I Love My Clients!!!

One of my clients recently closed on their dream home and I couldn't be more excited for them. Based on their reaction to this home, I believe they will not be moving for quite some time, a place their family can grow. What's even more exciting to me, because you know I LOVE renovating homes, they will be completely gutting and adding to their new existing home so I can't wait to see the finished product as the home has tons of potential!

In the meantime, I dropped by to see them over the weekend as they wanted my opinion on their new floor plans and yes, here comes some shameless self promoting, my service and experience does not stop after the transaction is closed, and they gave me the best present ever for all my hard work and efforts (here's that shameless self promoting again)....

This cute card with puppies because they know my obsession for dogs!

And wrote this lovely testimonial (here's that shameless self promoting, one more time)

Here is the best part....ready for it?

They had a photobook made of my recent home renovation complete with before and after pictures of this entire project

How amazing??? I was so truly touched by this, I was at a loss for words. It's one thing when you're clients give you an awesome testimonial, like these guys did, but to go above and beyond and get me such a thoughtful gift was incredible. My home renovation projects mean a lot to me and if you have ever met me, I talk about them... A LOT! So imagine my surprise when I saw this. I've also been meaning to create something like this for all my renovations and this will definitely prompt me to go and finally do it. Thanks again, I'm truly blessed to always have such awesome clients and friends!

Giveaway Time!!!!

It's been a while since I posted last, actually it's been a busy September which has left little time for blogging. I'm hoping to buckle down again and get back to blogging as I have a lot of great content swimming around in my head and it's time to put pen to paper.

To kick off my new found motivation for blogging, I thought I would start with my first ever giveaway in conjunction with No Problem Movers. Moving can be annoying and very costly, as much as I have moved in my lifetime, I always find myself unprepared for the big day and scrambling to find boxes, tape, labels, etc. No Problem Movers has been around since 2000 and specializes in the moves of residences and businesses locally or between major cities in Canada and the USA on a daily basis and often on short notice. No Problem Movers also provides vehicle moving, piano relocation, packing and unpacking services and cleaning services, what more could you ask for?

Here's what you get:

• $100 gift certificate towards any move
• free moving supply box, that includes 10 china boxes, 5lbs. of packing paper, 2 rolls of tape, 1 utility knife, 1 pack of moving labels, 1 mattress bag, 1 black marker and 15 feet of bubble wrap
• free pizza dinner on your moving day

Here's what to do to enter:

• leave a comment on my blog on how the above prize will help you with your next move
• follow me on Twitter @realtyqueenTO and leave a comment on my blog saying you did so
• follow No Problem Movers on Twitter @NoProblemMovers and leave a comment on my blog saying you did so
• like Realty Queen Toronto on Facebook and leave a comment on my blog saying you did so
• like No Problem Movers on Facebook and leave a comment on my blog saying you did so
• tweet or retweet about this contest
• subscribe to my blog and leave a comment on my blog saying you did so
• follow RealtyqueenTO and No Problem Movers on Pinterest, just click here and here and leave a comment on my blog saying you did so

All of the above will gain you EXTRA entries into the contest to better your chances of winning.

Lastly, here's the fine print, there's always fine print:

• not redeemable for cash
• gift certificates are not stackable
• must be used in conjunction with a move
• gift certificates can only be redeemed through No Problem Movers head office
• move must be a minimum of $1000 before taxes

So get a-liking and a-tweeting...winner will be announced Wednesday October 17th, 2012. Good luck!

Sneak Peek Fridays

Here it is again, your list of open houses happening this weekend in the Dovercourt-Wallace-Emerson-Junction neighbourhoods. Make sure to check back here every Friday for the list.

For more information on any of these homes, shoot me an email (oleksaka@gmail.com) and I will be more then happy to send you the complete listing and answer any questions you may have.

Also if you would like neighbourhood sold stats emailed to you on a monthly basis for the Dovercourt-Wallace-Emerson-Junction neighbourhoods or any neighbourhood in Toronto, please go to http://www.torontoweststats.com/ to get yourself on the list, I promise I won't spam you!

