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Buying a House in Toronto? 10 Popular Mortgage Terms You Should Recognize


In Toronto, the real estate market has seen a continuous sales boom, thanks to favourable economic factors and large consumer demand. A mortgage can help you purchase a house in Toronto without paying the full purchase price beforehand. Since mortgages typically involve long-term payment plans, you should learn how mortgages work and the different terminologies used in mortgage lending.


10 Popular Mortgage Terms You Should Recognize

1. Preapproval

A preapproval is a document from the lender that informs a borrower how much they have been approved for in a home loan. Lenders usually evaluate the borrower's income, credit score, and assets to determine how much they can borrow.

2. Foreclosure

Foreclosure is a legal process in which a lender sells a mortgaged property after the borrower fails to meet the mortgage's terms to pay a borrower's defaulted loan.

3. Appraisal

An appraisal is the evaluation of a home by a licensed appraiser to determine its current market value.  An appraisal provides the mortgage lender with an assurance that you're not applying for more than the home's value.

4. Down Payment

A down payment is the portion of the purchase price that a borrower pays upfront toward the home. Most mortgage lenders require some down payment and often list it as a percentage of your loan's value.

5. Escrow

Escrow is an account set up by a lender where the home buyer pays for various property-related expenses such as homeowner's insurance and property taxes. Although some lenders incorporate escrow payments to the monthly mortgage dues together with interest and principal, you can opt to make these payments directly without using escrow.

6. Amortization

Amortization is the reduction of the amount owed by making consistent monthly payments. Each payment a borrower makes, part of it goes toward the principal and the other toward the interest.

7. Closing Costs

Closing costs are the fees paid to the lender when a home is refinanced or purchased. Closing fees include the appraisal fee, loan origination fee, title search and title insurance fees, pest inspection fees, and taxes.

8. Home Owner's Insurance

Homeowner's insurance protects you against financial losses if your home or its contents get damaged or destroyed by unexpected hazards. Some of the perils covered include fires, windstorms, and burglary.

9. Balloon Mortgage

A balloon mortgage is a loan type where the borrower makes small payments for a given period (usually 5-7 years) and then makes a final, larger-than-usual payment at the end of the loan term.

10. Equity

Equity is the fair market value of a home minus the outstanding balance of any existing mortgage.

Buying a home is an exciting investment – and the more you learn before buying your home – the better decisions you'll make! Now that you've learned the most commonly used mortgage terms, reviewing mortgage options should be a walk in the park. If you need help with buying a home in Toronto, contact the experts at GTA SELLING Real Estate to get more information about the real estate market in Toronto.
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Selling Your Home During a Pandemic? Navigating the Toronto Housing Market in Uncertain Times


The coronavirus pandemic is creating a unique set of circumstances for nearly every industry. The received wisdom isn't always working these days, and if you're trying to sell your home during the pandemic, you need more than just general knowledge about the Toronto housing market. You need specific, real-time information about how things are playing out.

Navigating the Toronto Housing Market in Uncertain Times

1. Know What's Happening

The Bad News

There's no way to sugar-coat what's happening. The real estate market throughout Canada, and in Toronto, is reeling. Adjusted seasonally, the market for homes has fallen more than 66% since March.
 
Some of this is due to required social distancing, which makes it harder to get buyers in to look at a home. The economy has also taken a hit, driving down prices from March even as buyers decide to wait a bit before making a move.

The Good News

The good news is that the market is still holding its own. Yes, there has been a price drop since March, but the average selling price hasn't changed much year-on-year from this time in 2019, and the benchmark price rose by 10%.

This is due in part to the new reality of the home as the center of the universe. People are working from home, educating their kids from home, even attending parties and church from home. Home prices are stable in part because, even as the economy dips, the home is more important than ever.

2. Get Digital Assistance

Because things are changing quickly, it's more important than ever to work with someone who has their ear to the ground. You're going to need them to help you think outside the box.

Choose agents with a 24-hour-a-day online presence and the tools to offer digital solutions. Agents who are already connected and used to a digital environment will be ready to help you work around traditional marketing tactics that can't be used during a pandemic.

