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Six Simple Steps to Ensure a Smooth Home Purchase |
Buying a home can be an emotional, time-consuming, and complex process. There are a few things that you can do to help make the process go as smooth as possible:
1. Check your credit.
Before you apply for a home loan, regardless of your credit, it's a smart idea to obtain a copy of your credit report from the three major credit bureaus and review the information. If there are errors or things that need to be addressed, it's easier to address them before you have found a house, than after you have found a house and are trying to close your loan. If you know that there are a few blemishes on your credit, let your lender know what they are, why they are there, and why you are a still good credit risk. Lenders look at your credit to determine how likely you will pay back the loan. If you had extenuating circumstances - like a loss of a job or medical bills - let them know so that they understand that it is not likely to happen again in the future. 2. Get approved before you buy.
An approval means that a lender has reviewed your credit history, verified your assets and employment, and has approved your loan before you have found a home to purchase. As long as the home appraises for at least the purchase price, the loan should close. Getting approved also gives you an advantage over other buyers. Your firm approval makes it easier for you to negotiate on the price of a home, than a person who is not approved or is pre-qualified. While getting pre-qualified may sound official, it is really just getting an idea of what you can afford. Its having a person plug in a few numbers that you give them - your monthly income and your monthly debt - and getting an approximate payment calculated. From the payment, the calculator can approximate the house price range that you can afford. No information is verified. Because your assets, income or credit is not verified, a pre-qualification has little value when purchasing a home. 3. Find a great buyer's agent.
Traditionally real estate agents represent the sellers in a transaction. When you are not working with a buyer's agent, they are less likely to negotiate the best price or contingencies for you. A buyer's agent's job and fiduciary responsibility (meaning legal duty) is to you, the buyer. Before working with an agent, establish if they are a buyer's agent or a seller's agent. After spending a lot of time with a Realtor, it's natural to feel like you're a team. But if they are not negotiating for you, then they are not on your team. |
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WHY HIRE BUYER'S SALES REPRESENTATIVE? Foe buyers, a REALTOR can use the MLS system to determine a fair listing price by performing a comparative market analysis. This analysis focuses on the geographical location of your property and describes it as accurately as possible. The database can then be searched to reveal comparable sold, and active properties, retrieving information such as sold price, list price and average time on the market to help determine a range of fair listing prices. For buyers, a REALTOR can match your very specific needs to all properties listed. Your REALTOR can create a profile outlining your desired price range, location and specific details like the number of bathrooms, bedrooms and fireplaces. For buyers who are geographically focused, your REALTOR can even search all active listings on a particular street and retrieve all relevant information including property description, a photograph, and assessed value. The system updates nightly, listing all potential properties that meet your particular needs and automatically emailing them to you. In helping you to determine an offer, your REALTOR can also search specific properties’ historical data such as previous selling prices. As well, the MLS allows REALTORS to monitor monthly sold statistics to ensure property prices reflect current market conditions. Whether you are a buyer or a seller, the MLS system supports your REALTOR in helping you make informed decisions that lead to successful transactions. Q: What is the difference between the Multiple Listing Service (MLS) and the consumer website REALTOR.ca?
A: The Multiple Listing Service (MLS) is a cooperative system used only by REALTOR Members of Canada's real estate boards. It is accessible to any REALTOR Member who has agreed to represent your interests and share remuneration from the transaction with a cooperating REALTOR Member. The MLS contains detailed information and numerous search tools, all designed to match people with the properties that fit their exact requirements. "Buyer Beware" I am buying from a developer, how do I know what to look for in all these documents? Unless you are a lawyer, familiar with condominium purchase and sale documents and with condominium corporations, the language of these documents can be very confusing. If the developer suggests that condominium units are available only to certain groups of people (e.g. pensioners, or adults only, etc.) be wary. Such a guarantee may not be valid. Any specific requirements you may have with respect to the way the unit or common elements should be completed or any other issues which are important to you should be set out in the agreement of purchase and sale. You have a responsibility to read through these materials and make sure you understand just what it is you are buying and how being in a condominium will impact the way you live. Remember the agreement of purchase and sale was prepared by the developer's lawyer. Condominium living is not the same as living in a single-family home. There are documents, which will govern what you can and cannot do when you live in the condominium. You must be familiar with these documents and accept the limitations they may impose. Once you have reviewed these documents, you should bring them to your lawyer for review. It is imperative that you tell your lawyer any points of particular importance to you and discuss with your lawyer any conditions in the documents that might affect your lifestyle. Don't expect your lawyer to read your mind!  How are prices determined for new condominium units?
You should know that it is the practice in the development industry to sell condominiums at a price based on the square footage of the unit, for example $200 per square foot. The square footage, however, is not based on the interior measurements of the unit. The square footage is determined by taking the measurements of the unit to the outside walls and the middle of the partition walls between units. The difference in size between the square footage upon which the sale price is determined and the useable square footage can be 8 to 12%. Even though condominiums are usually sold this way, square footage will not necessarily be the basis on which common expense contributions are determined. What are the conditions by which the developer or owner can terminate the agreement to purchase? When signed by both parties, an agreement of purchase and sale freezes the price of a unit. The agreement can be terminated by the developer if the agreement includes an "economic viability" date and the developer does not achieve a certain number of sales by that date and decides not to proceed with the condominium project. This date however can be very far into the future and you should be aware of how long you may have to wait before you will know for sure if the project is going to proceed. Otherwise, the developer cannot terminate the agreement unless you either consent in writing or the developer obtains a court order. When will I get to move into my new condominium unit? Until the condominium corporation is created, there is no "Unit" for ownership transfer purposes and so title to the Unit or a mortgage on the Unit is not available. However in most situations involving new condominiums, purchasers are required to occupy their units before the developer is able to transfer the ownership of the units. This is called an "occupancy closing" and the time until the purchaser gets title to his or her unit is known as "interim occupancy". Look at the present state of construction of the project in which you are interested. Does it seem reasonable to expect construction to be completed by the date shown in the agreement? Agreements of purchase and sale contain provisions which allow developers to extend the dates for making the units available for occupancy and later title closing. They also often include provisions which allow for the acceleration of these dates. A purchaser of a newly constructed residential condominium unit, governed by Tarion does not have a right, (other than any right contained in the agreement of purchase and sale), to terminate the transaction if the developer is unable to meet the stated occupancy closing date for the unit or fails to give the required notice in the time provided. However, if the purchaser moved into the unit and if the purchaser incurred costs as a result of delays and the developer failed to comply with the notice provisions Under the Ontario New Home Warranties Plan Act, or if the delay is 120 days beyond the stated occupancy closing date, the purchaser can claim up to $5,000 in compensation for his or her out-of-pocket expenses. If you buy right at the beginning of the developer's sales campaign, you can usually expect that it may be two years before your unit will be ready. The agreement will provide that the developer can extend this time period. This is necessary because the developer will not start construction until there are binding sales agreements for at least 60-70% of the units. Depending on how quickly the sales take place, i.e. how hot the market is, this will vary. The longer the time it takes the developer to complete sales, the longer you will wait to get occupancy of your unit. It is important to know that it is common in the condominium industry for purchasers to wait to occupy their units beyond the time set out in the agreement of purchase and sale. If you buy later in the sales campaign, when construction has already begun, the developer should be able to estimate a more reliable date for your occupancy closing. If time constraints are an issue for you or you feel you do not want to buy from plans and you need to see the finished project, you should consider waiting until the condominium is closer to completion or consider buying a resale condominium. What rules does the developer have to follow when selling units? What is a disclosure statement? What happens to my deposit? The developer occupies a unique place in condominium housing. The developer has a particular interest in selling the units and registering the project. The Condominium Act regulates the developer's sales practices and influence on the project through several important provisions. All money the developer receives from a purchaser towards the purchase of a unit must either be held in trust by the developer's lawyer or a trustee or guaranteed by a Tarion deposit receipt or other prescribed security. You are supposed to receive a form from the developer advising you that your money is being held in trust. You can elect, if you are in a position to do so, to pay all cash on occupancy closing, if you advise the developer of your intention to do so within the 10-day cooling-off period. You are entitled to interest on any money you have paid, towards the purchase price from the date you pay it until the occupancy closing. The interest rate is 2% below the Bank of Canada rate (see www.bankofcanada.ca for rates). The developer must give you a disclosure statement. This package will include a brief narrative description of the most important features of the condominium project and will include a table of contents, copies of the declaration, by-laws, rules, and other information that the Act requires. The documents the developer gives you should contain a table of contents. It includes a list of topics which the Government has determined are important issues for a purchaser to consider when buying a condominium unit. The table of contents will tell you where to look in the relevant document for information on the topic. For example the table of contents includes a listing for "pets". The index will indicate if there is a provision regarding pets in any of the declaration, by-laws or rules and will direct you to the appropriate document and page for the provisions which will apply in this condominium corporation. The disclosure statement will also contain a budget for the condominium corporation for the first year after registration and copies of most of the documents which will govern the condominium corporation once it comes into existence. Condominium corporations in the first year after registration have to carry out performance audits, reserve fund studies and turnover audits. These costs are part of the common expenses of the corporation in the first year after registration. Once an agreement of purchase and sale is signed, the developer is obligated by the Condominium Act to take all reasonable steps to register the project as a condominium corporation without delay, and transfer the ownership of the unit to the buyers as soon as possible. This means that once the developer decides to proceed with the project purchasers cannot be told that the developer has decided not to obtain the condominium status (except in very exceptional circumstances). If the developer underestimates the projects' total amount of common expenses for the first year after the condominium is registered, the Act