Hope everyone has a great weekend!

Saturday September 21st, 2012:

40 Westmoreland Ave Suite 3 $849,900
Open house times: 2:00PM-4:00PM
Mls#: W2401760

315 Concord Ave $735,000
Open house times: 2:00PM-4:00PM
Mls#: W2460445

226 Maria St $449,900
Open house times: 1:00PM-4:00PM
Mls#: W2460456


Sunday September 22nd, 2012:

73 Dorval Rd $858,000
Open house times: 2:00PM-4:00PM
Mls#: W2455014

40 Westmoreland Ave Suite 3 $849,900
Open house times: 2:00PM-4:00PM
Mls#: W2401760

315 Concord Ave $735,000
Open house times: 2:00PM-4:00PM
Mls#: W2460445

324 Westmoreland Ave $649,000
Open house times: 2:00PM-4:00PM
Mls#: W2459678

204 Symington Ave $590,000
Open house times: 2:00PM-4:00PM
Mls#: W2466849

226 Maria St $449,900
Open house times: 1:00PM-4:00PM
Mls#: W2460456

Want to know what else is happening in the hood this weekend? Then check out my neighbourhood news, just click here.

Happy house hunting!

Sneak Peek Fridays

Here it is again, your list of open houses happening this weekend in the Dovercourt-Wallace-Emerson-Junction neighbourhoods. Make sure to check back here every Friday for the "list".

For more information on any of these homes, shoot me an email (oleksaka@gmail.com) and I will be more then happy to send you the complete listing and answer any questions you may have.

Also if you would like neighbourhood stats emailed to you on a monthly basis for the Dovercourt-Wallace-Emerson-Junction neighbourhoods, please go to http://www.torontoweststats.com/ to get yourself on the list!

Hope everyone has a great weekend!

Saturday August 25th, 2012:

40 Westmoreland Ave Suite 3 $849,900
Open house times: 2:00PM-4:00PM
Mls#: W2401760

1396 Bloor St W Suite 1 $420,000
Open house times: 2:00PM-4:00PM
Mls#: W2446108

7 Wallace Ave $399,000
Open house times: 2:00PM-4:00PM
Mls#: W2443842

30 Turntable Cres Suite 48 $389,900
Open house times: 1:00PM-3:00PM
Mls#: W2442371

Sunday August 25th, 2012:

40 Westmoreland Ave Suite 3 $849,900
Open house times: 2:00PM-4:00PM
Mls#: W2401760

1396 Bloor St W Suite 1 $420,000
Open house times: 2:00PM-4:00PM
Mls#: W2446108

7 Wallace Ave $399,000
Open house times: 2:00PM-4:00PM
Mls#: W2443842

30 Turntable Cres Suite 48 $389,900
Open house times: 1:00PM-3:00PM
Mls#: W2442371

Want to know what else is happening in the hood this weekend? Then check out my neighbourhood news, just click here.

Happy house hunting!

Sneak Peek Fridays

Here it is again, your list of open houses happening this weekend in the Dovercourt-Wallace-Emerson-Junction neighbourhoods. Make sure to check back here every Friday for the "list".

Actually this week I wouldn't really call it a list, I just have 1 lone listing for you to check out. What does this mean? That if you live in the Dovercourt-Wallace-Emerson-Junction neighbourhoods, it's still a great time to sell! I'm not saying that this is the only listing available in these neighbourhoods right now, but what I am saying is we haven't seen any new and decent listings come on the market in the last couple of weeks, so now could be YOUR chance....think about it, I'm always here for a discussion.

For more information on this home or any others currently listed in these neighbourhoods, shoot me an email (oleksaka@gmail.com) and I will be more then happy to send you the complete listing and answer any questions you may have.

Also if you would like neighbourhood stats emailed to you on a monthly basis for the Dovercourt-Wallace-Emerson-Junction neighbourhoods, please go to http://www.torontoweststats.com/ to get yourself on the list!

