At the beginning of this year new tighter mortgage rules were put out by The Office of the Superintendent of Financial Institutions (OSFI). This has made it more difficult for some home buyers to get mortgages this year.
When it comes time to buy a home, finding the best mortgage can save you a lot of money as well as affording you the opportunity to buy the home you have your heart set on. Using a mortgage broker can be the right decision to help you achieve your goals.
One of the ways realtors measure the strength of the market is to analyze the month over month sales increase at this time of year. For example, March sales were 40% higher than February. In 2017, the month over month increase was 50%. A late spring (weather wise) means we can expect the spring market to run through mid summer.
Referred often as “Millionaires Row”, the area known as ‘The Bridle Path’ is the most affluent neighbourhood in Canada. With an average household income of approximately $1M, and an average dwelling value of $2.24M, this exclusive enclave of homes is located in North York, Toronto and is surrounded by the Don River Valley and lush parkland, which provide the perfect backdrop for The Bridle Path’s stately homes.
When spring has sprung, so has the housing market! Spring is typically considered a hot period to sell your home, as it’s the beginning of the busiest season in most areas.
One reason is that people like the warmer weather. Homes look better and days are longer. Families also usually prefer to purchase a home this time of year to be settled before the next school year begins. Homes do not have as much curb appeal during the harsh winter months. Blooming flowers and fresh gardens make the house beautiful and inviting at a first glance.
In Toronto’s ever evolving real estate market, both buying and selling a home are very personal decisions. Add buying and selling at the same time, and the process becomes even trickier. The path up the property ladder is different for everyone and which to do first depends on your unique circumstances.
Buying and selling a home at the same time is no small endeavour and involves extensive research and a clear understanding of all the steps involved.
When selling your home, there are several benefits to having an open house.
It gets eyes on your home, especially for potential buyers who otherwise may not book a showing. Some home buyers prefer the less formal setting of an open house and it gives them the opportunity to easily bring along other family members or friends to view it with them. It is also a great opportunity to receive feedback on your home.
Every year experts reveal the new trends in home design that they predict buyers will be looking for in the year ahead. Here are some of the top items that you’ll see on home-buying wish lists for 2018:
What if I were to tell you that the real estate market has woken up – particularly in the lower price range?
With the new mortgage rules and qualifying stress test, many buyers have been pushed down to a lower budget than perhaps they would have in previous years. This has added more buyers in the $550K market and under while the amount of listings has not grown. So like anything, low supply and high demand are pushing activity level and prices!
Buying or selling a home is a complex process that involves different issues, multiple parties, conflicting interests and emotions. So having a real estate agent on your side to do your negotiating is your best bet!
Negotiations begin with a written offer, and the agents for the buyers and sellers go back and forth. It’s not just the price – everything is negotiable, including closing date, repairs, appliances, and inspection.