Who owns Diamond Kilmer?

Diamond Kilmer developments is a partnership between Diamond Corp and Kilmer Group. Stephen Diamond is the Chairman of Diamond Kilmer Developments. He is also the Chief Executive Officer of DiamondCorp. Ken Tanenbaum is the CEO of Diamond Kilmer developments. He is the founder and Chairman of Kilmer Developments, which has had a leading role in the construction and operations of projects like ONroute Highway Service Centres, the Pan Am Athletes’ Village, the West Village at Port Credit and the Province’s West Don Lands Rental Housing program.

Last Updated:

2023-05-10

Diamond Kilmer Reviews in GTA

We are looking to invest in one of the projects of Diamond Kilmer developments. I wonder if any of the members in this community has any experience with Diamond Kilmer's work. Any feedback on construction quality and customer service is highly appreciated.

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.

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.

What are best fun activities in Toronto in Ontario in Canada for adults?

Are you a tourist in Canada or a resident looking to spend some quality time in the beautiful city of Toronto? Wondering, what are the best fun activities in Toronto in Ontario, Canada for adults? Let's grab few ideas to relax and spend your weekend or holidays in Toronto: ## Toronto: Capital of Ontario Toronto is the capital of Ontario, a big city with lots of things to do. It's a popular destination for tourists and locals alike. ## Best Fun Activities and Things in Toronto for Adults Here are some of the coolest things you can do in Toronto if you're looking for something fun and unique! ## 1. Walk along a boardwalk! One of the most fun things you can do in Toronto is to walk along a boardwalk. Whether you’re going to the beach and walking along the water, or whether you’re going to a park and walking around their boardwalk, there are so many different ways to enjoy this activity! It’s a great way for adults to get some exercise while having some fun too. ## 2. Toronto beaches! Toronto has a ton of beaches. It also has a lot of different types of beaches, so you can pick the one that's best for your needs. **Scarborough Bluffs -** A favorite of tourists, because it's close to downtown, but feels like you're way out in nature. The hike down is steep and strenuous, but worth it once you get there. There are amazing views of Lake Ontario and it's one of the only places where you can see the skyline from water level. There are also trails that lead to other beaches along the bluffs as well as access points at Woodbine Park or Pottery Road Park in Kew Beach Village. **Cherry Beach -** This beach is right next door to Woodbine Park which also has an amazing playground! It features tons of activities including volleyball courts, an outdoor swimming pool during summer months and even a skateboard park! It’s also got great sunsets! ## 3. Explore the CN Tower (rather than just go up it)! The CN Tower is a major landmark in Toronto. It's a 1,815 foot tower that offers an incredible view of the city from its peak. If you want to get up close and personal with this iconic structure, there are several ways to do it: 1. Take the glass floor elevator to the top. You can experience an even better view than what you'd have at ground level by taking this ride! 2. Check out the exhibits on your way down. There are interactive exhibits at each level of the tower that teach you more about how it was built and what goes on inside of it. 3. Eat at its restaurant or shop in its gift shop after your visit! ## 4. Check out a cool museum! Toronto has a handful of museums. Some are free, some you have to pay for. Some are interesting, some are boring. But they're all worth checking out if you want to learn more about the city's history and culture! **The Royal Ontario Museum (ROM)** is one of Toronto's biggest museums offering a bunch of cool interactive exhibits that explore everything from dinosaurs to ancient Egypt. You'll also find lots of artifacts from around the world that were donated by private collectors over the year. Everything from stuffed animals preserved in jars to old books written in languages you don't understand! ## 5. Go on a scavenger hunt! A scavenger hunt is a great way to have fun with friends, family and co-workers. You can also do it as an activity on your own, or in groups of any size. The idea is that you take on a task; in this case, you will be given a list of items to find throughout the city (or wherever you're playing the game). You then have to go out into public places like parks and malls and find those items before returning them to where they belong such as at a specific store or restaurant. There are plenty of places online where you can organize your own scavenger hunt. There are also many apps available that will help keep track of all participants' progress during the event. ## 6. Check out a film festival! A film festival is an event when a city hosts many films simultaneously. You can see different kinds of films, from documentaries to comedies to dramas, and each one will have something to offer you. There are many film festivals in Toronto! Some of them include: **Festival du Nouveau Cinema –** A French-language film festival focusing on emerging filmmakers **Cinepocalypse Film Festival –** A horror movie marathon with screenings at multiple venues across the city (you can even catch it at the Royal Ontario Museum) **Fantasia International Film Festival –** This festival showcases fantasy, science fiction and horror films from around the world There are also several other great festivals with different themes like animation or comedy. Not only this, you can enjoy international fests like Toronto’s own Hot Docs that focus on documentaries. Be sure to check out TIFF Kids if you have kids because they put on special events for families during their run! ## 7. Explore the Cultural Stuff Toronto is the cultural capital of Ontario, Canada. There are many museums, galleries and festivals you could visit. **Museums:** As discussed above, The **Royal Ontario Museum (ROM)** has permanent exhibits about dinosaurs, animals from around the world and Canada's First Peoples. It also has special exhibitions like an exhibit on mummies coming in 2020. **The Gardiner Museum of Ceramic Art** focuses on ceramics from different cultures around the world, including Japan and South America. **The Art Gallery of Ontario (AGO)** has paintings from many different artists from all over history. It is a great place to learn about art while you're there! **Galleries:** Toronto has lots of art galleries too! Some examples include **McMichael Canadian Art Collection** which features works by members of Group of Seven; **National Ballet School Gallery** which showcases contemporary dance by local artists. You can alos visit the **Space gallery** that hosts shows and group exhibitions featuring work by emerging artists. ## Best Fun Activities in Toronto for Adults Toronto is a great city to visit and there are numerous fun things to do here. So, what are you waiting for? Don't miss to explore the beauty and cultural diversity in the city. If you’re visiting, don’t just focus on the CN Tower, Harbourfront Centre and the soaring skyscrapers. There are plenty of other activities available for adults! Enjoy your day and look for other exciting attractions in Toronto and nearby cities.

