Jodi & Bruno Caldarelli THE KEY TO MOVING YOU IN THE RIGHT DIRECTION

BUYER'S GUIDE


This Page Find:  (Please scroll down)
Purchasing with 0 down,                                  Bank Rates,                   
School Locator,                                                School Cancellation Directory,
2
010 Tax Rate Guide,                                        Rent Control Guide Lines,                       
Buying on assignment,                                     Tax sale properties,                                                    Mississauga Condo Directory,                           Boundary Maps,                                                                New Provincial Government program for First Time Buyers $10,000,
2009 Federal Budget incentives for First Time Home Buyers,                 
Harmonizing of GST and PST,                          Lease to Own Program

 

 

 

BUYER'S GUIDE:      MORTGAGE CALCULATOR

In today's competitive real estate market, timing is everything. Many good homes are sold before they are even
advertised. Beat other home buyers to the hottest new homes for sale with our New Listings Notifcation Service. We can offer you priority access to new listings before they appear on the public mls system.

We enjoy helping our clients purchase their homes in Mississauga, Brampton, Oakville, Milton, Toronto and beyond.

Joining the ranks of hundreds of families who realize that home ownership offers a number of rewarding benefits including building equity, saving for the future, and creating an environment for your family.  When you own your own home, your hard-earned dollars contribute to your mortgage. The equity you earn is yours.  Over time, your home will increase in value.  

We'll take you through the planning process step-by-step, to help you determine which home is right for you.  You'll find a host of informative articles on mortgages, viewing homes, the offer, closing details and moving. We will guide you through the specific requirements that banks have for purchasing a home with
ZERO DOWN .

Although the Federal Government has cancelled the zero down program, we have a lender that is still offering this program for our clients. Please feel free to contact us for more information on this mortgage product.

We will walk you through each step of purchasing a home; from helping you  Locate a Home,  show you the home, pointing out all the features, evaluating home sales in the area to help educate you on prices, explain the "Offer Process" and what is involved. We will explain the importance of speaking to one of our mortgage brokers, to get pre-approved for a mortgage. 

We will also review the importance of a  Home Inspection  to help protect you from any hidden structural defects that the home may have. Finally we will also explain typical  Closing Costs  when you are purchasing a home.

Please contact us if you have any questions about buying/purchasing a home in Mississauga, Oakville, Milton, Brampton, Toronto, and the GTA. We are your relocation team for anywhere in North America and beyond.

To Learn More About Mortgages and To Use Our Mortgage Calculator        

 

To Learn More About Your Credit Score and How To Repair Bad Credit      


Comparing mortgage rates:

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Just Click On The City
Below:


                 

Brampton                   Caledon                       Mississauga:           Orangeville        Toronto 
               

 
  
York Region                          Oakville, Milton, Acton, Burlington,and Georgetown

 

 

For 


Just Click On The
City Below:
  

Brampton                     Mississauga          Toronto                 York Region 


Oakville, Milton,
Acton, Burlington,
and Georgetown

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Definition of a Tax Sale Property
A tax sale property is the sale of a property by municipal or government tax authorities. Usually in cases where the homeowner has failed to pay property taxes and is now in arrears. The sale of the home can be held by public auction, public tender or by sealed bids.  Usually, the purchaser acquires nearly clear title and immediate possession of the property.  Just like Power of Sale homes, the purchaser's right to possession of the property may be postponed in order to enable the delinquent taxpayer a specified period of time to repay the tax. 

With any investment, there are risks involved. The proceeds of the sale are used to pay back all of the unpaid taxes and expenses that were incurred in listing the property. Any balance, is given to the delinquent taxpayer.

Occasionally, when taxes that are due on a property remain unpaid, the tax authority at public auction, sell the "lien" obtained against the delinquent taxpayer's property. The successful bidder can then convert this lien into ownership of the property if the delinquent taxpayer does not pay the taxes that are due within a specified redemption period.

In Canada, tax sales occur in every province. In Ontario, the process is as follows:

Process for purchasing a Tax Sale Property in Ontario
Tenders must be submitted in the prescribed form and must be accompanied by a deposit of at least 20% of the tender amount in the form of a bank draft, certified cheque or money order made payable to the municipality or board.

The municipality that is selling the property will not make any representations regarding the title or to any other matters relating to the land(s) to be sold.  Responsibility for researching these matters remains with the potential purchasers.

The Municipal Act, 2001, governs all tax sales and the Municipal Tax Sales Rules made under that Act. The purchaser is required to pay the amount tendered plus any other accumulated taxes, land transfer tax and possibly GST. Typically, the municipality does not have any obligation to provide vacant possession to the purchaser.

