Selling your home with a mortgage is pretty common in Canada and beneficial to you in many ways. Whether you have a mortgage or not doesn’t matter during a real estate transaction. All that matters is you have enough equity to pay off the pending mortgage at the time of closing.  Ideally, you should make profit on your equity as you will need some extra funds to pay the penalty for ending the mortgage term early. It is typically three months’ interest or the amount determined by the lender’s interest rate differential (IRD) calculation. Other than that, you also have to pay realtors’ comm ..read more

If you’re planning to put your property on the market, you might be tempted to make it look like the cover of a home and garden magazine. But hold that thought—and your wallet! Not all fixes are mandatory and most won’t even add to your property’s selling price. First off, not every repair will pay off. Some updates won’t increase your home’s value enough to justify the cost, and others might even be changes that potential buyers will want to customize themselves.  As a realtor in Brampton, I always advise my clients to stay away from these unnecessary fixes.  Here are 7 fixes to not ..read more

Buying a house is an exciting journey, one filled with dreams, decisions, and, yes, some paperwork and additional expenses. With sky high prices in Southern Ontario, especially Brampton, Toronto, Mississauga, and Oakville, buyers need anywhere between 25,000 to 75,000 for down payment to buy a townhouse. On top of that, there are closing costs, which buyers often forget to include in their savings goals.  What Exactly Are Closing Costs? Closing costs are the fees and expenses you pay when the ownership of a property is legally transferred from the seller to you, the buyer. It is an import ..read more

We all know that feeling of searching for that one perfect match who understands exactly what we need – especially when it comes to finding the right realtor. Many factors affect your choice from local experience to the realtor’s personality. Whether you get realtor recommendations from family or find them online, it’s key to chat with a few. Look for someone you vibe with, who’s experienced, knows the market well, and communicates clearly. Here are 7 important questions to ask realtors before hiring them in 2024:  1. What Is Your Experience with My Specific Real Estate Needs? With so man ..read more

Ever feel like your rent payments are just covering your landlord’s mortgage? Curious about how much money you’d actually need to buy a house in Canada? Well, that depends on where you live. Let’s explore what it takes to transition from tenant to homeowner across the country. Current picture of real estate in Canada Some areas in Canada have recovered from 2023 but some have gone down even more. If you are actively looking for a home to buy, look at the neighbourhood’s history. If prices are fluctuating lately, hold off purchase and wait for a more affordable deal. If this is your first inves ..read more

A second house is different from an investment property. It could be a weekend property, vacation home, or even a condo that you use as your home during the week. If a certain situation requires you to buy a second home, you can still find the best window where house prices are within reason. The real issue to deal with is the high mortgage rates, which sit around 5% currently (March 2024). It matters to lenders whether the property is owner-occupied or not. If it is an investment property or not owner-occupied, you will have to meet the lender’s specific requirements to qualify for a loan. Le ..read more

Buyers, sellers, realtors, and mortgage agents have all been waiting for mortgage interest rates to drop. Here’s an update on that topic. The US and Canadian economies are tightly connected to each other and most of the time the Bank of Canada changes rates depending on how the US is performing. Until now…. Canada’s inflation rate in January was 2.9%, which is almost half a point lower than December 2023 rates. This is likely due to a drop in demand as costs of goods and services continue to rise. So what does this mean for mortgage rates? Canada’s economy is relatively smaller than the US, wh ..read more

An RRSP, or Registered Retirement Savings Plan, is a savings account in Canada designed specifically for retirement. When you put money into an RRSP, you don’t pay income tax on that money for the year you earn it, which directly lowers your annual taxes. Every year you also make a return, which is added to your savings. However, when you eventually withdraw the money during retirement, you will pay taxes on it, typically at a lower rate because your income is usually lower than during your working years. The amount you contribute every year depends on your annual income. For the 2023 tax year ..read more

Selling a tenant-occupied property is all about balancing legalities with tenant relations. As Ontario’s market is slowly turning into a buyer’s market, tenant-occupied properties might stay up on the market for longer. If your intentions are clear, the very first thing to do is inform your tenant. Give them ample amount of months to move out, so it’s easier to coordinate viewings and open houses. Here are my strategies as a realtor in Brampton for selling tenant-occupied properties: 1. Clear Communication with Tenants Inform them of your decision to sell and discuss how the process will impac ..read more

As a first-time property investor in Canada, you are in for some good news. The Prime Minister of Canada announced the new Goods and Services Tax (GST) Rental Rebate on September 14, 2023. This rebate is applicable only to purpose-built rental housing and aims at reshaping the rental property landscape in the country. What You Need to Know About the New GST Rental Rebate? It is a strategic move by the federal government to encourage the construction of rental homes, and address the pressing need for more rental housing in Canada. Types of properties to benefit the most from this rebate include ..read more