Hope everyone has a great weekend!

Sunday August 19th, 2012:

20 Foundry Ave Suite 108 $359,000
Open house times: 2:00PM – 4:00PM
Mls#: W2432799

Happy house hunting!!!

5 Questions To Ask A Mortgage Broker

Brennan Valenzuela from RateHub is back this month for our monthly guest post swap. Last month Brennan answered our FAQ's on the new mortgage rules, if you missed his post, just click here. While I discussed the merits of choosing to live in a house vs condo, click here to read that post.

Today Brennan is discussing mortgage brokers. With the popularity of using mortgage brokers versus traditional banks on the rise, it's important to be informed and ask the right questions. Just like with any profession, there's good and bad, so it's important to be educated before sitting down with any mortgage specialist. Brennan gives us 5 questions to ask a mortgage broker to help us get started on our mortgage journey...

Are you using a mortgage broker? Because according to research conducted by the Bank of Canada, Canadians who use mortgage brokers pay lower mortgage interest rates by an average of 0.175%, compared to those who use banks. For example, if your bank advertises a 5-year fixed rate of 3.15%, then a broker will be able to get you 2.98%. How do you find the right mortgage broker? Here are five simple questions both experienced and first-time home buyers should ask to ensure they get the right mortgage broker by their side.

1.      What kind of education/licensing do you have?

You must ensure that your broker is fully licensed and has the proper training that meets mortgage practice standards. Most mortgage brokers in Canada require a license for their practice; however, licensing differs from one province to the next. For example, Ontario mortgage brokers must meet education and experience requirements outlined by the Financial Services Commission of Ontario (FSCO).

Although not mandatory, mortgage brokers can receive an Accredited Mortgage Professional (AMP) designation through the Canadian Association of Mortgage Professionals (CAAMP) which increases their credibility.

2.      What are your hours of availability and how can I reach you?

Unlike bank reps, mortgage brokers operate independently which affords them extended business hours for increased reachability. A good agent will also maintain communication with you even after you have closed your home to provide timely updates and mortgage news.

3.      Are you affiliated with any lenders?

It’s not a good sign if your broker is sourcing mortgage products from only one or two lenders because it limits the amount of options available to you. Ideally, you would like a mortgage broker with access to mortgage rates and products from multiple lenders for a greater diversity of selection.

4.      How long have you been a mortgage broker?

An experienced mortgage broker is a good mortgage broker. They are less likely to be caught ‘off-guard’ by a unique situation because they would have already dealt with it before. Ask them about their years of service and the number of deals they’ve closed. Most mortgage brokers wear their accomplishments like medals.

5. What do you love about your job?

Finally, you want to gauge the level of passion your mortgage broker has about their job. Is there fire in their eyes when you talk to them? Do they have strong opinions about the mortgage industry? Are they confident about how they can help you? A good mortgage broker will have all of the above.

Thanks Brennan, I think these are some solid questions that everyone should be asking! Which option is your top choice for arranging a mortgage, a bank or mortgage broker? Brennan and I would love to hear from you!

For more information make sure to follow RateHub on Twitter @RateHub_Canada and like them on Facebook. 

See you next month Brennan!

Renovation Tips...Part 1

I figured with 5 home renovation projects under my belt, I could post some renovation tips and share some of my knowledge that I have learned thus far. My disclaimer here is that I'm not claiming to be an expert and all of these may not apply to your own personal situation, I'm just sharing my knowledge. Also my experience comes from renovating old homes in downtown Toronto so my advice comes from dealing with those types of homes. Now since that's out of the way, let's begin!

