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By admin, March 2, 2010 1:14 pm

On February 16, 2010, Minister of Finance Jim Flaherty introduced new mortgage rules designed to make it a harder for buyers to qualify for high-ratio mortgages and to discourage speculators. This protectionist measure is targeted at over-extended consumers.

The first rule is that all borrowers must meet the standards for a five-year fixed-rate mortgage, even if they are taking out a mortgage with a lower interest rate and a shorter term. This rule is designed to make sure buyers will be able to pay if and when interest rates rise.

If you were to buy the average price home $337,000 you will now need $9,200 more in annual income to qualify.

Rule # 2 restricts how much of your home you can refinance. Now you can only refinance 90% of your home as opposed to the previous 95%. Often homeowners will keep using the equity they have in their home to finance their lifestyle. A home is a savings vehicle where you build equity. If you still need to dip into that equity it may be time to reevaluate your finances to see where you can be cutting back.

For investors or non-owner-occupied properties you now need to have a minimum 20% down payment.

The effective date of these new rules is April 19th. Any agreements that are finalized before April 19 will be based on the old rules. Moreover, any agreements that close after April 19 but were signed before this date will be allowed to go through under the old rules. Any new deals after April 19 will be subject to the new rules.

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By admin, January 27, 2010 11:45 am

When considering your new home, you have to set a budget, decide how many bedrooms and bathrooms you need, and pick a neighbourhood, but you also need to consider what your home has to have to meet your requirements.

I know on my wishlist I had main floor laundry and a direct garage access. Both of which I got and love.  I wish the laundry room was bigger and had a window so I could at least get a view of outside while folding my laundry, but alas, not to be. At least not in this house.

So what is on you wishlist?

• A “green” home?
• A big eat-in kitchen?
• Open concept living space?
• Master ensuite? Do you want it to resemble a spa?
• Do you work from home and need a home office?
• Finished basement?
• Outdoor living space?
• A hot tub?
• Etc.

These are just a few ideas. It is really important to consider your lifestyle and what you need in your home to make ti work for you.

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By admin, January 21, 2010 1:59 pm

This beautiful, fully renovated North Toronto homes is now sold.  Are you thinking of selling your home, don’t wait until spring, there are lots of very motivated buyers looking for homes right now.  Call me so we can put together a marketing plan for your home.

If you are looking for a home in North Toronto, give me a call and I can make sure you know about new listings when they become available.  The listings are selling very quickly because of the low inventory levels, make sure you are prepared and informed about the current market trends and how to put in your best offer.

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By admin, January 18, 2010 1:21 pm

The Red Hot Condos will be available for occupancy in the Summer of 2011. Being built by Camrost Feldcorp in Don Mills, this condominium project includes 1 bedroom, 1 bedroom + den and 2 bedroom units ranging in price from $172,900 to $285,900.  They are also offering furniture packages ranging from $7,000 to $13,500. If you are interested in learning more about this project, give me a call.

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By admin, January 17, 2010 10:21 pm

I am facing a dilemma with the Toronto Real Estate market right now and that is there are not enough homes to show all the buyers who are actively looking. And I am not alone.  Lots of Real Estate Agents are feeling the same crunch.

The only people really winning are the sellers. Their homes are selling quickly with multiple offers and going for over asking.

Currently in Central Toronto there are only 1,745 homes on the market and this includes condominiums.  Last year at this time there were 3,398 homes on the market.

So yes, this is great for sellers but for buyers it is very frustrating to completely lose out on homes in multiple offers, multiple times, and to see prices going up with each subsequent new listing in the area.

So I am not going to tell you to wait until spring to list your home this year but to list it NOW! In fact, I am almost begging you to list your home. My last two listings have sold very quickly and for great prices. I can help you take advantage of this sellers market. Call me today.

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By admin, January 12, 2010 4:50 pm

Have you dreamed of moving to the country? This development opening at the end of January and is offering homes from Rosehaven, CountryWide and Aspen Ridge. The community will have walking trails and views of conservation lands. Let me know if you want to register for information about this fabulous new community.

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By admin, January 11, 2010 11:11 am

Built right across from High Park and only 108 suites, take advantage of this great neighbourhood. Great shops, restaurants and so much to do. The suites will range from 1 bedroom up to 2 bedroom + den. This building also has lots of terraces and balconies. Floor to ceiling windows make for some great views of the park and street. If you interested in learning more about this project, give me a call.

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By admin, January 9, 2010 10:19 pm

HST comes into effect on July 1, 2010.  To clarify a few things for  home buyers, the HST will not apply to resale homes.  This is great news since this would have increased the cost of a home significantly.  It will however be applied to some of the services associated with buying or selling a home such as real estate commissions, home inspections, legal fees, moving costs, and appraisals. If you have any further questions about the HST, feel free to give me a call.