What is pre-construction vs resale of house or condominium?

Buying a home is the one of the important and biggest decision of life. As, most of us work to have our dream home where we can create a little own world. But it's equally difficult especially when we have choices like pre-construction or resale home. So, today we will help you to decide which one you can consider. As for some resale works while pre-construction does for others. Let's examine the major highlights of the pre-construction and resale properties in order to determine which may be best for you. ## What is pre-construction vs resale of house or condominium? The decision between pre-construction and resale ultimately comes down to personal preferences and priorities. As both options have their advantages and disadvantages so, let's explore- ## 1. Customization Everybody has their own interior and exterior choices and they want their home to be planned that way and that's what pre-construction condo offer. People can customize their home or condo the way they want. Buyers can work with developers to design layouts, choose finishes, and add features that fit their dream home. But these options are not available in they go for resale properties as they are generally sold as-is, with little to no option for customization. ## 2. Price Pre-development properties are oftentimes sold at a lower price point than resale properties, making them an appealing choice for buyers on a strict budget. Additionally, sellers may give motivating forces to purchasers, for example, upgraded features or lower shutting costs, to encourage them to purchase pre-development properties. In contrast, resale properties tend to be more expensive due to the established value of the property and the location. ## 3. Timeline One of the downsides of pre-construction properties is the timeline. Buyers may have to wait several months or even years for construction to be completed and occupancy to be granted. This can be a significant drawback for buyers who need to move quickly. Resale properties, on the other hand, offer immediate occupancy, allowing buyers to move in right away. ## 4. Neighborhood The community should be taken into account while choosing between pre-construction and resale residences. Pre-construction homes are frequently found in newly constructed neighbourhoods that lack amenities and infrastructure. Resale houses, on the other hand, are frequently found in established neighborhood with facilities like schools, parks, and shopping malls already in place. ## Choice of Pre-construction vs Resale condominium While deciding between pre-construction and second hand homes, it's crucial to carefully take into account your individual preferences, interests, and financial situation. Each choice has pros and downsides. Homes that are still under construction provide more customization and a lesser price, but prospective purchasers must have the patience to wait until the development is finished. Even though resale homes cost more, they are already occupied and in a recognised neighbourhood. Hence, it's crucial to consider all of your possibilities before making a choice that meets your specific needs and tastes.

Who qualifies for Canada First Time Home Buyer Incentive?

The Canada First Time Home Buyer Incentive program is launched by the Canadian Government to help people buy their first home. But, it's essential to meet specific requirements and eligibility criteria to benefit from the program. So, here we will learn who qualifies for the Canada First Time Home Buyer Incentive. ## Who qualifies for Canada First Time Home Buyer Incentive? To be eligible for the Canada First Time Home Buyer Incentive, there are certain requirements that must be met, here are they- ## 1. First Home Purchase The first and most important criterion for eligibility is that the buyer must not own any house before that and it should be his first home. This means if you own any home then you will not be eligible for this. ## 2. Down Payment Secondly, to participate in the program, the buyer must have a minimum down payment of 5% of the purchase price. This can come from personal savings, a loan, or a gift from family. ## 3. Qualifying Income Thirdly, the buyer's yearly income cannot be more than $120,000, including everyone listed on the mortgage application. even if they are not first-time homebuyers. ## 4. Purchase Price Finally, the home's price cannot exceed $500,000, which makes the program available to more people and prevents it from being used for expensive properties. ## 5. Other Considerations As the program's main focus is to help people who are actually struggling to buy a home. Additionally, there are certain restrictions or say limits on the use of the shared equity mortgage. For example, you cannot use it for financing a rental property or a vacation home. ## 6. Repayment Another important point to keep in mind is that, you will need to pay back the shared equity mortgage when you will sell the home or after 25 years of buying, whichever comes first. ## Canada First Time Home Buyer Incentive First Time Home Buyer Incentive is a useful program if you are a first time home buyer and can't afford buying a home. But this is beneficial only if you understand the eligibility criteria, the restrictions on the use of the shared equity mortgage and it's repayment time properly. So, firstly understand it the program and only then go for it.

