By: Thomas Cook

What Happens At The Offer Presentation?

What Happens At The Offer Presentation?

First of all, there are two scenarios... the most common is a single buyer offering to purchase your house or condo.  The other is if multiple buyers present offers at the same time, creating a bidding war.  Each one of these has some basic similarities and some major differences. Let’s look first at the traditional single buyer situation.  The typical offer process takes about two hours of back and forth in the space of a single afternoon or evening.  It is the listing agent’s responsibility to represent the seller’s best interests throughout the process... negotiating hard to get the seller the best possible price. The listing agent should try a...Read More

By: Thomas Cook

Why Are Mortgage Rates Rising?

Why Are Mortgage Rates Rising?

Over the past month, the Bank of Canada has lowered its overnight rate by a whopping 1.5 percentage points to a mere 0.25%. Many people expected mortgage rates to fall equivalently. The banks have reduced prime rates by the full 150 basis points (bps). But, since the second Bank of Canada rate cut on March 13, banks and other lenders have hiked mortgage rates for fixed- and variable-rate loans. That's not what happens typically when the Bank cuts its overnight rate. But these are extraordinary times. The Covid-19 pandemic has disrupted everything, shutting down the entire global economy and damaging business and consumer confidence. No one knows when it will end. This degree of unc...Read More

By: Thomas Cook

#StayHome: How to Create Functional Spaces in Your Home During the Coronavirus Outbreak

#StayHome: How to Create Functional Spaces in Your Home During the Coronavirus Outbreak

Since the outbreak of the novel coronavirus (COVID-19), many of us are spending a lot more time at home. We’re all being called upon to avoid public spaces and practice social distancing to help slow the spread of this infectious disease. While it can be understandably challenging, there are ways you can modify your home and your lifestyle to make the best of this difficult situation.   Here are a few tips for creating comfortable and functional spaces within your home for work, school, and fitness. We also share some of our favorite ways to stay connected as a community, because we’re all in this together … and no one should face these trying times alone.   Begi...Read More

By: Thomas Cook

You Absolutely Positively Need To Know What These Mean

You Absolutely Positively Need To Know What These Mean

  YOU ABSOLUTELY, POSITIVELY NEED TO KNOW WHAT THESE MEAN As you get into learning the best ways to buy a home in today’s busy market, you’ll need to familiarize yourself with the terms of the business so that you will be speaking the same “language” as the real estate and mortgage financing professionals in the field! Real Estate:  Most commonly includes the sale of real property such as houses, condominiums and commercial property but also includes the rental of real estate and the sale of businesses. Real Estate Broker or Salesperson:  An intermediary between the buyer and seller who is licensed by the Province of Ontario...Read More

By: Thomas Cook

Top 5 Home Design Trends For A New Decade

Top 5 Home Design Trends For A New Decade

Whether you’re planning a simple refresh or a full-scale renovation, it’s important to stay up-to-date on the latest trends in home design. Sellers who make tasteful updates can generate increased buyer interest and, in some cases, a premium selling price. And buyers should consider which features of a home will need updating immediately (or in the near future) so they can factor renovation costs into their overall budget.   Even if you have no immediate plans to buy or sell, we advise our clients to be thoughtful about the colours, materials, and finishes they select when planning a remodel, or even redecorating. Choosing over-personalized or unpopular options could hurt a ...Read More

By: Thomas Cook

Highest Ever Average Sale Price

Highest Ever Average Sale Price

In February sales were up 45.5% compared to last year with 7,256 houses and condominiums changing hands in all the districts.   Condo townhouse and high-rise suite sales were up by 27.5% with a 33% share of the market and 2,392 units being sold.   The February average sale price for all GTA homes came in at $910,290, up 16.7% from one year ago.   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 February compared to historical numbers was lower by a huge 33.6% compared to last year at this time.   This inventory imbalance is causing price increase in many, but not al...Read More

By: Thomas Cook

The Home Buyer's Guide to Getting Mortgage Ready

The Home Buyer's Guide to Getting Mortgage Ready

Don’t wait until you’re ready to move to start preparing financially to buy a home.   If you’re like the vast majority of home buyers, you will choose to finance your purchase with a mortgage loan. By preparing in advance, you can avoid the common delays and roadblocks many buyers face when applying for a mortgage.   The Office of the Superintendent of Financial Institutions (OSFI) issued new mortgage guidelines, which went into effect at the beginning of the year and raised the standards for mortgage applicants. The requirements may seem overwhelming, especially if you’re a first-time buyer. But we’ve outlined three simple steps to get you started on ...Read More

By: Thomas Cook

What Condo Features Should You Consider When Buying?

What Condo Features Should You Consider When Buying?

(Layout, light, view, balcony, parking/locker, any upgrades necessary, % of tenants vs owners, bldg security, bldg amenities)   Buying a condo suite in a low- or high-rise building has some similarities and some differences to buying a house.  You’re not concerned directly with some of the physical attributes of the building such as the age of the roof and furnace or is there water leaking though the foundation into the basement.   Typically a buyer is more concerned with the interior of the suite and the building’s amenities and security.  You do want to know about the physical state of the building from an analysis of the Reserve Fund Study which comes with ...Read More

By: Thomas Cook

January Delivered Near-Record Y-O-Y Appreciation 

January Delivered Near-Record Y-O-Y Appreciation 

In January sales were up 15.3% compared to last year with 4,581 houses and condominiums changing hands in all the districts.   Condo townhouse and high-rise suite sales were up by 13.8% with a 38.3% share of the market and 1,753 units being sold.   The January average sale price for all GTA homes came in at $839,363, up 12.3% from one year ago.   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 January compared to historical numbers was lower by a huge 35% compared to last year at this time.   This inventory imbalance is causing price increase in many, but not all, ...Read More

By: Thomas Cook

Take Advantage of Your Home Equity: A Homeowner’s Guide

Take Advantage of Your Home Equity: A Homeowner’s Guide

  Homeownership offers many advantages over renting, including a stable living environment, predictable monthly payments, and the freedom to make modifications. Neighbourhoods with high rates of homeownership have less crime and more civic engagement. Additionally, studies show that homeowners are happier and healthier than renters, and their children do better in school.   But one of the biggest perks of homeownership is the opportunity to build wealth over time. Researchers at the Urban Institute found that homeownership is financially beneficial for most families, and a recent study showed that the median net worth of homeowners can be up to 80 times greater than that of r...Read More