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

By: Thomas Cook

What Happens During A Home Inspection?

What Happens During A Home Inspection?

Not all home buyers have had the opportunity to witness a home inspection first-hand, especially if it’s your first time buying. But a home inspection is not something to be avoided (for your own good) and your lender may event require it before they cough up the financing.   What does a home inspector look at?   A home inspector will inspect the home’s systems (such as HVAC, electrical and plumbing) as well as the interior and exterior. They may only use a ladder to get onto certain parts of the roof if they can’t see them properly, but otherwise they will not move anything around.   They will inspect the foundation, the drainage in the soil around your home...Read More

By: Thomas Cook

Why Should You Always Get A Mortgage Approval?

Why Should You Always Get A Mortgage Approval?

Why You Should Always Get A Mortgage Pre-Approval   A mortgage pre-approval is when you visit a lender and are pre-approved for a mortgage before you begin looking at homes. When you do this, the lender will provide you with a written approval for an amount with a fixed interest rate – however, this is not a guarantee and it may only be valid for a certain amount of time.   Even though it may be temporary and not a guarantee, a mortgage pre-approval is both essential for the buyer and seller during the home buying process, especially in today’s competitive real estate market.   Why is a mortgage pre-approval so essential?   A mortgage pre-approval will tell yo...Read More

By: Thomas Cook

There aren’t enough superlatives to describe what’s happened [VIDEO]

There aren’t enough superlatives to describe what’s happened [VIDEO]

  Sales were up 7.4% for April compared to last year with 12,085 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 30.4% share of the market with 3,671 units being sold.  This percentage of the overall market is about average for April.   The April average sale price for all GTA homes came in at $739,082– a significant 16.2% 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 39% decline in inventory for the month of April compared to histo...Read More

By: Thomas Cook

Toronto Condo Rentals And Rent Prices Increase

Toronto Condo Rentals And Rent Prices Increase

The vacancy rate for apartments in Toronto remains very low, and as a result, more and more people are renting condos. In the first quarter of 2016, there were 6,458 condo rental transactions according to the Toronto Real Estate board, which is an increase of 6.5% over the same time last year.   Are you thinking of using your condo to generate rental income, or are planning on buying a separate condo for that purpose?   The average rent for a two-bedroom condo increased by 8.9% to $2,375, while the average rent for a one-bedroom condo increased by 4.8% to $1,662.   “It’s not just the home ownership market that is tight in the Greater Toronto Area,” said the p...Read More