By: Thomas Cook

Moving To A New Home With Children

Moving To A New Home With Children

It’s easy, as an adult, to see all of the positive and exciting aspects of moving to a new house – maybe it’s bigger and you have more space - maybe you’ll finally have that home office you’ve always wanted. Perhaps it’s closer to work and you won’t have to endure a grueling commute any more, or it’s in a great neighbourhood close to many of the things you enjoy.   It’s also easy, as an adult, to not be as hung up on the downsides of moving away. You can keep in touch with friends on social media or pick up the phone, and you also have the freedom to drive wherever you’d like. It’s also likely that the people you see each...Read More

By: Thomas Cook

4 More Things To Think About When Buying A Home

4 More Things To Think About When Buying A Home

Buying a home can seem overwhelming if it’s your first time doing so. Here are four more things to consider before buying a home to help you familiarize yourself with the process, as a follow up to our previous article 4 Things to Consider When Buying A Home.   How Do Mortgages Work?   Doing a bit of extra research into mortgages and both the process of getting one and what it means to have a mortgage month-to-month is a good idea. There are different types of mortgages and multiple structures available, as well as various laws and regulations surrounding how they operate – which have changed over the last few years.   How Do You Find A Home?   Your agent will...Read More

By: Thomas Cook

Considering Buying A Home or Condo? Here’s 4 Things To Consider

Considering Buying A Home or Condo? Here’s 4 Things To Consider

Buying a home seems like it could be something simple and straightforward, but there are many different variables at play that can result in a first-time home buyer feeling like a fish out of water.  Here are four different things to consider and familiarize yourself with before you begin the process.   Your Credit Score   You should check your credit score and report, which are two separate things, at least once a year. This is even more important when you’re considering buying a home, because these two things offer lenders a snapshot of your financial situation. Even if you’ve checked it in the past, having a mistake on your credit report than negatively impacts ...Read More

By: Thomas Cook

Did you expect this? – It’s as if the season doesn’t matter !!

Did you expect this? – It’s as if the season doesn’t matter !!

Sales were up dramatically for November compared to last year with 8,547 houses and condominiums changing hands in all the districts. Sales are actually up 30% above the last 5-year monthly average.   Condo townhouse and high-rise suites took a 35% share of the market with 3,010 units being sold.  This percentage of the overall market is a bit above average for November.   The November average sale price for all GTA homes came in at a record breaking $776,684 – a significant 22.7% higher than last year.   Interestingly, sales and competition for condo suites has now brought the high-rise market into high demand.   The active listing inventory is one of the stro...Read More

By: Thomas Cook

New Ontario Legislation Would License Home Inspectors

New Ontario Legislation Would License Home Inspectors

A private members bill called the Putting Consumers First Act has been introduced in Ontario, and it covers a number of different service transactions, including home inspectors – which are not currently regulated. The bill would license home inspectors and create an administrative body to handle enforcement and complaints, as well as create a code of ethics. Home inspection reports and contracts would be standardized across the province.   In addition to regulating home inspectors, the bill intends to ban more aggressive or misleading door-to-door sales like those for air conditioners or hot water heaters.   Contractors between consumers and contractors for things like home...Read More

By: Thomas Cook

Avoiding Surprises When You Buy Your First Home In Toronto

Avoiding Surprises When You Buy Your First Home In Toronto

One of the best ways to avoid surprises and protect yourself during the home buying process is the have a reputable and experienced real estate agent on your side. In any home transaction, your real estate agent is there to help you understand the process and protect you during it. But knowing and understanding more about the process yourself is always a great idea, especially since November is Financial Literacy Month.   Pre-Approval   A real estate agent isn’t the only professional whose advice and services you may seek when buying a home. For example, you will also likely visit a mortgage professional for a mortgage pre-approval. This is another way to avoid some of the mo...Read More

By: Thomas Cook

Ontario Provides Higher Tax Rebate For First-Time Home Buyers

Ontario Provides Higher Tax Rebate For First-Time Home Buyers

The Ontario Government has announced it will increase the current Land Transfer Tax Rebate available to first-time buyers from $2,000 to $4,000.   “Finding an affordable home has become a struggle for thousands of young couples,” said the president of the Ontario Real Estate Association, Ray Ferris, in a press release. “This tax break will reduce a first-time buyer’s closing costs and help them save more for their down payment.”   The rebate will take effect in January of 2017, and the Land Transfer Tax does not apply to the first $368,000 of the purchase price.   Tim Hudak, the CEO Designate of the Ontario Real Estate Association, said that, &ldq...Read More

By: Thomas Cook

Will There Be A Market Correction In TO?

Will There Be A Market Correction In TO?

Sales were up dramatically for October compared to last year with 9,768 houses and condominiums changing hands in all the districts. Sales are actually up 27% above the last 5-year monthly average. Condo townhouse and high-rise suites took a 35% share of the market with 3,420 units being sold.  This percentage of the overall market is a bit above average for October. The October average sale price for all GTA homes came in at a record breaking $762,975 – a significant 21.1% higher than last year. Interestingly, what brought the average this high were lots of higher-end sales in the 905 area. The active listing inventory is one of the strongest indicators of how smooth or outra...Read More

By: Thomas Cook

New Mortgage Qualification Rules May Necessitate Lowering Your Home Expectations

New Mortgage Qualification Rules May Necessitate Lowering Your Home Expectations

As of mid-October new rules were implemented to tighten up the mortgage lending market.  They’re doing this to try and slow down the extremely hot real estate market we’ve seen here in Toronto during 2016.   The new mortgage qualification rules instituted by CMHC (Canada Mortgage and Housing Corporation) relate to the interest rate that lenders will use to qualify a condo or house buyer if the buyer’s down payment is less than 20% of the purchase price (a high-ratio mortgage).   Up until then, if you took a 5-year fixed term on your mortgage (which over 60% of buyers did), the banks would qualify you based on their best 5-year rate which has hovered around 2....Read More

By: Thomas Cook

Could You Scare Buyers Away? About Selling Your Home During Halloween

Could You Scare Buyers Away? About Selling Your Home During Halloween

Holiday decorating, no matter what time of year, is a wonderful way to celebrate and spend time with your family. However, one of they rules of getting your home ready for sale is to de-personalize and make it easier for potential buyers to imagine themselves in your home. But holiday decorations are also very personal, and choosing the wrong ones can throw off buyers.   Holiday Decorating Tips When Selling Your Home   There are plenty of ways to celebrate without going overboard in the decorating department, especially if you have kids. For example, you can carve pumpkins or bake Halloween treats.   If you absolutely must decorate your home for Halloween while it’s on t...Read More