By: Thomas Cook

Toronto Is The Best City To Invest In Real Estate

Toronto has been named the top city for long-term real estate investment out of 50 world cities by Grosvenor, a UK-based research firm. In fact, the top three cities on the list were all in Canada – Toronto, Vancouver and Calgary, with Chicago coming in fourth. The study looked at factors such as environmental sustainability, economic prosperity, community livability, resources, climatic factors and social vulnerability. “Toronto is no stranger to the importance of resiliency, having endured natural disasters such as such as the 1998 ice storm and even Hurricane Hazel in 1954,” said Grosvenor’s Group Research Director, Richard Barkham, in a news release. &...Read More

By: Thomas Cook

Average Selling Price For A Home In Toronto Increases By 11%

According to the Toronto Real Estate Board’s mid-April home sales statistics, home sales through the Toronto MLS Listings in Toronto increased by 10.8 per cent during the first two weeks of April compared to the same time last year. “The robust increase in sales speaks to the fact that home ownership remains affordable in the GTA,” said Dianne Usher, the president of the Toronto Real Estate Board in a press release. “The majority of home buyers purchase a home using a mortgage. A household earning the average income in he GTA can comfortably afford a mortgage on an average priced home.” She continued, “While the persistent listings shortage in ...Read More

By: Thomas Cook

Why Are Floor Plans So Important When Buying A New Toronto Condo?

It seems counterintuitive to buy something sight unseen, especially if you’re going to be living in it. However, it’s not uncommon for Toronto condo buyers to buy a condo before it’s completed, or before construction has even begun. This is a great way to find a great place to live in downtown Toronto while ensuring that you have all the best in modern amenities and green living space. However, it’s vital to ensure that you have an updated copy of the floor plans so that you know what you’re buying. Toronto Real Estate Lawyer Bob Aaron’s most recent column details a case, which explains how floor plans can be your best defence when buying a new...Read More

By: Thomas Cook

On Buying A Home In Toronto That Was Renovated Without A Permit

The list of actions that require a homeowner to take out a building permit from the City of Toronto is larger and more extensive than many homeowners realize. Adding an addition, balcony, deck, second suite or even wood burning stove all require a building permit, along with a number of other renovations. The full list is available here. Not having a permit can be a huge headache – even if it’s discovered long after the fact (and after the home changes hands). In fact, you could be forced to tear down an addition or go through a significant amount of construction in order to make the addition compliant, all at your own expense. Toronto Real Estate Lawyer Bob A...Read More

By: Thomas Cook

Toronto Semi-Detached House Average Hits $658,000

March 2014 Toronto Real Estate Market Report Sales were right at average for March with 8,081 houses and condominiums changing hands in all the districts. Condo townhouses and high-rise suites had a 30.8% share of the market with 2,487 units being sold. The March average sale price for all GTA homes came in at $557,684– up 7.3% from 2013.  I’ll show you a graph of the average sale prices over the past several years in just a moment. The active listing inventory is one of the strongest indicators of how smooth or outrageous the market is going to be.  We had a 7% decline in inventory for the month of March compared to historical numbers and lower by 10...Read More

By: Thomas Cook

Monthly Rent For A Two-Bedroom Condo Hits Average $2,155 In Toronto

The Toronto Real Estate Board has released its condo rental market statistics for the first quarter of 2014, finding that the average rent for a two-bedroom unit during this time increased by 1.9 per cent over the same time last year to $2,155. The average rent for a one-bedroom unit was down by 1.6 per cent, to an average of $1573. The president of the Toronto Real Estate Board, Dianne Usher, had the following to say: “Renters took advantage of an increased supply of investor-owned units listed for rent in the first quarter. These units, with modern finishes, chose amenities and locations in popular neighbourhoods attracted a growing number of renter households, including youn...Read More

By: Thomas Cook

Considering Buying A Toronto Home With Friends Or Family?

Taking a less traditional approach to buying a home is something that a lot of buyers might consider, especially if the plan is to use the property as an investment property.  TD Canada Trust recently released a helpful article on the considerations buyers should make when they’re planning to purchase a home as a group with family or friends. “Whether buying a home on your own or together in partnership with family members or friends, many of the guiding principles remain the same,” said the Associate Vice President of Retail Products at TD, Michelle Snow. “Start by setting a realistic budget, talking to a mortgage specialist for advice and taking the...Read More

By: Thomas Cook

Should The Toronto Land Transfer Tax Be An Election Issue?

According to Toronto Real Estate Lawyer Bob Aaron's latest Toronto Star column, it definitely should be.  The Toronto Real Estate Board has been putting a significant amount of effort into their campaign to phase out the Land Transfer Tax, which can add thousands to the cost of buying a home in the city and according to recent poll results, could have home buyers looking outside of the city to buy their homes. In his Toronto Star Column, Mr. Aaron suggests gradually increasing property taxes instead to make up nay budget shortfall, as Toronto's municipal taxes are much lower than that of surrounding areas. This would bring Toronto more in line with those areas withou...Read More

By: Thomas Cook

Does Your Home Insurance Policy In Toronto Really Cover You?

In the video, we learn that many homeowners whose homes were damaged in the severe flooding Toronto experienced over last summer weren't covered. In another part of the video, a woman who purchased mortgage life insurance was denied coverage after her husband died because of an error they made when filling out the form. The video is in three segments, informing viewers about loopholes and issues that can arise with car insurance, travel insurance and home or mortgage insurance. The video features Toronto Real Estate Lawyer Bob Aaron and is definitely worth viewing if you have a few spare minutes today! You can watch the video here. ...Read More

By: Thomas Cook

New Homeowners Discover Not Having Representation When They Buy May Cause Problems

Here's what may happen (in a slightly exaggerated way) if you buy a home without using the services of a buyer representative - which costs you nothing by the way. http://youtu.be/tRkNbNZ_DHQ ...Read More