Jane Peng — Chinese Real Estate Agent in Mississauga & Oakville Jane Peng Chinese Real Estate Agent in Mississauga & Oakville

Moving to a new home is exciting — and, let’s be honest, stressful. The key to a smooth move is planning, organization, and starting earlier than you think. Here’s the checklist I give my clients for the two weeks before closing:

Two weeks before closing

• Book your movers (or your truck and helpers) and confirm the date and time.
• Moving a condo? Reserve the elevator with your building’s management and ask about their move-in rules and any fees.
• Arrange utilities: schedule disconnection at your old place and connection at the new one — electricity (Alectra Utilities in Mississauga, Toronto Hydro in Toronto), gas (Enbridge), water, internet, and home phone. Book installation appointments early; they fill up.
• Change your address: Canada Post mail forwarding (set it up online — you can forward for 4 or 12 months); ServiceOntario: your driver’s licence and health card must be updated within 6 days of moving; CRA, your bank, credit cards, insurance, subscriptions, employer, and of course friends and family.
• Set up home insurance for the new home — it must be in place before closing. Your lender and lawyer will require it. Also notify your insurer about the move for your auto and other policies.
• Get packing supplies: sturdy boxes, tape, markers, bubble wrap or newspaper. Liquor stores and grocery stores often give away strong boxes free — just ask.
• Pack a “first night” box you’ll open before anything else: phone chargers, toiletries, medications, documents, snacks, basic tools, and a change of clothes. Future you says thank you.

On closing day

• Do your final walkthrough with me and check that everything is as agreed.
• Take photos of the utility meters — handy if there’s ever a billing question.
• Keep your ID, keys, and closing documents with you, not in the moving truck.

A little planning turns moving day from chaos into a fresh start. And if you’re still looking for the right home to move to — that’s my favourite part. Let’s talk: janepenghomes@gmail.com.

Buying your first home just got a lot cheaper — if you buy new. The federal and Ontario governments have stacked up the richest set of first-time buyer incentives we’ve ever had in Ontario, and the headline item is one most buyers still haven’t heard about: the HST on a new home can now be fully rebated.

The headline: no HST on new homes up to $1 million

For first-time buyers purchasing a new or substantially renovated home from a builder:

• The federal government rebates 100% of the 5% GST on homes up to $1 million — up to $50,000 back. Partial relief continues on homes between $1 million and $1.5 million.
• Ontario matches it: a rebate of 100% of the 8% provincial part of the HST on homes up to $1 million — up to $80,000 back.
• Together: the full 13% HST — up to $130,000 — comes back to you.

What that means in real dollars: on an $800,000 new townhouse, the HST is $104,000 — and a first-time buyer now gets all of it back. On a $1 million new home, the saving is the full $130,000.

The fine print that matters: this applies to new builds bought from a builder (resale homes never had HST anyway), the home must be your principal residence, each buyer gets it once in a lifetime, and purchase agreements signed from March 20, 2025 through 2030 qualify. In many cases the builder credits the rebate right at closing — read the rebate assignment clause in your agreement carefully.

Limited-time bonus: until March 31, 2027, EVERY buyer gets it

From April 1, 2026 to March 31, 2027, Ontario and Ottawa temporarily extended the same full-HST relief to all buyers of new homes — not just first-timers. Move-up buyers, downsizers, and investors buying a new build to rent out can also see up to $130,000 come back (the maximum holds up to $1.5 million, then tapers down). After March 31, 2027, non-first-time buyers fall back to the old, much smaller rebates. If you’re thinking about a new build, that date should be on your calendar.

The rest of the stack — don’t leave money on the table

The HST rebate is the headline, but first-time buyers can combine it with:

1. First Home Savings Account (FHSA) — save up to $8,000 a year, $40,000 lifetime. Contributions are tax-deductible, and the withdrawal for your first home is tax-free.
2. RRSP Home Buyers’ Plan (HBP) — withdraw up to $60,000 from your RRSP tax-free for the down payment (a couple can combine FHSA + HBP for up to $200,000 of room). Bonus: for withdrawals in 2026–2028, repayments don’t start until the fifth year.
3. 30-year amortization — first-time buyers (and new-build buyers) can take an insured mortgage over 30 years instead of 25, which noticeably lowers the monthly payment. Insured purchases now go up to $1.5 million, with minimum down payments of 5% on the first $500,000 and 10% above that.
4. Land transfer tax rebates — Ontario refunds up to $4,000 of the provincial land transfer tax to first-time buyers. Buy in Toronto and the city adds up to $4,475 more.
5. Home Buyers’ Amount — a $10,000 claim on your tax return in the year you buy, worth up to roughly $1,500 back.