Interestingly, if the Municipality, were to foreclose on a property, all of the mortgages owing on that property would be automatically cleared from the title.  That is why mortgage lenders insist on verifying that the taxes are paid.

Most governments do not want to deal with the expense and hassle of foreclosures.  That is why they opt to sell the tax defaults.  The government recoups its tax revenues immediately, by selling the past due tax certificates.

The property owner is given many opportunities to pay the taxes due in full in an effort for them to keep possession of the property; before there is a sale of property.

The City or Municipality is only interested in recovering the outstanding taxes, they typically offer the owner many opportunities to bring the taxes up to date and if arrangements for payment have been made between the owner and the city, the tax sale of an advertised property will be cancelled.

Occasionally, no one bids on a property. Some reasons for this could be:

There might be an easement on the land and the building on it is restricted, the property may be too small so that you can not build on it. The property could be land locked and is not accessible, zoning of the land could limit its use, the property may be in such disrepair that it is not worth the taxes owed. 

In most situations the city or municipality may try to identify any restrictions so that bidders are fully aware before they bid and commit their 20% deposit; as the deposit would be forfeited should the bidder not close the sale.

Where the tax sale has does not have any bids, the City has one year from the first failed tax sale to decide if the City wants to vest the property to itself.  The city will have to review and analyze any and all concerns regarding the safety of the building as well as any concerns as to contamination to decide if the city should assume any risk by putting the property in the City's name. 

If the City has decided not to vest the property they may issue another request for offers and accept much less than the taxes owed.  These types are properties where the taxes owed are much more than the assessed value.  The City also has the option to do nothing with the property and then start the whole tax process again on that property.

When a property does get sold at the tax sale, the minimum price bid for that property must be at least for the taxes owing. Where the bid was for more than the taxes owing the balance goes to Provincial Court as well as any other creditors that were registered on title.

The Real Estate Department is responsible for any properties where there are not any bids, and the property is vested to the City. They will work with transferring title to another government agency, or the city may acquire the property for its own use. The Real Estate Department may market the property and attempt to get the best price for the property. Most likely, the city will market the property on the MLS.

Often, real estate properties will first end up as a power of sale and the lender will sell the property before it becomes a tax sale property.  Most tax sale properties are usually vacant lands or if there is a building on it, the building is usually in very poor repair and adds little to no value to the property. 

The outstanding taxes are paid first, even before the mortgage, but typically it is the lender that sells the properties in Ontario.  Municipalities may sell when it's only bare raw land and there may or may not be any mortgages on the property. 

You must do your homework as well as due diligence before you consider purchasing such a property.

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Assignment of a Sale

The Assignment of Sale is just the assignment of a sales contract that two parites entered into at an earlier date.

This is the transfer of the right to purchase a property from the original purchaser to the new purchaser. It is not the transfer of the property.

An Assignment of sale is more common during the construction stage of many new developments and allow an original purchaser the opportunity to resell their right to purchase a property before having to complete the sale of that property.

Seling on Assignment
The first step to selling on Assignment is to clarify the terms of the original contract that you have entered into. You
require to confirm the details of your eligibility to assign the contract. In most cases the developer may have some administration fee charges and or other restrictions on when or how an assignment may take place.
If you are permitted under your contract to assign your original purchase agreement; then you may do one of the following:

  • You may find a Buyer on your own. In this case you would be responsible for all costs relating to contract preparation, advertising, showing of the property, etc.
  • You may hire a licenced real estate company to handle the contracts, advertise, show the property, etc.

Any administration charge(s) and/or restrictions that may be in your contract can/will be enforced regardless of the manner in which you assign your property.

When Selling an Assignment of sale, it is recommended that you seek independent legal and financial advice as this can be a complex transaction.

Buying an Assignment

When Buying an Assignment of Sale, it is quite different than your regular real estate transactions. In this transaction you are only purchasing the contract from the original owner of that contract and assuming all of their rights and obligations.

Example of an Assignment

Original Purchase Price:$300,000 (as agreed upon in the original Contract of Purchase & Sale)

New Purchase Price: $350,000 (as agreed upon by the original owner and the new owners)

Difference /Assignment Fee: $50,000 (paid to the original owner of the Contract of Purchase & Sale)

Once the Assignment Fee has been paid by the new owner to the original owner; the new owner is then pays the original purchase price of the property as per the terms of the original Purchase and Sale Agreement to the developer.

