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

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