Who counts as a “first-time buyer”?

For the federal programs, generally: you haven’t lived in a home owned by you or your spouse/common-law partner in the current year or the previous four years. Each program has its own exact tests, and qualifying for one doesn’t automatically qualify you for the others — it’s worth checking your specific situation before you count the money.

Bottom line: between the HST rebate, the FHSA, the HBP and the tax rebates, a first-time buyer purchasing a new home in the GTA today can realistically save well over $100,000 compared with just a few years ago. These programs have dates, caps and one-time rules — plan the purchase around them, not the other way around.

Buying your first home in Mississauga, Oakville or Brampton? I’ll run the numbers for your situation — janepenghomes@gmail.com.

A legal second unit — a basement apartment, in-law suite, or accessory apartment — can help with the mortgage and add value to your home. When I first wrote about this in 2014, Mississauga required a licence, with fees of $500–$1,000 plus renewals.

That system is gone. In 2016, the City of Mississauga repealed second-unit licensing and replaced it with registration — and registration is free. No licence to buy, no annual renewal fee. If anyone quotes you the old licence fees, they’re working from outdated information.

What counts as a second unit?

A self-contained living space — its own kitchen, bathroom, and sleeping area — inside a detached, semi-detached, or townhouse property. To be legal, the unit must comply with the Ontario Building Code, the Ontario Fire Code, and the City’s Zoning By-law.

(Provincial rules now also allow up to three residential units on most residential lots — but each unit still has to meet the codes, and in Mississauga it still has to be registered.)

How to register an existing second unit

Registration is free. Email the following to the City at secondunits@mississauga.ca:

1. Proof of ownership — a tax bill, title, or tax assessment notice
2. A copy of your second unit building permit, signed off by all City inspectors. (No permit? You’ll need to apply for a building permit first — call 311, or 905-615-4311 from outside Mississauga.)
3. A completed Second Unit Registration Form (available on the City’s website)

Once registered, your unit is added to the City’s Second Units Registry List.

Where the real costs are

Registration itself costs $0. What can cost money is bringing the unit up to code: a building permit, fire and electrical (ESA) compliance work, design drawings, or renovations if the unit was built without permits. Those are one-time costs of making the unit safe and legal — and a legal, registered unit is far easier to insure, finance, and sell than an illegal one.

Full details are on the City of Mississauga’s “Registering a second unit” page — it’s worth reading before you start any basement project.

Thinking of buying a home with income potential in Mississauga? Let’s talk about what to look for — janepenghomes@gmail.com.

A note if you’re outside Mississauga: Brampton, Oakville and Burlington each set their own rules for legal basement apartments — different fees, different processes (Brampton even brought in a rental licensing pilot in 2026). I’ll introduce each city one by one in this series, so stay tuned.

也提醒一下其他城市的读者：Brampton、Oakville、Burlington 的合法地下室政策各有不同——收费和流程都不一样（Brampton 在2026年还推出了出租牌照试点）。我会在这个系列里陆续逐个介绍，敬请留意。

If you’re planning to buy a home, your credit score is one of the first things a lender looks at. As a rough guide, most big banks want a score of about 660–680 or higher to approve a mortgage — and for their best rates, 760 or higher is where you want to be.

Check your score — it’s free now

You no longer need to pay to see your score (when I first wrote this, Equifax charged $24.99!). Today you can check free, as often as you like, and checking your own score does not hurt it:

• Borrowell — free Equifax score, updated weekly
• Credit Karma — free TransUnion score
• Your own bank’s app — most major banks now show your score free in online banking

(Your score from Equifax is sometimes called a “beacon score.” Equifax and TransUnion are Canada’s two credit bureaus, and your two scores may differ slightly — that’s normal.)