The Contractor:

• Do research before your project begins- before getting a quote research various things such as, the way things should be done properly, different approaches, the big no's, etc. Knowledge gives you power to negotiate, but remember who the real expert is
• HGTV is not realistic- keep in mind that when watching renovation shows on HGTV, there is a lot of behind the scenes happening that is never shown on TV. These TV shows have big crews of 15 + people working on the house so the timelines are unrealistic for a regular home renovation. Also only selected mistakes and delays are shown on TV
• Get more then 1 quote- get multiple quotes, you're about to spend thousands of dollars of your hard earned money, isn't it worth it? Rule of thumb, 2-3 quotes for smaller projects, 4-5 quotes for bigger projects, but remember the lowest bid is not necessarily the best one
• Don't under value your contractor- although some times we can get carried away negotiation,  don't forget contractors work hard, have overhead to pay and also need to make a living. Also getting them to commit to a lower price then they would normally does not motivate them to start and finish your project faster, they may take side jobs to make up the shortfall which hurts you in the end. Instead ask for deeper discounts on material (if you're not purchasing it yourself) as contractors get commercial discounts
• References- ask for references and check up on them to see the quality of the contractors work and how easy it is to work with them
• Contracts- insist on contracts with a break down of how much everything will cost so that there is no discrepancies at the end when it's time to pay
• Hire specialists-although general contractors are jack of all trades and may give you a better quote because they are doing all the work, throughout the project this may back fire on you for several reasons. If your contractor gets sick, the project comes to a halt and may not meet your deadline, the project will not move as fast as you anticipated as one person can only do so much and contractors can become overwhelmed, which further delays you. The saying goes jack of all trades or master at one.
• Communication is key- Ensure your contractors understand your vision for your project. Don't be afraid to speak up and let your contractors know when they are doing something wrong or something you don't like, remember this is your money, risk and investment and communication is key with any relationship, whether it's personal or business
• Make a list- of everything that needs to be done in your home and set realistic deadlines for each task so that everyone is on the same page. Make sure your contractor has a copy of this list and re-evaluate it with them every week. If the contractor is consistently not meeting your deadlines then have a sit down and find out why, are your deadlines unrealistic or are the contractors not fully committed to the tasks at hand?
• Payment plan- make a structured payment plan with your contractor. Don't give them all the money upfront or hold onto it until the end of the project. Most contractors require a deposit upfront which makes me concerned. Talk to your contractor and come up with a plan where you pay them every week, 2 weeks or 3 weeks for work that has been done or hours put in. I'm a strong believer in paying for work that's completed and not promises of future work to be done
• Attitude- although craftsmanship is important, so is the attitude of your contractor and how well you work with them, it ensures a smooth renovation. You want a contractor that is a problem solver and not a drama queen every time they are faced with an unforeseen obstacle
• Supervision is a must-giving your contractor free rein on YOUR project is not advisable. Make sure either yourself or someone you know, is always dropping by the home to note progress and to let your contractors know someone is always watching. If you have extra time, find an excuse to be at the home for extended periods of time each day, as from my experience people tend to work harder and take less breaks when you are there working too
• No such thing as a perfect contractor- they all come with their flaws, you just need to decide what you can live with and what you cannot live with as you have to deal with these contractors every day during your renovation and see them in your home

***Most important tip....TRUST YOUR CONTRACTOR! If you can't trust them, then you shouldn't hire them to renovate one of your biggest investments. There's a lot of shady contractors out there which give the good ones a bad rap, just like any profession. So make sure to take the time to find the one that's right for you, isn't it worth it?

Well that concludes part 1 of my renovations tips. Make sure to pop by next week for part 2, where I will be discussing The House.

Did you find these helpful? Have any of your own tips you would like to share?

Reasons To Buy Now

It's still a great time to buy despite the new mortgage rules and predictions about the real estate market via the media. I give you some food for thought as to why it's a good time to buy now in my guest post for the Streetseed blog, just click here.

What are your thoughts?

Buyer Round Up!

I have gone through all my blog posts and rounded up all the posts that I have done to help buyers. So whether you're a first time buyer or veteran buyer, these posts will be of great help to you and provide you with some tips and tricks. Grab a coffee or maybe an alcoholic beverage and enjoy!

