WHY BUY MULTI-RESDENTIAL PROPERTIES...

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WHATS IN A WORD....??? (TO FUNNY)

WHAT’S IN A WORD – FUNNY TRANSLATIONS....

After my last post I decided to look a little deeper into the meaning of some real estate terms often used.  Sometimes things are very accurate, but sometimes things are not always what they seem…….

• Corner lot – noisy intersection of two busy streets
• Will help finance – owner knows they’re asking too much
• Cathedral ceilings – a bear to heat
• Well below market – nobody else wants it
• Great starter home – standing room only
• Easy freeway access – noisy freeway traffic day and night
• Low maintenance lot – no yard; the kids will have to play in the street
• Meticulously maintained in the original condition – the appliances are 50 years old
• Ready to remodel – the house is about to collapse; you will have to invest twice the asking price in remodel before you can move in
• Newly remodeled kitchen – 50-year old cabinetry and faucets have been replaced with cheap modern equivalents
• Ready to move in – the interior has been painted with one coat of cheap paint
• Desirable neighborhood – this little house is extravagantly overpriced because the neighborhood has a snobbish reputation
• 1 car garage – you can drive your Ford Escort into the garage but there is no room to open the door
• Partial mountain view – you can see the tip of Mt. Diablo if you climb on the roof
• Territorial view – good view of your neighbor’s bedroom window
• Build sweat equity – the house is not inhabitable
• Efficiently designed kitchen – the kitchen is too small to fit two people at the same time
• Doll-house – tiny place filled with ugly knick-knacks.
• Secure location – the neighbors dog barks all night
• Country living – too far from anywhere to drive to work
• Cozy – not a single room could fit a full size bed
• Close to all amenities – the backyard is a shopping mall parking lot
• Must see inside – the outside is ugly
• Motivated sellers – subtract 15% from the asking price
• Near transportation – Amtrak train goes through the backyard, every 15 minutes, day and night
• Just available – previous owner just died on the premises, hope you don’t believe in ghosts

How will you find a creative way to describe the flaws in your home when you plan to sell?

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Average Home Price Up Strongly in 2012...AND A GREAT 2013 TO FOLLOW

TREB-MARKET UPDATE-2013


TORONTO, January 4, 2013  –  Greater Toronto Area REALTORS® reported 
3,690 sales through the TorontoMLS system in December 2012 – down from 
4,585 sales in December 2011.  Total sales for 2012 amounted to 85,731 –
down from 89,096 transactions in 2011.
“The number of transactions in 2012 was quite strong from a historic 
perspective.  We saw strong year-over-year growth in sales in the first half of 
the year, but this growth was more than offset by sales declines in the second 
half.  Stricter mortgage lending guidelines resulted in some households 
postponing their purchase of a home.  In the City of Toronto, the dip in sales 
was compounded by the additional Land Transfer Tax, which buyers must pay 
upfront,” said Toronto Real Estate Board (TREB) President Ann Hannah.
The average selling price in December 2012 was up by 6.5 per cent year-overyear to $478,739.  The average selling price for 2012 as a whole was up by 
almost seven per cent to $497,298.
“Robust annual rates of price growth were reported through most months of 
2012.  Price growth was strongest for low-rise homes, including singles, semis 
and townhouses.  Despite a dip in sales, market conditions remained tight for 
these home types with substantial competition between buyers,” said TREB’s 
Senior Manager of Market Analysis Jason Mercer.

TREB-VIDEO-2013

MARKET UPDATE, A HEALTHY 2013 !!! A GOOD READ... REALTORS®

Average Home Price Up Strongly in 2012
TORONTO, January 4, 2013  –  Greater Toronto Area REALTORS® reported 
3,690 sales through the TorontoMLS system in December 2012 – down from 
4,585 sales in December 2011.  Total sales for 2012 amounted to 85,731 –
down from 89,096 transactions in 2011.
“The number of transactions in 2012 was quite strong from a historic 
perspective.  We saw strong year-over-year growth in sales in the first half of 
the year, but this growth was more than offset by sales declines in the second 
half.  Stricter mortgage lending guidelines resulted in some households 
postponing their purchase of a home.  In the City of Toronto, the dip in sales 
was compounded by the additional Land Transfer Tax, which buyers must pay 
upfront,” said Toronto Real Estate Board (TREB) President Ann Hannah.
The average selling price in December 2012 was up by 6.5 per cent year-overyear to $478,739.  The average selling price for 2012 as a whole was up by 
almost seven per cent to $497,298.
“Robust annual rates of price growth were reported through most months of 
2012.  Price growth was strongest for low-rise homes, including singles, semis 
and townhouses.  Despite a dip in sales, market conditions remained tight for 
these home types with substantial competition between buyers,” said TREB’s 

Senior Manager of Market Analysis Jason Mercer

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TREB Real Estate Market Watch... End 2012

Toronto Real Estate News end of 2012, New FOCUS for 2013 !

Thinking about Purchasing your First Home???

Thinking about purchasing a home of your own? Keep these critical considerations in mind:

How long you plan to live in the home.
If you purchase a home and get a job transfer or decide to move after only a short time, you may end up paying money in order to sell it. The value of your home may not have appreciated enough to cover the costs that you paid to buy the home and the costs that it would take you to sell your home.

The length of time that it will take to cover those costs depends on various economic factors in the area of the home. Most parts of the country have an average of 5% appreciation per year. In this case, you should plan to stay in your home at least 3-4 years to cover buying and selling costs. If the area you buy your home in experiences an economic up turn, the length of the time to cover these costs could be shortened, and the opposite is also true.

