New Ontario Condo Buyers Guide Released

Posted on January 6, 2021 by Sutton Realty

Ontario’s Residential Condominium Buyers’ Guide – Now Mandatory for Developers to Provide to All Purchasers of Ontario Residential Condos

Ontario Residential Condominium Buyer’s Guide

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

Looking To Buy In The Halton Region? Here’s What You Can Afford

Posted on December 13, 2019 by Sutton Realty

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.

Burlington:

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.

Milton:

Median earners of $104,730 could afford a condo or townhome based on a 1.5 or 1.2 year timeline.

Oakville:

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.

Are You Considering Buying A Home In The Halton Region? Sutton Can Help!

We Help Landlords, Tenants, Buyers And Are Here To Answer Any Questions You May Have!

Give Us A Call Today At 905-896-3333 or Visit Us Online www.SuttonRealty.com

A/C In The Summer – Can Landlords Charge More?

Posted on November 22, 2019 by Sutton Realty

We’ve all been there – a heatwave in the middle of the summer. Relying on airconditioning has become much more of a necessity than a luxury.

Does a landlord have the right to charge extra for air conditioning? What if your hydro fees are included in your rent?

In short, yes. But there are a few exceptions to this.

Under section 123 of the Residential Tenancies Act, a landlord is legally allowed to charge you for the use of an air conditioner. This section allows for a landlord to increase the rent if both the tenant agrees to the addition of a “prescribed service”. If a clause for extra charges is not in the lease, the landlord must get the tenant to pay an increase in rent but will have to go to the Landlord & Tenant board to enforce it.

If a landlord is to charge for additional electricity, it must be included in the monthly rent cost. It cannot be a lump sum for the entire month, and the maximum increase should amount to the cost of the actual service the landlord is providing. A reasonable amount must be negotiated if the exact price cannot be determined.

An illegal charge would be if a landlord were to charge a tenant for an A/C unit that they did not previously charge for.

If you’ve been asked to pay an illegal charge, you may have it resolved here: https://www.sjto.gov.on.ca/documents/ltb/Tenant%20Applications%20&%20Instructions/T1.pdf

Looking For Your Perfect Rental With No Hidden Fees Or Hassles?

Give Sutton Realty a Call – We Help Every Step Of The Way, We Even Help Landlords!

Sutton Group Realty Systems Inc., Brokerage

416-896-3333 / 905-896-3333

www.SuttonRealty.com

The Way – Urban Townhomes In Erin Mills!

Posted on September 17, 2019 by Sutton Realty

Urban Townhomes In Erin Mills – Coming Soon!

For Floor Plans, Pricing & Questions Give Us A Call Today!

Sutton Group Realty Systems Inc., Brokerage
416-896-3333
www.SuttonRealty.com

First Time Home Buyer? We Can Help!

Posted on September 17, 2019 by Sutton Realty

Are You A First Time Home Buyer? We Can Help!

Call Sutton Realty Today To See If You Qualify For The First Time Home Buyer Incentive!

Sutton Group Realty Systems Inc., Brokerage
416-896-3333
www.SuttonRealty.com

#FirstTimeBuyers #NewHomeOwners #BuyerIncentive #Applications #SuttonRealty #TorontoHomes #MississaugaHomes #RealEstate

Brand New Urban Towns In Erin Mills From $535,990

Posted on September 7, 2019 by Sutton Realty

The Way – Urban Townhomes From The Corner Of Erin Mills Parkway & The Collegeway

For Pricing & Floor Plans, Call Sutton Realty Today!
905-896-3333
www.iTorontoCondos.com

Looking To Downsize Your Home? We Can Help!

Posted on September 6, 2019 by Sutton Realty

In The Market To Downsize Your Home? This Could Mean For Greater Savings & Financial Opportunites!

Call Sutton Realty Today – We’re Here To Help!

416-896-3333 / 905-896-3333
www.SuttonRealty.com
#Downsizing #SuttonRealty #Vacations #Budgeting #Finances #Savings #RealEstate #HomeSellers #HomeBuyers

Landlords: Is An Inspection Report Important On Move-In & Out Days?

Posted on August 26, 2019 by Sutton Realty

“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.

Download the Initial Inspection Worksheet

[call-out: Did you know? In some provinces, the security deposit is only repayable if the move-in inspection matches the one completed upon moving out.]

Located in British Columbia or the Yukon? (not Ontario)

A Condition Inspection Report is required by law. Both the tenant and landlord should complete, sign and date the form at move-in and move-out.

Final inspections

When a tenant moves out, the Move-in Report will come in handy. Refer to the initial inspection that was completed upon moving in, and compare it with the condition of each room on moving out.

We strongly recommend taking photos prior to move in, ever little bit helps to avoid confusion at move out.

Ask your Sutton Realty for any photos available from the time you listed the property.

Link Condos – Affordable Condos and Government Incentives

Posted on August 15, 2019 by Sutton Realty

Link Condos In Burlington – Affordable Luxury Living!

Brand New Development Close To The Waterfront

Perfect For New Homeowners With Government Incentives!

For More Information, Give Sutton Realty A Call Today
905-896-3333 www.SuttonRealty.com

https://www.youtube.com/watch?v=jnqPIRfaRkk

What Is The “First Time Home Buyers Incentive”?

Posted on May 12, 2019 by Sutton Realty

What is the First Time Home Buyers Incentive? And will it truly help Canadians who are ready to commit to buying a home?

It’s a system in place by the Canada Mortgage & Housing Corporation, however mortgage brokers in Toronto & Vancouver will tell you that this cause will only benefit first-time buyers with properties that are outside of Canada’s most expensive cities.

Here are the FTHBI facts the CMHC has shared so far:

It is expected that approximately 100,000 first-time home buyers would be able to benefit from the Incentive over the course of the program’s three years.
FTHBI is limited to households with a maximum combined income of $120,000. In addition, the program caps out at four times the applicant’s annual income, which means it can only help homeowners looking to buy properties where the mortgage value including the CMHC loan doesn’t exceed $480,000.
The maximum equity CMHC will take in a first home purchase is 10% of a newly built home and 5% of an existing home. It will also require borrowers to meet minimum insured mortgage down payment requirements.

Families will have lower monthly mortgage payments due to no ongoing payments however, they will still need to pass the B-20 stress test to prove they can handle the interest rates. Each buyer will also need to be pre-approved, qualify for a mortgage and prove they can carry that mortgage as well as keep up with their living expenses.

The CMHC says they are confident the program will work in all markets, despite the income and borrowing limits. Pointing out average market prices ($770,000 in Toronto) are well beyond the cap, but there is still 23% of transactions in Toronto for homes that were under $500k.

The Home Buyers Plan, which allows first-time home buyers to withdraw funds from an RRSP to purchase or build a home without having to immediately pay tax on the withdrawal. In 2019, the government increased to $35,000 from $25,000 per spouse or partner. Amounts withdrawn must be repaid to the RRSP over a 15-year period.

Over the next several months, first-time home buyers can top up their savings and start talking to their brokers and agents to prepare for the coming investment opportunity.

Are You A First-Time Home Buyer? Do You Have Questions And/Or Concerns?

No Better Brokerage To Call Than Sutton Realty!

We Have Agents Standing By You Every Step Of The Way To Make Your Home-Buying Experience A Stress-Free Success!

Call Us Today: