By: Thomas Cook

Create A Down Payment Even If You Have Zero Saved Right Now

Create A Down Payment Even If You Have Zero Saved Right Now

We Have Some Creative Ways Which Might Help!    Phil and Laura called our Hotline about an article that was in one of our recent newsletters. The article that sparked their interest was entitled “Contrary To Popular Belief… You CAN Buy A Home With Almost ‘Zero’ Dollars Down”.   They wanted to know how this would work as the house they were renting was being sold and they were looking at the cost of moving and having to pay at least $2,200 per month to rent something else!   A brief conversation on the phone got them excited about the possibilities of buying instead of paying rent. At the Buyer Consultation which followed a few days later, on...Read More

By: Thomas Cook

Do Condo Owners Need Insurance?

Do Condo Owners Need Insurance?

There are two kinds of insurance when it comes to a condominium.   The first is insurance for the entire condominium building including the suites and the common elements.  It includes coverage for interior suite features, such as granite counters, kitchen cabinets, hardwood floors etc IF they were installed originally by the builder.  The building insurance covers the replacement or repair of any of these elements due to fire, flood or any other kinds of damage.   But what that insurance doesn’t cover are the condo owner’s property inside the suite in case of fire, smoke or water damage, nor liability if someone in your unit is injured and sues you. It also d...Read More

By: Thomas Cook

Get Ready... Showings Start Tomorrow 10 am

Get Ready... Showings Start Tomorrow 10 am

Every seller’s primary goal is to get the most money possible for their home.  After 36+ years helping Toronto seller’s and buyers, that is an absolute truth.   Another truth is the more you make your home available for buyer agents and their clients to view the interior, the more interest we can generate and, in all probability, the better price we will get.   I’ve had some homeowners, and some tenants, want to tightly restrict the showing times for their listing and this always hurts the seller’s chance at getting the action they need to sell high.   So why do we want a wide range of showing times?  Simple.  Buyers work all hours a...Read More

By: Thomas Cook

Worst Annual Sales Numbers In A Decade... 

Worst Annual Sales Numbers In A Decade... 

  Sales were down 22.5% for December compared to last year with 3,781 houses and condominiums changing hands in all the districts.  This was the lowest number of sales for the month since 2012.   Condo townhouse and high-rise suites took a significant 39.4% share of the market with 1,489 units being sold.   The December average sale price for all GTA homes came in at $750,180 – this was a very modest 2.1% increase from one year ago.  This was just fractionally above the average two years ago in December.   The active listing inventory is one of the strongest indicators of how slow or fast the market has been moving.  The inventory average for the mon...Read More

By: Thomas Cook

What If You're Not A Canadian Citizen... Can You Still Get Financing?

What If You're Not A Canadian Citizen... Can You Still Get Financing?

There are definitely ways for non-citizens to arrange financing for real estate purchases in Canada.  These rules are divided according to the immigration status of the mortgage applicant.   New To Canada - Permanent Residents   Client Profile   Applicant must be in Canada less than 5 years   Must have established residence in Canada and obtained Permanent Residence Status   Minimum 3 months of full time employment   Down Payment   All monies must be in a Canadian bank account for 30 days prior to closing   Insured: Minimum 5% to a maximum of $1 million purchase price   Minimum 20% for greater than $1 million   Uninsured: 35% Additional...Read More

By: Thomas Cook

What Conditions Your Condo Offer Should Have

What Conditions Your Condo Offer Should Have

WHAT CONDITIONS YOUR CONDO OFFER SHOULD HAVE    Historically for house purchases, there have been two primary conditions that most offers have included.  They are conditions on   Financing Home inspection However with purchasing a condominium, a third condition is almost always included which is a condition upon a satisfactory review of the condominium Status Certificate.   If you’re buying a condominium townhouse, you’d certainly want to have an inspection which would include the exterior of the building including the roof and windows, and all the interior systems such as heating, cooling, central vac, plumbing and wiring.   A home inspection is...Read More

By: Thomas Cook

Great Advice When Closing Dates Don't Match

Great Advice When Closing Dates Don't Match

GREAT ADVICE WHEN CLOSING DATES DON’T MATCH   If you’re buying a new home and selling an existing property at the same time in today’s busy market, you’ll often not be able to match up the closing dates on both homes so that you move out and move in on the same day.     On the buy side, you have to cater to what closing date the seller wants and when selling yourself, you might want to choose an offer that’s significantly better for you monetarily but doesn’t have the perfect matching closing date as your purchase.   In fact, many clients of ours have chosen to deliberately set the closing dates one to three weeks apart f...Read More

By: Thomas Cook

Want To Buy A Fixer-Upper But Don't Know How To Pay For The Renos?

Want To Buy A Fixer-Upper But Don't Know How To Pay For The Renos?

Are you contemplating purchasing a condo or house which needs some immediate renovations?   The problem for many buyers is to find the cash to do the reno.  There’s a big demand on your cash reserves for the down payment, closing costs often including two land transfer taxes and then moving costs and light fix-ups.   However, there is a way to get the funds to do your required renovations without depleting all your cash or supplementing the funds you have already or without drawing down on your more expensive line of credit or credit cards.     The program is called Purchase Plus Improvements.  The program is not meant to fix deficiencies however.&nbs...Read More

By: Thomas Cook

Steady as she goes…

Steady as she goes…

Sales were down 14.7% for November compared to last year with 6,251 houses and condominiums changing hands in all the districts.  This was the lowest number of sales for the month since 2012.   Condo townhouse and high-rise suites took a significant 38% share of the market with 2,365 units being sold.   The November average sale price for all GTA homes came in at $788,345 – this was a modest 3.5% increase from one year ago.  This was just fractionally above the average two years ago in November.   The active listing inventory is one of the strongest indicators of how slow or fast the market has been moving.  The inventory average for the month of November ...Read More

By: Thomas Cook

Why Condo Fees Go Up

Why Condo Fees Go Up

DID YOU KNOW CONDO MAINTENANCE FEES CAN INCREASE?   According to a new study by TD Canada Trust, the majority of condo owners don’t realize that there’s a possibility their monthly condo maintenance fees could change at any time.  And they rarely, if ever, go down! The survey polled condominium buyers in Vancouver, Calgary, Montreal and Toronto, and 68 per cent of the respondents said they didn’t know that condo fees could increase any time over the course of their condo ownership. Almost 40 per cent of buyers said that they didn’t know if they could afford a significant condo fee increase.    As with houses, the financial commitment of owning a ...Read More