Bayview Mills is a picturesque townhouse complex located in North York, Ontario. With 345 units including 1 bedroom up to 5 bedroom options there is a layout for everyone. The neighbourhood is known for its affluent and family-friendly atmosphere, with excellent schools, parks, and recreational facilities nearby. Bayview Mills offers easy access to shopping and dining options, with the Bayview Village Shopping Centre just a short drive away. It is also a convenient location for commuters, with quick access to major highways and public transportation. The neighbourhood is perfect for those seeking a peaceful and upscale community to call home.

Get to know your local neighbourhood Realtor Ben Stanton to find out how you can buy or sell your Bayview Mills home today.

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Each homebuyer has a different idea of their ideal home, often based on location and particular visual preferences. But one thing that all homebuyers want is  a home that is fundamentally sound. This is why a home inspection is so important. We’ve compiled the ten most common deficiencies uncovered during a typical home inspection. If not addressed, these problems could end up costing thousands of dollars. Knowing what to look for, and performing your own thorough pre-inspection, will help you to identify areas needing repair or improvement before they grow into costly problems.

1. Damp Basement

Signs that a basement is damp include mold, mildew smells and efflorescence on the block or poured concrete walls. An inspector will do a visual check and should also have a moisture meter to detect different levels of moisture within the home.

2. Poorly Installed/ Defective Plumbing

Older homes that havent been updated may be subject to leaking and clogging that can be viusually detected. Plumbing like kitec has been banned because the fittings are prone to fail. The inspector will also check the water pressure and look for any discoloration when turning on the taps which could mean rusty pipes and a possible water quality issue that needs to be dealt with.

3. Older/ Poorly-Functioning Heating and Cooling Systems

If the home is heated with a forced air gas furnace and the hest exchanger is damaged or cracked it can pose a serious risk for carbon monoxide poisoning. If the furnace and AC are nearing the end of their life it will be recomended that they are replaced.

4. Older/ Unsafe Electrical System

In older homes there may be knob and tube wiring, undersized servicing or poorly done renovations and electrical circuits that are over fused. These could all pose fire risks and should be looked after by a professional licensed electrician.

5. Older/ Leaking Roof

There are many different types of roofs and roofing materials the most common being asphalt shingles. If the ends are curling, pitting, brittle, cracked or chipped its time to be replaced. Also look for bald spots where the granulars have fallen off. An inspector should have a ladder to get up and inspect the roof. If it's really bad the plywood may also need to be replaced.

6. Minor Structural Problems

More common in older homes, these problems range from cracked plaster to small shifts in the foundation. While this variety of problem isn’t large enough to cause any real catastrophe, they should be taken care of before they grow.

7. Poor Ventilation

Unvented or poorly vented kitchen stoves and bathrooms can cause moisture, mold and fungus which in turn cause air quality issues. Bathroom and range vents should vent to the outside.

8. Air Leakage

A cold, drafty home can be the result of any number of problems, such as illfitting doors, aged caulking, low-quality weather strips, or poor attic seals. This nature of repair can usually be taken care of easily and inexpensively.

9. Security Features

All homes need the proper smoke and carbon monoxide detectors. An inspector should also check locks on windows and doors making sure the home is secure. If the home doesn't have a security system or video doorbell it may be something to look into.

10. Drainage/ Grading Problems

This is the most common problem found during home inspections and is a major cause for wet, damp basements. Solutions to this may include new gutters and down spouts and re-grading to direct water away from the house.

Buying a home is exciting, but it can be scary too and rightfully so it's a lot of money and likely the biggest investment you will ever make. Thats why we make sure our clients are well informed and protected ensuring a smooth process from start to finish. Check out this list of common mistakes home buyers make when they are not properly informed.

Avoid these common mistakes Home Buyers Make

1. Not being pre-approved for a mortgage

2. Not having your taxes filed and up to date

2. Making a big purchase before closing or getting a line of credit/credit card. ie. car

3. Changing jobs before your deal closes

4. Not having your deposit available – having it in certain online banks or stuck in investments like RSP's

5. Not looking at mortgage terms closely and just choosing the best rate

6. Not understanding the closing costs and added costs of moving

7. Not fully understanding the costs of repairs and renovations

8. Not selling your existing home first in some situations

9. Not considering the re-salability of the home 

10. Not knowing the proper zoning and if there is an easement that affects the property

If you are thinking of making a move and would like to ensure a smooth process, give us a call or email and we will get you set up for success.

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In an effort to increase the supply of housing by discouraging owners from leaving their residential properties unoccupied The City of Toronto will levy a Vacant Home Tax (VHT) on vacant homes. 

2) Foreign Buyer Ban 

The Purchase of Residential Property by Non-Canadians Act bans non-Canadians from purchasing residential real estate in Canada between January 1, 2023, and December 31, 2024.  

Who’s impacted? Foreign corporations and individuals who are not permanent residents of Canada or Canadian citizens. 

Property Types Impacted: Detached Homes with three dwellings/units or less. Townhomes, condominiums, and other properties are to be listed in additional regulations.

Exceptions include Refugees, individuals whose spouse or common-law is a Canadian citizen, a permanent resident of Canada, a person registered as an Indian under the Indian Act or certain temporary residents.

Explore the Act.

3) New Anti-Flipping Tax Law

Effective January 1, 2023, any profit from the sale of a property, including rental property within a 12-month period will be taxable as business income and ineligible for either the principal residence exemption or the 50% capital gains rate. 

The rules will extend to assignment sales meaning if you sell a property you purchased pre-construction. GST/HST has been applicable to the assignment sales as of  May 7, 2022.

The Bottom Line: If you plan on flipping property in less than 365 days expect to pay the full tax on your profits in the New Year. 

Go Deeper.