By: Thomas Cook

Surprising demand as July sales and average sale price hit record highs

Surprising demand as July sales and average sale price hit record highs

Big numbers came in for July as the traditionally slower summer month showed record sales of 11,081 sales of houses and condos across the GTA.  Our real estate market seems to have thrown off the ‘Covid blues’ and bounced back bigger than ever.   Condo townhouse and high-rise suite sales were up by 8.7% with a 28.8% share of the market and 3,194 units being sold.  Although not a record, July 2020 sales were only exceeded by those in 2016 (by just 250 suites).   The July average sale price for all GTA homes came in at $943,710… a big 16.9% increase compared to one year ago.   The active listing inventory is one of the strongest indicators of how slo...Read More

By: Thomas Cook

Lowest Mortgage Rates in History: What It Means for Homeowners and Buyers

Lowest Mortgage Rates in History: What It Means for Homeowners and Buyers

The interest rate on Canada’s most popular mortgage, the five-year fixed rate, has fallen to its lowest level in history. In early June, HSBC made headlines when it began offering Canadians a five-year fixed-rate mortgage below 2%. Multiple brokers followed suit, and some are now advertising even lower rates. And while many Canadians have rushed to take advantage of this unprecedented opportunity, others question the hype. Are today’s mortgage rates really a bargain?   While discounted five-year fixed mortgage rates have hovered between 2% and 4% for the past decade, they haven’t always been so low. For a period of 18 years, from 1973 to 1991, the posted five-year mort...Read More

By: Thomas Cook

How To Avoid A Bad Credit Rating

How To Avoid A Bad Credit Rating

It may not be great now, but with a little effort—and admittedly, a lot of time—you can give your credit score a big boost.   Once a collection item hits your credit score, the damage is done. With your FICO score, the only thing that can heal your score is time.   So how do you improve your credit score? Everybody’s situation is different but here are few guidelines you need to take to heart.   Pay your bills (credit cards, vehicle loans etc.) on time - at least make the minimum payment on time and pay more with your next pay check. We know… that’s obvious but paying late by even 30 days could lower your score by between 20-40 points  &...Read More

By: Thomas Cook

Cautionary Tips If You Have A Pet

Cautionary Tips If You Have A Pet

Many Ontario residents know that in a rental building, they can have pets even if their lease has a no pets clause. Provided their pet is not a nuisance and doesn’t cause other tenants’ harm, human rights laws in Ontario override these “no pets” clauses.   However, a common misconception is that this is the case in any situation, such as in a condo. Unfortunately, if you are renting or own a suite in a condo, “no pets” rules can be enforced. But as is the case with many Toronto condos, some buildings have restrictions around pets.   While certain pets may allowed, there could be limits on the number of pets or their size or the type of pet permit...Read More

By: Thomas Cook

Toronto Average Home Prices Hit Record High In June

Toronto Average Home Prices Hit Record High In June

What a recovery!! In June, at the end of the traditionally busy spring market, sales were almost back to the busy levels from 2019 with 8,701 houses and condominiums changing hands in all the districts.   Condo townhouse and high-rise suite sales were down by 12.5% with a 28.5% share of the market and 2,479 units being sold.  This however is almost a 90% jump over May 2020 condo sales!   The June average sale price for all GTA homes came in at $930,869, up about $65,000 from the month before and a big 11.9% increase compared to one year ago.   The active listing inventory is one of the strongest indicators of how slow or fast the market has been moving.  The inventor...Read More

By: Thomas Cook

Add Value To Your Home With These 9 DIY Improvements

Add Value To Your Home With These 9 DIY Improvements

Whether you’re prepping your house to go on the market or looking for ways to maximize its long-term appreciation, these nine home improvement projects are great ways to add function, beauty, and real value to your home.   The best part is, once you’ve secured the materials, most of these renovations can be completed over the course of a weekend. And they don’t require a lot of specialized skills or experience. So grab your toolbox, then get ready to boost your home’s appeal AND investment potential!   1. Spruce Up Your Landscaping   Landscaping improvements can increase a home’s value by 10-12%. But which outdoor features do buyers care abou...Read More

By: Thomas Cook

Should You Buy A Parking Space?

Should You Buy A Parking Space?

According to a new article in the Toronto Star, condo buyers in Toronto are shifting towards a trend that sees them saying “no thanks” to parking spots more often, instead preferring to make do with public transit or appreciate many Toronto neighbourhoods’ ease of walkability. In one case, a developer interviewed by the star saw that his pre-construction buyers in a west Toronto condo, which is located next to a GO station, weren’t as interested in the four levels of parking he’d intended to build and is going to apply to the city to reduce the required parking amount. One new Toronto condo project is 42 storeys and has no parking for residents, instead having...Read More

By: Thomas Cook

Current State of Housing Markets in Canada

Current State of Housing Markets in Canada

On Monday, the Canadian Real Estate Association (CREA) released its national housing statistics for the month of May—the second full month of the COVID-19 pandemic.  While restrictions have begun to lift in many parts of the country, much remains uncertain about the real estate industry. Below, CREA’s Senior Economist Shaun Cathcart provides an update on the current state of housing markets in Canada and explains what the data means for members. May was one of those “on the one hand … on the other hand” kind of months for housing data in Canada.  On the one hand, both sales and new listings were up on a seasonally adjusted basis in May compared to...Read More

By: Thomas Cook

Why Seller's Remorse Is So Common And What To Do About It

Why Seller's Remorse Is So Common And What To Do About It

WHY SELLER'S REMORSE IS SO COMMON, AND WHAT TO DO ABOUT IT   Considering Selling Your Home But Worried You’ll Make The Wrong Decision?  Here’s How To Cope.   Almost without exception, every home owner will probably encounter this phenomenon… you’ll feel some sadness when getting your condo ready for the market and when the offer comes in and you’re faced with the reality of committing to the sale.   If you’re an investor, you typically will not have developed an emotional attachment to the home and will be treating it more specifically on a ‘dollars and cents’ basis.  If that’s who you are, you probably don&r...Read More

By: Thomas Cook

Unnecessary Step? CMHC Makes It More Difficult To Get An Insured Mortgage

Unnecessary Step?  CMHC Makes It More Difficult To Get An Insured Mortgage

Once again, the Canadian Mortgage and Housing Corporation (CMHC) is tightening the criteria to get a mortgage with less than a 20% down payment. Any potential home buyer with less than a 20% down payment must purchase default insurance on their loan and have a minimum down payment of 5%. CMHC is a federal Crown Corporation that provides such default insurance. Its mandate is to help Canadians access affordable housing options.    Providing mortgage insurance to home buyers is one of its main activities. Mortgage default insurance protects lenders in the event a borrower ever stopped making payments and defaulted on their mortgage loan--a very infrequent o...Read More