Toronto Rental Prices are Down � But Not For Everyone

Saturday Aug 29th, 2020


Source: NowToronto.com, Radheyan SimonpillaiAug 29, 2020 Prices for new rental apartment listings went up in July, but the prices for all property types are down across the GTA. A report from TorontoRentals.com says the price for new rental listings for all property types in the GTA was down in July to 8.7 per cent annually. Condo apartment owners asked $260 less, year-over-year, for units hitting the rental market. However, the average price for rental apartments went up 1.7 per... [read more]

It Doesn�t Matter Where, Every Canadian Real Estate Market Is Seeing Big Price Growth

Tuesday Aug 18th, 2020


Source: Betterdwelling.com, Kaitlin Last, August 18, 2020 Canadian real estate buyers are shrugging off the pandemic, as a temporary inconvenience. Canadian Real Estate Association (CREA) data shows prices made a huge increase in July. Not just in known “hot” markets like Toronto, and Montreal either. Substantial monthly increases were seen in almost every real estate market across Canada.   Canadian Real Estate Prices Increased 2.34% Just Last Month Canadian real... [read more]

No Summer Slowdown in Toronto Real Estate as July Shatters Sales Record

Thursday Aug 6th, 2020


Source: CP24.com, Anita Balakrishnan , The Canadian Press July was a record-breaking month for Toronto real estate sales, as a nearly 17 per cent price spike did not stop homebuyers from making offers. “Sales activity was extremely strong for the first full month of summer. Normally we would see sales dip in July relative to June as more households take vacation, especially with children out of school,” said Lisa Patel, president of the Toronto Regional Real Estate... [read more]

CMHC Summer Market Outlook Forecast - Predications of Toronto Market to Recover by 2021 through 2022

Thursday Jul 2nd, 2020


  Learn how CMHC’s Summer Market Outlook applies to the Toronto Real Estate Market. New home construction, home sales and home prices are expected to all be back up in excellent health by 2022. Thanks for watching! Please SUBSCRIBE and LIKE this video if you gained value from it and learned something new. ———— This expands on CMHC's Spring Market Outlook. CMHC forecasts a decline in 2020 for new homes built. Sales are down by ~81%... [read more]

Weekly Toronto Real Estate Market Update #003

Monday Apr 27th, 2020


CLICK TO WATCH FULL VIDEO ON YOUTUBE: https://youtu.be/gFZIH-K0KDY What’s up everyone? I’m Fred Tam and welcome back to your weekly Toronto real estate market update. This is Episode 3. This past week, we saw homeowner confidence continue to decline. Nobody is selling homes. Ok, that’s not entirely true. There’s just under 1,500 homes for sale in Toronto right now, which is about 21% of all homes for sale in the GTA. With the number of homes for sale as low as... [read more]

Deposit Structure for Pre-Construction Condos - How Do They Work?

Thursday Apr 23rd, 2020


CLICK TO WATCH THE FULL VIDEO ON YOUTUBE: https://youtu.be/I2b8BplA3MA What’s up everyone! Welcome to another video in my series for Pre-Construction Condos. In this series, you’ll learn about every single aspect of the process that you can think of. Just a bit about myself. I’m a Realtor in Toronto and I’ve been working with pre-construction buyers, sellers and investors for several years now. This video series will answer the most commonly asked questions.... [read more]

Weekly Toronto Real Estate Market Update #002

Monday Apr 20th, 2020


CLICK TO WATCH THE FULL VIDEO ON YOUTUBE: https://youtu.be/aLrPt5Es0PE What’s up everyone! Welcome to this weeks market update. Here we have the number of homes sold every week last year (in blue) compared to this year in orange. You can see in both years that things pick up in the Spring. This is what we normally expect in any given year under regular market conditions. More homes go up for sale and more buyers enter the market. This year, you can see a huge drop in... [read more]

Weekly Toronto Real Estate Market Update #001

Monday Apr 13th, 2020


CLICK TO WATCH ON YOUTUBE: https://youtu.be/wO_2SvWVt6s SUBSCRIBE for weekly updates. Learn how the Toronto real estate market is trending with average home prices, sales volumes and, new and cancelled listings. All real estate-related news is talked about to stay current with the market trends. New videos are uploaded weekly on Mondays. Episode #001 is officially in the books! Thanks for watching this episode of the Weekly Toronto Real Estate Market Update. Fred Tam’s... [read more]

Impact of COVID-19 on the Toronto Real Estate Market

Wednesday Apr 1st, 2020


CLICK TO WATCH ON YOUTUBE: https://youtu.be/PL64Ze5_HrY Welcome to the Toronto Real Estate Market Update for April 1st, 2020. I want to share with you some of the analysis I’ve done with respect to the Toronto real estate market that has been directly or indirectly impacted by COVID-19 The average selling price in Toronto was $984,000. This is just slightly lower than the previous month’s average of $1,000,000. Although the average price dropped, prices are still... [read more]

Toronto Real Estate Market And The COVID-19 Pandemic

Tuesday Mar 31st, 2020


Please be sure to check out my video Market Report on YouTube. Click here. The average sold price in Toronto is now at $984,000. This is slightly lower than the previous month's average price of $1,000,000. Despite the changes in the economy global now due to the novel coronavirus, prices are still higher than the previous year. There has been an 18.1% increase year-over-year. New listings in Toronto have reached 4,615 in the last month, an increase from the previous month of... [read more]

Mortgage Deferral - Should I Apply??

