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How to Choose the Best Toronto Realtors for Your Sale or Purchase

Finding a high-quality realtor in Toronto, GTA, or Etobicoke can be utterly overwhelming. If you're nervous about finding a great realtor to help you sell or purchase a home, read on to discover how you can find the best Toronto realtors.

How to Choose the Best Toronto Realtors for Your Sale or Purchase

The Best Realtors Have the Best Teams

There's no better way to determine the quality of a realtor than to look at the professionals that surround them. An excellent realtor makes their team a priority and will align themselves with a highly skilled crew of industry professionals. From home staging consultants, videographers, and photographers, to lawyers, lenders, contractors, and beyond, a worthwhile realtor will always come with a great team and an unmatched wealth of industry resources.

Finding a Quality Realtor to Sell Your Home

Houses don't sell themselves - don't trust anyone who tells you that simply listing your home will result in the highest possible price. A top quality realtor will have a selling strategy, marketing tools, and more to help showcase your home to serious buyers. Make sure to ask any potential realtor questions about staging, marketing, pricing, and strategy - and check their website to see if they're confident using social media and online strategies for selling as well.

You can tell a lot about a potential realtor by looking at their online listings. Are they using professional photos? Do they have video tours, slide shows, and floor plans available? A great realtor will have a well-designed website showcasing their client's homes to a broad, quality market of buyers. Attending an open house hosted by an agent you're interested in working with will also give you an idea of the treatment your home will receive by a realtor!

Sourcing the Best Realtor to Purchase Your New Dream Home

When looking for a home, it's a great idea to find a realtor who regularly works in your desired neighbourhood. The expertise and experience a neighbourhood pro can deliver to you will save you headache and hassle. When your realtor really knows a neighbourhood, they will have a clear grasp of the values of its homes. This means you can easily assess which properties are suitably priced for your needs and budget before you even start searching for your new home.

Hire Experience and Expertise

Be suspicious of realtors who work part-time or who have second jobs; if you're serious about buying or selling your home (and you should be!), you want a realtor who is equally serious about their job. Look for full-time, full service agents with positive customer testimonials and proven sales experience.

An excellent real estate agent aims to provide peace of mind to their clients by using the skills of their highly qualified team, vetted marketing strategies for making sales, and hands-on experience to deliver maximum client satisfaction. Are you looking for an experienced realtor to help you buy or sell a home in Toronto, GTA, or Etobicoke? Call Nancy at 416-985-1486 or Dave at 416-894-4079 at GTASelling.com.

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What Is the Normal Term of a Mortgage in the Toronto Area?

With the way Toronto home prices are today, it's more important than ever to carefully consider the term of your mortgage before purchasing a house. If you're not sure what mortgage terms are or why they matter, don't worry! We'll go over the way they work and how they impact your purchasing decisions. We'll also look at why amortization periods matter and offer some basic advice on how to decide on a term based on your circumstances.

What Are Normal Mortgage Terms in the Toronto Area?

The time frame of a mortgage can be anywhere from 6 months to 10 years. However, most mortgages in the GTA consist of a 5-year term with a 25-30 year amortization period.

What's the Difference Between Terms and Amortizations?

Although commonly confused, terms and amortizations are two different things. Here's a breakdown of what each term means.

Term

The term of your mortgage is the extent of time you commit to the mortgage rate, lender, and associated conditions. You can pick from a variety of different lengths ranging from short to long-term mortgages.

Your bank will set out a repayment schedule, which is usually billed on a monthly basis. The total amount you borrow, the total interest you pay, and your monthly payments remain constant throughout the term.

Amortizations

The amortization period is the total life of your mortgage. It is the number of years it will take to repay the entire loan and any outstanding interest at normal scheduled payments.

The amortization period will impact how much principal and interest you repay over the term of your mortgage. This means that while some people choose the term of their mortgage based on the monthly payment, choosing a shorter amortization period can save thousands in interest when you consider all of your payments over the life of the mortgage.

What Is the Right Term Length for Me Based on Toronto Home Prices?

If you're wondering what the right term length is, the answer is: it depends. The best way to figure out what term length works for you is by getting pre-approved and talking to lenders. Here are some other factors to keep in mind when choosing a term:

Your Employment Status

If you're planning on switching jobs or know that your income may fluctuate (e.g., freelance work), then a short-term mortgage can work better for you. That way, you won't be locked into a term for too long when you don't know what kind of income you'll be making in the future.

The Stability of Your Job:

If you expect to be at your job for the next few years, you may want to go with a long-term mortgage. This way, you can lock in a predictable rate for the foreseeable future.