The Assignment of Sale contract is not as simple as the above example. When entering into an Assignment it is important that both the original owner and the new owner seek professional advice. Let work for you and make your buying or selling experience easy and stress free.

For more information on Assignment of propeties, please give us a call.

 

 

 The following map will help you to locate your new home by district.


Detailed Boundary Maps of Mississauga by District. If you would like a map not shown below, please let us know and we will e-mail you a link.

For your convenience, we have collected TREB Boundary Maps and have made them available for you.  These district maps will help you identify the boundaries that Real Estate Representatives/Brokers use to do their searches with.  Use these maps in order to help you better describe the area you want your next to be located.

 

 






                       

 


 



              

First Time Home Buyer’s have Three (3) Government Programs to Stimulate the Housing Industry

First-Time Home Buyers’ Tax Credit
A new non-refundable tax credit based on an amount of $5,000 for first-time homebuyers that purchase a home that closes after January 27th, 2009. The credit is based on the lower personal income tax rate for the year and must be claimed in the same taxation year to qualify.

A first-time homebuyer is an individual and/or their spouse/common-law partner who are purchasing a home for the first time or have not owned a home in the previous four (4) calendar years. Both individual’s must intend to occupy the home as a principal residence.

Home Renovation Tax Credit
This a temporary 15% Home Renovation Tax Credit (HRTC) and will provide tax relief to an approximately 4.6 million Canadians. The HRTC program will provide employment opportunities for the trades people, encourage investments in Canada's housing stock, and will boost sales for companies that produce and sell building products.

The HRTC will apply to eligible home renovation expenditures for work performed, or goods acquired, after January 27, 2009 and before February 1, 2010, pursuant to agreements entered into after January 27, 2009.

The 15-per-cent credit will provide Canadians with up to $1350 in tax relief on expenditures that range between $1,000 to $10,000.

RRSP-Home Buyers’ Plan Enhanced
Homebuyers can now withdraw up to $25,000 tax free from their RRSP’s to buy or build a first home. This was increased from $20,000.

This program allows the withdrawal of up to $25,000 from a registered retirement savings plan (RRSP) to purchase or build a home for the new homebuyer or for a related person that has a disability.


Harmonization of PST and GST

Ontario Premier McGuinty has publicly admitted that the provincial government is considering combining the Provincial Sales Tax (PST) and the Federal Goods and Services Tax (GST) into one harmonized sales tax.

This harmonized sales tax could increase the cost of all new homes constructed because of the addition of the cost of PST on top of the GST.

The harmonized sales tax could also result in PST being charged on other various real estate related services that are currently exempt from PST. This can include: REALTOR® commissions, legal fees, appraisals, home inspections and other services.

The harmonized tax will impact consumer spending and hurt the economy even further.

The following are some of the areas that will be subject to the HST:

1.        Real Estate Commission
2.        Legal Fees
3.        Chattels
4.        High ratio insurance premiums (CMHC)
5.        Fire insurance premiums
6.        Home inspection fees
7.        Moving costs
8.        Appraisal fees
9.        Surveys
10.      Title Insurance

 

****Please note HST will NOT apply on the monthly maintenance fees for residential condominiums.


On the purchase of a new home from the builder, never having been occupied, there will be HST payable. The buyer, however, will be able to take advantage of a New Housing rebate up to an amount of $24,000.

On the sale of new homes, the date of the Agreement is important. Generally, sales of newly constructed or substantially renovated homes under written agreements of purchase and sale entered into on or before June 18, 2009 would be grand parented, such that these sales would not be subject to the provincial portion of the single sales tax where both ownership and possession of the homes are transferred after June 2010. Therefore, if the Agreement of Purchase and Sale was entered into prior to June, 2009, then there would be no further implications regarding the HST.


When you are deciding to purchase a home, you need to consider the style of home that meets your needs and requirements.

To help you decide the following link about architecture will help you to determine; Housing styles, definitions, pictures, and explain the different home styles (Bungalow, split level, side split, back split, multilevel and more).

http://www.ontarioarchitecture.com/Styles.html


Mississauga Condo Directory- To help you to locate a condo within Mississauga.

