Clients often ask whether I can keep the price they are paying for their home off the title record. The main reason is for privacy. They don’t think it is anybody’s business but theirs. You can do it if you pay the land transfer tax in advance. The tax is usually paid by your lawyer, but you can do it yourself. If that’s the case, you must include these documents with your request: A cover letter from the lawyer; A copy of the original agreement of purchase and sale; The draft deed to be registered on closing; A copy of ...
How to keep you homeâ€™s purchase price secret
November 10, 2014
Your Down Payment
December 7, 2011
A minimum cash down payment from your own resources is required because mortgage lenders won't advance the entire purchase price of a property. Your minimum down payment would normally be 10%, however, a recent government program has lowered the minimum to 5% for qualified first time buyers. Another temporary program allows first time buyers to use funds from their RRSP for their down payment. It's to your advantage to aim for a down payment of 25% or more, so you'll qualify for a conventional mortgage and avoid paying the mortgage insurance premium. The larger your down payment, the ...
What kind of year will 2011 be for the real estate market?
January 14, 2011
What kind of year will 2011 be for the real estate market? Message from Igor Futrega . . . Happy New Year and Best Wishes in 2011!!! What kind of year will 2011 be for the real estate market? In all likelihood, it will be another excellent year particularly if interest rates remain low, incomes continue to rise with the economic recovery and population growth continues to track the same pattern of recant years gone by. As we enter 2011, the market happily appears to be returning to amore balance situation following the imbalances that we witnessed in late ...
Geothermal: Sharing the Costs of Housing Infrastructure
December 4, 2010
In Winnipeg, a major subdivision has incorporated a unique feature into all its homes – geothermal heating. While geothermal systems have become quite commonplace in residences, the Manitoba experiment involves shared geothermal infrastructure, with one field and a handful of heat exchange systems servicing hundreds of homes. The idea of shared infrastructure for homes is not new. Indeed, in the early 1900s, huge numbers of homes across Canada were constructed with shared living rooms (parlours), shared kitchens, and sometimes, shared bathrooms. Apartments are nothing more than homes with shared infrastructure, albeit a series of boxes stacked so as to ...
Frontage Costs for Sewers Add to House Costs
November 21, 2010
In many municipalities across Canada, the cost of extending sewer/water services from a main line to a new, subdivided or unserviced lot is the responsibility of the landowner or developer. Particularly, in rural communities where businesses wish to construct a facility that is not able to be served by the existing water line, those businesses often pay the full cost of new water services infrastructure, minus any provincial or federal government contributions. In 1999, Toronto reconsidered its policies on reimbursement for extension of water services to unserviced lots, in order to bring it in line with the practices of nearby ...
October 21, 2010
I am pretty sure that during your life, you have seen a couple of seemingly flawless houses with the ‘for sale’ sign. That would be completely fine, if the sign was not there for too long. Have you ever thought about why these homes, even though absolutely beautiful, do not sell? If you think it is because of their location, you may be partially right. Sometimes the house may be just astonishing, but if it is too far from any facilities or the surrounding environment is not very pleasant, the quality of the property itself may be irrelevant. But as ...