Are Timber Trails townhomes and single family homes in Clarington, Ontario ready for sale?

If you've been eagerly searching for your dream home in the beautiful town of Clarington, Ontario, you may have heard whispers about the captivating Timber Trails development. But are the townhomes and single-family homes in Timber Trails ready for sale? Let's delve into the details and find out what this highly anticipated community has in store for aspiring homeowners like you.

Are Timber Trails townhomes and single family homes in Clarington, Ontario ready for sale?

No, Timber Trails townhomes and single family homes in Clarington, Ontario are not ready for sale yet. The development is still in the pre-construction phase and is expected to be completed in 2024. However, as soon as the sale begins, we'll post an update here, so keep an eye on us to find out as soon as possible.

What Timber Trails Has to Offer?

Timber Trails aims to revolutionize modern living by providing a perfect balance of comfort, style, and the beauty of nature. Here are some captivating details about the development that will surely grab your attention:

A Variety of Thoughtfully Designed Units: With a total of 550 units planned, Timber Trails offers a diverse range of townhomes and single-family homes. The two-storey townhomes feature 2-3 bedrooms and 2-3 bathrooms, while the three-storey single-family homes boast 3-4 bedrooms and 3-4 bathrooms. These well-designed living spaces will cater to the needs and preferences of families of all sizes.
Nestled in Nature's Embrace: Imagine waking up to the soothing sounds of birds chirping and the gentle rustle of leaves. Timber Trails is situated on a sprawling 100-acre site that backs onto mature woodland, providing a serene and picturesque backdrop for your daily life. Nature enthusiasts and outdoor lovers will relish the miles of trails that weave through the community, offering opportunities for invigorating walks, jogs, and bike rides.
Amenities that Enhance Everyday Living: Timber Trails is more than just a collection of homes; it's a vibrant community designed to enrich your lifestyle. The development will feature amenities such as a community park, a playground for children to enjoy, a walking trail for leisurely strolls, and a refreshing pool to cool off during hot summer days. These amenities create opportunities for recreation, relaxation, and fostering connections with neighbors and friends.

Timber Trails townhomes Sale

The townhomes and single-family homes in Timber Trails are not yet available for sale in Clarington, Ontario. However, this highly anticipated development is generating a lot of excitement. With its well-designed units, beautiful natural surroundings, and various amenities, Timber Trails aims to provide a comfortable and stylish living experience. So, if you want to be notified as soon as possible, sign up with us and keep an eye on this page.

Last Updated:

2023-06-05

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What is the price range for Timber Trails townhomes and single family homes in Clarington, Ontario?

In the bustling real estate market of Clarington, Ontario, homebuyers are on the lookout for their perfect homes. Among the sought-after developments, Timber Trails has become a hot topic of conversation. Thanks to its excellent location and modern amenities, Timber Trails has captured the attention of many prospective buyers. Naturally, people are curious about the price range for townhomes and single-family homes in this community. Let's explore the details and discover the pricing structure for these highly desirable properties. ## What is the price range for Timber Trails townhomes and single family homes in Clarington, Ontario? Although there are no pricing details released by the officials for the Timber Trails' townhomes and single-family homes, but, based on similar homes in the area, the estimate is that the townhomes will likely start in the low $800,000s and the single family homes will start in the mid $1,200,000s. Please keep in mind that these are just estimations, and the actual prices may vary depending on various factors. **Here are some factors that will likely influence the prices of homes at Timber Trails:** - **The size and layout of the homes**: Larger and more spacious homes may command higher prices. - **The finishes and amenities included**: High-end finishes and top-notch amenities can impact the pricing. - **The location within the community**: Homes with desirable views or proximity to amenities may have higher price points. - **The current state of the real estate market in Clarington**: Market conditions can affect property prices. If you're interested in purchasing a home at Timber Trails, it's essential to register for early access to pricing and floor plans. This will ensure that you stay informed and have the opportunity to secure your dream home as soon as the developers release the official pricing details. ## Price range for Timber Trails townhomes and single family homes in Clarington, Ontario Timber Trails is a 100-acre master-planned community in Bowmanville, Ontario, by FarSight Homes. This family-friendly development will offer thoughtfully designed townhomes and single-family homes surrounded by protected woodlands, creeks, and trails. However, the pricing details have not yet been released, but keep an eye on this page because we will update it as soon as the developers release the details.

Is Timber Trails in Clarington, Ontario a good housing project to invest in?

If you're considering investing in a housing project, Timber Trails in Clarington, Ontario should definitely be on your radar. This exceptional development offers a multitude of reasons why it's a smart investment choice. Let's explore some of the compelling factors that make Timber Trails stand out among the rest. ## Is Timber Trails in Clarington, Ontario a good housing project to invest in? Absolutely! Timber Trails in Clarington, Ontario is a fantastic housing project to invest in. Why? Well, for starters, it's being developed by Farsight Homes, a trusted builder renowned for their top-notch craftsmanship. You can expect spacious, thoughtfully designed homes with attractive features that will surely catch the attention of potential buyers. Plus, with a reliable warranty, you can rest easy knowing your investment is protected. **Here are some of the reasons why Timber Trails is a good investment:** **1. Location, Location, Location**: Timber Trails boasts a strategic location that offers a perfect balance of tranquility and convenience. You'll enjoy the serene surroundings while having easy access to amenities, schools, and major highways. It's the ideal living environment for both residents and investors. **2. Growing Demand**: Clarington, Ontario is experiencing steady population growth, thanks to its desirable quality of life and affordable housing options. By investing in Timber Trails, you can capitalize on this increasing demand for housing and secure a solid return on your investment. It's a win-win situation. **3. Quality Construction and Design**: Developed by FarSight Homes, known for their commitment to craftsmanship, Timber Trails guarantees quality and durability. The superior construction and attention to detail increase the desirability and value of the homes, making them an excellent investment choice. **4. Amenities and Lifestyle**: Timber Trails offers a range of amenities that enhance the community's appeal and lifestyle. From parks and playgrounds to walking trails and a community pool, residents will enjoy a vibrant and fulfilling lifestyle. This, in turn, makes Timber Trails an attractive choice for homeowners and renters alike. ## Timber Trails in Clarington, Ontario a good housing project to invest in Timber Trails in Clarington, Ontario is an excellent housing project to invest in. With its strategic location, growing demand, quality construction, and appealing amenities, it offers a promising investment opportunity for those seeking a desirable home and a solid return on their investment. Don't miss out on the chance to be part of this exceptional community. Your dream investment awaits!

