Overview of Greater Toronto Area housing market activity during May 2021.

This year has been full of challenges but, who could have predicted the crazy real estate bidding wars. The GTA saw record breaking prices that overflowed to the suburbs and cottage country. This “seller’s market” left some buyers, such as first-time home buyers on the sidelines.

However, there are some strategies that can be employed to help you get the home you want.

Here are some tips that we advise our clients to consider to get the desired result - a house!

1)     Know your budget and stick to it. It’s very important to get mortgage pre-approval prior to searching for your dream home. The bank will advise you as to what you can afford from the standpoint of financing. If you have been saving for some time you may have a substantial down payment which will help with mortgage financing. Currently, mortgage rates are low which is beneficial to buyers.  You must also consider your lifestyle and how much of your income you are prepared to contribute towards carrying your mortgage.

2)     Engage a knowledgeable real estate agent or Team. A good agent will know the market conditions, will communicate with you at all times and negotiate on your behalf. He, she or the team will provide references for mortgage brokers so you can obtain pre-approval which may make a difference to the seller if other bidders do not have a pre-approval form to show. Your agent will also advise you on the value of the home you are interested in so you will be an educated buyer. These services are typically provided at no cost to the buyer.

3)     Consider waiving conditions in your offer. Offers typically contain conditions involving financing and inspection. In bidding wars most sellers and their agents are looking for unconditional “clean” offers. However, there is risk involved in waiving those conditions. Financing pre-approval is not an absolute guarantee of financing. Final approval is contingent on the home being appraised to ensure that it has sufficient value to protect the financier’s interest. Financing should only be waived if you have other options available to purchase the home if pre-approved financing falls through. Also, if you really want to compete for the home you may want to consider doing a “pre-offer” inspection - a home inspection that’s done before the set offer day. This inspection will cost you some money, but it will let you know the condition of the home so you can either buy with confidence, budget your bid to reflect repairs, or walk away!

4)     Have your deposit cheque in hand. Although it’s not a guarantee to success, this will show the seller that you are serious and you may end up with a firm sale that day.

5)     If possible, make a personal connection with the seller. This works with some sellers as they may want to know who is going to own and love their “family” home. Write a letter about your family and how much you love the home and neighbourhood and slip in a family photo. There is no guarantee but, we have seen this strategy work when bidding is close.

Bidding wars are stressful for all parties involved. Dave and I have experience on both sides. We’ve strategized with our sellers to get top dollar for their home and we’ve strategized with our buyers to win their dream home away from the competition for a price within their budget.

Call us at 416-985-1486 and we can help you navigate the world of real estate.

Buying a house in Toronto is an exciting yet challenging journey. The Toronto housing market is growing exponentially, and finding the right house or condominium requires taking many important steps before you sign. For this reason, potential homeowners need to avoid common mistakes when making their first purchase. Once you learn how to navigate the Toronto housing market, you'll find many great opportunities for your new home.

1. Shopping for a Home Beyond Your Budget

Many people are thrilled at the prospect of homeownership and often aim for houses and condominiums that exceed their budget. It's important to assess your financial situation, considering all sources of income and monthly expenses, to determine the amount you can afford. You can calculate the approximate mortgage you qualify for, so you have a figure to work with during your search. In some cases, houses may be underpriced, which is important to keep in mind because they may be set up for bidding wars.

2. Skipping the Home Inspection

A home inspection is an essential step in evaluating your house. It provides you with a diagnosis that highlights any potential issues that need your attention or may go wrong in the future. It's an important step that you shouldn't skip, as it can save you from making some significant mistakes. When you receive the inspection report, it's vital to review it carefully and ask questions for clarifications of any repairs and related expenses required.

3. Making an Offer Without Your Mortgage Approval

Once you are set to buy a new home, you must receive a mortgage approval before proceeding. This commitment ensures your financing won't fall through when you find the perfect house. To apply for a mortgage, your bank or financial lender will check your credit, employment, and ability to make a downpayment to determine if you qualify and for which amount.

4. Searching for a Home Only in Specific Neighborhoods

5. Not Budgeting for House Repairs

Many homeowners underestimate the number of repairs they'll need once they buy their home. While your home inspection will provide details on the significant areas that need attention, you'll be surprised how many small, routine repairs and maintenance you need to consider for your home. Setting up a budget for utilities, appliance repairs, and the unexpected is important. 

Overview of Greater Toronto Area housing market activity during April 2021.

Having lived in Thorncrest Village for 22 years we are partial to this property. It's rare to find a prime building lot 100x180 in Princess Anne Manor. We think it's a bit pricey but, who knows in this market!

It's close to prime schools and enjoys a private clubhouse with tennis, swimming and social events.

Call us to be one of the first to see this property.

