Most people cannot afford to buy a home without getting a mortgage. The mortgage refers to a loan issued primarily to buy a home, where the home that you buy becomes the security or collateral of the loan.
There are many laws which govern the real estate business in Canada. All the laws must be followed to the letter if you wish to ensure success in the business. Most of the laws apply to both the foreign and domestic investors.
The real estate market in Toronto has been on the rise in the past couple of years, and it shows no signs of slowing anytime soon. The detached homes for single families still rank the highest in terms of sales, but attached homes and top-tier condominiums are recording the highest increase in sales to reflect a value and tastes for the Torontonians.
Owning real estate is always a good thing, and many people own multiple properties. Some will have their home in the suburbs and a holiday home in the country. Others will live in a city environment and have a home in the country. In this article, we will concentrate on city living and how a condo can make it better and give you the comfort you need. Before we dive into the benefits of condo living, let us look at what they are and what you can expect.
What is a condo?
These are living spaces that are located in a larger building that has been designed and built for residential purposes. Each unit in a condominium building will contain a bedroom, living room, kitchen, bathroom, etc. They are more luxurious than apartments and will have better amenities too. Condos are suitable for working professionals and families as many are located in business areas or areas that are highly residential in a city. For example a condo in King West, Toronto would be an ideal place for a single, working professional or a family. If you are looking for a comfortable condo in this area, check out http://mymirvishgehry.ca/ which should be ready for occupation in 2020. Below are some benefits of owning a condominium in Toronto:
With real estate, it always boils down to the location. Condos are built close to on in metropolitan areas which means you will have access to many things without having to travel too far. If you work in the city, living in one would allow you to get to your place of work and back fairly quickly.
Condos are built to give its residents a home away from home. You will have a large living area and sufficient rooms to take care of your daily activities with ease. Most condominium buildings will have a swimming pool, restaurant, and mini-mart. The unit itself will have inbuilt appliances, heating and cooling systems and will be designed with comfort in mind.
One important benefit of living in a condominium is the twenty-four-hour security you will have. You can feel safe with the security, CCTV cameras and access control that high-end condos have as standard features.
There are many other benefits, but these are the ones you can expect from any building that is built to give people a place to live in the city with the comfort of a home.…
If you have decided to invest in a condominium in Toronto, let us tell you that you have just made one of the best financial decisions of your life. Buying one of these units will provide you with a chance to own a home in one of the best places on earth. You can choose to live there yourself or rent it out depending on what is best for you. No matter how you use it, there is no doubt that there will be many benefits. Just look at some of the people that own condominiums in this area, and you will notice that they are among the happiest. However, you also need to know that buying condos is not something that you can do without planning. After all, you cannot just wake up one day and buy a unit the same way when you do groceries. It requires a proper understanding of the property that you want to buy. If you look at some of the tips for buying a condominium in Toronto, you will understand that there are some things that you just cannot ignore.
The floor plans
Before you discuss anything with the selling party, you have to look at the floor plans of the units that you want to buy. It is because the floor plans are the ones that determine how the interior of the house will look like. The way the rooms are laid out, and how everything is positioned will decide whether or not you like the condo or want to look for something else. If the condos are newly built, the companies will often have multiple plans meaning that you are free to choose the ones that you believe are best for you. This also gives you a chance to go for the newest plans in the industry.
The size of the Condos
What is your perfect condominium size? When you look at some of those that are available in your area, you easily will notice that they come in different sizes. Some of them have one bedroom while others have two or even more. It is upon you as the buying party to determine the size that will suit you since you are the one that knows what you want to do once you move in. When doing this, make sure that you have enough space for everything because it is what makes your life more comfortable.
The quality of construction
You may want to inquire about the company that was contracted to construct these units. It is a good way of knowing the quality of the building. Moreover, you need to know about the installation of plumbing systems, electric cables, and everything else. This will save you from buying a unit that will become faulty not too long after you bought it.