Your Financial Commitments:

Do you have other types of debt? For example, are you planning on making any other large purchases soon, like a vehicle? If so, then a long-term mortgage might work out better so you can balance lower monthly payments with your other bills.

The difference you pay between short-term and long-term mortgages can be significant, so it's important to choose the best term for your circumstances. If you have any further questions about terms and amortizations, we're here to help! Call Nancy at 416-985-1486 or Dave at 416-894-4079 at GTASelling.com and we can help determine the option for you!

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Essential Analytics - September 2021

Overview of Greater Toronto Area housing market activity during August 2021

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Is the Toronto Housing Market Currently in a Bubble?

The housing bubble in Canada has been a topic of concern for so long that it even has its own Wikipedia page, and the Toronto housing market is no exception to this. While there is a lot of good information out there, there is also a lot of hysteria. Ultimately, nobody can predict the future, but with experts and investors pouring huge amounts of time and effort into understanding what is going on, there are some questions that we can answer.

Is the Toronto Housing Market Currently in a Bubble?

The Basic Facts

At a glance, the statistics on property prices in Toronto are pretty astonishing: prices have risen by an average of ten percent a year over the last five years, including their 18.1% rise this year. In other words, a condo that cost $620,921 in 2016 would now be valued at $1,000,000. Little wonder that it now takes an average of 27 years of savings to buy a house there.

What Are the Experts Saying?

Most major institutions and commentators agree: this is a bubble. In May, the Bank of Canada named the housing bubble as the bank's main concern regarding the Canadian economy, pointing particularly to Toronto and the Greater Toronto Area (GTA). Likewise, Swiss Bank UBS rated Toronto among the three biggest housing bubbles in the world in October 2020.

Why Do They Think This?

With the aforementioned incredible growth of house prices in Toronto, it was inevitable that the stability of this growth should be questioned. However, the conditions under which this growth has taken place are what really concern the experts.

Fundamental Market Forces Analysis

It is often argued that a bubble can be identified when changes in fundamental market forces cannot explain a price rise. In the case of Toronto, an analysis of market fundamentals suggests that prices should have risen by 12% since 2014 when in reality they rose by 93%. Given the vast difference between market fundamentals and reality, it seems likely that the reason for the increase is a bubble.

Supply and Demand

One reason why prices might rise so suddenly is demand massively overwhelming supply, causing prices to rise for what little is available. However, over the past six years 230,210 "dwelling units" have been constructed in Toronto, so it is clear that supply is not an issue. It is therefore reasonable to assume that prices are rising because people expect prices to rise further, and are therefore hoping to sell later for a higher price.

That is a classic symptom of a bubble: a conclusion strengthened by the fact that, while house prices rose in the GTA as a whole, the average price of a house in Toronto decreased from May to August. In other words, Toronto was too expensive for most. When that happens, the prices are almost certain to go back down in order to be affordable.

Does Anyone Disagree?

Very few people. Those that do so point to the continued demand in the area and attribute this to Toronto's growing reputation as a tech hub, accelerated by the arrival of Alphabet's (Google's sister company) Sidewalk Labs. They also suggest that red-tape affecting new developers causes a lack of supply relative to demand. However, in the face of the evidence discussed so far, it is not surprising that this opinion is not commonly held.

To discuss buying or selling in Toronto, call Nancy at 416-985-1486 or Dave at 416-894-4079, or visit GTASelling.com.

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Essential Analytics - August 2021

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

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PROPERTY CRUSH

Wow! We love the zen feel of this magical property - utilizing large windows to showcase the beautiful outdoor surroundings. From the picturesque pond views to the modern interior features - this home is the ultimate in unique luxury living.

7825 19th Sideroad, King, Ontario Canada

List: $4,800,000

Listed by: Khalen Meredith, Broker, Sotheby's International Realty Canada, Brokerage

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Essential Analytics - July 2021

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

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Toronto Real Estate Market: Is It a Buyer's or Seller's Market Right Now?

Buying or selling a home is always an exciting yet stressful process, but it can feel very different depending on the current market conditions. Currently, the Toronto real estate market is tilted towards sellers, but this doesn't mean that there aren't any great deals out there. No matter if you'd like to sell or purchase your home, a competent real estate agent can help you to make the best decision possible.

Is the Toronto Real Estate Market a Buyer's or Seller's Market?

