As of April 19th, 2010 the federal government will be implementing new rules on government backed insured mortgages (mortgages less than 20% down on the price of the home)
In a nutshell here is how it will effect you...
•-All borrowers must qualify for a 5 yr fixed rate mortgage no matter what terms and rate are actually agreed upon.
•-Government insured mortgages can be refinanced up to 90% ( rather than the previous 95%) of the value of the home.
•-All government back mortgages on investment properties which are not occupied by the owner must have a down payment of 20%. Owner occupied residential properties will still have access to the 5% down program.
Contact me if you are looking to purchase a Toronto condo or Toronto home.
Toronto Real Estate Market Updates
Toronto Real Estate Market Update - February, 2010
In the past two months, I've been apart of many multiple offer situations and in my experience December and January are usually slow months. So this leaves me scratching my head wondering what is going on with the Toronto Real Estate Market, and more specifically the Toronto Condo Market.
This past January alone, there were 4,986 transactions done through MLS compared to 2,670 in January of 2009. The average selling price was up in January to $409,058, 19% above the avg price at the same time last year.
My prediction is that sales in the 2nd half of 2010 will begin to slow, with the new HST and High ratio mortgage rules being implemented.
* Stats from Feb 2010 Market Watch, TREB.
Toronto Condos & Real Estate Articles
How to Prepare Your Toronto Condo For Sale
Realtor MLS vs Public REALTOR.ca
When selling your condo, it is extremely important to show it at its potential. Here are a few simple things you can do to increase the attractiveness of your condo unit to potential buyers while still keeping within a budget. Some of these items are
When the times come to buy a home or condo in Toronto, most buyers will start their search on the Internet and more specifically on Realtor.ca, an online database of properties for sale. This site which was formerly known as
Toronto's Real Estate Market:The Sky is Not Falling!
The Future Of the Toronto Condo Market
I am sure you are just as tired as I am about hearing how terrible the current state of the real estate market is in Toronto, but is it really that bad?
No, the sky is not falling but there is no doubt that the Toronto real estate market has been af
It's no secret that 2007 ( and beginning of 2008) was a red hot year for the Toronto condo market with week long line ups to purchase preconstruction condo units and record breaking sales numbers. With the current state of the economy south of the bo
One thing is for sure; we all know that we need a roof over our head. In most people’s case they end up having to pay either Rent for this roof or a Mortgage payment, unless of course you have family members that can offer you FREE or Reduced Rent. T
In today's economy, owning a home in Toronto has become a more affordable option than ever before. With low interest rates and declining prices, it's a good time to buy Real Estate in Toronto.
Interest rates are at an all time low - the lowest th
Did you ever wonder how energy efficient your home is? Well now you are required to find out. The provincial government has passed Bill 150: the Green Energy Act, forcing Ontario residents to add another task to their to-do list before they can sell
With the slow down in the economy and the constant implementation of taxes by the government, the real estate industry is starting to suffer. With the City of Toronto scheduled to vote on the City's proposed Budget on March 31, 2009, 65% of Torontoni
So you've made the decision to purchase a pre-construction condo in Toronto. Congratulations! Now here comes the hardest, but also more important decision -choosing the right floor plan. It is important to choose a layout that will accommodate your p
For those wanting a steady return on their money, Toronto real estate can be a good investment. When the baby boomers started madly buying houses in Toronto the 1980s, suddenly real estate seemed like the path to instant wealth. The real estate marke
Buying a Toronto Condo: Resale or Pre-construction
Assigning a Pre-construction Condo
When it comes to purchasing a condo unit, many of my buyer clients ask me which is the better choice, buying a resale or pre-construction unit. The difference between the two being that one already physically exists and the other one does not. Decidi
A common question raised during the pre construction process is assignments. For those who are not familiar with assignments, it is simply a sales contract entered into by two parties at an earlier date. It is essentially a transfer of the right to p
Toronto Condos Going Green: Energy Efficient Condos
With Interest rates at an all time low, it is a great time to buy real estate in Toronto. Home owners are upgrading and first time home buyers are taking the plunge. As a Realtor, a common question asked by many of my buyer clients is what route to s
Toronto is going green. I'm sure you've noticed a large majority of Grocery stores in Toronto are now encouraging shoppers to bring their own recyclable grocery bags. As well, Torontonians took part in the earth hour which demonstrates that they are
One of the things that people overlook when purchasing a condo in Toronto is whether their beloved pet will be allowed to accompany them to their new home. With more and more people choosing the condo lifestyle in Toronto, it can sometimes be very di
Today, Loft apartments have become a trendy style of living. The term loft is used to describe a large open concept living space with high ceilings and large windows. Lofts were originally popular amongst artists and bohemians because of their afford
Pre-Construction Buider Incentives: Are they Really Incentives?
Condos with Low Maintenance Fees
There is no doubt that the pre-construction condo market in Toronto has definitely changed over the past 6 months. It was only a few months ago that eager buyers lined up for weeks to purchase condos in select condo projects in the city. From 1Bloor
Buying a condo essentially means buying into a low maintenance way of living. Condos can be an affordable and stress free way to live as each month the owner pays a maintenance fee to cover certain common costs of the building. While having a low mai
The year 2007 in Toronto was a crazy year in terms of real estate sale and skyrocketing prices. Many buyers bought during this frenzy and paid top dollar for a property. As reality sets in and property values start to decline, these home owners are n
Recently I was approaced by a website called TOP TEN REAL ESTATE DEALS to offer up some Toronto real estate advice and some good real estate deals in Toronto. Each month I will update the list. Take a look!
Recently I began working with a really great mortgage broker, Chris Molder. Every week (just about) he comes out with a new video on common mortgage questions. He's a great guy, honest and personable so If you are in the market for a mortgage, give him a shout.
I have a buyer looking to purchase a 1 bedroom townhome unit on Everson Drive in North York, near Yonge and Sheppard. Contact me if you are looking to sell.
JUST CALL ME JOY HOLMES!
Call me crazy but I've always wanted to learn how a home is built and constructed. As a Realtor I sell homes, but I really don't know too much about how they are actually constructed. So on May 22nd, I went to a build site in Scarborough to "help out" for Habitat for Humanity. I say this with a bit of hesitation as I wasn't really sure I actually had anything to offer. I was pretty sure I would be more of a liability on a construction site than anything. With great surprise I was wrong.
The build site was located at Hainsford Street and consisted of 16 semi detached energy star homes. Habitat for Humanity provides budget friendly housing to families who qualify. I was in a group of about 8 other volunteers - funny enough I was on the older side. Apparently Habitat for Humanity is a great way for students looking to get into the industry to get their co-op hours. I kind of felt like the odd duck, as these 17 years old all knew the construction lingo and were teaching me how to use a hammer, climb scaffolding etc. We put on our hard hats, steel toed boots and tool belts and spent most of the day nailing plywood to the outside of the home and taking down scaffolding. I must say I had a great time, learned a lot and felt good helping out. I look forward to doing it again soon.
