A vacant land condominium (VLC) in Ontario is a type of condominium development where individual owners purchase vacant lots within a shared community. While the land is privately owned, common areas and services are maintained collectively by the condominium corporation. Here are the key benefits: 1. Ownership of Land & Customization 2. Shared Maintenance & […]
One of the biggest misconceptions about mortgage brokers is that using one is expensive. In reality, most mortgage brokers in Ontario do not charge you a fee for their services when you are applying for a standard mortgage with a prime lender (such as a bank or credit union). Instead, they are paid a commission […]
In Ontario, a mortgage pre-approval is a lender’s conditional commitment to loan you a specific amount of money for a home purchase, based on an initial assessment of your financial situation. Here’s how the process works: 1. Applying for Pre-Approval You’ll need to provide the lender with:✅ Income Verification – Pay stubs, T4s, employment letter, […]
Additional Residential Units (ARUs) are self-contained dwelling units located within the same building or on the same lot as an existing residential unit. ARUs aim to improve housing diversity, affordability, and sustainable land use in London. This guide provides comprehensive information on planning, creating, and understanding ARUs in London. Types of ARUs: There are four […]
Bill 23, known as the More Homes Built Faster Act, 2022, introduced significant changes to Ontario’s land use planning and development framework, with implications for London City Council’s policies and by-laws. These changes aim to address the housing crisis by facilitating the construction of 1.5 million new homes over the next decade. Key amendments introduced […]
Summary of FTHBI Program Incentive 5% for existing homes, 5% or 10% for new builds Benefit Reduces monthly mortgage payments Repayment No ongoing payments, non-interest bearing, repayable at any time without penalty Eligibility First-time homebuyers, income and property type restrictions apply Property Types New construction, re-sale home, new and re-sale mobile/manufactured homes Equity Sharing Government […]
The standard Purchase and Sale Agreement in Ontario gives the buyer two options when it comes to real estate deposits: 1. pay the deposit at the time of making the offer – “herewith” or 2. within 24 hours of the having the offer accepted – “upon acceptance”. Most buyers prefer the latter as there is no point in […]
A Comprehensive Guide to Additional Dwelling Units (ADUs) in London, Ontario Are you interested in adding additional dwelling units (ADUs) to your property in London, Ontario? ADUs are becoming increasingly popular as a way to increase the supply of affordable housing, and recent changes in legislation have made it easier than ever. In this blog […]
St. Thomas, Ontario, is a charming city in southwestern Ontario, Canada, with its own unique attractions and activities. Here’s a list of things to do in St. Thomas, Ontario: Visit the Elgin County Railway Museum: Explore the history of railways in Canada at this engaging museum. You can even take a ride on a vintage […]
Sometimes in the heat of the moment buyers forget to look beyond the aesthetics when viewing a house for sale. Once you have found the one you love you should go through this checklist designed to help buyers evaluate the condition of a property and identify potential issues: Exterior: Roof: Check for missing or damaged […]