By: Thomas Cook

What If You're Not A Canadian Citizen... Can You Still Get Financing?

What If You're Not A Canadian Citizen... Can You Still Get Financing?

There are definitely ways for non-citizens to arrange financing for real estate purchases in Canada.  These rules are divided according to the immigration status of the mortgage applicant.   New To Canada - Permanent Residents   Client Profile   Applicant must be in Canada less than 5 years   Must have established residence in Canada and obtained Permanent Residence Status   Minimum 3 months of full time employment   Down Payment   All monies must be in a Canadian bank account for 30 days prior to closing   Insured: Minimum 5% to a maximum of $1 million purchase price   Minimum 20% for greater than $1 million   Uninsured: 35% Additional...Read More

By: Thomas Cook

What Conditions Your Condo Offer Should Have

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...Read More

By: Thomas Cook

Great Advice When Closing Dates Don't Match

Great Advice When Closing Dates Don't Match

GREAT ADVICE WHEN CLOSING DATES DON’T MATCH   If you’re buying a new home and selling an existing property at the same time in today’s busy market, you’ll often not be able to match up the closing dates on both homes so that you move out and move in on the same day.     On the buy side, you have to cater to what closing date the seller wants and when selling yourself, you might want to choose an offer that’s significantly better for you monetarily but doesn’t have the perfect matching closing date as your purchase.   In fact, many clients of ours have chosen to deliberately set the closing dates one to three weeks apart f...Read More

By: Thomas Cook

Want To Buy A Fixer-Upper But Don't Know How To Pay For The Renos?

Want To Buy A Fixer-Upper But Don't Know How To Pay For The Renos?

Are you contemplating purchasing a condo or house which needs some immediate renovations?   The problem for many buyers is to find the cash to do the reno.  There’s a big demand on your cash reserves for the down payment, closing costs often including two land transfer taxes and then moving costs and light fix-ups.   However, there is a way to get the funds to do your required renovations without depleting all your cash or supplementing the funds you have already or without drawing down on your more expensive line of credit or credit cards.     The program is called Purchase Plus Improvements.  The program is not meant to fix deficiencies however.&nbs...Read More

By: Thomas Cook

Steady as she goes…

Steady as she goes…

Sales were down 14.7% for November compared to last year with 6,251 houses and condominiums changing hands in all the districts.  This was the lowest number of sales for the month since 2012.   Condo townhouse and high-rise suites took a significant 38% share of the market with 2,365 units being sold.   The November average sale price for all GTA homes came in at $788,345 – this was a modest 3.5% increase from one year ago.  This was just fractionally above the average two years ago in November.   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 November ...Read More

By: Thomas Cook

Why Condo Fees Go Up

Why Condo Fees Go Up

DID YOU KNOW CONDO MAINTENANCE FEES CAN INCREASE?   According to a new 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 ...Read More

By: Thomas Cook

How To Make Awesome Decisions When Selling And Buying Together

How To Make Awesome Decisions When Selling And Buying Together

HOW TO MAKE AWESOME DECISIONS WHEN SELLING AND BUYING TOGETHER   Sometimes we forget that most people aren't just a buyer or seller when it comes to real estate. The majority of those in the home buying or home selling process - with the exception of first-time buyers - are actually doing both at the same time, which can be a bit overwhelming. It is often a bit of a "chicken or the egg" question for homeowners: whether they should focus on selling their home first and then buying a home, or buy first and sell once they've secured a new one. The perceived dilemma is that if you sell first, you might not have anywhere to live while you look for your new home. If you bu...Read More

By: Thomas Cook

Becoming A Toronto Property Investor

Becoming A Toronto Property Investor

BECOMING A TORONTO PROPERTY INVESTOR   Buying a rental property is a great way to increase wealth and invest in the real estate market.   A little planning and using a real estate professional along with a mortgage professional will help make this process a smooth and successful one.   Every market is different but the basic goal is the same… how to have your money make you money.   With a rental property, lenders consider not only the borrower’s income, expenses and their credit rating but the rental potential of the property itself.   If you’re looking at purchasing a multi-unit building (up to 4 units), an analysis of the income and expenses pla...Read More

By: Thomas Cook

Have We Turned A Corner?

Have We Turned A Corner?

Sales were up 6% for October compared to last year with 7,492 houses and condominiums changing hands in all the districts.  This was the 2nd lowest number of sales for the month in the past 5 years. Condo townhouse and high-rise suites took a significant 35.4% share of the market with 2,653 units being sold. The October average sale price for all GTA homes came in at $807,340– this was a modest 3.5% 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 October 2016 (with an average of $762,747), this year’s average was still up 5.8% in that 2-year p...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