days ahead to ensure your money is received on time.
 
Amounts That are Owed
The next most important component in your credit score is your credit consumption, as measured by your credit utilization ratio. This ratio looks at how much of your available credit you're using and might show you how reliant on non-cash funds you are. Using more than 30% of your available credit is seen as a red flag by creditors.
 
Pay down your credit card bills and other debts to the point where you're only utilizing a percentage of your available credit. Once your credit utilization is below 30%, hold it there for at least a month and your credit score should improve.
 
Length of Credit History
Your Credit Score is calculated in part by how long you've had credit accounts, making up 15% of your score. This contains the age of your oldest credit card, the age of your newest credit card, and the average age of all your credit cards. Credit scores rise with the length of your credit history.
 
When you finally pay off your debt, avoid the desire to close your credit accounts straight away; keeping paid-off credit products available can help you maintain a low credit utilization rate.
 
Obtaining New Credit
Lenders will look at how much fresh credit an applicant has when applying for a loan. Lenders value this element since it allows them to observe how you normally shop for credit, accounting for 10% of your credit score. When applying for too many loans/credit cards in a short period of time, your average account age will decrease, and your length of credit history will be affected, affecting your total credit score and how lenders see you.
 
Make sure there aren't any credit inquiries on your credit report on a frequent basis. Soft credit checks, such as those conducted by you or a prospective landlord, have no bearing on your credit score. Hard credit checks, on the other hand, are required whenever you wish to extend your credit limit or apply for a credit product/loan.
 
Credit Types in Use
Your credit mix makes up 10% of your entire credit score computation. Having several types of credit accounts on your file and managing them properly can improve your score and demonstrate to creditors that you can effectively borrow from both types of credit. Maintaining a healthy balance of instalment and revolving credit will help you improve your credit score.
 
Are you planning on buying your first home in the GTA? What you need to know about your credit score, and how to proceed.
 
Being a savvy borrower entails good debt. All debt, in our opinion, should be prudently managed. Before you ask for financing, the smartest thing you can do for yourself is think about how your current financial decisions will affect your future financial decisions.
 
Contact Jay Paramanathan today if you're wanting to buy a home in the GTA but are concerned about your credit score. He takes delight in assisting you in buying your home in a relaxed manner while achieving the best potential results.

Many Canadian mortgage holders blindly renew their mortgages without questioning anything, which often leads to a higher interest rate with a mortgage package that does not meet their demands. Make sure you thoroughly check everything out before you sign another contract. In order to secure the greatest mortgage available, analyze your present position, create a plan, and allow lenders to compete for your business. It's crucial that you consider these points before taking out a new mortgage.
 
Check out our mortgage calculator to see how much you'll pay with different interest rates.
 
Put Together a Plan
Don't delay your mortgage renewal any longer than necessary. Review your needs long before your renewal date to make sure you and your family receive the best mortgage rates and products. Market research on rates, trends, and goods offered by lenders. Well-inform yourself about reverse mortgages and the other accessible choices. Consider savings objectives, children's education, and debt reduction in light of your present financial circumstances.
 
Get a Head Start on Your Options
If your existing lender is sending you a renewal notice, you should expect it somewhere in the last 30 days of your mortgage term. However, you can start discussing the next term of your loan as early as 120 days before your maturity date. For a better understanding of your mortgage's maturity date, locate the date on your mortgage contract or online banking. Then, count back 120 days on a calendar.
 
If your present lender is not able to negotiate a better deal, then you have time to explore switching suppliers. Before your real mortgage renewal date approaches, you may not be able to transfer your mortgage to another lender, but this allows a mortgage broker time to provide you with advice on mortgage renewal and to look for a good deal.
 
Lock in a Rate
You can get a lower rate on your mortgage by working with a mortgage broker. A mortgage broker may do a credit check and identify lenders that are willing to deal with you and give good rates, rather than having to go from lender to lender. You may find out fast from your mortgage broker what rate you qualify for if you decide to change lenders. This may happen in a matter of days, if not sooner. If you need a little more time to decide on your mortgage, for example - if you would want to give your existing lender the opportunity to match that rate, request a rate hold from your mortgage broker. To avoid getting hit with increased interest rates, you should lock in your rate for up to 120 days. Furthermore, if interest rates go down, you may still negotiate the rate down to the new lower one. If you're afraid rates will go up before your renewal, a rate hold will freeze your rate in place.
 
How to Apply for a Mortgage Renewal
To apply for a new mortgage renewal, you will need to provide all the same documents you'd need to apply for a mortgage.
Copy of your mortgage renewal letter
Proof of income
Proof you own your home
Proof of property insurance
 
To avoid having to extend your mortgage with your existing lender, be sure to give yourself plenty of time to apply for a mortgage with a broker. The mortgage broker's process generally takes approximately a week.
 
Find out how to save money on interest and pay your mortgage off faster!
 
