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Six Hidden Costs Every First Time Homebuyer Should Know
Buying your first home is an exciting milestone, but many homebuyers are caught off guard by hidden costs. Buying your first home is an exciting milestone, but it can also come with unexpected expenses. At Merovitz Potechin LLP, we want...
Top Reasons to Consider Buying a Home in Winter
Introduction: Why Buying a Home in Winter is a Smart Choice While many people focus on staying warm and getting back into their routines during winter, this season may be the perfect time for homebuyers. If you're considering buying a...
Understanding HST Liability on Short-Term Rental Property Sales: 1351231 Canada Inc. vs. His Majesty the King
In February of 2008, brothers David and Dean bought a condo unit in Ottawa under their corporation. They used the unit as a standard rental property for 9 years. In 2017 they jumped on the Airbnb bandwagon until selling the...
Financing Your Mortgage: Stress Test Eliminated Starting November 21
Right now, lenders require you to pass a ‘stress test’ to approve your mortgage renewal. As of November 21st, this will no longer be the case. Note that this only applies to straight switches of uninsured mortgages between lenders –...
Encouraging First-Time Ownership: 30-Year Amortization Periods in the Canadian Market
Following changes to the Canadian Mortgage Charter, the Federal government is introducing mortgages with 30-year amortization periods to the Canadian market. The product was made available to borrowers who submitted their mortgage applications starting on or after August 1, 2024....
