Do staged homes sell for more money in Canada?
The rising demand for homes in Canada sparked competition among homeowners to sell their properties. They make every effort to draw buyers to their property.
Home staging is one of them; it draws attention to the home's best features so that as many potential buyers can picture themselves living there. It entails moving furniture around and adding accessories. However, a lot of home sellers are unsure of the value of home staging.
Therefore, we'll find out today if staging actually increases the price at which Canadian homes sell.
Do staged homes sell for more money in Canada?
Home staging is done to attract potential buyers, and the effort put forth is unquestionably worthwhile. Survey show that staged homes not only preferred by potential buyers but also sell for more money than other homes.
According to NAR, the more than 80% of buyer's agents agree that home staging has an impact on how prospective buyers view the properties. Furthermore, they point out that 23% of realtors claim a rise in value of 1% to 5%, and coincidentally, the response from sellers' agents was nearly identical, with 23% reporting a price increase of 1% to 5% on offers for staged homes. According to 18% of sellers' agents, home staging increased a home's dollar value by 6% to 10%. No seller's agent claimed that home staging reduced the value of the house.
Additionally, staging makes a house seem more "move-in ready," which means that it doesn't appear to require significant maintenance or repairs before a potential buyer could move in. A staged home generally spends fewer days on the market than a non-staged home. According to NAR, 53% of realtors claim that staging helps homes sell more quickly.
Staged homes sell for more money in Canada
Staging a home makes it easier to market. It looks better in listing photos, and it also grabs more attention when shared on social media, printed on flyers, and displayed in other visual marketing mediums. As a result, staged homes usually sell more quickly and for 1-5% more than they originally cost.
Last Updated:
2022-12-12
canada housing
stagged homes
real estates
toronto
canada property
real estate canada
Home staging in Canada payment depends on who is asking for it. Most people opt for an agent for the service. They can charge up to 1% of the total cost of the property to stage a home.
byananyagkp15
, 2023-03-28T04:52:26.652ZWhat will be the affordable cost of staged homes ?
byananyagkp15
, 2023-03-27T10:40:01.283ZRelated Articles
Things To Know Before Buying Pre-construction Condo In GTA, Canada
Are you planning to buy a Condominium in the Greater Toronto Area, Canada? Here we discuss few important **Things To Know Before Buying A Pre-construction Condo In** Durham, Halton, Peel, and York region in Canada.
One of the reasons for the development and construction of more condo projects in Greater Toronto Area (GTA) is simply because there is high demand for condos. Prospective condo owners can pre-purchase units before they are developed to help fund the development of condos. There are different advantages to buying condos during the pre-construction stage as they are more affordable than houses.
Buying pre-construction condos is considered a good way to enter the **real estate** market in Toronto. But the process of financing and buying condos is different from buying a resale home. If you are considering buying a pre-construction condo in GTA or [**Toronto sub-urban areas**](https://getnewhouse.ca/blog/10-best-toronto-suburbs-for-families-to-live-and-grow), there are certain things you need to know. This includes the home buying process, the pros and cons and many other crucial factors.
So, read on as we dive into it in this post.
Advantages Of Buying Pre-Construction Condo
-------------------------------------------
### 1\. Minimum Down Payment
When you buy your condo at the pre-construction stage it helps you to purchase one with a minimum down payment while you watch your condo value increase. In other words, you can buy a home at today's price and enjoy your home as the value increases over time.
Normally when buying a pre-construction condo you are required to pay a 20% deposit of the total amount. But the down payment is broken down into installments of 5% which should be paid throughout the construction project. This means you can secure a condo unit with just 5% of the purchase price. The complete payment can run from 2 to 4 years depending on how long the project lasts.
### 2\. Customization Possibilities
Buying a pre-construction condo allows you to build, customize and improve your condo to your preferences and style. The customization you added to your condo can help increase the resale value and also differentiate it from your neighbours. This can help you save money since there is no need to rebuild or renovate.
Also, you can choose the countertops and appliances that will be installed in your unit.
### 3\. Cost-effective
Within the first few years, there will be no need for maintenance since the condo is new when compared to older buildings. Also, the construction will be made with new material which makes your home more energy-efficient. As a result, the cost of utility bills and ownership can be reduced. So, [**new construction condo**](https://getnewhouse.ca/blog/pre-construction-condo-vs-resale-investment-better-gta-canada/) does save on your repair and renovation bills.
Living in a condo means the cost of maintaining the building will be shared among the residents. The cost includes the maintenance of the communal areas, repairs for the building and every other thing that is done on the building in general. This can be of great benefit to those that want a low maintenance home.
Disadvantages Of Buying A Pre-Construction Condo
------------------------------------------------
### 1\. Joint Property
Buying a condo means you are jointly owning a property with other people you might not know. Also, there is a possibility that the people in the neighborhood will keep changing every time. You will only be in control of your unit and the influence you will have in terms of making group decisions concerning the complex will be limited.
