By: Thomas Cook

Are You Ready To Buy A House?

Are You Ready To Buy A House?

Are You Ready To Buy A House?   Buying a home isn’t always about having the money to do so. While money is of course an important factor in the decision to buy a home, there are several other things that are sometimes overlooked when making such a big decision.   Are your finances ready to buy a house?   There are three components to having the finances to buy a home – a stable job, savings that can cover a down payment near the recommended 20%, and a solid credit history. These things are all vital for a smooth home-buying process and if one of these is out of whack, you may not be quite ready to buy a home and you might need to take the time to work on things. &...Read More

By: Thomas Cook

How To Boost Your Credit Score

How To Boost Your Credit Score

When you’re looking into buying a home, having a decent credit score is important. Your credit score allows mortgage lenders to determine your worthiness when considering you for a loan, and if your credit score is poor or even only fair you may find yourself not qualifying for the amount you need or even denied altogether.   Know that your credit score can’t be fixed instantly, and it can take several months to increase your score. However, you’ll be very glad you started right now.   Always pay your bills, and pay them on time   This makes a lot of sense, doesn’t it? But a missed payment can have a bigger effect on your credit score than you might thi...Read More

By: Thomas Cook

Toronto’s 15 Most Popular Neighbourhoods For People 20 to 34

Toronto’s 15 Most Popular Neighbourhoods For People 20 to 34

There are fifteen neighbourhoods in the city of Toronto with a population of over 30% Millennials, or people aged 20 to 34. Some of these neighbourhoods are even almost half Millennials according to notable.ca:   Bay Street Corridor (Central Bay Street) Median price of a 2 bedroom condo: $645,250   Waterfront Area (CN Tower, Harbourfront, Entertainment District, King and Spadina) Median price of a 2 bedroom condo: $531,110 Average condo price Oct 2015: $420,337   Niagara (Liberty Village, Queen West, Harbourfront West) Median price of a 2 bedroom condo: $446,354   University (University of Toronto/Downtown) Median price of a 1 bedroom condo: $412,000   Church-Yonge C...Read More

By: Thomas Cook

[VIDEO] Big Jump In Appreciation From January 2015 To Present

[VIDEO] Big Jump In Appreciation From January 2015 To Present

  Sales were up 8.2% for January compared to last year with 4,672 houses and condominiums changing hands in all the districts. Sales are actually up 8.5% above the last 15-year average.   Condo townhouse and high-rise suites took a 35.5% share of the market with 1,658 units being sold.  This percentage of the overall market is about average for January.   The January average sale price for all GTA homes came in at $631,092– a significant 14.1% 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 30% decline in inventory for the month of January compared to histo...Read More

By: Thomas Cook

Record Year For Home Sales In The GTA

Record Year For Home Sales In The GTA

Sales were up 11% for December compared to last year with 4,945 houses and condominiums changing hands in all the districts.  This was the second best December on record, just barely behind 5,541 sales back in 2009!  Sales are actually up almost 22% above the last 15-year average. Condo townhouse and high-rise suites took a ‘highest ever’ 38% share of the market with 1,878 units being sold.  This was the highest percentage of the overall market that I’ve ever seen and indicates relative condo affordability has now a greater influence on the buying market. The December average sale price for all GTA homes came in at $609,110– up 9.4% from 2014. The ac...Read More

By: Thomas Cook

Five Reasons Toronto House Prices Won’t Crash In 2016 From The CBC

Five Reasons Toronto House Prices Won’t Crash In 2016 From The CBC

The CBC recently posted an article with five great reasons we can expect Homes in the Greater Toronto Area to remain a solid investment in 2016.   The reasons:   Supply and demand. This is by far the #1 reason that home prices continue to behave as they are. Supply of new listings is tighter because there’s less room to build, but demand for homes is high and will remain so.    The economy. The GTA is not likely to see a recession this year, which is what causes a sudden boom in supply when people sell their homes. This would lower prices, but isn’t on the horizon for this year.   Mortgage rates. While mortgage rates are inevitably going to rise, the proc...Read More

By: Thomas Cook

Another Reason To Have Title Insurance When Buying A Home In Toronto

Another Reason To Have Title Insurance When Buying A Home In Toronto

A recent column by Toronto Real Estate Lawyer Bob Aaron highlights why it is so important to purchase title insurance when jumping into a real estate transaction.   He tells of a case where a couple had purchased title insurance and bought a home in 2006, finding seven years later that a load-bearing wall had been taken out by the previous owner while renovating. This rendered the whole second storey unsafe, and repairs would be needed.  A work order was issued by the City of Toronto, and the couple filed a claim with the title insurance company for the costs of these repairs.   The insurance company refused. A city work order is technically an off-title issue, and this was he...Read More

By: Thomas Cook

Toronto Real Estate Board Calls For Fairness In Land Transfer Taxes

Toronto Real Estate Board Calls For Fairness In Land Transfer Taxes

The Toronto Real Estate Board recently made a presentation to the City of Toronto’s Budget Committee, touching on the Municipal Land Transfer Tax and fair property taxes. At the end of December, the government of Ontario announced it would not be granting power to cities across Ontario to implement their own land transfer taxes, while Toronto’s land transfer tax remains in place.   “Like everyone, Realtors want to see City costs on homeowners minimized. We believe this budget does that with a fair proposed inflationary property tax increase,” said Mark McLean, president of the Toronto Real Estate Board in a media statement. “Realtors also understand the ben...Read More

By: Thomas Cook

Bully Offers

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