You got your pre-approval, you picked out your first home at a builder’s sales centre, and now it’s time to get your mortgage. No big deal right? Think again. Depending on your financial situation and employment, it could be a challenge.
Through the stages of development of your pre-construction condo, perhaps the most crucial is the transition from interim occupancy to final closing. The most important of the moving pieces to have in place during this transition is your financing.
The Canadian Real Estate Association launched REALideas recently in anticipation of the federal election. One of the points they made is that mortgage lending needs to be updated to better serve those participating in the gig economy.
Property taxes can be confusing. Fortunately, the City of Toronto has a Property Tax Calculator that actually shows how your money is being distributed to various services and infrastructure developments and maintenance.
Government policy like the mortgage stress test was introduced to cool Canada’s housing market, which it did, but some buyers have decided to simply go a different route, and it could be bad for the overall health of the market.
According to the government of Canada and the Canada Revenue Agency, tax non-compliance and money laundering can be a significant factor causing the rising cost of housing in the country’s hottest markets.