What is the typical land tenure?
Freehold. 50 years of tenure on leasehold.
What is the terminology of the purchase agreement?
Purchase and Sale Agreement or PA Purchase Agreement
What is the average cost?
$300 per sq. ft.
What is the agency fee and who pays?
1.5%-3%, typically vendor, more and more cases with purchaser (off market)
What is the typical LTV?
What is the average borrowing rate?
What is the mode of payment?
Part of the payment is made when the transaction contract is signed (deposit), and the remainder is paid when the transaction is completed 30 days later.
What are the average transaction (closing) costs?
PTT (1% of first C$200K, 2% up to 2 million, 3% over 2 million on balance), legal fees and title.