Marilyn Collison Mortgage Agent

What’s ahead for Ontario’s real estate? The latest CMHC report reveals some key insights:

📈 Home Prices: Prices are set to rebound, possibly hitting peak levels by next year and reaching new highs by 2026. Strong population growth and lower mortgage rates will drive this increase.

🏗️ Construction Trends: Despite current challenges, including high financing costs, construction is expected to recover in 2025. Government support and policies for urban density should boost new projects.

🔍 Regional Insights: Ontario will be crucial in the national market, with a projected increase in construction activity. The Prairie provinces may see better performance due to affordable prices and economic strength.

Stay informed about these shifts! For more details or personalized advice, reach out to us today.

Navigating home insurance? Here’s what you need to know:

How It Works: You pay premiums; the insurer covers specific risks and losses. Premiums are pooled to handle claims.

Coverage Includes:
- Damage to Your Home (e.g., fire)
- Personal Belongings (theft or damage)
- Liability (injuries or property damage)
- Comprehensive policies cover everything except listed exclusions.

Common Exclusions:
- Overland flooding
- Sewage backup
- Earthquakes
- Poor maintenance
- Vacant properties

Costs & Savings: Ontarians pay about $1,250/year on average. Save by bundling, upgrading your home, or opting for a higher deductible.

Coverage Needs: Accurately assess your belongings and use online calculators for guidance.

Want More Info? Reach out to us for personalized advice!

Buying a home in Ontario? One important cost to factor in is the Land Transfer Tax (LTT). Here's a quick breakdown of the rates you need to know:

💸 0.5% on amounts up to $55,000
💸 1.0% on amounts over $55,000, up to $250,000
💸 1.5% on amounts over $250,000, up to $400,000
💸 2.0% on amounts over $400,000
💸 2.5% on amounts over $2 million for properties with 1 or 2 single-family residences

This tax is calculated based on the purchase price of the property, so the more you spend, the higher the tax. It’s crucial to budget for this expense to avoid surprises.

Need more details or assistance with your home purchase? 🏡 Reach out to us for personalized advice and support! 📞

Navigating Ontario's real estate market? Here’s how an agent can help:

For Sellers: Agents set your home’s market value, market it, arrange viewings, and guide you through negotiations and closing. They aim for the best price and terms.

For Buyers: Agents help find the right home, prepare offers, and negotiate terms. Their services typically cost you nothing directly, as they earn through the seller’s commission.

Agreements: Sellers sign a Listing Agreement (5-6% commission). Buyers might sign a Buyer Representation Agreement (BRA), committing to one agent but not required.

Duties: Agents follow TRESA rules, ensuring honesty and transparency. They must disclose conflicts of interest, like dual agency.

For personalized advice or more details, reach out to us today! 💬

Rural properties are gaining popularity for their wide-open spaces and tranquil lifestyle. If you're considering a move to Ontario’s countryside, keep these key points in mind:

Understand the Appeal: Enjoy more space, privacy, and beautiful natural surroundings. Rural areas offer a peaceful escape from city life and room to grow.

Check Zoning & Regulations: Verify the property's zoning—agricultural, residential, or commercial—to ensure it fits your plans. Be aware of setback requirements and permissible building types.

Utilities & Infrastructure: Rural living often involves well water, septic systems, and potentially higher electricity delivery charges. Confirm internet reliability and cell phone coverage.

Property Surveys: Use a licensed surveyor to establish property boundaries and avoid legal issues, especially if you plan to build or modify the property.

Environmental Assessments: Consider an environmental assessment to check for potential soil contamination or other hazards before buying.

Ready to explore rural living? Contact us for expert advice and to find your dream property!

Handling multiple offers on your Ontario home? Here’s a quick guide to navigate the process:

Notification: Agents must inform all parties about valid offers but won’t disclose details unless permitted. Buyers may get a chance to improve their offers, so presenting your best bid initially is crucial.

Managing Offers: Sellers can only counter one offer at a time. If you counter an offer, the original becomes void. This ensures a fair process and allows for negotiations until an agreement is reached.

Form 801: This form helps track unaccepted offers without revealing sensitive details, ensuring transparency and protecting all parties involved.

For Buyers: Always present your highest offer first, avoid pressure from agents, and do your homework before waiving conditions.

