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Author Archives: Nasim Yusufi Broker

About Nasim Yusufi Broker

There are plenty of options for investors, but how do you determine which is the best one for you? When we purchase a home for our own use, our criteria- size, location, amenities – is based on your own personal needs and preferences. But when purchasing for the sole purpose of investment, the choices can be overwhelming. Real estate generally works best as a long-term investment, and it’s important to plan. While there are some opportunities to “flip” a property for a quick profit, the transaction costs of buying and selling real estate is something you should know.

Top Myths That Trip Up First-Time Home Buyers

If you’re thinking about buying a home in GTA, you’ve probably received your share of advice from family and friends. Add to that the constant stream of TV shows, news segments, and social media posts that over-simplify the home buying process for easy entertainment.

With so much information to sift through, it can be tough to distinguish fact from fiction. That’s why we’re revealing the truth behind some of the most common home buyer myths and misconceptions.

Buying a home is a big decision, but it doesn’t have to be a scary one. If you arm yourself with knowledge and a qualified team of support professionals, you’ll be well equipped to make the right choices for your family and financial future.

DON’T FALL FOR THESE COMMON HOME BUYER MYTHS

Myth #1: You need a 20% down payment.

Plenty of buyers are purchasing homes with down payments that are much less than 20% of the total cost of the property. Today, you can buy a home with as little as 3-5% down.

There are multiple programs out there that allow you to have a lower down payment, and a lender or mortgage broker can talk you through which option is the best for you. Since you’re putting less money down, you’re a riskier borrower to your lender than people who put down a full 20%. Because of this, you will most likely need to pay mortgage insurance as part of your monthly payment.

Myth #2: Real estate agents are expensive.

Your agent is with you every step of the way throughout your home buying journey, and he or she spends countless hours working on your behalf. It sounds like having an agent is expensive, right? Well, not for you. Buyers usually don’t pay a real estate agent’s commission. Your agent’s fee is paid for at closing by the seller of the home you’re buying.1 The seller knows to factor this cost into the property’s total purchase price.

Myth #3: Don’t call a real estate agent until you’re ready to buy.

The earlier you bring in an agent to help with the purchasing process, the better. Even if you’re in the very early stages of casually browsing Zillow, Realtor.ca, a real estate professional can be a huge help.

They can create a search for you in the Multiple Listing Service (MLS), so you get notifications for every house that meets your criteria as soon as it hits the market. The MLS is typically more up-to-date than popular home search sites like Zillow and Trulia. Setting up a search a few months before you’re considering buying gives you a good idea of what’s out there in your town that’s in your budget. Reviewing the MLS and speaking with an agent as soon as possible can help you set realistic expectations for when you actually start the house hunting process.

Myth #4: Fixer-uppers are more budget friendly.

We’ve all watched the shows on HGTV that encourage people to go after fixer-uppers because they’re more affordable and allow buyers to eventually renovate the home to include everything on their wishlist. But, this isn’t always the case.

Sometimes, homes that need a lot of work also require a lot of money. Big renovations, like add-ons, a total kitchen remodel, or installing a pool, take a lot longer than it looks on TV. If you’re really interested in a fixer-upper, ask your agent to show you a mix of newer homes and older homes. If you fall in love with an older home that needs a lot of work, get some quotes from contractors before you buy so you know the real cost of the renovations and see if you can work them into your budget.

Myth #5: Your only upfront cost is your down payment.

Your down payment is big, but it isn’t the only money you’ll spend during the home buying process. At closing, you’ll pay your down payment, but you’ll also bring closing costs to the table. Closing costs are typically anywhere from 2-4% of the total purchase price of the home.2 This amount includes the cost for items like homeowners insurance, title fees, and more.

You’ll also need to pay for an inspection before closing, which usually costs a few hundred dollars. This price will be higher or lower based on the size of your new property. Your lender will also require an appraisal. An appraiser will come in and inspect the home to determine how much it’s worth. Depending on your lender, you may have to pay this when the appraisal is conducted or it might be rolled into your closing costs.

Myth #6: You need a high credit score to buy a house.

You don’t need perfect credit to buy the perfect home. There are loans out there that buyers with lower credit scores can qualify for. These are good options for people who have had credit issues in the past, but some of them come with additional fees you will need to pay. Speak to a few local lenders or mortgage brokers to talk through which options might be best for you.

