By: Thomas Cook

Toronto's Market Stabilized In August With Fewer Listings

Toronto's Market Stabilized In August With Fewer Listings

Hi, I’m Thomas Cook from Toronto's Real Estate Team at RE/MAX and here is our August 2022 Toronto real estate market report.   Fewer listings in August caused the market to sustain some momentum resulting in a flat average sale price month over month.   Let’s review some of the Toronto Real Estate Board statistics and see what’s happened.   The last time August sales numbers came in this low (5,627 sales of houses and condos across the GTA), at the end of a summer market was all the way back in 2002, 20 years ago.  This was 34% below August sales in 2021.   Condo townhouse and high-rise suite sales mirrored that of the overall market and were lo...Read More

By: Thomas Cook

This summer is a write-off but what’s the outlook for the fall?

This summer is a write-off but what’s the outlook for the fall?

Hi, I’m Thomas Cook from Toronto's Real Estate Team at RE/MAX and here is our July 2022 Toronto real estate market report.   July gave us some sales numbers that were the lowest in over two decades. How long will this last and when will a recovery (of sorts) start?   Let’s review some of the Toronto Real Estate Board statistics and see what’s happened.   The last time July sales numbers came in this low (4,912 sales of houses and condos across the GTA), at the end of a typical busy spring market was all the way back in 2000, 22 years ago.  This was 47% below July sales in 2021.   Condo townhouse and high-rise suite sales mirrored that of the ove...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

Dramatic Market Shift – Are We At The Bottom Now?

Dramatic Market Shift – Are We At The Bottom Now?

Hi, I’m Thomas Cook from Toronto's Real Estate Team at RE/MAX and here is our June 2022 Toronto real estate market report.   We’ve seen a dramatic shift in our Toronto market over the last few months as sales have dropped and listing inventory has risen.  Have we hit bottom yet?   Let’s review some of the Toronto Real Estate Board statistics and see what’s happened.   The last time June sales numbers came in this low (6,474 sales of houses and condos across the GTA), at the end of a typical busy spring market was all the way back in 2000, 22 years ago.  This was 41% below June sales in 2021.   Condo townhouse and high-rise suite sales...Read More

By: Thomas Cook

Bright Ideas For Making Successful Lighting Choices

Bright Ideas For Making Successful Lighting Choices

Unfortunately many condo builders simply install the cheapest ceiling fixtures possible when they construct and sell suites so it’s up to the owner to make some lighting changes that will enhance the buyer’s experience. Remember, if the buyer can’t see it, they’re not going to like it. The first step is to enhance any natural light that’s available.  Heavy window coverings should be pulled back all the way, shutters should be opened and vertical/horizontal blinds set for maximum light. In most cases you should do this day and night if there’s a view out your windows.  In an ideal world, you’d have blinds that adjust from the bottom up AN...Read More

By: Thomas Cook

Avoid Anxiety When Applying For A FULL Mortgage Pre-Approval

Avoid Anxiety When Applying For A FULL Mortgage Pre-Approval

A pre-approval VS a full mortgage pre-approval… they sound the same but they’re very different.   Every realtor has had a client who thinks they have been pre-approved only to find out they cannot qualify for the homes they have been looking at.  Often this does not become clear until the buyer has wasted way too much of their time looking at properties they have no chance of qualifying for.   And often clients get a pre-approval certificate from a bank that has a long list of conditions attached.    What many banks do when qualifying a buyer for a mortgage is to just ask a few basic questions such as, “What is your annual income?”, and, &ld...Read More

By: Thomas Cook

Our Market Is In Transition With Likely 3 Phases

Our Market Is In Transition With Likely 3 Phases

Hi, I’m Thomas Cook from Toronto's Real Estate Team at RE/MAX and here is our May 2022 Toronto real estate market report.   As the Bank Of Canada raises their prime rate, inflation remains strong and the war in Ukraine continues.  How will this impact our local real estate market?   Let’s review some of the Toronto Real Estate Board statistics and see what’s happened.   The last time May sales numbers came in this low (7,283 sales of houses and condos across the GTA), in the midst of the typical busy spring market was back in 2020 in the midst of the Covid pandemic.  This was 39% below May sales in 2021.   Condo townhouse and high-rise suit...Read More

By: Thomas Cook

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 more optional for a high-rise apartment because it doesn’...Read More

By: Thomas Cook

3 Improvements NOT To Do Before Selling Your Home

3 Improvements NOT To Do Before Selling Your Home

It’s tempting… install new hardwood floors, add in a new granite countertop, build in new closet organizers, hang new window coverings… all the things you’ve always wanted to do to your suite. A typical buyer often has three problems when it comes to doing renovations, and this especially applies to first-time buyers who have no experience whatsoever.   First, the thought of doing any renos scares them because they have no idea what things cost and they almost always estimate the expense as twice as much as it really is.  Second, they’re often busy, busy people and have no time to do things themselves and third, after paying their down payment and ...Read More

By: Thomas Cook

Finally… Some relief for buyers

Finally… Some relief for buyers

Hi, I’m Thomas Cook from Toronto's Real Estate Team at RE/MAX and here is our April 2022 Toronto real estate market report.   As 5-year fixed rate mortgages hit 4.09%, the Toronto market is finally taking notice and sales are slowing.   Let’s review some of the Toronto Real Estate Board statistics and see what’s happened.   The last time April numbers came in this low (8,008 sales of houses and condos across the GTA), in the midst of the typical busy spring market was back in 2018.  This was 41% below April sales in 2021.   Condo townhouse and high-rise suite sales mirrored that of the overall market and were lower by 36%.  Overall, 2,825 u...Read More