Toronto real estate market news & info
As house prices and interest rates continue to rise, and millennials despair of ever being able to afford a house, the idea of sharing the cost of buying real estate is becoming more and more attractive. On the surface the idea is very appealing – pool your resources with one or more friends and you… Read More
For the third month in a row, average selling prices have increased in the Greater Toronto area. While prices are still significantly lower than this time last year, they are very much in line with the historical trend that existed before the aberrational late 2016/early 2017 bubble came and went. For example, year-to-date average… Read More
Since last week, four of Canada’s ‘Big Six’ banks have raised their posted mortgage rates: TD Canada Trust by 45 bps (from 5.14% to 5.59%) and the other three by 10-30 bps. These rates aren’t ‘real’ in the sense that they are typically about 2% higher than the actual 5 year fixed rate that you… Read More
A recent ranking of the top “millennial hot spots” in Canada had some surprising results. The country’s biggest cities — Toronto, Vancouver and Montreal — didn’t make the top five, despite their standing as employment and cultural hubs. To determine the best Canadian cities for millennials, research by Point2Homes looked at nine factors: housing affordability,… Read More
Securing financing to purchase a new home is one of the most important, exciting, and nerve-wracking financial steps most people will ever take. The government has tightened mortgage lending rules several times in recent years, and banks have become increasingly cautious about making mortgage commitments. Does this mean that you won’t be able to get… Read More
Most sellers and buyers are at least a bit confused about this question. The standard wording of the Purchase and Sale Agreement says that the Agreement “shall be completed by no later than 6:00 p.m. on the _____ day of ____________, 2011. Upon completion, vacant possession of the property shall be given to the buyer unless… Read More
If you’re hiring someone to inspect the home you want to buy, or you’re a seller trying to find out if there are any hidden problems that need fixing before you put your home on the market, here are five things you need to know: 1. You can choose your home inspector. Your real estate… Read More
You know how tough it is to qualify for a mortgage. Prove you’ve got a long-term job with ample income. A credit score to the moon. Your life’s savings as a down payment. More cash stashed away. A debt-to-income ratio to die for. For some, tax returns for the last two years. You’ve been there,… Read More
Tax-free profit on the sale of your principal residence is alluring, but it can be elusive. Under the federal Income Tax Act, property owners are entitled to tax-free profit on the sale of their principal residence, provided they follow the Canada Revenue Agency (CRA) guidelines. Capital gain is the net difference between the cost of… Read More
With more than 500,000 condominium units in Canada and one in four new homes built as condominiums, Canadian buyers need basic condominium buying skills to protect them in any market. Too often, condominium buyers fall prey to the “do nothing, just play” sales pitches inherent in lifestyle campaigns presented by condominium developers. Although “condo living”… Read More
