Household debt in Canada is “outlandish when compared to the rest of the G7” according to David Madani.
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Although rent control appears to be here to stay, a new report proposes meeting halfway with a rolling exemption of 10 to 15 years, before reintroducing rent control for the same period of time, and then scaling it back again.
More than 1,000 planned purpose-built rental units have instead been converted to condominiums in the Greater Toronto Area since Premier Kathleen Wynne's government expanded rent control in the spring, according to a new report that warns the region's rental supply crisis is poised to worsen.
If you are in the market for a condo rental, chances are you’ve been entangled in a Toronto bidding war free-for-all. Before you know it, you are licking your wounds, haphazardly applying to property after property, ready to wave your white flag. According to The Toronto Real Estate Board, condo ownership declined in the second quarter, cutting down the number of vacancies for the city’s growing demand. The untimely decline in property rentals, combined with a 5% growth in condominium rental rates, make for a cocktail of difficulties for anyone looking to sign a lease.
Competition: Great for landlords- Not so much for renters
Soaring real estate prices in the GTA means many landlords are looking to cash out while prices are up. This may be a time of actualized aspirations for sellers, but for tenants who are given 60 days to leave, securing a new residence in two months can be a struggle. Woefully, property seekers with the dark cloud of “60 days’ notice” hanging over their heads are only a drop in the bucket. Newcomers to Canada, students looking for off-campus housing, temp workers and downsizing seniors are just a few demographics competing in the fierce rental market.
Data from the City of Toronto’s Rental Housing Update shows that last year, the overall vacancy rate of rentals in the GTA was 1.3%. That number is lower in Downtown Toronto, and even lower for condo rentals. This means that at any given time, the city could see less than 1% in unoccupied rental properties for months on end.
Landlords who have decided to ride the wave and hold onto their investment properties can find themselves in the fortunate position of a bidding war. In today’s market, a property that was previously lack-lustre, suddenly has more offers than ever seen before. Hopefuls, in a rush to nail down a rental, try to outdo competitors by stretching their budget in a race against time. And as the real estate boom continues, applicants are seeing investors with newly closed units hitting the market- holding back offers. With the recently introduced Ontario bylaw implementing rent increase restrictions, investors are challenged with the task of treading lightly. Holding back offers allow time to commence a lease at a rental rate that both the tenant and the landlord are comfortable with.
It’s Not All Doom and Gloom: There are ways to get ahead of the pack
Having all required documents ready so you can submit an application and sign a lease is one of the most detrimental steps to scoring the property you desire.
Have your employment letters, landlord references, full credit reports and certified cheques ready to submit. If all your documents are attractive and in order, it allows the landlord to make an easy decision.
It is also wise to cast your net wide. Properties within your budget may not be situated in one concentrated area. Figure out how long you are willing to travel to work or school and consider those options alongside of your most desired location.
Lastly, if you don’t need to move immediately. Consider yourself lucky. Now, might be a good time to think about investing in an address you can own with multiple condominium pre-sales kicking off before year end. You may not be able to get away from bidding wars completely, but by entering the buyers’ market you will have more opportunities to surrender at your own pace, on your own terms.
GRAND OPENING THIS WEEKEND
SATURDAY, SEPTEMBER 16TH AT 11 AM & SUNDAY SEPTEMBER 17TH AT 11 AM
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Each Purchaser needs to have a $20,000 money order payable to Clementine Homes Limited to purchase a home.
Total deposit required is $100,000.00
CLICK HERE To Review the Agreement of Purchase and Sale
THINGS TO REMEMBER FOR YOUR PURCHASING OPPORTUNITY
All offers are firm
Initial payment of $20,000 money order payable to Clementine Homes Limited
Personal cheque book (minimum 4 cheques)
Bank mortgage pre-approval required
Photo ID (i.e. Drivers License or Passport)
Only one home sold per household
FOR FIELDGATE'S SPECIAL MORTGAGE INCENTIVES CONTACT: VIVIAN FAVRET
Mobile Mortgage Specialist, TD Canada Trust
* Sq. Ft. includes finished loft and lower level areas. Map not to scale. Prices, terms and specifications subject to change without notice. E.& O.E.
Ontario’s Ministry of Housing is developing a standard lease template. We value your thoughts and opinions and invite you to help us make it useful, easy to understand and fair for both landlords and tenants.
Landlord and tenant rights and responsibilities remain the same – we want your input on what information should (or should not) be included in the template.
How to participateStep 1: Read the discussion paper below to understand the proposed sections of the standard lease template.
Step 2: Give us your feedback by:
Residential Tenancies Unit
Market Housing Branch
Ministry of Housing
777 Bay Street, 14th Floor
Toronto, ON M5G 2E5
The consultation closes on October 13, 2017.
