With a constantly growing demand for rental housing, purchasing an investment property in the Greater Toronto Area is a smart way to grow your personal wealth. That being said, becoming a landlord does require some education and preparation.  

As Vaughan’s top-performing real estate team, we’ve helped thousands of clients with all types of goals and backgrounds, including investors and landlords. Whether you’re considering an investment in a dedicated rental property, or have recently purchased one and aren’t sure where to start – we’ve got tips for you. 

Not sure which type of property will make the best investment for you? Click here to read our blog on houses vs condos as profitable rental properties. 

Invest Strategically 

One of the biggest factors to consider in your investment is location. The location of your rental property will influence what type of tenants you attract and how much you can earn. For instance, a property that’s located close to transit, post-secondary schools, good nightlife, high-quality amenities or other perks will be much more enticing to potential tenants than one that’s further removed.  

Become Familiar with the Standard Form of Lease

In Ontario, the provincial government requires landlords to use a standardized lease contract, also known as the Residential Tenancy Agreement (RTA). When a tenant wishes to rent out your property,  this is the lease that they will need to sign. 

At the end of the day, the RTA is there to protect you and your tenants. It outlines key rights, responsibilities, and restrictions related to property use, communication, and your landlord-tenant relationship. Before beginning your tenant search, take a moment to familiarize yourself with the RTA. If you have any questions about it you can ask your real estate agent for advice. 

Looking to buy a profitable rental property? You may find these blog posts helpful. 

• How to Create Wealth Investing in Canadian Real Estate
• The Biggest Misconceptions About Real Estate Investing
• How Our VIP Buyer’s Program Can Help You Make a Wise Investment

Choose Your Tenants Carefully

When the time comes to fill your vacant property you’ll want to be very selective in choosing a tenant. A great tenant can provide you with a secure and low-stress investment, while a not-so-ideal tenant can lead to headaches, late payments, and other challenges. Finding the perfect tenant begins with an in-depth screening process. When you start receiving applications on your listing, be sure to request employment verification, a credit check, and references from their past or current landlords. While this will take a little bit of effort, it’s well worth it in the long run. 

Be Aware of the Market

Just like finding the perfect tenant, setting your rental rates also requires some due diligence. While the demand for rental housing is pushing the market value upwards, setting your price too high could cause tenants to become stretched thin in the middle of their lease – causing you to start the tenant search process all over again. On the other hand, setting the price too low will mean missing out on valuable returns in the short and long term.

During this step, a little research can go a long way. Look at other rental listings in the immediate area and see what landlords are charging for their units. However, remember to be mindful of the differences between your property and theirs. For example, if you see a unit with similar square footage to yours, but this property is located in a modern condo building with high-end on-site amenities, you may not be able to charge an identical rate. Once again, your real estate agent can help you decide what the best rent to charge will be. 

As an extension of this, be considerate of when and how you increase your tenant’s rent. Like lease agreements, rent increases are subject to restrictions under the provincial government. Currently, landlords are only allowed to increase rent once every twelve months at a maximum increase of 2.5%. You must also provide a written notice of the increase 90 days prior to it taking effect. 

In Vaughan, pre-construction condos make a unique (and highly profitable) income property. Check out these blog posts to learn more. 

• An Investor’s Guide to Pre-Construction Condos
• What Happens if My Pre-Construction Condo is Delayed?
• Working With an Agent When Buying a New Development Condo

Keep Records of Everything 

Lastly, remember to keep detailed records of everything related to your investment property. This includes lease agreements from past and present tenants, expenses related to the property, and payment receipts. Keeping these items organized and filed will make it much easier during tax season or if you need to solve a dispute of any kind. 

Ready to find the perfect income property and start building your wealth? The Lino Arci Team can help you make a remarkable investment. Call our team at 416-571-2724 or email info@arciteam.com to get started.

