By: Thomas Cook

TREB Suggests Caution Before Enacting A Foreigner Tax Here

TREB Suggests Caution Before Enacting A Foreigner Tax Here

The Toronto Real Estate Board and the Ontario Real Estate Association have jointly sent a letter to the province and to the City of Toronto expressing a wish that all government bodies gather more accurate data as to what level of foreign investment actually exists in the GTA high-rise and low-rise segments of the market.   As of this date, no one has actually been accurately keeping track of who has been buying what.  There are lots of rumours and stories of course but, as is typical, that type of information is usually skewed to the side of exaggeration instead of reality.   If indeed there is a massive influx of foreign capital stressing the market, then by all means enact ...Read More

By: Thomas Cook

More Young Home Buyers Want In

More Young Home Buyers Want In

  Sales were up just 1.7% for July compared to last year with 9,989 houses and condominiums changing hands in all the districts. Sales are actually up 31% above the last 16-year monthly average.   Condo townhouse and high-rise suites took a bigger 34.5% share of the market with 3,444 units being sold.  This percentage of the overall market is a bit above average for July.   The July average sale price for all GTA homes came in at an astounding $709,825– a significant 16.5% higher than last year.   The active listing inventory is one of the strongest indicators of how smooth or outrageous the market has been.  We had a 43% decline in inventory for the mont...Read More

By: Thomas Cook

Ontario Residents Have Favourable View Of Real Estate Market, Economy

Ontario Residents Have Favourable View Of Real Estate Market, Economy

According to a new poll conducted on behalf of the Ontario Real Estate Association for the Ontario Homeownership Index, 60 per cent of Ontario residents view the current real estate market in the province as “favourable”.   “With significantly-improved perceptions across all markets and timeframes, it is clear to see why the index has posted its biggest gain to date,” said the vice president of Ipsos Public Affairs, Sean Simpson. “As home prices and sales figures throughout the province continue to astound, it is encouraging to see the Ontarians are feeling optimistic about economies and real estate markets, both locally and provincially.”   Othe...Read More

By: Thomas Cook

Available Low-Rise Homes See Record Drop

Available Low-Rise Homes See Record Drop

About this time a decade ago, there were approximately 16,400 low-rise homes for sale in Toronto. But at the end of May, there were 1,985.   A news release from BILD, the Building Industry and Land Development Association, available low-rise homes have hit record new lows in Toronto while the sales of high-rise units is on the rise.   According to BILD President and CEO Bryan Tuckey, “The industry is following the Province’s Growth Plan intensification policies which emphasize high-rise development in the GTA. Nine out of 10 of the new homes available for sale in the GTA are high-rise and mid-rise condominiums.”   High-rise homes can offer buyers a more affor...Read More

By: Thomas Cook

Average GTA Home Price Up $107,000 In A Year

Average GTA Home Price Up $107,000 In A Year

Sales were up 7.4% for June compared to last year with 12,794 houses and condominiums changing hands in all the districts. Sales are actually up 41% above the last 16-year monthly average.   Condo townhouse and high-rise suites took a 31.4% share of the market with 4,017 units being sold.  This percentage of the overall market is about average for June.   The June average sale price for all GTA homes came in at an astounding $746,546– a significant 16.8% higher than last year.   The active listing inventory is one of the strongest indicators of how smooth or outrageous the market has been.  We had a 42% decline in inventory for the month of June compared to his...Read More

By: Thomas Cook

A Step Towards Regulating Home Inspectors?

A Step Towards Regulating Home Inspectors?

Everyone knows that a home inspection is a very small and extremely wise investment to make when you buy any home. After all, for the cost of just a few hundred dollars, you could save yourself thousands or even tens of thousands of dollars in headaches and stressful repairs down the road.   But what some people don’t know is that home inspectors in Canada are not regulated in most provinces, including Ontario. This means that while there are plenty of trustworthy and knowledgeable home inspectors working in the province, the profession is open to anyone regardless of their training.   Three years ago, the government of Ontario assembled an expert panel to draft recommendatio...Read More

By: Thomas Cook

Get A Land Survey Before Buying A Toronto Home

Get A Land Survey Before Buying A Toronto Home

Buying a house on a lot seems like a pretty straight-forward process. The property boundaries may even seem visible to the naked eye, and how much property you own should be self-explanatory – or should it?   A land survey is something that tells you how big the land you own is, where it’s located compared to other properties, roads or geographic features, and provides information on the physical features of the property. Most importantly, a land survey outlines the property boundaries.   Toronto Real Estate Lawyer Bob Aaron shares this reminder in a recent Toronto Star column, where he says you should get one even if your agent says no. In fact, he’s been recomme...Read More

By: Thomas Cook

Five Things To Consider Before Deciding To Buy A Home

Five Things To Consider Before Deciding To Buy A Home

Buying a home is most likely going to be the largest investment you undertake in your lifetime. While buying a home is within reach for many, there are several things to consider when it comes to buying a home, being able to afford to buy a home, and being able to afford a home in the long-term.   #1. Affordability. A quick way to determine if you can afford a home is by checking to see if the home’s price is under two-and-a-half years’ worth of your salary. This doesn’t work for everyone, but it can give you a decent idea of whether you’re in the right place financially.   #2. Your Credit History. Lenders will use your credit score to quality you for a mort...Read More

By: Thomas Cook

Will there ever be an end to it? [VIDEO]

Will there ever be an end to it? [VIDEO]

Sales were up 10.5% for May compared to last year with 12,870 houses and condominiums changing hands in all the districts. Sales are actually up 34% above the last 16-year monthly average. Condo townhouse and high-rise suites took a 30.7% share of the market with 3,945 units being sold.  This percentage of the overall market is about average for May. The May average sale price for all GTA homes came in at an astounding $751,908– a significant 15.7% higher than last year. The active listing inventory is one of the strongest indicators of how smooth or outrageous the market has been.  We had a 41% decline in inventory for the month of May compared to historical numbers and l...Read More

By: Thomas Cook

Keep Costs Down In Your Toronto Home While Temperatures Soar

Keep Costs Down In Your Toronto Home While Temperatures Soar

We’ve already experienced an uncomfortably hot weekend in Toronto, and one of the worst realizations homeowners come to when temperatures rise is that not only is there definitely more of this on the way – but your energy bills can rise significantly when you turn up the air conditioning. As a homeowner, you shouldn’t have to choose between staying cool and saving money.    Here are a few different ways you can do both: Install energy-saving windows. Regular windows are the reason for at least half of the heat entering your home in the summer from outside (and leaving your home in the winter). While this can be expensive, it’s the most efficient way to ke...Read More