Toronto GTA Condos

Market update live at 88 Corporate Drive.

Scarborough Condo Market Update- October 2017 Scarborough Condo Market Update- October 2017 Scarborough Town Centre Condo Market Update. Comparing Average Price, Medium Price, how much the prices have in...

Condo For Sale- 1328 Birchmount Road, Scarborough Condo For Sale- 1328 Birchmount Road, Scarborough - 8th Floor Beautifully Maintained Condo Unit With 2 Bedroom, 2 Full Bath And Walk/Out To Balcony. 9 Foot C...

The Reality of the Real Estate Market.
1. Picture A - There are 22 Condos in the Scarborough Town Centre with around 5000 units and only 7 condo units For Sale!
2. Picture B - Over 2500 houses in the Morningside Heights neighbourhood I live in. Today there are 0 houses for sale!
So if you are thinking of buying... 1. Become Mortgage Approved not just a bank-preapproval. 2. Look at houses that are listed for less then your maximum approval. 3. Make your best offer, over and over again and listen to the expertise of your REALTOR®.

Pretty cool graphic showing the boundaries and neighbourhoods of Toronto.

Toronto Neighbourhoods

Real Estate Market Update:
1.Listing Shortage
2.Prices will keep rising!
3.First-Time Buyers (buy a condo) if you can! Even a pre-construction condo!

Recommendations:
Looking to upgrade home? Buy first then Sell!
Seniors looking to downsize? If you renovate, paint, stage and have the means to do so, you'll get a much, much more for your house! Ask me for a Free Market Analysis!

New Canadians:
Only Scotia bank still offers a generous mortgage terms to help you buy with 35% to 50% (no questions asked) mortgages.

Mortgages:
Rules have changed! Much harder to get! Rates vary considerably (up to 0.5%) and only a Mortgage Specialist at a bank or Mortgage broker can do a through analysis to figure it out for you! Don't just go talk to your banks financial advisor, talk to a mortgage specialist and get them to approve you!

Market Watch - January 2017 Jason Mercer - Director, Market Analysis, discusses the Market Watch Report for January 2017.

As a listing agent, don't forget to confirm with the co-operating agent that financing has indeed been firmed up by there Buyers a few days later. Especially when Buyers are making firm offers and getting mortgages is harder. You would be surprised to learn about the number of deals that fall apart because Buyers can't get financing.
With so many new agents out there, and many agents not up to date with mortgage financing, it's better to be safe than sorry later.
Many agents aren't even aware that they should advise their Buyers not to purchase furniture, cars, etc. on credit. As a Buyer, you might be approved today, but banks have up to a hour before lending you the money to pull your credit history again and reject you if your financial obligations have changed. Purchasing on credit reduces what they'll lend you. So be safe and protect yourself and maintain financial balance. Often times, multiple closings hinge on you closing the deal causing a wave of failed transactions that's no good for anyone.
So if you are buying and selling... make sure "financing" is taken care of, because this is the most important step in the process! Let your neighbors and friends know.

Don't expect to rent your condos on short term leases such as Airbnb.

Ontario court ruling says condo buildings can ban sharing services such as Airbnb Airbnb bye bye? An Ontario court says condos can ban unit owners from renting out their properties on services such as Airbnb or Expedia

How mortgage fraud is thriving in Canada's hot housing market Many in the mortgage industry are calling attention to a growing, yet under-reported, problem of mortgage fraud, perpetrated not by criminals looking to scam a bank, but by mortgage industry professionals looking to help their clients buy a home

Something to reflect upon as prices expected to go up.

If you think condo prices are high now, fasten your seatbelt: Carras | Toronto Star As land costs and development charges continue to rise, prices for new units next year could jump by as much as $60 per square foot.