By: Thomas Cook

Mortgage Terminology Explained

Mortgage Terminology Explained

Sometimes when you’re reading about mortgage financing or talking to a banker or mortgage broker, it seems like they’re talking in a different language.  They may be using terminology that you’re unfamiliar with.   Here’s a short list of the most common words or phrases you might come across.   Mortgage term and amortization often get mixed up.  Amortization is the number of years that it would take to pay your mortgage off to zero if the payment and interest rate were the same all the way through.  For us today, the amortization is most commonly set at 25 years.  So if you started out today with a $500,000 mortgage, the pa...Read More

By: Thomas Cook

The Market Is Shifting To Condos

The Market Is Shifting To Condos

Sales were down 22% for May compared to last year with 7,834 houses and condominiums changing hands in all the districts.  This was the lowest number of sales for the month since May 2002. Condo townhouse and high-rise suites took a highest-ever for May 38.2% share of the market with 2,992 units being sold. The May average sale price for all GTA homes came in at $805,320 – this was a modest 6.6% decline from one year ago.  Considering that May 2017 was the turning point in last year’s crazy market, if instead you compare 2018 with 2016 (with an average of $752,324), this year was still up 8.9% in that 2-year period.  The active listing inventory is one of the st...Read More

By: Thomas Cook

If You Were The Interested Buyer

If You Were The Interested Buyer

How can we make your home stand out so that buyer will want to make an offer? Selling your home to get the absolute highest price is all about ‘painting’ a picture of what it would be like for the buyer to live in your home before they actually do. Some of that ‘painting’ is actually just that… painting walls where needed, decluttering, perhaps rearranging furniture and adding cosmetic touches where necessary.   The other part of ‘painting’ that picture is in words… getting the buyer excited about living in your condo or house and enjoying the lifestyle that goes along with that.   Part of our Team’s marketing is to...Read More

By: Thomas Cook

How Much Does CMHC Mortgage Loan Insurance Cost?

How Much Does CMHC Mortgage Loan Insurance Cost?

Canada Mortgage And Housing Corporation (CMHC) is the publicly owned corporation which provides mortgage insurance to borrows, most of whom have high ratio mortgages above 80% loan-to-value (LTV).   This insurance does not benefit you directly… it protects the lenders in case a borrower defaults on their mortgage payments and the bank has to take the property back under Power Of Sale.   To obtain CMHC Mortgage Loan Insurance, lenders pay an insurance premium. Typically, your lender will pass these costs on to you. Your lender will give you the exact insurance cost when you apply for a mortgage.   The CMHC Mortgage Loan Insurance premium is calculated as a percentage of ...Read More

By: Thomas Cook

Important Tips When Buying A Tenanted Condo

Important Tips When Buying A Tenanted Condo

  With the condominium rental market so strong in Toronto, there’s a high probability that the condo you look at and fall in love with will be tenanted.   There are some advantages for you to look at tenanted suites IF you have a bit of imagination.    Why is this important?  Well, one reason is that a good proportion of tenanted suites will not show as well as an owner-occupied condo unit.  This will put off a number of prospective buyers who cannot see ‘through the dust’ as it were and give you a better chance to negotiate a good price.   If you like the layout and location of the condo unit, usually all that’s needed to make it s...Read More

By: Thomas Cook

9 Downsizing Tips To De-Clutter And De-Stress Your Move

9 Downsizing Tips To De-Clutter And De-Stress Your Move

When singles or families are downsizing, or right-sizing, once their existing long-time home has become too large for them, one of the most difficult parts of the move is deciding on what to eliminate.   In a simple world, you’d just take the opportunity to start over… get rid of everything you have right now, buy all new and have a fresh start.   But of course, it definitely is not that simple for many people.  There are memories of all that took place in their home including perhaps the furniture which may have sentimental value or those boxes of books, mementos and family keepsakes.   The move itself may be from a space that has 1,500 to 3,000 sf into a mu...Read More

By: Thomas Cook

Lowest April Sales Since Way Back In 2003

Lowest April Sales Since Way Back In 2003

Sales were down 43% for April compared to last year with 7,792 houses and condominiums changing hands in all the districts.  This was the lowest number of sales for the month since April 2003. Condo townhouse and high-rise suites took a highest-ever for April 35.4% share of the market with 2,760 units being sold. The April average sale price for all GTA homes came in at $804,584 – this was a big 12.4% decline from one year ago.  Considering that April 2017 was the top of last year’s crazy market, if instead you compare 2018 with 2016 (with an average of $739,767), this year was still up 8% in that 2-year period.  The active listing inventory is one of the strong...Read More

By: Thomas Cook

Avoid Anxiety When Applying For A FULL Mortgage Pre-Approval

Avoid Anxiety When Applying For A FULL Mortgage Pre-Approval

A pre-approval VS a full mortgage pre-approval… they sound the same but they’re very different.   Every realtor has had a client who thinks they have been pre-approved only to find out they cannot qualify for the homes they have been looking at.  Often this does not become clear until the buyer has wasted way too much of their time looking at properties they have no chance of qualifying for.   And often clients get a pre-approval certificate from a bank that has a long list of conditions attached.    What many banks do when qualifying a buyer for a mortgage is to just ask a few basic questions such as, “What is your annual income?”, and, &ldq...Read More

By: Thomas Cook

Why Checking Your Credit Report Is Important

Why Checking Your Credit Report Is Important

A credit report for each buyer going on title is one of the three most important items a bank or mortgage broker checks to see if you are credit worthy and if they’re willing to give you a mortgage.   If you’ve never had credit, have no debt and have always paid cash for purchases, this is not a good thing in this instance.  Lenders want to look at your credit history to see how you’ve handled credit in the past.    If this is you, then you should immediately go and apply for a credit card and use it monthly.  Pay the balance off to zero if that makes you more comfortable.  Doing this for a minimum of six months will establish a good credit rec...Read More

By: Thomas Cook

Don’t Panic As The Average Sale Price Shows A 14.3% Drop

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 for all GTA homes came in at $784,558– this was a big 14.3% decline from one year ago.  Considering that March 2017 was an over-the-top crazy market, if instead you compare 2018 with 2016 (with an average of $688,011), this year was still up 14% in that 2-year period.  The active listing inventory is one of the strongest indicator...Read More