requires the developer to make up the difference. This provision is intended to protect you from a developer who might deliberately underestimate the cost of common expenses in order to make the units appear more attractive to you. As a purchaser you should be aware that common expenses may increase before registration of the condominium and will usually increase by varying degrees in the second year after registration. What are occupancy fees? Occupancy fees are payable by the purchaser from the time of the occupancy closing until after the registration of the condominium corporation and the title closing. The Act provides that these payments cannot exceed the maximum amount the purchaser would pay for the following: • Estimated common expenses according to the developer's disclosure budget; • Estimated realty taxes for the unit as if the unit was separately assessed; and • Interest on "unpaid balance due on closing" on the purchase price. Until the condominium corporation is created, there is no "Unit"; ownership cannot be transferred and the purchaser is unable to obtain a mortgage. Therefore, from the date of interim occupancy until title closing, the developer will normally not receive the full purchase price from the purchaser. That unpaid amount is known as the "balance due on closing". For example, if the purchase price of a unit is $200,000 and the deposits paid by the purchaser total $50,000, the difference is known as the "balance due on closing". The $150,000 is the amount upon which interest is paid during interim occupancy. The amount of interest payable on the unpaid balance due on closing is the rate that the Bank of Canada has most recently reported as the chartered bank administered interest rate for a conventional one-year mortgage as of the first of the month in which the purchaser occupancy closing occurs (see www. bankofcanada.ca for rates). What happens if, after signing the agreement of purchase and sale, the developer delivers a new set of documents? The developer may make changes to the documents you were given when you signed the agreement of purchase and sale. If you receive any new documents from the developer, you should review them immediately to see where they differ from the material you were given originally and contact your lawyer to see what they mean and what rights you may have. You may, if the changes are "material", have the right to cancel the contract. What is a Status Certificate? When purchasing a resale condominium unit, you should ensure that your offer is conditional on receiving and reviewing a Status Certificate and the accompanying documents, as required by the Act. The certificate is the resale equivalent of a disclosure statement and you must review all the material that comes with the certificate to ensure that you are satisfied that both the condominium unit and the condominium corporation are suitable for you. This certificate, for which there is a fee of $100 inclusive of GST, must be delivered within 10 days of the request for it and the payment of the fee. It discloses whether the owner of the unit you are buying is current in the payment of common expenses as well as a picture of the condominium corporation's financial affairs. It is to be delivered with the documents which govern the condominium corporation and in some cases, a list of those documents which also affect the corporation but are not attached. Once the list of agreements is reviewed, you or your lawyer may also wish copies of some or all of them for review. There can be an extra charge for these documents. Source: "Buyin a Condominium" - by Audrew M. Loed Land Transfer Tax - a tax imposed on real property typically calculated on the value of the property being registered in land registration office. It is now the Law, 1st time buyers of resale properties may now be able to receive a refund from the Province of up to $2,000 of the land transfer tax paid. In the 2007 Ontario Economic Outlook and Fiscal Review, the government proposed to expand the Land Transfer Tax Refund Program to include first-time homebuyers of resale homes for agreements of purchase and sale entered into after December 13, 2007. This measure was included in Bill 44, Budget Measures and Interim Appropriation Act, 2008, and, having received Royal Assent on May 14, 2008, is now law. As a result of this change, first-time homebuyers of resale homes may now be able to receive a refund from the provincial government of up to $2,000 of the land transfer tax paid. For more information, click here http://www.rev.gov.on.ca/english/refund/newhome/index.html to access the Ontario Ministry of Revenue website. Why Hire Real Estate Agent? You don't need to know everything about buying and selling real estate if you hire a real estate professional who does. Henry Ford once said that when you hire people who are smarter than you are, it proves you are smarter than they are. The best agent for you doesn't necessarily work at the largest brokerage, close the most transactions or make the most money. The best agent for you is a professional who will see eye to eye with you, prepared to set your goals, listen to you, and knows your market. The Internet has opened up a world of information that wasn't previously available to homebuyers and seller. The data on listings available for sale is almost current - but not quite. There are times when you need the most current information about what has sold or is for sale, and the only way to get that is with an agent. Why hire real estate agent? 1. Real Estate Agents or REALTORS®? All Realtors® are licensed to sell real estate as a Sales Representative or a broker but not all real estate agents are Realtors®. Only Realtors® can display the Realtor® logo. Realtors® belong to the Canadian Real Estate Association of Realtors and pledge to follow the Code of Ethics and Standards of Business Practice that are under the direct control of Canadian Real Estate Association. Not all licensees are Realtors®. 2. Who defends your interests? Agents take the spam out of your property showings and visits. If you're a seller, your agent will filter all those phone calls that lead to nowhere from lookie loos and try to induce serious buyers to immediately write an offer. 3. Knowledge of Neighbourhood in Toronto and GTA Agents either possess intimate knowledge or they know where to find the industry buzz about your neighbourhood. They can identify comparable sales and hand these facts to you, in addition to pointing you in the direction where you can find more data on schools, crime or demographics. For example, you may know that a home down the street was on the market for $350,000, but an agent will know it had upgrades and sold at $285,000 after 65 days on the market and after twice falling out of escrow. 4. Price negotiation strategy for clients. Contrary to what some people believe, agents do not select prices for sellers or buyers. However, an agent will help to guide clients to make the right choices for themselves. Selling agents will ask buyers to weigh all the data supplied to them and to choose a price. Then based on market supply, demand and the conditions, the agent will devise a negotiation strategy. 5. Do you know all Market Conditions Informationfor this moment? Real estate agents can disclose market conditions, which will govern your selling or buying process. Many factors determine how you will proceed. Data such as the average per square foot cost of similar homes, average sales prices, average days on the market and ratios of list-to-sold prices, among other criteria, will have a huge bearing on what you ultimately decide to do with your Offer. 6. Network with other Realtors Real estate agents network with other Realtors, many of whom provide services that you will need to buy or sell. Due to legal liability, many agents will hesitate to recommend a certain individual or company over another, but they do know which vendors have a reputation for efficiency, competency and competitive pricing. Agents can, however, give you a list of references with whom they have worked and provide background information to help you make a wise selection. 7. Information Confidentiality Realtorss negotiate well because, unlike most buyers and sellers, they can remove themselves from the emotional aspects of the transaction and because they are skilled. It's part of their job description. Good agents are not messengers, delivering buyer's offers to sellers and vice versa. They are professionals who are trained to present their client's case in the best light and agree to hold client information confidential. 8. Paperwork Volumes The agent also is skilled at preparing the paperwork involved in making an offer to purchase and closing the sale.
One-page deposit receipts were prevalent in the early 1970s. Today's purchase agreements run 10 pages or more. That does not include the federal- and province-mandated disclosures nor disclosures dictated by local custom. Most real estate files average thicknesses from one to three inches of paper. One tiny mistake or omission could land you in court or cost you thousands. 9. Who Answer Your Questions After Closing? Even the smoothest transactions that close without complications can come back to haunt. For example, taxing authorities that collect property tax assessments, doc stamps or transfer tax can fall months behind and mix up invoices, but one call to your agent can straighten out the confusion. Many questions can pop up that were overlooked in the excitement of closing. Good agents stand by ready to assist. Worthy and honest agents don't leave you in the dust to fend for yourself. 10. Relationships with Agent for Future Business The basis for an agent's success and continued career in real estate is referrals. Few agents would survive if their livelihood was dependent on consistently drumming up new business. This emphasis gives agents strong incentives to make certain clients are happy and satisfied. It also means that an agent who stays in the business will be there for you when you need to hire an agent again. Many will periodically mail market updates to you to keep you. 11. Multiple Listing Service If you're selling a home, you gain access to the most buyers by being listed in the Multiple Listing Service. Only a licensed real estate agent who is a member of your local MLS can get you listed there - which then gets you automatically listed on some of the major real estate web sites. If you're buying or selling a home, the MLS is your agent's best tool. TORONTO HOUSE FOR SALE, TORONTO HOME FOR SALE, TORONTO REAL ESTATE MARKET AGENT SEARCH, TORONTO HOMES FOR SALE, TORONTO PROPERTY REALTORS 
Your Realtor and the Multiple Listing Services MLS from Toronto Real Estate Board provides an inventory of available properties and other real estate information. A REALTOR can provide invaluable assistance in buying or selling your next property. If you decided to sell, this system can be used by REALTOR to determine a fair listing price by providing a comparative market analysis, which is focuses on the location of your property and accurately describes it as possible to comparable sold, active and expired real estate properties, retrieving information such as sold price, list price and average time on the market to help determine a range of fair listing prices. Also, your property gets maximum marketing exposure to all other members of the Toronto Real Estate Board. You'll have REALTORS® everywhere trying to find a buyer for your property. It is the MLS® computer system that will provide other members of the real estate Board with detailed information about your property. And if you decided to buy, a REALTOR can match your very specific needs to all properties listed on MLS. This system is a valuable research tool for your REALTOR® who can input your property criteria you want to buy and find out all properties that match your needs. These properties might be listed by other REALTORS® from other companies. MLS helps you find the property you want. This system supplements the knowledge your REALTOR® has of the neighbourhood and today's market conditions to help you make a informed decision for buying any property. Your REALTOR can create a profile outlining your desired price range for desire location and specific details like the number of bathrooms, bedrooms and parking spaces. For buyers who are focused on specific location, your REALTOR can even search all active listings on a desire street and retrieve all relevant information including property description, available inside pictures, and assessed value. The system updates at midnight and your REALTOR can also search specific properties’ historical data like sold statistics to show how property prices reflect today's market conditions. Whether you're buying or selling, the Multiple Listing Service system is an amazing tool for your REALTOR®. A qualified, competent real estate agent will help you navigate the myriad of decisions that arise when buying a home. An agent provides value to the buyers in many ways: - Adds experience and expertise in all aspects of the sales process including marketing, financing, negotiations and more.
- Brings a network of known, trusted real estate professionals. If your agent doesn't have the answer, he or she likely knows someone who does.
- Always has your interests in mind so you always have someone on your side.
- Can handle and advise on all price and contract negotiations.
- Provides you with the possible options and opportunities
- Your time is valuable. A real estate agent allows you to spend your time how you want.
