Hey there, Future Homeowner!

Buying your first home in Toronto is a thrilling adventure, but it comes with a few financial responsibilities that you should be aware of. Knowing the taxes involved will help you budget and plan for your new life as a homeowner. Let’s break down the key taxes you’ll encounter when you buy a home priced at $1,000,000.

1. Land Transfer Tax (LTT)

First up is the Land Transfer Tax. This is a one-time fee you’ll pay when you buy your house, calculated based on the purchase price. Here’s how it looks for a $1,000,000 home:

First $55,000: 0.5% = **$275
Next $195,000: 1.0% = **$1,950
Next $1,050,000: 1.5% = **$14,250 (on the remaining amount)

So, your total LTT comes to $16,475.

But here’s the good news: If you’re a first-time buyer, you may qualify for a rebate of up to $4,000. After the rebate, you’re looking at about $12,475 for the LTT.

2. Municipal Property Tax

Once you’re a homeowner, you’ll also be responsible for Municipal Property Taxes. This tax is based on the assessed value of your property. As of 2023, the residential property tax rate in Toronto is about 0.61%.

For your $1,000,000 home, that means you’ll be paying around $6,100 a year in property taxes.

3. School Tax

Don’t forget about the School Tax! This is included in your municipal property tax and helps fund local schools. It’s all part of the same property tax bill, so you won’t see it as a separate charge.

4. Goods and Services Tax (GST) / Harmonized Sales Tax (HST)

If you’re buying a newly constructed home, you’ll need to think about HST. Most resale homes are exempt from this, but new builds are subject to it.

For a $1,000,000 home, the HST would be $130,000. Keep in mind that there are rebates available for first-time buyers, so make sure to check what you might qualify for!

5. Additional Costs

Home Insurance**: While it’s not a tax, you’ll definitely want to budget for home insurance to protect your investment.
Utility Bills**: You’ll also need to account for utility costs like water, gas, and electricity.

Conclusion

So, there you have it! If you’re looking at a home priced at $1,000,000, you’re looking at about $12,475 in Land Transfer Tax after rebates and around $6,100 annually in property taxes. If you’re buying new, factor in that HST as well.

Understanding these taxes will empower you to make informed decisions as you embark on this exciting journey. If you have any questions or need personalized advice, don’t hesitate to reach out to a financial advisor or tax expert. Happy house hunting!

Are you looking for quick and inexpensive ways to update a room in your house? Great news! You don’t need to hire a decorator or spend a lot to give a room a fresh new look. Whether you are planning on selling, recently moved in, or need a change, here are four easy tips to have you enjoying your home in no time!

1. Add an accent! No, I don’t mean learn a new language
Accent walls, also known as feature walls, are a great way to enhance the look of any room in your home. Easily transform your bland space into something special by changing just one wall in the room. Painting a feature wall is an easy and affordable way of refreshing the look of any room. Contrast lighter walls with darker accent colours to make it stand out. Passive colours, such as blues greens and purples, create a calming effect and promote focus and relaxation. Active colours, such as reds yellows and oranges stimulate and excite the mind. Another affordable option is adding wallpaper to an existing wall, which lets you avoid painting if that’s not your thing. Wallpaper has come a long way, and there are some fantastic options. It comes in various designs, colours and textures to let you completely customize your wall. When selecting your wallpaper, consider trendy stripes, which can create the illusion of higher ceilings or timeless and elegant florals. Textured wallpaper is a bold choice, and it also allows you to paint over it, making it an easy transition anytime you need a refresh.

