Realtor Ryan Anderson

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See the opportunities, there is way more upside in condos, so get in. They will only keep High-Rising!

GTA Condo Rents Hit Record High in Q2 as Ownership Sales Slump GTA condo rents continue to soar as demand well outpaces supply, reports the Toronto Regional Real Estate Board.

I've said it before and I'll say it again. I don't work for postal codes, I work for my people!

Anyone attending Fanshawe College next year? 🤔🤔🤔🤔

10 470 Second Street Realtor Presentation Video.mp4

🤍House Hunting: Searching for a Home with Your Significant Other🤍

For many couples, buying a home together has replaced tying the knot when it comes to proving their undying love. Stepping hand-in-hand onto the property ladder is a huge commitment and is an act that can cement a relationship. However, without proper planning, it can also bring it crashing down.

📌Be Sure You’re on the Same Page
The strongest relationships are made of compromise, while each partner remains an individual. When you decide to buy a home together, you need to be sure you both know what the other wants. It’s a good idea to each make a separate list of what you’re looking for in a home, without influencing each other.

Consider location, size, and whether you want a fixer-upper or a new build for example. When you’re done, compare your lists and see what you have in common.

📌Figure Out Your Finances
It’s important to straighten out your finances early on. If you haven’t been entirely honest about the state of your finances to your partner, now is the time to do so. You will both require credit checks and it’s worth bearing in mind that the lower score is generally taken into account by lenders. If one of you has a low credit score, it’s a good idea to work on raising it before you start house hunting.

📌Think with Your Head
Buying a home is always an emotional time but it can be doubly emotional when there are two people involved. However, it’s vital that you look at facts rather than emotional drives when you’re budgeting. Be realistic about what you can afford together and when you are viewing properties – don’t let your heart rule your head. You will be one step closer to finding your dream home if you don’t over-stretch your budget and avoid other first-time home buyer mistakes that could derail your project.

✔️Reference: https://cutt.ly/pGXr7g4

🟣Climbing Inflation and Interest Rates Will Hit Low-Income Canadians Hardest🟣

In news that’s not exactly surprising, a new report from RBC Economics reveals that low-income Canadians will feel the sharpest financial sting from climbing inflation and rate hikes.

While rising prices and borrowing costs will impact all Canadian households, those with lower incomes will be particularly hard-hit — a burden that will only grow heavier in 2023.

As the report highlights, a return of the overnight rate to 2% — which is expected by October — will hike average Canadian household debt payments by nearly $2000, or 15%, next year. This will significantly reduce spending power, especially for the lowest earning fifth of households, who spend 22% of their after-tax income on debt servicing. By contrast, those in the highest income quintile spend just half of that amount.

Lower income Canadians will also see their debt service ratio (the amount of disposable income needed to meet debt payments) increase much faster through 2023 — at twice the speed of the highest income households.

The pandemic may have boosted debt but it also left Canadian households sitting on $300 billion in savings, likely due to an elimination of spending on things like travel, restaurants, gas, and entertainment. That amount is enough to cover about a year and a half of total household debt payments, highlights the report. That is, in theory; those savings are by no means evenly distributed. While the top income households retain almost a third of the total, the lowest income Canadians hold less than a fifth.

The pandemic heightened the debt held by Canadians, with mortgage debt exploding, reports RBC Economics. As many Canadians sought more living space in a climate of low borrowing costs, mortgages grew by an average $150 billion per year in 2020 and 2021 — almost doubling the annual growth rate between 2015 and 2019, according to RBC. By the end of 2021, mortgages accounted for over 70% of all household debt. Meanwhile, the amount of consumer credit, declined in 2020.

🔻Reference: https://cutt.ly/VGFgxpM

Renting with Pets: Pet Rent, Pet Fees & Pet Deposits Explained🐱🐶

Many tenants are pet owners, especially in recent years, in which pet ownership has skyrocketed due to the pandemic. However, the rules regarding pets can sometimes be difficult for both landlords and tenants to grasp.