20 Real Estate Terms in Canada - List for Canadian Home Buyers, Sellers & Agents

Are you ready to conquer the Canadian real estate market, but feeling a bit daunted by the abundance of jargon and complexities? Don't worry, you're not alone! The real estate industry can be a minefield to navigate, but with the right knowledge, you'll be able to understand the ins and outs of the market and make informed decisions. So, whether you're a first-time home buyer, a seasoned seller, or a budding real estate agent don't let the jargon hold you back- let's unlock the secrets of the Canadian real estate market with the ultimate 20 real estate terms that you need to navigate the minefield of the Canadian real estate market and come out victorious. ## 20 Real Estate Terms in Canada - A Comprehensive List Knowing real estate terms is key to being a pro in the Canadian market. It's not just for first-time buyers or sellers; it's also for sellers and real estate agents who work here but are unaware of these terms. Because understanding the lingo is what sets you up for success here. For this reason, we have words ranging in complexity from simple words to complex terms. ## **20 Basic Real Estate Terms & Concepts to Know** So buckle up and let's dive in deep into the real estate world. ### **1. Amortization**: The length of time it will take to pay off a mortgage, calculated by dividing the total mortgage amount by the annual mortgage payments. It is the period over which the loan is planned to be paid off, usually in a range of 15-30 years. ### **2. Appraisal**: An evaluation of a property's value by a professional appraiser. Appraisals help to determine the fair market value of a property, which is used to help set a fair price for the property. ### **3. Closing Costs**: The expenses associated with purchasing a property, such as legal fees, land transfer taxes, and home inspection fees. These costs can add up to thousands of dollars and are typically paid at the time of closing. ### **4. Conditional Offer**: An offer to purchase a property that is contingent upon certain conditions being met, such as the successful completion of a home inspection. It means that the offer is made on the condition that certain things happen, such as financing or home inspection. ### **5. Equity**: The difference between the market value of a property and the outstanding balance on the mortgage. It is the portion of the property that the owner fully owns, and it increases over time as the mortgage is paid down and the property increases in value. ### **6. Fixed-Rate Mortgage**: A mortgage with an [interest rate](https://getnewhouse.ca/blog/what-does-higher-interest-mean-for-housing-market-in-canada) that stays the same for the entire term of the loan. It means that the interest rate will not change for the duration of the loan, providing predictability and stability for the borrower. ### **7. Home Inspection**: A comprehensive examination of a property's condition by a professional home inspector. Home inspection is an important step in the home buying process, as it can help identify any potential issues or defects with the property. ### **8. Interest Rate**: The percentage at which the lender charges interest on a mortgage. It is the cost of borrowing money, and it can have a significant impact on the overall cost of the mortgage. ### **9. Land Transfer Tax**: A tax paid by the purchaser when a property is transferred from one owner to another. It is a government tax that is paid on the transfer of property ownership and varies by province. ### **10. Listing Agreement**: A contract between a property owner and a real estate agent that outlines the terms of the agency relationship. It outlines the services that the agent will provide, the length of the agreement, and the commission that will be paid to the agent. Also, know the truth behind a [home listed for 1$ in the [Canadian Housing Market](https://getnewhouse.ca/blog/what-it-means-when-home-listed-for-one-dollar-in-canada). ### **11. Mortgage Broker**: A professional who acts as an intermediary between borrowers and lenders to help them find the best mortgage product. They can help borrowers find the best mortgage rate and product that suits their needs. ### **12. Mortgage Pre-Approval**: A conditional commitment from a lender to provide a mortgage for a certain amount, subject to the buyer meeting certain conditions. It is a letter from a lender that states that you are pre-approved for a mortgage up to a certain amount, subject to certain conditions. ### **13. Multiple Listing Service (MLS)**: [MLS or Multiple Listing Service](https://getnewhouse.ca/article/what-is-mls-in-real-estate-canada) is a database of properties for sale by real estate agents. It is a system used by real estate agents to list properties for sale, and it is a valuable resource for buyers and sellers. ### **14. Power of Sale**: A legal process that allows a lender to sell a property in order to recover unpaid mortgage debt if the borrower defaults on the mortgage. It is a provision in the mortgage agreement that gives the lender the right to sell the property in case of default. ### **15. Property Condition Disclosure Statement**: A document that outlines any known issues or defects with a property. It is a statement provided by the seller that discloses any known issues or defects with the property. ### **16. Real Property Report (RPR)**: A legal document that shows the boundaries, dimensions, and location of a property, as well as any improvements or structures on the property. It is a detailed survey that shows the property's boundaries and any structures or improvements on the property. ### **17. Title Insurance**: Insurance that protects the buyer and the lender against any issues with the property's title or ownership. It protects against any hidden issues with the property's title, such as outstanding liens or encumbrances. ### **18. Underwriting**: The process of evaluating a mortgage application to determine whether to approve the loan and what terms to offer. It is the process used by lenders to evaluate a borrower's creditworthiness and ability to repay the loan. ### **19. Zoning**: Set of regulations established by local governments that determine how land can be used in a particular area, by dividing the municipality into different zones and regulating the development, density and allowed uses of the land. ### **20. Lease**: A lease is a legal agreement between a landlord and tenant outlining the terms and conditions of renting a property, including the rental amount, length of the lease and responsibilities of both parties. ## **20 Advanced Real Estate Terms & Concepts to Know** Now, let's get an idea on some of the advance terms used in the real estate industry. ## **1. ‘As Is’ clause** Let's learn about this real estate concept from both a seller's and a buyer's point of view. #### **For sellers** "As-Is" clause means property is sold in current condition, with no promises or guarantees from the seller. - It can be a quick and cost-effective option for sellers. - But, it also means that the buyer will have to take on any necessary repairs or renovations. - Legally required to disclose all issues with the property, including providing a detailed statement of condition, prepared by a professional, and based on an inspection. #### **For buyers** "As-Is" properties may come at a lower price, but they can also end up costing more if extensive repairs are needed. - It's crucial to do a thorough inspection of the property to reveal any potential issues. - Consider including