How long the home will meet your needs.
What features do you require in a home to satisfy your lifestyle now? Five years from now? Depending on how long you plan to stay in your home, you'll need to ensure that the home has the amenities that you'll need. For example, a two-bedroom dwelling may be perfect for a young couple with no children. However, if they start a family, they could quickly outgrow the space. Therefore, they should consider a home with room to grow. Could the basement be turned into a den and extra bedrooms? Could the attic be turned into a master suite? Having an idea of what you'll need will help you find a home that will satisfy you for years to come.

Your financial health - your credit and home affordability.
Is now the right time financially for you to buy a home? Would you rate your financial picture as healthy? Is your credit good? While you can always find a lender to lend you money, solid lenders are more skeptical if your credit history is not good. Generally, a couple of blemishes on a credit report will make you a good credit risk and could qualify you for the lowest interest rates. If you have more than a couple of blemishes on your report, lenders like Quicken Loans may still provide you with a loan, but you may just have to pay a higher interest rate and fees.

Some say that you should refrain from borrowing as much as you qualify for because it is wiser not to stretch your financial boundaries. The other school of thought says you should stretch to buy as much home as you can afford, because with regular pay raises and increased earning potential, the big payment today will seem like less of a payment tomorrow. This is a decision only you can make. Are you in a position where you expect to make more money soon? Would you rather be conservative and fairly certain that you can make your payment without stretching financially? Make sure that whatever you do, it's within your comfort zone.

To determine how much home you can afford, talk to a lender or go online and use a "home affordability" calculator. Good calculators will give you a range of what you may qualify for. Then call a lender. While some may say that the "28/36" rule applies, in today's home mortgage market, lenders are making loans customized to a particular person's situation. The "28/36" rule means that your monthly housing costs can't exceed 28 percent of your income and your total debt load can't exceed 36 percent of your total monthly income. Depending on your assets, credit history, job potential and other factors, lenders can push the ratios up to 40-60% or higher. While we're not advocating you purchase a home utilizing the higher ratios, its important for you to know your options.

Where the money for the transaction will come from.
Typically homebuyers will need some money for a down payment and closing costs. However, with today's broad range of loan options, having a lot of money saved for a down payment is not always necessary - if you can prove that you are a good financial risk to a lender. If your credit isn't stellar but you have managed to save 10-20% for a down payment, you will still appear to be a very good financial risk to a lender.

The ongoing costs of home ownership.

Maintenance, improvements, taxes and insurance are all costs that are added to a monthly house payment. If you buy a condominium, townhouse or in certain communities, a monthly homeowner's association fee might be required. If these additional costs are a concern, you can make choices to lower or avoid these fees. Be sure to make your Realtor and your lender aware of your desire to limit these costs.

If you are still unsure if you should buy a home after making these considerations, you may want to consult with an accountant or financial planner to help you assess how a home purchase fits into your overall financial goals.

Government Help for First-Time Home Buyers

GET HELP FOR FIRST-TIME HOME BUYERS

TOP REAL ESTATE LESSONS 2012... on to NEW BEGINNINGS 2013

Between signing a real estate deal and closing, there are plenty of things that can go wrong. By being prepared you can make sure that your deal is kept on the straight and narrow. 

Here are some recurring themes I saw this year. 

1. Appliance disappointments

Sellers will only guarantee that the appliances and home systems they leave behind will be working on closing. If something breaks down shortly thereafter, it is not the seller’s responsibility. Buyers should consider insurance against these types of breakdowns. Some companies that provide these policies are Canadian Home Shield, Resrx and Direct Energy. As with any insurance policy, check the deductibles and what is and what is not covered.

2. Closing day disappointments

Sellers have to move out as soon as title changes hands. This can be as early as 9 a.m., although most deals close between 1 p.m. and 4 pm. If the seller is still there after the title changes, they can be liable for any extra moving costs the buyer incurs.

Sellers must also be sure they give their lawyer the right keys so the buyer can get in. On more than one occasion in my experience, the seller left one key but there were two locks on the front door. The buyer had to pay a locksmith and sent the bill to the seller. The same goes for junk left behind. If you leave it, you may have to pay the costs to remove it.

3. Arrange bridge financing

Most buyers want to close their sale and purchase on the same day. Sometimes it doesn’t go smoothly. For example, if the person buying your home is late closing, your lawyer may not be able to get the money to the lawyer who is acting for the person selling their home to you in time. This can result in the seller cancelling the deal if you are late, or charging a penalty to extend it for another day. In addition, you will likely pay additional moving costs as your seller may not have left the home by the time your movers arrive.

Bridge financing gives you the ability to have the funds on hand if needed and merely pay interest on the money for one or two days.

4. Appraisal policy requirements

More and more lenders are requesting that an appraisal be done a few days prior to closing, after the buyer has waived their financing condition. If the appraisal says your home is not worth what you paid for it, they will not lend you what you expected, and you will have to come up with this additional down payment yourself. This can be disastrous at the last minute.

Ask about your lender’s policy regarding appraisals before you apply for any mortgage loan. Make sure they will provide all approvals before you have to waive any finance condition.

5. The new home HST rebate

People who buy a new home or condominium from a builder must understand that the HST rebate is built into the sale price. The builder will get this money, after closing, from the Canada Revenue Agency (CRA), so long as you move into the home. If you are not moving in, but intend to rent it out or resell it immediately, you will have to pay this HST, typically between $20,000 and $30,000, to the builder on closing. Otherwise CRA may chase you for the money later.


So this is just some of the things you need to be aware of when purchasing a home.  It is always best to consult your Realtor if you have any questions about any of these things.  
By being properly prepared in advance, you should enjoy a positive home closing experience in 2013.