CityView Brokerage

05/17/2026

https://www.linkedin.com/pulse/what-enhanced-new-housing-rebate-fouad-dib--qwrwe

In March 2026, the Ontario government introduced a temporary Enhanced New Housing Rebate as part of the 2026 Ontario Budget. This measure temporarily removes the full 13% Harmonized Sales Tax (HST) on qualifying new homes valued up to 1 million, providing a maximum combined rebate of∗∗1million, ...

04/07/2026

01/30/2025

In the context of preconstruction condominiums in Ontario, “PDI” stands for Pre-Delivery Inspection. This is a crucial step in the home-buying process for new construction properties, including condominiums.

Key Aspects of the PDI:

1. Purpose: The PDI allows the buyer to inspect the unit before taking possession. It serves to identify any deficiencies or issues that need to be addressed by the builder.
2. Timing: The PDI typically occurs shortly before the closing date, when the unit is substantially complete but not yet occupied.
3. Process: During the PDI, the buyer, often accompanied by their real estate agent or lawyer, walks through the unit with a representative from the builder. They check for:
• Quality of workmanship
• Compliance with the agreed-upon specifications
• Any defects or unfinished work
4. Documentation: Any issues identified during the PDI are documented in a report. The builder is usually responsible for addressing these deficiencies before the final closing.
5. Significance: This inspection is an important opportunity for buyers to ensure that their new home meets their expectations and contractual obligations. It helps protect the buyer’s investment by ensuring that any necessary repairs or corrections are made before they take possession.
6. Follow-Up: After the PDI, the builder is typically required to rectify any noted issues within a specified timeframe, as outlined in the purchase agreement.

Overall, the PDI is an essential step in the process of purchasing a preconstruction condominium, ensuring that buyers are satisfied with their new home before taking possession.

01/30/2025

Closing costs for a preconstruction residential condominium in Ontario can vary depending on several factors, including the purchase price, the builder, and the specific location. However, here is a detailed breakdown of typical closing costs that buyers should anticipate:

1. Deposit Payments: Before the closing date, buyers usually make several deposit payments, which can total 15-20% of the purchase price over the course of the construction.

2. Land Transfer Tax: This tax is calculated based on the purchase price of the property. In Ontario, the rates are:
- 0.5% on the first $55,000
- 1.0% on the next $195,000 (from $55,000 to $250,000)
- 1.5% on the next $1,050,000 (from $250,000 to $2,000,000)
- 2.0% on amounts over $2,000,000
Additionally, first-time homebuyers may be eligible for a rebate.

3. Legal Fees: Hiring a real estate lawyer is essential for reviewing documents and completing the transaction. Legal fees can range from $1,000 to $2,500, depending on the complexity of the transaction.

4. Title Insurance: This protects against issues related to the property’s title. The cost typically ranges from $200 to $400.

5. Adjustment Costs: These can include property taxes, maintenance fees, and utilities that the buyer will need to reimburse the seller for the period before closing.

6. HST (Harmonized Sales Tax): HST is applicable on the purchase price of new homes, including condos. However, some buyers may be eligible for a rebate on a portion of the HST.

7. Builder's Closing Costs: Some builders may charge additional fees, such as:
- Administrative fees
- Fees for any upgrades or changes made during construction
- Costs for any warranties or maintenance agreements

8. Moving Costs: While not a direct closing cost, buyers should factor in expenses related to moving into the new unit.

9. Miscellaneous Costs: These may include:
- Home inspection fees (if applicable)
- Utility connection fees
- Condo status certificate fees (if required)

In total, buyers should budget for closing costs that can range from 1.5% to 4% of the purchase price of the condominium. It’s advisable to consult with a real estate professional or lawyer to get a more accurate estimate based on individual circumstances.