Moving back to Canada from the United States?

You’re moving back to Canada from the United States?

Let’s talk about buying a home in Toronto.

Relocating back to Canada after living in the United States can be both an exciting and slightly overwhelming experience. Whether you’ve spent years in the U.S. or just a short stint, the process of moving and settling back into Canadian life does require some planning. One of the most significant steps in this process is choosing where to live & maybe even buying a home — a task that can seem daunting given the differences in markets, regulations, and lifestyles between the two countries, especially if you are starting the process from abroad.

If you’re planning to make the move and lease or purchase a property in our amazing city, read on for some quick tips to help you navigate the journey with confidence.

Plan Your Move

Considerations Before Buying a Home

Immigration and Residency Status

If you're returning to Canada, it's important to confirm your citizenship or residency status. For Canadian citizens, the process is relatively straightforward, but if you're a permanent resident or returning on a temporary basis, you’ll need to check visa or work permit requirements. If you're not already a Canadian citizen or permanent resident, you'll need to look into the immigration process.

Understand the Housing Market

Canada’s real estate market can vary widely depending on the city and province. In cities like Toronto, the market can be extremely competitive and expensive. In smaller towns or rural areas, prices will likely be more reasonable. Do some research on the market trends in the area you’re considering. Websites like realtor.ca & HouseSigma can give you an idea of the prices, types of properties available, and the market dynamics. Check back here each month as we provide a monthly summary of the Toronto Real Estate market focusing on west end neighbourhoods, you can find the ‘numbers’ on our blog.

Set a Budget

Start by evaluating your financial situation. Consider how much you can afford to spend on a home, taking into account your savings, expected income, and the type of mortgage you can qualify for. Canadian banks and financial institutions offer tools to help you assess how much house you can afford. Keep in mind that the housing market in Toronto can be competitive, so having a clear budget will help you make decisions more efficiently.

If you’ve been living in the United States, it’s important to understand the mortgage process in Canada. We suggest you connect with a Mortgage Broker or bank that has experience in helping returning Canadians with their financing. For example, you can generally expect to pay a higher down payment than in the U.S., especially if you're a non-resident.

Pre-Approval Process

Getting pre-approved for a mortgage is essential. This process involves the bank evaluating your financial situation, including your credit history (both in the U.S. and Canada), income & employment status, debts, and assets. Having pre-approval in hand before you start house-hunting not only gives you a better idea of what you can afford but also strengthens your position when making an offer, especially in a competitive market.

Choosing the Right Neighbourhood

(Yes, neighbourhood with a ‘u’!)

Your decision on where to buy will depend largely on your work situation (commute time), family needs (schools) , and lifestyle preferences.

• Toronto, Etobicoke, Mississauga, Oakville and more: There are so many great neighbourhoods in the Greater Toronto Area and we’ve highlighted a few of our favourites on our neighbourhood pages. We’ve also rounded up some information about choosing a high school and registering for kindergarten.

• Work: If you’re moving back for work, make sure to factor in the location’s proximity to your job so you aren’t spending extra time commuting. One of the many reasons we love the west end is its proximity to commuter train lines, various highways and two airports.

• Lifestyle Preferences: Toronto offers a high quality of life with excellent healthcare, outdoor activities, and a welcoming cultural environment. You may want to consider the local amenities, schools (if you have children), and overall community vibe. We live and work in the west end neighbourhoods of the city & are always happy to educate buyers about the differences of each pocket.

House-Hunting: What to Expect

The process of searching for a home in Canada can be similar to the U.S., but there are some differences to keep in mind.

Real Estate Agents

In Canada, it’s common to work with a real estate agent to help you find the right home. Real estate agents are typically paid through the seller's commission, meaning there is no outright cost for buyers to hire one. Your agent can help you navigate the market, vet properties for you, schedule viewings, do background checks on schools & neighbourhoods, and negotiate offers.

Home Inspections and Conditions

Before finalizing a purchase, it’s important to conduct a home inspection. Toronto real estate transactions can include a conditional period during which you can inspect the property and secure financing or in a sellers market, this conditions are met before an offer night so your offer can be competitive. Happy to explain this concept more, just reach out!

Offer and Negotiation

Once you find your dream home, you’ll need to make an offer. Depending on the market, you might face competition, so it’s essential to understand the bidding process. In Toronto, homes can sell for above the asking price due to high demand. Be prepared for some negotiation, and trust your agent to advise you on the best strategy.

The Closing Process

Once your offer is accepted, you’ll move into the closing process. This involves finalizing your mortgage, signing the necessary legal documents, and ensuring that the title of the property is transferred to you. You’ll also need to budget for closing costs, which can include legal fees, title insurance, land transfer taxes, and moving expenses.

Land Transfer Taxes

Canada has a land transfer tax that varies by province (& city!) and is based on the purchase price of the home. For instance, in Toronto you can the provincial and city land transfer tax rates, so be sure to account for these costs when planning your budget. A handy calculator can be found here.

Registering the Property

Finally, the property will need to be registered in your name with the local land registry office. This step is typically handled by a lawyer, but it’s something to keep in mind.

