[Rental Inquiry] What are the standard requirements for renting a property?
In Canada, rental agreements typically begin with a one-year lease.While two-year or short-term rentals may exist, they are relatively uncommon. Standard tenant requirements include: These criteria help ensure that tenants have the financial stability to maintain the lease and the property responsibly.
[Rental Inquiry] Is there a broker fee when renting a property?
Tenants do not pay a broker fee when renting through REOCA.Once a lease is finalized, the landlord covers the real estate agent’s commission.This reduces financial burden for tenants and ensures the agent works to secure the best possible terms for you.
[Purchase Inquiry] After purchasing a property, can REOCA help with property management or finding tenants?
You can find a tenant for your property through a REOCA-certified real estate agent. Rental agreements typically begin with a one-year lease.After the initial term, if the tenant chooses to stay, the lease usually transitions to a month-to-month rental. Your agent can assist with lease renewals or help you find a new tenant if needed.
[Purchase Inquiry] How much does property management cost?
Property management fees can vary depending on the location, property type, and level of service provided.In most cases, managers charge around 5% to 15% of the monthly rental income.Additional fees may apply for leasing, maintenance coordination, or vacancy handling. For an accurate quote, we recommend connecting with a REOCA-certified property manager through the app.
[Purchase Inquiry] What documents are required when using gifted funds to buy a property?
When using gifted funds to purchase a property, most lenders will require the following: A REOCA-certified mortgage broker can help you prepare these documents and meet lender requirements.
[Purchase Inquiry] Can I purchase a property using gifted funds?
Yes, it is possible to purchase a property using gifted funds, such as financial support from family.However, the lender may require a gift letter confirming that the funds are not a loan and do not need to be repaid. A REOCA-certified mortgage broker can help guide you through the process and ensure all required documentation […]
[Sales Inquiry] Can I also sell my property through REOCA?
When selling a property, a standard 5% commission fee applies for real estate professional services.Additionally, capital gains tax may apply depending on the profit made from the sale. For more details, we recommend downloading the REOCA app and submitting a Realtor Inquiry through the platform to get personalized guidance.
[Purchase Inquiry] How does capital gains tax work when selling a property?
In Canada, capital gains tax is exempt when selling your primary residence.However, if the property was purchased as an investment, capital gains tax will apply upon sale. We recommend consulting with a REOCA-certified accountant for personalized advice based on your tax situation.
[Purchase Inquiry] How much is the property tax?
Property tax in Ontario varies depending on the municipality, property value, and local tax rates. On average, residential property tax rates range between 0.5% and 1.5% of the assessed property value per year. For example:If your home is assessed at $800,000, and the local rate is 1%, your annual property tax would be $8,000. We […]
[Purchase Inquiry] How much is the land transfer tax?
온In Ontario, buyers must pay the Ontario Land Transfer Tax (OLTT) when purchasing a property. The tax is calculated as follows: In Toronto, an additional Municipal Land Transfer Tax (MLTT) also applies.You can find more details about both OLTT and MLTT through the links below: We recommend speaking with a REOCA-certified lawyer to calculate the […]
