Realtor Bobby
205-7 Eastvale Drive L3S 4N8 Markham, ON, Canada

5 Things to know about the New Ontario 15% Non- Resident Speculation Tax Although the Province has just announced the 15% Non-Resident Speculation tax, there are already more questions than answers. Here is what you need to know. 1. The tax is for non-residents of Canada buying 1-6 residential units in the Golden Horseshoe area of Ontario. This tax is in addition to any Land Transfer Tax payable. It applies only on 1-6 units of residential property purchased by a Non-residen...Continue reading

Charging "entry fees" for pre-construction units The Real Estate Council of Ontario (RECO) has become aware of a potentially unlawful practice regarding pre-construction real estate. It is being alleged that some registrants may be charging "entry fees" or "admission fees" to prospective buyers of pre-sale homes. These fees supposedly give buyers access to purchase properties before they are available to the public or front-of-the-line status. Media reports have also stated t...hat registrants have asked for cash payments and refused to issue receipts. They may also be sharing the proceeds with the developer's staff. There are specific regulations regarding how registrants accept funds from consumers: Full Disclosure - A document must be presented to potential buyers regarding any funds collected. The document must spell out: what those funds are for; how the funds are to be handled; how the funds will be distributed, such as toward the deposit on a property; and the conditions for the return of the funds if the consumer does not decide to make a purchase. Under the Code of Ethics, you are obligated to treat every person you deal with in the course of a trade fairly, honestly and with integrity. And you must promote and protect the best interests of your clients. With that in mind, if a consumer pays an "entry fee" and does not purchase a unit, it is expected that the fee will be returned to the customer. The buyer should also receive a receipt for any funds they provide. Trust Accounts - All money provided by a buyer to a registrant must be forwarded to their brokerage. That money must be held in the brokerage's trust account until such time that it is to be disbursed appropriately. Seller Permission - "Entry fees" can't be requested or accepted unless the registrant has received explicit consent of the seller of the property to do so. It would be permissible to accept certain entry fees, only if the registrant complies with the rules listed above. If you are aware of a registrant breaching these rules, please file a complaint with RECO. If you suspect that employees of builders are improperly requesting or accepting fees without proper disclosure to buyers, you should inform Tarion, the regulator of home builders in the province. Consumers have the right to know what they are paying for, and what will happen with their money. Transparency and upfront documentation are key to remaining in compliance with the regulations.

New Housing Measures Announced This morning, Premier Kathleen Wynne announced a comprehensive package of housing reforms, ahead of next week's provincial budget aimed at cooling the GTA housing market. The release can be found here. The announcement follows extensive media coverage about the serious concerns with the over-heating markets. Mortgage Professionals Canada has been engaged with the Ontario government and many MPPs through our lobbying activities and our recent Que...Continue reading

5 Things to remember when reviewing a condominium status certificate Watch the video: Click Here https://youtu.be/8zSeOBZnhd8 As a result of bidding wars for condominiums, buyers are being asked to review a condominium...Continue reading

CMHC to Increase Mortgage Insurance Premiums OTTAWA, January 17, 2017 CMHC is increasing its homeowner mortgage loan insurance premiums effective March 17, 2017. For the average CMHC-insured homebuyer, the higher premium will result in an increase of approximately $5 to their monthly mortgage payment. We do not expect the higher premiums to have a significant impact on the ability of Canadians to buy a home, said Steven Mennill, Senior Vice-President, Insurance. Overall,...Continue reading