Monday Mar 23rd, 2020


CLICK TO WATCH THE FULL VIDEO ON YOUTUBE: https://youtu.be/z6GelCaQF4s There have been a lot of questions about mortgage deferral that is currently being offered by several banks in Ontario.  Here's what I've gathered: a) for a period of up to six months b) the period would be interest-free on the front-end c) includes the full principle and interest amount that can be deferred d) at the end of six months, payments will resume with 100% of your... [read more]

Bank of Canada Interest Rate Cut

Monday Mar 9th, 2020


Borrowers will be better off, but for the millions of Canadians who are lenders, things are about to get tougher. The Bank of Canada’s decision on Wednesday to follow the U.S. and cut its key lending rate is a clear sign households will see lower borrowing costs ahead, but that’s not good news for the many millions of Canadians who are actually lenders ― even if they don’t think of themselves as such. Within hours of the Bank of Canada’s announcement Wednesday... [read more]

10 Tips to Downsizing Your Home

Thursday Feb 27th, 2020


1. Start early. Give yourself plenty of time for this process, because it will inevitably take longer than you expect. Take your time, and don’t try to sort through your entire house in one day or weekend. A couple of weeks to a month is a more realistic timeline. Take it one room at a time, and take breaks throughout .“Go through each item one by one,” says Alison Kero, CEO of ACK Organizing in Brooklyn. “It’s important to give everything you own your... [read more]

How to Simultaneously Sell Your Home and Buy Your Next One

Tuesday Feb 25th, 2020


When you’re trying to sell a house while buying your next place, things can get complicated if your closings don’t align or it takes longer to sell or buy a house than you anticipated. Buying and selling homes simultaneously can be stressful especially if you need the money from your current home’s sale to put toward your new home. A little planning and working with a Realtor can help make both transactions run more smoothly. Here are some tips to help you manage the... [read more]

Canada's Mortgage Stress Test Rate is Changing in April

Wednesday Feb 19th, 2020


The federal government is changing the stress test rate for insured mortgages starting April 6 that experts say should make it marginally easier for some buyers to purchase their first home, or owners refinancing their existing mortgages. The new minimum qualifying rate will be the greater of the borrower's contract rate or the weekly median five-year fixed insured mortgage rate from mortgage insurance applications, plus two percentage points. The stress test rate currently is the... [read more]

Get Your Home Ready For Sale

Saturday Feb 1st, 2020


Not sure how to get your house ready to sell? Fortunately, there are steps you can take before putting your home on the market to increase your chances of receiving a solid offer from a buyer. From cleaning and staging to repainting and depersonalizing, here are 11 things to do before you sell your home. How to Get Your House Ready to Sell Research your local housing market First and foremost, make sure to do your homework on the value of your home. Start by... [read more]

Five Predictions for the 2020 Canadian Real Estate Market

Thursday Jan 2nd, 2020


1. Home Sales Will Continue to Recover from 2018 Slump Zoocasa says that Canada's housing market has come a long way from its 2016-2018 boom-bust cycle. "After sustaining roughly two years of softer sales and price growth following the introduction of the federal mortgage stress test, as well as provincial taxes and policies in Ontario and British Columbia, demand for homes for sale found its footing in the second half of 2019," the blog post reads. Canada's largest... [read more]

United Way's #Unignorable Tower

Monday Nov 4th, 2019


You can't solve a problem if you don't know it exists. The latest development in United Way's #UNIGNORABLE campaign intends to make everyone aware of how many people are struggling with poverty in the GTA -- and encourage you to tackle the issues that hold too many people back. There are more people living in poverty in the GTA than anywhere else in the Canada. In a region as prosperous as ours, that often goes unnoticed. United Way wants to change that. Using augmented reality,... [read more]

Toronto Short-Term Rentals (Airbnb)

Wednesday Oct 30th, 2019


Short-term rentals are not legally permitted in Toronto. Regulations for short-term rentals are pending appeal decision by the Local Planning Appeal Tribunal (LPAT).  Once approved by the LPAT, the following short-term rental regulations will come into effect, subject to the results of the hearing. Prospective hosts for popular short-term rental service providers, such as Airbnb, will be given advance notice to submit applications licence/registration so that... [read more]

