taken from Canadianmortgagetrends.com

Key details of the refinancing program:

• Maximum loan-to-value (LTV): The LTV ratio can be up to 90% of the “as improved” property value, with the total property value capped at $2 million.

• Amortization period: The maximum amortization for this refinancing is 30 years, allowing borrowers to spread payments over a longer term.

• Number of units: Homeowners can add up to four units on their property, including the existing one.

• Self-contained units: Each secondary suite must be a fully self-contained unit, meaning it has separate living facilities, such as a private entrance, kitchen, and bathroom. This ensures compliance with municipal zoning requirements.

• No short-term rentals: The additional units must be long-term rentals and cannot be used for short-term rental purposes (e.g., Airbnb).

Federal Government Reintroduces Mortgage Refinancing for Secondary Suites

Starting January 15, 2025, Canadian homeowners will have access to default-insured mortgage refinancing of up to 90% of their home’s value to build secondary suites, such as basement apartments or laneway homes. This initiative revives a similar program discontinued in 2016, reflecting the government’s focus on addressing the housing crisis and boosting rental supply in high-demand areas. Homeowners can take advantage of a 30-year amortization period to make these projects more affordable.

The program aims to create more rental options, support seniors aging at home, and help offset rising mortgage costs for homeowners. Alongside these changes, Canada’s banking regulator (OSFI) is planning to eliminate the stress test requirement for uninsured mortgage switches, making it easier for borrowers to switch lenders.

The government also announced consultations on taxing vacant land to incentivize development and added 14 underused federal properties to the Canada Public Land Bank, now totaling 70 sites available for housing projects. These measures reflect a comprehensive strategy to address housing affordability and increase supply across the country.

Stay tuned for updates as these programs roll out and transform housing opportunities in Canada.

canadian Mortgage trends

taken from gov Canada 

Mortgage Insurance Rule Changes to Help Homeowners Add Secondary Suites

The Canadian government is introducing new mortgage insurance measures to help homeowners turn unused spaces, like basements or garages, into rental units. Effective January 15, 2025, these changes aim to increase housing supply and provide homeowners with new income opportunities, particularly seniors who wish to age at home.

The New Refinancing Program

Under the updated rules, homeowners can refinance their properties with insured mortgages to fund the construction of secondary suites. Borrowers can access up to 90% of their property’s value, including the value added by the new units, with a maximum amortization of 30 years. This makes it more affordable for homeowners to create fully self-contained units, such as basement apartments or laneway homes, provided they meet local zoning requirements.

Key Eligibility Requirements

• The homeowner or a close relative must occupy one of the existing units.

• The property’s total value, including improvements, must be under $2 million.

• Additional financing must not exceed project costs.

• The new units cannot be used as short-term rentals.

• The property must have no more than four total units after improvements.

Broader Impact

These measures align with municipal zoning reforms supported by the Housing Accelerator Fund, which aim to increase density and address Canada’s housing affordability crisis. By streamlining processes and reducing financial barriers, the government hopes to unlock the potential of underutilized spaces while offering more affordable housing options for Canadians.

This program reflects the federal government’s commitment to using innovative solutions to address housing shortages. If you're a homeowner considering adding a rental suite, now might be the time to explore how these changes could benefit you. Stay tuned for more updates as this program rolls out in early 2025.

gov canada

The last few weeks have seen a plethora of housing and mortgage initiatives aimed at improving the overall landscape for Canadians. 


To those looking to refinance a single family dwelling the government is allowing Insured Refinances to 90% and with higher limits (eg. to $1.5M). 

In addition the federal government has announced even higher financing limits (for insurable mortgages) to those wanting to fund secondary & multiplex units

The federal government also said it is increasing the mortgage insurance home price limit to $2 million for those refinancing to build a secondary suite, saying this will ensure homeowners can access their refinancing in all housing markets across Canada.

• On most residential properties a proponent can add a garden suite or laneway house, at a cost of about $500 per square foot for the build (less than half the price of a new Toronto condo).

• Most houses can be converted to a 2, 3 or 4-plex - as of right with no development cost charges.

• Most lots can support a tear-down and new build with up to 5 units (4-plex plus garden suite or laneway house).

• The FSI (floor space index) and many height/storey rules do not apply to 2, 3 and 4-plex conversions and new builds, so in many cases they can contain twice - or even more - square footage than a regular SFD.  For example, a lot that might only support a single 2,600 square foot 2-storey house can now have maybe 5,400 square feet over 4 units, and be 3+ floors in height.  