What are some common real estate investment strategies in Canada?

Real estate is a popular investment option in Canada, as it offers various opportunities for investors to make money. Whether you're looking for a short-term or long-term investment, there are several strategies you can use to invest in real estate in Canada. So, today we'll explore some common real estate investment strategies in Canada. ## What are some common real estate investment strategies in Canada? Here are the most popular real estate investment methods in Canada- ## 1. Rental Property Investing One of the most popular strategies for investing in real estate in Canada is rental property investing. This involves purchasing a property and renting it out to tenants. The rent you receive from tenants can generate a steady cash flow, and over time, the property's value can appreciate. To be successful with rental property investing, you'll need to find a location where rental demand is high and ensure that the rental income covers your expenses, including mortgage payments, property taxes, and maintenance costs. ## 2. Fix and Flip Investing Fix and flip investing involves buying a distressed property, renovating it, and then selling it for a profit. This strategy can be lucrative, but it requires a lot of work, knowledge, and capital to succeed. You'll need to have a good understanding of the local real estate market to know what types of properties are in demand and how much they can sell for after renovation. You'll also need to be able to manage the renovation process and have access to financing to cover the costs. ## 3. Mortgage Investing Mortgage investing involves lending money to other investors who are purchasing real estate. As a lender, you can earn interest on the loan, and the investor can use the funds to purchase a property. This strategy can be less hands-on than rental property or fix and flip investing, but it comes with its own set of risks. You'll need to carefully vet the borrower and the property they're purchasing to ensure that they're a good risk. ## 4. Commercial Property Investing Investing in commercial real estate can be another way to diversify your real estate portfolio. This strategy involves purchasing properties like office buildings, retail spaces, or industrial properties and renting them out to businesses. Commercial properties can generate significant rental income, and leases are often longer-term than residential leases. However, investing in commercial properties can require a more significant capital investment than residential properties. ## 5. Real Estate Investment Trusts (REITs) A real estate investment trust, or REIT, is a company that owns and manages a portfolio of income-generating properties. By investing in a REIT, you can own a small part of a diversified real estate portfolio without needing to purchase and manage properties yourself. REITs can provide a steady stream of passive income, and they can be traded like stocks. However, investing in REITs does come with risks, including market fluctuations and management decisions. ## Common real estate investment strategies in Canada There are several real estate investment strategies in Canada that can help you achieve your investment goals. The right strategy for you will depend on your financial situation, risk tolerance, and investment objectives. Whether you're looking for a short-term or long-term investment, rental property, fix and flip, mortgage investing, vacation rental, commercial property investing, and REITs are all viable options to consider.

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.

Is Oakville in Ontario (Canada) a good place to live?