What you need to know about the Canadian First-Time Home Buyer Incentive

Monday Oct 28th, 2019


The FTHBI promises to help make real estate more affordable, but there’s a big catch: It’s a loan you have to repay with a share in your home’s growth in value. The federal government launched a new national program on September 2, 2019, that it says will help thousands of families across the country buy their first home. Aptly named the First-Time Home Buyer Incentive (FTHBI), the program offers eligible buyers up to 10% of a home’s purchase price to put toward their... [read more]

Tips for your Pre-Delivery Inspection (PDI)

Tuesday Oct 22nd, 2019


PRE-DELIVERY INSPECTION CHECKLIST The main purpose of the pre-delivery inspection (or PDI) is to make note of anything in your new home that is damaged, missing, incomplete, or that cannot be inspected at the time. Neither this checklist, put together by Tarion, nor the PDI form which your builder completes is considered by Tarion to be a valid request for warranty service. If any items are not resolved by the time you take possession of your new home, you may report them to Tarion... [read more]

Toronto Condos Are Officially More Expensive Than The Average Canadian Home

Wednesday Oct 16th, 2019


"Whether you're a first-time homebuyer or someone who wants to downgrade to something a little cheaper, condos have always been the less expensive option when it comes to living. However, a new study done by Royal LePage states that if you live in Toronto, this actually isn't the case. In fact, it turns out that Toronto condos prices are starting to become nearly as expensive as Toronto's homes, and even more expensive than the average Canadian home.  In a new... [read more]

Finishing the Unfinished Basement - Is it worth it?

Monday Sep 30th, 2019


Finishing your unfinished basement is a sure way to get more usable space while increasing the overall square footage of your home, without without having to explore larger projects like building an addition on your home. Often, an unfinished basement will be a large amount of inefficient use of space in your home.  By finishing that space to your own design, you increase the livable space in your home. Consider the following points of interest before... [read more]

Rate remains at 1.75%, Bank of Canada

Thursday Sep 5th, 2019


The Bank of Canada held interest rates steady as expected on Wednesday but said the escalating U.S.-China trade war was doing more damage to the global economy than it had forecast in July. The central bank — which has sat on the sidelines since last October — maintained its key overnight rate at 1.75 per cent and made no mention of future moves. The current level of stimulus remained appropriate, it said, reiterating the pace of Canadian economic growth would slow down in the... [read more]

Toronto Housing Bubble

Saturday Aug 17th, 2019


Why Real Estate Bubbles Happen A real estate bubble occurs in local or global real estate markets, and typically follow a land boom. This is a rapid increase in real property market price (i.e. housing) until they reach unsustainable levels that eventually lead to a gradual or rapid decline. Can real estate bubbles be identified and prevented? Housing market bubbles are more critical than stock market bubbles. Equity price busts occur on average every 13 years, last... [read more]

Transforming 310km of Toronto's Underused Space with Laneway Housing

Friday Jul 26th, 2019


New city regulations allow many homeowners to build rental suites in place of garages. The City of Toronto defines laneway suites as residential units that must have their own kitchens and bathrooms and be on the same lot as a house. By permitting homeowners to build these units, the city is hoping to add much-needed housing stock to the rental market. It currently has more than 300 km of laneways and 47,000 residential properties that abutt them.  In Vancouver, the city has allowed... [read more]

Lowest Mortgage Rate Since 2017 at 2.64%

Thursday Jul 11th, 2019


The Canadian mortgage market is heating up. Ratehub recently reported the lowest mortgage rate in the last two years at a rate of 2.64%. This rate comes at a 5-year fixed mortgage. This is excellent news for home buyers. The rates earlier this year in 2019 were 3.3 to 3.4%. This decrease over time will surely inject a healthy amount of growth to the market. The impact to the impending stress tests that home buyers face also becomes slightly easier. The stress test created a barrier of... [read more]

CMHC First Time Home Buyer Incentive Program

Tuesday Jul 9th, 2019


What The Program Is The Program was announced in March 2019 and aims to make housing more affordable for first-time Buyers in Canada. The Canada Mortgage and Housing  Corporation (CMHC) contributes part of the downpayment in exchange for sharing in the appreciation (or loss) when the home eventually sells. This becomes a shared equity arrangement. For resale homes, CMHC will contribute up to 5% towards the downpayment; for new construction homes and condos, they’ll... [read more]

Pros and Cons to Downsizing

Thursday Jun 20th, 2019


There are many reasons to buy a smaller home -- to downsize from your present home -- but sometimes a simple notion propels homeowners to trade down: Smaller might be better. The message to consumers from boardrooms across the country has always been "bigger is better." Supersize that lunch for $1 more? Sounds like a bargain. But do you really need those extra calories? Marketers urge us to buy an SUV, bring home a bigger paycheck, and get a big-screen TV. It's exhausting... [read more]

Buy a home for 5% down. What you need to know.