• Properties on "major streets" (or even backing onto them) like Pape, Runnymede, Royal York, Warden, Sheppard etc. qualify for townhouse or apartment builds up to 6 storeys tall and containing up to 60 units.

Laneway housing 

this information was taken from close my home legal insights

Switching a property from long-term residential use to short-term rentals, like Airbnb, can lead to significant GST/HST liabilities upon sale due to the change-in-use rule under the Excise Tax Act. If over 90% of the property's use involves short-term stays (less than 28 days), it may be deemed taxable.

For example, in 1351231 Ontario Inc. v. The King, brief short-term rental use triggered an $80,000 HST reassessment.

To avoid unexpected costs, property owners should understand the timing rules, consult tax experts, and consider strategies to reduce liabilities while staying compliant.

please click here to learn more closemyhome

A home inspection is a critical step in the real estate process, providing valuable insights into the condition of a property. Whether you’re buying or selling, understanding what an inspection entails can help you navigate the transaction with confidence. Here’s what you need to know:

What Is a Home Inspection?

A home inspection is a professional evaluation of a property’s condition, conducted by a certified home inspector. The purpose is to identify potential problems that could impact a buyer's decision or the home's marketability.

For buyers, an inspection helps uncover any major issues before finalizing a purchase. Sellers can use inspections to proactively address problems, making their property more attractive to potential buyers.

How Does an Inspection Differ from an Appraisal?

While both inspections and appraisals are part of many real estate transactions, they serve different purposes.

• Appraisal: Estimates the property’s value, often required by mortgage lenders.

• Inspection: Focuses on the property’s physical condition, identifying structural, mechanical, or safety issues.

Inspections aren’t mandatory but are highly recommended, as they provide critical information for both parties.

What Do Inspectors Examine?

A home inspection is a visual assessment of the home’s major systems and structures, including:

• Mechanical systems: HVAC, plumbing, and electrical.

• Structure: Roof, foundation, walls, doors, and windows.

• Major appliances: To ensure they are in working order.

Cosmetic flaws are typically not a focus unless they pose a safety concern. 

Certain aspects, like pest infestations or sewer systems, may require specialized inspections.   And for rural properties, or these not fully integrated within city or a town's sewer and water systems, will require Septic and Well systems inspections that should be inspected by a Licensed technician.

The Inspection Report

After the inspection, you’ll receive a report detailing the findings. This may include a checklist or detailed paragraphs describing the issues. Even new homes often have minor issues listed in the report.  Some new home buyers even ask Home Inspectors to walk through the home for a second set of eyes prior to moving in.  

How an Inspection Can Impact the Sale

• For Buyers: If significant problems are uncovered, buyers can renegotiate the deal or walk away entirely. Buyers might ask sellers to make repairs or provide a credit for the buyer to handle the fixes themselves.

• For Sellers: A failed deal due to inspection findings can be a setback. If a pending sale falls through, it may discourage future buyers. Sellers can hire experts to verify or contest the inspector's findings.

Choosing the Right Inspector

Hiring a qualified home inspector is essential. Look for certifications from reputable organizations like the Canadian Association of Home Inspectors (ASHI) or the Ontario Association of Home Inspectors.   These professionals adhere to strict codes of ethics and undergo continuing education.

When selecting an inspector:

• Ask about their experience, particularly if the home has unique features like historic architecture.

• Request references from past clients.

• Expect to pay around $450 for a condo, or around $600 for an average sized home [under 2000sq ft].

A home inspection might seem like just another step in the buying or selling process, but it’s an investment in peace of mind. Whether you’re identifying repairs as a seller or avoiding costly surprises as a buyer, the right inspection can save time, money, and stress.

Thinking about buying or selling? Let’s chat about how to prepare for your home inspection and make your real estate journey smooth and successful.

for more information you can visit 

Home Buyers/Realtors - Ontario Association of Home InspectorsBuyers & Sellers - Canadian Association of Home & Property Inspectors

this information was taken from realty times realty times

Taken from TRREB Toronto Regional Real Estate Board

October 31 2024

TRREB works closely with OREA and elected officials at Queen’s Park to fight for public policy that builds more housing and supports the business of real estate. 

