Ontario’s Residential Condominium Buyers’ Guide (Condo Guide) was developed by the Condominium Authority of Ontario (CAO) in collaboration with the Ministry of Government and Consumer Services (MGCS) and approved by the Minister as a helpful resource for the buyers of residential pre-construction/new condo units.
You can read and refer to the Condo Guide from the moment you begin to consider buying a condo unit and throughout your condo ownership life cycle.
As of January 1, 2021, developers across Ontario must provide purchasers of new and pre-construction residential condos with a copy of the guide.
Under the Condo Act, purchase agreements for new or pre-construction condos purchased from developers are not binding on purchasers until developers provide purchasers with a copy of the current disclosure statement containing vital information about the future or existing condo property and corporation (e.g., corporation’s first-year budget, the proposed or actual declaration, by-laws, and rules).
As of January 1, 2021, in addition to the disclosure statement, developers must also provide a copy of Ontario’s Residential Condominium Buyers’ Guide (the applicable condominium guide) to the purchasers of new or pre-construction residential condos. The Guide was developed by the Condominium Authority of Ontario (CAO) and approved by the Minister of Government and Consumer Services. It includes up-to-date information on a variety of aspects of condo ownership, such as:
The condo purchasing process
Moving into a pre-construction residential condo unit
Condo living and governance
Resources for resolving issues with condo living
Although the Condo Guide is primarily written for new condo buyers, if you have recently purchased a unit, or even if you are a long-time condo owner, the Condo Guide may also be of interest to you as it covers many topics relevant to condo ownership.
If you are looking for a pre-construction condominium in Ontario, call for our upcoming projects 416-896-3333 or browse through www.itorontocondos.ca
According to TREB, there was a 25% annual increase in November this year, with 668 transactions that occurred. Meanwhile the average price from to 5.4% for the Halton region as a whole.
Wondering just how affordable the market is for median-income buyers? See below.
Median earners of $93,588 will find decent affordability in it’s condo sector, while townhomes & semi-detached homes would take between 5.6 years to 16.6 years to save. Detached homes would take about 31.9 years to save for.
Median earners of $104,730 could afford a condo or townhome based on a 1.5 or 1.2 year timeline.
The city’s median income is around $113,666, meaning buyers could move into a condo costing $537,000 within a 1.4 year timeframe.
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“One Ontario resident learned the hard way about the importance of inspections. When she initially moved in, neither she nor her landlord formally inspected the property. When she moved out, she found herself legally and financially responsible for removing a wall that the previous tenants had constructed in the unit.”
It is critical that the condition of the rental unit be documented on moving day.
This will help:
Note previous damage
Establish a baseline to evaluate normal wear and tear
Decide who is responsible for paying for any potential damages that might occur in the future.
For tenants, it will also waive any liability for damages that existed prior to moving in.
Tenants and landlords should always conduct the move-in inspection together.
New study shows Toronto has the lowest property tax rate among the 25 major cities in Ontario – Beating Markham, Milton & Richmond Hill at roughly 0.615 per cent.
To put this in perspective, a home priced at $500k in Toronto would require owners to pay $3074 in taxes but a home at the same price in Windsor would require $8,947! Although this may seem too good to be true if you are thinking of purchasing a home in Toronto, you must remember that by keeping taxes down, Toronto faces a number of serious challenges such as housing affordability, public transit, road repairs, etc… All which come with a cost.
A main reason the property tax rates are higher in other cities is because the housing prices are much lower. An average cost of a home in Toronto is around $915,481 while Windsor homes sit at around $337,923.
Another thing to think about are the separate charges the City of Toronto bills homeowners (i.e water consumption, garbage pickup) while some cities in Ontario include all of this on a property tax bill.
Millennials in Canada are resorting to dating apps for meeting the right match that have similar homeownership and financial goals. A recent survey from HSBC shared the results that 4 in 10 people find property and financial goals to be more important than looks when choosing potential dates.
The survey was part of a global poll which included more than 1000 Canadians. The results read that 61% of respondents feel uneasy about buying a property – So the results are more likely due to desperation in finding a partner who can share the costs of homeownership.
“Close to 70% of Canadians own their home but less than 30% do so without a mortgage. It’s good to be a little nervous about the biggest purchase you’ll likely ever make. But you shouldn’t be overwhelmed.” said Barry Golom, Senior Vice President of Retail Banking and Wealth Management Products and Propositions, HSBC Bank Canada.
The results also found that the majority of Millennials in Canada (62.8%) said financial considerations are the reason for their last move. The biggest source of stress was accepting money from parents for their purchase (14%), and the top two reasons for moving was to get more space for their money (25.5%) or a lower cost of living (23.4%).
One quarter of Canadian Millennials admit to checking the value for their property at least once per month, in comparison to the 8% of all Canadian adults (49%) who only check the value annually.
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