Determining if Toronto Condos Are a Good Investment

How good of an investment are condos in the greater Toronto area? It depends on the area and the condo itself, among a few other major factors.

If you're thinking about selling in the near future, you want to see whether the condo is appreciating in value. Contact your agent and find out if values in the area have increased during the last three to five years. The buildings behind me in the video above, for example, are great condos that have gone up in value over the last couple years.

Another thing to account for, if you're using the condo as an investment property, is how easily you can rent it, and how much it will rent for. You also want to clearly verify all the numbers, like maintenance fees and taxes. If you're looking in an area with good schools, good jobs, and good transportation, chances are it will be quite easy for you to find a tenant who will stay long-term.

“

If the building has been appreciating, and the rental income covers your payments, condos are a great investment!

”

Make sure you're aware of the area and whether there is construction nearby. Buildings going up nearby can affect the value of your property in the near future. Newer buildings could obstruct your view, for example, and decrease the value.

If you're curious about condos or any type of real estate in the greater Toronto area, give me a call for a free real estate consultation. I'd love to sit down and talk with you!

5 Closing Costs Buyers Should Expect

Want to sell your home? Get a FREE home value report
Want to buy a home? Search all homes for sale

As a buyer, there are a few costs you should expect to pay at closing:

1. Land transfer tax: When you buy a property, you are expected to pay a one-time tax, similar to paying the fee for a lawyer, and the cost of the tax is based on the purchase price of the property. Fortunately, first-time home buyers do get a deduction on the cost.
2. Lawyer’s fee: This will cost you about $1,500, and that goes to the lawyer you selected to close the transaction. They handle all of the paperwork between you and the seller’s lawyer.
3. Title insurance: This insurance fee is about $300 to $400. Title insurance protects you from fraud on property taxes and anything else that could be wrong on the survey.
4. Registration fees: You have to register two documents with the government: the deed and the mortgage. These documents cost $75 each.
5. Any additional out-of-pocket fees: These run from $300 to $400 and go to your lawyer to cover any searches or due diligence.

“

Title insurance protects you from fraud on property taxes.

”

If you have any questions, give us a call or send us an email. I would be happy to help you!

Avoiding the 3 Common Toronto Seller Mistakes

Want to sell your home? Get a FREE home value report
Want to buy a home? Search all homes for sale

Lots of homeowners make the same big mistakes when selling their home.

1. Pricing the property too high. This causes other homes in the area to sell, because odds are if a buyer sees two properties in the same area but one is priced much lower, they'll go for that property. Even if you reduce your price down the road, the home becomes less attractive to buyers, and they perceive it as having less value.
2. Hiring the wrong agent. It's important to recognize that hiring an agent is a business decision, not a social decision. Hire an agent who can get the job done, not because they're a friend or family member. They should have a record of sales performance and have a track record of selling homes in the area in a similar price bracket. Interview them to make sure they have a strong marketing plan, and your best interests at heart.
3. Not getting rid of clutter. Your home needs to be in a condition to show. If you have pets, ensure that rooms are free of any pet messes. The less clutter, the larger a property looks. Give buyers the chance to walk through the home and imagine themselves living there.

“

Hiring an agent is a business decision.

”

Thanks for tuning in today! If you have any questions for me or want to sit down for a real estate consultation, please feel free to give me a call or respond to this email. I'd love to work with you!

How a Multiple Offer Situation Should Be Handled

Want to sell your home? Get a FREE home value report
Want to buy a home? Search all homes for sale

The market in the Greater Toronto Area is competitive right now, and you may encounter some trouble when you’re putting in an offer on a home. Today I have a few different suggestions for how you can improve your offer and get it to the top of the seller’s list.

Make sure you’re working with a professional, full-time real estate agent. You need someone to handle all of the paperwork, negotiate the best terms, and get you in and out of the transaction with as little trouble as possible.

Realize that price is not the only factor when you’re making an offer. Sometimes sellers are looking for a shorter closing period or sometimes they want fewer contingencies in the offer. Some sellers want all cash, and others want convenience. Have your buyer’s agent get in touch with them in order to find what the seller wants.

“

It’s not all about making the highest cash offer.

”

There are many different ways to write an attractive offer, but these are only a few suggestions. You need to work closely with your agent in order to find out what would satisfy the demands of the seller.

Please don’t hesitate to contact me if you have any questions!

The Benefits of a Comparative Market Analysis

Want to sell your home? Get a FREE home value report
Want to buy a home? Search all homes for sale

A comparative market analysis is a method that Realtors use to find an accurate price for your home. It’s a massive amount of research, and each Realtor does it a little bit differently.

Most often your property is compared to a group of similar properties that have sold in the last 3-6 months, properties that are still on the market, and pending properties.

“

A CMA will place an accurate and attractive price on your property

”

There are other factors that have to be accounted for, like the number of bedrooms, the number of bathrooms, your garage space, the square footage in your home, and the size of your lot. Location is important too. If you live next to a highway or train tracks, your home will obviously not be valued as highly.

If you’d like to have a CMA performed for your property, please don’t hesitate to contact us! It’s a surefire way to price your home accurately and put your best foot forward during a real estate sale.

Should You Be Worried About Real Estate in Toronto?

Want to sell your home? Get a FREE home value report
Want to buy a home? Search all homes for sale

Today I have a Toronto real estate market update for you. A lot of people want to know how the market is performing as we are heading into the busy buying and selling season this spring and summer.

So, what have we seen and what can you expect?

Interest rates are right around 2.5%, so these are phenomenal rates and that’s why we have so many buyers out actively looking for homes to purchase. Buyers have an opportunity to save thousands and thousands of dollars in interest payments over the lifetime of their loans. A lot of the buyers we’re seeing right now are very serious, too. They wouldn’t come out and look at homes in the cold for nothing!

On the flip side, sellers have a great opportunity because inventory is so low right now. Homes are selling quickly and they often have multiple offers on them. Your home will have very little competition, so you have a great chance to sell quickly and for top dollar. Our days on market was only 18 days in February, and just yesterday we sold two listings.

The catch here is that you need to list your home ASAP before other sellers get their homes on the market. At this point you’ll have more competition and you won’t sell as quick or for as much money as you currently can.

If you need assistance with anything real-estate related, please contact us!