In Canada, the amount you can borrow for a mortgage is typically 4 to 4.5 times your gross annual income. However, this depends on factors like debt levels, interest rates, and lender policies.

For a $600K home → ~$120K income needed

For a $1M home → ~$170K+ income needed

For a $1.5M home → ~$250K+ income needed

Yes, it helps determine your budget and shows sellers you are a serious buyer.

As of September 2024, you can now buy a home up to $1.5 million with a minimum 5% down payment, provided you get mortgage insurance.

Homes over $1.5 million still require a 20% down payment

Land Transfer Tax (including municipal and provincial taxes), legal fees, title insurance, home inspection, and potential adjustments like property tax reimbursements.

Yes, a home inspection is highly recommended before purchasing any property. A home inspection helps uncover potential issues that may not be visible during a showing. A few hundred dollars upfront for an inspection can save you thousands later.

Yes, a lawyer is required to handle title transfers, closing documents, and legal aspects of the sale.

A document that outlines the financial health of a condo corporation, reserve fund, and any legal issues.

A bidding war happens when multiple buyers compete, often leading to offers over asking. Strategies include strong financing, fewer conditions, and a competitive offer price.

n Toronto, homebuyers must pay both the Ontario Land Transfer Tax (LTT) and the Toronto Municipal Land Transfer Tax (MLTT).

Here are the total land transfer tax amounts, combining both the Ontario and Toronto taxes:

For a $600,000 purchase → $16,950

For a $1,000,000 purchase → $32,950

For a $1,500,000 purchase → $52,950

First-time homebuyers may be eligible for a rebate of up to $8,475.

Realtor commissions (typically 4-5%), legal fees, mortgage penalties (if applicable)

Staging can increase appeal and selling price. Well-presented homes tend to sell faster.

Market conditions vary, but well-priced homes in desirable areas often sell in a few weeks.

Spring and fall are traditionally the hottest markets, but demand exists year-round.

A buyer’s market has more listings than buyers (lower prices), while a seller’s market has more buyers than homes (higher prices, bidding wars).

No, other factors like conditions (financing, home inspection) and closing date can be equally important.

You may need to adjust pricing, improve marketing, or make minor renovations to attract buyers.

A firm offer has no conditions, while a conditional offer depends on financing, home inspection, or other factors before closing.

Simple upgrades like fresh paint, updated lighting, and minor kitchen/bathroom improvements can make a big difference.

Professional staging and high-quality photos improve buyer interest.

In Ontario, you must provide 60 days’ notice if the buyer or their immediate family intends to move in.

The new owner must honor the lease if tenants are in a fixed-term agreement.

Yes, capital gains tax applies to investment properties, but not to your primary residence.

Adjust your price, improve marketing, or wait for a stronger market.

In some cases, renting out the property temporarily may be an option.

es, you can sell a tenanted property, but the lease must be honored by the new owner.

If the new owner or their immediate family intends to move in, you must give 60 days' notice before the lease term ends.

The tenant is entitled to one month’s rent as compensation in this case.

For 2024, the maximum rent increase is 2.5% under Ontario’s rent control rules.

The 2025 guideline has not been announced yet.

If you want to raise rent above the limit, you must apply to the Landlord and Tenant Board (LTB).

Units first occupied after November 15, 2018, are not subject to rent control, meaning landlords can set their own increases.

Conduct a credit check using Equifax or TransUnion.

Verify employment and income with pay stubs or a letter from their employer.

Request references from previous landlords.

Meet with the tenant to assess reliability and compatibility.

In Ontario, landlords cannot request a security deposit for damages.

You are allowed to collect a rent deposit equal to one month's rent, which is applied to the last month of tenancy.

Issue a 14-day eviction notice (N4 form) immediately.

If the tenant does not pay within 14 days, you can file with the Landlord and Tenant Board (LTB) for an eviction order.

The eviction process may take several months, so acting quickly is important.

es, you can decline a tenant based on poor credit, lack of stable income, or weak references.

However, you cannot discriminate based on race, religion, age, gender, or other protected grounds under the Ontario Human Rights Code.

You must provide at least 24 hours' written notice before entering, unless it’s an emergency.

Entry must be between 8 a.m. and 8 p.m., and you must have a valid reason such as repairs, inspections, or showings.

Landlord insurance is highly recommended as it covers damages, liability, and potential loss of rental income.

Standard home insurance does not protect against tenant-related risks.