### 2\. Various Fees
Apart from the normal fees that you are responsible for such as condo and purchase fees, closing costs and other fees to pay. There are various fees attached to buying a condo and they can vary depending on the amenities in your complex. You will continue to pay condo fees and other dues in case of any development in the complex.
### 3\. Delay or Cancellation of Construction Project
The issue of delay in construction is inevitable. Delays can occur as extreme weather conditions, delays in the supply chain of material or other financial problems. The worse scenario is the cancellation of the construction project which can be a result of different reasons. It could be because the developers are unable to get enough pre-construction buyers, insufficient funds and more. But in case of any cancellation of a project, you don’t have to worry as your deposit will be given back to you.
### 4\. The Process Of Buying A Pre-Construction Condo
One of the most appealing aspects of [**buying a pre-construction condo**](https://getnewhouse.ca/blog/pre-construction-condo-vs-resale-investment-better-gta-canada/) is that you don't have to pay the deposit in full at once. The payment can be done in installments depending on the developers.
Usually, the down payment or deposit should be 20% of the purchase price but the payment can be done within six months. So you can pay 5% of the purchase price to secure your unit and the rest every other month.
### 5\. The Cooling Off Period
Some provinces in Canada impose a cooling-off period after making a deposit payment for a pre-construction unit to ensure you are not pressured to decide as a result of a limited supply of units. Depending on your province it can range from 7 to 10 days during which you are free to back out of the purchase agreement without repercussions. During this time is when you can choose to sign and secure the unit as well as the price if you like the unit.
You don't have to wait that long if you like the place because the price can increase or the units sold out. You have the time to do all the necessary paperwork and means to finance the remaining payment. If you want to consult your lawyer or research the developers or project this is the time for that.
### 6\. Occupancy Period and Fee
During this period buyers can move into their condo before the completion of the entire building. It is also referred to as interim occupancy whereby a buyer can occupy the condo and be paying the builder an occupancy fee.
You may also like to discover [10 Steps to Build a Successful Home Renovation Business in Canada
](https://getnewhouse.ca/blog/steps-to-build-successful-home-renovation-business-in-canada)
Buying Pre-construction Condo: Key Takeaways
--------------------------------------------
Buying a pre-construction condo is not as easy as it seems. This is why you should consider the advantages and disadvantages before making a decision.
When it comes to buying pre-construction condos, location is very important since you will be sharing space with people.
So, if you are planning to invest in **real estate Canada** through pre-construction condos, there are lots of places to buy pre-construction condos in the Greater Toronto area. And if you have made up your mind, don't miss to explore a whole lot of projects at [**GetNewHouse**](https://getnewhouse.ca/). _Discover fresh listings and new range of condominiums to choose from!_
How much does Home Staging cost in Toronto, Ontario?
Home Staging turns out to be the most effective strategy for luring buyers. It is preferred across Canada by sellers, particularly in Toronto, Ontario, where it has been noted that staged homes sell more quickly and profitably than unstaged homes. Because buyers find it challenging to picture themselves in vacant homes, they wonder: where does the TV go? What size bed can fit in the bedroom? And, the list goes on... Staging aids in addressing those concerns for buyers.
However, many home sellers are curious about the cost of home staging in Toronto, Ontario. So, today, we'll find out how much staging typically costs in Toronto, Ontario.
## How much does Home Staging cost in Toronto, Ontario?
In Toronto, Ontario, the **price of home staging can range from $500 to $5,500**, with the majority spending, on average, between $1,600 and $2,400 a month. It all depends on how much staging is needed.
An older house might require more extensive updates, such as painting, replacing hardware and light fixtures, or temporarily renting new furniture. In contrast, a home that is relatively new or updated might only require some simple depersonalizing and decluttering. However, the typical **amount spent on staging should range from 1% to 3% of the home's listing price**.
## How to save on home staging?
You don’t have to stage your whole house, from basement, laundry space to attic storage. There is no requirement that staging covers the entire house. Only staging the most crucial rooms in the house can make the process simpler, with less emphasis being placed on less crucial areas.
Also, you must use your digital listing photos to your advantage because the majority of homebuyers begin their search for a home online.
Additionally, it's crucial to know when to stage a home and when not to, as doing so can help you save money. In a highly competitive market, staging can help you stand out from the competition. In this situation, not staging your home will put you at a disadvantage when it comes time to sell. But if you live in a strong seller's market, your home will probably sell without staging because most buyers are willing to accept any offer.
## Home Staging cost in Toronto, Ontario
Home staging can cost between $500 and $5,500 in Toronto, Ontario. However, this can be reduced by knowing when to stage a home and when not to, as well as by knowing which specific areas are most important to stage.
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.
Can New Immigrants Buy a House in Canada?
Are you a newcomer wondering, **Can a new immigrant buy a house in Canada?** We have the answers to your query.
