By: Thomas Cook

Renters for a Weekend or for a While… What’s the Best Use for Your Investment Property?

Renters for a Weekend or for a While… What’s the Best Use for Your Investment Property?

The residential rental market is now the fastest-growing segment of the housing market. In Canada, rental units now account for nearly one-third of the country’s homes, with particular demand for multi-family units, including apartments and condominiums.   At the same time, the short-term, or vacation, rental market is also booming. The popularity of online marketplaces like Airbnb, HomeAway, and VRBO has helped the short-term rental market become one of the fastest-growing segments in the travel industry.   Now, more than ever, there is an abundance of opportunity for real estate investors. But which path is best: leasing your property to a long-term tenant, or renting your ...Read More

By: Thomas Cook

How Much Mortgage Can You Afford Crunch The Numbers

How Much Mortgage Can You Afford Crunch The Numbers

Amortization schedules, 3.24 per cent five-year, closed rate, bi-weekly payments… you might know all these mortgage terms by now, but have you sat down and figured out how much condo or house your money will buy?   With the help of our mortgage calculator, it’s easy to figure out! We’re going to go through a little exercise using a five-year mortgage rate as an example. We’re choosing that term because about 90 per cent of our first-time buyer ‘Clients For Life’ opt for it. They tend to enjoy the added security of knowing what their mortgage rate will be for five years.   We’re also going to base the example on a 25-year amortization sched...Read More

By: Thomas Cook

Hidden Closing Costs

Hidden Closing Costs

HOW MUCH ARE THE ‘HIDDEN COSTS’ ASSOCIATED WITH BUYING A CONDO?   OK, you’ve got a down payment saved BUT did you know that there are significant costs associated with purchasing a house or condo?  So you not only need to have funds set aside for your down payment - a minimum of 5% of the purchase price for homes below $500,000 and approximately 7% when buying above $500K - you’ll also need extra money to pay your closing costs.   You’ll need extra cash on hand to pay for the following   Legal fees for your lawyer Disbursements that your lawyer incurs during the transaction Title insurance If you have less than 2...Read More

By: Thomas Cook

Choosing The Right Professional Agent Is Not Easy

Choosing The Right Professional Agent Is Not Easy

The Toronto Real Estate Board now has well over 56,000 licensed Realtors registered to work in the GTA area.   Of those, 78% sell less than 6 homes per year and almost 50% don’t even sell 3 homes annually.  Many of those agents are working at a full-time job for their income and try to do their real estate business on the side, part-time.   There are however a solid core of professional, full-time Realtors who do the majority of the sales in the Toronto MLS.  And there’s an even smaller group of agents who work with a ‘By Referral Only’ philosophy.   Realtors who work with this philosophy guiding their business have a keen desire to sat...Read More

By: Thomas Cook

June Sales & Average Prices Remain At Record or Near-Record Levels

June Sales & Average Prices Remain At Record or Near-Record Levels

Hi, I’m Thomas Cook from Toronto's Real Estate Team at RE/MAX and here is our JUNE 2021 Toronto real estate market report.   Don’t necessarily believe media headlines… we’ve got record or near-record sales across the GTA in houses and in condos this June along with a 17% increase in the average sale price year-over-year.   So… let’s review some of the Toronto Real Estate Board statistics and see what’s happened.   Huge numbers came in once again for June with a near-record 11,106 sales of houses and condos across the GTA.  The next closest to this was way back in 2015 and 2016 when we had over 11,900 sales each year.  L...Read More

By: Thomas Cook

Real Home Value Calculator: Assessed Value vs Market Value

Real Home Value Calculator: Assessed Value vs Market Value

Understanding a home’s true market value is about more than pictures, software assessments and price-per-square-foot. Whether you’re a current homeowner thinking of selling or are house-hunting, it’s crucial you understand what factors affect home valuation. By partnering with a local market expert, sellers will avoid pricing their house out of the market (the kiss of death in real estate) and buyers will ensure they get a good deal on their next home.   So, how do you accurately calculate a home’s value? After all, the value a home is assigned by its town or county and the one it’s given when it’s listed are often dramatically different from one anot...Read More

By: Thomas Cook

Mortgage Terminology Explained

Mortgage Terminology Explained

Sometimes when you’re reading about mortgage financing or talking to a banker or mortgage broker, it seems like they’re talking in a different language.  They may be using terminology that you’re unfamiliar with.   Here’s a short list of the most common words or phrases you might come across.   Mortgage term and amortization often get mixed up.  Amortization is the number of years that it would take to pay your mortgage off to zero if the payment and interest rate were the same all the way through.  For us today, the amortization is most commonly set at 25 years.  So if you started out today with a $500,000 mortgage, the pa...Read More

By: Thomas Cook

Record May Average Sale Price - Sales 2nd Highest Ever

Record May Average Sale Price - Sales 2nd Highest Ever

Hi, I’m Thomas Cook from Toronto's Real Estate Team at RE/MAX and here is our MAY 2021 Toronto real estate market report.   The Toronto real estate market has AGAIN hit a number of records including the 2nd highest ever May total home sales plus the 2nd highest ever condo TH and highrise suite sales during the month.   So… let’s review some of the Toronto Real Estate Board statistics and see what’s happened.   Huge numbers came in once again for May with a near-record 11,951 sales of houses and condos across the GTA.  The next closest to this was way back in 2016 when we had 12,789 sales.  Low interest rates and high demand are continuin...Read More

By: Thomas Cook

What’s Your Home Buying Power?

What’s Your Home Buying Power?

If you’re in the market for a new home or investment property, one of the first questions you’ll probably ask is, “What can we afford?” Many buyers become so caught up in how much they can afford that they don’t realize their total buying power—that is, the total amount of purchasing potential they actually have.   Buying Power Defined   Your buying power is comprised of the total amount of money you have available each month for a mortgage payment. This means the money you have each month after fixed bills and expenses. Any money you’ve saved for a down payment, the proceeds from the sale of your current home, if applicable, and the amount...Read More

By: Thomas Cook

Avoid Making These 5 Common Mortgage Application Mistakes

Avoid Making These 5 Common Mortgage Application Mistakes

These Absolute Do Nots while applying for a mortgage AND up until closing are so important that any one of them can easily bring a mortgage approval or closing to a screeching halt.   The 5 Absolute DO NOTs while applying for a mortgage are: DON’T go out and buy a new car, furniture or ANY other large purchase. If you obtain any new debt (lease or bank loan) while your loan is in process AND until you get the keys to your new condo or house, you will be asked to document any new payments and those payments will be added into your mortgage qualification calculations. This new payment could put you over the edge and you may no longer qualify for the mortgage you wa...Read More