In Toronto, Canada’s hottest real estate market, selecting the right agent can be as challenging as finding the perfect home. To help savvy home buyers and sellers launch their selection strategies, here are practical tips on how to identify the agent that’s right for you.

1. Get serious

Take the time required to collect and carefully assess at least three agents’ results and experience. Your realtor really influences your buying and selling decisions, so selecting the right realtor is one of the most important decisions you’ll ever make.

2. Do due diligence on three agents

Ask for and expect confirmation of your prospective agents’ professional abilities and experience. Be polite but don’t be shy about asking very direct, even tough questions, whether you’re interviewing a potential realtor or checking his or her references with their customers.

3. Read their reviews and talk to their clients

Run a Google search, check sites such as Realtor.ca, Rate My Agent as well as LinkedIn and Facebook for reviews and recommendations. You can also check out the agent’s own site for testimonials. Over the past few months, certain brokerages have launched anonymous surveys and are posting the resulting reviews.

4. Knowledge of the industry

Real estate markets are in constant flux and affected by an extraordinary range of factors, from interest rates to the B-20 stress test, land-transfer and foreign-buyer taxes and the economy. How will the Liberal government’s “Investing in the Middle Class” budget, which lets first-time home buyers use up to $35,000 from the previous maximum of $25,000 of RRSP, impact the market? “Consumers need a real estate professional who invests the time and effort necessary to ensure they stay current and have relevant experience,” says Christopher Alexander, Executive Vice President and Regional Director, RE/MAX of Ontario-Atlantic Canada, Mississauga, Ont.

➣ When it comes to picking the right agent you can never do enough research. Read more:

• How To Hire a Real Estate Agent As a Buyer
• How To Hire a Real Estate Agent As a Seller

5. Get the facts and look at their results

Find out how accurately they price and how well they negotiate. How many homes does the agent sell annually and over a multi-year period? Did the homes sell over or under asking? How did the sale prices compare to similar homes in the neighbourhood?

Keep in mind that everything from the asking price to national and local events can affect buyer interest, days on the market and ultimately the selling price.

6. Neighbourhood-specific expertise

To intimately understand a specific area, agents must know the neighbourhood and its homes firsthand. In 15 years, they’ve likely been in 85 to 95% of the homes sold and have more accurate local inventory intelligence than an agent who has never seen the homes or personally experienced the neighbourhood’s evolution. Really understanding local demographics can ensure the home is staged to appeal to young families, singles, co-purchasers, retirees, empty nesters, or a particular culture.

7. Willingness to work hard and meet expectations

There is no substitute for experience, but experts note that a new, well-trained agent is hungry for the business and keen, if not desperate, to earn referrals. Be sure your agent is prepared to respond to every text, email and phone call within the hour and is open to arranging same-day viewings. Be aware that certain agents will be more available and willing to work early mornings, evenings and weekends.

➣ Click here to learn about the benefits of working with a REALTOR®

8. Get social

It all starts with real estate portals, but it doesn’t stop there. Increasingly, agents leverage social media, such as Facebook, Instagram, LinkedIn, Twitter and other platforms, as well as their own websites, to maximize exposure. You want a smart, aggressive marketer that can price, prepare and promote a property to its best advantage.

Before you commit to the agent that will guide you through one of the most important financial transactions you’ll ever make, get serious and do your homework to ensure the agent you hire has the qualities that matter most to you.

Buying a home can be expensive. Luckily, there are programs to help ease the strain on your wallet.

To encourage more Canadians to make the leap into homeownership, the government offers a variety of grants and special programs for first time home buyers.

RRSP Home Buyers’ Plan

As a first-time homebuyer, you are allowed to withdraw up to $25,000 from your RRSPs in order to help with your home’s down payment. It’s the one and only time you can take money out of the account without being taxed on the amount you withdraw.

The money you ‘borrow’ from your RRSPs must be paid back in a minimum of 15 years from the date that they are withdrawn. Although there is no interest applied to the amount you have borrowed, there is a repayment schedule that must be adhered to.

Home Buyers’ Tax Credit

The First Time Home Buyer Tax Credit is a non-refundable tax credit that helps homeowners recover closing costs such as legal expenses and inspections. First-time buyers can claim up to $5,000 for the purchase of a qualifying home on their personal tax return on the year of purchase. You could net up to $750!

GST/HST New Housing Rebate

The GST/HST new housing rebate gives back some of the GST or the federal part of the HST you paid—up to $1,500—for a new or substantially renovated house that is your primary place of residence provided you meet all the eligibility requirements.

➣ Read these blogs for more first-time buyer information:

• Our Top 8 First-Time Buyer FAQs
• 5 First-Time Home Buyer Mistakes To Avoid

CMHC Green Home

Canada Mortgage and Housing Corporation are funding a program for homeowners called Green Home. The idea is to promote home energy efficiency, and CMHC Green Home is offering up to 25 percent in premium refunds. To qualify, a borrower must buy, or build, or renovate – and must finance through Canada Mortgage and Housing Corporation. While this refund is focused on promoting home energy efficiency, it also makes the process of upgrades far more affordable.

Land Transfer Tax Refunds For First-Time Home Buyers

Under this program, if you’ve never owned a home anywhere before—ever—you could qualify to receive a refund of the land transfer tax for the first $368,000 of the value of the home. The maximum amount of the refund is $4,000.

The biggest hurdle in qualifying for the maximum amount of this program is that all purchasers of the home must be first-time homebuyers. If one or more purchasers have owned a home anywhere in the world previously, the amount will be reduced.

Ontario Energy and Property Tax Credit

The Ontario Energy and Property Tax Credit is a personal tax credit funded by the Province of Ontario and implemented to help individuals with low- to moderate-income with the sales tax on energy as well as their property taxes.

