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A Beginner’s Guide to Condo Insurance in Toronto

Friday Sep 3rd, 2021

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Toronto Condo Team

Homeownership should give you a sense of security and peace, no matter where you live. If you own a condo, condo insurance can provide that sense of comfort and confidence. While the condo association’s master insurance policy generally covers the main structure and common areas, some things are considered a homeowner’s responsibility. condo insurance helps protect against losses and repair costs for a condominium unit, in the event of theft, vandalism, fire damage, water... [read more]

Everything You Need to Know About the Upcoming Toronto Empty Homes Tax in 2022

Thursday Sep 2nd, 2021

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Toronto Condos

Toronto may finally be cracking down on real estate speculators who invest in multiple properties and leave them unoccupied, while residents struggle to find affordable housing. On July 15, 2021, Toronto City Council has approved a plan to implement an Empty Homes Tax as of January 1, 2022. While the exact details of the plan will be revealed later this year, the proposed tax is modeled after the “empty homes tax” already implemented in the City of Vancouver. Since 2017, vacant... [read more]

Mortgage Stress Test: Everything You Need To Know About It

Wednesday Aug 11th, 2021

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Toronto Condo Team

The new mortgage stress test rules are out. With these rules, it will be more difficult for new and renewing mortgage borrowers to be eligible for their home loan commencing June 1st, 2021. The “stress test” now looks at a higher threshold. The Introduction to Stress Test A mortgage stress test was introduced in 2018 for all Canadian homebuyers. This catered to validating whether they can make a down payment of 20% or more on a home. Additionally, new mortgage stress test... [read more]

Pre-Construction vs. Resale: Which is a Better Investment?

Saturday Aug 7th, 2021

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Toronto new condos

In a thriving real estate market like Toronto, the average price for a stand-alone family home was just under $930,000 whereas the average price for a condo in Toronto was just over $660,000. For a first-time buyer, investing in a condo means a massive saving of almost $300,000. When purchasing a condo in Toronto, you get two different options: pre-construction and resale. A resale condo is one that is already built and is move in ready. On the other hand, pre-construction condo is one that you... [read more]

Smart Backup Down Payment Sources for Toronto Condos

Saturday Jul 31st, 2021

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Toronto Condo Buyers

Several homebuyers and tenants dream of owning a home or real estate property in Toronto. First-time buyers purchasing Toronto condos often find the down payment very demanding and challenging. This is because you need to pay at least 5% as a down payment for a condo. That will approve your application for an insured mortgage. If you are an investor who invests in condos for sale with a purchase price of over a million in Toronto, then generally, the down payment for the same would... [read more]

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