In 2021, the real estate market in the Toronto area is still a seller's market, with relatively few listings available and high demand. It is estimated that the price of properties will increase by around 6% throughout the year as people continue to immigrate to Canada. The luxury market remains intact despite the Coronavirus pandemic and the fact that many people no longer need to live in the city centre.

Condominiums are seeing the greatest rise in prices, although some people are selling their downtown apartments and moving further out of the city. Many industry professionals estimate that the number of days properties remain on the market is likely to either remain the same or decrease further.

Tips for Sellers

If you're looking to sell your home in the Toronto area, this is good news for you. You are likely to get a great price, and you won't have to wait long to find the ideal buyer for your property. Despite this, the selling process can be taxing, and you might benefit from professional help. By hiring real estate agents with lots of experience in the local area, you can benefit from all their knowledge without spending hours researching the market.

You can gain access to the most up-to-date pricing strategies, so you'll sell your house for the best possible price. Even more importantly, you won't have to do your own marketing, which is often one of the most challenging parts of the process. Your agent already has a large network of potential buyers in place, and they also have access to listing services and databases you otherwise wouldn't be able to make use of.

Tips for Buyers

Buyers have a harder time than sellers at the moment because they're competing against many other people who also want to move to the area, but that doesn't mean that there aren't great deals available. No matter what kind of property you're looking for, you'll be able to find your dream home if you remain persistent. Because of the current challenges in the market, it's even more important for buyers to have the assistance of professional real estate agents.

From determining what you want to pre-qualifying for a loan to finding your dream home, a great professional can help you with every step of the buying process. In addition to making your purchase easy for you, your agent will also negotiate on your behalf and double-check that everything is well with the inspection and the property. This can save you a lot of hassle later on.

Although the real estate market in Toronto is currently in favour of sellers, buyers can also get a good deal by working with experienced real estate agents. Get in touch with us at GTA Selling in Toronto, Ontario to find out more about how we can make the process easy and successful for you.

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4 Qualities to Look for When Purchasing Etobicoke Real Estate

Whether it's your first home or if you're a seasoned house buyer, purchasing a new property in the Etobicoke area is an exciting venture. In order to make the best of this opportunity, you'll have to keep several factors in mind. The most important things to look out for will be a neighbourhood that's suitable for your needs, a property that meets all of your criteria, and a real estate agent who will help you to get the best Etobicoke real estate deal possible.

4 Qualities to Look for When Purchasing Etobicoke Real Estate

1. A Neighborhood that Fits Your Needs

Etobicoke is a great area, so you're sure to find exactly what you're looking for. Before starting your search and reaching out to a real estate agent, make a list of the qualities that are most important to you and then have a look at all of the different areas to see which ones might be the best fit. This will help you to narrow down the search and allow your estate agent to present you with more suitable properties right away.

You might be looking for a neighbourhood that offers excellent recreational activities and an ample amount of green space, in which case the Kingsway or Islington Village could be a good fit. If you have children and would like to live in a good school district, you might go for Sunnylea or Humber Valley Village, both of which have excellent educational facilities nearby.

2. A Suitable Property

Once you know where you want to live, you need to also think about what type of property is most suitable for your needs. Check some listings in the local area and have a look at prices so you get an idea of what you'll be able to afford. Then, you can draw up a detailed list of essential and desired features. Again, this will make your real estate agent's job easier because they will be able to show you only those properties that might be of interest to you.

3. A Helpful Real Estate Agent

Finally, you'll need to reach out to a competent professional who knows the local area very well. Try to find a real estate agent who has lots of experience in Etobicoke, as they will be most aware of the market, price fluctuations, and local trends.

You can also check out the reviews and past client testimonials in order to find the firm that has the best reputation in its local community. Don't hesitate to reach out and ask all of your questions because a competent real estate agent will be more than happy to help you out.

Finding a great deal in Etobicoke doesn't have to be hard, particularly if you have a highly skilled real estate agent at your side. They will help you to select neighbourhoods that have all the qualities you desire and show you some homes that could suit your needs. Call Nancy at 416-985-1486 or Dave at 416-894-4079 at GTASelling.com to book an appointment with us. Our talented team will be happy to show you around the best properties currently available.

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Essential Analytics - June 2021

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

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PROPERTY CRUSH

One of our current listings. Rarely offered 4 season beach front cottage on the worlds longest freshwater beach.

Sun, sand, surf.and amazing sunsets!

132 Shore Lane, Wasaga Beach, Ontario Canada

List: $1,499,000

Listed by: Nancy Pierce and Dave Duncan, Salespersons, Re/Max Professionals Inc., Brokerage

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Bidding War Tips

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.

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