🐰What Is Pet Rent?
If you’re a renter in Canada, you’re in luck: charging pet rent is prohibited here. Moreover, the Ontario Residential Tenancies Act prohibits “no pets” clauses in rental agreements. Other provinces, such as Alberta or Quebec, give landlords a bit more leeway, so make sure to check the lease and building rules on whether pets are allowed or not.

🐶What Is a Pet Deposit?
Similar to the security deposit, a pet deposit is a one-time, refundable fee charged to cover the cost of property damage caused by a tenant’s pet. However, unlike pet rent, it is paid upfront as a lump sum rather than having it spread out in smaller installments throughout the lease. It is calculated as a percentage of the monthly rent and usually ranges between 40% and 85%.

A pet deposit is used by the landlord to cover things like scratched floors, damaged carpets, broken furniture or appliances, or even damage caused by chewing. However, it cannot be used to pay for wear and tear.

In the U.S., Pet deposit laws vary from state to state. In some cases, no separate pet deposits are allowed. Additionally, some states can cap the pet deposit to a quarter of the month’s rent, while others place the cap at $2,500.

🐈What Is a Pet Fee?
A pet fee is a one-time, non-refundable fee charged upfront to allow pets on the property and cover any damage they may cause. Some landlords may prefer charging a pet fee rather than a deposit, not necessarily because it’s non-refundable, but because it can also be used to cover wear and tear, such as cleaning the carpets and upholstery after the tenant has moved out.

☀️Reference: https://cutt.ly/iGFjbiB

🔻Early Data Shows GTA Housing Prices On “Rapid Decline” in April🔻

The official spring numbers for the Greater Toronto Area market won’t be out until next week, but early analysis finds that average housing prices in the region are dropping at a rapid pace.

Initial data comparing the percentage change in sold prices for low-rise homes in the first three weeks of April to the same time frame in February, finds prices are declining across all GTA municipalities, between 6 – 21%.

It’s concrete proof that the anecdotally softer conditions seen thus far this spring are indeed a reality; agents have reported overall fewer buyers in the market, a dramatic drop in offers, and the resurgence of buyers’ market trends such as bully offers and conditions.

“Prices Don’t Drop This Quickly”
What’s doubly unusual about this trend, is that not only is a February to April price decline unseasonal, the current drop is much steeper than any seen in recent years. A likely culprit are sellers who bought at the late-winter peak who are now in a rush to sell in order to close on their impending transactions.

According to the data, the smallest price declines are in Toronto and Richmond Hill, at 6% each, followed by Oakville, where they’re down by 7%. The most notable plunges can be found in the outer suburbs, where, they saw the most dramatic run up in prices during the pandemic’s urban exodus era.

Today’s rising interest rate environment certainly is a factor; the most recent half-point increase implemented by the Bank of Canada earlier this month will add roughly $200 to monthly payments on an $800,000 variable-rate mortgage. Another important point, is that given the volume of home purchasers was much higher than usual over the past two years, today’s buyer pool has been depleted.

🍀Reference:https://cutt.ly/iGT6IUp

How to Flip a House: A Beginner’s Step-by-Step Guide🏠

So, you’ve decided to enter the exciting world of house flipping. You’ve done your research, considered the pros and cons, and you’re ready to give it a go. But where exactly do you start? In this guide, we’ll take a look at the key steps you’ll need to take to flip your first house.

📌Find a Property
When looking for houses to flip, it’s important to think like an investor, not a homebuyer. You’re not buying a home that fits your needs, but a property that can be improved with little time and resources and then sold quickly.

📌Find Financing
Unless you’re buying your investment property with cash, finding financing can be tricky but not impossible. If this is your first flip and you don’t have enough savings, you’ll most likely need to apply for a loan.

