Dear Monty: We recently purchased a condo in a community with a homeowners association board and bylaws. This property was only a slab when we bought it with a July closing date. The builder did not complete the unit until the middle of October. The builder promised a closing date inspection for any blemishes or…
Cost of Building New Homes in Toronto to Rise After City Council Hikes Development Fees
Toronto residents looking to rent or own a new home will face higher expenses after city council voted this week to significantly increase development charges, which will potentially add tens of thousands of dollars to the cost of building new homes. Development charges are one-time fees collected by municipalities when a building permit is issued and…
Six Options to Quickly Resolve a Cloud on Title Mistake
Dear Monty: We purchased a HUD home in 2004. We lost our settlement file. Now we want to sell it. We got an offer, but the buyer’s attorney found that a third name was also shown on the deed of ownership, which we never knew. The attorney advised us to correct the problem and get…
Home Showings Across United States Fall 24 Percent, Mortgage Rates Remain Elevated
Home showings across the United States have fallen, according to a report by the National Association of Realtors (NAR), with all four regions registering a decline. Home showings—when a potential buyer takes a private home tour with an agent—were down by 24 percent year-on-year in May, with total showings across the country at 785,005, said…
The Only Way to Make Housing More Affordable in Canada Is to Increase Supply
Commentary For many, the purchase of a home means they’ve made it. Home ownership is a symbol of full and successful participation within the middle class. It indicates one has worked hard, saved funds, and been responsible. Most of us have been programmed to strive for home ownership and to make the purchase of a…
What’s the Chance There’s a Home Defect?
Dear Monty: The house seller wants me to release him from all claims after closing. This action sounds risky. Is it risky? Monty’s Answer: Sellers have different reasons for requesting such a release. No. 1: Sometimes they know something they’re afraid you’ll discover and hold them accountable for. No. 2: Or they may be trying…
Home Ownership Turning Into Pipe Dream for Many Americans
A combination of a shortage in homes for sale and rising prices is turning home ownership into an unattainable dream for many Americans, according to a report by the National Association of Realtors (NAR). Home prices have risen by almost 30 percent since 2019, making the typical house roughly $80,000 more expensive than prior to…
5 Variables to Consider When Saving a Home Down Payment
Dear Monty: Our New Year’s resolution for 2022 is to save up a down payment to buy a home. We are not clear how much money we need for a down payment. We both have suitable stable employment and have rented since we married over four years ago. Now we want to start a family….
How Much Dirt, and How Much House?
Dear Dave, My wife and I own a small catering business. We have a few big corporations as clients, and our company has been very successful over the last two or three years. Now, we are planning to build a house. I was wondering what you think about how much should be spent on the…
Is It Ethical to Negotiate the Agent’s Commission?
Dear Monty: My wife and I are in the process of downsizing. We have shopped neighborhoods and have chosen several where we would like to land. In this process, one particular agent showed us five or six homes. Now it is time to list our home. This agent’s company has proven a definite lack of…
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