Blog

Available Condo Rentals In Toronto Tightening

There were 5.8 per cent fewer condominium rental transactions in the fourth quarter of 2016 compared to the same time in 2015 – but according to the Toronto Real Estate Board, this is due to a tightening supply and not a decline in demand.   “We have talked a lot over the past year about a lack of inventory for ownership housing,” said the president of the Toronto Real Estate Board, Larry Cerqua, in a press release. “What is less well known is the fact that rental market conditions also tightened over the past year. Competition between renters has increased, leading to very strong year-over-year growth in average rents.”   The average rent for a one-be...Read More

Ontario First Time Home Buyer Rebate Doubled

As of January 1, 2017, a first-time home buyer in Ontario will be eligible for an up to $4,000 Land Transfer Tax rebate – up from the previous $2,000.   This means that no Province of Ontario Land Transfer Tax is paid on the first $368,000 of the purchase price of a home.   Whether you’ll use the rebate to pay down your mortgage, renovate your bathroom, purchase new appliances or pay your closing costs, the rebate is sure to be great news for first-time home buyers.   To qualify:   You must be at least 18 years old You (and your spouse) are buying your first home  This home will be your principal residence You are a permanent resident of Canada or C...Read More

New Mortgage Rules Delaying First-Time Buyers In Ontario

The Ontario Real Estate Association has released the results of its most recent semi-annual Home Ownership Index, finding that the new mortgage rules introduced in October that puts a higher mortgage interest rate on buyers who have a down payment under 20% will delay home ownership for almost half of the first-time buyers in Ontario.   “Our survey indicates that the new stress test will have a negative impact on first-time buyers’ ability to buy a home,” said the CEO of the Ontario Real Estate Association, Tim Hudak, in a press release. “It’s important to remember who’s being affected by measures that curb housing demand – a young family lookin...Read More

When (or how) will it end… or at least slow down?

Sales were up dramatically for December compared to last year with 5,338 houses and condominiums changing hands in all the districts. Sales were actually up 23% above the last 5-year monthly average.   Condo townhouse and high-rise suites took a 39.4% share of the market with 2,101 units being sold.  This percentage of the overall market is a bit above average for November.   The December average sale price for all GTA homes came in at a record breaking $730,472 – a significant 20% higher than last year.   Interestingly, sales and competition for condo suites has now brought the high-rise market into extremely high demand.   The active listing inventory is one ...Read More

Moving To A New Home With Children

It’s easy, as an adult, to see all of the positive and exciting aspects of moving to a new house – maybe it’s bigger and you have more space - maybe you’ll finally have that home office you’ve always wanted. Perhaps it’s closer to work and you won’t have to endure a grueling commute any more, or it’s in a great neighbourhood close to many of the things you enjoy.   It’s also easy, as an adult, to not be as hung up on the downsides of moving away. You can keep in touch with friends on social media or pick up the phone, and you also have the freedom to drive wherever you’d like. It’s also likely that the people you see each...Read More

4 More Things To Think About When Buying A Home

Buying a home can seem overwhelming if it’s your first time doing so. Here are four more things to consider before buying a home to help you familiarize yourself with the process, as a follow up to our previous article 4 Things to Consider When Buying A Home.   How Do Mortgages Work?   Doing a bit of extra research into mortgages and both the process of getting one and what it means to have a mortgage month-to-month is a good idea. There are different types of mortgages and multiple structures available, as well as various laws and regulations surrounding how they operate – which have changed over the last few years.   How Do You Find A Home?   Your agent will...Read More

Considering Buying A Home or Condo? Here’s 4 Things To Consider

Buying a home seems like it could be something simple and straightforward, but there are many different variables at play that can result in a first-time home buyer feeling like a fish out of water.  Here are four different things to consider and familiarize yourself with before you begin the process.   Your Credit Score   You should check your credit score and report, which are two separate things, at least once a year. This is even more important when you’re considering buying a home, because these two things offer lenders a snapshot of your financial situation. Even if you’ve checked it in the past, having a mistake on your credit report than negatively impacts ...Read More

Did you expect this? – It’s as if the season doesn’t matter !!

Sales were up dramatically for November compared to last year with 8,547 houses and condominiums changing hands in all the districts. Sales are actually up 30% above the last 5-year monthly average.   Condo townhouse and high-rise suites took a 35% share of the market with 3,010 units being sold.  This percentage of the overall market is a bit above average for November.   The November average sale price for all GTA homes came in at a record breaking $776,684 – a significant 22.7% higher than last year.   Interestingly, sales and competition for condo suites has now brought the high-rise market into high demand.   The active listing inventory is one of the stro...Read More

New Ontario Legislation Would License Home Inspectors

A private members bill called the Putting Consumers First Act has been introduced in Ontario, and it covers a number of different service transactions, including home inspectors – which are not currently regulated. The bill would license home inspectors and create an administrative body to handle enforcement and complaints, as well as create a code of ethics. Home inspection reports and contracts would be standardized across the province.   In addition to regulating home inspectors, the bill intends to ban more aggressive or misleading door-to-door sales like those for air conditioners or hot water heaters.   Contractors between consumers and contractors for things like home...Read More

Avoiding Surprises When You Buy Your First Home In Toronto

One of the best ways to avoid surprises and protect yourself during the home buying process is the have a reputable and experienced real estate agent on your side. In any home transaction, your real estate agent is there to help you understand the process and protect you during it. But knowing and understanding more about the process yourself is always a great idea, especially since November is Financial Literacy Month.   Pre-Approval   A real estate agent isn’t the only professional whose advice and services you may seek when buying a home. For example, you will also likely visit a mortgage professional for a mortgage pre-approval. This is another way to avoid some of the mo...Read More