As part of our important work, we monitor government announcements for issues that impact you and your business. Yesterday, Finance Minister Peter Bethlenfalvy announced the 2024 Ontario Economic Outlook and Fiscal Review, also referred to as the Fall Economic Statement. 

The Fall Economic Statement is a mid-year update provided by a government that serves as a supplement to the annual budget, offering a revised look at economic forecasts, revenue, and spending for the fiscal year, and any changes in government priorities or initiatives.

Here are three key highlights of the Statement, including items specific to housing and real estate: 

1. Cost of Living and Tax Relief: Support for Ontario Families
   Several new measures are being introduced to ease the financial burden on Ontario residents:

• Temporary Gas and Fuel Tax Cuts: The province has extended the temporary gas and fuel tax cuts until June 30, 2025. The temporary reductions include a cut of 5.7 cents per litre on gasoline and 5.3 cents per litre on diesel fuel.

• Taxpayer Rebate: In early 2025, Ontario taxpayers will be eligible for a one-time rebate of $200 per person, with an additional $200 for each child. You must be a resident of Ontario and file an income tax return to qualify for the rebate. Ontario taxpayers who file their tax returns will automatically qualify for the rebate. The rebate extends to each dependent child in a family.

2. Real Estate and Housing: Key Policy Changes
   The Ontario government is introducing important measures aimed at supporting a fair and affordable property tax system and promoting housing supply:

• Supporting a Fair and Affordable Property Tax System: The government continues its review of the property assessment and taxation system with a focus on fairness, affordability, business competitiveness, and modernized administration. Provincewide property tax reassessments remain deferred while this review is underway. TRREB is preparing research to support the government’s consultations and will release it in the coming months. Key priorities identified through consultations so far include:

  • Affordable Rental Housing: Municipalities will be able to reduce municipal tax rates on affordable rental housing through the creation of an optional property tax subclass.

  • Student Housing: A legislative amendment will provide consistent treatment for university-operated student housing, ensuring fair taxation regardless of whether the institution’s tax status is governed by the Assessment Act or an institution-specific statute.

  • Information Sharing: The province is working with the Municipal Property Assessment Corporation (MPAC) to enhance information sharing and develop new digital solutions to improve municipal planning and property assessments. These initiatives will include broader municipal access to MPAC data and public access to assessment roll information via a centralized platform.

• Housing Supply Progress: In 2023, Ontario came close to achieving its goal of creating 110,000 new homes, with 109,011 homes built. The target for 2024 is to construct 125,000 new homes, reflecting the province’s ongoing commitment to its broader goal of 1.5 million new homes by 2031. The mix of housing includes additional residential units, student housing, and long-term care facilities. 

• Addressing Financial Crimes in Real Estate: The government has announced that it is exploring the creation of a registry requiring private corporations to submit information on their beneficial owners. A beneficial ownership registry will help combat fraud and the use of real estate to launder illicit funds. A registry will provide law enforcement with tools to better detect and prevent financial crimes such as tax evasion and money laundering, which have significant implications for the real estate sector. 

3. Economic Outlook: Real Estate Market, Economic Projections, and Ontario’s Fiscal Health
   While 2024 has presented challenges, including elevated interest rates, the Fall Economic Statement presents a cautiously optimistic outlook for the real estate market, economy, and the province’s fiscal health:

• Real Estate Market Recovery in 2025: The housing market is expected to recover in 2025 as interest rates ease. Housing starts, home resales, and home prices are projected to rebound following the slowdown in 2024. The government’s forecast indicates a steady increase in demand, driven by population growth and improvements in affordability as inflation and interest rates decline. The target remains to build 125,000 homes in 2024, reflecting a renewed focus on addressing housing supply shortages.

• General Economic Growth: Real GDP growth for Ontario is projected to slow to 0.9% in 2024 due to the impacts of high interest rates and global economic uncertainty. However, as interest rates are expected to gradually decline, economic growth is forecast to strengthen to 1.7% in 2025, with further growth of 2.3% in both 2026 and 2027. The easing of inflationary pressures and a growing population will contribute to this positive outlook, benefiting sectors like real estate.

• Deficit and Debt Projections: Ontario is projected to run a deficit of $6.6 billion in 2024–25, but the fiscal outlook improves significantly over the medium term. The deficit is expected to narrow to $1.5 billion in 2025–26 before achieving a surplus of $0.9 billion by 2026–27. The province's net debt-to-GDP ratio is forecast to remain manageable at 37.8% in 2024–25, reflecting the government’s commitment to fiscal responsibility while making investments in housing and infrastructure.

