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

By: Thomas Cook

How To Avoid An Upcoming Showing Meltdown

How To Avoid An Upcoming Showing Meltdown

HOW TO AVOID AN UPCOMING SHOWING MELTDOWN What do you do when your Realtor calls and wants to show your condo in say, ½ an hour?  I guarantee that this will happen and, of course, we always want to accommodate serious showings don’t we?   Jump for joy first, since someone wants to look at YOUR home, right?  Then, panic.  As you hang up the phone, you notice that your wee one has been at it again… your condo is CLEAN, it’s just not TIDY. Now, what do you do?   Since we all know that the first impression is important, especially if you want to sell your condo for the most money in the shortest time, we have a few tips that will help you quick...Read More

By: Thomas Cook

Variable Rate Versus Fixed Rate Mortgages

Variable Rate Versus Fixed Rate Mortgages

VARIABLE RATE VERSUS FIXED-RATE MORTGAGES   There are two major types of mortgages offered to buyers in Canada.  The most common is the fixed-rate mortgage which has an interest rate that does not change over the term of the mortgage… typically one to five years.    A fixed-rate mortgage offers security to the buyer because the rate that they were approved for and can afford will not change during that time.   A variable-rate mortgage rate has the ability to float with the Prime rate and may go up or down depending on the state of our economy and the Canadian dollar.  The rate is set at Prime plus or minus a small percentage.  This rate at the init...Read More