Last week, I recommended investing in your Principal Residence before thinking about other investments. Your lifestyle would improve and all of your appreciation would be tax-free! Read part #1: "What's the best investment?" But let's say you're already happy with your existing home. What should you invest in next? My recent clients were exactly in that situation. They wanted real estate...
Weekly Market Update
I'm often asked about which type of investment property will return the largest profit. Is it pre-construction, condos or single-family homes? I always answer the same way: "Firstly, have you thought about maximising your primary residence before you buy an investment property?" In Canada, when you sell your home, you don't pay any taxes on the profit you make - at least for...
I've been asked twice this week if now is a good time to sell. To answer this question, let me tell you about the 4 seasons of real estate that occurs every year. Typically speaking, the highest price you will get is in the "Spring Market", followed by the "Fall Market". The worst time to sell is in the "Summer" or "Winter" Markets. If you read the July Real Estate Report, you'll...
In July, the average home in Toronto sold for $1,062,256 which is an increase of +12.6% compared with last year. The average sales-price is down for the past two months, and I anticipate things to heat up again in September. Anecdotally, I'm seeing some weakness in the housing market. Don't get me wrong, there are still multiple offers and "over-asking" prices. But I'm seeing a lot more...
Last month, I wrote about how the rental market goes crazy EVERY YEAR during the Summertime. (Read the blog "Why you need to rent a place soon!" You may be thinking, sure, it only happened for the past 10 years, but will it happen again this year? We won't know for sure until the stats come out in September. All I can say is in the past week:• I've had 80 sets of tenants contact me•...
Private Parry Sound Estate ASKING PRICE: $5,000,000Families have been making lifestyle their priority over the last 18 months. You and your family can do the same and ENJOY your very own: Private island Private sandy beach New LogHome 2-storey MooseLodge Home 7 additional furnished cottages … plus room to build more These 5.6 acres come with so much...
Last week, I talked about one of the most common questions that I get, "Should we renovate before selling?" The short answer was "No! Don't renovate!" (Read last week's blog "Should You Renovate?") Although most renovations don't make any financial sense from a "return on investment" perspective, here are 4 reasons why you should renovate: 1. Your Family Can Enjoy the...
One of the most common questions I get is: "Should we renovate before selling?And if so, what should we renovate?"The short answer is "No! Don't renovate!" Some realtors may tell you to renovate everything because they want to sell the home quicker. My goal is to maximize your return on investment for my clients. There are the 3 reasons why renovations are BAD: 1. The Return...
We recently sold this amazing 4-bedroom home in Mississauga for +$200k over asking with 7 offers and more than 50+ showings. Many sellers and their agents feel they just need to "put it on the MLS and it will sell itself". It might sell, but you are probably leaving money on the table. There's so many different things that you have to do to maximize the value. A Good Product A Lot...
I had the pleasure of interviewing Christopher Lee, from Sunlife, about mortgage insurance.I remember when I got a mortgage for my first home years ago. The bank added mortgage coverage by default and didn't tell me. (I mean, it's possible they went through it when I was installing 30 pages, but if they did, I don't remember)I'm sure the coverage differs between all the banks, but mine was...