Spring is Springing! Yay! I just came inside from shooting a video outside and WOW! It’s nice out! Yes, I realize that when you get this and read it that it could be cold and rainy, but those cold days are just about over. Everyone loves Spring, primarily because it means… summer is near! For many across this great country though, it’s still COLD, grey, and snowy! One thing is for sure, this winter season is coming to an end. It does every year without fail.

Just like the weather seasons come and go, so do the seasons of life. Are you with me when I say that these seasons seem to come and go faster and faster, as well as time? My wife reminded me last night we have shared many years of my birthdays together. Some of life’s seasons will be HOT and others will be COLD, some high and some low. The lows we want to move by quickly, the highs we want to stay in forever. But it’s the low points, those tough times, that I have learned the most from. All of the experiences through these seasons make me who I am.

AND remember… YOUR referrals
help the Community

This year my team and I are on a mission to raise $50,000 for SickKid’s Hospital of Toronto! SickKid’s Hospital of Toronto does awesome work in helping kids fight through and survive nasty life-threatening diseases like cancer, non-Hodgkin’s lymphoma, leukemia, and others.

Whether it’s providing Food for the struggling and hungry through its many food pantries, providing temporary housing for the displaced or the abused or the homeless, the jobs programs for struggling neighbours trying to get back on their feet, the Clothing, the Summer Lunch Programs, the Toy Shop, and their Market Place for poverty-stricken neighbours, SickKids leads the way in restoring lives one person and one community a a time.

SickKid’s Hospital of Toronto is Making a Difference Today and for Tomorrow!

As a leading non-profit, SickKids depends on Sponsorships and Donations to continue its leading-edge service. We proudly donate a portion of our income from real estate sales to SickKids to help them continue serving the needs of those who most need it in our community!

So When you hear my say “YOUR REFERRALS HELP THE COMMUNITY…” they really do!

Who do you know considering buying or selling a home you could refer to our real estate team?

Not only will they benefit from our award-winning real estate service, but you can rest assured a very worthy cause will benefit as well.

To refer your friends, neighbours, associates or family members considering making a move just give me a call or pass on my number to them! 416-571-2724 (ARCI).

Over the decades of helping thousands of families sell their home and/or buy another, we have met some wonderful, loving, caring people. People like you! So those you know considering a move that we help, you have my word that we will do our very best in helping them buy or sell the place they call home. I hope this special month of Showing Thanks bring you so much joy and happiness. 

A real estate company with experience, proven results, and a give-back philosophy! 

Refer your friends, neighbours, associates or family members considering making a move:

1. You can send this blog link to someone you know considering a move.

2. You can pass along our business card or contact info to them.

3. You can go to www.WeHelpTheKids.com and enter their contact info online or forward the link to someone you know considering a move.

4. Of course you can always call me direct as well at 416-571-2724 (ARCI).

Why Support SickKid’s Hospital of Toronto:
Born, raised and growing up right here in Toronto I have seen many things change. I remember when it was just woods where two of the areas largest shopping malls are now, Vaughan Mills Mall and Yorkdale Mall. Most call it progress, and it is true that many have done well as the Greater Toronto Area has grown. There are however some in our community that for reasons beyond we can fully understand are experiencing real hardship. Circumstances like tragedy, loss, victim, homeless, disables, abused, hungry, gravely ill and unemployed. People with one or a combination of these hardships do exist and exist in numbers that would shock most. Thank God for the grateful people at Sick Kids Hospital.

SickKids Hospital has been leading the way in helping those in our community that need help the most. Literally, restoring HOPE to those who are living with hopelessness. My team rally’s around our annual goal of raising money and donating portions of our income to help Sick Kids Hospital of Toronto in their quest to heal young people when they need healing. My team and I are committed to providing outstanding results for buyers and sellers referred to us by our past clients. I have discovered that Sick Kids Hospital of Toronto shares similar commitments to their patients. And since their services survive on sponsorships and donations we are happy to contribute and proud to support them.

I encourage you to visit their website at www.sickkids.ca and check out how they are making a difference in the lives of children and their families!

