Buying a Home Might Get More Expensive in Ontario …

Latest News Nathan Lawrence 29 Oct

By: Nathan Lawrence

If you’re a house hunter or are planning in the future to be buying a home, the costs to close a house purchase might be getting more expensive.  Earlier this week, the Ontario Government stated that they are moving forward with their plans to allow municipalities with the ability to charge home buyers a municipal land transfer tax.  This potential new land transfer tax would be above and beyond the current Ontario Land Transfer Tax that home buyers are currently required to pay as part of their closing costs.

As the Ontario Government looks at news ways to address revenue challenges facing communities across the province, this is a quick way to generate revenue for municipalities across the province.  This is NOT good new for home owners and house hunters.  This is something that the Ontario Real Estate Association (OREA) has been working hard to advocate against the Ontario Government moving forward with their plans to increase the cost burden to home buyers. It has the potential to turn Ontario into the province with the highest closing costs on Real Estate transactions in North America.

For more details about the potential changes, take a few minutes to read the full article posted by the Financial Post.

The Election & Your Mortgage

Latest News Nathan Lawrence 20 Oct

By: Nathan Lawrence

Well you woke up this morning and it’s a new day…and there is a new Government.  Looking back over the last two months of the campaign, here is what our new Majority Liberal Government promised with regards to housing/mortgage market under the leadership of Prime Minister Elect Justin Trudeau.

  • They would focus on ensuring that there would be more affordable housing for Canadians. They will work to build new infrastructure or renovate existing housing.
  • They would modernize the existing Home Buyers Plan to help Canadians impacted by sudden or significant life changes.
  • They would direct CMHC to provide financing programs designed to support the construction of new, affordable rental housing for middle- and low-income Canadians.
  • They will conduct a review of escalating home prices in high-priced markets like Toronto and Vancouver.
  • They would restore the mandatory long-form census to ensure that decisions on housing are made using the best and most up to date data available.
  • They will provide tax incentives to grow and renovate the supply of rental housing across Canada.


Over the next few weeks/months, we will likely start to see additional information about the programs start to roll out as the new Liberal Government transitions into Parliament.   For more details about their plans, visit

What Happens When Interest Rates Rise

Interest Rates Nathan Lawrence 7 Oct

By: Nathan Lawrence

With interest rates at historic lows, would you be able to afford a rate increase on your mortgage? In the short interest rates are not expected to adjust very much, but if you are in a mortgage that does not renew for a few years, you could be facing an adjustment at renewal time.

There are some fairly simply things that you, as a mortgage holder could do to better prepare yourself for when the rates start to increase:

  1. Take advantage of increase allowances to your mortgage payment.
  2. Make at least one annual additional payment against your mortgage.
  3. Or simply start using a projected increased payment when doing a monthly household budget.

The option 1 or 2 are going to have the best and biggest impact on your mortgage amortization and the overall interest you pay. However, if that is not possible start planning for an increase so that you know how your budget would be affected down the road.