a "subject to inspection" clause in the contract, which allows the buyer to back out if the inspection reveals more problems than initially disclosed by the seller. - Important to proceed with caution and have a solid team of professionals, including a real estate agent, home inspector, and attorney, to minimize the risk. For more details, refer [What does As-is clause mean in real estate?](https://getnewhouse.ca/article/what-does-as-is-where-clause-mean-real-estate-canada) ### **2. POA (Power of Attorney)** POA is a legal document that allows you to give authority to another trustworthy person(s) to manage your property or money on your behalf. - The person you appoint is called your attorney, and they do not have to be a lawyer. - It is required that a person be ‘mentally capable’ at the time of signing a POA for it to be valid. - Laws, requirements, and definitions of POA vary across provinces and territories in Canada. - Real Estate and POA In real estate, your attorney can manage buying or selling of real estate in your name, pay bills on your behalf, and even collect money owed to you, unless restricted to do so. Your attorney does not become the owner of your property, they can only manage it on your behalf. ### Types of POA - **General Power of attorney**: Allows your attorney to manage all or part of your finances and property only while you are mentally capable of managing your own affairs. Becomes invalid if you become mentally incapable. Can be limited to a particular task or time period. - **Continuing power of attorney**: Allows your attorney to continue managing your finances and property even if you become mentally incapable to do so. Can start immediately or come into effect when you become mentally incapable. ### **3. MLS (Multiple Listing Service)** MLS (Multiple Listing Service) is a database of properties for sale or rent, maintained by real estate agents and brokers. - It allows agents to share information about properties with other agents in their area, increasing the chances of a sale or lease. - MLS data is only available to real estate agents and brokers who are members of the service. - It includes detailed information about properties, including photographs, prices, and descriptions. - MLS can be a powerful tool for buyers, sellers, and real estate professionals to find and market properties. ### **4. CCIM (Certified commercial investment member)** CCIM (Certified Commercial Investment Member) is a professional designation for commercial real estate professionals. - It is awarded by the CCIM Institute after completing education and demonstrating experience. - Recognized as mark of expertise in commercial and investment real estate. - Only held by a select group of professionals. - CCIMs are trained to analyze investment opportunities. ### **5. CPM (Certified Property Manager)** CPM (Certified Property Manager) is a professional designation for property management professionals. - It is awarded by the Institute of Real Estate Management (IREM) after individuals complete a rigorous education curriculum and demonstrate their experience in property management. - The CPM designation is recognized as a mark of expertise in the property management industry. - Only held by a select group of professionals. - CPMs are trained to manage and maintain properties effectively and efficiently. ### **6. CMA (Comparative Market Analysis)** CMA (Comparative Market Analysis) is a report that compares a property to similar properties in the same area. - It is used to determine a property's estimated value, and to help with pricing decisions when buying or selling a property. - A CMA includes information about recent sales and current listings of similar properties. - It also includes information about market trends, such as average days on market and sale-to-list price ratios. - CMA is a helpful tool for both sellers and buyers to have a better understanding of the market and make informed decisions. ### **7. CRE (Commercial Real Estate)** CRE (Commercial Real Estate) refers to properties used for business or investment purposes. - It includes properties such as office buildings, retail centers, industrial warehouses, and multifamily apartments. - CRE transactions are generally more complex and involve more money compared to residential real estate transactions. - CRE professionals such as brokers, investors, and property managers have specialized knowledge and skills to navigate the market. - CRE can also include special purpose properties such as hotels, hospitals, and self-storage facilities. ### **8. CAC (Central Air-Conditioning)** CAC (Central Air-Conditioning) is a type of air conditioning system that cools a building or home by circulating chilled air through ductwork. - It typically uses a central unit, such as a furnace, to cool the air and distribute it throughout the building. - CAC systems are often more efficient and can cool larger areas compared to individual room air conditioners. - It can also improve air quality by filtering and circulating air throughout the building. - CAC systems require regular maintenance to ensure they are functioning properly and efficiently. ### **9. COI (Certificate of Insurance)** A Certificate of Insurance (COI) is a document that verifies that a specific insurance policy is in effect and provides details on the coverage provided. - COIs are typically issued by insurance companies or their agents and are used to provide proof of insurance to third parties, such as lenders or landlords. - COI includes: insured name, policy number, coverage type/limits, and insurance company/agent contact information. - Some COIs may also include additional information, such as endorsements or exclusions to the policy. - COIs are not the same as the insurance policy itself and do not provide all of the terms, conditions, and exclusions of the policy. ### **10. CMHC (Canada Mortgage and Housing Corporation)** Canada Mortgage and Housing Corporation (CMHC) is a Crown corporation of the Government of Canada. - Its primary function is to provide mortgage loan insurance to Canadian banks and other lending institutions. - This insurance helps protect lenders against losses if a borrower defaults on a mortgage loan. - CMHC also conducts research and provides information on housing markets and trends, as well as housing-related programs and services. - CMHC is funded by premiums paid by borrowers who take out mortgage loans that are insured by the corporation. ### **11. CMA (Comparative Market Analysis)** A [Comparative Market Analysis (CMA)](https://getnewhouse.ca/article/what-is-cma-in-real-estate-canada) is a report that compares a property to similar properties that have recently sold or are currently on the market. - It is used by real estate agents, appraisers, and homeowners to estimate the fair market value of a property. - A CMA typically includes information such as the property's location, size, condition, and features as well as information on comparable properties, including their sale prices and other relevant details. - It is based on recent sales data, it helps in determining the current market value of a property - It is used to set the price for a property that is for sale or to be appraised. - A CMA can also be used to evaluate the potential return on investment for a rental property or a fix and flip investment. ### **12. ARV (After Repair Value)** After Repair Value (ARV) is a term used in real estate investing to refer to the estimated market value of a property after any necessary repairs or renovations have been completed - It is used to determine the potential profitability of a fix-and-flip investment or the maximum purchase price for a property being considered for a rental or rehab project. - ARV is calculated by taking the estimated market value of a property in its current condition, subtracting the cost of repairs and renovations, and then adding any potential value-adds such as an addition or a finished basement. - It is an estimate of the potential of the property in the future after the repairs are done - It helps in determining the maximum amount to be spent on the renovation and property purchase, so it doesn't exceed the potential value of the property after renovation. ### **13. LTV (Loan to Value)** Loan-to-value (LTV) is a ratio used in the mortgage industry to indicate the size of a loan compared to the value of the property being used as collateral. - It is calculated by dividing the loan amount by the value of the property. - It is used by lenders to determine the risk of a loan and the creditworthiness of a borrower. - A higher LTV ratio indicates a higher risk to the lender, as the borrower has less equity in the property. - LTV is used to determine the minimum down payment, interest rate, and maximum loan amount - Lenders usually have different LTV ratios for different types of properties and loans. - A high LTV ratio may require a higher interest rate or mortgage insurance. ### **14. Cap Rate** The Capitalization Rate, or Cap Rate, is a measure used in real estate investing to indicate the rate of return on a property based on its income and purchase price. - It is calculated by dividing the property's net operating income by its current market value or purchase price. - Cap Rate is a metric used to compare the potential returns of different properties. - A higher cap rate indicates a higher return on investment, and a lower cap rate indicates a lower return. - Cap rate is used to evaluate the performance of a property and its potential as an investment. - Cap rate can be used to compare the yields of different properties and areas, even though it is a ratio, it does not take into account the cost of debt. ### **15. GDS (Gross Debt Service)** Gross Debt Service (GDS) ratio is a measure used by mortgage lenders to determine a borrower's ability to afford the mortgage payments on a property. - It is calculated by dividing the total mortgage payments, including principal, interest, property taxes, and heating costs, by the borrower's gross income. - GDS is one of the two ratios used to qualify borrowers, the other being TDS (Total Debt Service). - It is used to evaluate the borrower's ability to meet the housing cost, it is usually expressed as a percentage. - Lenders usually have a maximum GDS ratio, typically between 31% and 39% - A high GDS ratio may indicate that a borrower is over-extended and may have difficulty making mortgage payments. - A low GDS ratio may indicate that a borrower has a lower risk of defaulting on the loan. ### **16. TDS (Total Debt Service)** Total Debt Service (TDS) ratio is a measure used by mortgage lenders to determine a borrower's overall ability to afford the mortgage payments on a property, as well as their other debts and expenses. - It is calculated by dividing the total monthly debt payments, including mortgage payments, credit card payments, car loans, and any other debts, by the borrower's gross income. - TDS is one of the two ratios used to qualify borrowers, the other being GDS (Gross Debt Service). - Lenders usually have a maximum TDS ratio, typically between 42% and 44% - A high TDS ratio may indicate that a borrower is over-extended and may have difficulty making mortgage payments and other debts. - A low TDS ratio may indicate that a borrower has a lower risk of defaulting on the loan and other debts. ### **17. JT (Joint Tenancy)** Joint Tenancy is a type of co-ownership of property where two or more individuals own the property together. - Each owner holds an equal and undivided interest in the property. - Joint tenants have the right of survivorship, meaning that if one of the owners passes away, their interest in the property passes automatically to the remaining owners. - In a joint tenancy, all parties have equal rights and responsibilities on the property - Each joint tenant has the right to use the entire property. - All the parties need to agree to sell the property or make any changes to it. - In case of death, the share of the deceased tenant automatically goes to the surviving tenant/s. ### **18. TIC (Tenancy in Common)** Tenancy in Common (TIC) is a type of co-ownership of property where two or more individuals own the property together, but each has a distinct and separate share of the property. - No right of survivorship, meaning if one owner dies, their share does not automatically pass to the remaining owners. - Allows multiple parties to invest in real estate together or pass assets onto beneficiaries. - Each tenant owns a specific percentage of the property and can sell or dispose of their share. - Tenants have right to use entire property, but cannot sell or make changes without agreement of other tenants. - In case of death, share is passed on according to will or testamentary disposition, not automatically to surviving tenants. - Different from Joint Tenancy which has equal shares and right of survivorship. ### **19. Lien** - A lien is a legal claim on a property that gives a lender or other creditor the right to seize the property if the borrower or property owner fails to fulfill their obligation. - Liens can be placed on property for unpaid debts, taxes, or other financial obligations. - Liens can be either voluntary, such as a mortgage, or involuntary, such as a judgment lien. - Liens are recorded in the public records, this means that they are visible to anyone who searches. the records. - When the property is sold, the lien must be paid off before the sale can be completed. - If the lien is not paid off the property may be foreclosed or seized by the creditor. ### **20. Ontario Agreement of Purchase and Sale** The Agreement of Purchase and Sale (APS) is a legally binding contract between a buyer and a seller for the purchase of a property in the province of Ontario, Canada. - Outlines terms and conditions including purchase price, closing date, and contingencies. - Prepared by a real estate agent or lawyer, reviewed and signed by both parties, and a copy provided to each. - Includes schedule of chattels and fixtures, closing date, and contingencies, if any. - Legally binding contract, both parties have legal obligations and rights related to the sale. - Buyer typically pays deposit held in trust until closing. - Starting point for completion of sale transaction and ownership transfer. ## Knowing the Canadian Real Estate Concepts The understanding of the real estate terms specific to Canada is essential for home buyers, sellers and agents in order to navigate the market and make informed decisions. Being familiar with terms such as CMHC, ARV, LTV, Cap Rate, GDS, TDS, JT, TIC, CMA, APS, and others, can help you understand the mortgage process, evaluate properties, and negotiate the terms of a sale. Whether you're a [first-time home buyer](https://getnewhouse.ca/blog/renting-vs-buying-home-canada-better), an experienced investor, or a real estate agent, having a solid understanding of these terms will help you make the most of the Canadian real estate market. Did we miss any important term here? Do you wish to include any other interesting concept on real estate in Canada, do comment and share your views.

