As you may have heard, there is a new "Stress Test" that will be taking place on June 1, 2021. I had the opportunity to ask Chris Molder, a mortgage broker from Tridac Mortgage, about the changes and how it affects home buyers. The stress test is increased from 4.79% to 5.25% and now affects both insured and uninsured mortgages. So if you need a mortgage of $1,000,000, your purchasing power is...
The average price is up +32.8% compared with last year, when COVID started. But if you look at the numbers from March, they are actually dropping. I am seeing a softening in Mississauga and Brampton. For about half of the houses we were looking at, they actually accepted a "conditional" offer! In a super-Seller's market, this is unheard of, so it suggests that either fewer listings are...
With the crazy house-prices in Toronto, many homeowners are choosing to renovate their current home instead of upgrading to a new one. Recently, we talked with one of our clients who was planning to remodelling their house. Our designer recommended that you should always lay out a group of 6 to 9 tiles to see if that's the "look" you are going for?" Sure, the pattern or veins on one tile might...
As you may have heard, the market is still very strong for sellers. So now may be a great time to move to a smaller place and take some equity out of your home. I've talked with a few empty-nesters this year who are thinking about down-sizing because they are starting to find their empty, 4-bedroom home a little too much to maintain. Moving to a condo is a great option! Everything is taken care...
With an average price of $10,90,992 across the GTA, there was an increase of +32.8% compared to last year.
This week, we successfully sold a $2,000,000+ luxury home in Oakville. What makes this story interesting is that the Owners had previously tried to sell their home for about 11 months with another realtor and was not successful. Earlier this month, we sold another Toronto condo in two weeks when the Seller had previously tried over a two month period. We follow a simple formula: For example,...
This week, we successfully sold another home in Mississauga. I'm happy to say we got 65 showings, 8 offers and almost +$200,000 over the listing price. The reason is because we use a blind-bidding system. This means that potential buyers have NO IDEA what other buyers have offered. The spread can be incredible. Differences are routinely $100,000 to $200,000 between the low and high...
With an average price of $1,097,565 across the GTA, there was an increase of +21.6% compared to last year.
The average house in the GTA sold for almost $1,100,000, so the demand is still going strong. Many think, "you just put the house up and it will sell". This is true - it will eventually sell. But did you leave money on the table? This week, we successfully sold a home in Vaughan. I'm happy to say we got 76 showings, 5 offers and almost +$200,000 over the listing price. To sell for the most in...
Houses in the GTA less than $2,000,000 are still receiving multiple offers and the listing price ratio is about 109%. However, I am sensing a shift. Not major, but places outside of the GTA are not as crazy. In Vaughan, for instance, one 3-bedroom detached house had 56 people through, and only two offers. Last week, I was pleased to bring one of my clients to Cambridge to buy this amazing...