By: Thomas Cook

Worried About Getting A Mortgage Approval If You’re Self-Employed?

Worried About Getting A Mortgage Approval If You’re Self-Employed?

Being self-employed (Business-For-Self or BFS in industry terms) can make it challenging to be approved for any type of financing.   You are considered to be a BFS applicant if you own the majority of a company, are on contract or are running a business where you are a sole practitioner.   Because the BFS applicant’s declared (for tax purposes) income is sometimes a fraction of their real total income, it often becomes difficult to determine the client's true income.   Credit card companies and banks ask many more questions of a BFS applicant than if you are employed by a company on a fixed salary with a strong employment history.  Mortgage lenders are no differ...Read More

By: Thomas Cook

Are Toronto home prices really that unaffordable?

Are Toronto home prices really that unaffordable?

Sales were barely up for September compared to last year with 6,455 houses and condominiums changing hands in all the districts.  This was the 2nd lowest number of sales for the month since September 2012. Condo townhouse and high-rise suites took a significant 35.4% share of the market with 2,286 units being sold. The September average sale price for all GTA homes came in at $796,786– this was a modest 2.9% increase from one year ago.  Considering that May/June/July 2017 was the turning point in last year’s crazy market, if instead you compare 2018 with September 2016 (with an average of $756,168), this year’s average was still up 5.4% in that 2-year period.&nb...Read More

By: Thomas Cook

The art of leveraging

The art of leveraging

For some people, just owning one property and having a single mortgage is enough to handle. But for others, homeownership can be a gateway to owning multiple investment properties. You might be thinking: there’s no way I can turn the value of my modest home into a real estate empire. Ok, maybe not an empire, but you can take the equity of your home and, with the right investment, get a return far greater than a stock portfolio.   Most people are trained to stay out of debt and don’t want to consider using the equity in their home to buy an investment property. But they haven’t realized the art of leveraging.   If you’re using equity from your primary res...Read More

By: Thomas Cook

Should You Get A Condo Inspected

Should You Get A Condo Inspected

SHOULD YOU GET A CONDO INSPECTED?   Historically for house purchases, there have been two primary conditions that most offers have included.  They are conditions on   Financing Home inspection If you’re buying a condominium townhouse, you’d certainly want to have an inspection which would include the exterior features of the premises such as the roof and windows, and all the interior systems such as heating, cooling, central vac, plumbing and wiring.   A home inspection is more optional for a high-rise condominium suite because it doesn’t have all of those systems. In this situation the inspector is not concerned with the status of the underground pa...Read More

By: Thomas Cook

Magic Formula For Home Selling Success

Magic Formula For Home Selling Success

The PPPN Principles For Listing Your Home Every industry has its particular formulas for success and real estate is no exception. These formulas are, for the most part, not taught in any real estate school or seminar, although they are not a secret to the most successful Realtors in the business. If you asked them, most agents wouldn’t even be able to tell you what the successful formula is for getting a client’s listing sold for the best possible price. The formula that we’ve created is PPPN, which stands for Pricing, Presentation, Promotion and Negotiation. All four components are decisive for getting your home sold in any type of market!  It requires the owner a...Read More

By: Thomas Cook

Market is ready to break out this fall

Market is ready to break out this fall

Sales were up 8.5% for August compared to last year with 6,839 houses and condominiums changing hands in all the districts.  This was the 2nd lowest number of sales for the month since August 2012. Condo townhouse and high-rise suites took a significant 37.1% share of the market with 2,540 units being sold. The August average sale price for all GTA homes came in at $765,270 – this was a modest 4.7% increase from one year ago.  Considering that May/June/July 2017 was the turning point in last year’s crazy market, if instead you compare 2018 with August 2016 (with an average of $710,975), this year’s average was still up 7.6% in that 2-year period.  The acti...Read More

By: Thomas Cook

Protect Your Family With Mortgage Life Insurance

Protect Your Family With Mortgage Life Insurance

Sometimes we’re quite laissez-faire about making sure we’re protected in case of the death of ourselves or a family member.   I’ve had a situation where a father and son bought a rental property together with the son living in one of the units.  The father made sure he was insured but, because he thought his son would outlive him, he didn’t insure his son’s life.     You can see where this is going… about six months later the son was killed in an automobile accident and that left the father in a precarious position.  He was now forced to take over all the payments on that property and he had to really stretch to do that. &nbs...Read More

By: Thomas Cook

What's Most Important For You... Price Location Or Condition?

What's Most Important For You... Price Location Or Condition?

There are only three prime determinations for real estate value - price, location and condition.    When you’re beginning to consider buying a home, one of the first things to find out is how much you can afford to pay.  For most people this involves going to a bank or mortgage broker to get pre-qualified for a mortgage.  Sometimes you might be approved for a larger mortgage than you feel comfortable taking on.  That’s OK.  At least you know clearly what your upper limit is.   Knowing the price you can pay will determine, to some degree, the geographic locations you can consider when buying and the interior condition of the home.  For examp...Read More

By: Thomas Cook

5 Best Ways To Absolutely Ensure Your Tenanted Condo Suite Sells

5 Best Ways To Absolutely Ensure Your Tenanted Condo Suite Sells

Owners of investment condos in Toronto have had to have patience for values to improve but perhaps that time has finally come.   Of course you’ve had to deal with several tenants over the period of your ownership and are probably now very familiar with Ontario tenancy laws regarding providing vacant possession of a condo suite.     Tenants who are on leases for a particular set period of time cannot be forced to leave during the term of their lease unless they are in agreement to cancel their lease.  Month-to-month tenants can be given notices to vacate, but only if the condo buyer is moving in themselves and provides at least a 60-day notice.   So what ar...Read More

By: Thomas Cook

Finally... An uptick in sales and average sales price

Finally... An uptick in sales and average sales price

Sales were up 19% for July compared to last year with 6,961 houses and condominiums changing hands in all the districts.  This was the 2nd lowest number of sales for the month since July 2010. Condo townhouse and high-rise suites took a significant 36.3% share of the market with 2,537 units being sold. The July average sale price for all GTA homes came in at $782,129 – this was a modest 4.9% increase from one year ago.  Considering that May/June 2017 was the turning point in last year’s crazy market, if instead you compare 2018 with 2016 (with an average of $710,500), this year’s average was still up 10.1% in that 2-year period.  The active listing invento...Read More