TORONTO HOUSE FOR SALE, TORONTO HOME FOR SALE, TORONTO REAL ESTATE MARKET AGENT SEARCH, TORONTO HOMES FOR SALE, TORONTO PROPERTY REALTORS V.I.P. BUYER PROGRAM Our team of professional: Right At Home Realty Inc., Brokerage, Mortgage Brokers, Real Estate Lawyers! Your Real Estate Agent can save Your time and Your money! This program is designed to exclusively represent only your interests! I. Buyer Assistance Plan for my clients: - FREE professional real estate services for my Buyers - FREE Home Evaluation of your future home! - FREE fast assistance for a Mortgage Pre-Approval with the lower rate! - FREE assistance with Ontario Registered Home Inspector (Full Professional Report) - FREE assistance in arranging good Real Estate Lawyer (Lowest Fee and Great Advice)! - FREE assistance in buying a new car with great discount! - FREE assistance in buy any new furniture, electronics, or appliancies at wholesale prices from the huge store, BRICK! - FREE assistance in getting 1-year Home Warranty for Heating, Air Conditioning, Interrior Electrical & Plumbing systems! II. My services offered to Buyers: Provide full Buyer Agency Representation and explain you how you can get up to $2,000 of the land transfer tax paid. Explain you Home Buying Procedure and who would be involved in service for you Disclose to you market conditions, which will govern your buying process Explain you why it is better to be pre-approved for mortgage to finance your future homeRepresent your interests without disclosing any private information Assist you to obtain financing with lower rate from mortgage brokers, or explore financial alternatives if required Estimate of Required Funds and answer your real estate questions Assist you from the First to Closing day and deliver the best service possible Property Evaluation - conduct a qualified analysis to determine the price range of your dream home in desirable area In-Dept Market Analysis - select available homes from the MLS market in your price range from these areas Review and help you to evaluate competitive sales and pricing information Instant awareness of new listings which appear on the market in your price range from these area Property Condition Disclosure Review - discuss with you important information about home's location, features, amenities, value and tax cost Keep you advised about available MLS home listings (with possible inside color pictures) in your price range and desired areas Arrange showings of desirable homes with Listing Brokerage in a timely manner Get your feedback on all showed properties what can help to find your dream home in the shortest time Review an Agreement of Purchase and Sale once you select the home you want Discuss with you and present your Offer to the Sellers (sign-back, change of terms) Provide my solid negotiation skills to negotiate the best possible price on your behalf and safe your money - I'm always fighting for your best interest! Inform you immediately when your Offer/Counter Offer would be accepted by the Seller Provide you and your solisitor with a copy of an Agreement of Purchase and Sale, Amendment, Notices of Fulfillment of Condition and Waiver Send a list of carpenters, appraisers, engineers, architects, or contractors, if required Follow up on remaining details after the sale, until transaction closes Assist you to find the movers for relocation to your new destination Arrange your final visit before Closing day – walk through property - Continious follow up until closing date and simplify your transaction as much as possible
Closing Gift and real estate issue assistance after transaction
III. In addition, there are some other my benefits for you: - I'm knowledheable in home prices in Toronto & GTA - I'm knowledheable to help you ask the right questions - I'm really care about my clients and have many satisfied customers! - I'm honest, reliable professional with personal attention to your needs - I'm providingreal estate consultation and servises with personal attention to each deal - I'm Toronto Real Estate Board, Ontario and Canada Real Estate Association Member - I have a team of professional (Mortgage Brokers, Home Inspectors, Real Estate Lawyers) - I'm registered Real Estate Sales Representative and co-operating with all Realtors in Ontario All of these and much more would be done to get your dream home with the best possible price in the shortest time! E-mail Mike Derev'yanko now: MikeDe7@yahoo.ca or call: 647-891-4824, we can arrange meeting and I can start to work for you! TORONTO & GTA NEIGHBOURHOODS Great Toronto Area TORONTO HOUSE FOR SALE, TORONTO HOME FOR SALE, TORONTO REAL ESTATE MARKET AGENT SEARCH, TORONTO HOMES FOR SALE, TORONTO PROPERTY REALTORS  
Sourse: Toronto Real Estate Board TORONTO HOUSE FOR SALE, TORONTO HOME FOR SALE, TORONTO REAL ESTATE MARKET AGENT SEARCH, TORONTO HOMES FOR SALE, TORONTO PROPERTY REALTORS Toronto Real Estate: Old Toronto real estate market agent search realtors home house homes property for sale, Etobicoke real estate market agent search realtors home house homes property for sale, North York real estate market agent search realtors home house homes property for sale, York Toronto real estate market agent search realtors home house homes property for sale, East York real estate market agent search realtors home house homes property for sale, Scarborough real estate market agent search realtors home house homes property for sale. 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West Real Estate: High Park real estate market agent search realtors home house homes property for sale, Earlscourt real estate market agent search realtors home house homes property for sale, Carleton Village real estate market agent search realtors home house homes property for sale, Davenport real estate market agent search realtors home house homes property for sale, Junction Triangle real estate market agent search realtors home house homes property for sale, Wallace Emerson real estate market agent search realtors home house homes property for sale, Swansea real estate market agent search realtors home house homes property for sale, Bloor West Village real estate market agent search realtors home house homes property for sale, Brockton Village real estate market agent search realtors home house homes property for sale, Parkdale real estate market agent search realtors home house homes property for sale Toronto Downtown Real Estate: Dufferin Grove real estate market agent search realtors home house homes property for sale, Bickford Park real estate market agent search realtors home house homes property for sale, South Annex real estate market agent search realtors home house homes property for sale, Beaconsfield real estate market agent search realtors home house homes property for sale, Trinity Belwoods real estate market agent search realtors home house homes property for sale, Little Italy real estate market agent search realtors home house homes property for sale, Kensington real estate market agent search realtors home house homes property for sale, Alexandra Park real estate market agent search realtors home house homes property for sale, Grange Park real estate market agent search realtors home house homes property for sale, Niagara real estate market agent search realtors home house homes property for sale, Downtown real estate market agent search realtors home house homes property for sale, St.James Town real estate market agent search realtors home house homes property for sale, Cabbadgetown real estate market agent search realtors home house homes property for sale, Regent Park real estate market agent search realtors home house homes property for sale, Moss Park real estate market agent search realtors home house homes property for sale, Trefann real estate market agent search realtors home house homes property for sale, Corktown real estate market agent search realtors home house homes property for sale, St.Lawrence real estate market agent search realtors home house homes property for sale, Harbourfront real estate market agent search realtors home house homes property for sale TORONTO HOUSE FOR SALE, TORONTO HOME FOR SALE, TORONTO REAL ESTATE MARKET AGENT SEARCH, TORONTO HOMES FOR SALE, TORONTO PROPERTY REALTORS The City of Toronto encompasses a geographical area formerly administered by six separate municipalities. These municipalities have each developed a distinct history and identity over the years, and their names remain in common use among Torontonians. Throughout the city there exist hundreds of small neighbourhoods. Former Municipalities: East York, Etobicoke, North York, Old Toronto, Scarborough, and York. The Old City of Toronto covers the area generally known as Downtown. It is the historic core of Toronto and remains the most densely-populated part of the city. The Financial District along Bay Street contains the largest cluster of skyscrapers in Canada, including the First Canadian Place, Toronto Dominion Centre, Scotia Plaza, Royal Bank Plaza, Commerce Court and BCE Place. From that point, the Toronto skyline extends northward along Yonge Street. Old Toronto is also home to many historically wealthy residential enclaves, such as Yorkville, Rosedale, The Annex, Forest Hill, Lawrence Park, Moore Park, and Casa Loma, most strething away from downtown to the north. These neighbourhoods generally feature upscale homes, luxury condominiums and high-end retail. At the same time, the downtown core vicinity includes neighbourhoods with a high proportion of recent immigrants and low-income families living in social housing and rental highrises, such as St. James Town, Regent Park, Moss Park and Parkdale. East and west of Downtown, neighbourhoods such as Kensington Market, Leslieville, Cabbagetown and Riverdale are home to bustling commercial and cultural areas as well as vibrant communities of artists with studio lofts, with an increasing proportion of middle and upper class professionals that mix with the working poor or those on some form of government assistance. Other neighbourhoods in the central city retain an ethnic identity, including two Chinatowns, the popular Greektown area, the very trendy Little Italy, Portugal Village and Little India along with others. The inner suburbs are contained within the former municipalities of York and East York. These are mature and traditionally working class areas, primarily consisting of post - World War I small, single-family homes and small apartment blocks. Neighbourhoods such as Crescent Town, Thorncliffe Park and Weston consist of mainly high-rise apartments which are home to many new immigrant families. Recently, many neighbourhoods have became ethnically diverse and have undergone gentrification, as a result of increasing population and a housing boom during the late 1990s 2000s. The first neighbourhoods affected were Leaside and North Toronto, gradually progressing into the western neigbourhoods in York. Some of the area's housing is in the process of being replaced or remodelled. The outer suburbs comprised of the former municipalities of Etobicoke, Scarborough and North York largely retain the grid plan laid before post-war development. Sections were long established and quickly growing towns before the suburban housing boom began and the advent of Metro Government, such as Mimico, Newtonbrook and West Hill. Suburban development grew quickly after the second war to include such upscale neighbourhoods as the Bridle Path in North York, the area surrounding the Scarborough Bluffs in Guildwood, and most of central Etobicoke, such as Humber Valley Village, and The Kingsway. One of largest and earliest "planned communities" was Don Mills, parts of which were first built in the 1950s. Phased development mixing single-detached housing with higher density apartment blocks became more popular as a suburban model of development. To some this model has been copied in other GTA municipalities surrounding Toronto, albeit with less population density. More recently, North York Centre that runs along Yonge Street and the Scarborough City Centre have emerged as secondary business districts outside the downtown core. Highrise development in these areas have given North York and Scarborough distinguishable skylines of their own and a more downtown feel with high-density transit corridors serving them TORONTO HOUSE FOR SALE, TORONTO HOME FOR SALE, TORONTO REAL ESTATE MARKET AGENT SEARCH, TORONTO HOMES FOR SALE, TORONTO PROPERTY REALTORS Toronto Real Estate Real estate or immovable property is a legal term that encompasses land along with anything permanently affixed to the land, such as buildings or houses. Real estate is synonymous with real property (called realty), in contrast with personal property (called chattel or personalty). However some people prefer to distinguish real estate, referring to the land and fixtures themselves, from real property, referring to ownership rights over real estate. ...Real estate brokers and their salespersons (commonly called "real estate agents") assist sellers in marketing their property and selling it for the highest possible price under the best terms. When acting as a Buyer's agent with a signed agreement they assist buyers by helping them purchase property for the best possible price under the best terms. The terms real estate and real property are used primarily in common law, while civil law jurisdictions refer instead to immovable property. TORONTO HOUSE FOR SALE, TORONTO HOME FOR SALE, TORONTO REAL ESTATE MARKET AGENT SEARCH, TORONTO HOMES FOR SALE, TORONTO PROPERTY REALTORS Toronto & GTA Ontario Real Estate: The Residential Buildings The many residential communities of Toronto express a character distinct from that of the skyscrapers of the commercial core. Beautiful, Victorian and Edwardian-era residential buildings can be found in enclaves such as Rosedale , Forest Hill , the Annex , the Bridle Path and Moore Park . Wychwood Park is historically significant for the architecture of its homes, and for being one of Toronto's earliest planned communities. The Wychwood Park neighbourhood was designated as an Ontario Heritage Conservation district in 1985. The Casa Loma neighbourhood is named after Casa Loma , a medieval castle built in 1911 by Sir William Henry Pellatt . Complete with turrets, stables, a 60-foot Grand Hall, a wine cellar, a shooting gallery, three bowling alleys, and the first elevator in Canada, the castle was the largest private home ever constructed in North America. TORONTO HOUSE FOR SALE, TORONTO HOME FOR SALE, TORONTO REAL ESTATE MARKET AGENT SEARCH, TORONTO HOMES FOR SALE, TORONTO PROPERTY REALTORS Toronto Real Estate Board "Make the Right move. Consult a Toronto Real Estate Board REALTOR". The Toronto Real Estate Board was founded in 1920 by a small group of real estate practitioners. Today, as Canada's largest real estate board, TREB serves more than 24,000 Members. Source: Toronto Real Estate Board TORONTO HOUSE FOR SALE, TORONTO HOME FOR SALE, TORONTO REAL ESTATE MARKET AGENT SEARCH, TORONTO HOMES FOR SALE, TORONTO PROPERTY REALTORS Real Estate Terms
Appraisal: An estimate of a property's value.
Asking (list) price: The price placed on the property for sale by the seller.
Broker: A person licensed by the provincial or territorial or state government to trade in real estate. Real estate brokers may form companies or offices, which appoint sales representatives to provide services to the seller or buyer, or they may provide the same services themselves.
Buyer's Agent A person or firm representing the buyer. A Buyer's Agent's primary allegiance is to the buyer. The buyer is the Buyer Agent's client.
