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

Current State of Housing Markets in Canada

Current State of Housing Markets in Canada

On Monday, the Canadian Real Estate Association (CREA) released its national housing statistics for the month of May—the second full month of the COVID-19 pandemic.  While restrictions have begun to lift in many parts of the country, much remains uncertain about the real estate industry. Below, CREA’s Senior Economist Shaun Cathcart provides an update on the current state of housing markets in Canada and explains what the data means for members. May was one of those “on the one hand … on the other hand” kind of months for housing data in Canada.  On the one hand, both sales and new listings were up on a seasonally adjusted basis in May compared to...Read More

By: Thomas Cook

Why Seller's Remorse Is So Common And What To Do About It

Why Seller's Remorse Is So Common And What To Do About It

WHY SELLER'S REMORSE IS SO COMMON, AND WHAT TO DO ABOUT IT   Considering Selling Your Home But Worried You’ll Make The Wrong Decision?  Here’s How To Cope.   Almost without exception, every home owner will probably encounter this phenomenon… you’ll feel some sadness when getting your condo ready for the market and when the offer comes in and you’re faced with the reality of committing to the sale.   If you’re an investor, you typically will not have developed an emotional attachment to the home and will be treating it more specifically on a ‘dollars and cents’ basis.  If that’s who you are, you probably don&r...Read More

By: Thomas Cook

Unnecessary Step? CMHC Makes It More Difficult To Get An Insured Mortgage

Unnecessary Step?  CMHC Makes It More Difficult To Get An Insured Mortgage

Once again, the Canadian Mortgage and Housing Corporation (CMHC) is tightening the criteria to get a mortgage with less than a 20% down payment. Any potential home buyer with less than a 20% down payment must purchase default insurance on their loan and have a minimum down payment of 5%. CMHC is a federal Crown Corporation that provides such default insurance. Its mandate is to help Canadians access affordable housing options.    Providing mortgage insurance to home buyers is one of its main activities. Mortgage default insurance protects lenders in the event a borrower ever stopped making payments and defaulted on their mortgage loan--a very infrequent o...Read More

By: Thomas Cook

Is Now a Good Time to Buy or Sell Real Estate?

Is Now a Good Time to Buy or Sell Real Estate?

Traditionally, spring is one of the busiest times of the year for real estate. But the coronavirus outbreak—and subsequent stay-at-home orders—led many buyers and sellers to put their moving plans on hold. In April, sales volume fell to its lowest level since 1984, according to the Canadian Real Estate Association.   However, while sales have fallen, prices have remained stable. The average home price in April was down just 1.3% from the same month last year.1 And in many metropolitan areas, prices have continued to rise. The Teranet–National Bank Composite House Price Index, which measures 11 major Canadian markets, showed home prices in April were up 5.3% from a year...Read More

By: Thomas Cook

May sales up almost 55% from April - listings increased by 47% in the same period

May sales up almost 55% from April - listings increased by 47% in the same period

In May, at the height of the traditionally busy spring market, sales were undoubtedly the lowest they’ve ever been since maybe the 1960s with a 54% drop from last year with just 4,606 houses and condominiums changing hands in all the districts.   Condo townhouse and high-rise suite sales were down by 58% with a 30% share of the market and just 1,371 units being sold.  This however is a 50% jump over April 2020 sales!   The May average sale price for all GTA homes came in at $863,599, up about $40,000 from the month before and a 3% increase compared to one year ago.   The active listing inventory is one of the strongest indicators of how slow or fast the market has b...Read More

By: Thomas Cook

4 Significant Signs You're Not Ready For A Mortgage

4 Significant Signs You're Not Ready For A Mortgage

Toronto’s real estate market has been going steadily upward since 1997 and, although 2016 had exceptional appreciation above 17%, the average has been about 7% over the last several years.  2017 was even higher! Then along came the Covid-19 outbreak which threw our economy and job stability into disarray.   Bullish outlook or the pandemic effects aside, there are still plenty of other challenges for many would-be buyers, from shaky credit to sputtering incomes and more. To be sure, the right time to pursue a home purchase is when you’re financially and emotionally ready.   Here’s a look at a few signs you may not quite be there.   Bruised Or Beaten Cred...Read More

By: Thomas Cook

How Much Can I Afford?

How Much Can I Afford?

One of the most important things any buyer must do before getting excited about house or condo shopping is to find out how large a mortgage they could be approved for.  If you don’t  you might find out you're interested in homes that are out of your price range OR the opposite - you could actually afford a larger property or buy in a different neighbourhood.   There are two calculations that every lender takes into consideration… the Gross Debt Service ratio (GDS) and the Total Debt Service ratio (TDS).  These permissible numbers will vary depending on your credit score.   The GDS calculation adds up the total annual payment for mortgage principal &a...Read More

By: Thomas Cook

5 Things You Need To Ask Yourself Before Turning Down A Low-Ball Offer

5 Things You Need To Ask Yourself Before Turning Down A Low-Ball Offer

A low-ball offer on your home means that the buyer has offered significantly less than our list price for various reasons.  Often the seller  feels insulted, but, before you say ‘no,’ ask yourself the questions below.   Home owners usually have a deep attachment to their condos or houses… it’s where they’ve made memories or perhaps it’s the first place where they owned the bricks and mortar or, in the case of a condo, the concrete.  And that’s normal!   After being in Toronto’s real estate market since 1980 I’ve sometimes seen owners react badly when a low-ball offer comes in and occasionally they’re justif...Read More

By: Thomas Cook

Life turned upside down

Life turned upside down

In April sales were undoubtedly the lowest they’ve ever been since maybe the 1960s with a 67% drop from last year with 2,975 houses and condominiums changing hands in all the districts.   Condo townhouse and high-rise suite sales were down by 70% with a 30% share of the market and just 905 units being sold.   The April average sale price for all GTA homes came in at $821,392, down $80,000 from the month before and about flat compared to one year ago.   The active listing inventory is one of the strongest indicators of how slow or fast the market has been moving.  The inventory average for the month of April compared to historical numbers was lower by a huge 41.4% co...Read More