Mortgages:
-Want mortgages simplified before you begin your hunt, then check out my Back To Basics post, just click here
-Need some further education on mortgages and rates, the internet and social media is your best bet find out why, Social Media & Mortgages, just click here
-Not sure about the new mortgage rules, or that there are new rules in place, then check out my post on the New Mortgage Rules, explained, just click here
-Ok, now that you read the new mortgage rules and have some questions, check out the FAQ's, just click here

House or Condo:
-Now that you're pre-approved and understanding mortgages, what do you buy, a house or condo? Check out my guest post on RateHub for some food for thought, just click here

Neighbourhoods:
-next decision to make as a buyer is which neighbourhood to live in, check out my post on the Top 10 Neighbourhoods To Buy In Toronto Now, just click here

Bidding Wars:
-do you and everyone else want to purchase the same property? Then check out my tips and tricks on How To Win A Bidding War, just click here

Closing Costs:
-you've found your dream home and are waiting to close on it, know the full costs of closing up front, by getting the facts, just click here

Renovations:
-thinking of renovating the property you just bought, but don't know where to begin, which renovations will increase your property value and never worked with a contractor? Here are some posts to help get you started

• 5 Renovations That Pay
• 3rd Project, what I've learned so far from my renovations
• Update: Recent Project (scroll to the bottom of the post) key points on the process and design

Hope this round up has been helpful. I will be posting more buyer content in the next couple of weeks, so if there's anything you would like me to discuss, make sure to contact me. Seller round up is in the works!

Social Media & Mortgages

Brennan Valenzuela from RateHub is back this month for his guest post. In case you're not up to speed, Brennan and I decided to swap articles once a month on each other's blogs. If you missed his last post, no worries, just click here and if you missed mine, just click here. Now that you're up to speed, Brennan will be discussing the importance of the internet and social media for mortgage shoppers, how appropriate!

Take it away Brennan........

The internet is one of the most important communication tools on the planet. It plays a large role in how we discover, research and share information.  And it’s usage is growing at a phenomenal rate. One “internet minute” yields:

·         6 million views on Facebook

·         2 million search queries on Google

·         1.3 million videos watched on YouTube

·         100,000 new Tweets on Twitter

Social media is increasing the rate at which information is shared and now more than ever, consumers are spending more time visiting and engaging on social networks. This is no different for the mortgage industry.

According to the annual CMHC Mortgage Consumer Survey, seven in ten mortgage consumers use online sources, with an astonishing one in three relying solely on the internet to source their mortgage information.

Facebook is the most popular social media platform among mortgage consumers. In fact, social media for first-time home buyers  is an important aspect of their mortgage process. Two years ago, only 3% of first-time buyers used social media for their mortgage needs; however, today the number of users increased to 20%, or one in five first-time home buyers. Even more interesting is that 43% of social media users engaged in interaction to solicit a mortgage opinion.

Home buyers are not only using the internet to feed their mortgage queries, but to also improve their financial literacy. About four in ten recent buyers did a financial self-assessment online. Even more impressive, over 80% of those people felt they had a better understanding of their affordability and the mortgage options available to them after taking the online assessment.

Examining what mortgage consumers search for reveals what’s truly important to them. It’s no coincidence that the most searched topic was current interest rates as consumers look to acquire the best mortgage rate. Other popular search topics included mortgage options, mortgage calculators and general mortgage information.

The mortgage industry can seem complex to the average home buyer, but by using the internet, mortgage education is only a few clicks away. As social media flourishes, its popularity as a resource will grow among Canadian home buyers too.

The following article was written by Brennan Valenzuela for Ratehub.ca, a mortgage rate comparison website that is dedicated to helping and educating first-time home buyers.
Thanks Brennan, that was really an eye opener! Are you surprised at the facts? Do you begin your mortgage search online first? Brennan and I would love to hear from you!

For more information make sure to follow RateHub on Twitter @RateHub_Canada and like them on Facebook. 