Moving home

After you’ve bought your new home, the fun part begins, settling in!

Moving back to Canada means adjusting to a new set of norms, from public healthcare to Canadian tax laws and cultural differences. Here are a few things to keep in mind as you transition:

• Healthcare: As a Canadian citizen, you’ll have access to the country’s universal healthcare system, though you may need to apply for your provincial health card (OHIP) once you’ve moved back.

• Social Services: You may be eligible for certain Canadian government benefits such as the Canada Child Benefit or the GST/HST credit, depending on your circumstances. Visit Canada.ca for all the details.

• Cultural Adjustment: Even if you’re Canadian by birth, returning after a long time abroad can require some re-adjustment. From winter weather (hello snow!) to different cultural references, take the time to reacquaint yourself with your surroundings.

Moving back to Canada and buying a home is a super exciting time, but it also requires thorough planning. With careful financial preparation, an understanding of the real estate market, and the right support system in place, you can make the transition smooth and successful.

If you’d like to learn more about how we approach relocation services and could help you in your next chapter in Canada, don’t hesitate to reach out. Welcome home!

Real Estate in the time of Covid-19

These are difficult times. The messaging coming from every level of government is, stay home. We feel very strongly that staying home is our best chance of flattening the curve and reducing the impact this pandemic is going to have on our collective health, the economy, our health care system and the real estate market.

At this time our advice to clients is that, unless you are in a position where you have to buy or sell, now is not the time to do so. It is almost impossible for showings to be conducted while social distancing measures are enforced and, on top of that, as a client viewing a home you have no idea who has been in that home before you, the level of sanitization or the health/travel history of the homeowner. As sellers, you are introducing strangers into your home, into the space that you share with your family, and you are also unaware of their health or travel history.

We do not make this recommendation lightly, this is our livelihood, but we feel that the health and safety of the public and realtors themselves should be the top priority. We also feel that, at this time, you will not maximize the return on your investment, and the longer it takes to flatten the curve, the more impact it will have on the real estate market in the future.

We understand that there are circumstances in which buying or selling a property is necessary, but there are a number of measures that we would recommend:

• limit the number of people allowed into the home at once and the number of showings allowed in a day

• no double bookings

• the home must be cleaned and sanitized after every showing, particularly lockboxes, keys, light switches and door knobs

• make keyless entry available if possible

• virtual tours should be made available and prospective buyers encouraged to use them

• have as much information as possible available online - home inspections, photos, virtual tours, videos, floor plans etc.

• no open houses

• have hand sanitizer available and have agents acknowledge that both they and their clients will use it before and after their showing

• have all visitors acknowledge that they are in good health and have not traveled outside the country in the last 14 days

• everyone should practice social distancing and keep at least a 6’ distance between them

• have a sign posted requesting visitors not to touch any surfaces

• paperwork should be signed electronically and offers submitted via email

• all communication should be done virtually or electronically

• speak to a real estate lawyer before buying or selling, and have them review any clauses specific to COVID-19 you may want to add

Again, if you are able to hold off on listing your home we encourage you to do so, but if it is a necessity, please be sure to implement the recommendations above to ensure the health and safety of you, your family and everyone visiting your home.

This is a continually evolving situation so these recommendations could, and most likely will, change over time. We are here for you, so if you would like to speak over the phone or virtually about the market, your concerns or our recommendations, please reach out and we would be happy to set up a time to do so.

Stay safe everyone and please do everything in your power to help flatten the curve. As we like to say, we absolutely will get through this, but it takes a village.

***Since posting this blog, the province of Ontario has deemed Real Estate an essential service, however, the Ontario Real Estate Association (OREA) has made it very clear that this does not mean business as usual. OREA requested this designation to allow transactions to close during this time, and to allow necessary transactions to continue, such as when someone has already bought or sold a property and needs to buy or sell another property to ensure the successful closing of the first transaction, thereby preventing a domino effect. OREA has made it clear that all members are to immediately discontinue face to face meetings (showings, open houses etc.) and all client interaction is to be done virtually.

Sunny days and a special thanks

The longer days and warmer weather often trigger people to get in to their spring cleaning and chores. With extra hands around the house, it seems like the next few weeks might just be the perfect time to get a head start on cleaning and home maintenance chores. If you run out of Netflix shows, crafts to do and books to read, here are a few ideas that will help pass some time and prepare your house for the spring.

OUTSIDE

Check all of your gutters and downspouts and make sure they are doing their job and ready for the rainy season. If you can’t safely access your gutters, consider hiring someone to do the clean out for you. Better yet, get some good quality gutter guards installed so you don’t need to do it every spring. Check your eaves and downspout connections, ensure they extending to the ground and then a good six feet away from the foundation. You can buy a flexible extension attachment if needed but getting this water away from your house can be the difference between a wet and dry basement.

If you have access to your window wells, make sure they aren’t filled up leaves and other debris and are ready to drain water away from the windows.