Getting a new mortgage with your current lender may seem like an easier and quick process. On the other hand, this won't guarantee you the best mortgage rates or products. If you use these steps, conduct your research, and hire a mortgage broker to offer you with guidance and recommendations about mortgage renewal, you'll be able to acquire the greatest lender, terms, and rate for your current financial position.
 
 
 

You may think that because you're ready to sell your home, you may set whatever price you choose. However, no matter how hot the market is, overpricing your home can be detrimental. Studies have shown that pricing is the primary variable that determines how long a real estate property remains on the market. If a home is too expensive, even the best-conceived marketing strategies might sell utterly worthless.
 
While it is theoretically possible that increasing your home's offer and selling price may occur, this does not indicate that testing the market by pricing your home over its value is a wise approach. Keep on reading to find out why!
 
To discover the value of your home, click here.
 
It May Give a Negative First Impression
If you're selling your home, it's critical to make a good first impression as new listings attract the greatest attention. If an individual acquires a home that's overly expensive, the home seller risks making a good first impression even before the potential home buyer had a chance to explore the premises. This might also lead to a lack of attention and offers on your home.
 
Buyers today can run comparables in a region online to discover the costs they may expect. If your property is noticeably more expensive than its neighbours, potential buyers may choose to skip it.
 
It Will Linger on the Market for a Long Time
The older the listing, the less appealing it is. Many prospective buyers question the condition of a home that has been listed for more than two or three months. They may question if there is a big defect that will be expensive to fix? Maybe there is a problem with the neighbourhood? Or is it possible that the home seller won't lower the price because they’re stubborn? One may want to simplify the purchase of a property by avoiding homes that may provide future problems.

Be on the Lookout for these 6 Warning Signs That Could Mean Expensive Repairs.

Your Listing May Not be Found by Buyers
Buyers always have a plan when looking at listings; looking for a home in this location, with this many bedrooms and baths, and in this particular price range. They may estimate what their desired home's typical price is by comparing it to their alternatives.
 
As a result, your home may not be searchable if it's too expensive in comparison to the prices of other homes with the same area and criteria.
 
It Improves the Appeal of Competitors' Listings
Buyers will generally pick the cheaper property when forced to decide between two identical homes. If your home doesn't have anything that justifies the price, then this option is understandable. A seller may assume that someone will ultimately acquire it and retain the high price. This isn’t the case, your property will spend a lengthy period on the market, but it will have the added benefit of making the area's other properties appear more reasonable.
 
Browse our list of sales in the GTA here.
 
This Can Result in Lower Offers
Homebuyers may attempt to make a low-ball offer by taking advantage of the fact that your home has been on the market for months and is no longer attractive to potential buyers. This bargaining strategy might present itself in the case of overpricing your property.
 
If you want to ultimately finalize a deal, you risk selling your property for less if you consider a low-ball offer. It's easy to prevent this situation if you price your home appropriately from the beginning.
 
It Will Lead to Appraisal Issues
You will then have to confront the obstacle of evaluation, even if you do locate purchasers who agree with your pricing. Before approving a loan, lenders need to have the property assessed and this is where similar prices will be used to set the proper price for your property. Banks might turn down mortgage applications from purchasers who don't meet their prices, forcing you to start over.
 
Visit our mortgage calculator to see if you can afford your mortgage payments.
 
It's natural to believe that your home is worth more, especially if you've worked hard to maintain it and even raised a family there. People often develop attachments to the memories that are created. The best thing is that your Real Estate Agent can appreciate your home's importance more than anybody else.
 
Correctly pricing your property is important not only in today's real estate market, but in any market. If you're selling your home, your sole objective is to make a sale.
 
Contact Jay Paramanathan today for help determining the best price to set for your property and yet be able to earn a solid profit.

First-time homebuyers may be able to make a monthly mortgage payment, but the biggest challenge is saving enough for a down payment. A down payment is necessary, the higher your down payment, the cheaper your interest payments will be throughout the term of your mortgage. The majority of residences in Ontario need a down payment of at least 5%. So, if you want to buy a $800,000 property, you'll need a down payment of at least $40,000 to get started. Keep in mind that if your down payment is less than 20% of the purchase price, you'll have to pay for mortgage loan insurance, which may add up to 4% to the mortgage's worth.
 
It might be difficult to come up with $40,000 for a down payment unless you inherit money or win the lottery. So, how do you go about doing it?
 
Reduce Spending
Making a few modest lifestyle changes can help you save thousands of dollars, from cancelling monthly subscriptions and gym memberships you don't use to, yes, forgoing your daily Starbucks drink and bringing your home-made lunch to work. Determine what you can live without and transfer that money to your savings account on a regular basis.
 
Consolidate Your Debts
Debt repayment and interest payments, whether for student loans, auto loans, personal loans, or credit cards, are a significant portion of many people's monthly costs. It may be tough to accumulate money for a down payment if you have too much debt. One way to pay off your debt faster is to take out a debt consolidation loan. It consolidates all of your past obligations into a single loan with lower monthly payments and, in most cases, lower interest rates. You might use the money you save each month to put toward a down payment on a home.
 