📌Buy the Property
Once you’ve found your investment property, reach out to the seller and make an offer. Use the 70% rule to determine the maximum price you should spend on the house to turn a profit. Calculate the after-repair-value (ARV) of the property, multiply it by 0.7, then deduct your estimated renovation costs. If the seller accepts your offer, you can then discuss closing the sale.

📌Assemble Your Team
The sooner you can fix up the property, the sooner you can flip it. And nothing speeds up the flip like several pairs of helping hands. So ask friends and family to help, even if they’re just decluttering and repainting the walls. Also, find reliable contractors to work with if there are any repair jobs you can’t do yourself.

📌Repair and Decorate
To maximize time efficiency, draw up a task list in advance. Start by decluttering any old or broken items and giving the property a general clean. This will help you find any hidden problems that may be covered by old furniture, for example. Work your way through the major repairs first, such as patching up holes in the walls, changing the flooring, retiling and so on.

🤍Reference: https://cutt.ly/cGYrc5y

Bank of Canada Interest Rate Announcement: Another 0.5% HikeThe 🔰

Bank of Canada has raised its key interest by another 50 basis points in this morning’s announcement, bringing it up to one per cent. This is the second in an expected series of rate hikes slated for 2022, and the biggest single increase since 2000.
The move follows a 0.25-per-cent increase at the Bank’s last interest rate announcement on March 2, which was the first upward move since October 2018, following a trio of decreases in March 2020, to help ease the economic fallout of COVID-19. This new upward trend is intended to rein in the rapid rise of inflation, which hit a 30-year high of 5.1 per cent in January, well above the Bank’s projection of two per cent.
The Bank cited the unprovoked invasion of Ukraine by Russia as a continuing source of major uncertainty, with spikes in the price of oil, natural gas and other commodities adding to inflation, and exacerbating ongoing supply chain disruptions.
In Canada, the Bank says the economy is chugging on all cylinders, with tight labour markets and wage growth back to pre-pandemic levels. Consumer spending is up as pandemic restrictions continue to ease, and businesses report difficulties meeting demand due to supply chain issues. The housing market is “exceptionally high” but the Bank expects it to moderate.

🔗Reference: https://cutt.ly/GGkUxic

🌷Spring Cleaning Checklist for Each Room of the House🧹

With spring on its way, it’s time to dust off those winter cobwebs and get your home in order!

🛋️Living Room
Roll up the carpets, then vacuum and mop the floors. You can also move furniture such as sofas to the center of the room, then vacuum and mop behind and underneath them as well.
Use a vacuum or steamer to clean sofas and upholstery, and remember to clean inside crevices as well. If you have decorative pillows, take off their cases and wash them. Do the same with your decorative blankets.

🛏️Bedroom
Rotate your mattress so that the head moves to the bottom of the bed. Also, if your mattress has a separate summer and winter side, flip it so that the summer side is facing up.
Let the mattress air for a few hours before putting clean sheets back on the bed.
Move the bed and sweep or vacuum around and underneath it. Give the floors a good mop, then push the bed back in its original spot.
Wash sheets, duvet covers and pillowcases at 140°F on a full cycle to remove any traces of sweat, dust or dander.

🍴Kitchen
Use a liquid dish soap solution to remove tough grease stains from your cooktop.
Clean the inside of your oven, and wipe the glass door inside and out. Don’t forget about your microwave oven either.
Wipe any stains and splashes from the tiles, counters and cabinet doors.
Go through your cabinets and throw out any food items that have expired. Remember to check dried foods as well, such as spices, pasta, rice or beans.
Take out the shelves and drawers from your fridge and give them a good clean.

🛁Bathroom
Give all tiles a good scrub. If you notice signs of black mold, spray the surfaces with a water and vinegar solution, scrub them with a sponge, then rinse them out.
Wipe mirrors and windows.
Wipe the dust off all surfaces, including vent covers.
Take off the shower curtain and mat and wash them in the washing machine on a cold setting. Then, you can leave them out to dry or tumble dry on a very low setting.

🔗Reference: https://cutt.ly/LGzOp3e