 

  • Applewood Place Condos, 1333 Bloor St
  • Granite Gates Condos, 1800 The Collegeway
    Canyon Springs Condos, 1700 The Collegeway
  • The New Yorker Condos, 2581 Confederation Pkwy
  • The Fairways Condos, 1400 Dixie Road
  • The Ovation Condos, 3880 Duke of York Boulevard
  • City Gate Condos, 3939 Duke of York Blvd
  • The Kingsmere Condos, 880 Dundas Street West
  • Queenscourt, 362, 364, 366 The East Mall/ 2 Valhalla Inn Road
  • The Esprit Condos, 50 Eglington Avenue
  • No. 1 City Centre Condos, 1 & 33 Elm Drive West
  • Towne II Townhome, 55 Elm Drive
  • Enfield Place Condos, 265 & 285 Enfield Place
  • The Carlisle Group Condos, 115, 145 & 155 Hillcrest Avenue
  • Oblisk I Condos, 3590 Kaneff Cres
  • Place Four Condos, 3650 Kaneff Crescent
  • Place Royal Condos, 3695 Kaneff Crescent  
  • Place Avant Condos, 3700 Kaneff Crescent
  • Towne Townhomes, 3605 Kariya Drive
  • The Skymark Towers Condos, 25 & 35 Kingsbridge Garden Circle
  • The Park Mansion Condos, 45 & 55 Kingsbridge Garden Circle
  • Lyndwood In The Park Condos, 3100 Kirwin Avenue
  • The Colony Condos, 180 Mississauga Valley Blvd
  • Sherwoodtowne Condos, 4235 Sherwoodtowne Blvd
  • Anaheim Towers Condos, 4185 & 4205 Shipp Drive 
  • Odyssey Condos, 250 Webb Drive
  • Club I Condos Condos, 300 Webb Drive
  • The Monarchy Condos, 325 & 335 Webb Drive
  • The Platinum Condos, 350 Webb Drive
  • Conservatory Group Condos, 400 Webb Drive
  • Phoenix Condos, 550 Webb Drive

 

An Overview
WHAT TO KNOW ABOUT RENT and ANNUAL INCREASES--
The infomation below will help all of our clients who are currently renting or have thought about renting a home or for those that currently own a rental home or have thought about purchasing one. There is always a question or concern on how much a Landlord can increase rent in any given year.

How rent on a rental unit is decided--When a rental unit is vacant, a landlord and the person looking to rent the unit negotiate a rent and decide what services (such as hydro or parking) are included. Once the tenancy begins, the rules about rent and the other rules in the Residential Tenancies Act (the Act) apply. 


Rent Increases--The Landlord cannot increase the rent for a new Tenant until 12 months after the tenancy has started. The Landlord may then increase the rent once every 12 months.

Rent deposits A landlord can collect a rent deposit from a new tenant on or before the start of a new tenancy. Where the tenant pays rent by the month, the deposit cannot be more than one month’s rent; where the tenant pays rent by the week, the deposit cannot be more than one week’s rent. The rent deposit can only be used as the rent payment for the last month or week before the tenant moves out. It cannot be used for anything else, such as repairing damage to the rental unit. If the landlord gives the tenant a notice to increase the rent, the landlord can also ask the tenant to increase the rent deposit by the same amount. A landlord must pay the tenant interest on the rent deposit every year. Under the Act, the interest rate is the same as the rent increase guideline.

Exception: For the first interest payment that the Landlord has to pay the Tenant after January 31, 2007 an interest rate of 6% 

Post-dated cheques and automatic payments When a landlord and a new tenant agree to enter into a rental agreement, they usually discuss how the rent will be paid. Although the landlord and tenant can agree that the rent will be paid by postdated cheques or automatic payments (such as debits from a tenant’s account or by credit card), a landlord cannot require the tenant to pay by either of those methods. Once the landlord and tenant have agreed on a method of payment, it cannot be changed unless both the landlord and tenant agree.

Rent receipts A landlord must give the tenant a receipt for any rent payment, rent deposit or other charge, if the tenant asks for one. A landlord must also give a former tenant a receipt if that person asks for one within 12 months after the end of their tenancy. The landlord cannot charge a fee for giving a receipt. Increasing a tenant’s rent In most cases, the rent can be increased if at least 12 months have passed since the tenant first moved in or since the tenant’s last rent increase. A landlord must give at least 90 days notice in writing of any rent increase. The proper forms for this notice (Form N1, N2 or N3) are available from the Board. The most a landlord can increase the rent by, without asking the Board for approval, is the rent increase guideline (see the next section).