2. Update your art
Do you have a budding artist in the family? Use some of your kid’s art on the walls for a personal touch. Another option is to pick up a calendar of one of your favourite artists. This gives you at least 12 options to choose from. Framing is notoriously expensive. Dollarama and Walmart are both great options for mid-range frames. Or better yet, pick up a few second-hand frames and customize them to your liking. Thrift stores and Facebook marketplace always offer interesting, cheap options. From there, you can spray paint or paint the frames to match your decor. Check out this excellent tutorial for step-by-step instructions. Click Here

3. Style your bookshelf
Bookshelves are amazing; they keep you organized and can be a great focal point. The beauty of this is you don’t have to run out and buy a whole bunch of brand-new decor. You also don’t need to be an experienced interior designer. With a few quick changes, you can create designer-quality shelves. Always start with the top shelf and work down. A key ingredient to designer quality shelves is layering home decor in varying heights. Mixing home decor items with your books gives it a more curated look. Some ideas for additional items would be plants, family photos, candles, and sentimental knickknacks. Your end goal is for the bookcase or shelf to look curated and thought out, not piled high with every pretty thing you own.

4. Change your textiles
Looking for a way to showcase your personal style? There’s no better way than updating your textiles. From the neutral minimalist to the bold maximalist, there’s a fabric for everyone. Replace your curtains and pillowcases for a quick fix. Never underestimate the power of a beautiful throw blanket. With the cooler weather coming, it’s the perfect time to toss one on your bed, couch, or chair. Their addition will bring instant visual appeal. Are you bored with your headboard? For a super simple project, take the measurements and hit up your local fabric shop. Secure the fabric around the back of your headboard using a staple gun. If you’re feeling crafty, check out these 9 fabric DIY projects by The Spruce Crafts. Click Here

With both parents and all of my siblings either current or former serving members of the Canadian Armed Forces, my family is intimately familiar with all that goes into a move—whether across town or across the country. The options when buying that new home are seemingly endless, from proximity to grocery stores and other amenities, to neighbourhood walkability, to, of course, number of bedrooms and bathrooms.

As more young couples and families begin to look at buying their first homes, one factor stands out above the rest in ways that it may not have before— a home’s proximity to good schools. Whether purchasing because of a move or simply as the next step after renting, for many the consideration of local elementary and even high schools, and the catchment district into which their new home may fall, is front-of-mind for young buyers in today’s market.

Throughout my nineteen years in real estate, I have worked with people of all age and income brackets. As time progresses and with some becoming repeat clients, it has been interesting to me to see the way that priorities change over time. Many clients who were young singles when we first worked together are now parents (or soon-to-be parents), and are buying in specific neighbourhoods because of their little ones’ future schools!

It’s not only parents with University and College dreams who are house shopping with specific schools in mind, either. In a Realtor.com survey of almost 1,000 prospective buyers, more than 90 percent said that school boundaries were an important factor in their search. Whether looking for a solid French immersion program, a plethora of after school activities, or simply a high overall school ranking, the reality is that a high priority is being placed on schools.

This also has farther-reaching effects on the real estate market than may seem obvious at first. As more parents pay attention to the Fraser Institute rankings and public opinion on schools in their prospective neighbourhoods, many forward-thinking buyers without children, and who never intend to have them, are purposely buying within the boundaries of good school districts too. Why? Not only do neighbourhoods and communities with good schools often attract better amenities and resources, but this higher demand for homes also naturally increases the value of the homes in that area. Beyond the home’s increase in value, is the high likelihood of being able to resell easily when the time comes; homes in good school districts are always in demand and unlikely to leave sellers waiting for too long.

I never imagined, at the beginning of my real estate career, how much I would learn about the relative merits of elementary and high schools. Whether you have kids now, plan to someday, or simply want to ensure you get good value in your next home purchase, school districts have become one of the most important considerations you can make. Time to study up!

With both parents and all of my siblings either current or former serving members of the Canadian Armed Forces, my family is intimately familiar with all that goes into a move—whether across town or across the country. The options when buying that new home are seemingly endless, from proximity to grocery stores and other amenities, to neighbourhood walkability, to, of course, number of bedrooms and bathrooms.

