By: Thomas Cook

Closing Costs And Buying A Toronto Home

Closing Costs And Buying A Toronto Home

Purchasing a new home is not as simple as finding a home, paying for it, and taking ownership. There are a number of different costs associated with purchasing a home which need to be paid up front and can’t be financed, and these are called closing costs.   What counts as a closing cost?   Anything that is not included in the purchase price of the home itself (covered by your mortgage) is considered a closing cost. The general rule is any home buyer should budget approximately three per cent of the home’s purchase price for closing costs, which can include:   Moving: Whether you have to rent a moving truck to move on your own or hire movers, the process of moving ...Read More

By: Thomas Cook

Canadian Real Estate Association Updates Forecast

Canadian Real Estate Association Updates Forecast

The Canadian Real Estate Association has updated its forecast for the remainder of 2017 moving into 2018.   Across Canada, the Canadian Real Estate Association forecasts sales to decline by 3 per cent, to 518,700 units for 2017, but this is similar to what was previously forecast with increases in Ontario offsetting decreases in British Columbia, which is expected to see the largest decrease in sales for 2017.   Due to supply shortages, Ontario’s home sales are expected to increase by under 1%, while Alberta is forecast to see the biggest increase in sales activity.   The average price for a home in Canada is expected to increase by 4.8 per cent to $513,500 this year,&nb...Read More

By: Thomas Cook

Will Ontario Implement A Foreign Buyer Tax?

Will Ontario Implement A Foreign Buyer Tax?

In early March, the Ontario Finance Minister said that one of the options for next steps in cooling the housing market in the province could be a foreign buyer tax, similar to the 15 per cent tax that was enacted in Vancouver.   Last year, he said that Ontario would not be following Vancouver’s lead.   “When the idea of introducing a foreign buyer tax in Ontario surfaced last year, TREB cautioned it would be a knee-jerk reaction before knowing whether a problem existed,” said the president of the Toronto Real Estate Board, Larry Cerqua, in a press release. “There was little in the way of reliable data on the issue. To better understand the foreign buyer issu...Read More

By: Thomas Cook

Here's The FREE Stuff You Can Get From Us

Here's The FREE Stuff You Can Get From Us

Helping Toronto Home Buyers Achieve Their Goals Since 1980   Sometimes people start thinking about buying real estate years ahead and others jump right in and purchase a new condo or house in just a few months.  Either way, it makes sense to spend some time learning the right way to buy and avoiding making costly mistakes on one of the biggest purchases of their life.   Our Home Buyer University has created several ways for you to improve your knowledge about the home buying process and how Toronto’s real estate market works right now.   Enroll in as many of these options as you’d like and be all set to go when the time is right for you.   Perfect If You...Read More

By: Thomas Cook

Average Toronto Detached House Price Up 92% In Last 5 Years

Average Toronto Detached House Price Up 92% In Last 5 Years

Sales were up dramatically for February compared to last year with 8,014 houses and condominiums changing hands in all the districts. Sales were actually up 23% above the last 6 -year monthly average.   Condo townhouse and high-rise suites took a 36% share of the market with 2,906 units being sold.  This percentage of the overall market is a new record for February.   The February average sale price for all GTA homes came in at a record breaking $875,983 – a significant 27.7% higher than last year.   Interestingly, sales and competition for condo suites has now brought the high-rise market into extremely high demand.   The active listing inventory is one of the...Read More

By: Thomas Cook

Canadian Home Sales Down From December, Up From A Year Ago

Canadian Home Sales Down From December, Up From A Year Ago

According to the Canadian Real Estate Association, home sales across Canada decreased by 1.3 per cent from December to January, but were up by 1.9 per cent over January last year.   “Canadian homebuyers face some challenges this year, including new mortgage rules that make it harder to qualify for a mortgage and regulator changes that will push up mortgage financing costs,” said the president of the Canadian Real Estate Association, Cliff Iverson. “It will take some time to gauge the extent to which these challenges will weigh on home buyers in different housing markets across Canada. All real estate is local, and Realtors remain your best source for information about ...Read More

By: Thomas Cook

Your Home and Fire Safety

Your Home and Fire Safety

Of the approximately 3,000 residential fires that occur in Ontario every year, about 15 per cent are caused by electrical issues – many of which would be prevented with basic checks by homeowners. Don’t forget, even newer homes can have problems with electrical wiring. Here are some tips for keeping your home safe:   Slight changes   Even the smallest issue that’s out of the ordinary could be a sign of a larger problem. These could include things like strange noises, such as buzzing, coming from electrical components or flickering lights.   Fuses   Are fuse issues well-known in your household? For example, do your family members know that they’re n...Read More

By: Thomas Cook

Toronto, Nearby Cities’ Populations Growing While Housing Supply Low

Toronto, Nearby Cities’ Populations Growing While Housing Supply Low

New census data from Statistics Canada shows that the populations in Toronto as well as its surrounding cities are increasing, while housing supply numbers stay at record lows. In a recent press release, the Ontario Real Estate Association called for policy makers to work on ways to increase the housing supply.   “Population growth is rapidly increasing in cities where we are also seeing some of the lowest levels of inventory in history,” said the CEO of the Ontario Real Estate Association, Tim Hudak, in the press release. “Realtors and builders in this province have been saying that new homes and resale listings cannot keep up with the demand in the market. Population...Read More

By: Thomas Cook

URGENT - Important Costly Changes to Toronto LTT

URGENT - Important Costly Changes to Toronto LTT

February 16, 2017 -- City of Toronto Council has approved changes to the Toronto Land Transfer Tax that mean additional Toronto Land Transfer Tax costs for some home buyers with a closing date on or after March 1, 2017, when it will be harmonized with the provincial LTT. Click here to see the detailed City of Toronto Notice on the "original" proposed changes posted in December 2016 (NOTE: changes made to original proposals as per below). Status The following changes to the Toronto Land Transfer Tax were considered and approved by Toronto City Council on February 15, 2017.  The changes are effective AS OF MARCH 1, 2017, for real estate transactions closing on or after this ...Read More

By: Thomas Cook

Insights From A Recent 
Toronto Home Buyer's Survey

Insights From A Recent <br />
Toronto Home Buyer's Survey

IPSOS Surveyed 1000 Purchasers For Their Feelings And Opinions In November 2016, Ipsos undertook a survey of existing homeowners in the GTA on behalf of the Toronto Real Estate Board (TREB). Of the 2,500 households surveyed, 1,000 had purchased a home in the previous 12 months. These 1,000 households were considered the “recent buyers” for the purposes of producing a 2016 recent buyer profile for this report.    This profile is summarized in the following points:    • On average, recent home buyers reported a purchase price of $672,023, which falls within the range of a typical home price for 2016, as measured by the MLS® HPI Composite Benchmark Pri...Read More