Click here - This mortgage calculator lets you compare rates, payment frequency and more.
 
Consider Getting a Second Job
The primary concept of budgeting is to have more money coming in than going out each month. If you need to save for a down payment, you'll either have to reduce your spending and/or increase your income. Getting a second job would be a good method to supplement your income.
 
Set Up a Separate Bank Account for Your Down Payment
Set up a separate bank account that isn't accessible from a bank machine, so you won't be tempted to use it for a getaway or a spur of the moment shopping spree. Consult your financial advisor or bank about where you should put your money.
 
Make a Down Payment with Your RRSP
First-time homebuyers in Canada can use up to $35K tax-free from their RRSP to put towards the purchase of their first property. If you haven't been contributing to an RRSP on a regular basis, consider taking the money you've saved and investing it in an RRSP. For the donations you make, you'll be eligible for a tax refund, which you may put toward closing expenses. It's a simple method to boost the size of your down payment.
 
Government Incentive Program
The First Time Home Buyer Incentive is a program that assists qualifying first-time home purchasers in lowering their monthly mortgage payments. It's a shared-equity scheme that allows you to utilize up to 5% of your equity to buy a resale property or up to 10% for             new construction. It enables potential homeowners to save less money for a down payment.
 
Click here for more information on buying your first home in the GTA.
 
As difficult as it is to save for a down payment on a home purchase, it is mandator. So, the sooner you begin saving, the sooner you can become a homeowner.
 
If you're a first-time home buyer in the GTA, contact Jay Paramanathan today for active listings or any real estate queries.
 

If you're looking to buy a condo in the GTA, you'll almost certainly hear about the Status Certificate, and your Realtor will almost certainly advise you to make your offer contingent on your lawyer reviewing the Status Certificate.
 
A status certificate is a large document that contains information about a condominium corporation's financial and legal health. It normally runs a few hundred pages and covers key laws, regulations, rights, and responsibilities that every condo owner should be aware of. This might be a significant consideration when purchasing a condominium. Buildings with a high owner-to-resident ratio are less likely to have troubles and are better maintained.
 
What Is the purpose of a Status Certificate review?
When you make an offer on a condo, it is likely that your lawyer will condition it on an examination of the status certificate. You'll usually set aside 2 to 5 days for your lawyer to go over all the agreements and make sure you're not buying into a legally or financially problematic condo complex.
 
The status certificate can be ordered by the home buyer or seller that will cost $100 in Toronto, and the condo corporation/property management has 10 business days to furnish it.
 
In order to advance the mortgage at closing, your bank or lender will also need a copy of a current status certificate that is less than 30 days old.

What are some contents of the Status Certificate?
 
About the Condominium Building

• Legal description of the unit, as well as any parking and locker information.

About the Condominium Building

• Legal description of the unit, as well as any parking and locker information.

About the Condo

• Board of Directors and Property Managers contact information.
• Whether the unit's monthly maintenance expenses are current or past due.
• If the unit or building has any special assessments.
• When additional monies are needed to pay for repairs, budget gaps, or to enhance the reserve fund, a special charge is sometimes imposed on condominium owners.

Financial Situation

• Information on finances and insurance.
• A duplicate of the present budget.
• Details on any current-year increases in common elements or special assessments.

Insurance and Agreements

• For the building, a certificate of insurance is required.
• Are there any requirements for individual property owners to obtain unit or liability insurance?
• A list of all agreements to which the building is a signatory, for example - management agreement, rental agreements.

Reserve Fund

• Every month, a percentage of each common element fee is paid into the reserve fund. Having enough money in the reserve fund is critical to maintaining a financially sound condominium corporation.

Condo Corporation

• Details of any judgments against the corporation are listed in the Legal Information section of the Status Certificate.
• Are there any pending lawsuits?

Rules, Bylaws and Regulations

• Pet limitations, rules for visitors and parking, renting out your unit are all examples of what will be included in this section of the Status Certificate.

 
What happens if missed information appears after closing?
If the information is not contained in the status certificate and the buyer discovers after closing that the common expenses would skyrocket or that a special assessment will be imposed, the buyer has the option of refusing to pay or filing a lawsuit against the condominium organization.
 
Can I waive the Status Certificate review?
The condition of waiving the Status Certificate review might be quite dangerous, especially in the present GTA real estate market. Buyers may be tempted to waive the condition in order to get a condo, but the significance of the status certificate should never be overlooked.
 
As you can see, a status certificate lays out all this information and more for you up front, so there are no unpleasant surprises later on. This is why working with your realtor to make sure your offer is conditional on a legal assessment of the status certificate package is critical.
 
If you have any questions about the Status Certificate or are interested in buying or selling a condo in the GTA, Jay Paramanathan is happy to help, click here to get in touch with him today!