When it comes to homes and home ownership there are a variety of different types of properties and differing ways you can own them (or part of them). In this article, we will go over the most common styles of properties and the major ownership types.

Over the years the Government of Ontario (and Toronto) have introduced a few programs in order to assist First Time Home Buyers with their first home purchase and ease their entry into the housing market. Here are some details regarding the incentives & programs.

When choosing a mortgage provider, otherwise known as a “lender”, you have a few main options to choose from, these include banks, private lenders, Trust Companies or Credit Unions.

A Mortgage pre-approval is when a potential mortgage lender looks at your finances to find out the maximum amount they will lend you and what interest rate they will charge you.

In addition to lawyer fees, LTT and HST, there are a few other payments that you are expected to make on closing day.

if you are purchasing a newly built home in Toronto as an investment, then there is another payment which you should include under your closing costs, which is Harmonized Sales Tax (HST). Buyers that will be using the new home as their primary residence are exempt from paying HST on the home.

Land Transfer Tax (LTT) is a provincial tax that you, as a home buyer, must pay when purchasing a property. The amount you pay for LTT depends on the province you purchase is located within, as well as the price of your new home.

Are you a foreigner looking to buy a home in Toronto? Here’s what you should know prior to purchasing real estate in Toronto and the surrounding area.