Myth #7: You can’t qualify for a mortgage if you’re still paying off student loans.

While some buyers may feel more comfortable paying off their existing debts before taking the leap into homeownership, it’s not a requirement. When you’re applying for a mortgage, the lender takes a close look at your debt-to-income ratio.3 If you want to calculate this on your own, add up all of your monthly debt payments and divide those by your monthly income. When you’re lender does this, they’re trying to make sure that you will be able to afford your monthly mortgage payments along with your other existing payments. If your income is high enough to allow you to make all of these payments each month, having a student loan will most likely not stop you from getting a mortgage.

Myth #8: You should base your budget on what your lender approves.

How much house you qualify for and how much you can afford are two totally different numbers. When you prequalify for a mortgage, your lender will look at your income, debt, assets, credit score, and financial history to determine how much money you might qualify for.4 For some people, this number might be much higher than you thought because lenders tend to approve for the highest amount they think you can afford. But that doesn’t mean that’s how much you should borrow.

Instead, figure out how much house you can actually afford. An online mortgage calculator can be a good first step in determining this number. We recommend thinking about what you want your monthly payment to be as a starting point. And remember to include your principal, interest, taxes, and, insurance. You should also think about ownership expenses that aren’t part of your monthly payment, like HOA dues and maintenance.

Myth #9: It’s all about location.

You’ve heard the phrase. Location, location, location is basically the real estate industry’s motto, but we’ll let you in on a little known secret: It’s not always true. Yes, location is great to consider when it comes to school districts and commute times, but you also need to think about how the home will function for you and/or your family’s lifestyle. If a family of five is choosing between a one bedroom condo in the bustling city center and a 4-bedroom home out in the suburbs, the latter is probably the best, most functional choice for them. Also, by buying in a less sought after neighborhood, your property taxes will most likely be much lower!

Obviously, you might still want to choose an area with great resale potential, and this is something that your agent can speak to you about. They’re an expert in your city and are constantly monitoring buying and selling trends.

Myth #10: If you look hard enough, you’ll find a home that checks every box on your wishlist.

You’ve seen that famous house hunting show. And while we have our suspicions about how real it is, the one thing they get right is that almost every buyer needs to compromise on something. Yes, the perfect house that meets every item on your wishlist is probably out there, but it’s also probably double or triple your budget.

A long wishlist can be a great starting point for figuring out what you want and don’t want, but we recommend narrowing that wishlist down to the top five things that are important to you in order of priority. We also recommend noting on your wishlist what your absolute deal breakers are, like “must have a yard for our dog,” and noting what you can live without, like “heated bathroom floors.”

This is a great list to discuss when you first start talking to an agent. A good real estate agent will be able to look at your list and find properties that might work for you. By coming to that first meeting with realistic expectations and knowledge about home buying rather than a bunch of myths heard here and there, you’ll be able to start the process off on the right foot and be in your new house in no time.

WE’RE HERE TO HELP

Whether you’re a first-time buyer or a seasoned homeowner, there’s no reason to go through the home buying process without an advocate on your side. We’re here to answer your questions and do the hard work for you, so you can spend your time dreaming about your new home. Call us today to schedule a free, no-obligation consultation. Please visit our website for detail   www.SnapHomes.ca

Get a FREE copy of our Home Buyer’s Guide to Getting Mortgage Ready

Now that we’ve cleared up these common homebuyer myths, find out if you know the steps you should take to prepare financially before you apply for a mortgage. Contact us to request a complimentary copy of our “Home Buyer’s Guide to Getting Mortgage Ready.”

Note: Mortgage Ready Guides are part of the March 2018 MVP.

Download Canadian Version at: Mortgage Ready Guide

Sources:

  1. Realtor.com –

https://www.realtor.com/advice/finance/realtor-fees-closing-costs/

  1. The Balance –
    https://www.thebalance.com/buyer-s-closing-costs-1798422
  2. StudentLoanHero –

https://studentloanhero.com/featured/student-loans-buying-house/

  1. Zillow –

https://www.zillow.com/mortgage-learning/pre-qualification-vs-pre-approval/

 

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Posted by on May 10, 2019 in Condominiums

 

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2019 Federal Budget Details

March 20, 2019 — The federal government has announced the details of its proposed 2019 budget.  The budget proposes numerous significant measures focused on housing.  TREB’s formal statement on the budget and budget details are provided below.