Do you pay Land Transfer Tax (LTT) when buying vacant land in Ontario, Canada?

People purchasing real estate in Canada, face a significant financial burden from the land transfer tax. When you buy land in Canada, you are required to pay a tax to the government or the municipality. The tax you pay is determined by the property's value, which is influenced by the type of land, and can differ significantly between the provinces where you are buying the land. So, today we'll find out if buying vacant land in Ontario, Canada, is subject to Land Transfer Tax (LTT) or exempt from LTT. ## Do you pay Land Transfer Tax (LTT) when buying vacant land in Ontario, Canada? Yes, you are required to pay Land Transfer Tax on any vacant land that you buy in Ontario. The taxes you pay on vacant land may be a bit different from the taxes you pay for other types of land. The amount of property tax you actually pay will depend on a number of factors, including the assessed value of your property, how it is used, and the applicable municipal tax rate. Usually LTT on vacant land is calculated on the value of the property at the time of sale. But if you have a construction contract related to the purchase of the land, your transfer tax will be computed using the value of the land plus the value of the construction contract. However, It is important to know that in Ontario, you will also be required to pay a municipal land transfer tax in addition to the provincial tax, that means doubling the amount of your final tax payment. ## Who pays Land Transfer Tax in Ontario, Canada? The land transfer tax is the responsibility of the home buyer, not the home seller. When buying a home in Ontario, buyers should factor in the land transfer tax as one of their closing costs. These costs may also include the cost of getting a mortgage. Other closing costs for buyers include legal fees, registration fees, and home inspection fees, though land transfer tax makes up the majority of these. ## Land Transfer Tax when buying vacant land in Ontario, Canada The vacant land is also subjected to Land Transfer Tax, which is calculated on the value of the property at the time of sale. However, a lot of other factors also influence the final tax, so one must conduct adequate research before buying real estate in Ontario.

Pre-construction Condos vs. Resale: Which is better investment in GTA, Ontario?

Are you thinking of buying a new home in Greater Toronto Area (GTA), Ontario, or any place in Canada for that matter? **Pre-construction Condo vs Resale: Which should you invest in?** This is a common question that comes to your mind while taking such a big financial decision. We are here to reduce your home buying stress and provide information on the **hot and trending housing topics** in Canada. _"Congratulations on purchasing your new home"_ is a comment many people hope to hear. Owning a property is an achievement and a milestone. However, many people are confused about purchasing **real estate** properties. Should they go for a pre-construction or under-construction property or a resale property? To clarify this situation, **a pre-construction house** (talking of condos here!) is **a house yet to be constructed or undergoing construction**. While **a resale house** is **a property that has been constructed** and buyers can pack in after payments. Pre-construction Condos vs. Resale ---------------------------------- Now, let's check out **pre-construction condo vs. resale properties** to see which is better. **Benefits of Purchasing a Re-sale Property** --------------------------------------------- * **Its Tangibility:** Re-sale is tangible because prospective buyers go visit the properties to get a feel of the layouts. You can also physically assess the size of the buildings you want to purchase. * **Affordable Deposit:** Re-sale deposit is cheaper than other properties. It is popular among those interested in **real estate in Canada**. Additionally, you only make the deposit once. * **No Additional GST Cost:** Buyers don't need to pay additional GST after completion of the house. * **Property Transfer Tax Exemption:** Residents of Canada who meet all tax exemption criteria are exempted from paying resale tax. They are exempted when they buy properties worth at most $500,000. **Cons of Resale Properties** ----------------------------- * **The properties are used properties:** Resale properties are mostly lived-in properties or used properties that the owner wants to sell. Because of this, some buildings might have old-fashioned styles. * **Need for Renovation:** Since resale houses are old houses, new buyers need to renovate the buildings to make them look new. They might also need to change the decor inside the buildings. * **Not easy to customize:** It isn't easy for you to change the decor, floorings, lighting, and so on. * **No fixed payment:** No Fixed price means price negotiation is possible. However, this is also disadvantageous. Sellers can decide to organize bidding events where buyers compete to win the bid. Buyers may even purchase these properties at a price more than the original selling price. You may also like to learn about **[Home Inspection Tips - Red Flags to Look for!](https://getnewhouse.ca/blog/home-inspection-tips-first-time-homebuyers-red-flags-to-look-for)** **Pros of Pre-construction Condos** ----------------------------------- * **New Properties:** Unlike re-sale properties, pre-sale condos are newly constructed or undergoing construction. Therefore, the structures and designs are new and modern-looking. * **Easily Customizable:** If you purchased a [**pre-construction property**](https://getnewhouse.ca/blog/things-to-know-before-buying-pre-construction-condo-in-gta-canada), you have the power to suggest changes while construction is ongoing. You can decide to change the floorings, ceiling patterns, color schemes, cabinets, and so on. * **Long deposit period:** The gap between one deposit and the next increases. This makes it easy for buyers to spread their payments and meet up with the payments. * **Property Transfer Tax Exemption (PTT) for Canadian Citizens or Residents:** Residents of Canada who meet the tax exemption criteria are exempted from paying presale tax. For newly built homes, the PTT exemption is for purchase price of $750,000 , on the higher side as compared to resale condos. So, if you are an eligible purchaser, you can enjoy some extra benefits. **Disadvantages of Purchasing Pre-construction Condos** ------------------------------------------------------- * **Intangible:** Purchasing a house that has not been built means you can only see the house plan. You can't physically visit the site to check out the house because it has not been built yet. The builders may decide to change the house measurements to differ from what you were initially shown. * **Suddenly Rise in Interest rates or Mortgage Price:** Presale is different from resale properties where payment is a one-time or two-time payment. Presale payments can extend to two years or even ten years. The long payment time is quite risky because many things may happen to increase your mortgage. The [**interest rate**](https://getnewhouse.ca/blog/what-does-higher-interest-mean-for-housing-market-in-canada) in presale properties may increase suddenly. Other factors may also contribute to your inability to complete the payments. For example, you may become unemployed after paying the initial deposits. Without a job and an income, you can't meet up with the mortgage. The tax rate on properties may increase a year after you made your initial deposits. All of these contribute to the inability of some people to meet up with their payments. If you are unable to complete payment after construction is completed, you may lose the property. * **Expensive Deposit:** Presale deposits are three to five times higher than resale deposits. * **Extra Charges:** Presale buyers must pay extra charges like GST charges. Pre-construction Condos vs. Resale: Which is better? ---------------------------------------------------- After weighing the benefits and disadvantages, choosing re-sale or pre-sale hinges on the buyer. Are you sure you have the fund and the patience to wait? Then go for pre-sale condos that have modern looks. However, if your source of funds is not sure and you don't want to wait, go for resale properties. Resale property is a safer option, and there is a guarantee that you will pack in after payments. Which one would you prefer, investing in a [**new pre-construction property**](https://getnewhouse.ca/blog/is-new-construction-good-investment-property-ontario-canada/) or a re-sale one? The final decision is your, so make it wisely.

