🧐 29th Nov 2023 - Canadian Rents Outpace Income For The First Time In 60 Years: BMO

★ Wednesday 29th November 2023 ★ NEW vs Resale Homes - FREE Report! GTA Real Estate Hotline: Daily Sizzlers! "Where Opportunity Awaits: Reports & the Most Coveted Listings!" "GTA Real Estate Hotline: Daily Sizzlers" is your direct line to the most sizzling and impactful updates in the Greater Toronto Area real estate market. Every day, we provide you with a curated collection of sizzlers that highlight the hottest trends, market insights, and critical updates delivered directly to your inbox. Whether you're a potential buyer, seller, investor, or a real estate enthusiast, our "Daily Sizzlers" cover a wide range of topics, from heating up market dynamics to sparking investment opportunities and expert analysis. Stay connected and make well-informed decisions with "GTA Real Estate Hotline: Daily Sizzlers" as your trusted resource for navigating the dynamic GTA real estate landscape. What are the potential risks or considerations when buying a new home in Toronto? When buying a new home in Toronto, there are several potential risks and considerations that buyers should be aware of. While new homes offer modern features and fewer immediate maintenance concerns, it's important to conduct due diligence to avoid potential issues. Here are some considerations: Builder Reputation: Research the reputation of the builder. Reviews, testimonials, and feedback from previous buyers can provide insights into the builder's track record in terms of quality and customer satisfaction. Warranty Coverage: New homes in Ontario typically come with a warranty provided by Tarion. Understand the warranty coverage, its duration, and what is covered. This is crucial for addressing any defects or issues that may arise after the purchase. Completion Delays: Construction projects can sometimes experience delays due to various reasons, such as weather, labor shortages, or permitting issues. Be prepared for the possibility of the completion date being pushed back. Changes in Features or Finishes: Builders may have the right to make changes to features or finishes, especially if specified in the purchase agreement. Clarify the builder's policy regarding any potential modifications. Closing Costs: Be aware of the closing costs associated with the purchase of a new home, including land transfer taxes, development charges, and legal fees. These costs can add up, and it's essential to budget accordingly. Resale Value: Consider the potential resale value of the property. Factors such as location, neighborhood development, and market trends can impact the property's future value. Inspection of New Builds: Even though it's a new build, consider hiring a professional home inspector to ensure that everything is constructed according to the agreed-upon specifications. This can help identify any issues that need to be addressed before closing. Community Development: Research the development plans for the surrounding area. New developments can impact traffic patterns, amenities, and the overall feel of the neighborhood. Mortgage Financing: Ensure that you have pre-approved financing before entering into a purchase agreement. Changes in your financial situation or interest rates could affect your ability to secure a mortgage. Understanding Condo Fees (If Applicable): If you're buying a new condominium, understand the condominium fees and what they cover. Assess whether these fees are reasonable and fit within your budget. Future Construction: Check if there are any plans for future construction in the area. Ongoing construction nearby could affect your living conditions and property value. Working with a real estate lawyer, a qualified home inspector, and a reputable real estate agent can help you navigate these considerations and minimize potential risks when buying a new home in Toronto. Canadian Rents Outpace Income For The First Time In 60 Years: BMO  - Better Dwelling Canadian real estate prices are still seeing record growth, just not when it comes to sales. A new research note from BMO shows annual growth of rental prices grew at a record pace in October. They note the issue is complicated even further by rents outpacing income growth for the first time in 60 years.   […] betterdwelling.com READ MORE ... House of the Week: $5.5 million for a technicolour Georgian in Moore Park surrounded by gardens At 3,800 square feet, the property comes with a basement sauna, a loft lit by skylight and a backyard with a grotto-style pool torontolife.com READ MORE ... This $3 million Toronto home has a massive glass brick exterior wall Ellis Park Road is one of those streets in Toronto that has some of the most architecturally interesting and beautiful homes.  We've covered a bunc... blogto.com READ MORE ... TD doubles forecast for housing price drop amid ‘sudden surge in supply’ - National | Globalnews.ca One of Canada’s major banks is forecasting a steeper drop in home prices amid a “sudden surge” of supply in the real estate market. globalnews.ca READ MORE ... Canadian Homeownership Rate Is Falling Sharply For Young Adults - Better Dwelling Young Canadians may need to come to terms with the fact policymakers are driving ownership further out of reach every year. Numbers crunched by the Canadian Housing Statistics Program (CHSP) at Statistics Canada (Stat Can) reveals how ownership has changed over the past 50 years. For young adults, homeownership peaked nearly 40 years ago, and […] betterdwelling.com READ MORE ... Latest in mortgage news: Adult children of homeowners twice as likely to own a home - Mortgage Rates & Mortgage Broker News in Canada A key factor in determining whether an individual is likely to become a homeowner is whether or not their parents were property owners, a new study shows. canadianmortgagetrends.com READ MORE ... New mortgage charter may not be enough to protect homeowners As millions of mortgages are set to be renewed at much higher interest rates, new guidelines are meant to help protect homeowners, but some say the measures don’t go far enough. cbc.ca READ MORE ... Hamilton household needed about $170K to buy a home in October: report - Hamilton | Globalnews.ca An executive with mortgage broker Ratehub.ca says it actually got slightly easier to afford a house in Hamilton month over month. globalnews.ca READ MORE ... Half of young Canadians are fearing eviction: Habitat for Humanity Canada Read the full story and comment on stalbertgazette.com stalbertgazette.com READ MORE ... OPINION: Toronto’s increased Vacant Home Tax – more harm than good Toronto has the greatest proportion of Canada’s 160,000+ professional realtors – there’s opportunity to lead change and set examples for... realestatemagazine.ca READ MORE ... House of the Week: $4 million for a steel-framed detached in Trinity Bellwoods with 36-foot ceilings The 2,300-square-foot property also comes with automatic skylights, reclaimed barn doors, a screening room in the basement and a verdant backyard torontolife.com READ MORE ... Are increased rental costs taking a financial toll? We want to hear from you National data has shown that the average rental cost for one-bedroom units has been steadily increasing on a monthly basis for 16 Canadian cities. ctvnews.ca READ MORE ... The Canadian condo rental market: Challenges and market states Discover the untapped potential of the Canadian condo rental market and unlock your financial success. Don't miss out on this opportunity! realestatemagazine.ca READ MORE ... Canadian Mortgage Debt Growth Is The Slowest In Two Decades. Is It Too Slow? - Better Dwelling Canadian real estate markets have come to a halt, and so has mortgage borrowing. Bank of Canada (BoC) data reveals residential mortgage credit growth slowed further in September. Higher rates have almost killed activity, with debt accumulating at the slowest rate in 20 years. Is it too slow or the expected response following unprecedented real […] betterdwelling.com READ MORE ... Fewer Canadian homeowners over past decade: Provincial and generational differences Discover the surprising truth about Canadian homeownership. Provincial and generational differences revealed in this eye-opening report. Find out more! realestatemagazine.ca READ MORE ... Older Canadians increasingly deciding to age in their homes | CBC News CMHC says higher wealth and better health are two of the reasons seniors are staying put. cbc.ca READ MORE ... This Week’s Top Stories: Canadian Real Estate At Crisis Levels & Returning To An Inheritance Culture - Better Dwelling Time for your cheat sheet on this week’s top stories. Canadian Real Estate Canadian Housing Resembles A Return To Victorian-Era Inheritance Culture: Stat Can Canada is quickly reverting back to a Victorian-era style inheritance culture. That was the suggestion from the country’s national statistics agency, when exploring the role of parental wealth on the homeownership […] betterdwelling.com READ MORE ... I no longer qualify for a mortgage on my pre-construction property. What are my options? Experts say you have options to get around not qualifying for a mortgage after putting a down payment on a pre-con — including finding a co-signer. therecord.com READ MORE ... Man alleged to be behind mortgage scam living large; bye-bye self-checkouts: CBC's Marketplace cheat sheet | CBC News CBC's Marketplace rounds up the consumer and health news you need from the week. cbc.ca READ MORE ... BoC's Macklem: Rate hikes may be over Is the central bank finally done? mpamag.com READ MORE ... Hamilton council strikes down vacant home tax in the works for 4 years. Here's what happened | CBC News The program is supposed to start this winter and is designed to crack down on investors who buy homes and let them sit empty instead of renting them out for more than half a year, staff say. It is one of many programs the city is implementing to use to ease the affordable housing crisis.  cbc.ca READ MORE ... Average Canadian rent price hits new high for sixth consecutive month: report The average asking price for a rental unit in Canada reached $2,178 last month, a 9.9 per cent year-over-year increase and continuing a trend that has seen asking rents hit new highs for six months in a row. That's according to the latest rental price report released by Rentals.ca and Urbanation, analyzing monthly listings from the former's network. The findings show while October's annual rate of rent growth in Canada was down from the 11.1 per cent jump in September, it still marked the second fastest annual increase of the past seven months. On a monthly basis, average asking rents building.ca READ MORE ... $1.4 million Toronto loft is on the market for the first time ever We've written about the many lofts in 24 Noble Street as the old warehouse is home to some very cool units, but we've never talked about its neighb... blogto.com READ MORE ... Mortgage Growth in Canada Hasn’t Been This Weak Since 2001 - BNN Bloomberg Mortgage growth in Canada is the slowest it’s been in more than two decades as higher borrowing costs and elevated prices for homes and apartments weigh on real estate activity. bnnbloomberg.ca READ MORE ... Editor's Note "Welcome to my Newsletter Page! I am a professional Real Estate Agent in Toronto GTA with an Architectural background from India. With a unique combination of design and real estate knowledge, I am dedicated to helping clients find their dream home. My expertise in both fields allows me to understand the potential of a property and how to best showcase it to potential buyers. I am committed to providing excellent service and going above and beyond for my clients. Let me help you navigate the real estate market and find your perfect property in the Greater Toronto Area & Surroundings. Contact me today!" Click Here For Hot New Toronto Regional Real Estate Board [TRREB] MLS® Listings. Call | Email me for more Info on any Greater Toronto Area Listings, Buying, Selling, Investing or Homebuyer's queries. Click Here to View Listings like Real Estate Agents. Click Here For HOMES & CONDOS In Toronto. Click Here For PRE-SALE CONDOS in Toronto. How does Rent-To-Own Homes works? Click Here for Power of Sale Listings. Manoj Atri, REALTOR®  Experienced Toronto GTA Sales Representative with Architectural Background. My forte: Power of Sale | Bank Foreclosures | Fixer Upper | Rent-To-Own Homes | All types of Credits Low or Zero down With Bank Cash-Back | Cash For Renovations & Much More... Re/Max Hallmark Realty Ltd., Brokerage 401-685 Sheppard Ave E, Toronto ON M2K 1B6 Cell: [416] 275-2089 | Office: [416] 494-7653 | Email: Manoj@ManojAtri.com Websites:   Homebuyer Hub | ManojAtri.com | ManojAtri.ca SearchRealEstateInToronto.ca | Rent-To-Own Homes | ManojAtri.ReMaxHallmarkRealty.ca  Social Media: Facebook Profile • Blog • Pinterest • Tumblr Subscribe To My FREE Daily Curated Hot News Articles e-Newsletter! © Copyright 2023 ManojAtri.com All rights reserved. If you no longer wish to receive these Emails, please Unsubscribe Here