So you’re thinking about becoming a real estate agent? That’s great. There’s truly no other profession in the world quite like real estate. Whether you’re helping someone find and purchase their dream home or taking away the stresses of selling, being a part of your clients’ major life milestones is nothing short of a privilege. 

If you’re transitioning from another career to one in real estate, you may be wondering how much you could potentially earn as an entry-level agent. While you should ultimately get into the business because you’re passionate about it, it is important to recognize the unique revenue model that it involves. 

Unlike other vocations, real estate agents don’t typically work on a static annual salary. Instead, income is based mostly on individual performance. 

Are you considering a career in real estate? Check out these helpful blog posts to learn more about what it takes to be an agent. 

• How New Real Estate Agents Can Succeed in Vaughan
• 5 Steps to Becoming a Real Estate Agent in Ontario
• 9 Things to Know Before Becoming a Real Estate Agent

The Truth About Real Estate 

In our 30+ years of buying and selling homes, we’ve learned a thing or two about the real estate business. As a potential agent, one thing you should know is that real estate is competitive – especially in the Greater Toronto Area. Last year the Toronto Regional Real Estate Board (TRREB) reported north of 70,000 agents working in the city and its surrounding communities. 

As an agent, part of your job is to stand out from the crowd to attract clients. The more clients you have, the more money you can make. However, you will ultimately be competing with thousands of other agents for their business. Depending on how you build your career, this could be a significant portion of your day-to-day. For instance, some brokerages ask their agents to do cold calls, go knocking on doors, or take on other time-consuming marketing and lead generation activities.

What Makes a Great Agent

As a real estate agent, your personal performance will directly affect how much income you bring in. While there are other factors that will influence your stream of revenue, the road to success starts with you. Given the competitive, self-starter nature of the business, being a high-performance agent involves a unique set of skills, traits, and personal qualities. 

At the end of the day, real estate is a people business – so it helps to be a ‘people person’. Almost all top-earning real estate agents are especially extroverted, outgoing, and comfortable in high-pressure situations.

As an agent, you’re walking clients through a fairly big life change. During a move, things can become highly emotional, and they often do. You’ll also be performing critical negotiations during one of the most substantial transactions of your clients’ lifetimes, so a knack for confidence and composure is also important. 

Of course, these qualities can be developed and nurtured over time. However, it can be tremendously helpful to hold some of these traits before you begin your career.

As a real estate agent, working with the right brokerage can make a huge difference in your career. To learn more about what brokerages do, explore some of these posts from our blog. 

• 6 Things to Look For When Choosing a Brokerage
• How an Industry-Leading Brokerage Supports Their Agents 
• How to Find a Brokerage Suited to Your Needs

Perks of Working With the Lino Arci Team

While your personal performance will be the driving factor in how much money you can make as a real estate agent, the team and brokerage that you choose to work with will also make a big difference. 

As Vaughan’s leading real estate team, we’re constantly searching for highly-motivated sales representatives to bring on board. In our three decades of real estate experience, we’ve created unique and effective systems that help new agents earn as much income as possible – even during the first year of their careers. 

Thanks to our proven selling systems and reputation for results, our agents are well set for success. As a member of the Lino Arci Team, you won’t need to engage in cold calling or other lead-searching activities. Rather, our in-house database of motivated buyers and sellers provides you with access to high-quality leads right out of the gate. You also receive additional support, training, and other resources to ensure you flourish in your new career. 

Are you a recently registered agent seeking a prime brokerage to build your career? Contact us at info@arciteam.com to discover if the Lino Arci Team will make a great fit for you.

Luxury living at its finest is about more than what’s within the four walls of a magnificent home. Your surroundings are equally important, where you can step outside and be enveloped in beauty and scenic nature. If your new city and neighbourhood also allow for the best of modern-day conveniences, such as high-end shopping, fine dining restaurants, and excellent schools.

