MY TORONTO

This strategy is not about trying to negotiate the best price; it is about beating out the competition and buying the home.   It may be difficult to understand until you have lost a few homes to better offers but when the reality of the situation is that there are not that many homes on the market, the competition heats up and different tactics are necessary.   Sales in December were annualized at 6.76 million, a 22.2% increase year over year according to the National Association of REALTOR®.   The median sales price is $309,800 which is up 12.9% from the previous year.   Inventory for December fell to 1.9 months' supply from 3.0 months' supply in December of 2019.   Six months inventory is considered a balanced market. Things that work in a buyer's market will not work in a seller's market.   The shortage of available homes for sale has led to not only shorter market times but multiple offers that have sales prices above the listing price.   B...

Many homeowners with mortgages pay for both types of insurance but only one of them protects the owner. Homeowner's insurance covers damage to your property and losses from fire, burglary, vandalism, and other named natural disasters.   When an insured has a loss, they file a claim with the insurance carrier which would be subject to the deductible mentioned in the policy. If the homeowner has a mortgage on the property, the lender will require that the borrower carry adequate insurance on the property and name the lender as an additional insured.   This protects the lender that the home will continue to be sufficient collateral for the loan in case of a loss. Mortgage insurance is not like homeowner's insurance in that it is solely for the protection of the lender if the borrower defaults on the loan.   Usually, lenders require mortgage insurance on any loan greater than 80% loan-to-value.   Occasionally, they may require it on some loans less than 80% based o...

  NUZZEL NEWSLETTER - 31 JANUARY 2021

 

Staying at home in 2020 caused of lot of owners to think about how nice it would be to have a larger home to accommodate the additional activities that come along with isolating.  Particularly for people with children at home or possibly, the potential of either adult children or parents coming to live with them. There are other owners who are trying to weigh the pros and cons of selling their larger home and downsizing.  For entirely different reasons, the advantages could be very appealing to an owner.  A smaller home is easier to maintain and usually, has lower utilities, insurance, and property taxes. Some people might be considering the convenience and ease of mobility of a single level home.  It may be finding a location with proximity to the activities they are now interested in.  A newer home might have less maintenance and be more energy efficient. Married taxpayers who have owned and occupied a principal residence for two years can exclude up to ...

It has been a long year, and it is ok if you are tired of staring at those kitchen cabinets you’ve frankly hated for years. 2021 is a year about promise and change, and you can start the process in your very own home. There are lots of ways to give your cabinets a new look, whether you prefer something more classic or super contemporary. There is an option for every budget, and most of the time you will not even need to replace your cabinets or counters, unless you just really want to. Remake Those Cabinets to Create Your Dream Kitchen When it comes to giving your cabinets new life, you have options. Some are simple and do not require a lot of effort; some are quite challenging and may generate a great deal of mess and confusion. They are all valid options, though, depending on just how much time you are willing to put into the project. You will have the most flexibility if you are working with wooden cabinets, whether they have been painted previously. Laminated cabinets (also sometim...

While a second wave of COVID-19 is hurting Canadians now, the economy should rebound strongly later in the year. The Bank is forecasting growth of around 4 percent this year and close to 5 percent in 2022. For a full copy of the report, click HERE ! For more information on or from The Bank of Canada click HERE !

Rental homes whether they be single-family detached properties, condos, two, three or four-unit properties share many of the same benefits.   Most people instinctively understand many of the working parts because they are the same as their home.   They have a basic understanding of value and how to maintain the property.   The service providers for a home would be the same for a rental home. These properties allow an investor to obtain a large loan-to-value mortgage at fixed interest rates for up to thirty years.   They appreciate in value, currently exceeding many other assets; have defined tax advantages and allow an investor more control than many alternative investments. Most lenders require 20-25% down payment and will finance the balance at rates close to owner-occupied homes.   Buyer closing costs will add another three to four percent to the amount of cash needed to close.   It is also prudent to have available funds for repairs and maintenanc...

Fourth quarter regional highlights: Price of detached homes continue to outpace condominiums as Canadians trade location for square footage Despite strong push toward the suburbs, Toronto and Montreal single-family homes see double-digit price gains in city centres Median price of a two-storey home in Greater Vancouver rises 8.8% as buyers prioritize square footage Out-of-region buyers spur Maritimes’ home prices, as option of remote work and demand for large, affordable properties grows Aggregate price of a home in Canada rose $206,815 since Q4 2015 TORONTO, January 15, 2021 – According to the Royal LePage House Price Survey released today, the aggregate [1]  price of a home in Canada increased 9.7 per cent year-over-year to $708,842 in the fourth quarter of 2020, as strong seller’s market conditions continued to shape Canada’s real estate market through the end of the year. The significant year-over-year increase in aggregate price was driven by price gains for larger properties....

  From THE BEST REAL ESTATE BLOG with SHAWN VENASSE - Sales Representative  https://snip.ly/7zmyb9 NOTE : Further Reading On The Subject: This is too big of a story and too important of a moment in humanity to not focus on it in depth. Consequently my "Further Reading" section for this blog post is rather enormous. But well worth your time. If you have any trouble with any of the individual links below, you can also click for the whole list with hotlinks HERE . Enjoy! THE FUTURE OF CITIES   The Pandemic Presents A Once In A Generation Opportunity To Reshape The Future Of Work In Our Cities   Why should we ever return to living and working so close together? - The Economic Times   Coronavirus In 2021 And Beyond: When Will Life Return To Normal? | Here & Now   Fleeing the Big City? How the Move Could Impact Your Finances | Kiplinger   19 Cities People Are Leaving (or Want to Leave Most)   Photos of Wuhan's vibrant nightlife show the city is back...