Moving to Canada with your family is a big step, and buying a new home there can be challenging. That is why many banks and lenders offer mortgage options for **new immigrants** to help them get settled. According to reports, the rate of immigrant homeowners has surpassed Canadian-born counterparts. Therefore, buying your own home as an immigrant in Canada is achievable.
Nothing beats the feeling of getting the keys to your first home in Canada as a new immigrant. But empowering yourself to make the best decision about your new home is very important.
What is an Immigrant Mortgage?
------------------------------
An immigrant mortgage is a special [newcomer mortgage program](https://fintrakk.com/mortgage-new-immigrants-canada-newcomer-programs/) offered by banks for new immigrants in Canada. These programs help them get a mortgage even when they do not meet the requirements for a regular mortgage. New immigrants in Canada are allowed to buy a home, even if they have just immigrated to the country.
They also qualify for a mortgage as long as they meet the standard financial requirements. As a new immigrant, navigating the rules and regulations can get overwhelming. So, we have put together a detailed guide to everything you need to know about buying a house in Canada.
Why it's difficult for New Immigrants to get Mortgage approved?
---------------------------------------------------------------
Things are not that easy as they seem to be! As a [**new immigrant to Canada**](https://getnewhouse.ca/blog/why-is-immigration-good-for-canada/), it's difficult to get your mortgage approved. Let's see why so.
### 1\. Lack of Canadian Employment History
One of the requirements for eligibility for a regular mortgage in Canada is Canadian employment history. Many banks want to ensure you’ve been working in the country for at least two years. These show that you have a stable level of income.
### 2\. Canadian Credit History
An established credit history shows how consistent and responsible you are with your finances. Banks need a credit report to see how you handle your debt. They want to know if you have missed any payments or made late payments. So, new immigrants with no credit history can face challenges.
Eligibility for a Mortgage as a New Immigrant in Canada
-------------------------------------------------------
Let's see how new immigrants are eligible to get mortgage approval.
### 1\. Migrated to Canada within the last 5 years
You must have immigrated to Canada within five years to be considered a new immigrant. Have you been staying in Canada for more than five years? If yes, you are no longer considered a new immigrant.
### 2\. Established Legal Status in Canada
New immigrants with a temporary or permanent residence are eligible. Those with a non-permanent resident with a work permit are also eligible.
### 3\. Working full time for 3 months
New immigrants do not need to have two years of employment history to get a mortgage. However, they must have at least three-month full-time employment history. You will need at least three months of full-time employment history. These laws exclude those that are relocated to Canada by their current employer.
### 4\. Have a 5% Down Payment
A 5% down payment is mandatory for a new immigrant to get a house in Canada. These down payments also vary from one agent to another. For example, some lenders may require a higher down payment if the house price is over $500,000.
### 5\. Meet Qualification Ratios
Your debt service ratio shows the percentage of your income that pays your debt. The higher this ratio, the more difficult it is to get a mortgage. This is because you are spending more of your income on service debt.
How to Buy Your First House in Canada?
--------------------------------------
Are you wishing to buy your first house in Canada? Here are few things to guide you.
### 1\. Have a Budget
According to reports, the average house prices have sky-rocketed in Canada in the past few years. This price is due to the astronomical cost of houses in places like Vancouver and Toronto. However, the price of houses are cooling down a bit due to [**high benchmark interest rates**](https://getnewhouse.ca/blog/what-are-best-fun-activities-in-toronto-in-ontario-in-canada-for-adults) and other regulations.
Keeping this in mind, new immigrants must have a budget when opting to get a house mortgage. They should know the down payment and monthly housing payment they can afford. Therefore, having a solid budget helps you understand how much house you can afford.
### 2\. Mortgage Approval Process
Mortgage approval helps estimate your potential mortgage payments. The process of getting a mortgage approval varies from state to state. It also depends on your eligibility. Most banks and mortgage lenders approve the maximum loan you can qualify for. So it is important to understand the requirements at your stage.
New immigrants must provide their income, assets, debts, and current employment information to get approval. After submitting this information, the bank or lender will evaluate the application. The application will be approved if they are qualified and rejected if they are not.
### 3\. Search for a Perfect House
It is time to search for your dream home. Your mortgage approval often determines the kind of house you will search for. As a newcomer, it is advisable to partner with an experienced real estate agent. Ask your neighbours and friends if they know any trustworthy realtor that can help you through the home buying process.
### 4\. Get Home Inspection Done
Home inspections help protect the buyer from any potentially serious and dangerous problems in the building. Therefore, it is paramount. But you will need to pay a fee to inspect the house. Your realtors or mortgage lenders can help you find a qualified home inspector if you don't have any. And yes, home inspection is very crucial part of the buying process. So, don't think of missing it out to save some money!
### 5\. Make an Offer
After inspecting the house, it is time to make an offer on the property. Making an offer in Canada requires putting down a deposit. However, this deposit is different from your down payment. The deposit shows the seller you are serious about buying the property. Your deposit will be added to your down payment when you close on the house. But it is non-refundable if you walk away.