**Have you heard of Oakville in Ontario, Canada? Wondering if Oakville is a good place to live.** Let's get a clear picture of the pros and cons of living in a sub-urban city like Oakville. To move from where you've previously to another new area is an exciting, but a tiring prospect. Not only do you need to research good places to live in, but you also need to plan, prepare, pack, and move. The packing process is sometimes fun, whereas the unpacking process is quite tedious. So, if you are thinking of moving to a new area in Canada, research the area. Find out if the place is safe for your family, conducive, and affordable to live in. One prime example of a good place you can move to is Oakville, Canada. Think about nature, places of attraction, ease of transport, affordable housing, and low crime rates, **Oakville** has it all. In addition, you can invest in **real estate** in **Oakville**. Oakville in Ontario, Canada - A Glimpse --------------------------------------- Oakville is located in Ontario, Canada, in the northern part of the American continent. It is the biggest town among all towns in Ontario, with thousands of residents living there. When you look at the Canadian map, you will find Oakville on Lake Ontario. It is also closer to Ontario, but retains its suburban look and features. Therefore, it's a **good place to live** for people who love quiet areas. Furthermore, Oakville is surrounded by wonderful places of attraction and nature. It's a place where you can rest assured of your family's safety. You can take your family out to enjoy the calming atmosphere of the Oakville environment. It's no wonder Canadians are relocating to Oakville every day. Oakville Climate and Weather Conditions --------------------------------------- Oakville's climate can be described as humid, especially in the summer season. In the winter season, Oakville has a dry and freezing temperature with lots of wind. However, Oakville doesn't freeze below three degrees, unlike other towns. According to weather statistics, Oakville has hot summers, so much so that people find ways to cool off. It can rise as high as ninety degrees during the hottest days. Oakville Governing Council/Bodies --------------------------------- The town has a governing town council that comprises the council members and the mayor. In addition, Oakville is divided into two provinces, and each province has its own representative members. You may also like to explore [Best Toronto Suburbs for Families to Live & Grow](https://getnewhouse.ca/blog/10-best-toronto-suburbs-for-families-to-live-and-grow) How Can You Benefit From Living in Oakville? -------------------------------------------- Oakville Town has many things to offer its residents. Residents don't need to go to other towns to enjoy their parks. They can stay in Oakville and visits the many parks there. The best time to enjoy the parks is during the fall season. There are also lakes with stunning views in Oakville. Sports enthusiasts are not left behind as Oakville offers many outdoor activities. Reasons, why you should stay in Oakville, are: ### 1\. Job Opportunities: It may be due to its small population, but Oakville has different job vacancies for its residents. It is also worthwhile to note that several big firms are present in Oakville. Thus, if you plan to stay there, here are major hiring sectors you may choose from: education, healthcare, transport, automobile, and the government sector. Another employment option is to go and work in Toronto, since it's close by while you live in Oakville. You don't need to worry about transportation because Oakville has different modes of efficient transportation. Additionally, Oakville residents have the highest average income in Canada. ### 2\. Safety: Oakville has a low crime rate, making it one of the safest Canadian towns to live in. The local police monitor the town and ensure the place is safe to live in. The law enforcement officers also maintain law and order in Oakville. ### 3\. Sports Facilities: Sports enthusiasts and families with kids will adore Oakville for providing sports facilities. Nearly every Oakville resident is engaged in one form of sport or the other. Children who are active in sports can choose from golf, baseball, lacrosse, and soccer. Furthermore, Oakville's skating club is known as the largest Canadian skating club. ### 4\. Cultural Diversity: Oakville has a diverse population with different cultures, religions, and traditions. So if you belong to a minority group, you'll feel at home in Oakville. Each cultural group is friendly and accepting of other cultural groups. Whether you are a Christian Muslim, Hindu, Sikh, Judaist, or Buddhist, you'll be welcome and find a place to worship. Additionally, Oakville has thriving arts and culture centers and events in place. They are governed by councils who ensure everything goes smoothly. The Councils conduct film festivals, movie showings, and live stage performances. The town also holds events like concerts in an auditorium for residents to enjoy. ### 5\. Education: Oakville has several universities, high schools, preschools, and kindergartens that are well-equipped. Its educational system is of a good standard. The schools are not too far from each other and have well-qualified teaching and non-teaching staff. ### 6\. Transportation: Oakville has various means of transportation. It has two main highways, a Metro, and a railway station. Similarly, Oakville boasts of an airport that is close to the capital. ### 7\. Places of Attraction: After a hard day at work, the next thing is to relax. Oakville has many relaxing places like the golf courses which are popular in Canada. There are media stations, waterways, lakes, parks, gardens, yacht clubs, and picturesque sceneries. Why You May Re-Consider Living In Oakville? The Downsides --------------------------------------------------------- No matter how beautiful a place is, it'll still have its downsides. Here are some things you should know before moving to Oakville. 1. It is expensive to go to restaurants in Oakville, so many residents opt for fast food and takeaways. 2. The best thing is for you to have your own car to make it easy to move around. This is especially good for people with families and young ones. 3. House prices may increase shortly due to Oakville's proximity to Toronto. Do remember to explore the [**Best 10 Cities to Live in Ontario, Canada**](https://getnewhouse.ca/blog/top-10-best-cities-to-live-in-ontario-canada). Is Oakville a good place to live? --------------------------------- Oakville has carved a niche for itself as an I.T and science town. This has attracted lots of **real estate** investors. Property developers continuously submit housing development proposals to the government. To cap it all, the people living in **Oakville** are friendly and accommodating. So be rest assured that if you and your family move there, you'd enjoy the place.

Do I need a real estate agent to sell my house in Canada?

No, it is not mandatory to have a real estate agent to sell your house in the Canadian real estate market. You can set the selling price, do the marketing yourself, and show and negotiate offers on your own home without the help of a real estate agent. However, it is a common trend to take the help of a real estate agent while selling your home. In fact, over 90% of home sellers in Canada do use a Realtor in order to save time and get better offers. But remember, hiring a real estate agent does carry its own cost, the commission that you will have to pay for the home sale.

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