Sunday Jun 16th, 2019


Buy a home with only 5% Down? CMHC Any home purchased with less than 20% paid as a downpayment is dinged with mortgage insurance by the Canadian Mortgage and Housing Corporation (CMHC). This protects the bank, not you. This is there for the banks in case you default on your mortgage. Let's be honest. Banks and other lending institutions are handing out mortgages to people who probably shouldn't have qualified for what they were given. There's also a difference here... [read more]

What is Land Transfer Tax?

Friday Jun 7th, 2019


What is Land Transfer Tax? When you buy land or an interest in land in Ontario, you pay Ontario's land transfer tax. Land includes, but is not limited to, any buildings, buildings to be constructed, and fixtures (such as light fixtures, built‑in appliances and cabinetry). In addition, for certain transfers of land within the Greater Golden Horseshoe Region, a 15% Non‑Resident Speculation Tax (NRST) may apply. Land transfer tax is normally based on the amount paid for the land, in... [read more]

Bank of Canada Holds Interest Rate

Wednesday May 29th, 2019


The Bank of Canada is holding its key interest rate steady as its senior officials insist there are more signs the economy's abrupt winter deceleration was short-lived. The central bank, as widely expected, kept its trend-setting rate at 1.75 per cent today -- and governor Stephen Poloz appears to be in no hurry to make a move, even as he points to economic improvements. The bank says in a statement that there's growing evidence the economy has been re-emerging in the second... [read more]

First-Time Homebuyer? Read This Guide!

Tuesday May 14th, 2019


There are several key elements to consider when buying your first home. Some might neglect a few of these and be surprised after signing an Agreement of Purchase and Sale or upon closing. Read on to learn more.   Land transfer tax You must pay a provincial and/or municipal (if in Toronto) land transfer tax when you acquire land. It is calculated based on the purchase price, and will vary depending on which province where the land is. This applies only to resale... [read more]

What Is A Condo Assignment?

Friday Apr 26th, 2019


What is a Condo Assignment? A condo assignment is when a Seller, known as the Assignee, sells their interest in a property before they take possession. The contract they have with the Builder is sold to a new Purchaser, known as the Assignor. The actual property is not being sold since title hasn't been transferred yet, so this is not to be mistaken. Rather, what is being sold is the contract itself, along with the rights and obligations of the Agreement of Purchase... [read more]

Keeley Condos

Wednesday Apr 17th, 2019


The Keeley Condos   This is a neighborhood that most people won't think to invest in.. until now. Click here for pre-construction details. There is a huge amount of growth opportunity in the Downsview Park area. I’m not just talking about real estate either. Employment opportunities, accessibility to famous landmarks, transit, parks, and the list can go on.   Bombardier Airport Lands The airport occupies 375 acres in Downsview Park. To put... [read more]

Why have New Home Constructions Slowed Down

Sunday Mar 10th, 2019


The reason could be the mortgage stress tests that disqualifies potential homebuyers. Canadians who are looking to buy homes aren’t the only ones feeling the pinch from mortgage rules the federal government brought in last year. The rate of homebuilding in the country took a surprising tumble in February, and it’s related to mortgage stress testing, which raises requirements to qualify for a loan, says a leading economist. “Residential construction, which remained... [read more]

Ideas on Increasing Housing Supply & Affordability

Saturday Feb 9th, 2019


Note: This article was originally posted on GlobeNewsWire.com on February 6, 2019. TORONTO, Feb. 06, 2019 (GLOBE NEWSWIRE) -- Toronto Real Estate Board President Garry Bhaura announced the release of TREB’s fourth annual Market Year in Review and Outlook report, in conjunction with a morning event consisting of multiple presentations and panels concerned with the housing market and broader economy.  The media are encouraged to attend (see event details below).  TREB... [read more]

Canada's housing market still 'vulnerable' even as Toronto valuations cool, says CMHC

Friday Feb 8th, 2019


The country’s overall real estate market remains “vulnerable” despite an easing in overvaluation in cities like Toronto and Victoria in the third quarter, according to a report by Canada Mortgage and Housing Corporation. The federal agency said Thursday that this is the tenth quarter in a row where it has given the national housing market a “vulnerable” assessment. The findings in the quarterly report are based on a number of factors including the level of... [read more]

Renting vs. Buying: Why It Might Be A Good Time To Hold Off On A House Purchase

Saturday Jan 26th, 2019


It may be a good time to keep renting and save up a larger down payment. INACIOLUC VIA GETTY IMAGES | Apartment and condo buildings in downtown Vancouver. Rapid house price growth in many parts of the country means renting has become cheaper than buying on a national level for the first time in years. MONTREAL — In the long-running debate on renting versus buying, the scales have tipped a little towards renting — at least in Canada's largest cities. Rapid house... [read more]

Annual pace of housing starts in Canada falls in December

Wednesday Jan 9th, 2019


The annual pace of housing starts dropped in December, but remain at an “elevated” level when compared with historical averages, Canada Mortgage and Housing Corp. said Wednesday. The national housing agency reported the seasonally adjusted annual rate of housing starts in Canada was 213,419 units in December, down from 224,349 in November. The annual pace of urban starts dropped by 5.8 per cent to 194,594 units in December as the annual rate of multiple-unit projects such... [read more]

