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

By: Thomas Cook

Bridge Financing – A Solution When Buy And Sell Dates Don’t Match Up

Bridge Financing – A Solution When Buy And Sell Dates Don’t Match Up

BRIDGE FINANCING – A SOLUTION WHEN BUY AND SELL DATES DON’T MATCH UP   If you want to sell your current home and use the proceeds as a down payment on a different property, what do you do if the closing dates don’t fall on the same day? More to the point, what do you do if you must close on your new home before you sell the old one?   In these situations, you’ll need a short-term loan to bridge the gap between the two transaction dates and the solution, appropriately enough, is called bridge financing. Here’s how it works for borrowers who are considering this option.   Let’s start by addressing a few common concerns.  If you need a bri...Read More

By: Thomas Cook

How Much Are The ‘Hidden Costs’ Associated With Buying A Condo?

How Much Are The ‘Hidden Costs’ Associated With Buying A Condo?

How Much Are The ‘Hidden Costs’ Associated With Buying A Condo?   OK, you’ve got a down payment saved BUT did you know that there are significant costs associated with purchasing a house or condo?  So you not only need to have funds set aside for your down payment - a minimum of 5% of the purchase price for homes below $500,000 and approximately 7% when buying above $500K - you’ll also need extra money to pay your closing costs.   You’ll need extra cash on hand to pay for the following   Legal fees for your lawyer Disbursements that your lawyer incurs during the transaction Title insurance If you have less than ...Read More

By: Thomas Cook

Condo Sales Get The Most Year-Over-Year Appreciation

Condo Sales Get The Most Year-Over-Year Appreciation

Sales were up 2.4% for June compared to last year with 8,082 houses and condominiums changing hands in all the districts.  This was the 2nd lowest number of sales for the month since June 2003. Condo townhouse and high-rise suites took a high 35.4% share of the market with 2,864 units being sold. The June average sale price for all GTA homes came in at $807,871 – this was a modest 2% 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 $746,961), this year’s average was still up 8.2% in that 2-year period.  The active listing inventory is one...Read More

By: Thomas Cook

How To Avoid An Upcoming Showing Meltdown

How To Avoid An Upcoming Showing Meltdown

HOW TO AVOID AN UPCOMING SHOWING MELTDOWN What do you do when your Realtor calls and wants to show your condo in say, ½ an hour?  I guarantee that this will happen and, of course, we always want to accommodate serious showings don’t we?   Jump for joy first, since someone wants to look at YOUR home, right?  Then, panic.  As you hang up the phone, you notice that your wee one has been at it again… your condo is CLEAN, it’s just not TIDY. Now, what do you do?   Since we all know that the first impression is important, especially if you want to sell your condo for the most money in the shortest time, we have a few tips that will help you quick...Read More

By: Thomas Cook

Variable Rate Versus Fixed Rate Mortgages

Variable Rate Versus Fixed Rate Mortgages

VARIABLE RATE VERSUS FIXED-RATE MORTGAGES   There are two major types of mortgages offered to buyers in Canada.  The most common is the fixed-rate mortgage which has an interest rate that does not change over the term of the mortgage… typically one to five years.    A fixed-rate mortgage offers security to the buyer because the rate that they were approved for and can afford will not change during that time.   A variable-rate mortgage rate has the ability to float with the Prime rate and may go up or down depending on the state of our economy and the Canadian dollar.  The rate is set at Prime plus or minus a small percentage.  This rate at the init...Read More

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