July 13, the Bank of Canada raised the interest rates by 100 basis points. This 1% raise is the biggest one-time increase since 1998. It was higher than anticipated and this impacts lending rates as well as cost for lines of credit. A 1% increase to the prime rate will drive up your monthly payment. However, if you have a …
Ontario Ban’s Blind Bidding Starting April 2023
The Federal Government has announced a ban on blind bidding, which is set to begin in April of 2023! What does this mean for you as a buyer or seller in the market? Currently, offers are kept private by law from other buyers, the substance of the offer; price, dates, conditions, etc. With the ban on blind bidding, buyers will …
Part Two: 4 Things to Consider When Buying A Condo
We know how challenging it is to be fully prepared when it comes to buying a condo. In continuation to last week’s video, we are providing you with an additional four things you need to consider when looking to invest in a condo property. Taking these into consideration will allow you to be more prepared and one step closer to …
What to Look For During A Virtual House Tour
What should you be looking for when previewing a virtual house tour? Virtual house tours give you the opportunity to get an idea of whether the property you’re interested in meets your standards/need for your next dream home. This week, we take a look at a unique condo townhouse listed for $637,000 in Burlington, ON. Here, we go through the …
Four Things to Consider When Buying A Condo
Are you looking into buying a condo? There are many questions, concerns, and things to take into consideration when it comes to purchasing a condo. Here are four things you should consider before you finalize your decision! 1. Location – Be aware of the proximity and quality of schools – Be aware of the proximity to any places of interest …
10 Ways to Spot a Bad Condo
These are 10 things you should consider/know on how to spot a bad condo: 1. Check Google reviews 2. Are there a lot of rentals in the building? 3. Is there bad security? 4. What is the elevator appearance like? 5. Bad workmanship 6. Bad floor plans 7. Noisy neighbors 8. Elevator wait time 9. Are amenities under repair? 10. …
5 Things You Need To Know About GTA Condominium Maintenance Fees
Want to invest in the condo market? And worrying about the maintenance fee? Make sure you save and share this video. Here are 5 things you should be aware of the condo maintenance fees: 1. Newer condominiums have lower maintenance fees than older buildings (MYTH) 2. Swimming pools are the reasons why maintenance fees are high (MYTH) 3. Check how …
Is The Stress Test Going to Affect Me As A Buyer?
First-time and Condo buyers, Listen up. The stress test was first introduced on January 1st, 2018, buyers had to qualify at 4.79%. Now buyers will have to qualify at 5.25%. Starting June 1st. An increase of 0.46% This reduces the amount of borrowing power you have. if you qualified for 800k, you now qualify for about 760k. There will probably …
Condos vs. Freehold
The beginning of the pandemic was already a year ago and buying preferences in the market began to take place. The condo market experienced a decline for the majority of the year, whereas freehold took off as people were in need of more space with having to stay home! Watch this video to get a more in-depth explanation and find …
How To Do A Price Analysis In Today’s Market
When it comes to doing a price analysis, it’s important to stay organized and take certain things into consideration such as the sold price, sold date, and more importantly, the assessed value. In this video, I go through a step-by-step process on how you can complete a price analysis in today’s market. So if you’re planning to buy and/or sell …