Buyer Representation Agreement: A written agreement between the buyer and the buyer's agent, outlining the agency relationship between the two parties and the manner in which the buyer's agent will be compensated. Client: The person being represented by an agent. The agent owes the client the duties of utmost care, integrity, confidentiality and loyalty.
Closing: The day the legal title to the property changes hands.
Customer: A person who receives valuable information and assistance from a real estate broker or salesperson, but is not represented by that individual.
Dual Agent: A real estate broker or salesperson who acts as agent for both the seller and the buyer in the same transaction. Both buyer and seller are the agent's clients.
Listing Agreement: The legal agreement between the listing broker and the seller, setting out the services to be rendered, describing the property for sale and stating the terms of payment. MLS®, Multiple Listing Service®: They are used in conjunction with a real estate database service, operated by local real estate boards, under which properties may be listed, purchased or sold.
Offer of Purchase and Sale: The document through which the prospective buyer sets out the price and conditions under which he or she will buy the property.
Real Estate Board: A non-profit organization representing local real estate brokers/agents, salespeople, which provides services to its members and maintains and operates a MLS® system in the community.
REALTOR: Trademark identifying real estate professionals, and as such, subscribe to a high standard of professional service and to a strict Code of Ethics.
Seller's Agent: The Seller's Agent represents the seller -- either as a Listing Agent under the listing agreement with the seller or by cooperating as a Sub-Agent, typically through the MLS® system. In dealing with prospective buyers -- customers-- the Seller's Agent can provide a variety of information and services to assist the buyer in his/her decision-making. The Seller's Agent does not represent the buyer.
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Consider this your home buyer’s toolkit. Open it up, take a look around, and if you like, start equipping yourself with the tools necessary to make your best purchase. In most businesses, knowledge equals power, and real estate is certainly no exception. What are Market Conditions? - The real estate market is always changing. It helps to understand how market conditions can affect your position as a buyer.
- Your agent can provide you with current real estate market conditions and explain their impact.
Buyer's Market
The supply of homes exceeds the number of buyers (supply is greater than demand). In this market prices tend to drop and the homes stay on the market longer. Thus your home may take longer to sell and you will have less negotiating power in terms of the selling price. Fortunately you will be in the driver's seat when making an offer on your next home.
Sellers's Market
The number of buyers exceeds the number of homes on the market (demand greater than supply). In this market prices are increasing and homes sell quickly. As a seller you will probably have more negotiating power and obtain a higher selling price for your property. Unfortunately you will be on the other side of the fence when purchasing your next home.
Balanced Market
The number of homes on the market is equal to the number of buyers (supply equals demand). In this market, prices are stable and homes sell within a reasonable period of time. It is a calm atmosphere with buyers having a satisfactory number of homes from which to choose.
The real estate market in Toronto is certainly volatile, and all of the information about buying a home can be overwhelming. I can help. Prepare yourself for the buying process Avoid some critical mistakes that could cost you thousands of dollars when buying your home! - Don't "low-ball" your initial offer
Vendors tend to give less of a counter offer (closer to list price), if they feel insulted. Understand the current market value of the home, and comparable SOLDS. - A pre-approved mortgage can be done for 90 days for FREE
You can usually negotiate your mortgage rate between 1/2-1% off the posted rates with your lender. - Have your agent arrange a home inspection
A home inspection with a qualified engineer costs about $300.00 (apprx.). It could very well be your best money spent. You want to know exactly what you are bidding on. - Avoid buying the most expensive home on the street
The most advantageous situation is to purchase the worst home in a good area, rather than the best house in the worst area. "Location, Location, Location" is true! - Prepare a downpayment of at least 25%.
When you have a down payment that is almost 25% it is usually less expensive to arrange a first and second mortgage and save on CMHC insurance fees. - Arrange an accelerated Bi-weekly payment plan on your mortgage.
On your mortgage, you will save the most money if you opt for an accelerated Bi-weekly payment plan, or if you double up one payment per year. This will shorten your amortization periods by over 6 years! - Take advantage of tax credits.
Place up to $20,000.00 per person of your down payment in a short term RRSP to be held for at least 90 days, or until closing. - Try and stretch to the maximum you can afford, therefore you will not have to move as soon. You will save $$ on:
- Land Transfer Tax
- Legal Fees
- Mortgage & Discharge Fees
- Real Estate Fees
- Be sure to check into your lawyers fees ahead of time.
These are separate from disbursements. Ask your agent will be able to refer you to reliable professionals
Making an offer When it comes time to make an offer, I can as your Real Estate Professional provide current market information and will assist you in drafting your offer.
As your Real Estate Professional, I will communicate the offer, sometimes known as an Offer to Purchase, to the seller, or the seller's representative, on your behalf.
Sometimes there may be more than one offer on a property coming in at the same time. As your Real Estate Professional, I can guide you through this process.
Firm Offer To Purchase Usually preferable to the seller, because it means that you are prepared to purchase the home without any conditions. If the offer is accepted, the home is yours.
Conditional Offer To Purchase Usually means that you have placed one or more conditions on the purchase, such as "subject to home inspection", "subject to financing" or "subject to sale of buyer's existing home". The home is not sold until all the conditions have been met.
Acceptance Of Offer Your Offer to Purchase will be presented as soon as possible. The seller may accept the offer, reject it, or submit a counter-offer. The counter-offer may be in reference to the price, the closing date, or any number of variables. The offers can go back and forth until both parties have agreed or one of you ends the negotiations. Home Inspections are a must Buying a home is one of the most important investment decisions you will make in your lifetime. As such, it makes sound financial sense to enlist the services of a qualified home inspection company to ensure your home is as solid and secure on the inside as it is on the outside.
A home inspection will determine the structural and mechanical soundness of your home. Your home inspector will identify existing and potential problem areas, suggest practical low-cost solutions, and provide estimates regarding costs for any work required. Shortly after the inspection has taken place, a report summarizing the findings is generally provided to the potential purchaser.
By commissioning a home inspection prior to purchase, you're protecting both yourself and your investment, as well as buying a little peace-of-mind.
Home inspection costs often range according to size, age, and location of the home. Your sales representative can recommend a reputable home inspection service or arrange for a home inspector to visit your property. Homeowner's Insurance When you purchase a home, consider how you will protect your investment.
Most mortgage lenders insist on fire insurance coverage at least equal to the loan amount or the building value, whichever is less.
You should also consider a homeowner's policy that combines fire insurance on the building and its contents with personal liability coverage. Consult your general insurance agent or broker for professional advice on home insurance.
Mortgage Life Insurance Mortgage life insurance (MLI) is inexpensive coverage on your life which protects your family or beneficiaries by paying off your outstanding mortgage in the event of your death. For just pennies a day, you will have peace of mind knowing your beneficiaries will be mortgage free. MLI premiums are based on two factors: your age and mortgage amount. Your premium is added to your mortgage payment so there's no extra paperwork, and it remains the same until your mortgage is paid off. Joint coverage for spouses is also available.
Disability Insurance Disability Insurance is important if your mortgage payments depend entirely or in part on your income. Disability insurance provides replacement income if an accident or illness prevents you from working.
Job Loss Mortgage Insurance
Recently insurance companies have started to offer Job Loss Mortgage Insurance. This insurance covers the mortgage payments in the event that you involuntarily lose your job.
What are your costs? - Purchasing a home involves one-time costs and monthly expenses.
- The largest one-time cost is the down payment. It usually represents between 5-25% of the total price of the property.
- In addition to the actual purchase price, there are a number of other expenses that you might be expected to pay for. These are listed below:
| EXPENSE | PAID | | Mortgage Application and Appraisal Fee | At time of application | | Appraisal Fee | At inspection | | Home Inspection (optional) Approximately $300. + GST. Usually done within a couple of days of acceptance of offer. | At inspection | | Lawyer Fees Approximately $1000 depending on the lawyer & scope of work demanded by the property. | Closing | | Legal Disbursements | Closing | | Deed and/or mortgage registration | Closing | Property Survey
(sometimes provided by seller) | When completed | Land Transfer, Deed Tax or Property
Purchase Tax (in Quebec within 3 months following signing) | Closing | Mortgage Interest Adjustment and
Take Over Fee (if applicable) | Closing | | Adjustments for Fuel, Taxes, etc. | Closing | Mortgage Insurance
(and application fee if applicable) | Closing | | Home and Property Insurance | Closing and on-going | Connection charges for utilities
such as gas, water , telephone and electricity | Date of move | | Moving Expenses | Date of move |
Other Costs may include: - landscaping
- redecorating
- furnishings
- appliances
- repairs
Typical monthly costs incurred with home ownership are mortgage payments, maintenance, insurance, condo fees, property taxes and utilities. GDS and TDS Ratios Lenders use two basic measurements to determine if a borrowwer can afford to carry mortgage payments. The gross debt service (GDS) ratio compares the borrower's gross income to the expences of catrrying mortgage payments, including costs such as heat. The total debt service ratio (TDS) considers all loan payments of the borrower, not just those related to the house. As a guideline, a ratio of up to 32% is permittede under GDS (includes principal, interest, taxes, and heating), and 40% for TDS. In a condominium, a further 50% of common expenses is included. CMHC also requires a credit report that provides current file information concerning the borrower, specifically regarding credit received and outstanding balances. Buyer Eligibility Canadian Morgage Housing Corporation has adopted various standards in underwriting loans and provides advisory materials to assist lenders when reviewing borrowers for mortgages insured by CMHC. The underwriting process involves three aspects: a review of the market, assessment of the borrower, and a review of the property. In assessing the borrower, the following is required: - Verification of employment and income; - Verification of the source and amount of equity; - Credit report; and - An underwriter's analysis and ratonale for decision. The extent of information required may vary depending on the borrower and the individual lender's analisis. In terms of income, CMHC provides guidelines regarding overtime/secondary employment, comission income, bonuses, tips, self-employed earnings, rental and investment income, and alimony/child support.Mortgage Closing Costs  Now that you know what you can afford, the next step is to determine the additional costs of the home-buying process. According to CMHC and GE Capital, one should have, in addition to the down payment, at least 1.5% of the purchase price for closing costs (we say 2-2.5%, just to be on the safe side). The costs vary across provinces, and for that matter, cities.
Below you will find a brief explanation of these costs, yet it may not include all items required specific to your property, or the area in which you have purchased. This is a guideline, but your lawyer can provide a fairly close estimate, and is the best resource.
Appraisal Fee:
The appraisal provides the lenders with a professional opinion of the market value of the property. This cost is normally the borrower's responsibility and it ranges as low as $100 for a drive-by appraisal to as much as $200 for a full appraisal, and the average being $175, plus G.S.T. Occasionally, the costs could be slightly higher for larger, custom-built homes, or homes in remote parts.