The rent increase guideline The rent increase guideline is set each year by the Ontario Government. It is based on the Consumer Price Index. Each year, the Government announces the guideline by August 31st for rent increases that will take effect on or after January 1st of the following year. A guideline rent increase does not need to be approved by the Board. However, a landlord must get approval from the Board before they can charge an increase above the guideline. Rent increase above the guideline A landlord can apply to the Board for an increase  above the guideline if: the landlord’s costs for municipal taxes and charges, and/or utilities (such as fuel, electricity or water) have increased significantly, or the landlord has done major repairs or renovations (these are called capital expenditures), or the landlord has operating costs for security services performed by persons who are not employees of the landlord. Rent increases for capital expenditures or security services cannot be more than 3% above the guideline each year. If the landlord justifies an increase that is more than 3% above the guideline, the increase can be taken over three years, at a rate of up to 3% above the guideline per year. For increases in the cost of municipal taxes and charges, and/or utilities, there is no limit on the amount of rent increase that can be approved. Some special rules apply to rent increases due to capital expenditures. For example, the landlord must make a copy of the supporting documents related to the application available to the tenants who are affected by the rent increase. Also, before passing the costs on to the tenants, the Board will

determine whether the work was really necessary. As well, if the Board determines that there are serious maintenance problems in the rental unit or building, the Board may: dismiss the landlord’s application, or require the landlord to prove to the Board that the problems have been fixed before they can charge the approved increase. The landlord and tenant can agree to a rent increase above the guideline if they agree that the landlord will do major repairs or renovations, buy new equipment for the rental unit, or add a new service for the tenant. This agreement must be in writing. The proper form for this agreement (Form N10) is available from the Board. The highest increase that can be agreed to is 3% above the guideline.

Legal increases for the year--In most cases, by the Landlord can only increase a Tenant's rent by the guildline set each year by the Ministry of Municipal Affairs and HousingThe guideline for rent increase for 2012 is 3.1% and for 2013 is 2.5%

The Landlord must issue Tenant's an cheque for interest on the last month's rent that they are holding every year. This amount is also based the above numbers.

Notification of a rent increase--In order for a landlord to increase the rent, the landlord must give a written notice of rent increase to the tenant at least 90 days before the day the rent increase is to start. The notice must tell the tenant how much the new rent will be and when to begin paying the new rent. 

Rent receipts--The Act requires a landlord to provide rent receipts free of charge, to a tenant when the tenant asks for them. A tenant may ask for a receipt for any payment or deposit the tenant gives to the landlord, including a payment for rent arrears.  It is an offence for a landlord to fail to provide a rent receipt when one is requested by a tenant.

This Act also applies to a former tenant. The landlord must provide a former tenant with receipts if they request it, as long as the former tenant makes their request within one year of the date they moved out.

A rent receipt must include the following information: The address of the rental unit, the name of the tenant(s) to whom the receipt applies, the amount and date for each payment received for any rent, rent deposit, arrears of rent, or any other amount paid to the landlord and shall set out what the payment was for, the name of the landlord; and the signature of the landlord or the landlord’s agent.

If you would like more information on the Landlord and Tenant Board; please go to their website. http://www.ltb.gov.on.ca/

This information is a summary of Ontario's New Residential Tenancies Act. This new law came into effect on January 31, 2007. The Act sets out the rights and responsibilities of Landlords and Tenants who are renting residential properties. This is not a complete summary of the law and it is not intended to provide legal advice.

Who is covered by this Act? Landlords and tenants of most rental units are covered by most of the rules in the Act. A rental unit can be an apartment, a house, or a room in a rooming or boarding house. The Act also applies to care homes, retirement homes, and sites in a mobile home park or land lease community. The rules about rent do not apply to: New rental buildings, non-profit and public housing, university and college residences. However, these units are covered by most of the other rules in the Act about mainenance, and reasons for eviction.  The Act does not apply if the Tenant shares a kitchen or bathroom with the Landlord.

 

About the Board The Landlord and Tenant Board (the Board) resolves disputes between tenants and landlords. It is similar to a court. Either a landlord or a tenant can apply to the Board. Their disputes can be worked out through mediation or adjudication. In mediation, a Board Mediator helps a landlord and tenant reach an agreement they are both satisfied with. In adjudication, a hearing is usually held. A Board Member makes a decision based on the evidence the landlord and tenant present, and then issues an order. An order is the final, written version of the Board Member’s decision. The Board also provides landlords and tenants with information about the rights and responsibilities they have under the Act.

