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

By: Thomas Cook

Record April Toronto Sales But Numbers Lower Than March

Record April Toronto Sales But Numbers Lower Than March

Hi, I’m Thomas Cook from Toronto's Real Estate Team at RE/MAX and here is our APRIL 2021 Toronto real estate market report.   The Toronto real estate market has AGAIN hit a number of records including the highest ever April total home sales plus the 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 April with a record 13,663 sales of houses and condos across the GTA.  The next closest to this was way back in 2016 when we had 12,016 sales.  Low interest rates and high demand are continuing to bo...Read More

By: Thomas Cook

Closing Costs For The Condo Seller

Closing Costs For The Condo Seller

There’s a lot to think about when you’re moving, so many of us forget to investigate the various costs associated with closing a deal.   Following is a summary, which was prepared with the assistance of a legal expert, that will give you a guideline for some of the costs you may incur when you are selling your condominium.   Generally, the closing costs associated with a sale are substantially less than those involved in a purchase.   Here’s The List...   Real Estate Commissions plus HST   Real estate commissions for agents working in the Toronto area are typically in the range of 4% to 5.5% of the sale price of the property, plus HST.   Legal ...Read More

By: Thomas Cook

Toronto house and condo sales numbers both hit records

Toronto house and condo sales numbers both hit records

  Hi, I’m Thomas Cook from Toronto's Real Estate Team at RE/MAX and here is our MARCH 2021 Toronto real estate market report.   The March Toronto real estate market has AGAIN hit a number of records including the highest ever average sale price and the highest ever number of 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 March with a record 15,652 sales of houses and condos across the GTA.  The next closest to this was way back in 2017 when we had 11,959 sales.  Low interest rates and high demand are continuing to boost our l...Read More

By: Thomas Cook

How to Amp Up The Resale Value of Your Home

How to Amp Up The Resale Value of Your Home

Whether you're putting your home on the market this year or in the next five years, it is a smart decision to start building your home's resale value now. Here are some ways to create a comfortable home while making it easier to put more money into your bank account on closing day.   Small Maintenance and Repairs   If you think that home maintenance on the weekends wastes your time and energy, think again. The small chores you do around your home prevent it from losing value. Neglecting small maintenance and repairs causes 10% of your home's value to walk out your door and slip through your windows. Most appraisers claim that homes showing little to no preventative main...Read More

By: Thomas Cook

Important Tips When Buying A Tenanted Condo

Important Tips When Buying A Tenanted Condo

With the condominium rental market so strong in Toronto, there’s a high probability that the condo you look at and fall in love with will be tenanted.   There are some advantages for you to look at tenanted suites IF you have a bit of imagination.    Why is this important?  Well, one reason is that a good proportion of tenanted suites will not show as well as an owner-occupied condo unit.  This will put off a number of prospective buyers who cannot see ‘through the dust’ as it were and give you a better chance to negotiate a good price.   If you like the layout and location of the condo unit, usually all that’s needed to make it show real...Read More

By: Thomas Cook

Toronto Home Prices Hit Highest EVER $$

Toronto Home Prices Hit Highest EVER $$

Hi, I’m Thomas Cook from Toronto's Real Estate Team at RE/MAX and here is our FEBRUARY 2021 Toronto real estate market report.   The February Toronto real estate market has hit a number of records including the highest ever average sale price and the highest ever number of 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 February with a record 10,970 sales of houses and condos across the GTA.  The next closest to this was way back in 2017 when we had 7,950 sales).  Low interest rates and high demand are continuing to boost our local ...Read More

By: Thomas Cook

Is the Real Estate Market Going to Crash?

Is the Real Estate Market Going to Crash?

While many areas of the economy have contracted, the housing market has stayed remarkably strong. But can the good news last?   When COVID-related shutdowns began in March, real estate brokers and clients scrambled to respond to the shift. Record-low interest rates caused some lenders to call a halt to new underwriting, and homeowners debated whether or not to put their houses on the market. However, those first days of uncertainty ushered in a period of unprecedented growth in the Canadian residential real estate market, which currently accounts for a record-setting 9% of the country’s overall economic output.   Now, as the spring market approaches, you may be wondering whet...Read More