When it comes to a home purchase, many buyers get caught on the listing price, and forget about the additional expenses that come up in the transaction, such as closing costs and land transfer tax. So, what is land transfer tax, and how much is it anyway? In this article, we summarize everything you need to know.
So you’ve made a successful offer to purchase the home of your dreams, or at least have taken that crucial first step toward home ownership. Now what? At this point, typically, there is a bit of a waiting period. Closing periods can take several weeks to a few months, but some essential buyer obligations must happen quickly.
You’re shopping for a new home, with the best intentions to take advantage of favourable market conditions. This is one stressor buyers can’t control. Another big one is financing – which is something you can totally take change of. To limit you stress and improve your changes at home-buying success, you should get pre-approved for a mortgage.
Canada’s mortgage market appears to have stabilized. But do not tell that to the typical Canadians, as recent surveys have revealed that there is still plenty of consternation among homeowners and buyers, be it renewing their mortgages or being approved for a home loan.