See you next month Brennan!

Source: http://www.intel.com/content/www/us/en/communications/internet-minute-infographic.html

It's War!!! Now How Do You Win?

So it's definitely no surprise that bidding wars have become the norm in today's Toronto real estate market. As a buyer, you either prepare yourself to get ahead of the game or sink with the rest of the fish on offer night. As much as bidding wars are very frustrating, as a realtor, I also get an adrenaline kick out of it and must say there is no better feeling then winning one of these wars for my client.

I compiled a list of what to do when preparing for battle. Please note, there are no guarantees, even if you follow all these tips:

1. Research the neighbourhood and see what similar homes have sold for and when they sold, pay extra attention to the homes which are very similar and were listed for the same price as the home you are preparing to bidding on because if the home sold over asking, the sellers will expect the same price minimum, if not higher
2. Once you completed tip #1, ask yourself if you're willing to pay this amount or higher and establish a cut off point where you are willing to walk away comfortably without regret. At the same time remain a bit flexible especially if your offer is in the running and other offers have been sent home
3. Mortgage preapproval, even though this does not guarantee that the bank or CMHC may think what you paid, is what the home is actually worth and what they are willing to lend you, it gives you a general scope of affordability and how you look in the banks eyes
4. Pre-home inspection, if there is a recent one that has been provided by the sellers, then request a copy and go through it in detail, maybe even revisit the home and pay extra attention to the details that caught your eye in the report to gage how bad the problem may be, try even bringing a general contractor
5. If there is not a pre home inspection done already by the sellers or if you think it may be bias and you really want the house, then hire a home inspector before offer night
6. As a buyer agent I always talk to the selling agent beforehand and try to get as much information about the proceedings, the sellers, the house, etc so I can prepare my buyers
7. As a buyer agent, I always call throughout the day to see how many offers are registered and keep my buyers up to date, again to mentally prepare them for the night ahead
8. Try to register your offer as close to the cut off time as possible so that your offer is not used as ammunition for the seller's agent to gain more offers, remember people want what they may not be able to have
9. Bring a certified cheque or bank draft to offer night for at least 5% of the purchase price you're offering, if not higher, the bigger the better as it shows the sellers you're very serious and the seller's agent feels more comfortable advising their clients to accept your offer rather then worrying about chasing after the deposit the next day
10. As a buyer and buyer agent, show up to the offer presentation, again shows the sellers how serious you are and that you want to strike a deal tonight! Try to avoid faxing offers unless the sellers are being very insistent, always request a presentation
11. Further to tip #10, by being there, you can observe the type of people that are bidding on the house and how long the seller's agent is holding the other buyer agents hostage. The quicker one comes out, the worse their offer is, it's all about observation and reading body language
12. Come in strong, sellers hate when people play games and give low ball offers, it's insulting! Your first round should be 80%-90% of the price you're willing to pay. A weak offer may not get a call back for a second or third round, plus if there are a lot of offers to contend with, you want your offer to leave a lasting impression on the sellers
13. Be flexible with your closing date, offer the exact or as close as possible date to what the sellers are looking for, once again, it will make your offer look really favourable
14. Firm offers are always best, meaning no conditions on financing or home inspection, amoung others. If you feel comfortable doing so, then why not? 9 out of 10 sellers will choose an offer that is firm, even if the price is a bit lower because it guarantees them that the house is sold firm once they sign on the dotted line
15. Write a hand written note to the sellers expressing how much you like their home and how excited you are for the possibility of living their with your family.....pull on the seller's heart strings as people make decisions based on emotions all the time and real estate is no different
16. If you're approaching the last round, never offer whole numbers ie. $445,000, offer numbers such as $445,600 or $446,100, (I think you catch my drift here), to separate yourself from the others, I've seen people win bidding wars by $100-$500!
17. Trust your agent, if you don't, then why are you working with them in the first place, this is one of, if not the biggest purchase of your life, by trusting your agent to do the best job possible gives your agent the confidence booster they need to negotiate the s**t out of the offer and potentially win the war!