Why create a standard lease template?Creating a standard lease template helps tenants and landlords alike, ensuring that both parties know their rights and responsibilities while reducing the number of disputes.
Some landlords have indicated that a standard lease template would make it easier for them to do business, while tenants have raised a number of concerns, including:
BackgroundThe Residential Tenancies Act (RTA) sets out the rights and responsibilities of landlords and tenants for most residential rental properties in Ontario, including:
LeasesA lease (also called a tenancy agreement) is a legal contract between a landlord and tenant, in which the tenant agrees to pay rent to live in a rental unit provided by the landlord. It can be written or verbal and may also reference services and facilities that are included in the rent (such as utilities or parking), plus any rules tenants are required to follow.
When a lease expires, the tenancy doesn’t end – it continues under the same terms and conditions as before, because tenants and landlords have to give each other proper notice to end a tenancy.
Once the standard lease template comes into effect, existing written and verbal leases will still apply. But once a lease expires, if the parties enter into a new lease, the landlord must use the standard lease template and provide it within 21 days. The template will also apply to all new and renewing tenancies.
While the standard lease template will affect most residential tenancies, including care homes, it will not apply to social or supportive housing, mobile home parks or land lease communities (as these tenancies have unique provisions or are exempt from rent rules). The government may develop standard lease templates for these types of tenancies in the future.
Standard lease templateThe standard lease template will have four sections:
A. Mandatory information
B. Additional information
C. Optional terms
D. Rights, responsibilities and prohibited conditions
A. Mandatory informationThis section would include terms that cannot be altered or removed, capturing basic information that is included in every lease. The details could be negotiated between the tenant and landlord.
Refer to the law: A simple statement that the lease is subject to the Residential Tenancies Act, so landlords and tenants know which law applies.
Parties to the lease: Lists the full name of the landlord(s) and tenant(s) (i.e., everyone who is involved in the agreement).
Address/Description of rental unit: Captures the address and a brief description (optional) of the rental unit. For example:
Lease type and period: Indicates the start date and length of the lease, with an option to select a fixed term (e.g., one year), month-to-month, or other (daily, weekly, etc.).
Rent: The total rent (before any discounts) and when it is due.
This section would also outline landlord and tenant responsibilities like paying rent on time, information regarding rent increases, payment method and rent receipts.
Question 1 – Mandatory information: Is anything missing? Is there anything we should clarify?
B. Additional information The information in this section would help landlords and tenants clarify details and reduce misunderstandings. It contains items that are subject to specific rules under the RTA.
Rent deposit: Sometimes called “last month’s rent,” many landlords ask tenants to pay a deposit equal to one month’s rent at the start of the tenancy. When the tenancy ends, the deposit is applied to their last month’s rent payment.
Rent discounts: Any discounts the landlord and tenant negotiate.
Services included in the rent: Clearly outline what is (or is not) included in the rent – for example, utilities, laundry or cable.
Landlord and tenant responsibilities: Clarify what the landlord and tenant are responsible for, such as cleanliness or timeliness of repairs.
Question 2: Additional information: Is anything missing? Is there anything we should clarify?
C. Optional termsLandlords and tenants can agree to conditions that are not governed by the RTA, but may be governed by other laws. For example, Ontario’s Human Rights Code says everyone has the right to equal treatment in housing, without discrimination and harassment.
Question 3: What should we include in this section to clarify what landlords and tenants can and cannot legally include in a lease?
D. Rights, responsibilities and prohibited conditionsThis section would include information to clarify the rights and obligations of both tenants and landlords, and help them avoid disputes. For example:
Question 4: What other rights and responsibilities should be included in this section?It could also outline conditions that are unlawful and unenforceable under the RTA, such as:
Question 5: What other conditions have you seen in leases that are inconsistent with the RTA?Question 6: What should we put in this section to discourage unenforceable conditions? (e.g. information on penalties?)
Standard lease template consultation
This House Hunting Checklist is the perfect marketing item to have when viewing multiple properties in a single day.
Canada’s big banks were quick to announce increases to their prime lending rates to 3.2% Wednesday.
The Bank of Canada increased its overnight target rate to 1% despite expecting growth to moderate in the second half of 2017, noting that GDP is higher than it had expected.
The first of the country’s largest lenders to add a quarter of a percentage point to its prime rate was RBC but TD, Scotiabank, CIBC and BMO followed shortly afterwards.
By the end of Wednesday more lenders had announced an increase including National Bank and HSBC.
Although there was no detailed monetary report from the BoC, Brian DePratto, senior economist at TD Economics says that the BoC’s announcement suggested that unless there is a “significant shock” for the economy, “today's rate increase will be part of a larger and longer march towards interest rate normalization.”
The next interest rate decision will be on October 25 when the next Monetary Policy Report will also be published.Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate