By: Thomas Cook

Bully Offers

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By: Thomas Cook

Breaking News: Homebuyers Purchasing Houses Over $500,000 Will Require Larger Down Payment

Breaking News: Homebuyers Purchasing Houses Over $500,000 Will Require Larger Down Payment

On Friday, December 11, the government of Canada announced that home buyers who are purchasing a home worth over $500,000 will be required to pay a 10% down payment, instead of the 5% down payment they’re required to pay now.   This 10% down payment is only applicable to the portion of the home’s price that is over $500,000.   In a statement, Finance Minister Bill Morneau said, “The government’s role in housing is to set and maintain a framework that is equitable, stable and sustainable. The actions taken today prudently address emerging vulnerabilities in certain housing markets while not overburdening other regions.”   The changes will come into...Read More

By: Thomas Cook

Closing Costs Every Toronto Home Buyer Should Know About

Closing Costs Every Toronto Home Buyer Should Know About

When buying a home in Toronto, the purchase price of a home is not the only cost involved. Most home buyers have heard the term "closing costs", but aren't actually aware of what exactly that entails. Here are some examples of closing costs to consider when buying a home: Appraisal or property survey   Most people are surprised that this is something they need to do when buying a home, but it’s actually required by some lenders before they finance the sale of the home in order to confirm its value.   Land Transfer Tax   In Toronto, home buyers pay a land transfer tax of up to 2 per cent on top of the Ontario land transfer tax of up to 2 per cent.   Ho...Read More

By: Thomas Cook

More Protection May Soon Be Available For New Home Owners In Ontario

More Protection May Soon Be Available For New Home Owners In Ontario

Approximately 50,000 new houses and condominiums are enrolled in the Tarion Warranty program every year, a program that protects new home buyers by making sure builders follow the legislation in the province of Ontario. A retired associate chief justice has recently been tapped to look into the Ontario New Home Warranties Act as well as Tarion to ensure consumer protection is at its maximum.   Toronto Real Estate lawyer Bob Aaron’s most recent Toronto Star Column lists the protections he thinks can be improved.   Mr. Aaron, a past Tarion board member, says that among the things he thinks should be considered for improvement include the disclosure of unit size, who sells the u...Read More

By: Thomas Cook

Average Sale Price Hits Almost $623,000 – up 9.4%

Average Sale Price Hits Almost $623,000 – up 9.4%

  Here is our November 2015 Toronto real estate market report.   It’s getting quite repetitive now that November was another near-record month for sales in the Toronto Real Estate Board.   I’ll comment more on that in this broadcast as we go through the market report.   So… let’s review some of the Toronto Real Estate Board statistics and see what’s happened.   Sales were up 13.7% for November compared to last year with 7,385 houses and condominiums changing hands in all the districts.  This was the second best November on record, just barely behind 7,446 sales back in 2009!  Sales are actually up almost 23% above the last...Read More

By: Thomas Cook

Did You Know That Disruptive Condo Owners Can Be Forced To Move In Toronto?

Did You Know That Disruptive Condo Owners Can Be Forced To Move In Toronto?

Neighbourly disputes are never pleasant, and the close quarters present in a condo building can make owners feel even more helpless if there are problems. However, it is not unheard of for condo owners to be forced to sell and vacate their units if they are terrible neighbours, and the courts even have the power to order such under the Ontario Condominium Act.   This may be surprising, but it can also be a welcome relief to condo owners who have less than desirable neighbor situations. The court does, however, have many different remedies available, and actually removing someone from their unit is a last resort.   But what does it really take for someone to be forced to leave a con...Read More

By: Thomas Cook

Government Of Ontario May Double Land Transfer Taxes Across Province

Government Of Ontario May Double Land Transfer Taxes Across Province

The Ontario Real Estate Association has launched a campaign to highlight the negative aspects and impact of the Municipal Land Transfer Tax, something that Toronto has had in place since 2008. This tax can add thousands of dollars to the cost of buying a home in the city.   Research by the Ontario Real Estate Association has found that a considerable number of people who plan on buying a home in the next two years are considering buying a home outside of the city of Toronto – such as other parts of the GTA that do not have the Land Transfer Tax – specifically to avoid the tax, resulting in the possibility of fewer homes sold in the city.   Now, the Ontario government ha...Read More

By: Thomas Cook

How To Renovate Your Toronto Home To Sell For The Best Price

How To Renovate Your Toronto Home To Sell For The Best Price

Renovating a home before listing it is an idea many home sellers have, but they’re not often sure where to start. Which renovations on your home will get you the best ROI? The answers might surprise you!   Here is a list of the best renovations you can do on your home before listing to increase it’s value and earn the highest return on your investment.   Kitchen Remodel: 79.3%   While a kitchen remodel can be among the most expensive of the renovations you can do to sell your home, the return on your investment is quite decent and an updated, beautiful and modern kitchen is something that will attract buyers like nothing else.   Window Replacement: 77.5%  ...Read More

By: Thomas Cook

2015 Is Destined To Be A ‘Best Year Ever’

2015 Is Destined To Be A ‘Best Year Ever’

Sales were up 3.3% for October compared to last year with 8,804 houses and condominiums changing hands in all the districts.  This was the best October on record, just barely beating out 8,525 sales back in 2014!  Sales are actually up almost 30% above the last 15-year average.   Condo townhouse and high-rise suites took a 33% share of the market with 2,901 units being sold.  This was the highest number of condo sales ever for the month of October.   The October average sale price for all GTA homes came in at $630,876– up 7.3% from 2014.   The active listing inventory is one of the strongest indicators of how smooth or outrageous the market has been. ...Read More

By: Thomas Cook

How Much Are Homes In Toronto Neighbourhoods?

How Much Are Homes In Toronto Neighbourhoods?

The Globe and Mail has published a fantastic interactive map highlighting the average prices of homes across the Greater Toronto Area by neighbourhood, including Etobicoke, Mississauga, Oshawa and as far north as King.   The same map also has a drop down menu at the top that allows you to compare Fall and Spring average prices as far back as 2008, and the map is colour coded to show changes in price over the same time last year.   When you click on a specific neighbourhood, a window pops up showing the current average price, the previous average price and the average number of days on the market for that area.   The Toronto home price comparison map is well worth checking out ...Read More