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Care Giver Support Groups Group

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Valery Shashkov
Valery Shashkov

Buy Home In Ontario Canada EXCLUSIVE

To find the home you want to buy, do your research. There are many websites, online resources and mobile applications (apps) to help you find the right home for you. Realtors can also help you with your research.

buy home in ontario canada

In Ontario, all new home builders and vendors must be licensed by the Home Construction Regulatory Authority (HCRA). The HCRA is responsible for administering the New Home Construction Licensing Act, 2017 to license and regulate new home builders and vendors, and to protect consumers when purchasing a new home.

After obtaining a licence with the HCRA, builders must enroll a new home, condominium, or residential condominium conversion project (existing non-residential buildings that are converted to condominiums) with Tarion before they begin construction.

When you buy a new home or condo unit in Ontario, it comes with warranties and protections provided by your builder and administered by Tarion. You are entitled to those warranties and protections by law.

Coverage may vary depending on the type of home you buy. For example, homes built on existing footings or foundations may not be covered. Pre-existing elements of residential condo conversion projects (existing buildings that are typically non-residential and converted to condos) are not covered by some of the 1-year warranties.

At this time, Ontario does not have mandatory requirements for home inspectors. However, there are many training programs and courses that inspectors can take to gain knowledge and understanding of home design, construction, operation, maintenance, and common defects.

For many, a home purchase can be one of the biggest decisions of your life. It is also a process that can be met with both stress and uncertainty. This is perfectly normal! Having a strong understanding of the buying process is important in navigating this uncertainty and remaining positive throughout. This guide is meant to alleviate these concerns while outlining the 10 key steps to buying a house in Ontario. It includes both important factors to consider and costs to think about when working towards your purchase.

Being in a strong enough financial position to put money aside for a down payment is the first and most important step to being on the road to home ownership. In Ontario, you will need to have at least a 5% down payment for purchase prices under $500,000. For houses between $500,000 and $1,000,000, your minimum down payment is 5% on the first 500k, and 10% on the remaining amount. Finally, for houses over $1,000,000, your minimum down payment is 20%. When calculating how much of a down payment you may need, our down payment calculator is a helpful tool.

Having a large down payment of at least 20% in any circumstance will allow you to have added flexibility on your home-buying journey. It will also save you thousands of dollars on both interest payments and from not needing mortgage insurance. The latter can especially add to your overall cost, with the following CMHC premiums applying in most situations:

With your credit score being an important tool that lenders use in evaluating your creditworthiness, building it up is a crucial part of obtaining a mortgage for your home purchase. Ideally, in order to meet the credit score requirements for obtaining an insured mortgage loan, your credit score needs to be at least 600. Besides needing a credit score above 600 for an insured mortgage, having a higher credit score can also affect your mortgage interest rate, lending options, and the mortgage lenders who are willing to provide you a loan.

Along with a good credit score, having a stable income source will make obtaining a mortgage much easier. Owning your own home also means that you will be responsible for expenses that come with it, which can include costly maintenance and repairs, yearly property taxes, and home insurance premiums. Being in a position where your income allows you to face any unexpected issues as they come about puts you in a better position to manage them. In fact, your lender may ask to see a letter of employment to assess your income stability. If your income is less steady because of being self-employed or a contract worker, it's important to plan in advance by setting some money aside as an emergency fund. Also, consider applying for home insurance online.

In tandem with steps 1 & 2, your down payment amount, along with your credit score and income all go into what you can afford in a home. Housing affordability depends on a number of factors, including:

To find out how much you can afford, the WOWA affordability calculator simplifies the process. Understanding not just what you can afford, but how much you are comfortable spending is crucial in finding a home that you can feel good about. Finally, when deciding on how much to spend, putting together a budget can help you to stay on track and to keep up with your monthly housing expenses, for when you do move into your home.