TREB issued the following statement immediately following the announcement of the budget:

TREB Statement Regarding 2019 Federal Budget Announcement

The Toronto Real Estate Board (TREB) applauds Minister Morneau and the federal government for making home buyers and housing issues a priority of the federal budget, announced today, but continues to be concerned about unnecessary mortgage restrictions, which were not addressed.

“TREB has been vocal about the need for governments at all levels to address housing issues, especially with regard to affordability and first-time buyers. This federal budget takes some important actions in that regard.  The First-Time Home Buyer Incentive is an interesting proposal and TREB is reviewing these details to better understand how it will affect home buyers.  We are also encouraged that the government is proposing to increase the limit on the RRSP Home Buyers’ Plan from $25,000 to $35,000, something which we have advocated for. Nevertheless, this budget leaves some important issues unaddressed, including the mortgage stress test and restrictions on 30-year mortgage amortizations,” said Garry Bhaura, TREB President.

In recent months, TREB has been calling on the federal government and the Office of the Superintendent of Financial Institutions (OSFI) to reconsider Guideline B-20, which imposed an onerous mortgage “stress test” on home buyers, requiring them to qualify at mortgage rates that are two percentage points higher than actual market rates.  TREB has also called on the federal government to allow for federal mortgage insurance on 30-year mortgage amortizations.

“Current market realities indicate that the OSFI stress test and the federal limitations on 30-year mortgage amortizations are not warranted. This is especially true at a time when first-time buyers are facing serious challenges in achieving the dream of home ownership.  We applaud the federal government for acknowledging that housing issues are a top priority for Canadians, but current mortgage restrictions still need to be addressed,” said John DiMichele, TREB’s Chief Executive Officer.

2019 Federal Budget Details

  • First-Time Home Buyer Incentive.   The CMHC First-Time Home Buyer Incentive is a shared equity mortgage that would give eligible first-time home buyers the ability to lower their borrowing costs by sharing the cost of buying a home with CMHC. The Incentive would provide funding of 5 or 10 per cent of the home purchase price. No ongoing monthly payments are required. The buyer would repay the Incentive, for example at re-sale. For example, if a borrower purchases a $400,000 home with a 5 per cent down payment and a 5 per cent CMHC shared equity mortgage ($20,000), the size of the borrower’s insured mortgage would be reduced from $380,000 to $360,000, helping to lower the borrower’s monthly mortgage bill. Terms and conditions will be released in the coming months and the program is expected to be operational by September 2019.  
    • Eligible first-time home buyers who have the minimum down payment for an insured mortgage would apply to finance a portion of their home purchase through a shared equity mortgage with CMHC.
    • The Incentive would reduce the monthly payments required to buy a home.
    • CMHC would offer qualified first-time home buyers a 10 per cent shared equity mortgage for a newly constructed home or a 5 per cent shared equity mortgage for an existing home. This larger shared equity mortgage for newly constructed homes is intended to help encourage the home construction needed to address some of the housing supply shortages in Canada.
    • The Incentive would be available to first-time home buyers with household incomes under $120,000 per year. At the same time, participants’ insured mortgage and the Incentive amount cannot be greater than four times the participants’ annual household incomes.
  • Increasing the Home Buyers’ Plan (HBP) Withdrawal Limit from $25,000 to $35,000.  The increase to $35,000 will allow home buyers greater access to their own savings to purchase a home.  To date, the HBP has helped over 2.9 million Canadians achieve homeownership.
  • Expanding Eligibility for the HBP During Significant Life Changes.  Expanding the use of the HBP is a fiscally-conscious way to help Canadians maintain homeownership after experiencing a breakdown in their marriage or common-law partnership.
  • Impact of Mortgage Rate Stress Tests.  The government will continue to monitor the effects of its mortgage finance polices and adjust them if economic conditions warrant.
  • Increasing Housing Supply Through Partnerships and Targeted Investments.  The government continues to support the Rental Construction Financing Initiative launched in 2017.  An additional $10 billion will be invested over the next nine years and the program will be extended until 2027-28.  This investment will support the construction of 42,500 rental units across the country.
  • Housing Supply Challenge.  The government is launching a challenge to municipalities and other stakeholders to identify innovative ways to break down barriers that limit the construction of housing supply. More information on the challenge will be released in summer 2019.
  • Reviewing Housing Supply and Affordability.  On March 15, 2019, the Minister of Finance Canada along with British Columbia’s Finance Minister and the Minister of Municipal Affairs and Housing launched an expert panel to discuss and provide recommendations on the future of housing supply and affordability.  Budget 2019 will invest funds to support this initiative.
  • National Housing Strategy.  Launched in Budget 2017, the National Housing Strategy is a $40 billion investment in affordable housing.  The government is proposing to introduce legislation that would require the federal government to maintain the National Housing Strategy and require regular reporting on the progress to Parliament.
  • Increasing Fairness by Strengthening Rules and Compliance.  The Canada Revenue Agency (CRA) will be creating four new audit teams dedicated to residential and commercial real estate in high-risk regions.  This will ensure that real estate tax provisions will be respected and will focus on:
    • Sale of principal residence is reported on tax returns;
    • Capital gain from a real estate sale is accurately reported as taxable income (principal residence tax exemption still applies);
    • Money made on real estate flipping is reported as income;
    • Commissions earned are reported as taxable income;
    • GST/HST on new residential properties is properly remitted to the CRA.
  • Deterring Financial Crime in Real Estate.  The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) will increase their examinations in the real estate sector to improve detection of money laundering activities in real estate transactions.
  • Improving Energy Efficiency.  To increase energy efficiency for residential and commercial buildings, the government will assign $1.01 billion to the Federal of Canadian Municipalities through the Municipal Green Fund.