Have the kids rake out your garden beds and lawns. Even before the flowers start popping up, a clean garden looks fresher than one filled with dead leaves like mine currently does.

INSIDE

Pull out your furnace filter and change it if needed. We try and change ours every three months and it’s amazing how much more efficient the furnace is with a clean filter.

Kids can easily clean the windows from indoors. Have them make a 50/50 vinegar-water solution and let them scrub away.

Check your fire, smoke and CO2 detectors. Replace batteries and have kids dust them off so they are in prime working order.

Pull up your vent covers and have your kids vacuum the registers out.

It’s not a lot, but it’s a start. Having the not fun jobs out of the way means that the first day it’s warm enough, we can pull out our patio furniture and enjoy!

SHOUT OUT TO MAI BISTRO

photo cred: @mai.bistro

We’ve been fans of this Asian-Latin fusion restaurant for years but this week they officially became our fav. Mai Bistro is my Aunt J’s go-to spot for lunches, family gatherings and celebrations. This week, she had a reservation but had to cancel because she wasn’t feeling well. Yesterday, the owner / chef sent over a delicious Thai chicken soup to her house for her to enjoy. Thank-you Manh Nguyen, for reminding us what community means. If you are looking for a restaurant in the Dundas/Islington area and haven’t tried Mai Bistro don’t hesitate. From sharing flavourful tapas to ending with Japanese cheesecake this Asian-Latin fusion bistro has something for everyone. Supporting local businesses is more important now than ever. Order takeout, buy a gift certificate to redeem a later date, or go by for a delicious hot meal during off peak hours.

Hope everyone has a good week. Keep smiling!

New decade, new goals. What do you want to accomplish this year??

Most people look at a new year as fresh start; a time to create new good habits, break old bad ones, and set new goals in their personal and professional lives.  Unfortunately without a plan in place, these resolutions tend to get broken....well, right about now.  This is why the gyms are packed for the first couple of weeks of January and revert back to normal by the beginning of February! We are not experts, and are definitely learning as we go, but wanted to share with you some tips we use for setting goals, and sticking to them.

1. Decide what you want to accomplish

First things first, you need to really think about what you want and how and when you want to get there.  The rule of thumb is that goals should be SMART - specific, measurable, attainable, relevant and time-bound.  If you want to lose weight for example, you should determine a realistic amount of weight that you want lose within a certain time frame.  In saying that, make sure that your goals are not too easy to achieve, challenge yourself and think big!  You might also want to set goals for different areas of your life, such as personal (read x number of books this year), health & wellness (work out 4 times/week), career (make x amount of money), relationships (go on a date night with your partner once a week).  I think it's also a good idea to have long and short term goals - 10 year, 5 year, 1 year & quarterly.  Once you have a clear picture of what you want to achieve and within what time frame, then you need to....

2. Write them down!

This step is really important.  A lot of people walk around with ideas in their head of what they would like to accomplish, but without writing them down and having them somewhere as a constant reminder (see #3) then you are way less likely to follow through on them.  Just the physical act of writing them down makes you that much more committed to carrying through on them.  Apparently you are 50% more likely to achieve your goals if you write them down, but that could be fake news :).

3.  Visualize

This step is two-fold.  The first part is that you need to be able to visualize yourself achieving your goals, which is a tool that professional athletes have been using for decades.  Being able to actually visualize yourself achieving your goal can be very powerful.  The second part is having your goals prominently displayed someplace where you can visually see them everyday, as a constant reminder of what you are aiming for. We know it's totally hokey, but we like to make a vision board for this.  A vision board is just a compilation of images, quotes, lists or really whatever you want, which is a visual display of your goals and ultimately it should conjure up the feeling of what you want to achieve as well.

4.  Plan of Action

Here is where you put a plan in place to make those goals a reality.  Write down what you can do today, tomorrow, this week and this month to move you closer to your goals.  Every morning set aside some time to review your goals (and admire your fancy vision board!) and make a list of small actionable steps that you can take on a daily basis that will get you closer to the big goal.  This is also a good time to review your progress; where you are doing well, where you are doing not so well and course-correct as needed.  Don't beat yourself up though, this is a journey and we are all learning as we go!

5.  Accountability

This step is key, and if you are not good at being accountable to yourself, bring in support; whether it's through your partner, a friend, a business mastermind group or a coach; make sure that you have someone who is willing to kick your butt if you're not doing what you said you would do! (Lots of people are using social media to hold themselves accountable.)

6.  Review

Constantly review your big and small goals to make sure that you are still going in the right direction, that your timelines are reasonable, and that your goals still fit your current needs and wants.  There is nothing wrong with changing your goals if they no longer suit you.

7.  Celebrate Success

This is the fun part!  Tie your goals to rewards so that you have that additional feeling of accomplishment and something physical to mark your achievement and hard work.

Off to clean my office, one of my first goals of the new year. If you are thinking about any home improvements or renovations this year, reach out to us! We are happy to provide you with a complimentary Home Improvement Consult to help you allocate those dollars to see the best return on investment. Wishing you much joy & prosperity in 2020!