Buying a condo in Toronto that has a touch of luxury that will also give your life a major boost. For this reason, you should not insist on things that are too ordinary because this is your chance to change your life for the better.
There are many laws which govern the real estate business in Canada. All the laws must be followed to the letter if you wish to ensure success in the business. Most of the laws apply to both the foreign and domestic investors. However, there are some particular laws which apply to only the foreign investors, including both the provincial and federal levels. This means that you need to be extra careful to ensure that you abide by all the laws if you are a foreign investor. Below is a simplified legal guide to the Canadian real estate.
Legal guide to real estate in Canada
The main laws in Canada, which governs real estate, are the statutes of the territorial government and the provincial government. There may be separate laws in different provinces, but they all have a basis on common law. Quebec is the only province that has an exception to this, as the law there is based on civil war.
Ownership may be restricted to non-residents by the federal laws like the Competition Act and Investment Canada Act as well as the provincial laws. There are some provinces which do not restrict direct ownership but may discourage it by imposing higher taxes, reporting requirements, and registration.
Any owned land in Canada must be registered in the public land registry. This can be done through a land titles system, registry system, or the combination of both in various provinces. The registry system refers to a public record, which contains evidence of any transaction that affects land. Each province and territory in the country has its land registry system, and each system has its own rules. In most cases, there is no physical document issued to the owners of registered land except for copies of the transfer or deed in land titles system and registry system respectively.
Both leasehold and freehold rights exist in Canada. The leasehold right is that where a tenant gets exclusive possession right, enforceable against all including the lessor. Both leasehold and freehold may be held based on co-ownership as joint tenancy. The licenses issued are contractual rights of the involved parties. In other words, when a licensee gets a license from the licensor, he is allowed to make use of the land only in the manner specified in that contract. Restrictive covenants, easements, and servitudes are some of the other rights in land.
The real estate market in Toronto has been on the rise in the past couple of years, and it shows no signs of slowing anytime soon. The detached homes for single families still rank the highest in terms of sales, but attached homes and top-tier condominiums are recording the highest increase in sales to reflect a value and tastes for the Torontonians. Below are some tips to keep in mind when looking to sell or buy a home in Toronto, irrespective of whether you are a newbie or experienced in the world of real estate.
Top tips for buying a home
Do not make your decisions based on myths
There are many myths which go around in relation to real estate in Toronto. A very common one is that there is a shortage of condos in the city. There is a skyline of buildings that is burgeoning rapidly, which makes Toronto quite far from having a condo crisis. With that said, there is still a number of reasons that makes the demands of buyers a bit higher than the supply. Substantial migration of people to the city and transitioning tastes and preferences are the main reasons. For example, people will prefer locations where they can walk to work or recreational centers, making them blind to the many other options of condos that are not located in the areas of interest.
Consider all options
Most homebuyers will dismiss the homes that do not look impressive at first glance. This should not be the case. There is a huge business of home staging in Toronto, which is meant to make buyers eager to move into their new homes. What you might forget as a buyer, is that the striking artworks and designer furniture will all leave the house before you move in, and the cost of all that trouble will be hidden in the buying price. You should consider investing in a home that may require a bit of a facelift, and turn it into your dream home.
Hire a realtor
Getting a home that caters to all your needs and preferences in Toronto can be quite challenging. To make the process easier for yourself, you should consider hiring the services of a realtor. The agent will get you a suitable home within a shorter time and at a better deal compared to you handling everything yourself.…
Art for Commuters (A4C) is dedicated to assisting contemporary artists by offering them an opportunity to show in the public spaces frequented by urban travelers. We are equally dedicated to engaging a general, urban populace with contemporary art by initiating outstanding, thought-provoking projects that address the unique qualities of these public spaces.
We are presently partnering with Onestop Media Group to screen our various programs on their Network of over 190 LCD screens in the subway system of the Toronto Transit Commission.…