 

 

Source: TREB

 
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Posted by on March 21, 2019 in Condominiums

 

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Aside

Northglen

Northglen is Bowmanville’s unique and highly desirable family neighbourhood. This successfully master-planned community offers an innovative approach for active modern families with parks, pathways, a pond and more. Everything is right at your fingertips and you will be surrounded by recreational activities, trails and conservation areas. The Northglen community offers the security and tranquilly of country living, yet is just minutes from the thriving downtown district of Bowmanville. You will be well connected to all major commuter routes including the new 407 extension, giving you easy access to town and city centres.

Natural Space

At the heart of the neighbourhood is a large open natural space with trails and pathways, complete with sports parks, a splash pad and playground areas. Choose to ride a bike, take a stroll, join in a quick game of soccer or just unwind from the stresses of everyday life. Here you and your family can create real connections, make forever friends and enjoy your neighbours. You may even choose a summer stay at home vacation with so many possibilities, all right here.

Northglen redefines the concept of neighbourhood, building innovation and thoughtful design into each element. Esquire Homes and Highcastle Homes, are both leaders in their industry and master builders of outstanding new home communities all across the GTA and Southern Ontario. Together they have successfully created a community that is simply a better place for families to grow and prosper. More than 650 families now call Northglen home, taking advantage of the outstanding investment and value here.

Builder’s inventory Homes move in Ready in 30-90

All detached Homes from low $600’s

  • Windsor 2596 sqft Model

4 bedrooms house with walkout Finished basement.

  • Carlisle 2,528 Sq. Ft Model

4 Bedrooms with Look out basement Multi-Level Home With Balcony

  • Canterbury 2,869 Sq. Ft Model Elevation B (Corner)

4 Bedrooms corner lot all Brick and Stone.

 

  • Dalton 2,480 Sq. Ft Model 

4 Bedrooms buyers to choose interior finishes

 

  • Berkeley 2,376 Sq. Ft Model 

4 Bedrooms buyers to choose interior finishes

 

  • Canterbury 2,800 Sq. Ft Model Elevation B (Corner)

4 Bedrooms corner lot all brick

 

  • Carlisle 2,528 Sq. Ft Model Elevation A

4 Bedrooms multi level home

 

  • The Winchester Model 

4 Bedrooms 

 

  • Winchester (corner lot) Model 

4 Bedrooms 

 

  •  Foundry Model 2080 Sqft

4 Bedrooms 

 

  • The Sherbourne Model 

4 Bedrooms 

 

  • The Thornbury Model

4 Bedrooms 

 

  • The Astley Model Elevation B

4 Bedrooms 

 

 

  • The Buckingham 2,856 Sq. Ft Model Elevation A

4 Bedrooms backing to green space

 

  • The Astley Model

4 Bedrooms 

For full list of inventory homes please click here   or visit http://www.SnapHomes.ca 