### 6\. Sign the Papers
Buying and finalizing your house mortgage requires a lot of paperwork. You must first finalize your financing options and get your mortgage formally approved. These can be completed within a few weeks. Ask your realtor for help when navigating through the paperwork to ensure transparency. And here you are ready for getting the possession of your dream house on closing day!
Buying Home as a Newcomer to Canada
-----------------------------------
Canadian banks keep on updating their eligibility requirements with the newcomer mortgage program. So, you must be aware of the latest changes applicable. But, you will need to meet the basic criteria of [**home buying in Canada**](https://getnewhouse.ca/blog/renting-vs-buying-home-canada-better/) before fulfilling your housing dream.
Renting vs. Buying Home in Canada - Which is better?
Renting vs. Buying Home, is a common thought that comes to our mind. Moving to a new city or a country, you must be pondering what's the best option, rent or buy a house. And, the same stands true for the hot and happening real estate scenario in Canada. So, let's look for an answer to, **Is it better to rent or buy a home in the current Canadian market?**
Having your own home is still a dream for many Canadian residents. Purchasing a residence not only provides you with increased social standing, it also proves to be a good financial investment in the long run.
However, the annual cost of owning a residence is higher compared to a rented house. There is a very crucial aspect to be considered. Mortgage costs include both principal and interest, and the principal part can be viewed as a form of imposed saving. That's not it, there are so many factors to impact your decision.
**Canadian Real Estate Market: Current Market Trends**
------------------------------------------------------
A previous study concluded that individuals who can afford a down payment should buy a house in Canada as they are more financially sound and capable of owning a home. The study showed that out of 90 percent, over 30 percent of owners were capable of providing a down payment.
Another survey indicated that out of 278 cases analyzed, about 250 of them have the overall cost of ownership lower than renting a house. All these analyses paint a single conclusion that buying a house is more beneficial than renting one.
Ah.... take a deep breath! Does this still hold true? Did you checkout the rising mortgage interest rates and the restrictions imposed by the Government to control the soaring housing prices in Canada? Will it cool down the real estate market? Or we are heading towards something different? No doubt, it will impact our purchasing power and reduce the mortgage eligibility, thereby putting tighter controls on the housing market.
**Renting vs. Buying Home**: Pros & Cons
----------------------------------------
With so many different variables when buying a home, it is necessary to weigh all the positives and negatives properly:
### **Pros of Buying a Home**
Here are some pros of purchasing a home:
**1\. Better Wealth Creation**
------------------------------
When you pay your monthly mortgage installments, you generate capital. With each passing installment, you get one step closer to owning the property completely and thus converting it into a personal asset. It is something you won't be able to achieve while living in a rented house.
**2\. A Sound Investment Decision**
-----------------------------------
Since the population is rising at a breakneck speed, there will be a need for more space in the future. Thus owning a house is like sitting on a pile of gold. As it has been observed down the line that house prices always go up, owning a house can be beneficial to you in the long term. After all, Canada is the cherished destination of immigrants wishing to settle abroad. The Government is also trying to make housing affordable. May it be through expanding **[new construction projects](https://getnewhouse.ca/blog/is-new-construction-good-investment-property-ontario-canada/)** across cities or increasing supply to tackle the housing crisis.
**3\. Security**
----------------
The best part about owning a house is paying a certain fixed amount as written in your mortgage agreement. However, there is no way to predict when the landlord will increase the rent in a rented space. Thus, buying a house seems to be a more secure investment.
### **Cons of Buying a Home**
Below are some cons of purchasing a house:
**1\. Big Deal with Huge Money**
--------------------------------
Owning a home can also prove to be difficult for some. The very first reason is when you purchase a home, you make a financial commitment. Buying a home involves a huge sum of money, may it be in the form of a down payment, closing cost, repair or renovation, etc.
Further, you cannot sell your property overnight or refuse to pay the mortgages. Although there are companies specifically to expedite the selling process if you want to sell the house, getting a home is only fruitful if you hold it for around 6-7 years.
**2\. Repair & Maintenance Cost**
---------------------------------
Sometimes getting a house can mean trouble for your wallet. If you live in a rented house, you won't be worried about upkeep costs as it will be the landlord's duty. However, living in your own house can be expensive as there are many maintenance-related costs for a new house.
**Pros of Renting a Home**
--------------------------
Here are some pros of living in a rented home:
**1\. Easy on the pocket**
--------------------------
Rent payments are typically lower than house payments and may encompass other expenses such as utility services, hydro, tv service, and internet. Though, it may not always hold true, since rents also sky-rocket in some parts of Canada.
**2\. Adaptability**
--------------------
Renting gives you the most versatility in the Airbnb era. Most leaseholds are for one year, but it is possible to negotiate a month-to-month contract. You could look for short-term renting through a home-lending webpage. If you have a sense of wonder or a fear of commitment, renting may be the best option.