For Sellers: Don’t play games with offers; understand your home’s market value, and review terms beyond just the price.

Navigating multiple offers can be tricky. Have questions or need assistance? Reach out to us for expert help! 💬

Did you know that the quality of local schools can significantly affect property values? Homes located in top-rated school districts are in high demand, often selling for 20-30% more than homes in areas with average or below-average schools. In Ontario, this trend is particularly strong, with properties near high-performing schools commanding price premiums of 5-10% or more, according to the Fraser Institute.

Why is this so important? Families prioritize quality education for their children, making proximity to reputable schools a key factor when choosing a home. Whether you're buying or selling, understanding the "School District Effect" can help you make smarter real estate decisions.

Curious about how your local school district might be affecting your home's value? Reach out to us for more information! 🏠

Dreaming of a second home in Ontario? Whether it's a lakeside cottage or a cozy retreat, buying a vacation property is an exciting journey. Here’s what you need to know:

1. Location Matters: Decide where you want your home-away-from-home. Consider accessibility, proximity to amenities like shops and restaurants, and how close you want to be to attractions like beaches or hiking trails. Do you prefer seclusion, or do you want to be near a bustling community?

2. Can You Afford It?: A second home requires a minimum 20% down payment, and mortgage rates are often higher. Assess your finances carefully. Refinancing your current home, taking out a second mortgage, or using a home equity line of credit (HELOC) are popular options to finance your purchase.

3. Save Early: Start saving for that down payment as early as possible. It’s a big investment, so planning ahead is crucial.

4. Get the Right Help: Once you’ve chosen your location, work with us. We'll guide you through the process, from finding the perfect property to closing the deal.

Ready to make your dream a reality? Reach out to us today for expert advice on buying your second home in Ontario!

Property taxes are a crucial aspect of homeownership in Ontario. These taxes, collected by your municipal government, are calculated by multiplying the assessed value of your property by a specific tax rate. This tax rate has two components:

1️⃣ Municipal Tax Rate: Set by your local municipal government, this rate varies based on your municipality’s needs and budget.

2️⃣ Education Tax Rate: Set by the provincial government, this rate funds public education across Ontario.

Different property classes, such as residential, multi-residential, commercial, and industrial, may have varying tax rates. If you’re renting, know that a portion of your rent goes toward covering your landlord’s property taxes.

Understanding how these taxes work can help you better manage your finances and plan for future property-related expenses.

Reach out to us for more personalized information or any questions you may have about property taxes or real estate in Ontario!

Thinking about selling your home? Smart renovations can boost your property’s value and attract buyers. Focus on quality upgrades that truly enhance your home.

Outdoor Enhancements 🌳
Adding a deck or fire pit can increase your home’s value. A well-built deck recoups up to 80% of its cost, offering more usable space. Fences improve privacy and curb appeal, potentially raising your property’s value.

Bathroom Remodels 🚿
Updating an outdated bathroom is a wise investment. Modern vanities and energy-efficient fixtures can return up to 75% of your investment. Features like curbless showers and matte black accents can make your bathroom more appealing.

Window Replacement 🪟
Energy-efficient windows not only improve curb appeal but also reduce heating and cooling costs. Replacing drafty windows is especially attractive to buyers looking to save on energy bills.

Roof Replacement 🏠
A new roof is a major selling point. Durable materials like metal pair well with solar panels, offering long-term value with minimal maintenance.

Attic Insulation ❄️
Proper attic insulation is a cost-effective way to cut energy bills, a big plus for buyers. This small investment offers significant savings, making your home more marketable.

Ready to make smart renovations that add value? Reach out for expert advice tailored to your property! 📞

Are you looking to invest in Airbnb property in Ontario? If you are, there’s more than just
purchasing or converting a property for you to consider.

1️⃣ Choose a Prime Location:
Target areas with high tourism or business traffic.
Explore cities like Toronto, Ottawa, or popular tourist destinations like Prince Edward County or Orillia.
Consider occupancy rates and real estate demand.

2️⃣ Navigate Local Laws and Regulations:
Research Ontario's Airbnb regulations and legal requirements.
Most municipalities have short-term unit policies, so check government websites and local
sources for accurate information. Some condo buildings do prohibit short-term rentals, so do
your research in urban centres.
Understand the additional taxes, fees, and compliance measures.