Home Inspection Fee:
A professional inspection of the home, top to bottom, is for the benefit of the buyer, therefore, that's who absorbs the cost. A typical home inspection can cost anywhere from $250-$350, but our opinion is that they are well worth the investment. New home buyers may not worry about it, but a definite must for buyers purchasing properties older than 5 years. When hiring a home inspector, make sure the inspector has liability insurance, just in case a mistake is made.
Fire Insurance:
All mortgage lenders will require a certificate of fire insurance to be in place from the time you take possession of the home. The amount required is generally at least the amount of the mortgage or the replacement cost of the home. This cost can vary on the property size and extras being insured, as well as the insurance company and the municipality. The cost can vary anywhere from $250-$600 for most properties.
Land Survey Fee Or Title Insurance Fee:
A recent Survey of the property is usually required by the lender, and if one is not available, it normally costs anywhere from $600-$900 for a new survey. In lieu of the Survey, most lenders today will accept Title Insurance, at a much lower price of approximately $225.
Legal Costs and Disbursements:
A lawyer or notary will charge a fee for their professional services involved in drafting the title deed, preparing the mortgage, and conducting the various searches. The disbursements, on the other hand, are out-of-pocket expenses incurred, such as registrations, searches, supplies, etc., plus G.S.T.
Land Transfer Tax:
Most provinces charge a land transfer tax, payable by the purchaser, and the amount varies from province to province. This tax is based on the purchase price (refer to mortgage ABC's for exact calculation).
New Home Warranty:
In many provinces, new homes are covered by a new home warranty program. The cost to the purchaser for this warranty is approximately $600 and should the builder default or fail to build to an agreed-upon standard, the fund will finish or repair the deficiencies.
Mortgage Application and Processing Fee:
On a high-ratio insured mortgage (mortgages above 75% of the purchase price), the mortgage insurer (CMHC or GE Capital) charges a fee of $165-$185 for applying and processing the file, as well as appraising the property. On new homes, this fee drops to $75.
Closing Adjustments:
An estimate should be made for closing adjustments for bills that the seller has prepaid such as property taxes, utility bills, and other charges. Any bills after the closing date are the purchaser's responsibility. Your lawyer/notary will let you know what they are exactly once the various searches have been completed.
G.S.T.
On the purchase of a newly constructed home, GST is payable, but make sure you know who pays this, you or the builder. Therefore, on the offer, the purchase price will say "Plus GST" or "GST Included", and who gets the GST new home rebate. A lot of builders have included this cost into the purchase price so that the buyer does not have to come up with that at closing. (As well, this tax is also charged on all professional fees). GOVERNMENT PROGRAM LAND TRANSFER TAX IN ONTARIO Purchasers in most large Canadian centres can add Land Transfer Taxes to their list of closing costs. These taxes, levied on properties that are changing hands, are the responsibility of the purchaser. Depending on where you live, taxes can range from a half a per cent to two per cent of the total value of the property. Many provinces have multi-tiered taxation systems that can prove complicated. Land Transfer Tax
Up to $55,000 X .5 % of total property value
From $55,000 to $250,000 X 1 % of total property value
From $250,000 to $400,000 X 1.5 % of total property value
From $400,000 up X 2 % of total property value If you purchase a property for $260,000 in Ontario, for example, .5 per cent is charged on the first $55,000, 1 per cent is charged on $55,000 - $250,000, while the $250,000 - $400,000 range is taxed at 1.5 per cent,
Your total tax bill? $2,375.00 It is now the Law, 1st time buyers of resale properties may now be able to receive a refund from the Province of up to $2,000 of the land transfer tax paid. In the 2007 Ontario Economic Outlook and Fiscal Review, the government proposed to expand the Land Transfer Tax Refund Program to include first-time homebuyers of resale homes for agreements of purchase and sale entered into after December 13, 2007. This measure was included in Bill 44, Budget Measures and Interim Appropriation Act, 2008, and, having received Royal Assent on May 14, 2008, is now law. As a result of this change, first-time homebuyers of resale homes may now be able to receive a refund from the provincial government of up to $2,000 of the land transfer tax paid. For more information, click here http://www.rev.gov.on.ca/english/refund/newhome/index.html to access the Ontario Ministry of Revenue website.
 When you're ready to act, contact me. RRSP Home Buyers' Plan Program The Home Buyers’ Plan (HBP) is a program under which you can, generally, withdraw
up to $20,000 from your registered retirement savings plan (RRSPs) to buy or build a qualifying home. Withdrawals that meet all applicable HBP conditions do not have to be included in your
income, and your RRSP issuer will not withhold tax on these amounts. However, before you can withdraw funds you must have entered into a written agreement to buy or build a qualifying home which you must occupy no later than one year after buying or building the home. If you buy the qualifying home together with your spouse or other individuals, each of you can withdraw up to $20,000. You cannot withdraw an amount from your RRSP under the HBP if you or your spouse owned the home more than 30 days before the date of your withdrawal. Details · Up to $20,000 per person could be withdrawn tax-free from RRSPs to buy or build a principal residence. Couples —including common-law — will be able to withdraw up to $40,000. · You have to meet the first-time buyer’s condition. You are not considered a first-time home buyer if you or your spouse owned a home that you occupied as your principal place of residence in the past 5 years. To determine past 5 years, the 4 years preceding the year you make your withdrawal plus the period in the year you make your withdrawal ending 31 days before your withdrawal is the rule adopted. · Home buyers withdrawing funds do not have to pay income tax on the amount withdrawn, as long as the funds are repaid into an RRSP in the future. · The 15-year repayment period will begin in the second calendar year following the calendar year in which the withdrawal is made. In addition, a qualifying home must generally be acquired before October 1 of the calendar year following the year of withdrawal. For example, those making withdrawals under the plan in 2000 will have until October 1, 2001 to acquire a qualifying home and their first annual repayment will be due by the end of 2002 or the first two months of 2003. · A special rule denies a tax deduction for contributions to an RRSP that are withdrawn within 90 days of the RRSP deposit being made. Consequently, to get the normal tax break for a contribution and to use those funds under the plan, the money must be in your RRSP for at least 90 days before a withdrawal is made. Existing homeowners can use the HBP to purchase a more accessible home or a home for a disabled dependent relative where the individual withdrawing the funds: · qualifies for the disability tax credit (DTC) and is buying a home that is more accessible for the individual or is better suited for the care of the individual; · is related to a disabled individual who qualifies for the DTC and is buying a home for the benefit of the disabled individual that is more accessible for, or better suited for, the care of the disabled individual, or; · is related to a disabled individual who qualifies for the DTC and is withdrawing an amount for the disabled individual to buy a home that is more accessible for, or better suited for, the care of the disabled individual. If you buy the qualifying home together with your spouse or other individuals, each of you can withdraw up to $20,000 You can participate in the HBP more than once if: · your HBP balance for your previous participation is zero on January 1 of the year you want your new participation in the HBP to occur; and · you meet the first-time buyer's condition and all other HBP conditions that apply to your situation. A special rule denies a tax deduction for contributions to an RRSP that are withdrawn within 90 days of the RRSP deposit being made. Source: Toronto Real estate Board I fight on behalf of my buyers.
I negotiate the absolute best price.
I protect you.
I simplify your transaction for you as much as possible. I look forward to working with you. Thanks for stopping by,
Mike
| Historical Rent Increase Guidelines | Tired of Renting?If you have an income now and spent part of this on paying rent each month: Qeustion1: What you will have after 25 years from that money that you paid off each month as a monthly rent during these 25 years? Answer: Nothing. Now you can ask yourself: Question 2: Why I can’t redirect this money from monthly payments for myself? Answer: Yes. YOU CAN! You can buy a house or condo, pay mortgage monthly payments and accumulate equity from the same money that you are paying for rent. Question 3: What you will have in this situation after 25 years? Answer: You will have your equity in YOUR HOUSE or YOUR CONDO what you always can sell and have money for your retirement. Renting or Home Ownership? This is a decision which many people face, and the decision is not as easy to make as it may sound. As a homeowner, you can reasonably expect the equity in your home to increase over time as your mortgage is paid down. That, combined with regular appreciation in property values, can be a rapid and rewarding way to increase your net worth. In contrast, the person renting over the same amount of time is left with no property investment but may have enjoyed lower living expenses and the opportunity to invest in other opportunities. When comparing owning to renting, you have to add up all of the figures, including the cost of your home, the size of your down payment, utilities, immediate repairs, interest rates and insurance, and compare them with how much you are currently spending on rent. Of course, you also have to place a value on the enjoyment and satisfaction that you will derive from owning your own home. |
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The total sum of your assets will include items such as stocks, mutual funds, GICs, bank accounts and other assets of value. When itemizing your liabilities, include: rent and utilities, car loans, outstanding credit card debt, student loans, etc. In all likelihood, these can be calculated on a monthly basis. A good indication of the size of mortgage payment you can comfortably afford, without radically altering your lifestyle, is the sum of rent and utilities (i.e. electric and water) that you may already be paying. This is assuming you will still be carrying payments such as the car loan, credit card debt and your student loan, even if you take on a mortgage. Now that you have a clear picture of your current financial situation, it's time to find out how much you can affordto pay in monthly housing costs. There are two affordability calculations that will be used to determine how much house you can afford. The first is your Gross Debt Service (GDS) ratio. This is the ratio of your monthly housing costs to your gross monthly income. This is calculated by dividing your total monthly housing costs (including your annual mortgage principal and interest payments, property taxes and heating expenses) by your gross household income. It must be no more than 32 per cent, meaning you should spend less than a third of your gross monthly income on housing expenses. The second calculation is your Total Debt Service (TDS) ratio, which for a single housing unit is a ratio of your entire monthly debt load (including housing costs and all other debts) divided by your gross household income. This ratio should be equal to or less than 40 per cent. Once you've determined these key figures for your household, you can use this information to calculate the maximum house price you should be considering, based on your financial situation and monthly expenses. To evaluate your current financial situation, start by calculating your overall net worth. Your net worth is the difference between the total of all your liabilities or monies that you owe, and your total assets or items that represent real value to you. | You can compare how average price of single-family dwellings increased during years: | 2007 | 2.6 % | 2007 2006 | $376,236 $351,941 | 2006 | 2.1 % | 2005 | $335,907 | 2005 | 1.5 % | 2004 | $315,231 | 2004 | 2.9 % | 2003 | $293,067 | 2003 | 2.9 % | 2002 | $275,371 | 2002 | 3.9 % | 2001 | $251,508 | 2001 | 2.9 % | 2000 | $243,255 | 2000 | 2.6 % | 1999 | $228,372 | 1999 | 3.0 % | 1998 | $216,815 | 1998 | 3.0 % | 1997 | $211,307 | 1997 | 2.8 % | 1996 | $198,150 | 1996 | 2.8 % | 1995 | $203,028 | Provincial Government Sets 2007 Rent Increase: The Ministry of Municipal Affairs and Housing has released the province's rent increase guideline for 2007. The 2007 guideline will be 2.6 per cent. For previous years' increase guidelines, please see the table below. The new rent increase guideline becomes effective January 1, 2007 and establishes the maximum amount that a landlord can increase a tenant's rent without making an application to the Ontario Rental Housing Tribunal. This guideline does not apply when renting a vacant unit. Under the Tenant Protection Act, 1997, when a unit becomes vacant, a landlord is free to charge whatever rent he/she chooses. Once the unit is rented, however, the guideline increase applies for subsequent increases to that tenant. Sourse: Toronto Real Estate Board, 2007 | 1994 | $208,921 | 1993 | $206,490 | 1992 | $214,971 | 1991 | $234,313 | 1990 | $255,020 | 1989 | $273,698 | 1988 | $229,635 | 1987 | $189,105 | 1986 | $138,925 | 1985 | $109,094 | 1984 | $102,318 | 1983 | $101,626 | 1982 | $95,496 | 1981 | $90,203 | 1980 | $75,694 | 1979 | $70,830 | 1978 | $67,333 | 1977 | $64,559 | 1976 | $61,389 | 1975 | $57,581 | 1974 | $52,806 | 1973 | $40,605 | 1972 | $32,513 | 1971 | $30,426 | As announced by Toronto Real Estate Board on year-over-year basis, prices rose seven per cent in 2007 to $376,236 from last year's $351,941. Source: Toronto Real Estate Board | |
GOVERNMENT PROGRAM Five Per Cent Down Payment Program With as little as five per cent down payment, from personal or other sources (see below for eligible other sources), all home buyers have access to mortgage insurance enabling then to enter the housing market, as long as they can manage the costs of home ownership. Details Mortgage insurance for 95 per cent mortgages is available to both first time and repeat home buyers. Homebuyers have the option of using personal sources, such as savings or gifts, or other sources, such as lender incentives, borrowed funds/credit, or sweat equity (the amount of money spent to help construct the home) for the required five per cent down payment. Buyers using the Program may consume up to 32 per cent of their gross monthly household income for payments of principal interest, property taxes and heating, and total debt load cannot exceed 40 per cent of monthly household income. The maximum amortization period is 25 years. Insurance premiums on loans for 95 per cent of the lending value of the house where the five percent down payment comes from personal sources will be 2.75 per cent of the mortgage loan. Insurance premiums on loans for 95 per cent of the lending value of the house where the five percent down payment comes from other sources will be 2.9 per cent of the mortgage loan. This premium can be added to the mortgage. Borrowers are required to demonstrate, at the time of application, their ability to cover closing costs equal to at least 1.5% of the purchase price. Where the minimum equity requirement is being met by way of a financial gift, the funds must be in possession of the borrower 15 days before making an offer to purchase. Source: Source: www.cmhc.ca
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What do I need to decide when I’ve decided to buy a home?
