Tag Archives: New Home buyer

Tarion

Tarion expands deposit coverage for new homebuyers in 2018

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Tarion expands deposit coverage for new homebuyers in 2018

Enhanced deposit coverage and new warranty protection for condo conversions

Ontarians hoping to take the leap into homeownership can buy with added confidence thanks to expanded consumer protection measures coming into force on January 1, 2018.

Purchasers placing deposits on new freehold homes will now have increased deposit coverage of 10 per cent of the purchase price, up to a maximum coverage of $100,000 with minimum coverage of $60,000. Previously, these buyers were only eligible for a maximum of $40,000 in deposit protection.

New homebuyers will also benefit from the recent passage of the Strengthening Protection for Ontario Consumers Act, 2017, which extends the deposit protection provisions to include other payments, such as those made for upgrades and extras.

Following extensive public feedback earlier this year, these changes will help bring deposit coverage in line with today’s new home market.

Coverage for down payments on condominium dwelling units will remain unchanged since these units benefit from significant protection under the trust provisions of the Condominium Act, which require all monies paid towards the purchase price to be held in trust. Additionally, deposits made for condominium purchases are protected up to $20,000 by Tarion.

For those looking to purchase converted condominiums, changes to the Ontario New Home Warranties Program mean that their units will now have warranty coverage. These developments, referred to as residential condominium conversion projects, or RCCPs, turn existing buildings into condos that incorporate some of the existing building’s more interesting features (e.g., large windows, framing, brick walls) into the design.

RCCPs will benefit from the same statutory warranty coverage extended to all condominium projects, including deposit protection, delayed occupancy coverage and the one-, two- and seven-year warranties. There is one exception: the first year warranty on work and materials will not apply to pre-existing elements (e.g., a foundation or exterior cladding). Under the new regulations, builders of condominium conversion projects and vendors selling units in these projects must also be registered with Tarion.

To learn more about the expanded protections, new homebuyers are encouraged to visit Tarion.com



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Home Builder: Survey Finds

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Home Builder: Survey Finds

What new homebuyers really want in their house

What do new homebuyers really want in their new house, townhouse or condo? Lots of storage, energy-efficient features and a great kitchen, according to a survey by BILD member Avid Ratings Canada.

The 2017 Canadian Home Buyer Preference National Study, completed for the Canadian Home Builders’ Association, compiled the responses of 2,775 recent new homebuyers from six provinces, including Ontario.

The survey found that the Canadian dream of owning a single-detached home is very much alive. When asked what they wanted their next home to be, 41 per cent of those surveyed said they wanted a single-detached, two-storey house and 24 per cent wanted a single detached bungalow. New homebuyers’ desire for single-detached homes has increased over the past few years. In 2015, 55.7 per cent of respondents identified single-detached as their preferred next home purchase, whereas this year, 65 per cent of respondents stated that preference.

New homebuyers across Canada said they are willing to make trade-offs to be able to afford their next home. The study found that almost 23 per cent would be willing to accept a smaller home and 20 per cent said they would be willing to live further from work and amenities to make their next home more affordable. Eighteen per cent said they would be willing to accept unfinished spaces in the home and 17 per cent said they would accept fewer community features.

The study also compiled a list of respondents’ top 10 must have home features. Survey results specific to the GTA showed that, not surprisingly, storage was a prominent theme with new homebuyers wanting plenty of space to park their belongings, from clothes to towels to cars. Walk-in closets were at the top of the top 10 must-have home features, and linen closets and two-car garages also made the list.

The kitchen was another key theme on the list. New homebuyers in the GTA said they want a kitchen that connects with living and dining areas, and they placed open-concept layouts and kitchen islands on their wish list. The majority also said they want that kitchen island and other counters to be topped with quartz rather than granite.

Energy efficiency was also important to new homebuyers in the GTA, according to the study. Among their must-haves were high-efficiency windows, energy-efficient appliances, certification by a designated program such as Energy Star and an overall energy-efficient home. As well, LED lighting and solar power generation were found to be growing in popularity.

When asked what motivated them to seek energy efficiency, only 16 per cent of new homebuyers across Canada cited concern for the environment. The majority, some 60 per cent, said their main motivation was lower utility costs. Fifty-eight per cent of survey respondents said they would be willing to spend an extra $3,000 to $5,000 on their next home to save $1,200 per year on utilities.

Surveys such as the Canadian Home Buyer Preference National Study are part of the extensive market research that the new homebuilding industry undertakes regularly. This research helps builders understand what new homebuyers are looking for, so they can build it.

Bryan Tuckey is president and CEO of BILD (Building Industry and Land Development Association), and can be found on: Twitter.com/BILDGTA) Facebook.com/BILDGTA YouTube.com/BILDGTA and BILD’s official online blog: BILDBlogs.ca

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Condo Real Insight

Real Insight : New Homeowner? Things To Consider

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Real Insight : New Homeowner? Things To Consider

Becoming a home owner can sometimes feel overwhelming, and the process may cause you to overlook some key chores.

These recommendations come from firsthand experience that I’ve encountered with my clients over the years, and I hope they help you in the moving process. Good luck!

Check in with the seller

Before the moving process begins, you may have questions about your new home and the Sellers are most likely the best people to fill you in on some of the questions I’ve posed below, and they’ll also be able to leave behind important information and documents, including manuals and servicing records for appliances and utilities.

Update your information

One of the first things you might want to do is update your information. Change your address to avoid missing any bills or important pieces of mail. Book an installation appointment with your cable, phone and Internet providers to avoid any interruptions in your service. Once you inherit the keys, don’t forget to ask for the keys to be labeled, it will help with not having to guess which key is for what, or you may want to change the locks just for ease and added peace of mind.

Get to know your home

Learn where to locate the shut off valve, hoses, window screens etc. Inherited an alarm system? Learn the code and how to arm and disarm it. Find out how to maintain a pool or hot tub, and don’t forget to check when garbage day is. After all, you’re going to have a lot of stuff you’ll need to get rid of. If you have pets, check the fence lines at your new home to make sure they’re secure.

Capitalize on an empty space

After the Sellers move out, you have an empty space to capitalize on. You may want to take advantage and give the place a thorough cleaning, or measure all rooms to ensure that your furniture can fit (don’t forget to measure the doorways!). This might also be the perfect time to undergo any renovation projects you had in mind. From applying a fresh coat of paint, to installing hardwood, or undergoing a full kitchen makeover, you may not find a better time to accomplish these tasks.

I hope these tips help you in your transition to your new home. If you have further questions about the moving process, talk to your Toronto Real Estate Board Member Realtor.

LARRY CERQUA is president of the Toronto Real Estate Board, a professional association that represents 45,000 professional realtor members in the Greater Toronto Area. You can contact him at TREBpres@trebnet.com.

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Bought your first home? Don’t hurry the renovations

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Bought your first home? Don’t hurry the renovations

The Globe and Mail

After the initial excitement of purchasing your first home, upgrading it to fit your dreams is an attractive next step. But for many first-home buyers in their 30s, the path to home renovation can be littered with pitfalls.

It can even be a dangerous choice, considering how little equity is usually built in the early days of ownership, and how much extra debt a renovation can require. Pulling it off without hurting your long-term finances requires planning, patience and financial flexibility.

http://www.theglobeandmail.com/globe-investor/bought-your-first-home-dont-hurry-the-renovations/article33616481/

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