If this sounds like your ideal community, Vaughan is perfect for you! 

Curious about living in a gated community? Click here for our list of the GTA’s top gated communities. 

Uncomparable Experiences

Nestled just north of Toronto, Vaughan is bursting with amazing amenities and attractions. Beyond Vaughan’s many luxury homes, you’ll have some of the GTA’s top experiences at your doorstep. 

For starters, Canada’s Wonderland is right around the corner, providing thrills and non-stop excitement from mid-May to the end of October when the Halloween Haunt rolls into town.

If you’re looking for a completely unique experience, Reptilia deserves a visit. Even squeamish members of your family will be transfixed when meeting the fascinating reptiles and amphibians from around the world! 

With many art galleries and museums throughout the city, you have countless exciting adventures to explore with your family.

Looking to buy a home in Vaughan? The resources below will help get your home search off to a great start:

• How to Budget for Buying a Home in Vaughan
• Everything to Know About Living in a Gated Community
• How to Create Wealth Investing in Canadian Real Estate

Vaughan is Family Friendly

One of the best parts about Vaughan is how perfect it is for families! With some of the best public and private schools in all of Ontario, Vaughan provides endless opportunities for elevated learning. 

There are also plenty of local cultural amenities to further nurture and inspire your family. For example, the McMichael Canadian Art Collection offers a host of mind-enhancing exhibitions for people of all ages. Summer camps, workshops, and Saturday classes are also available to teach children about the joy of creative exploration and skill development.

Indoor playgrounds like the Funtastic Forest and Joyous Planet allow children to stay active and social even when the snow or rain begins to fall.  

We have done our research to save you time! You can find our review of some of Vaughan’s top schools right here.

A World of Convenience

For many people, luxury living means having a world of convenience at your fingertips. In Vaughan, you’ll find everything you could ever ask for and more. The Vaughan Mills Shopping Centre brings you some of the city’s best high-end shopping all under one roof. Calvin Klein, Danier, Guess, Michael Kors, True Religion, Ralph Lauren, and Lululemon are just a few designer brands you can browse all in one spot.

And your dining options are endless. Do you love Italian food? You’ll find some of the best meals, bar none, just minutes from your home. Every cuisine imaginable is represented, whether you’re looking for a casual night out or a luxurious dining experience.

With easy access to public transit and major highways, getting around is easy and convenient. And whenever you’re looking for a weekend getaway, the ski hills of Collingwood, the sparkling Kawartha Lakes, and the excitement of downtown Toronto are all a short drive away!

Vaughan’s Natural Beauty

When it comes to luxury, nothing is quite like the tranquillity and beauty of nature. In Vaughan, unspoilt nature comes with the territory. From the lush, green paradise of your own backyard to the scores of parks and hiking trails that abound all over, you will find it hard to believe you’re living in the heart of a major city. 

Vaughan is also one of the top golf destinations in Canada, home to a selection of notable courses including the National Golf Club and Copper Creek.

When looking for a sweet escape, the Vaughan Super Trail is a great place to start. This 100 km path winds throughout the city, connecting communities with peaceful scenery and the sights of nature. 

Vaughan is also a premium location for savvy real estate investors! Want to know more? Dive in with the articles below:

• 5 Reasons You Should Get a Mortgage Pre-Approval Before Heading to the Market
• 5 Common Myths About Real Estate Investment
• An Investor’s Guide to Pre-Construction Condos

A Diverse and Exciting Real Estate Landscape

When it comes to your real estate options in Vaughan, we’ve saved the best for last! The luxury housing market offers everything from sprawling, modern estates to elegant townhouses and convenient condos. Your job is to create a vision of what your perfect home will look like. Then, find a real estate team you can trust to help turn your dream into reality.

With experienced real estate professionals like the Lino Arci Team by your side, reaching your goals can start with a simple phone call! Reach out today at 416-571-2724 or email info@arciteam.com to find your dream home. 