If you've decided to buy a home or condo, start by determining what type of community, or specific neighborhood, you're interested in. List your space needs, including: - living space requirements (i.e. how many bedrooms);
- what you're bringing with you from your old house or condo;
- how close to schools, shopping and other services;
- the size of down payment you can afford; and,
- price range.
How will a real estate agent help me find my dream home?
Once you've identified the features you want in a home, the search begins. The process of buying a home or condo with a REALTOR starts with the Buyer Representation Agreement. It's a contract between you and the brokerage company that the agent represents. Both you and the listing agent sign the listing agreement and each receives a copy. Generally, in the agreement you appoint the brokerage company as your agent and give its representatives the authority to find a house or condo. A REALTOR will use various tools to try and find properties that meet your specifications. One of the important search tools will be the local MLS® system. By sitting down at a computer the REALTOR can key in your needs, choice of neighborhoods and price range and immediately come up with a list of suitable properties available through the MLS® system. A REALTOR has the research and expertise to provide a market assessment of what similar properties in your area have sold for. They can also provide information on market history, such as the number of properties sold in your community the previous month or year. How do I decide my price range when buying a home?
It's important to be realistic when you're thinking about a down payment and setting a price range. You don't want to be saddled with something you can't afford. At this stage, it's a good idea to talk things over with a real estate sale professional. Can I det greater savings with a larger down payment?Once my agent find a house or condo I like, what would be the next step?
Once your agent finds the house or condo you want to make your home, you can work with a REALTOR to develop an offer. In the offer, you should specify how much you're willing to pay. State when the offer expires and suggest a closing date for the transaction. You can also propose some conditions on the offer. Some common types of conditions are: The size of a down payment can vary. Depending on the type of mortgage, down payments generally range from 5% to 20% of the purchase price.To obtain a conventional mortgage, home buyers are required to put down at least 20% of the purchase price or appraised value (whichever is less) as a down payment. If you don't have the necessary time or resources to save a full 20% down payment, you can choose a high-ratio mortgage and buy a home with a down payment of as little as 0%. This option is called a high-ratio mortgage and it requires you to purchase default insurance.Whether you choose a conventional or a high-ratio mortgage, one thing is almost always certain: the larger your down payment, the more you save in the long run. |
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- getting a suitable mortgage (include the amount, interest rates and any other figures you feel important);
- selling your current home (the seller may continue to look for a buyer, but will give you the right of first refusal);
- the seller may provide a current survey showing the location of the house on the property owned by the seller and that there are no encroachments;
- the seller having title to the property (your lawyer will check this out when he or she conducts a title search to see if there are any liens on the property, easements, rights of way or height restrictions);
- if there is a septic system, the seller should have a health inspection certificate, stating the system meets local standards;
- if you still have any doubts about the home's safety and construction, you may wish to make the purchase conditional on an inspection by a qualified home inspector;
- any inclusions - basically, what stays and what goes.
What will I need to bring with my offer? You will need to present a deposit along with your offer as usually in certified bank check during 24 hours (after acceptance of your offer by the seller). An appropriate deposit will show your good faith to the seller. The seller's agent is bound by law to bring all offers to the seller's attention. Elements of an Offer There are six key components to the elements of an offer. They are: Price Depending on the local market conditions and information provided by me, your Real Estate Professional, the price you offer may be different from the seller's price.
Deposit
Your deposit shows good faith and will be applied against the purchase of the home when the sale closes. As your Real Estate Professional I can advise you on an appropriate amount.
Terms
Includes the total price offered and the financing details. You arrange your own financing or ask to assume the seller's mortgage, especially if it has an attractive interest rate.
Conditions
These might include "subject to home inspection", "subject to you obtaining financing", or "subject to you selling your property".
Inclusions or Exclusions These might include appliances and certain fixtures or decorative items, such as window coverings or mirrors. These items would remain in the house.
Closing or Possesion Date
Generally, the day the title of the property is legally transferred and the transaction of funds finalized. After your offer is accepted and all the conditions are met, the offer becomes binding on both sides. If you walk away from the deal at that point, you may lose your deposit. You may also be sued for damages. Therefore make sure you understand and agree with all of the terms of the offer before signing.
Step 2: Preparation
Now that you know your price range, you can begin the search. First, make a Checklist of your needs the home will fulfill, such as: type of home, type of ownership, location, inside and outside features, condition, and other matters such as property tax levels, etc. At this time, you should decide on a lawyer so that he/she will be ready to check all legal documents to ensure your interests are protected.
Step 4: Making An Offer
If you have decided that this is the right home for you, decide on a figure and have your agent prepare the Offer (Agreement of Purchase And Sale). With your agent, list everything you want included (i.e., conditions on financing and inspection, survey clause, appliances, light fixtures, etc.). At this time, you may want your lawyer to check it out, and certainly prior to waiving any conditions to make the offer firm.
A firm offer: means that you will buy the property as outlined in the offer of purchase and that there are no conditions attached. Once the vendor accepts the offer, you are both bound to the agreement.
A conditional offer: means that you will buy the property if those certain conditions are met. We recommend that a condition on financing is included, especially for high-ratio insured mortgages. If you have a condition on financing clause, get in contact with us right away. We'll get right on it to finalize the mortgage approval. At this time, you will need the following information:
- Copy of the accepted Offer To Purchase
- Copy of MLS listing (if listed on MLS service)
- Completed and signed application (if one is not on file yet, so that we can run a credit check).
- Confirmation of your earnings: if you are salaried, a signed letter of employment, 3 years tax returns and assessments if commissioned, and 3 years tax returns and financial statements if self-employed.
- Confirmation of your down payment: it may be from your savings, RRSP, equity from sale of another home (copy of sales agreement), a gift letter for any money gift.
- If purchasing a condominium, a copy of the financial statements for the condominium corporation
Once all conditions have been satisfied (the offer has been accepted), a deposit is required as a symbol of commitment to the offer of purchase, and it is made payable to the listing Real Estate Firm "In Trust". Interest on the deposit can be requested, and this deposit will be applied towards your down payment on closing.
Step 5: Closing the deal and taking possession
After the mortgage has been approved and all conditions waived, you must deliver the following documents to your lawyer:
- Copy of the complete accepted offer to purchase (all schedules, waivers, etc)
- Certificate of Fire Insurance - The insurance company will need to know the details of property and Mortgage Company to prepare this. Lenders usually require you to arrange for full replacement value of the building.
- A copy of a Survey, signed by a qualified land surveyor. In lieu of a survey, title insurance is acceptable with most lenders.
- Advise us of the name, address, and phone number of your lawyer so that the mortgage instructions can be sent to him/her.
- You should arrange for utilities (such as electricity, water, fuel, and telephone) to begin service in your name.
- A few days before the closing date, you will meet with your lawyer to go over all details. At this time, you will also be provided with a dollar figure so that you can prepare your certified cheque, made in trust to the lawyer. This amount will cover for the balance of the down payment, closing costs and adjustments (please refer to section: "Closing Costs and Adjustments" for details and estimated costs).