As more young couples and families begin to look at buying their first homes, one factor stands out above the rest in ways that it may not have before— a home’s proximity to good schools. Whether purchasing because of a move or simply as the next step after renting, for many the consideration of local elementary and even high schools, and the catchment district into which their new home may fall, is front-of-mind for young buyers in today’s market.

Throughout my nineteen years in real estate, I have worked with people of all age and income brackets. As time progresses and with some becoming repeat clients, it has been interesting to me to see the way that priorities change over time. Many clients who were young singles when we first worked together are now parents (or soon-to-be parents), and are buying in specific neighbourhoods because of their little ones’ future schools!

It’s not only parents with University and College dreams who are house shopping with specific schools in mind, either. In a Realtor.com survey of almost 1,000 prospective buyers, more than 90 percent said that school boundaries were an important factor in their search. Whether looking for a solid French immersion program, a plethora of after school activities, or simply a high overall school ranking, the reality is that a high priority is being placed on schools.

This also has farther-reaching effects on the real estate market than may seem obvious at first. As more parents pay attention to the Fraser Institute rankings and public opinion on schools in their prospective neighbourhoods, many forward-thinking buyers without children, and who never intend to have them, are purposely buying within the boundaries of good school districts too. Why? Not only do neighbourhoods and communities with good schools often attract better amenities and resources, but this higher demand for homes also naturally increases the value of the homes in that area. Beyond the home’s increase in value, is the high likelihood of being able to resell easily when the time comes; homes in good school districts are always in demand and unlikely to leave sellers waiting for too long.

I never imagined, at the beginning of my real estate career, how much I would learn about the relative merits of elementary and high schools. Whether you have kids now, plan to someday, or simply want to ensure you get good value in your next home purchase, school districts have become one of the most important considerations you can make. Time to study up!

The summer is halfway through, and the kids are looking for something new to do. How about a movie under the stars? Turn your backyard into a movie lover’s oasis with these six easy steps. Guaranteed this will be an activity that you will want to do again and again

1. Invest in a portable projector. Amazon has some great options starting at only $60!

2. Build a DIY projector screen with this easy how to tutorial from HGTV It doesn’t require any power tools and is a great way to get the kids involved in the setup!
Fun tip: have the kids paint the planters before putting the cement in for a personal touch.

3. These printable movie tickets are sure to get everyone excited. Save the image to your computer and then email them out to your friends and family so that the experience starts right at the gate.

4. Seating scavenger hunt. Get the kids involved in a seating scavenger hunt. Have them scour the house for lawn chairs, pillows, blankets, pool floaties or anything else they can think of that will make a great place to cozy-up.

5. Snacks and drinks are a must for any backyard movie night. To make it easier to get everything ready, pick out some yummy finger foods that you can set out on a table, so people don’t have to get up during the movie. Retro popcorn boxes give movie-goers an authentic feel. They can be purchased at the dollar store, Walmart or even Amazon.

6. Struggling with what movie to watch? Let the fates decide with this free, printable movie picker. There are two options; one with fillable spaces for you and your family to complete or download the version with pre-loaded options.

Toronto, it’s time to face it – winter is well and truly here. The leaves have given up their shaky grip on brittle branches, the birds have fled for sunnier climes, and the snow is beginning to gather and crunch underfoot. It’s the most wonderful time of the year, isn’t it?

The long season between autumn and spring poses its own unique set of challenges, especially when it comes to real estate. If you’re considering selling your home, it’s easy to think that spring is the only time to list, and there are indeed different things to take into consideration on these colder, shorter days – but selling in winter can actually be a much better experience than you would assume!

There’s no need to fear if life doesn’t follow a schedule and you have to sell in the winter – the key is to make a positive first impression that will be hard to forget! With a few simple tips, you can maximize your selling potential in the winter:

Don’t let winter be an obstacle – literally.

So there’s snow on the ground, and you have a showing – great! The good news is that if they’re looking to buy right now, they must be serious and motivated buyers, so you’re off to a good start.