 

About Tenancy Agreements The landlord and tenant can sign a written agreement when a new tenancy is entered into, or they can have an oral agreement. A tenancy agreement is often called a lease. The landlord must give the tenant a copy of any written lease. The lease should not contain any terms that are inconsistent with  the Act. If the lease does contain a term that is inconsistent with the Act, that term will not be enforced by the Board.  The landlord must also give the tenant the landlord’s legal name and address so that the tenant can give the landlord any necessary notices or documents. Whether there is a written or oral lease, landlords must provide new tenants with information about the rights and responsibilities of landlords and tenants and about the role of the Landlord and Tenant Board. The landlord must give this information to the tenant on or before the start of the tenancy, in a form approved by the Board. The Board has a two-page brochure that landlord’s should use for this

purpose. Rent for a new tenant When a new tenancy is entered into, the landlord and tenant decide how much the rent will be for a rental unit and which services will be included in the rent (ex parking, cable, heat, electricity. In most cases, the rent cannot be increased until at least 12 months after the Tenant has moved in.


Where the landlord and tenant make this kind of agreement, the landlord does not have to apply to the Board for approval of the increase. A tenant has five days after signing this agreement to change their mind and tell their landlord, in writing, that they no longer agree to the rent increase.
Rent should be reduced if:  the utility costs go down after the landlord has increased the tenant’s rent by more than the guideline based on an order from the Board that approved the increase based on utility costs, a capital expenditure is fully paid for; this only applies to tenants who are still living in the same rental unit they were living in when the Board approved the rent increase based on the capital expenditure, or the municipal property tax is reduced by more than the prescribed percentage, resulting in an automatic rent reduction. A tenant can apply to the Board to have their rent reduced if: the municipal taxes or charges on the rental property go down, the Landlord reduced or removed a service they had provided to the tenant without reducing the rent, or the Landlord did not keep a promise they made in an agreement to a rent increase above the guideline.
A Landlord’s Responsibilities: A landlord has to keep the rental property in a good state of repair. A landlord must obey all health, safety, housing and maintenance standards, as set out in any provincial laws or municipal bylaws. This is true even if the tenant was aware of the problems when they agreed to rent the unit. A tenant can apply to the Board if the landlord is not meeting their maintenance obligations. If the Board agrees that the landlord is not meeting their maintenance obligations, there are a number of remedies the Board can order. For example, the Board can order that the tenant does not have to pay some or all of the rent until the landlord does the repairs or that the landlord cannot increase the rent for the the rental unit any serious maintenance problems are fixed. airs\
Tenant’s Responsibilities: A tenant must keep their rental unit clean, up to the standard that most people would consider ordinary or normal cleanliness.A tenant must repair or pay for the repair of any damage to the rental property caused by the tenant, the tenant’s guest or another person who lives in the rental unit. This includes damage in the tenant’s unit, as well as any common area such as a hallway, elevator, stairway, driveway or parking area. It does not matter whether the damage was done on purpose or by not being careful enough - the tenant is responsible. However, the tenant is not responsible to repair damage caused by normal “wear and tear”. For example, if the carpet has become worn after years of normal use, the tenant would not have to replace the carpet. A landlord can apply to the Board if the tenant has not repaired any damage. If the Board agrees that the tenant should be held responsible for the damage, the Board can order the tenant to pay the cost of repairing the damage or even evict the tenant. A tenant should not withhold any part of the rent, even if the tenant feels that maintenance is poor or a necessary repair has not been done. A tenant could be evicted, if they withhold rent without getting approval from the Board. 
Vital services A landlord cannot shut off or interfere with the supply of any of the following to a Tenant's rental unit: heat (from September 1- June 15), electricity, fuel (oil,or natural gas), or hot/cold water.
Entry without written notice: A landlord can enter a tenant’s rental unit without written notice if: there is an emergency such as a fire, the tenant agrees to let the landlord in, a care home tenant has agreed in writing that the landlord can come in to check on their condition at regular intervals. A landlord can enter a rental unit without written notice, between 8 a.m. and 8 p.m. if: the rental agreement requires the landlord to clean the unit – unless the agreement allows different hours for cleaning, the landlord or tenant has given a notice of termination, or they have an agreement to end the tenancy, and the landlord wants to show the unit to a potential new tenant (in this case, although notice is not required, the landlord must try to tell the tenant before entering for this reason).
Entry with 24 hours written notice A landlord can enter the rental unit between 8 a.m. and 8 p.m., and only if they have given the tenant 24 hours written notice: to make repairs or do work in the unit, to carry out an inspection, where reasonable, in order to determine whether repairs are needed, to allow a potential mortgagee or insurer of the complex to view the unit, to allow a potential purchaser to view the rental unit (note: the Act also allows a registered real estate agent or broker to enter for this purpose if they have written authorization from the landlord), to allow an engineer, architect or other similar professional to make an inspection for a proposed conversion under the Condominium Act; or for any reasonable purpose allowed by the rental agreement. The notice must include the reason why the landlord wants to enter the rental unit and must state what time, between 8 a.m. and 8 p.m., the landlord will enter the unit. If the landlord gives the tenant the correct notice, the landlord can enter even if the tenant is not at home.
Renewing a Lease The end of a lease does not mean a tenant has to move out. A new lease can be made or the landlord and tenant can agree to renew the lease for another fixed term period. If a new agreement is not reached, the tenant still has the right to stay: as a monthly tenant, if they paid their rent by the month in the expired lease, or as a weekly tenant, if they paid their rent by the week in the expired lease. Where the tenant stays on as a monthly or weekly tenant, all the rules of the former lease will still apply to the landlord and tenant. But the landlord can increase the rent each year by the amount allowed under the Act.
If a tenant wants to leave A tenant must give their landlord written notice if they plan to move out. The proper form for this notice (Form N9) is available from the Board. The amount of notice that is required is based on the rental period, as follows: A tenant and landlord can agree to end a tenancy early. The parties can make an oral agreement to end the tenancy, but it is best to have a written agreement. A notice of termination does not have to be given by either the landlord or the tenant if there is an agreement to end the tenancy. A tenant in a care home can end a tenancy early, by giving at least 30 days notice in writing to the landlord. the tenant: then the tenant