What is the average home price in Mississauga in Ontario, Canada?

Mississauga is a vibrant city in Ontario, Canada that offers a variety of communities, opportunities, and stunning landscapes. However, exploring the real estate market can be a wild ride. it's critical to keep tabs on current average home prices, to make informed decisions when purchasing or selling property. So today we will dive into the Mississauga housing market to find out the average home price there! ## What is the average home price in Mississauga, Ontario? Reports suggest that the average home sold price in Mississauga has spiked by 9.7% from the previous month, resting at $1,009,803. But don't let this increase scare you. Currently, the average home prices in Mississauga are still 18% lower than their peak in February 2022 at $1,225,339. This means that the market has slightly calmed down, providing a more reasonable opportunity for homebuyers. ## Detached Home Average Price Detached homes are the most sought-after properties in Mississauga. But, the average price of a detached home in Mississauga has dropped by 19.6% from the previous year, settling at $1.54 million on average. It's like a pot of gold at the end of a rainbow for buyers who want to own a detached home in Mississauga. ## Semi-Detached Home Average Price Semi-detached properties in Mississauga are now more affordable, costing an average of $1.03 million, which is a nearly 21.4% decrease from the previous year. It's like getting a bargain on a Black Friday sale. ## Condo and Apartment Average Price The condo market in Mississauga has also taken a hit. The average cost of a condo has decreased by 20.7%, selling for $803,000 on average. Additionally, the average cost of a condo apartment is $612,000, down by 16.8% from the previous year. It's like finding a diamond in the rough for those looking for an economical option. ## Average Home Price in Mississauga, Ontario The current average home prices in Mississauga are still lower than their peak in February 2022. The drop in average prices for detached and semi-detached homes, as well as condo townhouses and apartments, proposes a more reasonable opportunity for homebuyers. But as you know real estate market is very volatile and it's not easy to predict it, so you must ask or get it touch with someone who has good experience in real estate.

How much down payment you need for land in Ontario, Canada?

Property prices in Canada are soaring, especially in provinces like Ontario. As real estate markets break records for the rate at which homes sell, many buyers are forgoing the search for a home altogether and purchasing land for new construction. So, if you're considering buying land in Ontario, Canada but lack the funds, you can get a land loan from a bank or other financial institution. Firstly, you should be aware that in order to obtain a land loan, you must pay a certain percentage of the total sale price, known as a down payment. The percentage varies depending on the lender and type of land you're purchasing. So, today we will look at the down payment needed for land in Ontario, Canada ## How much down payment you need for land in Ontario, Canada? Purchasing land in Ontario may be done for a variety of reasons, including the construction of your ideal home, the construction of apartment buildings, or even for business or agricultural use. So, depending on your requirements, you can buy one of three types of land in Ontario: raw land, vacant land (zoned land), or Crown land. As a result, the type of land will greatly influence how much of a down payment you will need to make. In order to purchase land in Ontario, Canada, you must make the following down payment: - **For Raw Land**, (land that has never been developed before) the typical down payment required is 50% - **For Vacant Land** (land that is serviced or partially serviced) the typical down payment required is 35% - **For Crown Land** (which is public land owned by the provincial government), the down payment varies because it comes with a lot of restrictions and conditions. **Down Payment for different types of land in Ontario -** ![Different Types of Land in Ontario.png](https://s3.amazonaws.com/assets.getnewhouse.ca/Different_Types_of_Land_in_Ontario_7d97d4f963.png) ## Why is the down payment on land so much higher than that for homes? The down payment for land is much higher, especially for vacant and raw land, because you are not directly tethered to the land, unlike with a building like a house. Also, it is even more challenging for you to [obtain a loan for land](https://getnewhouse.ca/blog/land-loan-options-in-canada-best), particularly for raw land, since you won't be at risk of losing any assets, such as your home if you don't make your mortgage payments. And the lender worries that it will be difficult for him to find a buyer for that land if you don't make your loan payments. ## Down payment you need for land in Ontario, Canada The down payment typically varies depending on the type of land you are purchasing; on average, it ranges from 35 to 40% of the purchase price, and it can even reach 50% for remote and inaccessible land.

Why to invest in Grimsby in Ontario, Canada?