3. Develop Pandemic Strategies

Ask About a Video Tour

Now is not the time to be hosting an open house, but it's a great time to put together a video tour to upload with photos to MLS websites.

A video allows buyers to actually feel the layout of the home in a way static pictures cannot. While potential buyers will always have to come to see the place in person eventually, you'll narrow the field more quickly to the truly serious buyers by providing a good video.

Stay Clean

Clean your home between showings, and make sure anyone who comes to see it knows you're taking sanitation seriously. Make people feel safe about coming, and you'll get more serious inquires.

Learn to Use Teleconferencing

Another reason to work with an excellent local Toronto agent who can navigate the digital world? Technology allows you to do much of the process online--if you have the right tools. You can talk with buyers, hold negotiations, meet with your agent, and even sign contracts remotely.

Get the Help You Need

A great agent is always essential: that has never been more true. It is possible to sell your home quickly and for a reasonable price, even during a pandemic. Reach out to GTA Selling now and make it happen.
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Is Etobicoke Real Estate a Good Investment?


Real estate in the Toronto area has been more popular than ever in the last couple of years - Toronto and its neighbouring areas are the places to be for young people, growing families, and those who are interested in taking advantage of the easy commute options to get around the city. But is Etobicoke real estate a good investment overall? Yes, and we're happy to explain why.

3 Ways Etobicoke Real Estate Is a Good Investment

1. First-Time Buyers

First-time buyers usually put a lot of careful thought into investing in a house or condo that they plan to live for the foreseeable future. Fortunately, Etobicoke is a neighbourhood great for first-time buyers, including those with children.

If you've finally had enough with renting cramped apartments or you're ready to upgrade, Etobicoke has plenty of housing options near convenient public transit, markets, and schools.

New Developments Are Popping Up Everywhere

One of the most exciting things about Etobicoke real estate is the fact that new developments are on the rise, especially when it comes to condominiums.

A condo in this neighbourhood will be recently built with all the amenities and room you need, all without the competitive - and expensive - units available in Toronto proper. Condos in this neighbourhood are also ideal for commuters.

2. House Flippers

If you're a house flipper, someone who buys older properties and gives them a total overhaul for a better sale later one, then you should be pleased to learn that the housing in Etobicoke is particularly good if you can find a buyer who wants to upsize from a smaller residence.

Renovate Classic Residential Neighborhoods

The classic residential neighbourhoods in Etobicoke have seen a surge of renovations lately. Most of these renovations honour the classic structure of these homes while still modernizing their interiors to be more attractive to contemporary buyers: mainly families that are looking for more room.

3. Property Investors

For property investors, Etobicoke is probably your most exciting prospect right now. This is a neighbourhood gaining a lot of popularity recently and has a slew of new developments, businesses, and conveniences that are drawing more people to the area. This is why it might be time to strike while the iron is hot and invest in a property you can rent out.

Why Renting Your Property Out Is a Good Idea

Renting your property out is not only a reliable way to make steady revenue, but it also gives you more opportunities for investment. Rental properties allow investors to have tenants who are looking for affordable quality housing, which means you may soon be able to make another property investment.

Just remember to move fast to buy and renovate the property for rental - the real estate market here is hot and properties are sold quickly.

Etobicoke might be the most promising real estate in the greater Toronto area, which means it's an excellent opportunity for real estate investment. Whether you're a first-time buyer or you're planning on renting your property out, Etobicoke is swimming with new developments and opportunities. Contact GTA Selling Real Estate in Toronto, Ontario to learn more.
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4 Places to Find the Best Mississauga Real Estate


House hunting in the Greater Toronto Area can feel daunting. Whether you are buying or selling a house, where do you go for the best Mississauga real estate? Let's take a look at how to find an agent who understands the market and knows how to work for you.

