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

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

Did You Know Condo Maintenance Fees Can Increase?

Did You Know Condo Maintenance Fees Can Increase?

According to a 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 condo may be larger and more complex than many buyers may rea...Read More

By: Thomas Cook

Market is taking a slight pause…

Market is taking a slight pause…

Hi, I’m Thomas Cook from Toronto's Real Estate Team at RE/MAX and here is our March 2022 Toronto real estate market report.   It seems the 1.5% increase in 5-year mortgage money over the last 6 months has finally influenced our market.   Let’s review some of the Toronto Real Estate Board statistics and see what’s happened.   March numbers came in third historically with 10,955 sales of houses and condos across the GTA.  Although 30% below the strong start of 2021, sales surpassed most previous March results.  An ultra-low supply of inventory contributed to keeping appreciation high.   Condo townhouse and high-rise suites had the 3rd highest...Read More

By: Thomas Cook

Toronto home buyers have a difficult slog...

Toronto home buyers have a difficult slog...

Hi, I’m Thomas Cook from Toronto's Real Estate Team at RE/MAX and here is our February 2022 Toronto real estate market report.   Again, the most noteworthy February statistic is the highest-ever average sale price that was attained.   Let’s review some of the Toronto Real Estate Board statistics and see what’s happened.   February numbers came in second historically with 9,097 sales of houses and condos across the GTA.  Although 17% below the strong start of 2021, sales surpassed most previous Januarys.  An ultra-low supply of inventory contributed to keeping appreciation high.   Condo townhouse and high-rise suites had a record high percen...Read More

By: Thomas Cook

Being Beautiful Matters No Matter The Size

Being Beautiful Matters No Matter The Size

Typical condominium bathrooms are not large, unless you’re in a 1,500 sf+ suite, but, no matter the size, you still want your bathroom(s) to show well. When we, or a tenant, are in residence, it’s normal for countertops to become cluttered with personal hygiene items, the sink to show the stains from an electric toothbrush spray and the shower area to display old soap residue and maybe even bits of black mould on the grout between tiles.  But for sure that’s not how we want it to look when you open up your home to buyers. The presentation goal is to do a bathroom makeover comprised of a thorough cleaning of walls, ceilings, floors and fixtures, a fix-up of any missin...Read More

By: Thomas Cook

What’s it going to take to SLOW this market?

What’s it going to take to SLOW this market?

Hi, I’m Thomas Cook from Toronto's Real Estate Team at RE/MAX and here is our January 2022 Toronto real estate market report.   The most noteworthy January statistic is the highest-ever average sale price that was attained.   Let’s review some of the Toronto Real Estate Board statistics and see what’s happened.   January numbers came in strong historically with 5,636 sales of houses and condos across the GTA.  Although 18% below the strong start of 2021, sales surpassed most previous Januarys.  An ultra-low supply of inventory contributed to keeping appreciation high.   Condo townhouse and high-rise suites had a record high percentage of to...Read More

By: Thomas Cook

Easy And Most Effective Affordability Measurement

Easy And Most Effective Affordability Measurement

Creating a budget before you buy a condo or house is crucial to keeping your financial house in order.   You don’t want to get yourself into a situation where you are ‘house poor’ and not able to enjoy your new home.   You’ll want to consider every expense that you currently incur monthly to see where you spend your money now and then work out where you might be able to save money and cash flow in the future.   Remember, it’s only human nature to downplay how much things cost, but resist the impulse.   Be realistic about what you spend daily, weekly and monthly, because if the final figure is underestimated, you could find yourself in a finan...Read More

By: Thomas Cook

Get A Credit Card For Your Mortgage

Get A Credit Card For Your Mortgage

At a time in our market cycle when multiple offers are common and sellers are in control of the offer process, it’s more important than ever to secure your financing commitment before you start going out to look at homes.   But there’s a misconception about what that secure commitment entails.   What many banks do when qualifying a buyer for a mortgage is to just ask a few questions such as, “What is your annual income?”, and, “What are your debts?”.  Then they will give you one of two things... a verbal quotation on how much you can borrow OR a written “Quick Qualifier”.   The problem with both of these is that they are con...Read More

By: Thomas Cook

Finally, 2021 is over the horizon

Finally, 2021 is over the horizon

Hi, I’m Thomas Cook from Toronto's Real Estate Team at RE/MAX and here is our December 2021 and year-end Toronto real estate market report.   The most noteworthy December statistic is the lowest-ever number of active listings there were at the end of the month… a mere 3,232 across the entire GTA.   Let’s review some of the Toronto Real Estate Board statistics and see what’s happened.   December numbers came in strong historically with 6,031 sales of houses and condos across the GTA.  Although 16% below the strong end of 2020, sales surpassed most previous Decembers.  An ultra-low supply of inventory contributed to keeping appreciation hig...Read More