Bowmanville New Homes

 

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10 Staging Secrets From the Pros for a Quick Home Sale at Top Dollar

According to the National Association of Realtors, staging a home prior to listing it can result in a faster and more profitable sale.In fact, the Real Estate Staging Association estimates that professionally staged properties spend 73 percent less time on the market, receive more foot traffic, and typically sell for more money.2

Source: National Association of Realtors

Following are 10 tips you can use to get your home “show ready” prior to hitting the market. These easy and cost-effective ideas will help your house look its best—and help buyers visualize themselves living there. Even if you’re not currently in the market to sell, you can use these tactics to breathe new life into your existing home decor.

To get a plan customized for your particular property, give us a call to schedule a free consultation. We’d be happy to share our insider knowledge of the buyer preferences in your neighborhood … so you’ll know where to focus your time, money and energy to maximize your results.

  1. REMOVE CLUTTER

Decluttering is typically the first thing we tell clients to do to prepare their home for sale. And according to the National Association of Realtors, a whopping 93 percent of agents agree.1 Decluttering is the act of removing excess “stuff” from your home to make it appear clean and spacious.

Overflowing closets and cluttered countertops can make your house feel small and cramped. In contrast, sparsely-filled closets and clear countertops will make your home appear larger and assure buyers that there will be plenty of room to store their belongings.

Don’t neglect drawers, cupboards and even your refrigerator in your decluttering efforts. Serious buyers will check out every nook and cranny of your home, so pack up anything you don’t use on a daily basis and store it off site. The same goes for jewelry, sensitive documents, prescription medication, firearms and other items of value. Store them in a locked safe or storage unit before opening your property to buyers.

Make sure any items that remain are clean, tidy and well organized. The good news is, when it comes time to move, a large portion of your packing will be done!

  1. DEEP CLEAN AND DEODORIZE

From carpets to bathrooms to appliances, having a clean home is a MUST. If you’ve ever checked into a dirty hotel room, you can imagine how buyers can be turned off by a home that hasn’t been thoroughly cleaned.

If you have a large home, or are short on time, you may want to invest in a professional cleaning service. And if you have carpet, we generally recommend you rent a steam cleaner or hire a company to clean your carpets for you.

In addition to cleaning, it’s equally important to neutralize odors in your home that can be off-putting to buyers, especially pet smells and cigarette smoke. If the weather allows, open your windows and let in fresh air. Empty the trash frequently, and especially before a showing. Avoid cooking any strong-smelling food such as fish or heavy spices. You may need to clean (or remove) drapes and upholstery if odors are particularly strong.

Try to keep your home in clean, show-ready condition while it’s on the market. You never know when a potential buyer will want to drop by for a viewing.

  1. DEPERSONALIZE

Your family photos and personal mementos are often your most treasured possessions. For many of us, they are what make a house a home. However, buyers will have a hard time envisioning themselves living in a place if it feels like YOUR home.

Pack up any items that are personal to you and your family, such as photos, books, children’s artwork, travel souvenirs and religious items. Collectibles and excessive knickknacks can be distracting to buyers. Instead, keep your decor items minimal and generic to appeal to the largest number of buyers.

  1. NEUTRALIZE YOUR COLOR PALETTE

Along those same lines, bold color choices may not appeal to all buyers. By incorporating a neutral color palette throughout your home, buyers can better visualize the addition of their own furniture and decor, which may contrast with your current color scheme.

But don’t limit yourself to white and beige. Incorporating earth tones and midtone neutrals—like mocha and “greige” (grey-beige)—can add a touch of modern sophistication to your decor.3

 

One of the quickest and most cost-effective ways to neutralize your home’s decor is with paint. Walls painted in dark, bold or bright colors can turn off buyers. A fresh coat of paint in a neutral color like greige (try Benjamin Moore’s Revere Pewter) or warm white (such as Kelly-Moore’s Rotunda White) offers a clean palette upon which buyers can visualize adding their own personal touches.4

If your sofa is worn, stained or has a bold pattern, consider purchasing a neutral-colored slipcover. Dated or overly busy window coverings should be taken down or replaced. Instead, bring in tasteful pops of color with throw pillows and accessories.

