Many people are frustrated with the fast-moving real estate market in Toronto, but imagine if you bought a house and on closing day, someone else buys it! According to an article in the CBC, this is what happens in the UK because of their antiquated real estate laws. In London, there is no such thing as a "firm deal"! So up until closing day, Sellers can have a change of heart and go with...
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In December 2021, the average home sold for $1,157,849 which is up +24% from last year. This is with 3,232 active listings versus 7,892 in the previous year. The drop may be because homeowners already sold their houses in November or perhaps they are waiting for January. Still, 2021 had a record 121,712 sales, showing that the real estate market has been very active during the...
With the recently announced gym closures, your New Year’s Resolutions may include exercising at home. Be careful! Interior doors and casements are NOT designed to deal with exercise equipment with strong elastic resistance! For example, interior doors are fastened to the door jamb with swing hinges using ¾" - 1" screws. They use short screws because the door is very light. A typical...
Hope your family has a Merry Christmas and a Happy New Year!
In a recently published report from the CIBC, parents gifted $10B to their children in the past year to buy a home. It found that roughly 30% of first-time homebuyers received an average of $82,000 while 9% of existing homeowners got about $128,000. In another study by IG Wealth Management, high-net-worth individuals, who had more than $1m in investable assets, gave, on average, $145,000 to...
Last month, the average home in Toronto sold for $1,163,323. Prices have increased across the board from condos to detached homes. For instance, detached homes in Toronto sold for an average of $1.807,983, up +22.4% from last year. If previous years are any indication, December and January will be slightly slower, although based on last week's number, the market is still going strong. Even...
One of the risks with investing in pre-construction buildings is that the project might cancel for whatever reason. In a previous blog, I talked about how some developers may be playing games with contractual loopholes. (I don't make any statements about the developer below, but you can read about the case to make your own judgements) Condo Developer Extorts Buyers for $100k? Investing with a...
With an average price of $1,155,345 across the GTA, there was an increase of +19.3% compared to last year.
Real Estate Investing for ProfessionalsJoin Lawrence Mak, Chris Molder and Kha Dang as we discuss the different options available that professionals have while investing into real estate. This webinar is ideal for professional families who make more than $150k / year who want real estate as part of their long-term portfolio. Remember: Tax-mitigation is an IMPORTANT part of the equation! Topics...
From a return on investment, you will make more money buying an existing condo instead of a buying a pre-construction condo. (*Pre-construction is when you put in a deposit for a condo or house that will be built in 3 or 4+ years) Although there are pros and cons to both, one of the things I absolutely HATE about the pre-construction market, is the one-sided contracts that you have to sign. It...