Our blog

Buying a home in the GTA is expensive and too often buyers don’t take advantage of available rebates. There are a handful of rebates that could cushion the costly blow of buying and maintaining a home. Most of them come from one of the three levels of Government and are intended to motivate Ontarians to buy or care for their home in an efficient and responsible manner.

There are rebates for new homeowners, for homes that are more energy efficient and even rebates for homes that feature “smart” technology. Unfortunately, most don’t leverage these rebates mainly because they don’t know they exist.

Purchasing Rebates

In Ontario, homeowners could apply for a GST/HST rebate if they purchased, built or renovated a property. This rebate allows homeowners to recover some of the taxes that they paid towards the purchase. This even extends towards mobile and floating homes.

Prior to closing, the buyer will be saddled with the land transfer tax, which is based on a sliding scale that ranges from 0.5% to 1% based on the price of the property. First-time homebuyers are eligible for a rebate up to $4000. The lawyer should arrange for this rebate to be paid once the property is transferred to the buyer’s name.

Energy Efficiency Rebates

Homes need to be environmentally friendly and leave the smallest carbon footprint possible. To entice homeowners to convert their home to be more efficient, the Government offers rebates for owners who install and employ certain technologies that aid in making a home more efficient.

In 2017, Save on Energy and the Green Ontario Fund started offering a $100 rebate for those who purchase and install a smart thermostat. These modern thermostats allow owners to remotely control the temperature of their home. This technology learns your preferences and analyzes data to automatically adjust. They can also save help money by adjusting the temperature when no one is home. 

Renovation Rebates

Like efficiency rebates, Ontarians could apply for green renovation rebates. The province rolled out a new program where homeowners could receive thousands of dollars in rebates if they complied with renovations that meet certain green standards.

This program offers up to $7,200 in rebates and covers insulation, windows and heat pumps. The rebate can only be paid if the homeowner hires an approved contractor.

Every homeowner should be aware of available rebates and ensure they do everything in their power to receive the money they are eligible for.

There are a lot of rules when it comes to refinancing. Some say it’s only worthwhile when the interest rate drops at least two percentage points. Others suggest that most are likely to get better terms simply by refinancing. For most Canadians, refinancing can be beneficial. At the very least, it is a good option to explore.

There are different ways to refinance your loan. If this is your preferred route, then you need to decide which option will work best for your situation.

Refinancing Options

As housing prices soar, many borrowers want to take advantage by refinancing their mortgage. The refinancing options can include combining first and second mortgages, debt consolidation or negotiating a new loan altogether. You could also attempt to break your mortgage in the hope of refinancing. Some borrowers do this to get a loan with terms that are more suited to their financial situation. This is a common method if someone experiences a change in their life such as losing a job or starting a new business.

Speak to your lender to get an idea of what’s best for your financial situation. Also, it doesn’t hurt to meet with a few different lenders to get an idea of what a refinanced loan could look like.

Benefits

Refinancing offers borrowers a new mortgage with new terms. It replaces the old loan and the goal is to receive more favourable terms with respect to interest rate, monthly payment or the timeframe of the loan.

It doesn’t make sense to refinance unless you get something beneficial out of the arrangement. Ideally, you walk away with a lower interest rate or monthly payment. Refinancing can improve your cash flow, which can help pay for renovations, post-secondary education, medical expenses or travel. You could also negotiate to pay off the loan in a shorter amount of time. This will help you build equity faster.

The first step towards refinancing is to learn more. Contact us today to speak about your refinancing options. We’re equipped to answer your questions and guide you towards a decision that will offer you the most benefits.

Owning a home is quite certainly on most people’s minds. But given the current situation of the growing real estate prices in the GTA, this may seem like a pipe dream to many. Purchasing a house for the first time, finding a bigger property, or even simply moving to a more desirable location could be out of reach financially.

Budgeting a large amount for something as significant as a home can be daunting, but here are some tips to help you save up.

Determine how much money you need

Take into account what you can afford to spend on mortgage payments, including potential maintenance fees and various other expenses. If you currently own a property that you will sell before moving, there will be equity from which to take. However, you also need to figure out where to live and the size of the home you need. Where you choose to lay your hat will be a major factor in the cost of your new house and what you need to budget.

Set aside some monthly funds

Tuck away a portion of every pay cheque you receive into a savings account from which you purposefully do not withdraw. Your income (as well as your spouse’s or significant other’s income if the home will be a co-purchase) also plays a significant role in the size of the mortgage you will be able to obtain.

Adjust your lifestyle

Cut back on unnecessary purchases and make some frugal adjustments to your lifestyle, if needed, such as packing lunches and dining at home, and skipping outside entertainment activities for now. This will help you sustain more of the money you earn each month to put towards a new home.

Mortgages are obviously in place because only the illusive one percent can possibly afford buying a home outright. That means the rest of people need to save up for at least the down payment, with enough left over and a steady stream of income to manage monthly payments and other regular bills, such as hydro and utilities. Simply set realistic goals and give yourself some time to make it happen.

A real estate lawyer works to protect his or her clients when they purchase or sell a home, helping to ensure that the transaction is completed well—regardless of which side of the deal they are on. There are many facets of a purchase or sale that real estate lawyers deal with on your behalf so you can rest assured it will go smoothly.

Agreement of Purchase / Agreement of Sale

A real estate lawyer reviews a wide range of legal documents on their clients’ behalves, including the Agreement of Purchase or Agreement of Sale. These items detail the negotiations involved and range from an irrevocability deadline and completion date to matters of Harmonized Sales Tax and a title search.

Title insurance

He or she might also arrange for the client to obtain title insurance. Although this is not required, a real estate lawyer may recommend it to better protect you, the property owner. Coverage includes title issues that affect you from having clear ownership of the home, title fraud, liens that a previous owner may have had, public record or survey errors, a structure that requires removal by interfering with a neighbouring home, and related issues that impact your ability to sell or lease down the road.

Other issues that may arise

Real estate lawyers are also responsible for ensuring that no claims are listed against the home you purchase, as well as checking that property taxes are up-to-date and that you (their client) have a valid title upon closing. Some of their other roles include calculating the land transfer tax due, drawing up the applicable mortgage documents, exchanging legal documents and keys with the seller’s real estate lawyer, plus closing the transaction while ensuring all financial and legal conditions are met.

As a seller, your real estate lawyer also handles potential title issues that occur, prepares the deed to your home, and helps you negotiate the terms and conditions with your buyer. But no matter whether you buy or sell a home, having a professional in your corner is crucial to avoid as many complications as possible.