By: Thomas Cook

Should You Get A Condo Inspected

Should You Get A Condo Inspected

SHOULD YOU GET A CONDO INSPECTED?   Historically for house purchases, there have been two primary conditions that most offers have included.  They are conditions on   Financing Home inspection If you’re buying a condominium townhouse, you’d certainly want to have an inspection which would include the exterior features of the premises such as the roof and windows, and all the interior systems such as heating, cooling, central vac, plumbing and wiring.   A home inspection is more optional for a high-rise condominium suite because it doesn’t have all of those systems. In this situation the inspector is not concerned with the status of the underground pa...Read More

By: Thomas Cook

Magic Formula For Home Selling Success

Magic Formula For Home Selling Success

The PPPN Principles For Listing Your Home Every industry has its particular formulas for success and real estate is no exception. These formulas are, for the most part, not taught in any real estate school or seminar, although they are not a secret to the most successful Realtors in the business. If you asked them, most agents wouldn’t even be able to tell you what the successful formula is for getting a client’s listing sold for the best possible price. The formula that we’ve created is PPPN, which stands for Pricing, Presentation, Promotion and Negotiation. All four components are decisive for getting your home sold in any type of market!  It requires the owner a...Read More

By: Thomas Cook

Market is ready to break out this fall

Market is ready to break out this fall

Sales were up 8.5% for August compared to last year with 6,839 houses and condominiums changing hands in all the districts.  This was the 2nd lowest number of sales for the month since August 2012. Condo townhouse and high-rise suites took a significant 37.1% share of the market with 2,540 units being sold. The August average sale price for all GTA homes came in at $765,270 – this was a modest 4.7% increase from one year ago.  Considering that May/June/July 2017 was the turning point in last year’s crazy market, if instead you compare 2018 with August 2016 (with an average of $710,975), this year’s average was still up 7.6% in that 2-year period.  The acti...Read More

By: Thomas Cook

Protect Your Family With Mortgage Life Insurance

Protect Your Family With Mortgage Life Insurance

Sometimes we’re quite laissez-faire about making sure we’re protected in case of the death of ourselves or a family member.   I’ve had a situation where a father and son bought a rental property together with the son living in one of the units.  The father made sure he was insured but, because he thought his son would outlive him, he didn’t insure his son’s life.     You can see where this is going… about six months later the son was killed in an automobile accident and that left the father in a precarious position.  He was now forced to take over all the payments on that property and he had to really stretch to do that. &nbs...Read More

By: Thomas Cook

What's Most Important For You... Price Location Or Condition?

What's Most Important For You... Price Location Or Condition?

There are only three prime determinations for real estate value - price, location and condition.    When you’re beginning to consider buying a home, one of the first things to find out is how much you can afford to pay.  For most people this involves going to a bank or mortgage broker to get pre-qualified for a mortgage.  Sometimes you might be approved for a larger mortgage than you feel comfortable taking on.  That’s OK.  At least you know clearly what your upper limit is.   Knowing the price you can pay will determine, to some degree, the geographic locations you can consider when buying and the interior condition of the home.  For examp...Read More

By: Thomas Cook

5 Best Ways To Absolutely Ensure Your Tenanted Condo Suite Sells

5 Best Ways To Absolutely Ensure Your Tenanted Condo Suite Sells

Owners of investment condos in Toronto have had to have patience for values to improve but perhaps that time has finally come.   Of course you’ve had to deal with several tenants over the period of your ownership and are probably now very familiar with Ontario tenancy laws regarding providing vacant possession of a condo suite.     Tenants who are on leases for a particular set period of time cannot be forced to leave during the term of their lease unless they are in agreement to cancel their lease.  Month-to-month tenants can be given notices to vacate, but only if the condo buyer is moving in themselves and provides at least a 60-day notice.   So what ar...Read More

By: Thomas Cook

Finally... An uptick in sales and average sales price

Finally... An uptick in sales and average sales price

Sales were up 19% for July compared to last year with 6,961 houses and condominiums changing hands in all the districts.  This was the 2nd lowest number of sales for the month since July 2010. Condo townhouse and high-rise suites took a significant 36.3% share of the market with 2,537 units being sold. The July average sale price for all GTA homes came in at $782,129 – this was a modest 4.9% increase from one year ago.  Considering that May/June 2017 was the turning point in last year’s crazy market, if instead you compare 2018 with 2016 (with an average of $710,500), this year’s average was still up 10.1% in that 2-year period.  The active listing invento...Read More

By: Thomas Cook

Bridge Financing – A Solution When Buy And Sell Dates Don’t Match Up

Bridge Financing – A Solution When Buy And Sell Dates Don’t Match Up

BRIDGE FINANCING – A SOLUTION WHEN BUY AND SELL DATES DON’T MATCH UP   If you want to sell your current home and use the proceeds as a down payment on a different property, what do you do if the closing dates don’t fall on the same day? More to the point, what do you do if you must close on your new home before you sell the old one?   In these situations, you’ll need a short-term loan to bridge the gap between the two transaction dates and the solution, appropriately enough, is called bridge financing. Here’s how it works for borrowers who are considering this option.   Let’s start by addressing a few common concerns.  If you need a bri...Read More

By: Thomas Cook

How Much Are The ‘Hidden Costs’ Associated With Buying A Condo?

How Much Are The ‘Hidden Costs’ Associated With Buying A Condo?

How Much Are The ‘Hidden Costs’ Associated With Buying A Condo?   OK, you’ve got a down payment saved BUT did you know that there are significant costs associated with purchasing a house or condo?  So you not only need to have funds set aside for your down payment - a minimum of 5% of the purchase price for homes below $500,000 and approximately 7% when buying above $500K - you’ll also need extra money to pay your closing costs.   You’ll need extra cash on hand to pay for the following   Legal fees for your lawyer Disbursements that your lawyer incurs during the transaction Title insurance If you have less than ...Read More

By: Thomas Cook

Condo Sales Get The Most Year-Over-Year Appreciation

Condo Sales Get The Most Year-Over-Year Appreciation

Sales were up 2.4% for June compared to last year with 8,082 houses and condominiums changing hands in all the districts.  This was the 2nd lowest number of sales for the month since June 2003. Condo townhouse and high-rise suites took a high 35.4% share of the market with 2,864 units being sold. The June average sale price for all GTA homes came in at $807,871 – this was a modest 2% increase from one year ago.  Considering that May/June 2017 was the turning point in last year’s crazy market, if instead you compare 2018 with 2016 (with an average of $746,961), this year’s average was still up 8.2% in that 2-year period.  The active listing inventory is one...Read More