To ensure you don’t lose them before they’ve even made it through the door, take a moment to make sure that winter itself won’t be a physical obstacle – make sure you have your walkway shovelled and salted (nothing worse than having the buyers climb over snowbanks!)
and make sure the lockbox is in an easy-to-reach place and not frozen shut.

Take the opportunity to show off your home’s entryway functionality.

Winter means gear, from hats to coats to boots and more. When buyers wear all their winter layers, there’s never a better time to show off how your entryway works! Before showing, ensure you have empty hooks and space for coats, boots, and scarves. Allow buyers to imagine shedding their layers in your entryway – soon to be theirs – after every long winter’s day.

Make it bright.

Days are shorter at this time of year, so I recommend having all the lights on in the house. If it’s an evening show, have the exterior lights on.

Have a fireplace? Turn it on! It makes for a great focal point and cozy atmosphere. But remember – don’t light candles or a fire and leave home unattended. You never know what can happen!

Think beyond the visual.

Some of the best parts of winter are the scents – think back to your favourite holiday memories and you’ll know what I mean. Especially at this time of year, remember that it’s not just about visually engaging potential buyers!

When preparing for a winter showing, think about inviting natural smells – put a pot of coffee on, or simmer some apple juice with a cinnamon stick to invoke a warm, homey feeling. Avoid artificial sprays and scented candles, though – natural scents are best!

Though it may seem daunting to list your home in the winter, it can be done. With these easy tips, you’ll be able to maximize your winter showings and get back to building snowmen (and, let’s be honest, praying for spring to arrive).

For more real estate and home ownership tips, find The Anna Oliver Group on YouTube.

Whether you check your horoscope every day, meditate, believe in a higher power, or don’t generally give it much thought, with the changing of the leaves (and let’s be honest, the appearance of jack-o-lanterns on neighbourhood steps) seems to come something of a rapprochement with the spiritual world.

On the other hand, the real estate world can seem pretty cut-and-dried. When you’re dealing with numbers and square footage and paint colours daily, you feel as far from the supernatural as you can get.

It may surprise you to know that many buyers and sellers, and even their agents, use what might be considered ‘unorthodox’ methods to try and make the right sale. Beyond installing new appliances or redoing the landscaping, many people do, in fact, turn to the spiritual and the supernatural to get a home ready to put on the market – or in hopes that it will sell faster. In my thirteen years in real estate, I have seen it all.

Perhaps one of the best-known practices is the burial of a Saint Joseph statue. Joseph, husband to Mary and stepfather to Jesus, has long been associated with the home, and it’s said that if you bury his statue on your property (exact location and instructions vary depending on who you talk to), your house will definitely sell. I don’t think any scientific studies have been done to prove or disprove it, but it worked for my sister in 2005, anyway!

If Catholic saints aren’t your thing, maybe you’re more interested in Eastern philosophies. Many stagers and homeowners swear by the art of Feng Shui in preparing a home for sale – a quick Google search will give you lists of tips and even links to Realtors who specialize in it. It’s hard to argue with wanting each room to have a good energy flow when potential buyers walk into it.

Speaking of the buyer’s experience in a room, many people believe that colours themselves have spiritual meaning and energy. There’s certainly a psychological justification to this – consider how colours are used in packaging and advertising to encourage buying behaviours – but maybe there’s a more profound spiritual truth to it. Perhaps it’s time to shop for new accessories in specific colours if the energy seems a bit off, even with the help of Feng Shui.

If none of those are quite doing it for you, a bit of a crossover between the by-the-numbers real estate world and the supernatural might be your thing: numerology. From simple things like not listing on Friday the 13th to more involved practices like finding out what specific numbers represent before setting your listing price, there might be something to consider in the numbers you associate with your home when you put it on the market.

Of course, I can’t personally vouch for any of these practices, but when a home won’t sell – or you’re keen to start a sale off on the best foot possible – it can’t hurt to call in a little extra help, can it? It might be something to meditate on, anyway