By: Thomas Cook

Except For Downtown Condos, TREB Listings Up By 110%

Except For Downtown Condos, TREB Listings Up By 110%

Sales were down 13.5% for November compared to last year with 7,374 houses and condominiums changing hands in all the districts.  Sales are still high by historical standards however if 2016 is excluded from the comparison.   Condo townhouse and high-rise suites took a 37.5% share of the market with 2,768 units being sold.   The November average sale price for all GTA homes came in at $761,757 – and for the first time in many years, 2.0% lower than last year.   If you consider the year-to-date average compared to last year however, the market is still up 12% overall.   The active listing inventory is one of the strongest indicators of how smooth or outrageous t...Read More

By: Thomas Cook

Mortgage Qualification Chart – Learn How Much You Can Borrow

Mortgage Qualification Chart – Learn How Much You Can Borrow

  Mortgage Qualification Chart – Learn How Much You Can Borrow   Pick your gross annual income on the left column and choose the correct current interest rate from the top row. The amount where the two intersect is the size of mortgage that you will generally qualify for (subject to extraordinary debts!). This chart is based on a 25-year amortization.   Annual Income 2.50% 3.00% 3.50% 4.00% 4.50% BoC chart at 4.99%   $40,000 $158,000 $154,000 $149,000 $145,000 $143,000 $146,000 $50,000 $222,000 $214,000 $206,000 $198,000 $192,000 $209,000 $60,000 $290,000 $277,00...Read More

By: Thomas Cook

Should You Buy A Parking Space?

Should You Buy A Parking Space?

According to a new article in the Toronto Star, condo buyers in Toronto are shifting towards a trend that sees them saying “no thanks” to parking spots more often, instead preferring to make do with public transit or appreciate many Toronto neighbourhoods’ ease of walkability. In one case, a developer interviewed by the star saw that his pre-construction buyers in a west Toronto condo, which is located next to a GO station, weren’t as interested in the four levels of parking he’d intended to build and is going to apply to the city to reduce the required parking amount. One new Toronto condo project is 42 storeys and has no parking for residents, instead having...Read More

By: Thomas Cook

Pay The Highest Attention To This Important Room

Pay The Highest Attention To This Important Room

      Along with the bathroom, the kitchen is a very important room to get right when you’re selling your condo. There’s often a big difference between the kitchen layouts in suites built back in the 1980’s and the 1990’s however.  They were bigger and many times were an actual room and sometimes had actual space for a small kitchen table. In the 2000’s to the present it’s more likely that the kitchen is open to the rest of the suite, sometimes with an island separating it from the living room but most often is set along one wall and completely open to everything else. If your suite is one of the earlier ones, your appliances may ...Read More

By: Thomas Cook

Purchasing A Home Before Jan 1st, 2018 May Be A Good Idea

Purchasing A Home Before Jan 1st, 2018 May Be A Good Idea

Sales were down 27% for October compared to last year with 7,118 houses and condominiums changing hands in all the districts.  Although it’s common for the market to rebound higher once we are into the fall market, this only happened fractionally… we had the lowest sales for October since 2012.   Condo townhouse and high-rise suites took a 35.9% share of the market with 2,552 units being sold.   The October average sale price for all GTA homes came in at $780,104 – a mere 2.3% higher than last year.   If you consider the year-to-date average compared to last year however, the market is still up 13.7% which shows that not all those gains in price during ...Read More

By: Thomas Cook

How Much Mortgage Can You Afford… Crunch The Numbers

How Much Mortgage Can You Afford… Crunch The Numbers

How Far Will Your Money Go At Today’s Rates?   Amortization schedules, 2.5 per cent five-year, closed rate, bi-weekly payments… you might know all these mortgage terms by now, but have you sat down and figured out how much condo or house your money will buy?   With the help of our mortgage calculator, it’s easy to figure out! We’re going to go through a little exercise using a five-year mortgage rate as an example. We’re choosing that term because about 90 per cent of our first-time buyer ‘Clients For Life’ opt for it. They tend to enjoy the added security of knowing what their mortgage rate will be for five years.   We’re also ...Read More

By: Thomas Cook

How Can A Buyer Agent Protect You?

How Can A Buyer Agent Protect You?

Prior to 1995 the rules were different as they pertain to who is representing whom in the real estate transaction.  At that time, both the listing agent, and the agent showing homes to buyers (called a sub-agent), were both working for the seller.    There was no confidentiality whatsoever.  For example if the seller asked the sub-agent ‘Will your buyer pay more?’ that agent was supposed to reveal anything that the buyer had told them.  For many of us however that didn’t happen.    Even though agency law supported the seller, we as agents showing houses and condos developed a bond with our buyers and we didn’t subscrib...Read More

By: Thomas Cook

New Qualification Limits Guaranteed To Cause Harm

New Qualification Limits Guaranteed To Cause Harm

  For certain the Ontario government didn’t anticipate that their 15% tax on foreign investors initiated in late April would swing Toronto’s real estate market the way it did.   Now there’s a new proposal that is aimed at further limiting sales.   One of the biggest ‘market disrupters’ may be coming at the end of October and taking effect for January 1st.  That’s the ‘stress test’ guidelines proposed by the federal Office of the Superintendent of Financial Institutions designed to keep condo and house buyers from taking on too much mortgage debt.   Right now, borrowers with less than 20% down payment are already subjec...Read More

By: Thomas Cook

Is the chaotic Toronto housing market in good shape?

Is the chaotic Toronto housing market in good shape?

Sales were down 35% for September compared to last year with 6,379 houses and condominiums changing hands in all the districts.  Although it’s common for the market to rebound higher once the summer months were over, this did not happen… we had the lowest sales for September since 2012. Condo townhouse and high-rise suites took a bigger 36.4% share of the market with 2,325 units being sold. The September average sale price for all GTA homes came in at $775,546 – a mere 2.6% higher than last year. If you consider the year-to-date average compared to last year however, the market is still up 15% which shows that not all those gains in price during the insane spring h...Read More

By: Thomas Cook

Bright Ideas For Making Successful Lighting Choices

Bright Ideas For Making Successful Lighting Choices

Unfortunately many condo builders simply install the cheapest ceiling fixtures possible when they construct and sell suites so it’s up to the owner to make some lighting changes that will enhance the buyer’s experience. Remember, if the buyer can’t see it, they’re not going to like it. The first step is to enhance any natural light that’s available.  Heavy window coverings should be pulled back all the way, shutters should be opened and vertical/horizontal blinds set for maximum light. In most cases you should do this day and night if there’s a view out your windows.  In an ideal world, you’d have blinds that adjust from the bottom up AN...Read More