Common home-buying closing costs you should know about

I’m buying a new home and I want to make a budget. What closing costs should I know about? November is Financial Literacy Month in Canada, so it’s a great time to make sure you understand the costs involved with buying a home. You’ll encounter three categories of expenses: pre-closing costs, closing costs and after-closing costs. A home inspection isn’t mandatory, but it’s money well-spent in the pre-closing phase. Getting a … [Read more...]

Progress Update on Uptown Markham So Far

The Uptown Markham project located on Highway 7 between Warden & Birchmount has been building nonstop the past couple of months. It seems like just yesterday it was still an empty patch of land. The residential condominiums are still scheduled to complete October of 2013 but the commercial/retail plaza opened its first doors this month. The only stores open right now are BMO Bank of Montreal, LCBO, Whole Foods, and Second Cup. As of today, … [Read more...]

Toronto condo projects fuel August housing starts

Canada’s housing starts defied expectations in August, rising when economists were anticipating a decline, largely because of Toronto’s condo market. The seasonally adjusted annual rate of housing starts nationwide amounted to 224,900 units during the month, up from 208,000 in July, Canada Mortgage and Housing Corp. said Tuesday. The market had expected the figure to drop to 200,000 units, RBC economist David Onyett-Jeffries noted. But, … [Read more...]

Homes sales in GTA dropped in August, but average price still up

Home sales in the GTA may have dropped 12.5 per cent in August, but the average selling price was up by 6.5 per cent, according to the latest real estate figures. In York Region, the average price was $592,552, compared to the average price of $468,792 in the rest of the GTA. The number of new listings reported for the month was down 5.5 per cent compared to the same period last year. With both sales and new listings declining, market … [Read more...]

Hot Toronto market lures sellers to cash in as Vancouver cools off

Toronto’s booming housing market is enticing more sellers to list their homes, but the flood of new listings is not dampening prices. But in Vancouver, new sellers are increasingly scarce – as prices in the once-overheated market show signs of weakness. New listings jumped 12.3 per cent in Toronto over the 12 months leading up to June, as strong sales encouraged Sandra and Pete Davis in Toronto to put their home on the market. They were … [Read more...]

Toronto luxury home demand on the rise

As status symbols go, they don’t have as much flash as a sports car, but high-end househunters are looking for a different kind of luxury in Toronto’s top neighbourhoods these days — two laundry rooms. The well-heeled are also seeking out swimming pools — no matter how tiny — as well as home-office/homework rooms where they can catch up on work while keeping an eye on the kids. Wine cellars are being downsized, but not expectations, says … [Read more...]

Toronto home values up in January

Toronto home prices enjoyed upward momentum in January, rising 2.7% from the previous month and now 4.1% higher than a year earlier. The gains were highest in detached houses, but condos were also still higher in price than a year ago, according to the Toronto Real Estate Board’s January Market Watch report. Overall sales were also up 8.8% from a year ago. The average price of a detached home was $586,098 in January, up 8% from a year ago. … [Read more...]

House prices dip, but no crash in sight: Report

Toronto house sales are slowing, but economists are not predicting a crash in the real-estate market. The latest statistics from the Canadian Real Estate Association, released Monday, show that Toronto house prices dipped about 2.4 per cent in December over November, putting the average house at $466,540 when adjusted for seasonal fluctuations. Even with that slight decline, Toronto house prices were up in December by four per cent, year over … [Read more...]

Home building booms again

The Canadian housing market continues to defy the odds in the face of a world economic slowdown, as new statistics from Canada Mortgage and Housing Corp. show newhome construction soaring again. The latest data put September starts at 205,900 on a seasonally adjusted annualized basis, in line with the 20022008 housing boom when starts checked in at more than 200,000 a year. This time it appears the condominium sector is driving the market, … [Read more...]

Whether Buying or Selling, Realtor Contracts are Negotiable

With misconceptions about Realtors’ commissions affecting how people feel about buying or selling a home on their own, the Ontario Real Estate Association (OREA) wants to advise consumers that Realtors’ commissions and contracts are negotiable–and always have been. “Correcting misconceptions about commissions is something that is very common for Realtors,” says Barbara Sukkau, president of the Ontario Real Estate Association. “A Realtor’s … [Read more...]