By Bob Aaron Contributing Columnist Thu., Dec. 5, 2019 This past year’s GTA real estate market may become known as the year of aborted transactions. Speaking to hundreds of real estate lawyers, both in person and online at a Law Society of Ontario seminar last month, Toronto lawyer Harry Herskowitz told of the “rapid and significant” decline in the GTA housing...

For those looking to purchase a home, a condo may sound like a great investment and starter home. With the number of new condo development projects growing in recent years, the thought of having a brand new condo is appealing for some people. However, just like most everything else in life, there are pros and cons to owning a condo....

Hardwood or Laminate Floors Throughout Although often overlooked, the flooring in a unit leaves a long and lasting impression on a prospective buyer or renter. Most builders offer hardwood or laminate as a standard feature for the living areas but provide carpet in all bedrooms. Real estate professionals recommend the original buyer upgrade the carpet to hardwood floors straight from...

Buying a condo unit during the preconstruction phase might seem to be a straightforward proposition. Future unit is bought from the architectural drawings at the developer's sales site. However, in real life, buying a unit before it’s constructed may work out to be anything but straightforward. Developers often redesign the layout of units as they go, as a result of...

In Ontario, The Condominium Act provides purchasers with a protection known as the “Ten Day Cooling Period”.  This act is only applicable for new condo sales straight from the builder and does not apply to re-sale transactions. In essence the Ontario Condominium Act puts some obligation on the builders to act in good-faith.  On purchasing a unit, the buyer is required...

Buying a re-sale condo can be a simple process should you have the right agent.  The first step in the process is to get a mortgage approval from your bank.  This will help pre-qualify you and  determine your price range.  The bank will tell you how much you have to put down as a “down payment” and what your bi-weekly...

Those living abroad and considering investing in the Mississauga Square One Area are often surprised to find out there are no restrictions or limits on the amount of property they can buy in Canada. The process is actually pretty simple.  Local lenders such as chartered banks and credit unions will usually finance the purchase subject to credit approval with a...

In every condo transaction there are closing costs.  These costs can’t be avoided and your lawyer will adjust them on the date of the closing.  The lawyer will go through all your expenses before the transaction and give you a detailed packaged on the closing date.  The general closing costs are as follows:     Land Transfer Tax $1 -...