By: Iris Khodkar

Ontario Property Tax Rates: What You Need to Know When Buying a Home

Tags: Ontario, Tax Rate, Taxes, Property Taxes, MPAC, Buy, Home , house, real estate, municipality, tax rate, age, renovations, location, lot dimension, construction, iris, iris khodkar group, re/max west realty

If you’re considering buying a home, property taxes are an important element to plan for. As a homeowner, you will pay property taxes annually, even after your mortgage is paid off, so it’s important to properly account for them in your budget. Why Do We Pay Property Taxes? Property taxes help municipalities raise funds from commercial, industrial and residential property owners to ...Read More

By: Iris Khodkar

Curb Appeal Improvements to Help Sell your Home

Tags: improvements, curb appeal, buy, sell, first impressions, patio, lanscaping, maintenance, repairs, siding, handyman, exposure, real estate, iris, iris khodkar group, re/max, re/max west realty

First impressions matter, especially when it comes to selling your home. Your home’s curb appeal, how it looks on the outside, will attract potential buyers or drive them away. You may have done a lot of interior renovations, but to get the buyer in the door, your home will have to look attractive and well-maintained on the outside too. Here are areas you can improve that can boost curb appe...Read More

By: Iris Khodkar

Home Sales Heat up in July as Supply Shrinks

Tags: Home sales, July, Buy, sell, market watch, market stats, real estate, iris, iris khodkar group, re/max, re/max west realty

The Greater Toronto Area housing market continued to heat up in July, as more prospective home buyers returned to the market while the supply of available homes for sale declined compared to the same time last year. The latest data from the Toronto Real Estate Board reveals a total of 8,595 transactions taking place over the course of the month, marking 24.3% year-over-year increase. Meanwhile, t...Read More

By: Iris Khodkar

Real Estate "A to Z" : What is an Escape Clause?

Tags: escape clause, real estate, buy, sell, Buyer, seller, conditions, purchase, right of refusal, conditional offer, offer, deal, iris, iris khodkar group, re/max, re/max west realty

In certain situations, sellers may decide to include an escape clause in their purchase and sale agreement. Having an escape clause means that they can continue to show their property and consider other offers- even after they’ve signed their first conditional offer. If a seller has already accepted an initial offer, but then they accept a second offer during the conditional period, the esca...Read More

By: Iris Khodkar

What To Do If You Get a Bad Home Inspection?

Tags: Home inspection, buying, GTA, house, condition, repairs, fix, replacement, home, deal breaker, cosemetic, cosemetic issues, seller, sale, buyer, price reduction, credit, iris, iris khodkar, iris khodkar group, re/max, re/max west realty

Every buyer hopes and prays that their home inspection results will be nothing but good news. But the reality is that something is bound to come up. Hopefully the issues will be very minor such as a cracked tile or a broken doorknob. But sometimes the news could be very, very bad. The roof could have a leak, there could be a crack in the foundation or the electrical wiring is not up to code. If y...Read More

By: Iris Khodkar

Buying Based on School District? Here’s What You Need To Know

Tags: school, home, school district, new students, boundaries, neighbourhood, schoold district, buy, sell, real estate, iris, iris khodkar, iris khodkar group, re/max, re/max west realty 

September is just around the corner, which means school is back in session. For many aspiring homeowners, school districts are one of the most important considerations when buying a home. According to a 2017 real estate survey conducted by Leger, 84% of Canadian parents wanted to scope out the schools when they were searching for a new house. If being in a desirable school district is top of mind...Read More

By: Iris Khodkar

From Renter To Homebuyer: Tips on how to get it done

Tags: tips, homebuyer, home owner, affordability, research, pre approval, mortgage, down payment, save, dream home, secure, rent, own, re/max, re/max west realty, iris, iris khodkar, iris khodkar group 

While it always doesn’t make sense for everyone, home ownership is often a financial goal for many Canadians. It can be the ideal setting to raise a family, build wealth in equity, or set yourself up for retirement. A recent Globe and Mail feature shed some good news that roughly three quarters of Canadians live in communities where home ownership is affordable. But no matter where you live ...Read More

By: Iris Khodkar

Did Mortgage Stress Tests Get Easier?

Tags: mortgage, loan, stress test, apporval, home, buy, first time homebiuyers, buy, sell, home, house, GTA, Toronto, afford, iris, iris khodkar group, re/max, re/max west realty 

The rumors are true! Homebuyers will now have an easier time qualifying to purchase a home, thanks to the recent changes by the Bank of Canada. The Bank of Canada announced a decrease to its qualifying mortgage rate, dropping it from 5.34% to 5.19%. So what does this mean for homebuyers? Well, it lowers their minimum mortgage amount Canadians need to qualify for.   RECAP: WHAT IS A MORTGAGE ...Read More

By: Iris Khodkar

What’s Up With All The Balcony Barbecue Rules?

Tags: Balcony, barbecue, apartment, condominium, propane, bbq, rules, smoke, risks, cylinder, elevator, iris, iris khodkar group, re/max, re/max west realty

Even though it’s barbecue season, not all condo residents have access to their own grill due to a combination of provincial fire codes, municipal bylaws, and condo rules that make it difficult for owners to have their own barbecue. According to provincial fire codes in Ontario and British Columbia, there are no restrictions on propane-powered barbecues on balconies. However, municipal bylaw...Read More

By: Iris Khodkar

Bank of Canada Lowers 5-year Benchmark Qualifying Rate

Tags: mortgage, bank, bank of canada, loan, interest, benchmark, buyer, real estate

As of January 1st, 2018, to qualify for an uninsured mortgage, borrowers needed to prove that they could still make payments at qualifying rate of the greater of two percentage points higher than the contractual mortgage rate or the central bank’s five-year benchmark rates. However, The Bank of Canada has lowered the rate used by mortgage stress tests to determine whether would-be homeowner...Read More