On closing day, the lender will provide your lawyer with the agreed mortgage funds to close the transaction. Your lawyer will register the property and the mortgage in your name, and obtain the keys and the deed for you
Avoid The Most Common Buyer Errors
 Shopping for a new home is an emotional experience. It’s also time consuming and comes with a myriad of details. Some buyers, however, caught up in the excitement of buying a new home tend to overlook some items. Their home purchase turns into an expensive process. These errors generally fall into three areas: - Paying too much
- Losing a dream home to another buyer
- Buying the wrong home
When you have a systematic plan before you shop, you’ll be sure to avoid these costly errors. Here are some tips on making the most of your home purchase: Bidding without sufficient information
What price do you offer a seller? Is the seller’s asking price too high? Is it a deal? Without research on the market and comparable homes, you could lose thousands of dollars. Before you make that offer, be sure you have researched the market. A professional realtor, can offer an unbiased opinion on the value of a home, based on market conditions, condition of the home and neighborhood. Without knowledge of the market, your offer could be too much. Or worse, you could miss out on a great buying opportunity. Buying a mis-matched home
What do you need and want in a home? Sounds simple. Yet, clearly identifying your needs and bringing an objective view to home shopping, leaves you in a better position. Sometimes, home buyers buy a home that is too large or too small. Perhaps they didn’t consider the drive to work, the distance to school, or the many repair jobs waiting for completion. Plan ahead. Use your needs list as a guideline for every home you view. Unclear title
Before you sign any document, be sure the property you are considering is free of all encumbrances. As part of their services, a realtor can supply you with a copy of the title to ensure there are no liens, debts, undisclosed owners, leases or easements. Outdated survey
Before the purchase is completed, an updated survey is essential. This report will indicate boundaries and structural changes (additions to the house, a new swimming pool, neighbor’s new fence which is extending a boundary line, etc.). Unexpected repairs
For $300 - $500 a professional inspector will conduct a thorough inspection of the home. This way, you’ll have an idea of the cost of future repairs. Make the final contract subject to a favourable report. Shopping without pre-approval
It only takes a few days to get financing pre-approval. When you are shopping for a home, this gives you more power. A seller is more likely to consider an offer from a serious buyer. Remember additional cost
Besides the funds for the purchase of a home, you’ll need funds for items such as loan fees, insurance, legal fees, surveys, inspections, etc. Rushing the closing
Before you sign, ensure that all documentation clearly reflects your understanding and conditions of the transaction. Has anything been forgotten? Don’t rush. You could lose money, financing or even the sale.
"To leave satisfied you must arrive prepared "- REAL ESTATE IN TORONTO& GTA |
Thinking About Buying Your First Home?Thinking about purchasing a home of your own? Keep these critical considerations in mind: How long you plan to live in the home.
If you purchase a home and get a job transfer or decide to move after only a short time, you may end up paying money in order to sell it. The value of your home may not have appreciated enough to cover the costs that you paid to buy the home and the costs that it would take you to sell your home.  The length of time that it will take to cover those costs depends on various economic factors in the area of the home. Most parts of the country have an average of 5% appreciation per year. In this case, you should plan to stay in your home at least 3-4 years to cover buying and selling costs. If the area you buy your home in experiences an economic up turn, the length of the time to cover these costs could be shortened, and the opposite is also true.
How long the home will meet your needs.
What features do you require in a home to satisfy your lifestyle now? Five years from now? Depending on how long you plan to stay in your home, you'll need to ensure that the home has the amenities that you'll need. For example, a two-bedroom dwelling may be perfect for a young couple with no children. However, if they start a family, they could quickly outgrow the space. Therefore, they should consider a home with room to grow. Could the basement be turned into a den and extra bedrooms? Could the attic be turned into a master suite? Having an idea of what you'll need will help you find a home that will satisfy you for years to come. Your financial health - your credit and home affordability.
Is now the right time financially for you to buy a home? Would you rate your financial picture as healthy? Is your credit good? While you can always find a lender to lend you money, solid lenders are more skeptical if your credit history is not good. Generally, a couple of blemishes on a credit report will make you a good credit risk and could qualify you for the lowest interest rates. If you have more than a couple of blemishes on your report, lenders like Quicken Loans may still provide you with a loan, but you may just have to pay a higher interest rate and fees. Some say that you should refrain from borrowing as much as you qualify for because it is wiser not to stretch your financial boundaries. The other school of thought says you should stretch to buy as much home as you can afford, because with regular pay raises and increased earning potential, the big payment today will seem like less of a payment tomorrow. This is a decision only you can make. Are you in a position where you expect to make more money soon? Would you rather be conservative and fairly certain that you can make your payment without stretching financially? Make sure that whatever you do, it's within your comfort zone. To determine how much home you can afford, talk to a lender or go online and use a "home affordability" calculator. Good calculators will give you a range of what you may qualify for. Then call a lender. While some may say that the "28/36" rule applies, in today's home mortgage market, lenders are making loans customized to a particular person's situation. The "28/36" rule means that your monthly housing costs can't exceed 28 percent of your income and your total debt load can't exceed 36 percent of your total monthly income. Depending on your assets, credit history, job potential and other factors, lenders can push the ratios up to 40-60% or higher. While we're not advocating you purchase a home utilizing the higher ratios, its important for you to know your options. Where the money for the transaction will come from.
Typically homebuyers will need some money for a down payment and closing costs. However, with today's broad range of loan options, having a lot of money saved for a down payment is not always necessary - if you can prove that you are a good financial risk to a lender. If your credit isn't stellar but you have managed to save 10-20% for a down payment, you will still appear to be a very good financial risk to a lender. The ongoing costs of home ownership.
Maintenance, improvements, taxes and insurance are all costs that are added to a monthly house payment. If you buy a condominium, townhouse or in certain communities, a monthly homeowner's association fee might be required. If these additional costs are a concern, you can make choices to lower or avoid these fees. Be sure to make your realtor and your lender aware of your desire to limit these costs. If you are still unsure if you should buy a home after making these considerations, you may want to consult with an accountant or financial planner to help you assess how a home purchase fits into your overall financial goals. |
TITLE INSURANCE Insurance relating to a loss or liability for loss due to the invalidity of title to a property or instrument related thereto, or a defect in title or instrument... An insured statement of title or ownership of real property provided by a title insurer for a specified, usually onetime, premium… Title insurance applies to both residential and commercial properties and typically involves two policies. The owner's policy provides protection regarding such matters as fraud, title unmarketability and municipal by-law contraventions, of title for various reasons. Coverages vary in the marketplace. The lender's policy provides protection for mortgagees regarding security held by way of the mortgaged property. This coverage is particularly important when dealing in the secondary mortgage market. The secondary mortgage market involves the sale of title and equitable mortgages in the marketplace. Lenders and investors acquiring this mortgage paper require confirmation of various title matters concerning the property being mortgaged. Title insurance simply offers an expedient and relatively inexpensive method to provide such assurances and furnish appropriate documentation. Insurers normally provide separate policies for commercial and residential properties. Using title insurance Title insurance was introduced in Canada just over a decade ago, and is now an accepted part of the home-buying process. Title insurance protects buyers against problems that may slip past a title search. The title to a property describes who has the rights of ownership to it, and there can be a variety of issues in determining "clear" title. These could include liens on the property because taxes or contractors haven't been paid. The previous owner may have done renovations without a permit or ignored work orders from the municipality. Part of the property such as the backyard deck or roof eaves could also be encroaching on a neighbour's property. There are several reasons why title insurance has become popular. It primarily offers broader ownership protection, especially from mortgage fraud.
Application Title insurance can simplify real estate transactions. For example, the title policy may eliminate the need for an up-to-date survey, thereby providing savings to the buyer and possibly avoiding certain delays in closing the transaction. Further, title insurance is often promoted as a method to avoid last minute title defect problems that may destroy the sale. Lastly, advocates cite the benefit of title insurance regarding the lender. Through a title policy, the lending institution receives certain assurances, as do subsequent lending organizations to which the mortgage is assigned such as Canada Mortgage and Housing Corporation. Benefits: Survey An attractive aspect of title insurance is the possible avoidance of a new survey. The elimination of the survey requirement can represent significant savings as well as eliminate a possible delay in the closing process. Title Problems at Listing Sellers can take advantage of title insurance at the point of listing. For example, a problem relating to title may crop up in the listing process when a real estate practitioner identifies a circumstance such as a deck that extends beyond the approved setback in the municipal zoning by-laws. The seller may be able to secure title insurance and confirm that the property will be insured against any losses that may occur due to this problem. The seller is then in a position to assure any potential buyer that this situation has been resolved through insurance coverage. Marketing Incentive The seller may agree to purchase title insurance as an incentive in the marketing of his/her property. The seller's commitment translates into cost savings at the point of negotiations with a potential buyer. Even during negotiations, the seller may offer to pay this cost. Title Problems at Closing Title policies have proven particularly effective by insuring over certain title problems that crop up at or near closing. As an example, a minor encroachment may exist that could otherwise delay or cancel a sale. Alternatively, a minor issue regarding final inspection of an addition or improvement to the property may not have been completed by the municipality. The title insurer, after an investigation of the risk involved, may elect to insure over the problem allowing the transaction to close on time... Source: Provincial Reference Manual, Ontario Edition, 2008 |
Tips for Indoor and Outdoor GrillingWanting to learn how to do some outdoor or indoor grilling? Here are some helpful tips to follow: - A hot grill is your best defense against sticky situations. Be sure that the grates are piping hot before laying down your food.
- Keep a spray bottle of water close by to tame any flare-ups.
- To oil your grill without creating a wild fire: fold up a cotton kitchen towel, lightly dip in vegetable oil, and use your tongs to glide a coat onto the grates.
- Barbeque sauces contain sugar that caramelize and then quickly burn. Try a dry rub in the beginning and then at the end of grilling baste with a thin coating of sauce.
- When cooking anything skewered soak the wooden sticks in water first to prevent them from burning.
