COVID-19 has had an impact on the Canadian Economy and housing markets across the country. Although the spring was much cooler than previous years, we began to see record setting sales in the summer months and the Toronto market has remained stable. With interest rates at historic lows and rental unit prices dropping, right now is the perfect time to make moves. Below, we list some of the impacts that COVID-19 has had on the market:
Purchasing a home is an intimidating task, and we understand that. To make it easier, we have broken down the buying and closing process on a resale property for you.
Buying a pre-construction condo is a different process than purchasing a re-sale unit in Toronto. With a pre-construction condo, there are many phases that take place before the condo is ready for its residents. One of these phases is interim occupancy. Interim occupancy is a temporary phase in the pre-construction buying process that comes just before final closing.
Low rent prices in Toronto continue to see a downward trend while average home prices hit an all-time high.
Smart budgeting is imperative when you are looking to buy your first home. Planning ahead of time ensures that financial bumps will not detour your home ownership plans.
Buying or selling a home will be one of the biggest transactions of your life. With such an important transaction, there are many factors that need to be considered such as negotiations, price guidance, emotional help, etc., and this can be a long, complex and stressful process if you do not have the right guidance.
The First-Time Home Buyer Incentive is geared towards middle-class first-time home buyers. It is designed to help you buy a home and lower your monthly mortgage payments. It is a shared-equity mortgage with the government, meaning that the government shares in the upside and downside of the property value.
CMHC, Canada’s largest mortgage insurance company has announced a tighter mortgage borrowing criteria to begin on July 1, 2020.
It is no secret that Toronto is one of the most expensive cities in Canada to purchase a home in. Whether you are looking to buy or rent a property, you should also take the time to think about how utility costs come into play when you are crunching the numbers.