Our Home Buyer’s Guide is a series of articles that detail the processes of buying pre-construction properties. Also included are several pages that discuss more general topics, such mortgage practices and the Canada Revenue Agency’s real estate tax laws.
An Explanation of Condo Maintenance Fees
Condominium ownership will involve monthly maintenance fees. These condo fees do not go to the builder-rather, they are managed by the property manager designated by the owners to run the day to day operations of the Condominium Corporation. Types of Condo Fees These fees are charged in accordance with the ...
Assignments
Because the project has not yet been officially registered, homes and condominium units that are sold pre-construction cannot technically be "sold" prior to completion. Rather, what can be sold is the purchase contract of a unit to a future buyer. This is called an assignment. Not all contracts for pre-construction ...
Benefits of Buying With a Platinum VIP Realtor
The benefits of buying pre-construction condos & homes through a Platinum sales representative are quite extensive. If you are interested in purchasing pre-construction real estate, it is highly recommended that you do so through through an agent that is well-versed in how this particular facet of the market operates. This ...
Benefits Of Investing In Real Estate
The simplest way to think about a real estate investment is simply whether or not the value of the property is higher than when you first bought it. However, there are several additional factors that make investments in condos (as well as other types of residential real estate) one of ...
Buying Pre-Construction Properties
Buying pre-construction properties is similar to purchasing homes or condos on the resale market-albeit with several small differences. This page will break down the steps required to purchase pre-construction residential properties. Register for a property you're interested in buying. After you do so, you'll receive an e-mail with all the ...
Buying vs. Renting
Buying a home and renting one both have pros & cons, but which one is right for you depends on each individual situation. Benefits of Buying In addition to offering stability and the pride of homeownership, buying has several other major advantages: All Payments Help You. Instead of paying ...
Canada’s Economic Response Plan
VIP Condos Toronto sincerely hopes that you and your loved ones are remaining safe and healthy throughout this difficult time. In recognition of the extraordinary circumstances in which we now find ourselves, the Government of Canada has taken action to lessen the impact of the crisis on families and individuals. ...
Condominium Interest Rates
Due to the recent rises in interest rates, those who have purchased new condo units will receive interest on their deposits. The prescribed interest rate is laid out in Section 82 (1) of the Condominium Act, and states that: Between April 1st and September 30th of any given year, the ...
Condominiums: A Buyer’s Guide
With every passing year, condominiums make up a greater percentage of the Greater Toronto Area's housing growth. While condominiums are normally thought of as luxury apartments in high-rise buildings, they are technically a type of homeownership rather than a physical structure. There are two main traits of condo ownership: Residents ...
Government Plans and Incentives
Buying your first home can be a daunting process. However, the rewards are incredibly gratifying and can lead to lifelong investment benefits. The Government of Canada strives to make this process as easy as possible. Numerous homeownership plans and incentives are available to the benefit of buyers throughout the country. ...
GST & HST Rebates
GST (Goods and Services Tax) and HST (Harmonized Sales Tax) rebates are available for buyers of pre-construction units. The procedures to obtain them differ depending on the intended use of the property, whether as a primary residence or as an investment. For more info on the topic, Cherry Chan of ...
House Hunting Mistakes
For some, house hunting and the process of purchasing a new home can be a wholly unfamiliar process. This can lead to mistakes-especially for first-time buyers. In order to help avoid any unwelcome issues, VIP Condos Toronto has compiled a list of some of the most common house hunting mistakes ...
Interim and Final Closing Costs
A closing cost is always incurred upon purchasing a home. In Canada, this can range from 1.5% to as high as 5% of the total purchase price. These costs are an integral part of the preconstruction process, and will be covered in further detail here. Some key points: For preconstruction ...
Interim Occupancy
Unlike resale purchases, pre-construction condos include two separate closing stages-which are known as the interim occupancy stage and the final closing stage, respectively. Interim Occupancy is the period which takes place prior to the registration of the condominium. At this stage the buyers are granted an occupancy licence granting them ...
Investment Strategy
Buying a preconstruction property in Toronto can be a daunting task-but the rewards can be extremely lucrative. We at VIP Condos Toronto have compiled a list of several strategy tips to help you make your investment a success. Seek Out Up-And-Coming Neighborhoods The first key investment strategy tip involves neighborhoods ...
Leveraging Your Home Equity
Equity While levels can vary depending on several different factors (including changes in the property value and/or the balance of a mortgage). every homeowner receives equity on their property. When purchasing a new preconstruction unit, equity from a previously-owned property can be very useful when financing the new acquisition. The ...
Mortgage, Affordability & Land Transfer Tax Calculators
Getting a mortgage can make the buying of your first home much easier-as it eliminates the need to pay the entire purchasing price up front. However, it can still be an incredibly daunting process. The Canada Mortgage and Housing Corporation has also created several calculators for use by homebuyers, for ...
Pre Delivery Inspection (PDI)
The pre-delivery inspection (commonly referred to as a PDI) is the homeowner's opportunity to examine and scrutinize their new, completed residence before the purchase is finalized. Buyers can use this time to determine whether or not the new condo or home meets the specifications stated in their purchase agreement, as ...
Principal Residence Exemptions
Once you have sold your home, in most cases you are not liable for taxes on any profit gained from the sale. This is due to the "Principal Residence Exemption". However, this exemption only applies if it was your principal residence for the entire period. How To Report the Sale ...
RE/MAX Guides For Buying, Selling & Staging
RE/MAX is one of the world's most respected names when it comes to residential real estate, and it has achieved its position through earning the trust of its clients. In order to facilitate as smooth a transaction process as possible, the company has compiled a series of informative guides for ...
Tips For First-Time Buyers
For first-time home buyers, making that first purchase can be an intimidating process. To that end, we at VIP Condos Toronto recognize the difficulty of this process for those who are not well-versed with the real estate market. On this page you can find a selection of informative pages and ...
Vacant and Underused Home Taxes
Vacant Home Tax Beginning in 2023, the City of Toronto will levy a tax on vacant homes. The following criteria will apply when calculating eligibility for the new tax: Homes must have been used as the principle residence by the owner or the permitted occument, or occupied by tenants for ...
Withdrawing from RRSPs
As part of the Government of Canada's Home Buyer's Plan, withdrawals from an individual's registered retirement savings plan (RRSP) can be made to finance the purchase of a new home. For this to take place, several steps must be completed: Determine the type of withdrawal you would like to make. ...
