🏦 10th May 2024 - Bank Of Canada Warns Of Steep Jump In Mortgage Payments!

💥 Friday 10th May 2024 💥 Toronto Real Estate Fixer Upper - Myths & Facts! Toronto's Real Estate Thrive: Daily Hot Market Picks! "Ignite Your Home Dreams: Free Reports & Desirable Listings Inside!" "Toronto's Real Estate Thrive: Daily Hot Market Picks" is your daily guide to the most enticing and profitable opportunities in Toronto's vibrant real estate market. Each day, we provide a curated selection of the hottest listings, emerging trends, and strategic investment insights that are crucial for anyone looking to make a move in the market. Whether you're a seasoned investor, a first-time homebuyer, or somewhere in between, our newsletter delivers the essential information you need to thrive in Toronto's dynamic real estate environment. Subscribe to "Toronto's Real Estate Thrive: Daily Hot Market Picks" and unlock the potential of your real estate ambitions with top-notch picks and expert insights. How Can Prospective Buyers Differentiate Between Genuine Opportunities and Unrealistic Expectations When Considering Fixer Upper Properties? When considering the purchase of a fixer-upper property, it's crucial for prospective buyers to differentiate between genuine opportunities for value and deals that might seem appealing but come with unrealistic expectations. Here’s how buyers can make informed decisions and avoid common pitfalls: 1. Thorough Inspection and Professional Advice Action: Hire a qualified home inspector and possibly structural engineers to evaluate the property comprehensively. Consider getting specialized inspections for areas like the foundation, roofing, plumbing, and electrical systems. Purpose: This helps uncover hidden issues that could turn a seemingly minor fix into a major financial drain. 2. Detailed Cost Analysis Action: Obtain quotes from contractors for necessary renovations before finalizing the purchase. Break down the costs for each major repair or upgrade. Purpose: Provides a realistic estimate of the total investment needed. Comparing these costs with the home’s market value post-renovation can highlight whether the project is financially viable. 3. Understanding the Scope of Renovations Action: Distinguish between cosmetic updates and major structural repairs. Assess your ability and willingness to undertake these projects based on their complexity and cost. Purpose: Helps set realistic expectations about the work involved and whether it matches your skills or budget. 4. Market Research Action: Research the real estate market in the neighborhood to understand the potential after-repair value of the property. Purpose: Ensures that your investment in the property won’t exceed the potential future selling price, thus avoiding overcapitalization. 5. Legal and Regulatory Compliance Action: Check for any zoning laws, building codes, or historic preservation guidelines that could restrict changes or require specific costly procedures. Purpose: Avoids legal troubles and ensures that renovation plans are feasible and compliant with local regulations. 6. Financial Buffer Action: Plan for a contingency budget that goes beyond the estimated costs by at least 10-20%. Purpose: Covers unexpected expenses, which are common in renovation projects, thereby ensuring that the project can continue even when surprises occur. 7. Long-Term Commitment Assessment Action: Evaluate your long-term plans and how the property fits into those. Consider the time and effort required for renovation and whether it aligns with your personal and financial goals. Purpose: Ensures that the project is not just financially viable but also suits your lifestyle and long-term aspirations. 8. Exit Strategy Action: Have a clear exit strategy in place before purchasing. This might include renting out the property, selling it post-renovation, or living in it. Purpose: Provides clear objectives and a backup plan if the market shifts or if the renovations do not go as planned. By carefully assessing these factors, prospective buyers can distinguish between a true investment opportunity and a money pit. Fixer-uppers can offer significant returns and satisfaction but require diligence, realistic planning, and often a tolerance for unpredictability. Bank of Canada warns of steep jump in mortgage payments Median monthly payment to increase by more than 60% for those with a variable rate mortgage, central bank report says timescolonist.com Read More ... Interest rate impact on homeowners revealed CMHC finds increasing interest rates and affordability issues shape Canadian housing trends and consumer decisions wealthprofessional.ca Read More ... Local home sales continue to be strong in spring market Local home sales continue to be strong in spring market brantfordexpositor.ca Read More ... Here's how much a 25-year and 30-year mortgage will cost in Ontario cities and towns | insauga First-time homebuyers will soon have a choice to get a 25-year or 30-year mortgage and a new report shows the interest and payment costs for both options. insauga.com Read More ... Toronto ‘condo’ with zero bedrooms listed for nearly $600,000 If you are in the market for a zero-bedroom condo, then we have the listing for you. The listing on Century 21 Regal Realty Inc.’s Instagram