If the Tenant pays rent on a monthly basis, at least 60 days notice, the end of a monthly rental period; if the Tenant  has a lease for a fixed term, at least 60 days notice, no earlier than the last day of the lease.

Assigning a tenancy and subletting A tenant may be able to transfer their right to occupy the rental unit to someone else. This is called an assignment. In an assignment, a new person takes the place of the tenant, but all the terms of the rental agreement stay the same.

 

A sublet occurs when a tenant moves out of the rental unit, lets another person live there for a period of time, but returns to live in the unit before the tenancy ends. In a sublet, the terms of the rental agreement and the landlord/tenant relationship do not change. A tenant must have the landlord’s approval for an assignment or a sublet, but, in either case, the landlord must have a good reason for refusing. Rules about special tenancies Some tenants do not have the right to assign their tenancy or sublet; for example, a tenant who is a superintendent, or a tenant who lives in subsidized, public or non-profit housing, or in housing provided by an educational institution where the tenant works or is a student

 

Ending a tenancy by the landlord A landlord can end a tenancy only for the reasons allowed by the Act. The first step is for the landlord to give the tenant notice in writing that they want the tenant to move out. The proper forms a landlord must use for giving a notice to end the tenancy are available from the Board. If the tenant does not move out after receiving the notice, the landlord can askthe Board to end the tenancy by filing an application. The Board will decide if the tenancy should end after holding a hearing. Both the landlord and the tenant can come to the hearing and explain their side to a Member of the Board.

 

Reasons for eviction based on the tenant’s conduct The Act allows a landlord to give a tenant notice if the tenant, the tenant’s guest or someone else who lives in the rental unit either does something they should not do, or does not do something they should. For example: not paying the rent in full, persistently paying the rent late, causing damage to the rental property, illegal activity, affecting the safety of others, disturbing the enjoyment of other tenants or the landlord, allowing too many people to live in the rental unit (“overcrowding”), not reporting income in subsidized housing. In some cases, a landlord can give a tenant notice based on the presence or conduct of a pet the tenant is keeping, such as where a pet causes damage to the rental property.

 

Other reasons for eviction There are some other reasons for eviction that are not related to what the tenant has done or not done. For example: the landlord wants the rental unit for their own use or for the use of an immediate family member or a caregiver, the landlord has agreed to sell the property and the purchaser wants all or part of the property for their own use or for the use of an immediate family member or a caregiver, the landlord plans major repairs or renovations that require a building permit and vacant possession, the landlord plans to demolish the rental property.