You could get a maximum of:

• $1,065 if you are between 18 and 64 years old
• $1,213 if you are over 65 years old
• $237 if you live on a reserve or in a public long-term care home
• $25 for the time you lived in a designated college, university or private school residence in 2018

Municipal Land Transfer Tax Rebate Program

If you are a Canadian citizen or permanent resident living in Toronto and you’re ready to buy your first home, don’t forget to register for the land transfer tax rebate. In conjunction with the provincial tax credit, you can get up to $4,475.00 back from the land transfer tax you pay when you buy your home.

Both new and existing homes qualify, but neither you and/nor your spouse can ever have owned a home before at any time anywhere in the world.

➣ For more buyer resources read:

• Buying Real Estate? Great! Before You Do…
• How To Hire a Real Estate Agent As a Buyer

Get Started Today

Hopefully, the information and tips in this article encourage or helps you on your path to homeownership. It’s a dream that’s more doable than you think if you go slowly and methodically, stay organized and knowledgeable, and work hard.

Take advantage of every program and opportunity available to you, and keep reminding yourself of why you want to be a homeowner.

Buying and owning a freehold home in Milton can be expensive. And prices continue to climb, making it more and more expensive to get into the real estate market in Milton. That’s the reason why many residents are choosing to rent because coming up with the money to buy a home can be pretty tough.

But what if you not only own your home but became a landlord too? Instead of being a tenant yourself, why not open up your home to tenants? That way you can take advantage of passive income, allowing the rent you collect to help pay down your mortgage and contribute to your carrying costs!

The most logical way to rent out part of your home would be to rent out the basement. But what if your home doesn’t already have a finished basement apartment? Or what if it does, but it’s not exactly up to code? What are the legalities surrounding basement apartments and how can you create one that’s suitable to be rented out?

Creating a Basement Apartment in Your Home

The Town of Milton allows second suites in detached homes for owners to collect rent. But these suites are subject to many by-laws and rules that landlords must follow.

By definition, a second suite a self-contained unit that must meet specific zoning, occupancy, fire, health and safety, and electrical standards before it’s considered a legal apartment.”

To make sure your basement apartment is legal, there are a number of things you will need to do. For starters, it’s important that you apply for a building permit with the Town and make sure that all inspections are passed and in compliance with building codes. Then, you will be obligated to comply with all zoning by-laws.

All safety codes will need to be met by an inspection from the Electrical Safety Authority. Things such as grounded electrical plugs, GFCI bathroom plugs, and main electrical service will be inspected to make sure they are all in good operating condition. Fire safety standards such as installed and working smoke alarms, appropriate fire separation between units, and adequate means of “egress” (escape) will also need to be met.

When building a basement apartment in your home, there are several requirements that need to be met, including the following:

• The home must be Detached, currently Semi-Detached and Townhouses cannot have a legal Accessory Apartment
• Must have a separate, private entrance
• The home must have 3 legal parking spaces, this can include a garage parking space
• The Apartment can be no larger than 85 sq m or 915 sq ft in floor area
• The home must have a walkout egress or window egress with a minimum 3.8 sf clear opening
• 45 min floor and wall fire separation (older buildings have different requirements)
• Ceiling height 6′ 11″ (2.11 m), 6’5″ under beams
• Natural Light 10% in Living and Dining Rooms; 5% in Bedrooms and other rooms
• Minimum room sizes and door widths/height apply
• Must have laundry facilities, shared access or connections within the unit
• All required Permits and Inspections must be completed
• Keep in mind, Homes with an existing finished basement, that are over 5 years may have different requirements and may have some issues “grandfathered in”. This simply means that the Town will approve some features because they are to the code at the time they were installed.

Considering all the rules that must be adhered to, it makes sense to obtain a building permit to help ensure that the construction of the suite meets all criteria to be deemed legal. If not, you could be in a precarious legal and financial situation.

It is essential to remember that these bylaws are not exhaustive and are set by each town and City, so rules in other areas may differ significantly

➣ Click here to learn about how home renovations affect your home value

Buying a Home With a Basement Suite

There are many homes on the market that advertise basement suites and are targeted to those who are looking for extra income in the form of rent. But it’s crucial to ensure that the basement apartment is legal before you agree to purchase the home.

Many sellers of homes such as these may have wording in their listings along the lines of “Seller and Agent do not warrant retrofit of a basement apartment.” This means that they do not promise that any part of the basement apartment is legal. In fact, it’s estimated that the MAJORITY of basement suites are not legal in the GTA. In this case, it’s up to the buyer to determine whether or not to move forward with using the apartment as a rental unit.

Failure to ensure that the suite is legal before renting it out can cost you. Your tenant, a neighbour, or anyone else can put in a request to have the Town inspect the unit to make sure it’s up to par. If it isn’t, you may be required to spend the money to upgrade the suite or even convert your home back to a single-family house.

You may also find yourself struggling to get your property insured. Insurance providers need to know exactly what’s happening in a home, including the presence or condition of a basement suite.

Perhaps the worst-case scenario is if there is an injury in the basement suite as a result of an electrical hazard or fire. If the reason for such an incident is because the unit did not meet building standards, you could be sued.

Before you agree to buy a home with a basement suite, be sure to have it inspected to verify whether or not it is legal. If it is, great. If not, you need to weigh the pros and cons of having this basement apartment.

Whatever choice you make, be sure to work with a seasoned real estate team that understands all the ins and outs of the legalities and requirements for basement apartments.

➣ Click here to learn about the benefits of working with a qualified REALTOR®

Here is a LINK to the Town’s guide to basement apartments.

➣ For more buyer resources read:

• Multiple Offer Scenarios: Tips for Home Buyers
• How To Hire a Real Estate Agent As a Buyer

Reach out today to see how we can help!