3️⃣ Budgeting for Your Purchase:
Plan your budget considering local property values and expenses.
Account for additional costs like property taxes, insurance, and property management.

Ready to start building your real estate portfolio? Contact us today and let us help you find the perfect place to start your journey!

Are you thinking about purchasing a condo?

While condos are a great investment in urban cities, there are additional carrying and closing costs to consider.

If you're buying a pre-construction condo, you'll need to submit a deposit to the builder/owner. Understanding the payment structure of the initial deposit is critical. Most new construction units will request a portion of the deposit up front, with additional payments throughout construction, before you obtain your full mortgage and take possession.

Even though you're not purchasing a "piece of land," you still must pay a municipal and provincial land transfer tax. Ontario and Toronto Land Transfer Taxes add a significant financial aspect, varying based on the property's value and offering relief for first-time buyers.

The Tarion Warranty Fee, though an additional cost, provides essential protection against potential quality issues in new-build condos. Are you planning to put less than 20% down? Be prepared for CMHC insurance premiums, calculated based on the mortgage principal.

Legal fees are a standard part of the closing process, but with the purchase of a pre-construction condo, a legal review of your agreement is crucial. A lawyer can review for additional fees from builders, explore the possibility of cost caps, and comprehend recurring expenses like condo fees.

In essence, meticulous research and preparation to anticipate and understand these financial considerations ensure a well-informed and smooth condo investment process without any unexpected financial burdens. Feel free to reach out if you require any assistance; we are here to help!

Ready to sell your Ontario home? Here is a guide that will help you get prepared!

Before the Sale:

Gathering Pertinent Information: Compiling essential documents like surveys and utility costs helps potential buyers understand the property better, fostering trust and transparency.

Pre-listing Inspection: Conducting an inspection beforehand allows you to address any issues proactively, potentially increasing the value of your home and streamlining the selling process.

Mortgage Verification and Signing Options: Ensuring mortgage details are in order and discussing signing options beforehand prevents last-minute complications and delays, providing a smoother experience for both parties.

After the Sale:

Reviewing Post-sale Tasks with a Lawyer: Reviewing tasks with legal counsel ensures that all necessary legal procedures are followed, reducing the risk of future disputes or complications.

Clarifying Chattels and Agreements: Clearly outlining what is included and excluded from the sale in the Purchase and Sale contract avoids misunderstandings and ensures a fair transaction for both the seller and the buyer.

Updating Canada Post and Utilities: This step ensures that the seller's mail is forwarded and utilities are transferred smoothly, preventing disruptions and inconveniences for both parties.

Smooth Transition for Oil-Heated Homes: Leaving a full tank of oil or making appropriate arrangements ensures a seamless transition of utilities, maintaining comfort for the buyer and avoiding last-minute negotiations.

Leaving Home Clean and Keys Ready: Presenting a clean, well-maintained home and providing keys promptly demonstrates professionalism and consideration, leaving a positive impression on the buyer.

For personalized assistance and expert guidance, reach out to us today!

🏡 Curious about how interest rates sway your mortgage? Let's dive into insights from the Financial Consumer Agency of Canada (FCAC). Interest rates aren't just numbers; they're pivotal in shaping your mortgage payments. Your lender scrutinizes factors like the length of your mortgage term, your credit history, and current market rates to set your rate.

Opting for a fixed rate provides stability, ensuring your payments remain consistent throughout your term. On the flip side, if you're open to fluctuations, a variable rate could potentially offer savings. And don't overlook hybrid options, blending both fixed and variable rates for added flexibility.

Your credit score holds weight too—maintaining good credit can snag you a lower rate, ultimately saving you a bundle over time. Plus, understanding interest rates empowers you to make informed decisions, shielding your budget from potential rate hikes.

Got questions? Don't hesitate to reach out to us! 📩

Making the right choice between renting and owning a home in Ontario is crucial, and it's more than just a financial decision; it's a lifestyle one too. Here's a breakdown:

Renting:
✔️ Flexibility: Move hassle-free.
✔️ Lower Initial Costs: No hefty down payments.
✔️ Maintenance Relief: Landlord takes care of repairs.
❌ Lack of Equity: No property investment returns.
❌ Limited Control: Can't customize your space.
❌ Rent Increases: Monthly costs may rise.