Not that I am the Dr. of Love or anything like that… But then again, most people like to believe they are. After all – Love is a many splendid thing. When my wife and I were planning our wedding back in 1986 she suggested we reveal to all in attendance words that would convey our LOVE for each other. My favourite Love Description is from 1 Corinthians 13: Love is patient, love is kind. It does not envy, it does not boast, it is not proud. It is not rude, it is not self-seeking, it is not easily angered, it keeps no record of wrongs.

Love does not delight in evil but rejoices with the truth. It always protects, always trusts, always hopes, and always perseveres. It doesn’t matter your ‘religious persuasion’ to say “yea, that IS a great description of LOVE”. I am talking LOVE because February is the Love month, rightly celebrated with Valentine’s Day.
I could go on with all kinds of examples like – Love Your Neighbour as Yourself, even go all business on you with accolades about how much we love doing business with you, or how much we love your referrals and more – but, the point is we do love helping people sell and buy real estate.

AND remember… YOUR referrals
help the Community

This year my team and I are on a mission to raise $50,000 for SickKid’s Hospital of Toronto! SickKid’s Hospital of Toronto does awesome work in helping kids fight through and survive nasty life-threatening diseases like cancer, non-Hodgkin’s lymphoma, leukemia, and others.

Whether it’s providing Food for the struggling and hungry through its many food pantries, providing temporary housing for the displaced or the abused or the homeless, the jobs programs for struggling neighbours trying to get back on their feet, the Clothing, the Summer Lunch Programs, the Toy Shop, and their Market Place for poverty-stricken neighbours, SickKids leads the way in restoring lives one person and one community a a time.

SickKid’s Hospital of Toronto is Making a Difference Today and for Tomorrow!

As a leading non-profit, SickKids depends on Sponsorships and Donations to continue its leading-edge service. We proudly donate a portion of our income from real estate sales to SickKids to help them continue serving the needs of those who most need it in our community!

So When you hear my say “YOUR REFERRALS HELP THE COMMUNITY…” they really do!

Who do you know considering buying or selling a home you could refer to our real estate team?

Not only will they benefit from our award-winning real estate service, but you can rest assured a very worthy cause will benefit as well.

To refer your friends, neighbours, associates or family members considering making a move just give me a call or pass on my number to them! 416-571-2724 (ARCI).

Over the decades of helping thousands of families sell their home and/or buy another, we have met some wonderful, loving, caring people. People like you! So those you know considering a move that we help, you have my word that we will do our very best in helping them buy or sell the place they call home. I hope this special month of Showing Thanks bring you so much joy and happiness. 

A real estate company with experience, proven results, and a give-back philosophy! 

Refer your friends, neighbours, associates or family members considering making a move:

1. You can send this blog link to someone you know considering a move.

2. You can pass along our business card or contact info to them.

3. You can go to www.WeHelpTheKids.com and enter their contact info online or forward the link to someone you know considering a move.

4. Of course you can always call me direct as well at 416-571-2724 (ARCI).

Why Support SickKid’s Hospital of Toronto:
Born, raised and growing up right here in Toronto I have seen many things change. I remember when it was just woods where two of the areas largest shopping malls are now, Vaughan Mills Mall and Yorkdale Mall. Most call it progress, and it is true that many have done well as the Greater Toronto Area has grown. There are however some in our community that for reasons beyond we can fully understand are experiencing real hardship. Circumstances like tragedy, loss, victim, homeless, disables, abused, hungry, gravely ill and unemployed. People with one or a combination of these hardships do exist and exist in numbers that would shock most. Thank God for the grateful people at Sick Kids Hospital.

SickKids Hospital has been leading the way in helping those in our community that need help the most. Literally, restoring HOPE to those who are living with hopelessness. My team rally’s around our annual goal of raising money and donating portions of our income to help Sick Kids Hospital of Toronto in their quest to heal young people when they need healing. My team and I are committed to providing outstanding results for buyers and sellers referred to us by our past clients. I have discovered that Sick Kids Hospital of Toronto shares similar commitments to their patients. And since their services survive on sponsorships and donations we are happy to contribute and proud to support them.