**3\. Negligible Repair Costs**
-------------------------------
Living in a rented house can be cheaper than living in a newly bought house. Since you are paying rent, the landlord has all the responsibilities for making the required maintenance. It is not the case with buying a house.
**Cons of a Renting a Home**
----------------------------
Here are some cons of living in a rented home:
### **1\. Not always a wise Investment Choice**
Renters miss out on building equity because they avoid having to take out a monthly payment and pay the bills for operating a house. Instead, your monthly lease payment is used to pay someone else's mortgage.
### 2\. **No Sense of Security**
The landlord may raise the rent following relevant laws. A rise in your rental payments may prompt you to begin packing.
Renting vs. Buying Home: Which is better?
-----------------------------------------
When talking about Renting vs. Buying a house, neither option is superior. There is no simple answer to this age-old question, and it will necessitate some soul-searching and number-crunching on your part.
Moreover, the [**rising mortgage interest rates**](https://getnewhouse.ca/blog/what-does-higher-interest-mean-for-housing-market-in-canada) have further widened the dilemma of Renting vs. Buying a Home.
What's best for you will be determined largely by your existing personal and financial scenario and your objectives and location. **Renting or Buying a House**, whichever decision you take, do consider the latest trends, analyze your pocket and then decide what you want. Feel free to discuss.
Why are houses so expensive in Canada compared to United States?
Homes in Canada are usually expensive than in the United States, and recent data also proves this point. On an average, a Canadian home costs around CAD 701,815 (USD 562,131), while in the US, this is approximately USD 395,000 (CAD 494,628). Surprising isn't? but there are many factors responsible for this price difference. Let's take a closer look at these factors.
## Factors responsible for higher houses price in Canada
The main factors for higher price of houses in Canada are-
## 1. Higher Demand for Homes
The demand for homes in Canada has been higher than the available supply for years which creates competitiveness in real estate market. This higher demand allows the seller to sell to the highest bidder, sometimes above the home’s current value.
## 2. Low Interest rates
Another reasons for higher house price in Canada is the low interest rates that are set by the Bank of Canada. At present, the interest rate is at a record low i.e., 0.25% which makes it easier for people to get mortgages and buy homes. This has led to a higher demand for homes and, in turn, increased prices.
On the other hand, the US Federal Reserve raised interest rates several times, thereby reducing demand for homes and cooling off the housing market.
## Foreign Investors Interest
Foreign investment has fueld-up the home prices in Canada, particularly in provinces such as Ontario and British Columbia where Foreign investors participate actively. They buy homes here to rent or sell them later for profit, thereby making the market competitive.
According to a report released by Statistics Canada, investors have been behind one-fifth of home purchases since the pandemic started, with the majority of them coming from China. In Toronto, investors account for 22.7% of home purchases in February 2022. To limit investors' purchase of homes and prevent further price increases, some cities have implemented foreigner taxes, such as Toronto's 15% tax on all home purchases by those who aren't permanent residents or citizens of Canada.
## Immigration
Canada welcomes thousands of immigrants every year, and this influx of people increases demand for housing. The country's immigration policies are aimed at combatting population decline, but it also creates pressure on the housing market.
In 2021, Canada announced plans to welcome over 400,000 new immigrants annually. While it's hard to quantify how immigration affects housing prices, the increase in demand due to new residents and their families seeking homes has undoubtedly contributed to the country's high housing prices.
## Why are houses so expensive in Canada compared to United States?
The main factors includes, the high home demand, low-interest rates, foreign investment, and immigration which is not the case in US. But there are plus points of these factors also, i.e., they are also driving growth in the real estate industry, making it an attractive investment opportunity for those who can afford it.
Why is Immigration good for Canada?
Are you planning to immigrate to Canada? Great News! But, have you ever analyzed, **Why is Immigration good for Canada?** Let's understand why Canada welcomes more people and why it will keep doing so in the coming years.
Immigration to Canada
---------------------
**Immigration to Canada** has increased since the anti-immigration scandals and policies in the United States. Many immigrants are now choosing Canada as a place to start a new life. These have put the country on the world stage as an alternative place to live their dreams. Canada has always been a country that welcomes immigrants. But the United States' recent approach to immigration has led more immigrants to turn to Canada as an alternative.
Why Immigration is good for Canadian Economy?
---------------------------------------------
Read on as we explain why immigrants are beneficial to Canada's economy.
1\. Boost the Canadian Economy
------------------------------
The number of people working and paying taxes in every country is often the strength of its economy. Immigrants fill gaps in the labour force, pay taxes, and spend money on goods, housing, and transportation. The money helps in funding the country's public services.
Canada needs qualified people to fill in various vacancies across its different provinces. Professionals or investors, whoever comes will be boosting the Canadian economy in one way or the other.
2\. Meet Labour Market Needs
----------------------------
Canada’s labour force has continued to grow every year due to immigrants. If it weren’t for immigrants, employers would have trouble finding enough qualified workers to fill available jobs. This is because Canadians are living longer and having fewer children. More people are also retiring, and there are fewer students in schools. These have limited the Canadian-born potential workers.
