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Lyle Hamilton in The Globe and Mail

My Clients Say...

Lyle Hamilton is an executive level real estate consultant. If you have a challenging sales or purchase project, Lyle will coordinate every aspect to make it happen – and it will – with a smile! I have engaged Lyle on three projects, none of them easy:

  1. sale of a 2000 sq ft condo in downtown Toronto suited to a buyer looking for a large entertainment space with outdoor amenities.
  2. purchase of a 1100 sq ft condo suitable to accommodate two home offices.
  3. negotiation of a commercial lease for a 1500 sq ft office suite with complex requirements. Lyle continued to be involved after the lease was signed, ironing out difficulties that were interfering with us getting settled in our new offices.

Lyle is cheerful, responsive, professional, dependable, punctual and trustworthy. Moreover, he is skilled negotiator when the deal could easily depend on the recommendation of the other agent to their client; persistent; well-connected to other agents, including international; and he has at his finger tips, trades and other services that may be needed to smooth the path to completion of a deal.

Lyle, puts meaning back into “full-service representative.”

Yours truly,


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Finance, getting a mortgage

Determine What You Can Afford
  1. One time costs associated with buying a property.
  2. Ongoing ownership costs

You need to determine how much you can afford to spend on purchasing a home and consider all extra expenses which can be easily overlooked sometimes.

To calculate how much monthly payment you can afford, you need to first determine your debt to service ratio.

To calculate your debt to service ratio:

  1. List all your monthly loan payments: car, personal loans, monthly credit card payments, etc.
  2. Add your rent or future mortgage payment (including principal & interest)
  3. Add your projected monthly property tax payment for the home you would consider buying


When you add these numbers up, the total monthly amount should not exceed 40% of your gross monthly income. The monthly mortgage payment and monthly house taxes added together should not exceed 30% of your gross monthly income.


If you have less than a 25% down payment for your home purchase, you will need CMHC (Canada Mortgage & Housing) insurance. More information on those costs is listed below.

Usually when purchasing a home, the buyer does not pay real estate commission fees as they are normally paid by the seller. But there are other costs to consider when buying a home.


One Time Costs Associated With Buying

The deposit due at the offer stage is part of the downpayment for the purchase which goes toward the purchase price.

Purchasing a home at a price of $500,000 involves one-time costs of approximately $12,000. Here is the approximate breakdown of those costs.


1.  CMHC Fees:

Rate is .5% - 3.75% of loan depending on the down payment (ask your banker).
Canada Mortgage & Housing Corp. is required to insure all mortgages that are less than 25% down payment (also called high ratio mortgage). Can be added to principal mortgage amount or paid at closing.


2.  Home Insurance:

You cannot close your property without this. The lender must be notified of the policy number.


3.  Land Transfer Tax For Residential Resale:

Payable on closing.
The simple calculation is as follows:
1. From $55,000. - $250,000. - Multiply $10 per thousand dollars less $275.
2. Property $250,000. - $400,000. Multiply $15 per thousand dollars less $1,525.
3. Property over $400,000. Multiply $20/thousand dollars less $3,525.

4.  Home Inspection:


Approximately $400 + GST Paid at time of Inspection usually done within a couple of days of acceptance of offer.

5.  Lawyer Fees:

Approximately $1000-$2,000 depending on the lawyer and scope of work demanded by the property.


1. Gas Connection Charges
2. Telephone Connection Charges
3. Electricity Connection Charges
4. Moving Expenses. Keep a cash reserve for furnishings and gardening.


What you DON'T pay for is our amazing consultation, negotiation and handling of the many transactional details. We are compensated by the seller’s real estate brokerage when the home is sold. As our clients, you'll sign a Buyer Representation Agreement further outlining your rights and responsibilities as the buyer client in our working relationship.


Typical Costs Ongoing with Home Ownership

Sample annual expenses when owning a $500,000 home, single family residence include the following:

  • Property Taxes: Conservatively budget 1% of value of house (ie. $5,000 annually)


  • Hydro: $150/month
  • Gas: $2500 annually
  • Water: $500 annually
  • ++ Monthly mortgage payments (principal + interest)
  • Maintenance (wear and tear)
  • Annual house and fire insurance $750 annually
  • Monthly condo maintenance fees (if applicable)