By: Thomas Cook

Beware Of Awkward Sensory Experiences Destroying Your Sale

Beware Of Awkward Sensory Experiences Destroying Your Sale

How do you think your condominium suite, or building for that matter, will stand up to an examination by every buyer’s senses… sight, smell, hearing, feel and taste?  Well, maybe not taste so much but certainly by the other four. Prospective purchasers will have all four of those senses turned on high when they enter your building, take the elevator to your floor and then enter into your suite.  Because your home is new to them, they’re excited to experience what it would be like to live there full time. When you are finalizing your preparations to put your home on the market, take two tours of your residence… one in the daytime and the other at night&he...Read More

By: Thomas Cook

October… A Month Of Superlatives

October… A Month Of Superlatives

Hi, I’m Thomas Cook from Toronto's Real Estate Team at RE/MAX and here is our October 2021 Toronto real estate market report.   The average sale price set a new record as active listing inventory tanked during October.   Let’s review some of the Toronto Real Estate Board statistics and see what’s happened.   October numbers came in strong with 9,783 sales of houses and condos across the GTA.  This is the second highest number of sales for October since 2000. An ultra-low supply of inventory contributed to keeping appreciation high.   Sales were down 7% overall from October 2020 although last year the market really took off in the fall.   Co...Read More

By: Thomas Cook

Welcome Home: 8 Tips to Turn Your Neighbourhood Into a Hometown Haven

Welcome Home: 8 Tips to Turn Your Neighbourhood Into a Hometown Haven

"Communities work better (students perform better, crime rates are lower, kids are safer, people live longer) when neighbours know one another better. Knowing your neighbour on a first-name basis...is a surprisingly effective first step."  While advancements in technology have made it possible for us to connect with people from around the world, numerous studies show that it has led to a decline in face-to-face interactions.   Places where we used to strike up casual conversations—such as a doctor’s office waiting room, bus stop or grocery line—are now filled with people looking at their smart phones, barely acknowledging those around them.   E...Read More

By: Thomas Cook

IF You Have LESS Than 20% Down Payment, You Must Qualify Using The Stress Test To Get A Lower Rate…

IF You Have LESS Than 20% Down Payment, You Must Qualify Using The Stress Test To Get A Lower Rate…

Bank of Canada rules have for several years now changed a lot of details about how large of a mortgage both high-ratio borrowers with less than 20% down AND borrowers with more than 20% down can be approved for.  The Bank of Canada (BoC) has dictated that high-ratio borrowers must qualify at the BoC rate determined by them, even if you can get a mortgage for 2% - 3% less.  As an example, look at the amount you qualify for if you earned $100,000 annually either by yourself or combined with a partner with the current BoC qualifying rate of 5.25%. In the mortgage market now, it's common to be able to get a 5-year fixed, 25-year amortized mortgage of about 2.3% to 2.4%. That &...Read More

By: Thomas Cook

Low listing inventory = Highest ever average sale price

Low listing inventory = Highest ever average sale price

Hi, I’m Thomas Cook from Toronto's Real Estate Team at RE/MAX and here is our September 2021 Toronto real estate market report.   There was a 49% drop in the listing inventory during September as buyers came back from summer vacations.   Let’s review some of the Toronto Real Estate Board statistics and see what’s happened.   September numbers came in strong with 9,046 sales of houses and condos across the GTA.  This is the third highest number of sales for September since 2000. A low supply of inventory contributed to keeping appreciation high.   Sales were down 18% overall from September 2020 although last year the market really took off that m...Read More

By: Thomas Cook

Why Real Estate Investing Makes (Dollars and) Sense

Why Real Estate Investing Makes (Dollars and) Sense

INTRODUCTION   Turn on the television or scroll through Facebook, and chances are you’ll see at least one advertisement for a group or “guru” who promises to teach you how to “get rich quick” through real estate investing. The truth is, much of what they’re selling are high-risk tactics that aren’t a good fit for the average investor. However, there is a way to make steady, predictable, low-risk income through real estate investing. In this blog post, we’ll examine the tried-and-true tactics that can be used to increase your income, pay off debt … even fund your retirement!   WHY INVEST IN REAL ESTATE?   One of the basic p...Read More

By: Thomas Cook

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 parking, the building foundations, the central he...Read More

By: Thomas Cook

Home Seller Timeline Explained

Home Seller Timeline Explained

People approach selling their properties with multiple timelines… some make a snap decision and want it on the market the day after tomorrow while others know the time is coming and they give themselves a few weeks and sometimes even a month or two to get the home prepared for sale.   There is certainly no minimum built into the system.  A home owner could sign the paperwork tonight and be on the MLS tomorrow morning - maybe not the best idea because the marketing might not be complete, or even started, but it could be done.   The selling process works best if you allow some lead time before the listing is loaded onto the Toronto Real Estate Board (TREB) MLS system. &nb...Read More

By: Thomas Cook

Mortgage Qualification Chart Learn How Much You Can Borrow

Mortgage Qualification Chart Learn How Much You Can Borrow

As of January 1 2018 all new mortgages (regardless of down payment amount) in Canada MUST have a stress test applied to them at the time of approval.   Regardless of the actual interest rate being offered by a lender, the borrower MUST qualify for the new mortgage at the Bank Of Canada (BoC) Rate OR the rate offered the consumer PLUS 2%.   This ‘Affordability Chart’ is based on the borrower’s gross income and using the current Bank Of Canada rate of 5.19%.  If the ‘actual’ mortgage rate being offered to the borrower is higher than 3.19%, then the borrower will automatically have to qualify at that rate PLUS 2.0%.    For example...Read More

By: Thomas Cook

The Consumer’s Guide to Hiring an Amazing Real Estate Agent

The Consumer’s Guide to Hiring an Amazing Real Estate Agent

When you’re buying or selling a home, it’s crucial to work with a qualified real estate agent. Not just a professional, but an amazing agent and a market expert. So how do you ensure you’re hiring an amazing real estate agent?   There are currently more than 55,000 real estate professionals registered with the Toronto Regional Real Estate Board.  With so many options to choose from, how does a prospective house or condo buyer or seller choose the right agent or broker?  According to TRREB, trust and reputation are the top deciding factors consumers use when hiring an agent.   But how do you measure trust and reputation... and what criteria can be used to...Read More