Moreover, there has been an acute shortage of staff in a number of fields. So, the immigrants coming to Canada will help reduce this gap.
3\. Improve Health and Social services
--------------------------------------
Many immigrants in Canada are young and economically active. They contribute more than they receive in benefits over their lifetime. According to reports, more than 335,000 immigrants work in health-related occupations. 20% of people as sports coaches in Canada are immigrants. One-third of people working in scientific research and development services are non-Canadians.
Further, immigrant doctors, nurses, other staff, etc. can contribute in improving the stressed healthcare system in the country. However, this is possible after attaining the necessary qualification and experience.
4\. Sustain Canada's Education System
-------------------------------------
International students contribute more than $21 billion to the Canadian economy every year. These include student spending and tuition. This is more than Canada’s exports of auto parts and lumber. International education is also an important pillar of Canada’s long-term competitiveness. More than 20% of all students enrolled in maths, computer, and information sciences programs are non-Canadians.
Also, 15% of students enrolled in architecture, engineering, and related programs are international students. These expose Canadians to new cultures and ideas. It also stimulates innovation and develops cross-cultural competencies in the country.
And, a number of these students stay on work permits or become Permanent Residents and then citizens. So, gradually they become a crucial part of the country's growth.
5\. Improve Trade Ties
----------------------
Many immigrants in Canada are entrepreneurial. They create jobs for Canadians and non-Canadians in all sectors of the country. These include construction, health care, retail trades, professional services, and many more. Immigrants have a desire to import goods from their home countries. They also export more because of their networks in their home countries. These broaden the variety of imports to export Canada, improving trade ties.
Why Immigration is important for Canada?
----------------------------------------
Talking specifically, immigration is essential for the progress of a developed country like Canada. Here are the reasons to justify it.
1\. Support Ageing Population
-----------------------------
The Canadian government uses the income tax paid by people working in Canada to support retired Canadians. Immigrants working in Canada have helped keep the economy growing and maintain its commitments to retired workers. Without immigrants, younger Canadians would pay more income tax per person. According to reports, 80% of working immigrants are under 45 years. This means they will have plenty of working years. These will also sustain the ageing Canadians
2\. Adjust to Canadian Society
------------------------------
The earnings of immigrants often match those of an average Canadian after a few years. These give them a sense of belonging. Some economic immigrants also catch up much more quickly within their first year. These make them more active in Canadian society, and many of them are members of social organizations.
3\. Real Estate Investment in Canada
------------------------------------
The great thing about investing in real estate in Canada is that it has no shortage of options. You can buy the property and manage it yourself. You can also take a hands-off approach and invest in a fund. Ultimately, you will find a method that fits your budget and schedule. Let’s look at the common ways to invest in real estate to know which ones might be best for you.
### Buy a House
When you [**buy a home as new immigrant**](https://getnewhouse.ca/blog/can-new-immigrant-buy-house-in-canada/), you are putting your money in a long-term investment called _equity_. As your home increases in value, your equity increases. Also, you get a tax exemption for capital gain if you live there for most of the year.
### Buy Commercial Properties
Investing in commercial property means buying and renting out space where people will work. Commercial property includes malls, shopping centres, industrial complexes, grocery stores, and offices. But it requires a large upfront investment.
### **Rent out Residential Properties**
Becoming a landlord is not a bad idea as more Canadians are renting for long periods. As a property investor, you could rent out single-family homes, condos, apartments, duplexes, or even townhouses. These produce extra cash flow, and you could also benefit from the long-term appreciation of your property.
**Real estate investment** could be a smart choice as an immigrant in Canada. You can also diversify your investments and create a solid stream of income till your retirement.
You may also like to explore [**Best Place in Canada for Indian Immigrants**](https://getnewhouse.ca/blog/which-is-the-best-place-to-live-in-canada-for-indian-immigrants)
Immigration in Canada
---------------------
To conclude, we can say that immigrants contribute immensely to the Canadian economy. Not only do immigrants to Canada fill in the labour shortage gaps, but play a vital role in the country's progress.
10 Best Toronto Suburbs for Families to Live & Grow
**Are you planning to move to a sub-urban area in Ontario, Canada?** Looking towards The Toronto suburbs, its popular areas you can stay with your family and enjoy? **Here we have covered the Best Toronto suburbs for families to live**. May it be renting or buying a home, these family-friendly neighbourhoods should be on your research list.
About Toronto: The Capital City of Ontario
------------------------------------------
Toronto is one of the most sought-after cities in Northern America. It is a city that has attracted thousands of immigrants, investors, and entrepreneurs. It's well-developed with efficient public facilities for its residents. This has made Toronto a prime spot for real estate investments.