4 Places to Find the Best Mississauga Real Estate 

1. From a Knowledgeable Real Estate Agent in Your Area

When you are looking to buy property, you want someone who knows what they're doing. We give individual attention to each of our clients to ensure the best possible results. If you are a first-time homebuyer, you need an agent who can take you from the first step to the last without unnecessary stress.

If you are selling Mississauga real estate, you want an agent who shows off the best parts of your home and who can match you with a good buyer. Selling a home is more than just throwing a few photos together and listing specifications. Our proficient agents understand all the details associated with home buying.
 

2. From a User-Friendly Website

Another important aspect of a good real estate company a website that is easy to use. Our website includes sections for: 

  • Buyer information
  • Seller information
  • Specific neighbourhoods
  • Listed properties
  • Customer testimonials


The Properties section is a great way to browse properties for sale in the Toronto and Etobicoke areas. If you are a seller, you can also get an idea of home prices in your area or for the type of property you're selling.

3. From an Agency With Expertise

When it comes to selling your house, you want an agency with experienced professionals. Keep in mind that a good seller uses excellent photographers and videographers, smart home-staging consultants, and intuitive marketing consultants. Experienced agencies also work with professional home inspectors and contractors.

You also want a good agent on your side when you are purchasing Mississauga real estate property. We won't sell you a property that doesn't fit your needs: you should be able to trust your agent, which is why we work hard to ensure good communication and personalized service.

4. From Agents With Proven Results

Look for an agency with accurate information about the real estate market in Toronto. We employ the use of analytics to maintain up-to-date reports on home prices in Toronto neighbourhoods. We also regularly post our analytics results on our Blogs page.

We take care of our clients, and we stay up-to-date on the latest in real estate development so our information is always accurate and helpful. If you have a question, we want to answer it. If you are thinking about buying or selling a home in the Greater Toronto Area, we want to help there, too.

Whether you are ready to sell, buy, or just thinking about real estate at this stage, contact Greater Toronto Area Real Estate today. Our agents can answer your questions and get you to the next step in your home buying or home selling experience.

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Buy or Sell? Unlocking the Toronto Real Estate Market in 2020


The world is experiencing an unprecedented pandemic, and unemployment is at an all-time high. Despite COVID-19 resulting in some of the worst months in the nation's economic history, the Toronto real estate market continues to be one thing doing quite well in a time when very few things are.

Growing Fast

Just this month, a report from Ryerson University's Centre for Urban Research (CUR) named Toronto the fastest-growing metropolitan area in all of North America. At the time of the most recent census, the Greater Toronto Area's (GTA) population had reached 6.4 million, and as of last year, Toronto proper was home to a whopping 2.7 million people.

Why are so many people flocking to the largest city in Canada, and what does this mean for the Toronto real estate market?

A Desirable Place to Live

According to The Economist Intelligence Unit, Toronto ranks in the top 5 most livable cities in the world based on overall scoring across five categories: stability, healthcare, culture and environment, education, and infrastructure. Toronto not only received an overall score of 97.2 out of 100 but also received top scores of 100 specifically for its stability, healthcare, and education.

The city offers easy access to public transit, making it incredibly navigable for residents going to work, school, or to any of the city's popular recreational destinations without a car.

Vibrant Culture

Made up of more than 200 ethnic groups with over 140 languages spoken, Toronto is one of the most diverse cities in the world. The richness of the city's diversity is on display not only in annual music, film, and art festivals throughout the year but also in the established film industry (the third largest in North America) and the robust art scene found in the GTA.

What Does This Mean for the Toronto Real Estate Market?

Despite public health and economic concerns stemming from COVID-19 in 2020, the Toronto real estate market is still very much thriving due to the desirability of the area.

A report from GlobeNewswire outlined the Toronto Regional Real Estate Board's (TRREB) findings that, while May 2020 sales were down 53.7% compared to last year, these results showed a marked improvement over April 2020; May 2020 sales increased by 55.2% compared to the previous month.

Selling

The good news for sellers is that, for the most part, home prices in Toronto are still going for asking price or above asking price during the pandemic. Those monitoring the GTA real estate market have noticed a renewed level of competitiveness in the area, brought on by the pent-up demand of consumers living in the world of COVID-19.