10 Pheasant Lane - Toronto

List: $3,750,000

Listed by: Ricky Ristic, Salesperson, Royal LePage Signature Realty, Brokerage

If you are considering refinancing, there are a number of things that will impact your decision. Mortgage payments are one of most people's largest monthly expenses, and refinancing can make these more manageable. Refinancing can also be beneficial if you are financially stable but worry about the future. The following information will help you determine if now is a good time for you to refinance your Toronto real estate.

Lower Monthly Payments

Improved Credit Score

Stable Fixed Rates

Equity for Immediate Expenses

Increase Equity in Toronto Real Estate

Welcome too my rant! Tune in for my occasional take on what’s going on in the world of real estate and beyond. We seem to be living in a surreal world of make believe.

In real estate we stage homes to sell. Sellers believe staging helps sell their homes and buyers get a better vibe about a staged home. This is true to a point. We encourage our buyers to see beyond the neutral greys and Home Sense appeal that they are buying into because that is not what they are actually purchasing. They are purchasing a neighbourhood, number of bedrooms or bathrooms, school district, a garage and most importantly these days, a home office. That Home Sense decor will not be there when buyers move in! And, a wall can be painted!

Our sellers are advised to do 3 things 1) declutter 2) declutter 3) declutter. A home free of clutter gives potential buyers their first impression of the living space that is a very important feature of any home. Once decluttered, we can stage areas we feel need an added touch, be it a piece of art, a floor lamp or a pop of colour with some flowers in order to showcase it’s finest features.

We deal with it all and we’ve heard it all. We could write a book! We recently showed a home to clients who commented, “it hasn’t been painted”. It had been recently painted (I could smell the fresh paint through my mask). It just hadn’t been painted Benjamin Moore silver satin grey!

I long for the buyers who appreciate something different, something with charm and character. Admittedly, I love the modern clean lines of newer homes but, at times I do feel like screaming, “put down that decor magazine, think about what YOU like and be brave enough to buy it”!

We don't usually post property crush leases but, this one deserves attention!

The design features pop! We love the ladder in the kitchen and the subtle ensuite door-in-the-wall.

And, admittedly, we are huge fans of loft properties.

Call us if interested in leasing this unit in the iconic Tip Top Lofts.

637 Lakeshore Blvd. 1018 - Toronto

Rental: $12,000 / month

Listed by: Andrew John Harrild, Salesperson, Property.Ca Inc., Brokerage

Overview of Greater Toronto Area housing market activity during March 2021.

Luxury and location at it's finest....be one of the first to own an indoor sky pool.

Mississauga is a fantastic place to live or invest in real estate. It's the 6th largest city in Canada, only a 30-minute drive to downtown Toronto or just over an hour to Niagara Falls. It's a great place for those looking for work, to live and retire. With a charming lakeside, many parks and fabulous restaurants, you can find your paradise minutes from your front porch. If you are looking to buy or sell property in the area, here are our tips for the Mississauga real estate market for 2021.

Good News for Sellers 

The Toronto Regional Real Estate Board (TRREB), which gathers data on the market on a monthly basis, shows the average price of a house had risen by $100,000 from January to February 2021. This also represents a 14.9% increase from February 2020. A word of caution: we don't know when the rising will stop, so selling sooner rather than later will ensure you too can capitalize on this trend.

Good News for Buyers 

The number of new listings increased from 859 in January to 1,337 in February. There are many opportunities for you to find your dream house, however, properties are going fast. This past month, properties were receiving multiple offers and selling in a very short time period. You must act quickly to get your home!

Luxury Properties in Demand 

The impact of the ongoing pandemic has caused people to be keener than ever to follow their dreams. Often this means changing their lifestyle by moving out of city centres for more space and proximity to green spaces. “Stay at home” orders prompted buyers to find homes with pools or pool-size yards with “staycations” in mind. And, with the increased necessity of remote working, larger properties also offered options for increased office space. These ‘move-up' buyers sought luxury properties, like those in gorgeous Mineola.

Key Locations 

The City Centre, Churchill Meadows, and Hurontario are three popular locations as they are within close proximity to amenities, public transit remains relatively affordable. Those looking for excellent schools may be drawn to Lorne Park, known for some of the most desirable schools in Mississauga. For those seeking a trendier lifestyle, Port Credit is often the location of choice.

It's a Great Time for Investors 

The word ‘investors' can conjure up a mental image quite unlike the reality. Many real estate investors are simply normal homeowners. Investors can write off expenses against the income from rent, and with the tenant paying the mortgage, there is the expectation of benefitting from anticipated future house price values. This, in conjunction with low interest rates for the foreseeable future, makes it a great time to invest in real estate.

Real estate in Mississauga had a great 2020, and this looks set to continue for 2021. Whether you are moving up, across, retiring, or investing, 2021 will be an excellent time to do so. Call Nancy at 416-985-1486 or Dave at 416-894-4079 at GTA Selling today. 

Overview of Greater Toronto Area housing market activity during February 2021.