OSFI CONFIRMING CHANGES OF RESIDENTIAL MORTGAGE RULES

OSFI CONFIRMING CHANGES OF RESIDENTIAL MORTGAGE RULES

Recently, OSFI confirmed that their draft proposals for residential mortgage underwriting practices through revisions to Guideline B-20 are to become reality in January 1, 2018. The changes are threefold and impact the mortgage market by; Setting a higher qualifying...
A NEW TAX FOR THE GREATER GOLDEN HORSESHOE REGION

A NEW TAX FOR THE GREATER GOLDEN HORSESHOE REGION

Aimed at restoring semblance of affordability in certain area of the province, the Ontario government has introduced a tax on purchase of residential properties by foreign buyers as part of 16 measures introduced under Ontario’s Fair Housing Plan. Essentially,...

WHAT ARE CLOSING COSTS?

Closing costs are the fees paid when a property changes hands, from the seller to the buyer. Closing costs include (but are not limited to): Legal fees Brokerage commission (when selling) Property survey Property appraisal fees, if not covered by your bank Home...

HOW CAN I BUY PROPERTY IN CANADA AS A NON-RESIDENT?

Wishing to acquire property in Canada? It’s easier than you think! A non-resident can purchase property as easily as a Canadian resident. The only difference is when it comes to financing. You will be required to put a down payment of 35% to 50%, as opposed to a...

WHAT IS LAND TRANSFER TAX?

When you buy land in Ontario, you must pay provincial land transfer tax on the purchase on closing. Land transfer tax is normally based on a percentage of the sales price. If you buy property in the city of Toronto, you will be required to pay a Toronto land transfer...

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