No App Will Ever Replace A Real Estate Agent

Sunday Jan 6th, 2019


Real estate for sale signs are shown in Oakville, Ont. on Saturday, Dec.1, 2018. Richard Buchan / THE CANADIAN PRESS Don’t expect to be shopping for your next home on Amazon anytime soon. While online shopping has become a mainstay for consumers, real estate is one market that’s avoided this technological takeover. Lang Vuong, broker-of-record for Cloud Realty in Mississauga, said the real estate agent’s role can’t be boiled down to an app... [read more]

Toronto area home sales fall to 10-year low in 2018 as number of listings dip

Friday Jan 4th, 2019


Home sales in Toronto and the surrounding area fell to a 10-year low in 2018, as the number of new listings hitting the market declined and homebuyers and sellers grappled with a new reality of higher interest rates and stricter mortgage rules. The Toronto Real Estate Board says there were 77,426 residential transactions recorded through its Multiple Listing Service (MLS) system last year, down 16.1 per cent from 92,263 sales in 2017. The last time sales were lower than this level was... [read more]

Crash? Recovery? 4 Things That Will (And Won’t) Happen In Canada’s Housing Market In 2019

Sunday Dec 30th, 2018


Some homeowners will bust out, but the market as a whole probably won't. NURPHOTO VIA GETTY IMAGES | Houses on a residential street in Toronto, Ont., Feb. 9, 2018. With house prices at astronomical levels in many cities, a growing number of Canada's would-be homebuyers are hoping for a market crash. In Vancouver, North America's least affordable housing market, a recent poll showed nearly two-thirds of residents, including many homeowners, want to see house... [read more]

Condos Are The Future — Not Single-Detached Homes

Monday Nov 19th, 2018


As we strive for affordable housing in Toronto, we need to embrace mid- to high-rise development We need to face the reality of affordable housing in Toronto, especially as we strive to retain communities and prevent gentrification. Implementing rent-to-own programs, suggested by former mayoral candidate and chief city planner Jennifer Keesmaat, is of course, a way we can provide lower-income earners and those new to the housing market an opportunity to live in and own a home in... [read more]

Canadian Residential Real Estate Investment Peaked And Is Heading For Declines

Thursday Jul 26th, 2018


Source: BetterDwelling.com, by Stephen Punwasi Peak Canadian real estate investment is behind us, according to another indicator. Statistics Canada (StatCan) numbers show residential investment as a percentage of gross domestic product (GDP) is moving lower. Taking a dive through unadjusted data, we can see this trend is primed to head much lower soon. What Is Residential Investment? Residential investment is how countries measure economic activity related to building residential... [read more]

Online brokerage TheRedPin closes its doors

Saturday Jun 16th, 2018


Source: TheStar.com, By TESS KALINOWSKI Real Estate ReporterFri., June 15, 2018   Toronto real estate start-up TheRedPin has closed its doors and is now in the hands of a receiver. The small online real estate brokerage had, in the last year, been working on a tech-based re-boot that its most recent CEO Keith McSpurren hoped would, using software and artificial intelligence, transform the real estate transaction for consumers and agents. McSpurren was not available... [read more]

Haunted by housing: Millennials let rip about their home ownership frustrations

Wednesday Jun 13th, 2018


Although house prices have soared in many places, we still to a large extent tell ourselves that home ownership is doable if you save hard and have a decent job.   It’s kind of a lie in some cities, and young adults are noticing.   A recent poll covered in this column indicated that 40 per cent of 18- to 37-year-olds believe their generation is mostly or much worse off than their parents, and 54 per cent said the economic system in Canada benefits other... [read more]

Condo Market Speculators In Toronto, Vancouver A Risk To Economy

Wednesday Jun 13th, 2018


The Bank of Canada says condos have become the latest target of real estate speculators, making them a more risky investment.   Be careful if you're planning to jump into the condo market in Toronto, Vancouver or nearby areas: The Bank of Canada says condos have become the latest target of real estate speculators, making them a more risky investment. In its financial system review released last week, the Bank noted that the housing markets in many Canadian cities have reversed... [read more]

I Am Running For SickKids!

Wednesday May 30th, 2018


  "Clear your mind of "can't" - Samuel Johnson   Hi Friends!    I decided to support SickKids because I believe they will continue to be a place where patient care, research and education play equal roles in saving lives, and changing lives.   Your generous donation will not only help me realize my personal goals, but more importantly it will also make a huge difference in the lives of children in... [read more]

West Rouge Public School FUN FAIR!!

