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The Toronto Real Estate Board says the GTA’s average home price soared to $730,472 last month, up 20 per cent from December 2015. The board says strong December sales volume helped make 2016 a record year for realtors in the Greater Toronto Area.   There were 5,338 sales transactions for all types of residential property last month — including condo units and fully detached houses. That was up 8.6 per cent compared with December 2015 — despite a tight supply of... [read more]

If you've been following headlines over the summer, you might think Canada's real estate market is on the edge of total meltdown.   One of the latest warnings came from a finance dude who traded for Lehman Brothers before they went bankrupt in 2008 (lol, right?); Jared Dillian told the Wall Street website Mauldin Economics that Canada's housing market "is in extreme bubble territory," adding, "I don't see how it could get much worse."... [read more]

Closing costs come as a surprise for many home buyers. Since closing costs are ​additional costs over and above the price of a home, you should be aware of these costs and budget at least 2.5% of the purchase price for closing, in addition to the down payment.   Your exact closing costs depend on where you live, how much you are borrowing, and how you are financing your mortgage.  The rules and regulations surrounding the various mortgage fees can be complex, and can vary... [read more]

Look for a condo that's in a development that has a high ratio of owner-occupants to renters. Some lenders won't lend on condos that have a high rate of absentee ownership. Also, owner occupants tend to be more concerned about keeping things going well in the development.   Find out what the condo fees are and what is covered by this fee and include it in your costing. Some condos prohibit pets, and some have parking, storage and renting restrictions. Read and understand the... [read more]

Condos are more affordable, particularly for first-time buyers who have a tough time breaking into the housing market. Until recently the cheap entry fee entitled you to apartment-style living, no yard to call your own and lusterless appreciation—not an attractive package to most home buyers.   This may be changing. Latest statistics from Canadian Mortgage and Housing Corporation (CMHC) show condos make sense for investment or ownership. Rentals are increasing every year... [read more]

Buying a home is likely to be one of the most important purchases you will make in your entire life, so it is only makes sense to take every possible step to limit the amount of risk you are exposing yourself to.   For an increasing number of home buyers, calling for a professional mold inspection is a prudent way to verify a prospective home's quality before making a buying commitment. Why mold is a threat A serious mold infestation in a house has a negative impact on the... [read more]

Last year, Vancouverites fed up with the cost of housing banded together as part of the #donthave1million campaign.   In 10 years' time, they could find themselves rallying around the fact that they don't have $5 million to buy a single-family home.   HuffPost Canada has put together projections of house prices in Canada's largest cities, based on the trends seen over the past three years. The prognosis? Things are going to be really, really... [read more]

The Toronto area's hot housing market continued in March with monthly sales up more than 16 per cent year over year, leading to a record first quarter.   Figures released Tuesday by the Toronto Real Estate Board, showed that within the City of Toronto the average price of a detached house sold in March was $1.17 million, while the average sale price of a semi-detached house during the month was over $817,000.   For the GTA as a whole, the average March sale price for a... [read more]

The Toronto Real Estate Board says it's had record number of sales in 2016 The Toronto Real Estate Board says it had record high sales volume and another jump in prices during the first quarter, anchored by a strong March. Vancouver, Toronto home buyers not 'reckless,' just numerous Millennials value home ownership as much as most Canadians, CIBC poll suggests. There were 22,575 sales through the board's members during the first three months of 2016, including... [read more]

In the unfortunate circumstance that a homeowner is past-due on their monthly mortgage payments, they pave the way for a “foreclosure” on their property. In today’s market, banks and other lenders do not turn to foreclosure to take away the homes of homeowners who are in arrears. Instead, they perform a "Power of Sale" which is wholly different from a Foreclosure. What is a Foreclosure? Foreclosures are laborious, grueling, and costly to both the... [read more]