  1. INCREASE YOUR CURB APPEAL

 You only get one chance to make a first impression. According to a 2017 report by the National Association of Realtors, 44 percent of home buyers drove by a property after viewing it online but did NOT go inside for a walkthrough.5 That means if your curb appeal is lacking, buyers may never make it through the door.

Walk around your home and look for any neglected areas that might seem like “red flags” to buyers, such as missing roof shingles or rotted siding. Trim trees and shrubs if needed, and make sure your lawn and flower beds are well maintained. Add some colorful flowers to your front beds and/or flower boxes to brighten up your landscaping.

Make sure the exterior of your home is as clean as the interior. This can often be accomplished with a simple garden hose. But if your siding, walkway, or driveway are stained or dingy, you may want to rent a pressure washer.

Thoroughly wash windows and screens, and remove and store dark solar screens if you have them. Open shutters, curtains and blinds, which will not only make your house look more inviting from the outside, it will brighten the inside.

Consider a fresh coat of paint on your front door, trim and shutters. And small, cosmetic improvements like new house numbers, a colorful wreath and a clean front doormat can have a big impact.6

  1. FRESHEN KITCHENS AND BATHS

 Kitchens and bathrooms will show better and appear larger if all items are cleared from the countertops, except for one or two decorative pieces.7 You should have already packed up non-essentials during your decluttering process, and the remaining items should be neatly stored in pantries and cupboards.

If your cabinets are dingy or outdated, adding a fresh coat of paint and new hardware is an easy and inexpensive way to make them modern and bright. Consider purchasing new shower curtains, bath mats and towels for the bathrooms and new dish towels for the kitchen.

Before each showing, make sure kitchens and baths are spotless and trash cans are empty and out of sight. To add a comforting aroma, try baking cookies, or in the fall, simmer some cinnamon sticks and cloves in a pot of water before you leave the house. In the spring, try a vase of fresh cut lilacs.7

  1. SET THE TABLE

Buyers often imagine hosting family gatherings in their new home, and the dining room plays a large role in that vision. If your dining room chairs are stained or outdated, you may want to recover them or use slipcovers. In most cases, an imperfect table can be camouflaged with a neutral and stylish tablecloth.

Be sure the table is centered underneath the chandelier and on the area rug if you’re using one. If your dining room is small, remove all other furniture and leave only four chairs.8

Dress up the table using nice tableware and cloth napkins or a table runner and centerpiece. For a long table, try lining up a series of small vessels down the middle.

 

  1. REARRANGE FURNITURE

Start in your living room and think about what you want to emphasize (and de-emphasize) about the space. For example, do you have a beautiful fireplace or a stunning view? If so, arrange the furniture with that focal point in mind. Use a symmetrical seating arrangement to create a cozy conversation area adjacent to the focal point.

If the room is small, consider removing some of the furniture to make it feel larger, especially oversized pieces. That includes oversized television sets, unless it’s a designated media room. Pulling furniture away from the wall can make the room feel more spacious, and placing your largest furniture piece in the far-left corner (as opposed to near the entry) can create the illusion of a larger space.9

For small bedrooms, remove all the furniture except the bed, bedside tables and a dresser. If it’s a large room, add one or two chairs and a table to create a seating area. Place lamps on the bedside tables and seating area if you have one.10

Make sure each space in your home has a clearly defined purpose. For example, if you’ve been using an extra bedroom as a catch-all storage space, stage it as a guest room or office instead. Turn an awkward alcove into a workstation or a reading corner. Help buyers imagine how they could use the space themselves.3

  1. LIGHTEN UP

Lighting can have a drastic impact on the look and feel of a home. Few buyers seek out a dark house; most prefer one that’s light and bright. Make sure windows are clean, and open curtains and blinds to let in the maximum amount of daylight.

Each room should have three types of lighting: ambient (general or overhead), task (such as a reading lamp or under-cabinet light), and accent (such as a floor or table lamp). Aim for a goal of 100 total watts per 50 square feet.11 If your mounted light fixtures are dated, replacing them with something more modern is an easy and inexpensive upgrade that can have a big impact.
Strategically placed landscape lighting can add a dramatic effect to your home’s exterior. Welcome evening visitors with a lighted walkway, or use a spotlight to accentuate trees or other landscaping features. Solar lights require no wiring; simply place them in a sunny spot and they will turn on automatically at dusk.

  1. HIGHLIGHT YOUR BACKYARD’S BEST FEATURES

 While your home’s interior often takes center stage, don’t forget about staging your home’s outdoor areas to help buyers imagine how they could utilize the space.