Owning:
✔️ Equity Building: Invest in your future.
✔️ Property Appreciation: Potential for financial gains.
✔️ Tax Benefits: Deductions on mortgage interest and taxes.
✔️ Customization: Make it truly yours.
❌ Financial Responsibility: Monthly payments and upkeep.
❌ Less Flexibility: Tied to your property.
❌ Market Volatility: Property values can fluctuate.
❌ Maintenance Costs: Repairs are on you.

Making the right move means knowing your options. Let's chat about what suits your goals best. Whether it's the freedom of renting or the stability of ownership, we're here to guide you towards your dream home. 🏠

🏡 Looking to secure your dream home in a competitive market? Here's how to stand out:

1️⃣ Hire an Experienced Realtor: Don't navigate alone. An experienced realtor brings invaluable market insight and professional connections, streamlining the process and ensuring you're well-represented.

2️⃣ Know Exactly What You Want: In a fast-paced market, clarity is key. Before you start your search, define your must-haves and deal-breakers.

3️⃣ Pre-Approval, Full Underwriting: Go beyond the basics. While pre-approval is essential, taking it a step further with full mortgage underwriting strengthens your offer. Sellers are reassured by the certainty of funding, making your offer more appealing in a competitive market.

4️⃣ Write a Clean Offer: Streamline your terms. Minimize contingencies to make your offer more attractive to sellers. While some contingencies are necessary for your protection, work with your realtor to identify which ones can be waived or minimized without compromising your interests.

5️⃣ Increase Earnest Money Deposit: Demonstrate commitment. Boost your earnest money deposit to show sellers you're serious about purchasing their home. A larger deposit can give sellers peace of mind and set your offer apart from others.

6️⃣ Larger Down Payment: Strengthen your financial position. A higher down payment not only reduces your mortgage amount but also signals to sellers that you're financially stable and capable of closing the deal.

7️⃣ Offer With An Escalation Clause: Stay competitive without overextending. An escalation clause automatically increases your offer price in response to competing bids, up to a specified limit.

In a competitive market, every detail counts. Our team specializes in crafting winning strategies tailored to your needs. Ready to make your move? Reach out to us today!

In the heart of Ontario's real estate landscape lie neighborhoods brimming with promise and opportunity. After a period of adjustment, the market is primed for resurgence, making it crucial to pinpoint where the best investments lie.

Sault Ste. Marie, Ont.: Nestled on the shores of St. Mary's River, this city offers a unique blend of affordability and potential. With a benchmark price that's significantly below the national average, Sault Ste. Marie presents an enticing prospect for both seasoned investors and first-time buyers. Its stable housing market, coupled with strategic geographic positioning and planned economic developments, forecasts steady appreciation and demand.

North Bay, Ont.: Despite experiencing a modest decline in prices, North Bay remains a beacon of opportunity in Ontario's real estate landscape. With a strategic location and a strong sense of community, this city promises long-term growth potential. Its affordability, coupled with a diverse range of housing options, makes it an attractive destination for families, retirees, and investors alike.

Kingston and Area, Ont.: Steeped in history and charm, Kingston and its surrounding areas offer a unique blend of value and lifestyle. Despite a challenging year, this city has maintained steady appreciation, making it a solid investment choice. With its picturesque waterfront, thriving cultural scene, and renowned educational institutions, Kingston attracts a diverse range of buyers seeking not just a home, but a vibrant community.

Ready to explore these promising neighborhoods further? Reach out to us for personalized insights and guidance in navigating Ontario's dynamic real estate market! 📲

🏠 Dreaming of your first home in Canada? It's an exciting journey worth embarking on! Saving for a down payment takes time and strategy, especially for newcomers. Let's dive deeper into each step:

1️⃣ Know your down payment: Understand that your down payment is the initial cash you put towards your home purchase. It's crucial for mortgage approval and typically ranges from 5% to 20% of the home's purchase price. Saving diligently for this ensures smoother home buying.

2️⃣ Crunch the numbers: Calculate your minimum down payment accurately to avoid surprises. In Canada, if the home is under $500,000, the minimum is 5%. For homes between $500,000 and $1,000,000, it's 5% of the first $500,000 and 10% for the remainder. For homes over $1,000,000, it's 20%.

