30 Oct

Ontario about to double homebuyers’ burden by allowing municipalities to charge land transfer tax

General

Posted by: Bonnie Hudson

This headline is NOT good news: Ontario about to double homebuyers’ burden by allowing municipalities to charge land transfer tax

Ontario home buyers will pay the highest land transfer tax in North America. There are other Canadian municipal jurisdictions with similar taxing powers — Montreal has what is sarcastically called a “welcome tax” that is much higher than the rest of the province.

Yikes!

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29 Oct

Thinking about a NO Subject to Financing Offer? 3 points you NEED to consider

General

Posted by: Bonnie Hudson

In hot real estate markets, it’s common for both buyers and agents to consider having no subjects to financing when making a purchase offer.

It’s important to realize, however, that no professional is in a position to legally advise you to enter into a real estate transaction with no subjects, especially no subject to financing.

This is a personal choice that you must carefully consider. Understanding the risks involved will help you make an informed decision.

Keep these three points in mind when making the choice with which you will be most comfortable:

 

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28 Oct

Know What You Can Afford Before You Buy

General

Posted by: Bonnie Hudson

Before home buyers go shopping for a home, it is important to know what you can afford before you buy. It is becoming more common for home buyers to make an offer, get declined for the mortgage and the deal collapses. This is stressful for everyone involved, including the buyer, the seller and the realtor. Make it easier on yourself by understanding what you can afford and all your options first.

Always start by asking yourself “How much do I think I can reasonably afford to pay for my mortgage, taxes, strata and heating costs per month?” Then we can use that number and work backwards to see what you can afford within your budget. This approach can help to ensure that your monthly housing costs meet your means.

As a mortgage professional, we consider three things for mortgage approval, your credit history and score, your ability to make the mortgage payments (gross monthly income) and your monthly debt obligations (loans, credit cards, other mortgage payments, child support,etc). I also suggest buyers have a monthly amount in mind they feel comfortable paying for their mortgage, property taxes and strata fees. For example if your budget allows for $2,000 per month after we allow for $200 for property taxes each month and $300 for strata fees each month we have $1,500 per month left to cover the mortgage payment.

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26 Oct

My New Bullying Ends Here Family

General

Posted by: Bonnie Hudson

Since the September Bullying Ends Here presentation in Whistler, BC, where I had the opportunity to personally meet so many of our Dominion Lending Centres family members, a lot has happened.
 
I am in daily contact with many of the DLC offices throughout the country who are all interested in planning fundraisers, community events and reaching out to their local schools to raise awareness for Bullying Ends Here.  Some offices are planning to have the program come to their area to share with their colleagues.  It seems that our connection has really spurred a lot of interest in recognizing that we truly can make a difference.  We can not only change lives, but SAVE them.

 

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