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Doug Heldman

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As a professional realtor with experience since 1988, I have a marketing plan that while not a guarantee, is absolutely the best there is. Interested in how to sell your home for the most amount of money in the least amount of time? I can show you how it is done. Contact me for a confidential discussion!

Who are the Condo Investors in Toronto

Originally posted on: April 11, 2018
Filed under: condo toronto investor
A new study sheds some light A study, called A Window Into the World of Condo Investors, found that only about 10 per cent of condo inv ...

Government removes non-bank lenders from the playing field

Originally posted on: November 21, 2016
Last updated on: November 21, 2016
Filed under: east york riverdale the beach leslieville
Will You Qualify For Your Mortgage After November 30th, 2016? Will You Qualify For Your Mortgage After Nov ...

The intended consequences of new housing policies

Originally posted on: October 27, 2016
Last updated on: October 27, 2016
Filed under: east york the beach riverdale lesliville canada mortgage and housing corporationbank of canadagovernmentpricemortgagehomehousinghousing policiesceconomycanadaconsequencesunintendedintendedeconomy
EVAN SIDDALL The intended consequences of new housing policies EVAN SIDDALL Contributed to The Globe and Mail ( ...

Seperated Cycle Lanes On Woodbine

Originally posted on: September 29, 2016
Last updated on: September 29, 2016
Filed under: east york riverdale the beach leslieville
Sep 28, 2016 | Separated cycle tracks may be coming to Toronto's Woodbine Avenue ...

Have Prices Crossed The Line?

Originally posted on: September 7, 2016
Last updated on: September 7, 2016
Filed under: east york riverdale the beach leslieville
The Toronto Real Estate Board publishes the above affordability chart monthly, showing the share of average household income used for mortgage, ...

Is New Construction for You?

September 18, 2015



Is New Construction for You?


If you’re a first-time buyer, determining whether to build or buy an existing home can be overwhelming. For many people, choosing new construction is a great opportunity to design their dream home and save money on repairs and replacing old appliances.

In fact, one-third of consumers looking to buy their first home are interested in new construction, and 37% of millennials are considering new homes, according to TD Bank’s First-Time Home Buyer Pulse.

As you evaluate whether new construction is right for you, keep in mind some helpful tips and best practices when embarking on “new” home ownership.

Plan for customization

New construction allows you to design a home from top to bottom. You can select your choice of finishes, cabinets, bath fixtures, and more. Some builders even allow you to move walls in predesigned models and pick a lot within their community to place your home.

The First-Time Home Buyer Pulse revealed that when it comes to amenities, buyers are interested in having a backyard or pool, an attractive design, and energy-efficient/smart home technologies. All of these amenities can be designed to your specification when you build a new home. When considering customization, these costs should be factored in at the start of the project and included in your budget. A budget will help you feel more comfortable when selecting custom items and avoid any potential financial issues during construction.

It’s important to keep in mind that you’ll also need to visualize your new home from floor plans. Model views typically aren’t available until the project gets underway. And, with this being the biggest purchase of your life, you should choose wisely—research your developer and builder before you sign a purchase contract.

New Construction Article

Explore financing options

Financing is a critical part of the home-buying process, and it’s important to find a lender that provides open, ongoing communication along the way. This should be the very first step a buyer takes in the process—even before finding a builder. Once you identify a lender, a mortgage loan officer will provide guidance and advice on financing options.

Keep in mind that new construction can be costly. However, construction mortgages can help keep expenses low with interest-only monthly payments during the building phase.

For example, TD Bank’s Construction-to-Permanent loan allows buyers to make interest-only payments for the first 12 months on 80% of the construction costs. After the first year, when construction is complete, principle and interest payments apply on the entire loan. Construction loans are ideal for buyers purchasing their vision of a home.

Seek industry expertise

Mortgage loan officers provide expertise through every step of the mortgage process—from obtaining a pre-qualification letter to “live loan” status updates, and renewing loan paperwork to the final sale. The best mortgage loan officer will guide you and your builder through the process and identify products that make sense for new construction.

They understand the many moving parts of a loan, weigh options, and help you find your “best fit” loan. They will advise you on the personal documents that you need to present throughout the process.

If you’re interested in designing and customizing your home, new-home construction will be a great option for you. It’s best to look for lenders and builders that can work together and offer you flexible financing options.


Scott Haymore is the senior vice president, head of Pricing and Secondary Markets for TD Bank. He is responsible for setting daily mortgage rates and for secondary mortgage market purchases and sales. Haymore has 20 years of mortgage, finance, and capital markets experience.

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