Canada's real estate market is full of opportunities for those who are clear about their investments, know the Canadian real estate market and know when, why and where to invest. It also presents a unique opportunity to make consistent income through long-term appreciation, rental income, and property value growth. But it's not that easy also, because the real estate market is continuously changing, particularly in Ontario cities, it's important to carefully research, the current trends and demand. So, today we will make it easy for you to invest in Grimsby in Ontario, Canada and will find out why to invest in Grimsby in Ontario, Canada? So, let's dive in! ## Grimsby-a town in the mid of magnificence Grimsby, Ontario is a small town with big heart, and its beauty is enough to attract the visitors and the people living here. The town is between the sparkling waters of Lake Ontario and the glorious Niagara Escarpment, an UNESCO World Biosphere Reserve. The majestic Escarpment provides a beautifully unique and diverse eco-system, with its rich forests, which are home to many species of plants and animals. One of the best ways to feel the beauty of Grimsby is by taking a climb on the Bruce Trail, that offers breathtaking views of the lake and the place surrounding it. This town also have a few parks and conservation areas, like, the Grimsby Beach Park, that offer a variety of recreational activities like swimming, fishing, and picnicking, that will never ever let you get bored. ## Grimsby- a growing commercial hub Grimsby, Ontario is a town that is rapidly becoming an ideal spot for business and retail investment. Situated among Hamilton and St. Catherines, this town is surrounded by natural beauty and offers simple easy access to big cities and their amenities. Also the town's abundance of craftsmanship, history and culture, as well as its growing populace, have drawn attention of many businesses to the area. More that sixty-five businesses are thriving in the prompt region, providing ideal business space and a consistent stockpile of customers. Tourists and customers are attracted by the town's beauty, warm heritage and convenience. Not only this, but Grimsby also provides the local businesses access to a talented and educated labor pool, making it simple for them to hire the best people. The average household income is also estimated to be around $92,038 because to the region's expanding economy, which make makes it easy for the people to live comfortable life. ## Grimsby- from transit convenience to top-notch educational institutions When it comes to the transportation, Grimsby offers easy access to highways like the QEW and the 403, making it a perfect location for both the people living here and the businesses. The town also has a GO Travel station, which provides people with easy access to the Greater Toronto Area. Public transportation within the town is additionally advanced, making it simple for people to get around. Grimsby is additionally home to various fantastic schools, from elementary to secondary school like West Niagara Secondary School, Central French Immersion Public School and Grand Ave. Public School, providing a good and quality education to the children of the community. ## Grimsby - among Top-10 Cities for Real Estate Investment in Ontario The Real Estate Investment Network (REIN) in 2018 released a report that recognized Grimsby as one of the top-10 spots in Ontario to invest in real estate. The report, which considered 36 financial and market factors, ranked Grimsby and St. Catharines as 10th overall on the list of communities with potential for housing market strength over the next five years. The report says that the Grimsby is in a recovery mode, opening opportunities for buying and holding real estate and fixing and flipping. ## Why to invest in Grimsby in Ontario, Canada? Investing in Grimsby, Ontario, Canada can be a savvy move for your future because of different reasons. One of the main reasons is the potential for appreciation in property value. Grimsby is a growing community with a solid economy, which can prompt an increase in property value over the long run. And imagine you buy a property in Grimsby, you might see a good profit from your investment in the long-term. Furthermore, Grimsby, Ontario, Canada presents an extraordinary chance for real estate investment. Its regular magnificence, growing business center, convenient transportation, and top-notch educational institutions make it an appealing location for the both the occupants and businesses. Also, the REIN has identified Grimsby as one of the top-10 spots in Ontario to invest in real estate, further solidifying its potential as a brilliant investment opportunity. So, what are you waiting for? Everything is sorted, the only thing required is well-planned investment strategy and thorough research. After that you can tap into the town's promising opportunities for long-term profit, rental income, and property value growth.

Which are the best neighbourhoods to live in St. Catharines in Ontario, Canada?

Imagine waking up to the sound of waves in the background, strolling down picturesque streets lined with charming historic homes, or being just steps away from the city's best amenities and parks. St. Catharines has it all, and these neighborhoods are the cream of the crop! So, lets explore and find your dream home in one of these fantastic neighborhoods of St. Catharines, Ontario, Canada. ## Which are the best neigbourhoods to live in St. Catharines in Ontario, Canada? St. Catherines, also known as "The Garden City," offers the best of both worlds for its residents. With the picturesque Lake Ontario and just a short 20-minute drive to Niagara Falls, residents can enjoy both beautiful views and endless entertainment options. So, here are the best neigbourhoods to live in St. Catharines in Ontario, Canada. ## 1. Lakeshore St. Catharines - Best for Families and Commuters. The Lakeshore neighborhood, situated on the eastern side of the Port Dalhousie community. With direct access to the picturesque Lake Ontario, residents can take advantage of the various waterfront trails, piers and recreational areas. It is not surprising that this neighborhood is highly sought after by prospective homeowners due to its location, natural beauty and cultural heritage. **Features and Amenities** - Pine Grove Public School and Terra Viva Montessori Bilingual School. - Access to the Waterfront Trail and Weller Park. - West Cliff and Lakeview Parks. - Historical Port Dalhousie East Pier. - Convenient commutes to nearby cities including Hamilton, Ancaster, Toronto and Niagara Falls via Queen Elizabeth Way. ## 2. Port Dalhousie - Best for Families and Commuters. Port Dalhousie is a highly sought-after neighborhood in St. Catharines, known for its charming atmosphere and proximity to the water. The famous Lakeside Park, the beach, and the iconic merry-go-round are major draws for visitors and residents. The neighborhood boasts a small-town feel with an array of local restaurants and shops, all within close proximity to each other. **Features and Amenities** - Gracefield Public School. - St. Ann Catholic Elementary School. - Popular attractions such as Lakeside Park and Rennie Park. - Short commutes to nearby cities including Hamilton, Ancaster, Toronto, and Niagara Falls via Queen Elizabeth Way. ## 3. Grapeview St. Catharines - Best for Families. The Grapeview neighborhood, situated on the western side of St. Catharines, offers a diverse and eclectic living experience. Bordered by the Welland Canal on the eastern side, the neighborhood boasts quick and convenient access to two major roadways, the Queen Elizabeth Way and Highway 406, providing residents with easy access to the surrounding cities and various outdoor recreational activities. **Features and Amenities** - Grapeview Public School and Saint Teresa of Calcutta Catholic School. - Avondale Food Store within the community. - Harvest Estate Wines nearby. - Convenient access to nearby cities via Queen Elizabeth Way. ## 4. North End St. Catharines - Best for Families. The North End of St. Catharines offers a diverse and rich cultural experience, and it has a variety of amenities that make it suitable for families. The area has parks, recreational spaces, and community centers, which provide opportunities for families to spend time together and participate in activities. In addition, the St. Catharines Museum and Welland Canal Centre provide educational opportunities for children and families. **Features and Amenities** - Historic architecture and cultural heritage. - Strong Italian-Canadian community. - Merritton Heritage District with restored heritage buildings, local shops, and restaurants. ## Best neigbourhoods to live in St. Catharines in Ontario, Canada St. Catharines offers a variety of neighborhoods that cater to different lifestyles and preferences, making it an ideal place to call home. In addition to the areas mentioned above, other noteworthy neighborhoods include Garden City, which is known for its lush vegetation and picturesque views, Lakeshore, which offers scenic views and recreational opportunities, and the North End, which provides easy access to amenities and public transportation. Whatever kind of neighborhood you're looking for, St. Catharines has something to offer.

