Real Estate Blog - property taxes

Homeownership Expenses to Consider Before Buying Your First Home

Posted by Infinity Admin on April 8th, 2024

Buying your first home can be an exciting and overwhelming experience. While the process of home buying can be thrilling, first-time buyers often overlook the hidden costs that come with homeownership. These expenses can add up quickly and take a toll on your finances if you need more preparation. In this article, we will discuss some of the hidden costs of homeownership that first-time buyers need to know.

Closing Costs

Closing costs are fees associated with the home-buying process due at closing. These costs can include appraisal fees, inspection fees, loan origination fees, title insurance, and more. Budgeting for these costs before buying your first home is essential, as they can range from 2% to 5% of the purchase price.

Property Taxes

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From Assessment to Payment: Unraveling Property Taxes

Posted by Infinity Admin on September 20th, 2023

Property taxes are a significant aspect of homeownership that often perplexes many Canadians. Understanding property taxes in your province is essential to make informed decisions about purchasing and owning real estate. In this article, we'll delve into what you need to know about property taxes in Canada, with a specific focus on Newfoundland, providing valuable insights, tips, and real-world examples.

What are Property Taxes?

Property taxes are levies imposed by local governments on property owners. These taxes are used to fund essential services such as schools, hospitals, and public infrastructure. In Canada, property taxes are primarily based on the assessed value of your property and can vary widely from province to province and even…

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Don't let hidden taxes and fees catch you off guard when buying or selling real estate in St. John's

Posted by Infinity Admin on April 27th, 2023

Buying or selling real estate in St. John's, Newfoundland and Labrador, can be an exciting and rewarding experience, but it's important to understand the taxes and fees associated with property ownership. In this comprehensive guide, we'll explore the various taxes and fees that buyers and sellers should be aware of. 

Property Taxes

According to the City of St. John's website, property taxes are determined by the assessed value of the property and paid annually. As of 2023, the property tax rate for residential properties in St. John's is 6.7 mills (or $6.70 per $1,000 of assessed value), while the tax rate for commercial properties is 23.2 mills (or $23.20 per $1,000 of assessed value). As a buyer, it's important to understand the current…

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What Are Condo Fees?

Posted by Infinity Admin on November 28th, 2022

What are condo fees, how are they calculated, and what do they cover? Condos have become the home of choice for many Canadian homebuyers, particularly first-timers, but increasingly move-up buyers as well. But many don’t understand this lifestyle option before deciding that it’s right for them.

Homeowners are drawn to condo living for a variety of reasons. It is a good option as residents age and can no longer care for a house or want to downsize. There is less maintenance and repair responsibility and more security features. But the big draw is often on-site amenities such as a swimming pool that you would not otherwise be able to afford.

Affordability is a big factor behind the relatively recent shift to condo living,…

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