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 facilities that each buyer has purchased-if a resident does not own a locker or ...
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 units provide the right of assignment-this right may be an incentive the builder/developer gives ...
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 will allow you to receive the best deal possible, as well as take full ...
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 the best ways to help you prosper: At its core, a real estate investment ...
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 latest info on that particular development, such as floor plans, prices and photo renderings. ...
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 your landlord every month, you will be paying off your mortgage. This allows you ...
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. We have taken the liberty of providing information regarding the programs and incentives that ...
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 own both their individual unit as well as a portion of all shared features ...
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. Plans and Incentives Under the federal government's Home Buyer's Plan, buyers will be able ...
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 buyers can make: Know What You Can Afford. Before starting your search, make sure ...
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 units, there are two separate occupancy dates-interim and final. During the interim period, ...
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 the right to occupy the unit. Upon receipt of a document known as an ...
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 where prices are currently low is often a shrewd financial decision-in a city like ...
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 first step when leveraging your home equity is to calculate the fair market value, ...
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 services ranging from affordability to mortgage rates and debt service. Mortgage Calculator This tool ...
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 well as make sure everything is in order and note any deficiencies. For example, ...
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 of Your Principal Residence You must first report the sale on a Schedule 3 ...
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 those looking to buy or sell their homes. These can be found below: RE/MAX ...
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 links to help make the buying of your first home go as smoothly as ...
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. This can be done as either a single amount, or as a series of ...