Links to check out: |
I work hard to give you everything you need for a successful, enjoyable real estate transaction. I’m happy to provide you with a few of the tools you need to prepare in the pages below. Once you’ve armed yourself with a little bit of knowledge and are ready to act, get me on your side for a smoother, faster, less stressful transaction. I look forward to working for you! Mike |
Toronto Real Estate: HOMES, HOUSES, CONDOS, and TOUNHOUSES  | We all know the importance of having an accurate credit report and a good credit score. Still, many of us have no idea what our credit score is, nor do many people know what is on their credit report. Here's an easy way to find out. More |  | With the influx of homes for sale and low loan rates, there is no better time to look for a home. In a buyer's market you have more flexibility to find the house you want for the price you can afford. But what could make the situation even better for buyers? How about getting a cash bonus at closing? More |  | We all know the importance of having an accurate credit report and a good credit score. Still, many of us have no idea what our credit score is, nor do many people know what is on their credit report. Here's an easy way to find out. More |  | The federal government's "Making Home Affordable" plan is designed to help responsible homeowners continue to afford their home in this difficult housing market through refinancing. More |
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Community is an essential part of family, of lifestyle, and of real estate. Understanding local conditions in Toronto is important when it comes to buying and selling real estate, but the neighborhood you choose can have a dramatic impact on all other aspects of your life as well. Please feel free to browse through the complimentary Toronto information I’ve provided. When it’s time to move, call me to get a representative on your side who has experience, Toronto market knowledge, and the confidence to help you make the best transaction possible. Enjoy! Mike |
 | Give your teen the gift of clear skin always. More |  | There are a lot of numbers that are important in life, but none quite as influential as your credit score. Having a high credit rating can give you better interest rates on credit cards, car loans and even your mortgage. On the opposite side, a poor credit rating can make many aspects of living difficult. It's important to check your credit score to learn where you stand. Here's how. More |  | |  | |  | How much life insurance do you need and what is the rate you should pay? Doing your research and gathering your personal information is the best way to assess your unique circumstances and life insurance needs. More | | We all know the importance of having an accurate credit report and a good credit score. Still, many of us have no idea what our credit score is, nor do many people know what is on their credit report. Here's an easy way to find out. More |  | Snoring isn't just bad for your relationship with your bedmate -- it's bad for your health too. There's a cost-effective, simple way to stop snoring and improve your sleep and overall health. More |  | Life can be unpredictable. As you plan for the future, it's a good idea to have all your financial bases covered. One thing that can provide some peace of mind: a life insurance policy. More |  | How to lower your auto insurance. More |  | A growing number of working mothers are studying online to improve their careers. These busy women are finding it easier to get the information they need by visiting a free information sites to request information and receive materials tailored to the degrees of their choice. More |
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YOUR TEAM Your Agent
A successful purchase starts with the right representative. In fact, once you’ve selected the best agent to represent you, it is likely that he or she can recommend other professionals to join your team, taking more of the responsibility off of your shoulders. Lender (Appraiser)
A bank is not just a bank. Having the right backer can be extremely important – it is your money we’re talking about after all! Make sure that your lender and financial representative is someone with whom you feel comfortable, and be wary of any lender who promises you more than you think you can reasonably afford. Your lenders may or may not require an independent appraisal, and typically will make arrangements for the appraisal themselves. Lawyer
Your home purchase is far too important a transaction to skimp on legal representation at the risk of leaving yourself open to costly future issues. Find a lawyer who is willing to take the time to answer your questions and who specializes in real estate law. Home Inspector
No home inspection is 100% guaranteed, but a few hundred dollars to catch a major problem now is certainly better than many thousands to correct that ‘surprise’ down the road. Ask your agent for a recommendation. Contractor
Planning some renovations? You’re not the only one! The home renovation industry is booming, and in some markets, booking a contractor must be done months in advance (that’s a long time to go without a kitchen). Don’t let finding the right contractor slip through the cracks – planning ahead will almost certainly make your renovation smoother, and you contractor will appreciate the advance notice. YOUR PLAN 1. Find the right representative
Even if you’re not quite ready to buy, your buyer’s agent can be an absolute wealth of information, and can often offer ‘scoops’ on local developments you might not have know about otherwise. Speak to your agent first and he or she can be helping to guide you right from the start. 2. Find out what your price range is
Online mortgage calculators are a good place to start, but as you get closer to being ready to buy, there is no substitute for a written mortgage pre-approval. Just speaking to your lender is an extremely worthwhile venture – this is the only way to really get an in-depth picture of your overall financial picture and to discover exactly what you can reasonably afford to spend on a home (and possibly on renovating). 3. Find out what your local market looks like
The internet can be incredibly valuable in doing preparatory research. Start with your agent – he or she can direct you to valuable resources and immediately start e-mailing you real estate listings that may interest you (or at least give you a better idea of what your needs and wants are). 4. Find out what your true needs and wants are
Compose a needs/wants list that takes into consideration your local market conditions, your price range, and the advice of your real estate agent. 5. Find your dream home!
Once you’re ready to act, you may be surprised by how quickly you can make a decision. Armed with your pre-approval, a little market knowledge, and your needs/wants list, call your real estate agent, hit the pavement, and when you see ‘the house’, put in an offer. With the right team behind you, it really can be that easy! Suggestions to plan a dinner party!Wow your guests with your service and etiquette by following these tips. Of course, wowing them with the food is entirely up to you! - Invitations - they can be written, delivered by phone or in person, or emailed (only for the informal get-togethers!). Guests are expected to RSVP.
- Greet your guests as they come to the door. Have a place for their personal items. Introduce people. Accept host/ess gifts graciously.
- Offer guests beverages and hors d'oeuvres.
- During hors d'oeuvres, slip out to the kitchen quickly to get the first course on the table before the guests are asked to take their seats (unless that first course is hot, in which case you should wait until the guests are seated).
- Call guests to the table and direct them to where you want them to sit, either with place cards or verbally.
- Follow an etiquette book as far as setting the table. Many things have changed in recent years. Not all of the pieces that were once used are necessary now, and some utensils are placed in different locations. A guest should never have to move a utensil to get to his/her napkin.
- After each course, remove the plate and utensils used.
- After the entree, remove all plates, used utensils, salt and pepper, butter, dressing, and so on. The dessert fork and spoon are usually placed at the top of the plate. They would remain on the table until dessert is served.
- Serve dessert and coffee cups. Place sugar and creamer on the table.
- After dessert, you do not need to remove the dessert dishes, unless they will be seen from the living room or family room for the rest of the evening.
- Hors d'oeuvres and cocktail glasses should have been cleared already.
- Games and conversation are both acceptable during this time.
- When guests leave, get their coat and belongings, walk them to the door, say a brief good-bye and return to the other guests.
How to Not Pay Too Much for Your Home1. Before you shop, develop a needs vs. wants list
Everyone has a picture of an ideal home. This would include all the features you not only need, but have long desired. However, when it comes time to buying a home, the desires cost more. While it’s nice to think about having a beautifully landscaped backyard, or a solarium, perhaps even some built-in appliances, these are usually considered luxury items, which can add considerably to the price of your home. That’s why it’s a good idea to develop a needs and wants lists. With this list, begin with items you really need like adequate space, garage and number of bedrooms. For most people, basic needs should be considered first. After that, you could consider additional desires, if you can manage these benefits financially. With such a list in your hands, you’re less likely to be caught up in the excitement of the pursuit. You’ll have a good idea of what you want, within you price range, and if you can afford those additional items. 2. Get pre-approved prior to shopping
Visit your financial or lending institution prior to home buying. Quickly, you’ll know the amount of mortgage you’ll receive. Be sure to get a mortgage commitment in writing. Most importantly, you’ll tell sellers that you are a serious prospect. Depending upon market conditions, a seller may lean towards an unconditional offer. You’ll have less negotiating power if you have to wait for mortgage approval. Banks and financial institutions have developed many programs especially for home buyers, be that first-time buyers or those with equity in their homes. When you review your needs and objectives with a lending officer, you’ll be one step closer to purchasing your home. These are just 2 of the things to keep in mind when purchasing a home. Instantly have 20 additional tips to be aware of emailed to you: |
Helpful Moving Tips
Use this helpful checklist as a reminder of the things you need to do before you move.
Book the movers. You can choose to have the movers pack everything, or just the breakables, or you can pack yourself. It's a good idea to obtain estimates from several different companies.
If You Own Your Present Home
- Arrange to have our gas, water, and electric meters read on the day you leave and have the bills forwarded to your new address.
- Have your oil tank read and filled before your sale closes, and provide a receipt to your legal professional if required.
- If the water heater or furnace is rented, arrange for a transfer of the rental agreement to the purchaser.
- Disconnect your telephone, cable TV, and water softener.
If You Rent Your Present Home
Give necessary written notice to your landlord and make arrangements for the return of any monies you have on deposit.
At Your "New" Home
Make arrangements for the gas and electric utilities, water softener, telephone and cable TV to be connected on the day the sale closes.
Helpful Hints
- Get "Change of Address" cards from the post office and send out well before moving day.
- Have the post office forward your mail to your new address.
- Cancel any contracted services and pre-authorized cheques.
- Inform gardening, dry cleaning, garbage pick-up, newspapers, magazines, diaper and other home services. Arrange for service at your new address.
- Obtain a letter of introduction from your current branch to help establish new accounts. Transfer trust or bank accounts and securities.
- Cancel or transfer social, athletic, civic, religious or business affiliations and memberships.
- Arrange for transfer of medical, dental, prescription and optical records.
- Change the address on your driver's license(s) effective the day of the move.
- Collect all items out for cleaning, repair or storage. e.g. fur coats, dry cleaning.
- Make special arrangements for the moving of perishables, such as plants.
- Make special arrangements for the moving of your pets.
- Dispose safely of all flammable liquids as it is illegal for movers to carry them.
Why hire a legal professional?
A legal professional is there to represent your interests and to process the legal documentation required. As your Real Estate Professional, I can provide you with the names of legal professionals who specialize in real estate.
The legal process differs from province to province. Your lawyer will advise you on the steps to be taken before the keys to your new home are presented to you.
Source: Right At Home Realty Inc., Brokerage |
Buying Services for Toronto Home Buyers
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Congratulations! You have decided to purchase a home, or are thinking about buying one. You'll be joining the ranks of hundreds of families who realize that home ownership offers a number of benefits including building equity, saving for the future, and creating an environment for your family. When you own your own home, your hard-earned dollars contribute to your mortgage. The equity you earn is yours. Over time, your home will increase in value.
In the following reports, you'll find the information you need to make a wise buying decision. We'll take you through the planning process step-by-step , to help you determine which home is right for you. You'll find a host of informative articles on mortgages, viewing homes, the offer, closing details and moving.
Please contact me if you have any questions about buying a home in Toronto or elsewhere in Ontario. |
Below, select desired reports and complete the form provided.
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Be sure not to pay too much for your home!
Whether you are buying your first home, or your fifth, the process of buying a home is a detailed, time-consuming venture...
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Ensure A Smooth Home Purchase
Buying a home can be an emotional, time-consuming, and complex process...
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Avoid the Most Common Buying Errors
Shopping for a new home is an emotional experience. It’s also time consuming and comes with a myriad of details...
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Things To Keep In Mind When Buying Your First Home
Many renters are starting to think about purchasing a home of their own. Several factors should be considered when purchasing a home...
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Mike Derev'yanko
Sales Representative
Right At Home Realty Inc., Brokerage
895 Don Mills Rd., Suite 112
Toronto, ON, M3C1W3
Office: (416)391-3232
Cell: 647-891-4824
Email Mike
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This is not intended to solicit Buyers or Sellers that are currently under contract with a brokerage.
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Featured Listings:
- to enlarge a picture - please place cursor on a picture
-to view Virtual Tour of this property with music - please, switch ON your computer loud speakers, click on this picture, in new open window go to left column, click on the button Virtual Tour, click on Full Screen button ... and enjoy!
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Never miss the perfect home! Search for your dream home now. Begin Search |
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PRICES GOING UP
You can compare how average price of single-family dwellings increased during years:
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2007 |
$376,236 |
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2006 |
$351,941 |
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2005 |
$335,907 |
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2004 |
$315,231 |
|
2003 |
$293,067 |
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2002 |
$275,371 |
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2001 |
$251,508 |
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2000 |
$243,255 |
|
1995 |
$203,028 |
|
1985 |
$109,094 |
|
1980 |
$75,964 |
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1975 |
$57,581 |
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1970 |
$30,426 |
As announced by Toronto Real Estate Board on year-over-year basis, prices rose seven per cent in 2007 to $376,236 from last year's $351,941. Source: Toronto Real Estate Board.
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Right At Home Realty Inc., Brokerage
895 Don Mills Rd., Suite 2002
Toronto, ON, M3C1W3
Office: (416)391-3232
Fax: (416)391-0319
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| Mike Derev'yanko |
| Email Mike |
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| Cell: |
647-891-4824 |
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| City: |
Toronto |
| Province: |
Ontario |
| Country: |
Canada | | |
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