GTA Real Estate Professional Advice and Service

If you’re one of those who got here by typing “what is the difference between a condo, townhouse and a home ” in the Google search bar because you felt uncomfortable asking, there is absolutely no need to feel ashamed, you’re not the only one. In fact, there are more people that don’t understand the difference than those who do. Whatever the case may be, if you came in search for answers, we’ll make the best efforts to clarify things for you. WHAT IS A CONDO, A TOWNHOUSE, AND A HOUSE?  Condo is short for condominium and it can refer to a single building or a community of building with separate, individually owned units. They can vary in style, design, and size, but regardless of these, they always share walls with adjacent units. In addition to this, the residents own only the area or unit of the condominium they’ve purchased, not the exterior or shared spaces which are under the Homeowners Association’s (HOA) care.  A townhouse is a single-family home that shares one ...

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If your home goes up in value by 5% then – after the next assessment – you can expect to pay 5% more on your property taxes right? In fact – what most people don’t know – is that this is actually totally wrong. This is not how property taxes work in Toronto. Background To How Property Taxes Actually Work The actual system of property taxes in Toronto is a little  more  complicated than this,  so we’ll use some  examples throughout to illustrate. How the system actually works is that it’s designed to be a little more ‘fair’ than a flat increase on everyone – just because your home price went up. If this had happened, then the Toronto City Council would have been flooded with money during the recent property price explosion. But – if you think about it – that means during a housing market crash their funds would  be depleted. So – to avoid this happening – the system is a little more fair – where property taxes go up in a controlled manner when prices go u...

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Buying a home means making a long-term commitment. It’s a valuable investment of both time, money and sometimes nerves. You may already have a list of must-haves that you will look for when you go out house hunting, but there are also some other things that you may be overseeing. These “ other ” things can make or break a deal and are often just as important as your must-haves. So, to avoid overlooking an important feature or forgetting to inspect it, today we will be going over some of the “other” things you need to look out for when buying a home.    THE NEIGHBOURHOOD Although this is one of the basic criteria most people look for in a house, it’s not just the overall outlook of the neighbourhood that matters. Some of the other things you should pay attention to are: The presence and quality of nearby schools – Needless to say, if you’re a young family or planning to start a family soon, good schools should be the number one priority for you. Depending on the ch...

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Preparing your home for selling seems like an endless string of tasks. There are just so many things to think of that you may get lost in the whole process and forget the most essential things. But no worries, we got your back on that. We’ve made a list of 11 essential things you shouldn’t forget to do before showing your house to the world to see…and buy. DECLUTTER Proper space organization can go a long way with potential home buyers. When your space is decluttered and clean, those looking around can freely focus on the house itself rather than the small decorations, knick-knacks, and stuff thrown around the house. Clutter can also make your rooms look smaller and messier than they are, so make sure to remove anything extra from your cabinets, closets, chairs, and shelves to allow your buyers to see the real potential of the home. PREPARE ALL PAPERWORK Logically, those thinking about buying the house would want to know if the paperwork related to it is clean and ever...

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Getting a mortgage today requires a lot more documentation than it did in the past. It went from only needing proof of employment and a personal ID, to a whole list of documentation and paperwork to prove your financial stability. The list gets consistently changed and updated as lenders try to protect themselves as much as they can, preventing having a similar experience to the devastating Great Recession. The list you will see in this article covers what is currently required by most lenders, however, make sure to consult your lender for the complete set of documents you will be required to present.    REQUIRED DOCUMENTATION FOR ALL TRANSACTIONS As we just mentioned, there are some papers that you will be asked for by almost every lender you go to, which mainly revolves around your identity, employment, and family status, the three basic factors lenders look at when approving mortgage: Documents to verify identity: Photo ID – All lenders have this as a requireme...

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So, you’ve finally found your dream home and everything is going according to plan with both your real estate agent and the selling party. You’ve already started writing the purchase agreement and now your agent asks you what your preferred closing date is. Since you’ve been daydreaming about the day you move into your new home for so long, no closing day can come soon enough for you. However, some circumstances require you to wait a bit longer. You may wonder why your agent advised you to set a closing date further away, but there are several factors that you need to take into consideration. To help you get a better idea of what are those factors and why the closing date and closing period matter, we will go over the following topics: What is the closing date and what is the closing period? Why does the closing date matter? How do you choose the right closing date? Things to consider when choosing a closing date How to prepare for closing on a house WHAT IS THE CLOSING DA...

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If you’re out looking for a house, eventually the time will come when you will have to make an offer on a house. Offers are most commonly presented in the form of a purchase agreement, or contract if you prefer. Just as a reminder, purchase contracts include the following sections: The agreed-upon price The earnest money deposit amount Property address and description Terms of sale Date of the final walk-through Closure date Home buyer’s contingencies (if any) When you write your purchase agreements, whether it’s with the help of a real estate agent or on your own, you will notice that the last part is called “contingencies”. This is one of the most important parts of your offer since it’s the part that gives you a way to back out of it without any consequences if the other party doesn’t meet the requirements or if you don’t feel comfortable with the contract overall. While you may include as many contingencies as you want in your purchase offer, you want to avoid including...

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If you’re out looking for some cost-efficient ways to add value to your house without having to spend tons of money on renovation costs, there are several places in your house where you can start looking. Believe it or not , sometimes even some minor remodels can add up hundreds of dollars to your property’s worth. From simple tasks like cleaning to something seemingly major like flooring updates, here are some affordable ways you can add value to your ho me : CONSULT A PROFESSIONAL Before you get your hands dirty with renovations, a good starting point would be to talk to a professional. Depending on the area of your house that you will work on, some of these professionals that can help you are: A Real Estate Agent which can provide you with expert advice on how to increase your property value and the local prices An interior designer that can give you some ideas and suggestions for which areas of your house need updating and what you can renovate at a lower cost An appra...