 

First Time Home Buyers living in Peel may be eligible to receive government assistance up to $10 000 for a down payment.
The Ontario Government has designed an Affordable Home Ownership Program to help provide low-to-moderate income residents who are currently renting the opportunity to qualify for down-payment load assistance when they buy a home in Peel Region (which covers Brampton, Caledon and Mississauga). 
This program will assist eligible applicants who have a total annual income of $75,800 or less and a purchase price that does not exceed $247,000. Qualifying applicants can receive up to a maximum of $10,000 in assistance.
Who Qualifies for this Government Assistance Home Ownership Program? Applicants must be:
18 years of age or older, Not own or have an interest in another residential property, Using the home as the sole and principal residence of the purchaser, Currently be renting and looking to buy a sole and principal residence
Having a total household income not exceeding $75,800, Obtain a mortgage and demonstrate sustainability
Participants may not include anticipated rental income from a portion of the property in order to obtain a mortgage
Able to pay all additional closing costs, Able to supply all necessary documentation to the Region of Peel

Terms of the Loan:
The down payment loan is for a 20-year period and no interest is charged if:
The home remains the sole and principal residence of the owner, cannot be rented, leased or sold in the 20-year period. On the 20th anniversary date of the agreement, the loan is automatically forgiven provided there has been no default.

Repayment of the loan is required when: The home ceases to become the sole and principal residence of the owner, or is sold before the 20-year affordability period.
In the event that the home is sold before the 20-year affordability period, and there is a value increase, the down payment loan must be repaid plus five per cent (5%) of the capital gain (appreciation). If the home is sold for less than the original purchase price, the owner does not pay appreciation and the principal is forgiven (the sale must be at fair market value and must be an arm’s length transaction).

This Loan applies to: Detached, semi-detached, townhomes and condominiums. Duplex, triplex, mobile homes, and New Homes do not qualify. Please give us a call if you would like more information. 


 

Rent/Lease to Own is a lease agreement between the Owner of a property and a Tenant-Owner. Both parties agree on lease payments that will be paid monthly over the lease term, which is usually two [2] years or more. 20% of the monthly lease payments will be credited towards your future down payment which will be used to purchase the home at the end of the lease term.

The Tenant is required to have a minimum deposit of five % [5] or more depending on the risk. This deposit will be held by the Landlord. With lease to own, you have the option to pick any residential property from the Multiple Listing Service (MLS), based on the amount you will be pre-approved for.

With lease to own, the Investor/Landlord will purchase the home that you desire, and the lease to own program/agreement begins.

At the end of the lease agreement the Tenant has the option of purchasing the home based on a purchase price that has been set in advance. The purchase price will take into consideration of market trends, assuming an appreciation rate of 3-5% each year. As a Tenant you have the option to walk away from the purchase before the end of the lease. However, you will forfeit the monthly contributions made toward the future down payment, and your deposit as well.
When you purchase the home that you have been leasing, standard closing costs apply (Land transfer tax, legal, etc).

Lease to own is an option for you if you have a: Low beacon score due to late payments, bankruptcy and consumer proposal, collection(s) and/or  judgment(s), bank or financial institution that will not renew your mortgage, if your home is going into power of sale or if  you do not have any established credit.Also the self-employed can benefit from this program as the rules to qualify for a mortgage with CMHC has changed.

If you are new to the country, and do not have a beacon score or credit bureau, you can qualify for the rent to own program if: You have been in Canada for less than 12 months, can obtain a minimum down payment of 10% for salary income, and for stated income 15% down. Home must be in great condition, with the property value of $350,000 maximum. The lease term would be  2 – 5 years. With lease to own, your lease payment and maximum home value that you can purchase is based on your income.

How do you calculate your purchase price?
• GDS is 30% based on combined monthly income
• Gross Annual Income / 12 Months x (.3) =Maximum Lease Payment
• Lease Payment / (.0085) = Maximum House ValueTenant Can Be Qualified For

You are required to have a sufficient income to cover the monthly rent payments. 

All Tenants that enter into the Lease to Own program will also be offered the opportunity to enter the BDO Canada New Beginnings credit mentoring program. This will help to ensure that at the end of your lease term your credit will be repaired and that you will be in a position to apply and be approved for a mortgage. This program runs for a period of 24 months that will provide a personal coach for approximately 30 minutes per month for a nominal monthly charge. This will ensure that credit history is being created and a beacon score high enough to satisfy CMHC and lenders guidelines.

Once you have obtained a 650 plus beacon score, you will be able to secure financing through all the major lenders that are available.

In the event that your beacon score does not reach the 650 benchmark after two years, the lease can be extended by 3 or 4 months while your credit continues to improve.

Rent/Lease to own for Investors Attention Investors:  
If you are thinking of purchasing a rental/investment property…consider the lease to own program.
The lease to own program offers you q
ualified Tenants that will: have a 5% down payment, pay for all maintenance and upkeep,
are carefully screened, and a turn key operation offering a exit strategy as Tenant will own the home at the end of the lease term and a pre-determined price. (Lease term varies from 2-4 years).

If you would like more information on the lease/rent to own program, Please contact us.


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