Even a small patio can become a selling feature with the addition of a cafe table and chairs. Add a tray of plates and coffee cups to help buyers envision a peaceful breakfast on the back porch. Place chairs and wine glasses around an outdoor firepit or hang a hammock with a book in your favorite shady spot.3 These small, simple additions can help buyers visualize the possibilities your backyard has to offer.

BEFORE YOU GET STARTED

If you’re in the market to sell your home, this list provides a great starting point for your preparations. But nothing beats the trained eye and expertise of a real estate agent. Before you do any work, we recommend consulting a professional for advice about your particular property.

We offer free, no-commitment seller consultations and will walk through your home with you to help you assess which projects and upgrades are worth your time and money, and which ones you can skip.

As local market experts, we are intimately familiar with buyer preferences in your area. We’ll run a comparative market analysis to find out how your home compares to others currently on the market, as well as those that have recently sold. Then we’ll tailor a custom plan to suit your particular property, budget and needs.

Please call or email us today with questions or to schedule a free consultation!

Sources:

  1. National Association of Realtors –
    https://www.nar.realtor/sites/default/files/migration_files/reports/2017/2017-profile-of-home-staging-07-06-2017.pdf
  2. Real Estate Staging Association –
    http://www.realestatestagingassociation.com/content.aspx?page_id=22&club_id=304550&module_id=164548
  3. Houzz –
    https://www.houzz.com/ideabooks/2661221/list/sell-your-home-fast-21-staging-tips
  4. HGTV –
    https://www.hgtv.com/design/outdoor-design/landscaping-and-hardscaping/10-curb-appeal-tips-from-the-pros-pictures
  5. National Association of Realtors –
    https://www.nar.realtor/sites/default/files/reports/2017/2017-home-buyer-and-seller-generational-trends-03-07-2017.pdf
  6. The Spruce –
    https://www.thespruce.com/must-try-neutral-paint-colors-797983
  7. HouseLogic –
    https://www.houselogic.com/sell/preparing-your-home-to-sell/home-staging-checklist/
  8. com –
    http://www.stagemyownhome.com/staging-the-dining-room.html
  9. com –
    https://www.realtor.com/advice/sell/small-living-room-staging-tricks/
  10. SFGATE –
    http://homeguides.sfgate.com/stage-master-bedroom-34573.html
  11. HGTV –
    https://www.hgtv.com/shows/designed-to-sell/15-secrets-of-home-staging-pictures
 
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Posted by on May 3, 2018 in Condominiums

 

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RBC Chief Sounds Alarm on Flood of Foreign Cash in Canadian Real Estate

Many Canadian Residents can’t qualify for mortgage to buy a home while the foreign investors enjoy profit in Canadian Real Estate Market. Full story below:

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  • ‘No thank you,’ McKay says to unproductive capital in homes
  • Intensive bidding is beginning to ease as prices stabilize

Foreign inflows are distorting Canada’s already constrained housing market and aren’t the kind of investment the country needs, the chief executive officer of Royal Bank of Canada said.

 “We do not need foreign capital using Canadian real estate as a piggy bank,”  David McKay, said Tuesday at a bank conference in New York hosted by the Toronto-based lender. “If capital is coming in to sit in a home, unproductively, and is distorting your marketplace and the livelihood of your residents — no thank you.”

McKay, whose bank is Canada’s largest mortgage lender, says he’s supportive of government taxes and other measures targeting foreign buyers, as well as other regulatory efforts to cool the country’s housing market. He’s seeing some impacts from these rule changes, with “a little bit more healthy dynamics.”

 “Demand is down and house prices have been stable,” McKay said. “There’s still intensive bidding, but to a lesser degree.”
Toronto, Canada’s biggest housing market, has been correcting over the past few months amid a slew of regulations put in place to steady booming prices and increasing debt. Toronto home sales fell 35 percent in February from a year earlier, marking the weakest month of sales in nine years, though benchmark prices were up 3.2 percent on the year, according to data released Tuesday by the Toronto Real Estate Board.

Added Gasoline

Canada’s housing market has been on edge this year as mortgage guidelines came into effect, making it harder for prospective buyers to qualify for loans.

