Flexible Financing Options
The Canada Mortgage and Housing Corporation (CMHC) offers mortgage insurance allowing for a range of financing options from as little as five per cent down payment. Other CMHC programs allow for financing that includes the cost of home renovations, and energy efficiency incentives. Additional programs are also available.
For more details, visit CMHC’s website http://www.cmhc.ca or TorontoMLS by clicking Government Relations/ Government Programs.
RRSP Home Buyers’ Plan
The Home Buyers’ Plan (HBP) is a program under which you can, generally, withdraw up to $25,000 from your registered retirement savings plan (RRSPs) to buy or build a qualifying home. Withdrawals that meet all applicable HBP conditions do not have to be included in your income, and your RRSP issuer will not withhold tax on these amounts. However, before you can withdraw funds you must have entered into a written agreement to buy or build a qualifying home which you must occupy no later than one year after buying or building the home.
More detail is available on TorontoMLS by clicking on Government Relations/Government Programs.
HST New Housing Rebate
You may be eligible to claim a rebate for a part of the HST you pay on the purchase price of a newly constructed home or the cost of building your home if:
- you buy a new or substantially renovated home (including the land or if you lease the land) from a builder;
- you buy a new mobile home (including a modular home) or a floating home from a builder or vendor;
- you buy a share of capital stock of a co-operative housing corporation;
- you construct or substantially renovate your own home, or carry out a major addition (or hire another person to do so); or
- your home is destroyed in a fire and is subsequently rebuilt.
Details
- The purchase price of resale homes are exempt from the HST. The purchase price of newly constructed homes are subject to HST.
- New home buyers can apply for a 36% rebate of the federal portion of HST applicable to the purchase price to a maximum of $6,300 for homes costing $350,000 or less. For new homes priced between $350,000 and $450,000, the rebate on the federal portion of the HST rebate would be reduced proportionately. New homes priced $450,000 or higher would not receive a rebate of the federal portion of the HST.
- New home buyers can apply for a 75% rebate of the provincial portion of the HST applicable to the purchase price to a maximum of $24,000.
First Time Home Buyers’ Tax Credit
The First-Time Home Buyers’ Tax Credit provides a 15% credit on a maximum of $5,000 of home purchase costs (e.g. legal fees, land transfer taxes, etc.), meaningmaximum tax relief of $750.
- Applicable to first-time buyers purchasing a home closing after January 27, 2009.
- Claimable for the taxation year in which the home is being purchased. Details available at 1-800-662-6232 or www.fin.gc.ca.
Second Suites Legal in Toronto
A second suite is a self-contained unit (rental or rent-free) in a single-detached or semi-detached house. Most second suites are basement apartments. They have also been called granny flats, in-law suites and accessory apartments. In the City of Toronto, second suites are permitted in all single-detached and semi-detached homes, with certain conditions:
- the second suite must be self-contained with its own kitchen and bathroom;
- the house, including any additions, must be at least five years old;
- the floor area of the second suite must be smaller than the remaining unit;
- in most cases, homes with a second suite must have at least two parking spaces and parking can be in tandem (one behind the other). There is an exception for parts of the former City of Toronto (R2, R3 and R4 districts) where only one parking space is required for a house with a second suite. Please contact the City of Toronto’s Urban Planning and Development Services Department to determine if a property is located in a R2, R3, or R4 district.
- Before planning any changes to the outside appearance of a dwelling the homeowner should contact the City of Toronto’s Urban Planning and Development Services Department; and
- all new second suites must comply with the Ontario Building Code and require a building permit. Existing second suites must comply with the Fire Code as well as zoning and property standards.
For specific zoning, property standards, or fire and building code questions, please contact the City of Toronto’s Urban Planning and Development Services Department:
East District:……………………………..416-396-7304 North District:…………………………..416-395-7000
South District:…………………………….416-392-7522 West District:……………………………416-394-8002
Land Transfer Tax (LTT) Rebate Programs
(Provincial and Toronto)
First-time buyers of new and re-sale homes are eligible to receive rebates of the provincial and Toronto Land Transfer Taxes. The maximum provincial Land Transfer Tax (LTT) rebate for first-time buyers is $2,000 and the maximum Toronto LTT rebate for first time buyers is $3,725. A full rebate of the Toronto LTT is also available for ALL buyers who entered into Agreements of Purchase and Sale prior to December 31, 2007.