Once you determine how much you can afford and what you are comfortable spending on a home comes deciding where to buy. Factors such as commute time, public transit, neighbourhood amenities, safety and school rankings tend to be top of mind for many new homebuyers.

Urban homes might be smaller than suburban and rural homes, but they are often more expensive. A quick way to compare locations and to find out where you can get the most space for the best value would be to look at the price per square foot.

Getting a mortgage pre-approval before looking for a home provides the stability of locking in an interest rate for up to 120 days, while providing an estimate on how much of a mortgage you qualify for. A pre-approval acts as a written contract between you and your lender. However, getting pre-approved also does not mean you cannot shop around for rates. More-so, a pre-approval helps you to plan in advance with information on what your mortgage may look like, including how much you can afford to spend, the interest rate available to you and what your monthly payment could look like.

Although it can be tempting to expand your search outward and raise your budget, it's important to continue to look for homes you can both afford and see yourself living in. This search starts online, with websites like your area MLS Page and through what your real estate agent finds to show you.

The province of Alberta is bringing more attention to eMobility and its economic opportunities. Below are some meaningful rebate programs to discover, for homeowners and business owners, as well as municipalities.

  • Single-family homes, including duplexes and townhouses, with private garages or dedicated parking. A rebate of up to 50% of the purchase and installation costs of an eligible Level 2 EV charger, to a maximum of $350.

Learn more about the EV charger rebate program for single-family homes and apply here.

To help you get ready for lower carbon transportation options such as electric vehicles (EVs), FortisBC is offering rebates to BC residents for purchasing and installing an EV charging station at home, at multi-unit residential buildings and at workplaces. You must be a residential FortisBC electricity or municipal electricity customer of Grand Forks, Penticton, Summerland or Nelson Hydro.

The Regional District of Nanaimo has teamed up with the Province of British Columbia and BC Hydro to provide residents with a greater incentive. Eligible residents who purchase and install an approved residential Level 2 EV home charging station could receive a rebate of up to $500.

The district of Saanich teamed up with the province of British Columbia and BC Hydro to offer its residents a better offer. Residents who buy and install an approved level 2 home charging station could receive a rebate of up to $350. Residents who live in apartments or condos can receive a rebate of up to $1,400 per charger. Furthermore, for workplaces the district offers up to $2,000 per charger.

The Energy Efficient Home Loan offers a convenient and affordable financing option if you want to make energy-efficient improvements to your home. The amount of your monthly payment will be added to your energy bill. No down payment is required.

Although there are no provincial rebates for the purchase and installation of an EV home charging station in Newfoundland and Labrador, the Government of Canada can help make the upfront cost of purchasing an EV more affordable through its Zero-emission Vehicle (ZEV) program.

Despite the fact that the Ontario government made a decision in 2018 to end its provincial home EV charging station rebate program, there are still many ways to save when you transition to a plug-in electric or hybrid car, whether as an owner, tenant or retailer.

There are no grants for residential charging stations in Toronto. However there is the Home Energy Loan Program (HELP), a new funding tool offered by the City of Toronto to help residents improve the energy efficiency of their homes and save money.

The City of Toronto provides the funding necessary to implement these improvements, and homeowners then reimburse the City through payments taken from their property tax bills. Improvements include home EV charging stations (level 2).

On March 2, 2020, the City of Berthierville adopted a subsidy by-law of $100 for the purchase and installation of home charging stations for electric cars for its citizens who own a residential building.

To be eligible, the building must be located on the territory of Berthierville and be residential. In addition, the home charging station must have been installed after March 2, 2020, be supplied with an electrical voltage of 208 to 240 volts and be installed by an electrical contractor holding a license from the Régie du bâtiment du Québec (RBQ).

The City of Dorval has a program that offers a 50% rebate, up to a maximum of $500, to cover the cost of acquiring and installing a home charging station (level 2) for electric cars. This program has been in effect since January 1, 2019 for a single reimbursement per residence. 041b061a72


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