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

By: Thomas Cook

Creating An Effective Buyer Profile For Your Awesome Condo Suite

Creating An Effective Buyer Profile For Your Awesome Condo Suite

One of the more effective ways of marketing your condo suite, especially with today’s social media resources is to define who is our most likely buyer.   In simplest terms… are we talking about first-time buyers, parents buying a suite for college-age children, move-up buyers, down-sizers, millennials vs seniors, investors and so on.   Sometimes your condo will be attractive to several of these buyer profiles at the same time which can broaden our buyer pool.  Let’s discuss a few of them.   First-Time Buyers   In general, the market for smaller condos (bachelor, 1- and 1+den suites) is heavily dominated by first-timers with a smaller portion being ...Read More

By: Thomas Cook

Easy And Most Affective Affordability Measurement

Easy And Most Affective Affordability Measurement

Creating a budget before you buy a condo or house is crucial to keeping your financial house in order.   You don’t want to get yourself into a situation where you are ‘house poor’ and not able to enjoy your new home.   You’ll want to consider every expense that you currently incur monthly to see where you spend your money now and then work out where you might be able to save money and cash flow in the future.   Remember, it’s only human nature to downplay how much things cost, but resist the impulse.   Be realistic about what you spend daily, weekly and monthly, because if the final figure is underestimated, you could find yourself in a finan...Read More

By: Thomas Cook

Cautionary Tips If You Have A Pet

Cautionary Tips If You Have A Pet

CAUTIONARY TIPS IF YOU HAVE A PET    Many Ontario residents know that in a rental building, they can have pets even if their lease has a no pets clause. Provided their pet is not a nuisance and doesn’t cause other tenants’ harm, human rights laws in Ontario override these “no pets” clauses.   However, a common misconception is that this is the case in any situation, such as in a condo. Unfortunately, if you are renting or own a suite in a condo, “no pets” rules can be enforced. But as is the case with many Toronto condos, some buildings have restrictions around pets.   While certain pets may allowed, there could be limits on the number ...Read More

By: Thomas Cook

11 Surefire Ways To Get Your Home Ready For Sale

11 Surefire Ways To Get Your Home Ready For Sale

11 SUREFIRE WAYS TO GET YOUR HOME READY FOR SALE   1. Home Prep Isn't Optional When your boss asks you to meet with him, you immediately drop everything. When your goal is to sell your home, you need to treat your home like your boss! Take action immediately and get working toward your home-selling goal. 2. Clear Your Home, Clear Your Mind Spending time cleaning and clearing your home of clutter puts a sharper focus on your goal to get the home sold and to move on to the next step in your life. Move things out and you'll be ready to entertain offers for your move-in-ready home. 3. Move It Or Lose It If you have excess furniture and other belongings clogging up space, buyers wi...Read More

By: Thomas Cook

Listing inventory up 250% while average sale price drops 12.4%

Listing inventory up 250% while average sale price drops 12.4%

Sales were down 35% for February compared to last year with 5,175 houses and condominiums changing hands in all the districts.  This was the lowest number of sales for the month since February 2009.   Condo townhouse and high-rise suites took a highest-ever for February 38.6% share of the market with 1,995 units being sold.   The February average sale price for all GTA homes came in at $767,818 – this was a 12.4% decline from one year ago.  Considering that February 2017 was an over-the-top crazy market, if instead you compare 2018 with 2016 (with an average of $685,738), this year was still up 12% in that 2-year period.   The active listing inventory is one of...Read More

By: Thomas Cook

IF You Have LESS Than 20% Down Payment OR Can Qualify Using The New Stress Test For Lower Rates

IF You Have LESS Than 20% Down Payment OR Can Qualify Using The New Stress Test For Lower Rates

New Bank of Canada rules that came out in October / November of 2016 changed a lot of details about how large of a mortgage high-ratio borrowers with less than 20% down can be approved for.   Look at the right-hand column of the chart here titled “BoC Chart @ 4.64%”.  The Bank of Canada (BoC) has dictated that high-ratio borrowers must qualify at the BoC rate determined by them.   As an example, look at the amount you qualify for if you earned $100,000 annually either by yourself or combined with a partner.    If the interest rate was 2.5%, before the fall of 2016 you would have qualified for a mortgage of approximately $520,000 but under the ne...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

Ensure You Answer These 4 Not-So-Surprising Buyer Questions

Ensure You Answer These 4 Not-So-Surprising Buyer Questions

There are four questions that every condo buyer will want the answers to and, as the seller, you’ll want to know what they are and work out how your suite compares to the rest of the market. You’ve heard the first one probably since babyhood… location, location, location.  A buyer’s preference of location will of course be tempered by the price that they can afford.   In an ideal world, a purchaser could walk to work from their 1,500 sf 2-bedroom condo suite that they just paid $200,000 for in downtown Toronto complete with a parking space and a locker with a balcony view of the lake.  Nice dream huh? In reality, people will compromise based on...Read More

By: Thomas Cook

Toronto sales plunge 22% amid ability to qualify anxiety

Toronto sales plunge 22% amid ability to qualify anxiety

It seems the introduction of the mortgage stress test for all buyers has made an impact on the January GTA real estate market.  Overall sales are down with the single ‘bright light’ being an increase in condominium units trading hands. Sales were down 22% for January compared to last year with 4,019 houses and condominiums changing hands in all the districts.  This was the lowest number of sales for the month since January 2009. Condo townhouse and high-rise suites took a very high 39.7% share of the market with 1,594 units being sold.  This was the 4th highest ever according to TREB. The January average sale price for all GTA homes came in at $736,783 – t...Read More