These updates underscore the importance of staying informed about government policy changes that directly affect our market. You can read the full 2024 Ontario Economic Outlook and Fiscal Review here. 

Source: These Projects Could Lower the Value of Your Home by Ashley Sutphin, Realty Times. Available at: Realty Times

When undertaking home improvement projects, it's crucial to evaluate how they will affect your property's value, particularly if you plan to sell in the future. Ideally, you want to invest in upgrades that will enhance your home's worth. However, certain projects can yield minimal return or even diminish resale value. Here are some renovations to reconsider.

DIY Projects That Appear Amateurish

While DIY projects can add value when executed proficiently, poorly done renovations can be easily recognizable and may deter potential buyers. Projects like painting cabinets or tiles may seem straightforward but, if not done with care, can detract from your home's appeal.

Garage Conversions

Converting a garage into living space can often lead to a reduction in property value. Many buyers prioritize the utility of a garage for storage and protection, especially in regions with harsh winters. Heavy investment in such conversions may not be recuperated at sale time.

Overly Customized High-End Upgrades

While luxury upgrades can increase property value, excessively customized features may limit appeal to prospective buyers. For instance, a uniquely designed kitchen may not resonate with a broader audience, complicating future sales.

Expansive Home Additions

Adding a bedroom can enhance a home's value if it aligns with the existing structure and neighborhood. However, creating an addition that significantly enlarges the property relative to neighboring homes may hinder resale potential, as buyers may prefer larger properties in more affluent areas.

Swimming Pools

Although pools can attract certain buyers, they also bring concerns regarding maintenance and safety, particularly for families with young children. The desirability of a pool varies by location; in warmer climates, it may be viewed as essential, while in colder regions, it may not justify the investment.

Sunroom Additions

Investing in a sunroom often results in poor return on investment. These additions can be costly and may not see frequent use, resulting in limited value enhancement upon sale.

Extravagant Landscaping

While landscaping is important for curb appeal, lavish features such as water installations and complex irrigation systems may not contribute significantly to property value. They can also deter buyers who are concerned about maintenance. A simple, well-maintained landscape is generally more appealing.

In conclusion, when considering home improvements, it is vital to assess their potential impact on resale value. Focus on projects that enhance broad appeal rather than those that cater exclusively to personal preferences or extravagant tastes.

Source: This summary is based on information provided by Close My Home, a law firm offering insights into the new NOSI legislation in Ontario. For the full article and more details, visit Close My Home.

In June 2024, the Ontario government introduced the Homeowner Protection Act, which significantly impacts Notice of Security Interest (NOSI) registrations on real estate titles. This change is crucial for homeowners, potential buyers, and anyone involved in property transactions in Ontario. Here’s what you need to know about how this affects your property rights, especially when it comes to consumer goods.

What is a NOSI?

A Notice of Security Interest (NOSI) is a claim or "lien" that allows creditors to secure their interest in rented items—often major appliances like water heaters or air conditioners—by placing it on the title of a home. Previously, NOSIs could alert potential buyers and other interested parties that these items were not fully owned by the seller.

Key Changes Under the Homeowner Protection Act 2024

1. No More NOSIs for Consumer Goods:

   • As of June 6, 2024, creditors can no longer register NOSIs for consumer goods (e.g., HVAC equipment, water softeners) on real estate titles. Registered NOSIs on consumer goods before this date are now considered expired and can be removed with assistance from a lawyer, although legal fees may apply.

2. Consumers Still Have Financial Responsibility:

   • Importantly, removing a NOSI from the property title doesn’t cancel the rental contract. Homeowners are still liable for payments. Creditors may take alternative measures, such as reporting defaults to credit bureaus, which can impact consumers’ credit scores.

3. New Registrations and Exceptions:

   • NOSIs for items outside the definition of "consumer goods" under the Personal Property Security Act can still be registered, but they now require confirmation from a lawyer.

What This Means for Homeowners and Buyers

For homeowners, the new law creates a more transparent process, allowing them to remove outdated NOSIs and reduce complications during property sales. Buyers will no longer inherit hidden financial liabilities on consumer goods tied to the property.

Final Thoughts

These changes represent a shift towards a more consumer-friendly real estate market in Ontario. For a smooth and secure transaction, consult with your real estate lawyer on any NOSIs that may apply to your property.