While experts note that sales activity has decreased over the last few months, there has been a corresponding drop in supply. This, coupled with the demand from buyers, has resulted in a sellers' market in many areas, just as it was prior to the pandemic. While experts cannot say how long the competitiveness will last, current sales show properties experiencing bidding wars and receiving multiple-offer scenarios.

Buying

Buyers, don't beware! Despite trends indicating that Toronto is still very much a sellers' market, now is still a good time to buy. Home prices may not display a hefty discount during the pandemic, but interest rates are at an all-time low.

According to RateSpy, interest rates are now as low as 2.79% for a 10-year, fixed-rate mortgage, and an earlier June report from the same mortgage comparison site disclosed Canada's lowest-ever bank-advertised rate of 1.99% for a five-year fixed mortgage through HSBC.

These historically low interest rates, coupled with the forecast of increasing real estate prices throughout the GTA, make now the perfect time to buy in the incredibly livable, desirable Toronto area.

Looking to buy or sell in Toronto? Visit GTA Selling for trusted real estate agents who can knowledgeably and professionally guide you through the process.
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4 Key Things to Know About the GTA Housing Market


Although COVID-19 slowed down housing sales in the greater Toronto area during March and April of 2020, the GTA housing market remains one of Canada's hottest. Home values are still on par with what they were a year ago, despite the pandemic, confirming that GTA remains a great place to buy real estate.

4 Key Things to Know About the GTA Housing Market

1. New Homes Are Being Built

Toronto is a desirable area to live. City planners know this, and they've been making changes in recent years to make it easier for more people to get a home of their own.

As one example, as late as 2018, the laneways were car-only, and all building projects in those zones had to be parking or garage construction. Since then, new legislation has opened up these areas, encouraging investors to turn laneway garages into gorgeous modern living spaces.

2. It Helps to Think Ahead

The process of making an offer on a property can be nerve-wracking. Ontario law requires you to make an offer in writing, and the Agreement of Purchase and Sale document is legally binding: if the seller accepts it, that's it. This document will lay out how much you're willing to pay, the deposit, the closing date, and all kinds of conditions.

Before you get to this point, think carefully about what you can afford and what you want in a home. Then talk with your agent about how you'll respond in the event of a bidding war. The GTA housing market is popular, so bidding wars certainly aren't out of the question. The process will be much less difficult if you've taken time to consider important factors before you start.

3. Renting Is Very Expensive

There are always pros and cons to both renting or buying, but in the Toronto area, the pros are weighted on the side of buying your own property. Rental prices have been going up steadily for the last two decades and show no sign of stopping.

When rents are high and property values are rising steadily, buying is an attractive prospect. Instead of handing over your hard-earned money to a landlord each month, in Toronto, it makes sense to invest it in yourself and your own future as you pay down a mortgage.

4. Be Prepared for Some Competition

People want to live in Toronto, and that means competition for desirable properties can be tough at times. That doesn't mean you won't be able to find the right property for your needs, but it does mean it makes sense not to go it alone. Buying property is a complicated task at the best of times.

When you work with experienced local agents, sellers see you as a preferred buyer. Good agents can also streamline the pre-approval process for your mortgage and help you with all the difficulties of finalizing and closing.

The GTA is a wonderful place to live, and with some help navigating the GTA housing market, you're sure to find just the right property. To get started, reach out to GTA Selling today.
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How to Help During Covid-19

It's a delicate balancing act to keep people safe and healthy and to support the economy.  The food services industry has and will continue to be hard hit until this pandemic is wrestled to the ground.  You can help by ordering online for contactless delivery from many fine Toronto restaurants.  We've rounded up some of our favourite spots offering delivery on apps like Doordash, UberEats and Foodora or through their websites.