Just remember as a buyer, to look at the situation from the sellers perspective, constantly. The selling agent is hopefully doing their best to get their client the BEST terms, price and conditions, always!

Let me know if these tips help or if you have any of your own, I would love to hear from you!
***Image via Move***

Closing Costs-Get The Facts!

I'm often asked by my clients, what are closing costs and how much should they budget. It is a very common question, especially among first time buyers and there are a lot of myths out there about what your closing costs include. The other day, one of my buyer clients told me that they heard from a friend that they should budget 7% of the asking price for closing costs, that's a lot, especially since they are first time buyers!!!

So I thought I would set the record straight for everyone out there scratching their heads. This only applies to resale properties, not new homes or condos as there are other factors to consider. I will start by doing a break down for 1st time buyers...

First Time Buyers:

• Lawyer fee to close the deal, $1000-$1500, make sure to shop around, also ensure the quote given includes all disbursements and title insurance
• Title insurance, $250-$650, this one is a no brainer people and should be taken by ANY buyer (done through your lawyer), this is a one time fee and the best and cheapest insurance you will ever buy! If the previous seller has something on the title of the property that your lawyer didn't discover during the title search (mortgage liens, etc) and costs money to reprimand or any outstanding property taxes or water bills, title insurance will pay for it in a heartbeat, no battling it out with your typical insurance companies, so why not take it and give yourself a peace of mind! I've had to use my title insurance a few times in the past and it was a pleasure and took no time at all.
• Ontario Land Transfer tax, for any property purchased in Ontario, you must pay this tax, good thing for first time buyers is that you can receive up to a $2000 rebate, just remember, all buyers on the agreement of purchase and sale must be first time buyers! This tax is a percentage of your purchase price so it's hard for me to estimate here, but I have a great LLT calculator you can use on my blog, just click here. Keep in mind this tax is only paid on the closing date and not before!
• Toronto Land Transfer Tax, this tax is paid only on properties purchased in Toronto and again it's a percentage of the purchase price. The good news for first time buyers is that they can receive a rebate up to $3,725 (equivalent to the Toronto LLT payable on a $400,000 property). First time buyers are NOT exempt completely, it all depends on the purchase price!
• Insurance tax, if you are receiving a high ratio mortgage (less then 20% down payment) the bank automatically insures your mortgage, either with CMHC or Genworth. An insurance premium is charged to the buyer, this premium is a percentage, but lots of factors, that I won't be getting into, come in to play when deciding what percentage the buyer will be paying. Not to worry as this premium gets added to your mortgage amount, but what doesn't get added is the HST the buyer has to pay on the premium. The buyer must pay the HST on the premium during closing and therefore should be factored in as an important closing cost. Please also keep in mind that some banks even insure mortgages with a 20% down payment or more, but the bank will usually absorb the cost.
• Mortgage broker fees, all banks and most mortgage brokers do not charge a fee to the buyer when arranging a mortgage, but there is some that do and this cost must also be considered in a buyer's closing costs, as the fee, if any, will need to be paid on the closing date

Non-First Time Buyers:

• all the same fees apply like above
• the difference is that as a non first time buyer, there will be no rebate on the Ontario Land Transfer Tax
• as a non first time buyer purchasing property in Toronto, the rebate for the Toronto Land Transfer Tax will not apply, the buyer will have to pay both taxes, Ontario and Toronto, yuck!

I hope that has helped you solve some of the questions and myths you may have regarding closing costs. Please keep in mind that other various costs associated in purchasing a property apply. Those are, but not limited too, movers, cleaners, deliveries, etc, but these are the main ones that always stay consistent, unfortunately, unless our Mayor Rob Ford does good on his promise and eliminates the Toronto Land Transfer Tax, but I will leave that discussion for another day!

Let me know if you have any questions or comments and I will do my best to answer them!
***Image via San Francisco Chronicle***