Thursday May 24th, 2018


The weekend was calling for rain, but it turns out it's going to be sunny skies all weekend! Come join in on the fun, meet the members of your community, and play some games! There will be bouncy castales, pony rides, a dunk tank (should be really fun for the students dunking their teachers!), and so much more!  See you there!! [read more]

Toronto housing sales slump in weakest start since 2009 recession

Saturday May 19th, 2018


  Condo prices jump 10%, while detached home prices fall 10%   Source: FInancial Post, Erik Hertzberg and Natalie Wong   Spring has finally sprung but Toronto’s home sales remain gloomy as tougher mortgage qualifications and rising interest rates continue to push buyers out of the market. Realtors in Canada’s biggest city had one of their worst months in the past 15 years in April, with sales down by almost one-third from a year earlier to 7,792... [read more]

Bank of Canada Rate Hikes

Monday Apr 30th, 2018


With the Bank of Canada keeping its rates at the current rate. It does raise the question as to when the current mortgage rate will rise. The central bank’s next interest-rate announcement is May 30, 2018, followed by one on July 11, 2018.  In theory, the central bank has to lift its current benchmark by 1.75 percentage points in order to return to normal. Markets see an 80 per cent probability the Bank of Canada will raise rates in May, while a hike is fully priced in for... [read more]

7 Common Myths About Buying a Pre-Construction Condo

Wednesday Apr 11th, 2018


Source: Tridel.com Buying a pre-construction condo is a big financial investment. First, it’s not built yet, so you’re buying based on a conceptual understanding of what the final building and suite will be like. Second, unlike buying a freehold property like a house, you’re also paying for maintenance, upkeep and common amenities. That’s why it’s important to consider all of the facts about buying a pre-construction condo before you... [read more]

Bank of Canada keeps key interest rate at 1.25%, underlines trade uncertainty

Thursday Mar 29th, 2018


The Bank of Canada kept its key interest rate target on hold Wednesday as it pointed to a climate of broadening, important unknowns around trade. In explaining its decision to maintain its benchmark at 1.25 per cent, the central bank noted that recent trade policy developments have created thickening clouds around the outlook for the Canadian and global economies. U.S. President Donald Trump recently added threats of steel and aluminum tariffs to an already uncertain context for Canada... [read more]

Toronto City Council Set To Vote On Yonge Street Changes, Pedestrian Safety Plans

Monday Mar 26th, 2018


Source: cbc.ca, by John Rieti · CBC News · Posted: Mar 26, 2018 5:00 AM ET A plan to redesign Yonge Street in Willowdale is becoming one of the more controversial decisions facing city council, and it could be voted on Monday. City staff, local Coun. John Filion, a group of more than a dozen high-profile city builders, several advocacy groups and many area residents are supporting a plan to reduce Yonge Street from six lanes of traffic to four, while widening sidewalks... [read more]

GTA home sales down 35% from February 2017

Tuesday Mar 6th, 2018


The Toronto Real Estate Board said Tuesday that home sales in the Greater Toronto Area fell nearly 35 per cent year over year in February as selling prices dropped more than 12 per cent. (Mark Blinch/Reuters)   Canada's largest real estate board says home sales in the Greater Toronto Area fell nearly 35 per cent year over year in February, as selling prices dropped more than 12 per cent.   The Toronto Real Estate Board reported 5,175 residential transactions... [read more]

Best Time to BUY - A Seasonal Guide

Thursday Mar 1st, 2018


If you’ve settled on the idea of buying a house within the next year, then first of all, congratulations! But now you’re probably wondering what specific factors could affect the deal you get for your new home. For example, can buying at a certain time of year make a difference to the price of a new home?   Like most markets, house prices are based largely on demand. The more demand there is, the more competition and the more price elasticity sellers can play with. Of... [read more]

Condo owners allege former board members siphoned money, left them on hook for $750K

Tuesday Feb 27th, 2018


Toronto Police investigating alleged frauds at downtown condos Source: cbc.ca, John Lancaster, Feb 23, 2018 5:00 AM ET George Laczko, left, Ray Blanchard, centre, and Darryl McGregor, right, are among the people being sued by Five Condos owners. (LinkedIn)   Condo owners at a Toronto highrise are suing several former members of their board for $800,000, alleging those members conspired to divert hundreds of thousands of dollars from the... [read more]

32 Home Upgrades That Are a Huge Waste of Money

Monday Feb 26th, 2018


Home upgrades come in different shapes and sizes. Converting an extra bedroom into a home office may be just as satisfying as installing motion sensor lights, but neither one adds significant value to your home. If you want to add real resale value to your home, don't waste your money doing these.   Improving too much One of the first resources realtors use to determine the value of your home is the neighborhood you live in and the homes in it. "If you improve your home... [read more]

Private Island in Ontario Costs Less Than Half the Price of a House in Toronto

Tuesday Feb 13th, 2018


Toronto housing is still incredibly expensive in 2018. This past January, the average selling price of a detached home in the city was a staggering $1.2 million, according to the Toronto Real Estate Board. Semis, townhouses and condos weren’t any better, either — they sold at average prices of $936,623, $712,186 and $514,279 respectively.    Across all types of housing, the average property sold for $736,783, and even though such value represents a 4.1... [read more]