Quick ways to build or fix your score

1. Don’t apply for a stack of new cards. Every application can leave a mark. Two or three cards are plenty — and if you have no credit card yet, get one early and start building history well before you buy.
2. Pay in full, on time, every time. Payment history is the biggest factor. Set up automatic payments so you never miss one.
3. Keep balances low. Use no more than 30% of each card’s limit — under 10–15% is even better for your score.
4. Don’t rush to cancel old cards. Your oldest card carries your longest history, which helps you. Closing cards right before a mortgage application can actually lower your score. (My earlier version said “cancel unused cards at once” — advice has changed; keep the old card, just don’t use it much.)
5. Check your report for errors. Wrong late payments and accounts that aren’t yours do happen — dispute them with the bureau.
6. It’s not just credit cards. Cell phone bills, car loans, and student loans also affect your credit. Keep all of them current, with no debts in collections.

Start at least 6–12 months before you plan to buy, and your future self — and your mortgage rate — will thank you.

Want a second set of eyes on your buying plan? I’m glad to help you get ready — janepenghomes@gmail.com.

One of the best tax breaks in Canada: when you sell your principal residence, the capital gain is generally exempt from tax. But what exactly counts as a principal residence? Here are the criteria:

• You own the property (alone or together with someone else).
• One per family: you, your spouse or common-law partner, and your children can designate only one property as the family’s principal residence for each year.
• You ordinarily live in it at some point during the year — it’s your home, not mainly a rental or business property.
• Land limit: the land under and around the home counts as part of the principal residence only up to 0.5 hectare (about 1.24 acres). Any land beyond that is excluded — unless you can prove the extra land is necessary for your use and enjoyment of the home.
• You designate it as your principal residence for the year on your tax return.

An important change since 2016

Even though no tax is owing, you must report the sale of your principal residence on your tax return for the year of the sale (on Schedule 3) and make the designation. If you forget, the CRA can charge late-designation penalties — so don’t skip this step just because the sale is tax-free.

A few situations need extra care: converting a home into a rental (or a rental into a home), owning a larger property with extra land, or splitting your time between two homes. The rules are detailed, and everyone’s situation is different — for tax advice on your own sale, talk to a qualified tax professional. For the official rules, see the CRA’s pages on the principal residence exemption.

Planning to sell in Mississauga or Oakville and wondering what your home is worth today? I’m happy to prepare a free, no-obligation evaluation — janepenghomes@gmail.com.

Buying your first home? The Home Buyers’ Plan (HBP) lets you borrow money from your own RRSP — tax-free — to put toward your down payment.

The limit went UP. Since April 2024, you can withdraw up to $60,000 from your RRSP under the HBP (it used to be $35,000 — and $25,000 when I first wrote about this!). If you and your spouse or partner are both first-time buyers, that’s up to $120,000 combined.

How do you qualify?

• You are a resident of Canada when you withdraw the money.
• You are a first-time home buyer — generally, neither you nor your spouse/partner lived in a home that either of you owned during the current year or the previous 4 calendar years.
• You have a written agreement to buy or build a qualifying home in Canada, and you plan to live in it as your principal residence within 1 year.
• Watch the 89-day rule: RRSP contributions you make in the 89 days right before your HBP withdrawal may not be fully tax-deductible — you can only deduct up to your RRSP's value after the withdrawal. To keep the full deduction, contribute at least 90 days before you withdraw.
• You must buy or build the home before October 1 of the year after your withdrawal.

How does repayment work?

• You have 15 years to pay the money back into your RRSP, in yearly instalments of 1/15 of what you withdrew.
• Repayment normally starts in the 2nd year after your withdrawal. Good news: the start is pushed to the 5th year if your first withdrawal was between January 1, 2022 and December 31, 2028. Budget 2024 first brought in this relief for 2022–2025 withdrawals, and the Spring Economic Update 2026 (passed in Bill C-30) extended it through 2028 — so a first withdrawal in 2026 doesn't need its first repayment until 2031.
• If you miss a yearly payment, that year’s amount (1/15) is added to your taxable income for that year.

To withdraw, simply ask your bank or RRSP issuer to complete CRA Form T1036 with you. Full details are in the CRA’s guide RC4135, Home Buyers’ Plan (HBP).

Thinking about your first home in Mississauga or Oakville? I’d be happy to walk you through the numbers — reach me at janepenghomes@gmail.com.