By: Thomas Cook

Record October sales and highest average sale prices… but downtown condo inventories up by 250%

Record October sales and highest average sale prices… but downtown condo inventories up by 250%

Big numbers came in once again for October as we’re now into the fall market with record sales of 10,563 sales of houses and condos across the GTA.  Low interest rates and high demand are continuing to boost our local market.   Condo townhouse and high-rise suite sales were up by 8.6% with a 29.5% share of the market and 3,113 units being sold.  Although not a record, October 2020 sales were only exceeded by those in 2016 (by just over 300 suites).   The October average sale price for all GTA homes came in at $968,318… a big 13.7% increase compared to one year ago.   The active listing inventory is one of the strongest indicators of how slow or fast the ...Read More

By: Thomas Cook

The New Normal: A Strong Housing Market Expected to Continue into 2021

The New Normal: A Strong Housing Market Expected to Continue into 2021

Circumstances like a once-in-a-hundred-years pandemic and historic inventory shortages might have made you assume that the housing market would lose steam, but there is plenty of evidence to the contrary. As Canadian Real Estate Association (CREA) senior economist, Shaun Cathcart noted, “records [are continually] being broken” in the residential property market.   Indeed, rather than a slowdown, we are continuing to experience a surprisingly robust real estate market across the country. And experts estimate that these conditions are likely to last into the new year. TD Bank Group Economist Rishi Sondhi predicts that high home prices will persist for the rest of 2020.   ...Read More

By: Thomas Cook

The Home Equity Playbook

The Home Equity Playbook

  What is Home Equity? Home equity seems to be a very simple calculation — the total amount of mortgages owed subtracted from the current market value of a home. Here is a simple example:   Current Home Market Value                $825,000 Existing Mortgage                               $600,000 Homeowner Equity                             $225,000   ...Read More

By: Thomas Cook

How To Get An Awesome New Credit Rating

How To Get An Awesome New Credit Rating

If you are thinking about buying a home and obtaining a mortgage, one of the first things to consider is your personal credit rating. Building a good credit history is important. If you have no reported credit history, it may take time to establish your first account.   This problem affects young people just beginning careers as well as older people who have never used credit. It also affects divorced or widowed spouses who shared credit accounts and were reported only in the other spouse’s name.   You may also have poor credit or a recent bankruptcy and need to restore your credit profile. Do not apply for a loan, or even think of obtaining a mortgage until you have firmly e...Read More

By: Thomas Cook

Highest ever average sale prices… 200%+ increase in downtown condo inventory

Highest ever average sale prices… 200%+ increase in downtown condo inventory

Big numbers came in once again for September as the start of the fall market again showed record sales of 11,083 sales of houses and condos across the GTA.  Low interest rates and high demand are continuing to boost our local market.   Condo townhouse and high-rise suite sales were up by 20.7% with a 29% share of the market and 3,213 units being sold.  Although not a record, September 2020 sales were only exceeded by those in 2016 (by just over 100 suites).   The September average sale price for all GTA homes came in at $960,772… a big 14% increase compared to one year ago.   The active listing inventory is one of the strongest indicators of how slow or fast t...Read More

By: Thomas Cook

5 Secrets Buyers and Sellers Must Know About Virtual Home Tours

5 Secrets Buyers and Sellers Must Know About Virtual Home Tours

For years now, virtual home tours have helped real estate buyers far and wide find the perfect home. From overseas buyers, to investors expanding their portfolio, to homeowners looking for a vacation getaway, this technology makes finding a house that’s a bit out of driving distance much easier. And for real estate agents, virtual tours have been a useful way to help buyers with their home search and to assist sellers in creatively marketing their listings.   Because of the pandemic, virtual home showing options recently experienced a huge spike in popularity. One survey found that nearly 33% of recent home tour requests were for virtual tours, as compared to just 2% pre-pandemic....Read More

By: Thomas Cook

Are You Covered? A Homeowner’s Insurance Guide

Are You Covered? A Homeowner’s Insurance Guide

No one likes to think about disasters. Severe weather, fire, theft—or even a seemingly small issue like a broken pipe—can wreak havoc on your home and result in thousands of dollars in damages. Fortunately, a good homeowners insurance policy can offer you peace of mind that you and your family will be financially protected if disaster strikes.   A homeowners insurance policy covers your home—as well as the belongings in it—in case of theft, accidental damage, or certain natural disasters. In fact, most financial institutions require that you purchase homeowners insurance before they issue a mortgage. While coverage varies, most policies also help to protect you f...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

Market won’t slow down… several records have been smashed

Market won’t slow down… several records have been smashed

Big numbers came in once again for August as the traditionally slower summer month showed record sales of 10,775 sales of houses and condos across the GTA.  Our real estate market is displaying the pent-up demand generated after months of being shut down due to Covid.   Condo townhouse and high-rise suite sales were up by 16.6% with a 28.8% share of the market and 3,104 units being sold.  Although not a record, August 2020 sales were only exceeded by those in 2016 (by just over 400 suites).   The August average sale price for all GTA homes came in at $951,404… a big 20.1% increase compared to one year ago.   The active listing inventory is one of the strongest...Read More

By: Thomas Cook

Move-Up vs. Second Home: Which One Is Right For You?

Move-Up vs. Second Home: Which One Is Right For You?

The pandemic has changed the way many of us live, work, and attend school—and those changes have impacted our priorities when it comes to choosing a home.   According to a recent survey by The Harris Poll, 75% of respondents who have begun working remotely would like to continue doing so—and 66% would consider moving if they no longer had to commute as often. Some of the top reasons were to gain a dedicated office space (31%), a larger home (30%), and more rooms overall (29%).   And now that virtual school has become a reality for many families, that need for additional space has only intensified. A growing number of buyers are choosing homes further from town as they s...Read More