Even though investors know that housing is getting expensive, they still rush to purchase properties in the **Toronto suburbs**. They know that owning property there is a long-term investment that can yield money. If they don't purchase a property now, the selling price will rise in the future.
Nonetheless, not all cities in Toronto have expensive housing. Some Toronto cities have lower real estate prices than other cities. They also provide many housing benefits and facilities to homeowners and their families. Therefore, take this opportunity to purchase some affordable properties in the Toronto suburbs.
You also have a lot of [fun activities to do in Toronto](https://getnewhouse.ca/blog/what-are-best-fun-activities-in-toronto-in-ontario-in-canada-for-adults), and that makes it a popular tourist destination as well.
**Best Toronto Suburbs** for Families to Move in
------------------------------------------------
So, here is an exclusive list of some of the **Best Toronto Suburbs** to choose from.
### 1\. Davisville Village/St. Clair:
It's a quiet town that is the go-to place for families to settle down because it's peaceful and affordable. Working-class people are also attracted to this town. Houses in this town are far less expensive than in other towns. The quietness, homeliness, and less population make it an ideal place to raise a family. It has a park and walking areas for families to enjoy a quiet evening walk together.
### 2\. Kensington Market:
It's a multicultural town that's older and well known than other towns in Toronto. It is the most ideal place for families to live in. It has many streets that boast thrift shopping centers, bars, bookshops, cafés, eateries, and playgrounds. All these are also within walking distance from each other. Moreover, they are easily accessible to the residents of the town. It has commercial areas that are close together.
### 3\. Brampton:
This is a rapidly growing town when it comes to urbanization and real estate. It has schools, innovation/research centers, and shopping centers. The city provides different modes of transport to its residents. The town is not as large as other towns in Toronto, but it is still family-friendly. Due to its small size, it is not as noisy as other towns. It is attracting property investors and developers to develop and invest in the town. If you want a quiet, but affordable neighborhood for your family, Brampton is a good choice.
One of the popular destination for [**new immigrants to Canada**](https://getnewhouse.ca/blog/why-is-immigration-good-for-canada/), Brampton ranks high amongst best Toronto suburbs to live and grow.
### 4\. Etobicoke:
This is a family-friendly town for families in Toronto. It's popular among families that have kids due to its friendly environment. It has more facilities than other towns. There are well-equipped schools, shopping centers, eateries, and different transport facilities. The transport facilities make it easy to take your children to school and for you to go to work. Residents from other cities can easily get access to Etobicoke. Real estate in Etobicoke is cheaper and rapidly growing.
### 5\. Oakville:
Houses are cheaper here, and the town is close to major cities, too. [**Oakville in Ontario**](https://getnewhouse.ca/blog/is-oakville-ontario-canada-good-place-to-live/) has a relatively large population, which has increased the need for more houses. Several investors have taken advantage of this to invest in properties. Your family will not be bored in this town because it has several places of attraction like shopping centers, art centers, and beautiful harbors.
### 6\. Markham:
This is one of the **best Toronto suburbs** and can be found on the northern side of Toronto. The town's population is larger than other towns in Toronto. It is an industrial town that houses hundreds of businesses. You can find many I.T firms, corporate organizations, and research firms in this town. It's a **GTA** town because it's close to major cities in Toronto, hence, it's a prime real estate spot. There is public transport available to take residents to cities within thirty to forty minutes. Therefore, it isn't rare to see people have jobs in the city, but have their residential areas in Markham.
### 7\. Pickering:
This suburb is a **GTA** (Geographical Target Area) in Toronto. It's a small suburb that has a growing population and has seen a rise in property developments. There are freeways in the town that the residents can use free of charge. This makes the town attractive to working families. Pickering is not too far from other cities. Houses in this town are more affordable than in other places in Toronto. As far as safety and standard of living is concerned, [Pickering is a good place to live in Ontario, Canada](https://getnewhouse.ca/blog/is-pickering-ontario-good-place-live-safe).
### 8\. Eglinton West:
Housing in this suburb is cheaper than in other areas. The area is good for those with families or children. There are rail stations and other modes of transport in the area. Residents have access to amenities like malls, eateries, recreation centers, healthcare facilities, sports grounds, libraries, and so on. There are also places of attraction you can take your family to. They are; parks, creek valleys, ponds, and rivers.
### 9\. Vaughan:
This town ranks high on the list of the best suburbs for families. It's another prime spot for real estate developers and investors. It's a rapidly growing suburb that is seeing an influx of residents. The town is an urban area that has various amenities for its population. There's a direct subway that connects to major cities. You can also find high-rise offices and corporate organizations in Vaughan. If you'd like your family to live in this town, then buy a property now before the price increases. It'll also be a form of investment for your family in the future.
### 10\. West Queen West:
This town is more known for providing all facilities and amenities to its residents. It's a cool town that has many recreation centers for its residents of all ages. Furthermore, you can find vintage boutiques that cater to vintage fashion lovers. The town has record shops and art centers that entertain residents and visitors.
