June 2023

What is Land Transfer Tax?

Posted on Jun 29, 2023 in First-Time Buyers

what is land transfer tax

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.

Understanding Land Transfer Tax

A lan...

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Closing: Understanding your Legal Buyer Obligations

Posted on Jun 19, 2023 in First-Time Buyers

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.

Once your offer has been...

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What Qualifies as a First-Time Homebuyer in Canada?

Posted on Jun 16, 2023 in First-Time Buyers

What Qualifies as a First-Time Homebuyer in Canada

To qualify as a first-time homebuyer in Canada, you must meet the following criteria: you cannot have previously owned a property in Canada or abroad.

However, there are exceptions. It is possible to qualify as a first-time home buyer again after owning a home under the following circumstances:

  • If you have separated from and no longer live with a spo...

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Why Should I Get Pre-Approved for a Mortgage?

Posted on Jun 09, 2023 in Mortgages

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.

To pu...

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What Does 'Porting a Mortgage' Mean?

Posted on Jun 02, 2023 in Mortgages

Porting 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.

This is what happens when interest rates rise to their highest levels since befo...

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