By: Thomas Cook

Ontario Buyers Looking To “Get Away From It All” With 4-Season Cottages

Ontario Buyers Looking To “Get Away From It All” With 4-Season Cottages

For Torontonians living in the big city, a cottage can be a welcome retreat for you and your family. Did you know that even though the summer is over, the fall market is still quite active in Ontario?   “Fall is typically associated with closing up the cottage for the colder months, however more and more cottage owners want to extend their cottaging season by getting into all season homes,” said the president of the Ontario Real Estate Association, Ray Ferris. “For those actively looking to buy a cottage, the fall is a wonderful time to view properties. It’s still warm enough to see the exterior, the boat may still be in the lake, and the colours create an absolu...Read More

By: Thomas Cook

When Is The Best Time To Buy A Home?

When Is The Best Time To Buy A Home?

There are many different opinions on when the best time to buy a home is, whether it’s “right now”, or in the spring when the market is busiest, or any other time the market in your local region is at its peak.   But there actually is a little known “best time” to buy a home anywhere, and as per usual it’s approaching faster than anyone realizes – Christmas.   Why is Christmas the best time to buy a home? The answer is pretty much for the same reasons that at first thought, Christmas seems like the worst time for buying a home – few people are looking to buy a home or sell a home during Christmas. This means far less competition from ...Read More

By: Thomas Cook

The Canadian Real Estate Association Has Updated Their Resale Housing Forecast

The Canadian Real Estate Association Has Updated Their Resale Housing Forecast

According to the Canadian Real Estate Association, Ontario housing market trends are the exception (along with British Columbia) when it comes to national sales activity falling in line with expectations during the second quarter of 2016.   The new property transfer tax on home purchases in Vancouver have abruptly slowed sales there, while the market in Ontario is heating up.   “Year-over-year price gains have continued to mount in Ontario and British Columbia. While having accelerated in the former, price growth showed tentative signs of moderating in the latter,” said the Canadian Real Estate Association in a press release. “As a result, the average home price f...Read More

By: Thomas Cook

August Sales Results Keep The Records Rolling

August Sales Results Keep The Records Rolling

  Sales were up dramatically for August compared to last year with 9,813 houses and condominiums changing hands in all the districts. Sales are actually up 37% above the last 5-year monthly average.   Condo townhouse and high-rise suites took a bigger 36.1% share of the market with 3,543 units being sold.  This percentage of the overall market is a bit above average for August.   The August average sale price for all GTA homes came in at an astounding $710,410– a significant 17.7% 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 ...Read More

By: Thomas Cook

Should Tenants Have Fewer Rights When They Don’t Pay Their Rent To Condo Owners?

Should Tenants Have Fewer Rights When They Don’t Pay Their Rent To Condo Owners?

Renting out your condo or home to tenants can serve as a great investment and way to provide extra income, and it’s something that many condo owners or home owners choose to do with great results.   However, in the province of Ontario the law can heavily favour tenants when disputes arise, and while these tenant protections offer great protection against unscrupulous landlords – they can make honest landlords vulnerable to dishonest tenants who’ve made it a lifestyle to game the system.   Toronto Real Estate lawyer Bob Aaron has written extensively on the topic, with his most recent column detailing recent proposed changes to the current system to better deal with...Read More

By: Thomas Cook

Greater Toronto Area Condo Sales Increase In Q2 2016

Greater Toronto Area Condo Sales Increase In Q2 2016

According to the Toronto Real Estate Board, Greater Toronto Area condo sales increased by 17.4 per cent in the second quarter of 2016, for a total of 8,965 condominium apartment sales.   “TREB Realtor members are involved in all aspects of the condominium apartment market in the Greater Toronto Area, from working with buyers at the pre-construction stage of development through to the resale or rental of existing units,” said the president of the Toronto Real Estate Board, Larry Cerqua. “While we have certainly seen a lot of condo construction over the last few years, project completions have not resulted in a glut of inventory. Over the past year, we have actually expe...Read More

By: Thomas Cook

Gen Y Intentions To Buy And Sell Homes Increase In Ontario

Gen Y Intentions To Buy And Sell Homes Increase In Ontario

New research from the Ontario Real Estate Association has found that one-quarter of gen Ys are likely to purchase a home within the next 24 months, which is up by 8 points over last year. Meanwhile, 18 per cent of gen Xs have the same intentions, which is up 6 points over last year.   Gen Ys are those born between 1977 and 1994, while gen Xs are those born between 1966 and 1976. “Based on their intentions to buy, and the kind of real estate they’re looking at, it is evident that ‘stage-of-life’ is a motivating factor for gen Y,” said the president of the Ontario Real Estate Association, Ray Ferris. “Also, given the strength of real estate markets lat...Read More

By: Thomas Cook

Explaining The Difference Between Chattels And Fixtures

Explaining The Difference Between Chattels And Fixtures

If you haven’t purchased a home before, you may not know the difference between chattels and fixtures. But when you’re looking at homes, the difference is extremely important – otherwise, you could be very disappointed upon closing.   A chattel is something that can easily move with the current owners – an item that can be removed from the home without causing damage. A fixture is something that is usually assumed to be an item that would be included with the home, and can’t be moved easily.   Where issues can arise, is when prospective buyers fall in love with certain aspects of a home and don’t realize that these items are chattels – mean...Read More

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