I encourage you to visit their website at www.sickkids.ca and check out how they are making a difference in the lives of children and their families!

In any market condition, enjoying a smooth, profitable sale is all about choosing the right real estate agent to work with. If you’re shopping around for a real estate agent or in the early stages of planning your home sale, you may come across some who “guarantee” that they will sell your home.

This sounds like an exciting promise, but is it too good to be true? How can you tell when a real estate agent can actually protect you from the risks of the open market? 

Rather than get stuck with an agent who doesn’t live up to their home selling guarantee, you’ll want to partner with a team who can stick to their word – like the Lino Arci Team. 

In this blog post, we’ll cover our industry-leading Your Home Sold Guarantee and how our proven approach to selling allows you to sit back, relax, and enjoy your selling journey.

Getting ready to sell your Vaughan home? Explore these blog posts for more helpful insights. 

• Selling a Luxury Home: How to Get the Best Return
• 7 Questions to Ask Your Vaughan Real Estate Agent Before Selling
• The Top 5 Common Mistakes Home Sellers Make

Taking the “What If” Out of Selling 

As real estate in Vaughan and the Greater Toronto Area becomes more neutralized, homes are staying on the market for longer on average than they used to. As a result, many sellers in today’s market are often faced with the stress of how long it will take to sell their home, or if it will even sell at all. 

If you’re considering selling your home, you may have had similar concerns yourself – asking questions like “What if I list my home and have to settle for a lowball offer?” or “What if my home never sells?”. 

As real estate agents ourselves, we’ll be the first to admit that selling a home can be very stressful. Not only is your home a place with great sentimental value, but it is also one of the largest investment assets that you will ever own. So when it comes time to sell, it’s completely natural to feel nervous or worried.

But here’s the good news: When you sell your home with the Lino Arci Team, you’re automatically protected from the “what ifs” of the market. 

What Your Home Sold Guaranteed Means to Us

The Lino Arci Team is completely committed to ensuring you get the best results possible on your home sale. Thanks to our decades of experience, we’ve got home selling down to a science and are confident that we can help you achieve your real estate dreams. In fact, we’re so confident that we can sell your home, we outright guarantee it! 

We sell the most homes annually of any real estate team in Vaughan, and our proven systems and strategies can help you sell for a great price, in as little time as possible. If for any reason our team can’t sell your home, we will buy it from you fair and square. There are no loopholes, caveats, or hidden fine print. When we say Your Home Sold Guaranteed we mean it! 

This promise allows you to enjoy the exciting process of selling your home and not worry about what may happen on the market. 

Want to know more about the process of selling your home in today’s market? Explore these pages from our site. 

• How Much Does it Cost to Sell Your Home?
• How to Buy a House Before Selling Yours
• Do You Need to Stage Before You Sell?

100% of Asking Price Guarantee

On top of ensuring that your home sells, we also want you to be completely satisfied with the money that you earn from your sale. We believe that sellers should never have to compromise on the price of their home or feel the need to give in to lowball offers. If your home sells below the asking price, it can be stressful, embarrassing, and even create problems with the budget for your next home. 

We’re confident that our proven selling process will help you get top dollar for your home. If for any reason your home sells for less than 100% of the asking price – we’ll pay you the difference. 

You deserve to enjoy your home sale. To learn how the Lino Arci Team can give you a risk-free selling experience, get in touch. Call our team at 416-571-2724 or email info@arciteam.com to get started.

One of Ontario’s fastest-growing communities, Vaughan is home to a large number of exciting modern condo developments. For both house hunters and investors alike, these developments provide a unique and opportune path to ownership. 

However, while pre-construction condos do come with a whole host of benefits, there are certain challenges that can impact buyers too. One of the most common of these obstacles is delays. 