One Yonge Condos

Friday Feb 9th, 2018


  One Yonge Condos Toronto by Pinnacle International is a new mixed-use condo development and commercial redevelopment currently in pre-construction on 1 Yonge St, Toronto, ON M5E 1W7, Ontario. One Yonge will have five towers of 95, 80, 65, 35 & 22 storeys in height with 2962 number of units and includes the existing Toronto Star building. One Yonge Condos is launching in January 2018 with the first tower named Prestige at One Yonge Condos. Pinnacle International... [read more]

Guideline B-20 - The Real Estate Landscape Has Changed

Saturday Feb 3rd, 2018


The new year is upon us, and with it, a whole new real estate reality. Tougher federal mortgage regulations took full effect on Jan. 1, slashing affordability for new borrowers and contributing to slower selling conditions than the record-breaking activity experienced throughout 2017 in Canada’s largest markets. Dubbed Guideline B-20, this latest parcel of policy changes is also anticipated to be the most impactful, as all new mortgage applicants must undergo a stress test regardless... [read more]

Toronto Condo Maintenance Fees in 2017

Wednesday Jan 31st, 2018


How much are you paying each month in condo maintenance fees and what do those fees truly pay for? If you don’t know the answer to that question, you might want to read this study.   Maintenance fees (MF) are a constant topic in condo real estate, both during your search process and once you own a home. Back in 2015, we released a study that revealed the truths and myths behind maintenance fees in Toronto condos. But two years is a long time, especially in today’s real... [read more]

Toronto Home Sales to Fall in 2018, but Prices Will Go Up

Wednesday Jan 31st, 2018


It seems unlikely that the Toronto real estate market will be able to top 2017’s record home sales this year. But, according to the city’s real estate board, home prices are only going to keep climbing in 2018. The Toronto Real Estate Board (TREB) released its 2018 forecast today, predicting between 85,000 to 95,000 GTA home sales this year, while the average price of a home could sell for anywhere between $800,000 and $850,000. In 2017, there were 92,394 sales, while the... [read more]

Canadian home prices rose 10.8% annually in fourth quarter of 2017

Tuesday Jan 30th, 2018


Canada’s residential real estate market saw strong, but slowing year-over-year price growth in the fourth quarter of 2017, according to a report by Royal LePage. The real estate company says based on data in 53 markets, the price of a home in Canada increased 10.8 per cent year-over-year to $626,042 in the quarter. Broken down by housing type, Royal LePage says the median price of a two-storey home rose 11.1 per cent year-over-year to $741,924, and the median price of a bungalow... [read more]

Economists Report On Cooling Real Estate Market

Tuesday Jan 23rd, 2018


It’s too soon to say for certain what the first few months of 2018 will bring for the Canadian housing market — but that isn’t stopping Canadian economists from making their best guesses.  Canadian home resales set a record high in December, with 551,700 units sold. That had economists scrambling to predict whether the trend would continue into the new year, or if industry watchers should brace for a cooling period.  Could the market be poised to keep... [read more]

Foreign-buyer Home Purchases Dropping in Toronto

Monday Jan 8th, 2018


Foreign buyers have purchased fewer homes in the Toronto region in recent months, according to new figures from the Ontario government.   The province also revealed how much money has flowed into its coffers from its 15-per-cent tax on international residential purchases: about $133-million in six months.   However, the government warned the figure could drop "significantly" because some buyers may eventually claim rebates.   In all, 3.8 per cent of... [read more]

5 Factors That Make 2018 The Year To Buy

Monday Jan 1st, 2018


Here are five of the factors expected to keep the market more balanced in 2018.   1. OFSI’s Stress Test rules   The government regulator known as the Office of the Superintendent of Financial Institutions will require all homebuyers taking out mortgages from the lenders that it regulates to meet a “stress test” as of Jan. 1. That means buyers going to a Big Five bank for a mortgage will need to prove they can afford the Bank of Canada prime rate, even if... [read more]

Toronto region home prices forecast to rise 6.8% next year

Monday Dec 18th, 2017


One of the country's biggest residential real estate companies is forecasting a 6.8 per cent increase in Toronto area housing prices next year with starter homes — particularly condos — expected to be in high demand again. Royal LePage says the average aggregate price in the region — condos to single-family, detached houses — will be $901,392, compared to $844,000, its 2017 year-end estimate. That is the highest increase forecast among nine Canadian centres,... [read more]

Building a Real Estate Portfolio for Cash Flow

Saturday Dec 16th, 2017


“Ninety percent of all millionaires become so through owning real estate. More money has been made in real estate than in all industrialinvestments combined. The wise young man or wage earner of today invests his money in real estate.” Andrew Carnegie That quote is decades old but still holds true today. Though it's all the rage today on TV, this article isn't about real estate wholesaling or flipping houses. True, there is money to be made in those... [read more]