account asks, “Are you looking for a 0 bedroom condo in the Toronto area? If so, check out this listing before it’s gone or share it to someone that’ll be interested!” Ahh, nothing like zero bedrooms to make a buyer go, “Yes, please!” The listing itself, from agent Kalsang Phuntsok, refers to the unit as a... msn.com Read More ... Calgary's row housing sees fastest price growth in Canada They’re not too pricey and, yet, not too small either. Townhomes have become the Goldilocks housing type in many markets across Canada, including Calgary. And a recent study shows that the city is the hottest market for row housing when it comes to year-over-year percentage price growth. “It’s the closest thing to a single-family home for many people,” says Mark Neustaedter, realtor with eXp Realty in Calgary. “That’s why townhomes have been so... msn.com Read More ... East Vancouver house of 'little or no value' listed for $1.65 million If you’re looking for a prime example of how expensive land is in Vancouver, regardless of the state of the building that stands on it, look no further. bc.ctvnews.ca Read More ... Ontario Mortgage Brokerage Owner Caught Committing Fraud, Gets 1-Year Suspension And $110K Fine William Handsaeme, the owner of Forest City Funding, a prominent Ontario mortgage brokerage, has been suspended and fined for blatant thedeepdive.ca Read More ... “I left Toronto to see if I could hack it in the country. Boy, could I. Now I've gone even deeper into the woods” Mid-pandemic, David Eddie and his wife, Pam, ditched Toronto and gave country living a try, a story he told us in vivid and hilarious detail three years ago. Now, an update from the rural frontier: the transplants have doubled down torontolife.com Read More ... Condo sales rise in the GTA as prices stabilize and renters eye homeownership - REM Q1 saw 5.3% more GTA condominium sales and a surge in new listings and choice — now might be the best time to buy realestatemagazine.ca Read More ... Capital gains tax change 'shortsighted' and 'sows division' business groups tell Freeland Forging ahead with increasing Canada's capital gains inclusion rate 'sows division,' and is a 'shortsighted' way to improve the deficit, business groups are warning Finance Minister Chrystia Freeland. ctvnews.ca Read More ... Bank of Canada says financial system is stable, but risks remain The Bank of Canada says the Canadian financial system is stable, but risks remain due to debt servicing costs among households and businesses and stretched valuations of financial assets. ctvnews.ca Read More ... Renters so far more ‘vulnerable’ than homeowners amid higher interest rates. Why? - National | Globalnews.ca The Bank of Canada says in a new report that renters are feeling more debt stress tied to higher interest rates than Canadians with a mortgage. globalnews.ca Read More ... Many Canadians hold off buying homes until interest rates fall A strong majority of aspiring homeowners are sitting on the sidelines waiting for interest rates to fall before they will look to purchase a home, a new survey has found. BMO recently released the latest data from its Real Financial Progress Index , which found 72 per cent of aspiring homeowners are waiting for interest rate cuts before they look to buy a home. The survey also found most Canadians still believe owning a home is one of life’s... msn.com Read More ... Dave Ramsey Shares Three Rules For Buying A House In today's turbulent housing market, navigating the path to homeownership requires a more strategic approach than ever. With soaring prices and high interest rates, prospective buyers face myriad challenges. But despite the complexities, financial experts like Dave Ramsey offer valuable insights to guide homebuyers through the process. Ramsey shared three rules for buying a house in a May 6 post on X: 1. Be debt-free. 2. Keep enough money in an emergency fund to cover three to six months of hous ca.finance.yahoo.com Read More ... Households can cope with higher rates, says BoC Still, financial stress and rising asset valuations are a concern mpamag.com Read More ... Toronto Office Space Hits Record Vacancy Rate, Availability Surges Downtown - Better Dwelling The flight from Toronto office space was supposed to be temporary, but it doesn’t look that way. Global commercial real estate giant Avison Young data shows Greater Toronto offices hit a new record vacancy rate in Q1 2024. Even more space is available to rent, as more tenants look to shed the pricey rentals through […] betterdwelling.com Read More ... This $7 million Toronto home was featured in Architectural Digest Garnering the attention of House & Home, as well as Architectural Digest (Poland), 37 Rippleton Rd. is quite the Toronto home. Prior to the remodel... blogto.com Read More ... Canada brings in foreign construction workers to boost housing supply Government banks on foreign labour to ramp up home construction mpamag.com Read More ... Canadian homebuyers stay cautious despite more choices Inventory rises in major markets, but high borrowing costs continue to dampen buyer activity mpamag.com 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 GTA 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 Info & Much More... 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