Is Burlington a good place to live and settle down?

Burlington is one of the best places to live in the Province of Ontario, Canada. The town offers residents an urban-suburban mix feel, and most residents rent their homes. Many young professionals live in Burlington, and residents tend to be liberal. Burlington is between Toronto and Hamilton and not too far from the border with the USA. There are also natural landscapes like the Niagara Escarpment and a sandy Lake Ontario beach in its downtown core. Living in Burlington has many benefits. Its top features are amenities, a low crime rate, and culture and community. There are also plenty of local job opportunities. A visit to Burlington’s lakeside and sprawling lakefront park is a great way to appreciate its desirable beauty. Dozens of award-winning restaurants, coffee shops, and boutique shops make the downtown area a favourite destination for residents and visitors. Read on as we walk you through some note-worthy things to know about Burlington. ## Benefits of Living in Burlington Let's catch up with some exclusive benefits of staying in the beautiful city of Burlington: ### 1. Family-friendly Environment Burlington provides a well-balanced life of urban fun and a peaceful living environment. You can hop down to the downtown area to enjoy modern-era restaurants, clubs, bars, nightlife activities, etc. The residential area is engulfed in a serene environment ideal for relaxing and enjoying a good night’s sleep after a long day at work. These provide an enriched family-oriented experience to the residents. ### 2. Exceptional Schools Burlington prides itself on its high standard of education. There are schools for all grade levels and several private schools. Colleges and universities in the area help high school graduates offset the high cost of post-secondary living expenses. Burlington also has sought-after universities. They include the University of Guelph, University of Toronto, McMaster University, and others. ### 3. Recreational Activities Burlington is located along Lake Ontario’s magnificent shorelines, providing different outdoor recreational activities for the residents. Residents can go swimming, boating, canoeing, surfing, or fishing when the weather allows. The city also has hectares of parkland, offering amazing opportunities for families, bachelors, and everyone living there. Burlington is also home to splash pads, ice-skating rinks, community centres, and golf courses. These cater to a broader set of audiences. Do you want to enjoy quality time with your friends and family in natural beauty? If you are the one liking [fun-activities in the Greater Toronto Area](https://getnewhouse.ca/blog/what-are-best-fun-activities-in-toronto-in-ontario-in-canada-for-adults), this is an amazing choice. There are well-preserved hiking trails and parks in Burlington. They include the famous Bruce Trail, Niagara Escarpment, Waterfront Trail, Spencer Smith Park, LaSalle Park, and Lowville Park. Burlington also has one of the world’s largest lilac collections in the Royal Botanical Gardens. Your kids can run around the well-tended and well-preserved gardens. ### 4. Easy Travel Enjoy easy and convenient access to many major GTA highways, including the 403, 401, and 407. Burlington has three GO Transit stations. They include Aldershot GO, Burlington GO, and Appleby GO. These make it easy for travelers to board GO trains, GO buses, and city buses. Burlington is within an hour's drive to Toronto Pearson International Airport and John C. Munro Hamilton. These make it easy for people planning to travel for business and leisure through the International Airport. ### 5. Modern Amenities Burlington is rich in terms of modern amenities. The city has everything you need limits, from chain stores and supermarkets to family-owned stores. The malls in Burlington offer all the necessary items at an affordable price. There are also verified retail stores for Apple, Sephora, and other prominent brands inside these malls. Libraries, health, and wellness centres inside the city have no limits, along with coffee shops, book stores, and electronic shops. ### 6. Year-round Festival Burlington kicks off the summer season with a Music Festival in Spencer Smith Park by the lakefront. This festival lasts for days and brings many fun options to the residents. Teen tour band concerts, kid-friendly playgrounds, dancing competitions, and eatery contests are also available. Furthermore, the residents set up exhibitions for their art pieces and stalls for outsiders and residents. The annual Ribfest festival is another popular event in the winter season. Food trucks, vendors, and local business shops operate during the festival. These add to the festival’s existing charm. You may also like to explore [Best Toronto Suburbs for Families to Live](https://getnewhouse.ca/blog/10-best-toronto-suburbs-for-families-to-live-and-grow) ### 7. Excellent Location Burlington is one of the best mid-sized cities in Canada. The city location allows residents to benefit from their proximity to Toronto. These help the residents avoid the inflated cost of living found in the core of the GTA. Additionally, some of Canada’s best hospitals are within the city's driving distance. ## Disadvantages of Living in Burlington Burlington offers its residents good opportunities and reasons to be part of the community. However, it also has drawbacks that hinder a few people. Let us explore the disadvantages of living in Burlington to understand the area better. ### 1. Decline in Population Burlington's population has declined in the past years. A decrease in a city's population has many factors. They include pandemics, conflicts, low birth rates, resident migration, and many more. The employment rate in the city also suffered because of less demand for basic services such as hotels, restaurants, and shops. ### 2. Limited Transportation There are only three GO transit stations in Burlington. Those stations are always filled with young millennials making their way to work. Adults and families tend to own cars for shorter commute times. The city highway is also crowded because of the city's proximity to Toronto. The traffic on s 403, 401, and 407 are the worst. It can easily turn a 10-minute drive into an hour-long journey. ### 3. Expensive Housing Houses in Burlington cost $200,000 more than their surrounding regions because it offers a higher quality of life and better options for professional career growth. Burlington also has fewer real estate listings. The listings are also expensive compared to other cities near Toronto. Therefore, buying your desired house is often an ordeal. Additionally, travelling to major metropolitan hubs from Burlington is shorter. These make the real estate options limited. ## Is Burlington a good place to live and settle down? Are you looking for a good place to live in Canada? There can be no better option than Burlington. It is one of the safest cities to live in Canada. The city's educational institutions are top-notch. Your children will experience unique learning from elementary to University. However, it is all based on your personal choice and preferences. If you are planning to settle in Ontario, and can afford it, do consider Burlington as one of the options. Which is your favorite city in Ontario to live and settle down? Do share with us.