A surge of foreign money into Canadian housing had been adding “gasoline” to markets in Vancouver and Toronto, McKay said. He identified a “cocktail of factors” that led to unconstrained growth of Toronto and Vancouver home prices, including a growing population, land constraints, lack of supply and highly stimulative interest rates that caused people to funnel more disposable income into their homes in addition foreign money.

Source: Bloomberg.com

 
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Posted by on April 15, 2018 in City of Toronto, Commercial Real Estate, Condominiums, New Announcement, New Condominiums, New Condos, New Construction, New Development, New Homes, Toronto Housing, Toronto New Condos

 

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A sold-out high-rise condominium project in the new Vaughan Metropolitan Centre is cancelled.

A sold-out high-rise condominium project that promised to deliver units to the new Vaughan Metropolitan Centre is the latest in a string of cancelled condo projects, leaving more than 1,100 hopeful buyers in limbo.

Vaughan condo cancelled

Cosmos Condominiums was announced by Liberty Development Corporation in 2013, began pre-selling condo contracts in 2016 and was supposed to start delivering units in 2019. This week, buyers received letters from Liberty saying the project was “challenged” by “unsatisfactory financing terms” and cited early cancellation language in the contracts and said it would return buyer’s deposits.

At the time of its pre-sale offering period, Liberty sold 780 units in the first two towers in 25 days, according to real estate analysts at Altus Group. The project was later described as “sold out” of its 1,153 units on the company’s web pages, which have since been taken down.

 It’s at least the ninth condo project to cancel in the last year in the Greater Toronto Area, well above the typical yearly average, according to condominium analysts at Urbanation. It’s also one of the largest developments in the region to vanish, compared with the 68-unit Kennedy Gardens in Scarborough (cancelled in January) or the 168-unit Museum Flats building (cancelled in October, 2017) in Toronto.

Still, it represents a tiny fraction of the total development plans in the region: at least 600 new residential projects are in various selling and planning stages across the GTA.

 Developer pre-sale agreements are strong contracts that typically allow them to cancel projects with few penalties and no obligations to former buyers if a project restarts later.

“We have recently learned that because of circumstances beyond our control and Liberty’s best intention, our project, Cosmos Condominiums, has been challenged,” reads the letter, signed by Liberty director of sales and marketing Shawn Richardson. “At this time, financing for the project on terms satisfactory to the Vendor cannot be arranged … It will force the project vendor to now cancel all Agreements of Purchase and Sale.”

The “vendor” in this case is the owner of the land, which is a numbered company: 1945086 Ontario Inc. Liberty spokespeople would not confirm the owner of 1945086 Ontario Inc., but the company is registered at the same 1 Steelcase Rd. address as Liberty Development Corp. and lists Feyedoon (Fred) Darvish as its president. Mr. Darvish is also the president and founder of Liberty.

Mr. Richardson, Mr. Darvish and CEO Latif Fazel did not respond to interview requests. In a statement, the company repeated its explanation from buyer’s letters.

The company didn’t explain what went wrong with the financing, but conditions for builders have changed significantly in the last 24 months.

When Cosmos launched in 2016, it was selling units for about $540 per square foot,according to Urbanation. More recent projects launched in Vaughan were able to fetch more than $700 per square foot, close to a 30-per-cent increase.

Construction costs have also been rising rapidly in the last 18 months, particularly among critical concrete-forming and window suppliers in the region, who are charging 30 to 50 per cent more than they were asking in 2016.

The buildings were to be erected on the corner of Highway 7 and Maplecrete Road, and units were priced between the mid-$200,000s and just under a million dollars.

“When my clients received this shocking news in the mail from builder they got heart broken, because this builder has their deposit and they didn’t invest in any other projects that launched in this area after Cosmos condos. They all planned out to move there in few short years in their first home. The dream that didn’t come true for them at this time. It literally kicked them out of the market due to higher condo prices and they will remain as rental tenant.”

 

Source: The Globe and Mail Inc., + nasim yusufi

 
Comments Off on A sold-out high-rise condominium project in the new Vaughan Metropolitan Centre is cancelled.

Posted by on April 7, 2018 in Condominiums, cosmo condos

 

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Urban Townhomes

Rouge Townhome

It is a new townhouse development currently under construction. The development is scheduled for completion in 2018. Sales for available units range in price from $504,990 to over $674,990 and the unit sizes range from 841 to 1300 square feet.

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