If you’re thinking about buying a new-construction condo unit or have recently purchased one and are unsure about what your options are in the event of a delay, here’s what you need to know. 

Understanding Occupancy Dates

When you first sign a purchase agreement on a pre-construction condo you will receive a tentative occupancy date. Depending on the project timeline and when you buy, this could be several months in the future or even a few years. Rather than an exact move-in date, the initial tenancy day is more of a rough guide for when you can expect your unit to be ready. Your purchase agreement will also include an outside occupancy date. This is the absolute latest date that the developer can deliver the condo to you. 

As a buyer, it’s important to be mindful of these primary dates when you sign the purchase agreement. Should your condo unit be delayed, these dates will impact your rights, options, and opportunities for compensation. 

Searching for more blog posts about getting into the housing market? You may find these links helpful. 

• What are the Costs of Buying a Home in the GTA?
• Essential Tips for First-Time Home Buyers
• 5 Mistakes First-Time Home Buyers Make

Can the Builder Legally Delay Your Occupancy? 

Yes, they can. However, only to a certain extent. Based on provincial laws, your builder can push back the tentative occupancy date for any reason that they choose. The only caveat is that they must give you a minimum of 90s days notice and provide a new tentative occupancy date at the same time.

However, a developer can’t delay your occupancy forever. Once the roof on the building has been completed, they will be required to set a final tenancy date within 30 days. This final date can be delayed once more, up to 120 days. This deadline is known as firm occupancy. As the buyer, if you do not receive access by the firm occupancy date, you will be formally entitled to compensation. 

If your builder begins to delay your occupancy, it’s important to stay up to date on any updates you may receive to avoid confusion or headaches. 

Why do Delays Happen?

Like any construction project, a condo building can be delayed for any number of reasons. Some of these delays could be within the developer’s control or somewhat out of their hands. Here are some of the most common reasons why pre-construction projects in the Greater Toronto Area get set back. 

• Labour shortages
• Supply shortages
• Adverse or severe weather conditions
• Municipal restrictions
• Internal setbacks 

Thinking about buying a pre-construction condo in Vaughan or the GTA? You will need to create an effective budget ahead of your purchase. Click here for our tips on how to do just that. 

Am I Entitled to Compensation?

Should your tenancy be delayed beyond the firm occupancy date, you will be entitled to certain financial compensations. These compensations are generally intended to help cover your living expenses while you wait, and are based on the total length of the delays you’re experiencing.

In Vaughan, compensation is regulated by provincial law. For every day that passes after the determined occupancy date, you will receive $150, up to a maximum of $7500. You could also be eligible for further compensation if the builder doesn’t provide proper notice of delays. 

Should your unit get delayed significantly, you’ll have unique rights and options based on the circumstances. In the instance of major delays beyond the firm and outside occupancy dates, buyers are entitled to cancel their purchase and receive a full refund. This refund includes all costs paid by the buyer up to that point, including the deposit, incurred interest, fees, or upgrades to the unit itself. 

Thinking about purchasing a pre-construction condo to use as an income property? Check out these blog posts for helpful tips and insights.

• An Investor’s Guide to Pre-Construction Condos
• How to Create Wealth by Investing in Canadian Real Estate 
• What Should Buyers Know About Mortgage Pre-Approvals?

How to Protect Yourself

While the chance of delays shouldn’t prevent you from getting into the market, it can be helpful to understand your options in advance should you ever be impacted by them. If you’re interested in buying a pre-construction condo, the best way to set yourself up for success is to partner with a local real estate agent. Whether you’re investing or looking for a place to call home, your agent can help you discover and purchase the perfect condo for you. 

An agent will help you stay informed about potential delays and ensure you don’t miss out on any compensation you may be entitled to. They can also help you create a backup plan should you be in need of temporary housing in the event of delays.

Thinking about buying a pre-construction condo or home? Work with the #1 real estate team in Vaughan! Call 416-571-2724 or send an email to info@arciteam.com today.