New Mortgage Rules Coming Jan 1 Boost November Home Sales

Saturday Dec 16th, 2017


So here we are in the lead-up to the January 1 implementation of the new OSFI B-20 regulations requiring that uninsured borrowers be stress-tested at a mortgage rate 200 basis points above the contract rate at federally regulated financial institutions. It is no surprise that home sales rose in advance of the new ruling. Even so, activity remains below peak... [read more]

Mortgage Rules: January 1, 2018

Monday Nov 6th, 2017


Three new rules are being implemented as of January 1, 2018.  Here are the details, and what they mean to real estate purchasers.   1. Stress Tests: Uninsured Mortgages In the past, only insured mortgages would face tougher stress tests.  With this first new change, anyone who is putting down more than 20% will also face new challenges.  These purchasers are required to qualify for their mortgages using a new minimum qualifing rate.   The rate will be... [read more]

Bank of Canada Keeps Interest Rate at 1%

Wednesday Oct 25th, 2017


The Bank of Canada left its benchmark interest rate unchanged.  This is following two straight hikes. It's suggested that future increases are still likely, but at a gradual pace.  Read more here.    There was also the announcement of new mortgage stress tests to come in January 2018.  Home buyers who don’t require mortgage insurance (i.e. CMHC) because they have a 20% downpayment will have to prove they can manage to keep a... [read more]

Gallery Square Condos - Downtown Markham

Saturday Oct 21st, 2017


Gallery Square is a new condominium project by the The Remington Groupin the Downtown Markham. An art-inspired condominium community with creativity at its heart. Modern urban condos in one of North America’s most environmentally conscious master-planned communities, surrounded by art, culture, commerce, nature, education and more. It’s contemporary living raised to an art from. North America’s largest urban park, the rouge park, is just moments away. This is the setting... [read more]

Toronto Market Recovery

Tuesday Oct 10th, 2017


The Ontario government created several policies in an effort to control the real estate “heated” market.  This did in fact slow down the market over the past several months while these changes were implemented.  Sales volumes decreased, prices were impacted, bidding wars and bully offers weren’t required anymore, and some deals were negatively impacted and have gone to litigation.   Buyers have stood back for a long time now, contemplating with their... [read more]

Multiple Representation: Protection for Consumers

Friday Oct 6th, 2017


What is Multiple Representation? When your brokerage represents both buyer and seller (or more than one competing buyer) in the same transaction, this is known as multiple representation.  This scenario can tricky for consumers because a brokerage’s loyalty is divided between buyer and seller, who undoubtedly have opposing interests within a single deal.   New Legislation The Ontario government announced new legislation that, if passed, will increase consumer protection... [read more]

Smith Manoeuvre: Tax-Deductible Mortgage

Wednesday Oct 4th, 2017


The Smith Manoeuvre is essentially just borrowing the available equity from your home with each mortgage payment. This follows all the tax rules.  I should also mention that this isn’t for everyone. Five-Step Process Step 1 You need a re-advanceable mortgage, like a home equity line of credit (HELOC).  They are commonly called STEP (Scotiabank), All-in-One (National Bank), or Homeline (RBC). Step 2 Access your home equity and invest in an income-producing asset (e.g.... [read more]

Tax Deductions 101: Rental Properties and Income

Wednesday Sep 27th, 2017


Someone asked me about what tax deductions exist for rental properties.  I knew the basics, but as a property investor myself, it was time to find out just how much can be safely deducted without getting in trouble with the taxman.  I’ve been on that side before with Canada Revenue Agency selecting me for a basic tax audit.  It can be time-consuming, stressful, but in the end, not as bad as it seems.  If there’s one piece of advice that you take away from this... [read more]

Realtor Perspective of The $37,000 Commission Case

Friday Sep 22nd, 2017


A Toronto-family is being held accountable to pay a commission of $36,753 after walking away from a deal.  Who is right and wrong in this sticky situation?  Please understand that I write this from a perspective that is purely objective.  This is a learning experience for all.  Let's continue! Background The family's original plan was to sell their home and purchase a new one.  The family's agent told them their current home would be... [read more]

Think twice before upgrading the kitchen

Wednesday Sep 20th, 2017


The kitchen is the center of attention in a home.  If you're like me and only cook every other day (my wife would argue that it's less), we still use a kitchen to work from home at the breakfast table, or entertain guests for instance.     If you're thinking of a kitchen remodel to boost the potential sale price of your home, it's important to know which upgrades might hold you back from achieving a 70% return on investment.   1)... [read more]

Foreclosure v.s. Power of Sale

Tuesday Dec 27th, 2016


In the unfortunate circumstance that a homeowner is past-due on their monthly mortgage payments, they pave the way for a “foreclosure” on their property. In today’s market, banks and other lenders do not turn to foreclosure to take away the homes of homeowners who are in arrears. Instead, they perform a "Power of Sale" which is wholly different from a Foreclosure. What is a Foreclosure? Foreclosures are laborious, grueling, and costly to both the... [read more]