Ajax Pickering Real Estate Blog

There are usually many costs, on top of the buying price, that you must consider when buying a home in Pickering or Ajax. These extra fees, such as taxes and other additional costs come into play whether you’re looking to buy your first home, or trading up to a larger or smaller one. You will be surprised of an unwanted financial nightmare on the closing day if you’re not informed and prepared in advance. However, some of these costs are only one-time fixed payments, while others unfortunately represent an ongoing monthly or yearly commitment. It’s better to know about these costs are ahead of time so you can budget properly, even if they don’t apply in your situation.

Whether it’s your first, second or tenth home, buying real estate is a major milestone and there are many important details to address, during the process. The last thing you need are unbudgeted financial obligations cropping up hours before you take possession of your new home.

Carefully view the following list to make sure you’re budgeting properly for your next move.

1. Appraisal Fee
Your lending institution may request an appraisal of the property, which you will be responsible to pay for. Appraisals can vary in price from approximately $200 - $350.

2. Survey Fee
If the home you purchase is a resale, your lending institution may ask for an updated property survey. The price for this survey can vary between $800 - $1000.

3. Property Taxes
Your lending institution may decide to include your property taxes in your monthly mortgage payments, depending on your down payment. If your property taxes are not added to your monthly payments, ensure to have annual proof that your taxes have been paid.

4. Property Insurance
Home insurance covers the replacement value of your home. Proof that you are insured will be requested by your lending institution will request as it protects their investment on the loan.

5. Legal Fees
A lawyer must be involved to review all paperwork, even of the simplest of home purchases. Shop around, as rates vary greatly depending on the complexity of the issues and the experience of the lawyer.

6. Mortgage Loan Insurance Fee
Depending upon the equity in your home, some mortgages may require mortgage loan insurance. This type of insurance will cost you between 0.5% - 3.5% of the total amount of the mortgage. In addition to your mortgage and tax payment, these payments are also made monthly.

7. Mortgage Brokers Fee
In order to source a lender and organize the financing, you will need a mortgage broker who is entitled to charge you a fee for his/her services. However, it better for you to look around because many mortgage brokers will provide their services free to you by having the lending institution absorb the cost.

8. Moving Costs
The cost for a professional mover can cost you in the range of $50-$100/hour for a van and 3 movers, and 10-20% higher during peak demand seasons, like Christmas or March break.

9. Service Charges
Any new utility that services your hook up, such as telephone or cable, may require an installation fee.

10. Maintenance Fees
In your budget, ensure to have a section for maintenance fees, such as carpet cleaning or deck painting.

11. Water Quality and Quality Certification
If the home you purchased is serviced by a well, you must consider having your water checked regularly. Where you live determines whether or not a fee is charged to certify the quantity and quality of the water reaching your home.

12. Local Improvements
If the town or neighbourhood you live in has made local improvements, such as the addition of sewers or sidewalks, it could impact a property’s taxes by thousands of dollars.

13. Land Transfer Tax
Whenever a property changes hands, this tax will be applied. The amount that is applied can vary from one property to another.

As you can see, taking those extra costs into consideration is very important. You need to budget properly for your next move to avoid facing any financial troubles. Consult your broker or sales associate if any extra costs will be applied to you. Remember, purchasing a home is a major milestone and if you plan your budget accordingly, you will enjoy the best of your home.

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Contact the Jeffrey Team for more information - 416-388-1960

The Bank of Canada announced yesterday that it will leave its key interest rate unchanged, as anticipated by most economists.

In its statement the Bank commented that its current key policy rate is consistent with achieving the inflation target over the medium term. The Bank forecasts that the Canadian economy will grow by 2.6% in 2007, 2.3% in 2008, and 2.5% in 2009, and that inflation will “return to 2% in the second half of 2008.

As a result of this decision, lending institutions in Canada are expected to keep their prime lending rate steady. However, people looking for a new variable-rate mortgage should note a recent mortgage rate trend  on this type of mortgage has been adjusting upwards in recent weeks. Existing variable rate mortgages do remain unchanged but new variable borrowers are paying more.

If you would like to discuss how current trends in mortgage rates impact the best mortgage strategy for you, contact your Real Estate Agent or Mortgage Consultant. He or she can obtain a mortgage pre-approval if you’re wanting to buy a home with a rate hold of up to 120 days, therefore you will know how much you can afford.

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Contact the Jeffrey Team for more information - 416-388-1960

Chestnut Hill Homes offers new Pickering mixed-use community

Situated near Frenchman’s Bay in Pickering, at Bayly Street just east of Whites Road, this master-planned, mixed-use community will offer a transit- and pedestrian-friendly location just minutes from the shops and services of the Pickering Town Centre, as well as the Pickering GO station and Hwy. 401.

Perfect for first-time buyers, young families and empty-nesters looking for value in a superb locale, San Francisco By The Bay provides a unique blend of residential opportunities including approximately 350 condominium suites in 16- and 18-storey towers that share a two-storey podium with approximately 25,500 sq. ft. of retail-commercial suites including live-work units. This area will be ideal for community businesses and services. The podium will also be home to a 12,500-sq.-ft. amenity area with fitness and exercise room, an indoor pool, party room opening onto a deck, multi-purpose room and quiet reading lounge. In the tower lobby, a concierge will offer a range of services for residents.

Suite features include individually controlled heating and air conditioning, a stacked washer and dryer, custom-designed kitchen cabinetry with a ceramic backsplash, four kitchen appliances, custom-designed bathroom cabinetry, a deep soaker bathtub, clear-framed glass shower stalls (as per plan), rich ceramics, engineered laminate flooring, carpeting, structured high-speed wiring and more.

This innovative neighbourhood will also offer 121 well-appointed townhomes designed in varying combinations of brick, stone and/or stucco. These residences come complete with two parking spots, and most designs feature a rooftop garden. Standard features include vinyl casement windows, engineered floor systems, nine-ft. main-floor ceilings, oak staircase spindles and railing in a natural finish, Colonial baseboards and casing, plush broadloom, designer-imported ceramics, custom-styled kitchen cabinetry, breakfast bar and pantry (as per plan).

San Francisco By The Bay’s design is the result of creative input from existing local residents and businesses. The community will encompass sidewalks, and its proximity to public transit and the highway will help reduce fossil fuel consumption and add environmental responsibility to the lifestyle attractiveness here. At its centre, the neighbourhood will feature greenspace, landscaped parkland and a playground. Plus, the developers have given approximately 1.5 acres to the local conservation authority to preserve and enhance the adjacent Douglas ravine.

Townhomes will be priced from the mid-$200’s. High-rise suites include one- and two-bedroom designs, many with dens, and will start in price from the $140’s.

Since being founded nearly a quarter of a century ago, Chestnut Hill Homes has constructed over 5,000 upscale homes and prime commercial developments across the GTA. One of the company’s recent successes, and a tribute to Chestnut Hill’s design and construction excellence, is The Gardens at Queen, located at Queen and Bathurst. This stunning neighbourhood of two-storey townhomes with underground parking was nominated as the Greater Toronto Home Builder Association’s Project of the Year.

The Condo Guide Magazine is an excellent source of housing information for those looking for information on new condos in Ontario, Canada. We offer the most up-to-date information on new condominiums across the greater Toronto area.

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Contact the Jeffrey Team for more information - 416-388-1960