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...
Weekly Market Update
The average home in Toronto is now worth $1,155,345. This is up +19.3% compared with last year. Everything, including condos are going up and up. As I was saying before, the #1 thing you need to do as a renter is to get into your first property. Condos are increasing $50k-$70k per year, so every year, it gets harder to qualify. Similarly, if you are upgrading, detached homes are appreciating...
The market is going crazy and this recently sold house in Creditview, Mississauga has a lot to teach! As the property description says, this "Property in very poor condition unsafe to show. All utilities on the property have been disconnected." Still, it sold in 4 days for $56,000 OVER ASKING for almost $1,000,000 and you couldn't even go inside! Sure, the market is hot, but there is another...
The difference between owning a home and renting is about $4,000 per month. Is that scary? Is that even true? In the past 4 years, the average price of condos have gone up about $200,000. That's $50,000 / year. Average Condo Sale Prices For many, the question is whether you can afford a home. Let's look at the numbers: 1-bedroom condos in Toronto rent for $2,000 month.The monthly...
If you want to renovate your home just to sell for more money, chances are, you won't make your investment back. However, if you want to renovate so that your family can enjoy your home, that's a completely different story! (Plus if it's for your own home, the profit is tax-free!) As an added service to our clients, we are happy to provide input on what's selling best and and what's popular out...
Labour Day traditionally marks the end of the slower Summer market into the faster-paced Fall Market and this year was no exception. The average price for a home is $1,136,280 which is an increase of +18.3% compared with last year. View the September 2021 Report Most single-family homes, such as townhouses, semi-detached and detached houses have been selling successfully with multiple...
Because of supply and demand, multiple offers will be here for quite some time. Understanding how to navigate the bidding process is critical to getting a good price. You are probably thinking that only the highest price will win. Based on my experience, this is often true, but I have seen many cases when it isn't. Here are 3 tips to winning multiple offers: 1. Don't Compete This is always...
I hope you and your family had an amazing Summer! I've been able to spend quality time with my family and now that school is starting up again, a sense of normalcy for us has returned. I figure I've only got 18 Summers with the kid and so I'm happy we were able to hike great trails, ride bikes and play soccer together! Talking about Summertime, the gorgeous weather and the easing of COVID...
Last week I had the pleasure of being interviewed by Chris Molder from Tridac Mortgage. I talked about the August 2021 numbers as well as:• Pent up demand in Toronto• Low supply in the market• Does Toronto have a housing crisis?• Federal party platforms on housing• The Toronto condo market If you need any help with a new or existing mortgage, don't hesitate to contact: Chris Molder,...
Last week, a ban to blind bidding in real estate sales was proposed as an election promise by one of the parties. Blind bidding is when multiple buyers try to buy the same property. Since they can't see what the other offer prices are, they are "bidding blindly" and prices can escalate. Whenever I sell a property with multiples offers, there is often a wide spread in the offer prices. A...