For information on calculating land transfer tax, please see the Provincial and Toronto Land Transfer Tax Calculation sections of this guide.
More detail on the LTT rebate programs is available on TorontoMLS at Government Relations/Government Programs.
Residential Rehabilitation Assistance Program
The Residential Rehabilitation Assistance Program (RRAP) is a federal government program that provides financial assistance to renovate or repair housing that needs to be brought up to basic health and safety standards, or to convert non-residential properties to affordable housing.
RRAP provides funding under various categories: homeowners, landlords/rental, rooming houses, residential conversion, persons with disabilities and second suites. Each category has distinct eligibility criteria. For more information call CMHC at 1-800-704-6488 or log on to TorontoMLS and click Government Relations/Government Programs.
Marijuana Grow Houses — Municipal Inspections
A grow house is a home that has been leased or bought by persons in the drug trade and used as an indoor nursery or hydroponics operation to grow marijuana plants. These operations often involve significant alteration to the dwelling structure and electrical system, which can compromise structural integrity and pose safety and fire hazards.
Under provincial legislation that became effective on August 1, 2006, municipal officials are required to inspect marijuana grow houses once they have been identified and shut down by police.
In addition, the municipality is required to take whatever action it is authorized by law to take in order to make the building safe and protect the public. This could include issuing orders under the Building Code.
Resources for REALTORS®
Clauses for Agreements of Purchase and Sale: Clauses are available through TREB and OREA for use within Agreements of Purchase and Sale, as follows: Environmental Clause #8, Growth or Manufacture of Illegal Substances – Acknowledgement; Environment Clause #9, No Growth or Manufacture of Illegal Substances – Warranty.
Address Information of Known Grow Houses: In response to Member requests, TREB has asked the provincial government to facilitate a comprehensive list of known former grow houses in the interest of consumer protection. The provincial government is considering this action.
Background Information: The Canadian Real Estate Association has produced a publication (“Grow Ops – What REALTORS® Need to Know”) that provides comprehensive background information on various issues associated with grow houses, including tips and legal considerations for REALTORS®. This publication is available on TorontoMLS by clicking on Government Relations/Government Programs.
Whose Job Is It?
- Street lights out
- Traffic signals or signs broken or missing
- A-frame and portable signs on sidewalks
- Litter on street/sidewalk or overflowing garbage bin
- Graffiti
Ever wondered who resolves these types of problems? We have developed charts for each GTA municipality providing contact numbers for these city services. This could be useful to you as a REALTOR® or for use by your clients.
These charts are available on TorontoMLS by clicking Government Relations/City Services.
Drinking Water Testing
(Certificate of Potability for Mortgage Purposes)
The Public Health Laboratories Branch of the Ministry of Health and Long-Term Care provides routine drinking water testing for Ontarians who have their own source of drinking water (e.g. a well) that serves a single household. The Ministry will provide a certificate of potability for mortgage purposes for the sale of a property. To ensure that drinking water testing does not delay the completion of real estate transactions (where a certificate of potability is needed for mortgage purposes), the Ministry suggests that the client submit a sample no later than two weeks prior to the anticipated date of closing. For more information, please contact Sandy Edelsward, Program Coordinator, Drinking Water Testing, Ministry of Health and Long-Term Care at (519) 455-9310 or [email protected].
New Smoke Alarm Requirements
As of March 1, 2006, every home in Ontario is required to have working smoke alarms on every storey or level, including basements.
According to information from the Ontario Fire Marshal and as drafted in the Ontario Fire Code, “a smoke alarm is required to be installed between each sleeping area and the remainder of the dwelling unit. Where the sleeping areas are served by hallways, the smoke alarms must be installed in the hallways.” In addition, at least one smoke alarm is required to be installed on each storey that does not contain a sleeping area.
More information is available on TorontoMLS by clicking on Government Relations/Government Programs.
资料来源：多伦多地产局
