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Downtown Toronto Lifestyle and Market News
Don’t Panic As The Average Sale Price Shows A 14.3% Drop
Sales were down 40% for March compared to last year with 7,228 houses and condominiums changing hands in all the districts. This was the lowest number of sales for the month since March 2009. Condo townhouse and high-rise suites took a highest-ever for March 37.2% share of the market with 2,686 units being sold. The March average sale price...
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Creating An Effective Buyer Profile For Your Awesome Condo Suite
One of the more effective ways of marketing your condo suite, especially with today’s social media resources is to define who is our most likely buyer. In simplest terms… are we talking about first-time buyers, parents buying a suite for college-age children, move-up buyers, down-sizers, millennials vs seniors, investors and so ...
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Easy And Most Affective Affordability Measurement
Creating a budget before you buy a condo or house is crucial to keeping your financial house in order. You don’t want to get yourself into a situation where you are ‘house poor’ and not able to enjoy your new home. You’ll want to consider every expense that you currently incur monthly to see where you spend you...
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Cautionary Tips If You Have A Pet
CAUTIONARY TIPS IF YOU HAVE A PET Many Ontario residents know that in a rental building, they can have pets even if their lease has a no pets clause. Provided their pet is not a nuisance and doesn’t cause other tenants’ harm, human rights laws in Ontario override these “no pets” clauses. However, a common...
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11 Surefire Ways To Get Your Home Ready For Sale
11 SUREFIRE WAYS TO GET YOUR HOME READY FOR SALE 1. Home Prep Isn't Optional When your boss asks you to meet with him, you immediately drop everything. When your goal is to sell your home, you need to treat your home like your boss! Take action immediately and get working toward your home-selling goal. 2. Clear Your Home, Clear Your Min...
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Listing inventory up 250% while average sale price drops 12.4%
Sales were down 35% for February compared to last year with 5,175 houses and condominiums changing hands in all the districts. This was the lowest number of sales for the month since February 2009. Condo townhouse and high-rise suites took a highest-ever for February 38.6% share of the market with 1,995 units being sold. The Feb...
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IF You Have LESS Than 20% Down Payment OR Can Qualify Using The New Stress Test For Lower Rates
New Bank of Canada rules that came out in October / November of 2016 changed a lot of details about how large of a mortgage high-ratio borrowers with less than 20% down can be approved for. Look at the right-hand column of the chart here titled “BoC Chart @ 4.64%”. The Bank of Canada (BoC) has dictated that high-r...
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How Much Can I Afford?
One of the most important things any buyer must do before getting excited about house or condo shopping is to find out how large a mortgage they could be approved for. If you don’t you might find out you're interested in homes that are out of your price range OR the opposite - you could actually afford a larger property or buy...
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Ensure You Answer These 4 Not-So-Surprising Buyer Questions
There are four questions that every condo buyer will want the answers to and, as the seller, you’ll want to know what they are and work out how your suite compares to the rest of the market. You’ve heard the first one probably since babyhood… location, location, location. A buyer’s preference of location will of...
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Toronto sales plunge 22% amid ability to qualify anxiety
It seems the introduction of the mortgage stress test for all buyers has made an impact on the January GTA real estate market. Overall sales are down with the single ‘bright light’ being an increase in condominium units trading hands. Sales were down 22% for January compared to last year with 4,019 houses and condominiums changin...
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