  • Aba's Bagels is offering delivery on orders of $25 and over. Plus, their 'Bagel it Forward' program lets you send a $30 package to family, friends or loved ones.
  • Akira Back is serving fresh sushi from Bisha Hotels' ground level cafe, French Made, every day from 11 a.m. to 10 p.m.
  • Alma (UberEats). 
  • Aloette is now available on Ritual and Doordash.
  • Annabelle is now offering takeout and curb side pick-up daily from 5 p.m. to 10 p.m. (647 398 1585)
  • Bar Mercurio's organic, ancient flour pizzas are now available on UberEats.
  • Big Trouble Pizza is offering takeout and delivery from their Spadina location. (Foodora)
  • Boonsik is giving you $5 off when you spend $20 or more (UberEats).
  • Cactus Club is offering some of their fave eats for delivery, plus a Happy Hour special every day from open until 4pm, starting at $6. Enjoy $5 drink specials, six packs starting at $17 and 1/2 price bottles of wine from a selection of fine favourites. Order pick up online or get delivery with DoorDash.
  • Chantecler will offer next day home-delivery. Cut off is at 3 p.m. (416 628 3586).
  • CIBO is offering most of their regular a la carte menu, plus beer and wine is available. All three CIBO Wine Bar locations are open daily for takeout and delivery (through Uber, Skip, DoorDash etc). 2 p.m. to 9 p.m.
  • Calii Love's King Street West location will prepare healthy menu items for both pickup and delivery while supplies last. Beginning this weekend, three varieties of nutritious and affordable wraps will be available for $6.99 each.
  • General Assembly Pizza is available for takeout and delivery and will also be offering pizza kits. Each kit makes two pizzas and includes instructions. Choose from the Loving Cup ($21) or Mila Margherita kit ($19). 
  • Famoso Neapolitan Pizzeria is offering 10 per cent off all phone-in orders at their Bloor St. West location, and providing the option for curbside pick-up or home delivery via Skip The Dishes, Foodora and Door Dash.
  • FIGO is offering carb-filled dishes for takeout and delivery through Ritual and Uber Eats now, and Foodora and DoorDash next week. Place your order for pizza, pasta, and other Italian favourite French Made.
  • Frankie's Italian is now offering takeout and Uber Delivery daily from 5 p.m. to 10 p.m. plus curb side pick-up (647 351 2524). 2 for 1 on personal pizzas.
  • Good Hombres will be taking pre-orders for a specific menu by Instagram direct message, email (info@goodhombres.ca) or text message (647 621 6949).
  • Hadrien Verrier Patisserie is delivering faves like their salted caramel bread pudding on UberEats from 9 a.m. to 1 p.m. Alternatively email info@hadrienpatisserie.ca.
  • Miku is providing takeout – call 647-347-7347 or use Ritual and UberEats.
  • Rudy's Rude Dude double cheeseburger is available on Doordash for $5. Type promocode 5DEALS at checkout.
  • Oretta is currently offering a limited menu of pizza, pasta and salad. On UberEats exclusively, Oretta has a buy 1 get one free offer for their Margherita Pizza, Paccheri Bolognese and Barbabietola Insalata items.
  • The Oxley is open seven days a week from 12 till 6 p.m. Delivery is available: south of St. Claire Ave, east of Bathurst, north of Dundas and west of the DVP. Orders for delivery should be placed and paid for over the phone the day before delivery which will be made between 2 p.m. and 4 p.m. at no charge (647 348 1300).
  • Pizzeria Libretto’s King Street West and Danforth locations are delivering their famous Neapolitan- style pizzas and an assortment of classic Italian dishes.
  • Pukka is offering 10 per cent off takeout orders.
  • Weslodge has partnered with food delivery services to serve you their signature items in the comfort of your own home. They’re also open for good old fashioned take-away. Menu items will be available on Foodora and Uber Eats this week, and Ritual and DoorDash next week.
  • The Shozan Room is offering a free avocado roll with your next order on Ritual.
  • TORA's menu offers a variety of Japanese dishes including comforting miso soup, crispy gyoza and of course their signature flame-seared Aburi oshi. (Ritual, UberEats).

For more Toronto restaurants and bars offering takeout and delivery, check out Takeout COVID.

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