3️⃣ Impact on mortgage costs: Consider that a larger down payment reduces mortgage insurance premiums, saving you money in the long run. Mortgage loan insurance is required if your down payment is less than 20% of the total purchase price. Lowering this premium amount can significantly affect your monthly payments.

4️⃣ 7 savvy saving tips: Prioritize your financial goals and make a detailed plan. Clearing debts, especially high-interest ones like credit cards, frees up more funds for saving. Maintaining a good credit score is crucial for favorable mortgage rates. Explore options like the Home Buyer's Plan, where you can borrow from your RRSP tax-free, and Tax-Free Savings Accounts (TFSAs) for flexible savings.

5️⃣ Don't forget additional costs: Beyond the down payment, factor in other expenses like legal fees, home inspections, land survey fees, appraisal fees, land transfer taxes, and new home warranties. These are often mandatory and can significantly impact your budget.

Ready to make your homeownership dreams a reality? Contact us today to help navigate the path to your first home in Canada! 📲

Thinking of buying a condo in Ontario this year? The time to act is now! Summer has arrived, bringing the busiest and most competitive real estate season with it. With beautiful weather and homes looking their best, more buyers are hitting the market, driving prices up and making sales happen faster.

📊 Market Snapshot:

Transactions Up: 17.79%
New Listings Increase: 11.59%
Home Prices Surge: 0.98% to 2.79%
Average Price: $906,000 (up from $891,000)
Home prices are rising, and waiting too long might mean missing out or paying more.

📈 History Repeats:

2019 Peak: May saw over 54,000 sales.
2020 & 2021 Surges: COVID-19 affected timelines, but 2021 saw record highs in March due to low-interest rates.
2022 Rush: Buyers jumped in before interest rates climbed.
If you have a down payment ready, now is the time to buy, especially in budget-friendly cities like London and Barrie, before prices escalate further.

Get Ahead: Contact us today for expert advice and premium listings. The market moves fast—don’t get left behind!

Reach out to us today for more information and let’s make your condo dreams a reality! 🌟

🏡 Ready to take the first step towards homeownership? Discover the First Home Savings Account (FHSA)!

The FHSA is a registered plan designed exclusively for first-time home buyers, allowing you to save up to $8,000 tax-free each year. Open an FHSA in 2023 and claim your contributions as a deduction on your 2023 income tax return. Here's why an FHSA could be your best financial move:

Tax-Free Savings: All contributions are tax-deductible, helping you save faster.

High Contribution Limits: Contribute up to $8,000 annually, with unused amounts carrying forward.

Flexibility: Withdraw funds tax-free for your first home purchase or transfer between FHSAs without penalties.

Investment Options: Choose from various investments to grow your savings.

Life Events Considerations: Rules adapt for major life changes like marriage, residency, or inheritance.

From understanding your eligibility to managing contributions and withdrawals, an FHSA can simplify your path to homeownership. Curious about how much you could save? Use our new Tax-Free FHSA Estimator!

For personalized advice and to start your journey with an FHSA, reach out to us today. Let’s make your dream home a reality! 🏠✨

Thinking about making your home greener? Eco-friendly home improvements not only benefit the environment but also add value to your property. Here are 8 impactful upgrades to consider:

Switch to LED Light Bulbs: Save energy and money by replacing incandescent bulbs with long-lasting LED ones.

Upgrade Your Windows: Reduce energy loss by installing dual-paned, properly sealed windows. You'll save on heating and cooling costs!

Install a Tankless Water Heater: Heat water on demand and save on energy bills while never running out of hot water.

Update Your Plumbing: Use less water and cut costs by upgrading to WaterSense labeled fixtures.

Prioritize Energy-Efficient Appliances: Opt for Energy Star-certified appliances to reduce energy consumption and utility bills.

Upgrade to an Eco-Friendly Fireplace: Choose a natural gas fireplace or retrofit with a wood stove insert to efficiently heat your home.

Install Energy Star Ceiling Fans: Stay cool and cut down on AC use with these efficient fans.

Consider Switching to Solar: Solar panels can significantly reduce your energy bills and your carbon footprint.

Each of these improvements not only supports the environment but also enhances your home's efficiency and appeal. 🌿🏠