Buying

Low Appraisal After a Firm Offer in Ontario: Who Covers the Gap?

The short answer: you cover the gap in cash, and you no longer have an exit. In Ontario, a lender funds a mortgage based on the lower of the purchase price or the appraised value — not the price you negotiated. According to CMHC, the loan amount (and loan insurance) is calculated on the lesser of th

Is There a Cooling-Off Period When You Buy a Home in Ontario? Resale vs Pre-Construction

In most cases, no — and this is one of the most common misconceptions among buyers. Under Ontario's Condominium Act, 1998, a statutory cooling-off period exists in exactly one situation: a brand-new, pre-construction condominium bought directly from a developer carries a 10-day rescission right, dur

Closing Adjustments in Ontario: What the Statement of Adjustments Adds Beyond the Price

The answer lives on a document called the Statement of Adjustments. Prepared by the seller's lawyer and sent to your (the buyer's) lawyer, it itemizes everything beyond the price that has to be "split" between buyer and seller — prepaid property taxes covering time after closing, utilities, condo co

Using a Power of Attorney to Buy or Sell Real Estate in Ontario: Signing for Parents, Overseas Owners, and Capacity Cases

Yes, but only with the right kind. In Ontario, the document that can deal with real estate is the Continuing Power of Attorney for Property under the Substitute Decisions Act, 1992. Under that Act, the attorney (the person appointed) may do "anything in respect of property that the grantor could do

Why Your Real Estate Agent Is Legally Required to Verify Your ID (FINTRAC Rules)

No. Under Canada's Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), real estate agents, sales representatives, and brokerages are designated 'reporting entities' supervised by FINTRAC — the Financial Transactions and Reports Analysis Centre of Canada. The law requires your

Severing a Lot in Ontario: The Complete Guide to Consent to Sever

To split one residential lot into two or more in Ontario, you need a Consent from your local Committee of Adjustment under Planning Act s.53. Here is the process, conditions, cost ranges, timelines, and what it means for buyers and owners.

Buying Property with Family or Friends: Joint Tenancy vs Tenancy in Common, Agreements & Exits

With high prices, co-buying is increasingly common. This guide covers joint tenancy vs tenancy in common, why a written co-ownership agreement is essential, joint-and-several mortgage liability, and how to design an exit plan that prevents disputes later.

Some Homes You Can Buy but Can’t Insure: Oil Tanks, Old Wiring, Kitec, and Other Insurance Red Flags

In Ontario, a mortgage usually can't close without home insurance. Certain features make insurers decline or demand remediation first: underground/outdoor oil tanks, knob-and-tube wiring, aluminum wiring, Kitec plumbing, sub-100-amp panels, end-of-life roofs, and more. Here are the insurance red flags and why you should confirm coverage during your conditions.