You may also explore, [Is Burlington Ontario is a good place to live and settle down?](https://getnewhouse.ca/blog/is-burlington-a-good-place-to-live-ontario)
### **Which is** the Best Toronto Suburb to live?
Now that you have discovered these family-friendly suburbs, choose wisely. Find a safe and good **Toronto suburb** to live in and pursue your dreams. Do thorough analysis of the dynamic housing market and then only make a purchase.
Also, don't miss to learn [**7 Reasons to Live in Stoney Creek, Ontario, Canada**](https://getnewhouse.ca/blog/reasons-to-live-in-stoney-creek-ontario-canada/)
Lots of people are leaving big cities for suburbs due to the cheaper real estate and better environments. So, if you delay now, you might miss the chance to purchase an affordable house for your family. Purchasing a house in any Toronto suburbs also doubles as a form of investment for you and your family.
But wait!! Buying a House involves huge investment! [**Renting or Buying a House in Canada**](https://getnewhouse.ca/blog/renting-vs-buying-home-canada-better/) is indeed a big decision. So, be very careful and consider all the pros and cons of staying at a particular place. Renting for a short period at your selected suburb before actually buying a property therein could be a great way to experience the real situation.
So, which is your favorite Toronto suburb and why so? Do share your views.
Is Redfin available in Canada?
Redfin is an online brokerage platform that aims to make the buying and selling process more efficient. Redfin offers sellers the option to list their properties for as little as 1% commission, and buyers have access to agents who can help them find the newest listings, tour properties, and submit offers.
Redfin is actually a US-based online residential real estate brokerage company that operates in some American cities. However, a lot of people are curious about its accessibility in Canada. Let's find out if it is available in Canada or not.
## Is Redfin available in Canada?
**Yes, Redfin is available in Canada**. In 2019, the company launched a national Canadian real estate search site, began offering full-service agents to homebuyers and sellers in the greater Toronto area at a one percent listing fee, and gradually expaning to cover Canada's major cities.
Customers can browse every home for sale listed online by agents in most Canadian provinces using the company's website and mobile application. Additionally, Redfin's Book feature allows homebuyers to schedule a home showing with an agent with just a few taps on a smartphone.
## Where does Redfin find listings?
Redfin gets its listings from the Multiple Listing Service (MLS), an online real estate database that is frequently updated by real estate agents to guarantee the highest level of accuracy. This data is also used to compare listings in your preferred neighborhood and locate the most precise pricing predictions.
## Is the Redfin Estimate available in Canada?
No, the Redfin estimate is not yet accessible in Canada, but this feature is anticipated to arrive there soon.
However, many other features, including Redfin Hot Homes and Search by School, will also be accessible soon. Redfin buyers can use these features to learn when to act quickly by learning whether a home is likely to sell in two weeks or less based on the proprietary algorithm. They can also search all homes for sale served by a specific school.
## Redfin is available in Canada
Redfin offers brokerage, rental, lending, title insurance, and renovation services to assist people in finding housing in Canada. The company keeps launching new features to provide more comfort to its customers. It has recently introduced a new feature that shows zoning details on home detail pages. As of now, more than 70 million homes' zoning information is available on its platform, making it the first real estate website to do so.
Who can buy real estate in Canada?
In recent years, the Canadian real estate market has attracted global attention, with many foreign investors hoping to invest in the market as a place to park their money as well as for potential rental cash flows.
Additionally, Canada is a well-liked destination for immigrants, and many of them intend to settle there by purchasing real estate. However, there are a few things you should be aware of before attempting to purchase a home in Canada, whether it be for investment purposes or as a primary residence.
## Who can buy real estate in Canada?
Canada did not have any restrictions for non-residents willing to purchase a property until recently. Anyone is free to purchase any number of homes they desire. But in some parts of Ontario, including Kingston, Toronto, and Ottawa, among others, a non-resident is charged a 15 percent non-resident speculation tax on any property they buy with interest.
In addition, a non-resident must put down 35 percent of the purchase price in cash, with the remaining 65 percent being financed. And it usually takes between 60 and 90 days to complete the home purchase. It might only take a month if the house is empty.
## Is there any restriction on buying property in Canada?
The federal government included the Prohibition on the Purchase of Residential Property by Non-Canadians Act (the "Act") in its 2022 budget in an effort to lower housing costs. The law forbids non-Canadians from directly or indirectly purchasing residential property in Canada for a period of two years. It received Royal Assent as part of Bill C-19 on June 23, 2022, and is anticipated to go into effect on January 1, 2023.
Although some of the ban's most important elements have not yet been decided and will be covered by additional regulations (the "Anticipated Regulations") later this year.
## Buying real estate in Canada
In Canada, there are no restrictions on purchasing property as of 2022. However, the foreign home buyer ban is going to be implemented to control the soaring Canadian real estate market. Anyone, whether they are a resident or not, is eligible to purchase real estate in Canada as long as they meet the requirements and submit the required paperwork.