🏙️ 2nd May 2024 - Toronto Area Condo Market Rents Drop The Most In 15 Years!

💥 Thursday 2nd May 2024 💥 Buyer Mistakes: FREE Report! Toronto's Real Estate Pulse: Daily Hot Market Updates! "Navigate Home Success: Informed Reports & Coveted Listings Inside!" "Toronto's Real Estate Pulse: Daily Hot Market Updates" is your daily guide to the heartbeat of Toronto's dynamic real estate market. Each day, we deliver the freshest and most crucial updates, keeping you in sync with the latest trends, developments, and opportunities. Whether you're a potential buyer, seller, investor, or just keeping an eye on the market, our newsletter provides insightful analysis, highlighting hot properties, emerging neighborhoods, and key market movements. Stay ahead of the curve and make informed decisions with "Toronto's Real Estate Pulse: Daily Hot Market Updates," your essential source for real estate news in Toronto. How Can Buyers Recognize and Avoid Common Financing Mistakes that Might Compromise Their Home Purchase? Buying a home is a significant financial commitment, and navigating the financing process can be complex. Buyers can easily fall into common traps if not careful. Here are several common financing mistakes to recognize and avoid to ensure a smooth home purchase: 1. Not Getting Pre-Approved Mistake: Shopping for homes without a mortgage pre-approval can lead you to look at properties you cannot afford, ultimately wasting time and causing disappointment. Avoidance: Before house hunting, get pre-approved for a mortgage. This will clarify how much you can borrow based on your financial situation and demonstrates to sellers that you are a serious buyer. 2. Ignoring Total Housing Costs Mistake: Focusing only on the mortgage payment without considering other related costs such as property taxes, insurance, homeowners association fees, and maintenance. Avoidance: Calculate the total monthly expenditure you can afford, not just the mortgage payment. Use online calculators or consult with financial advisors to understand all potential homeownership costs. 3. Overextending Financially Mistake: Buying the most expensive home you are approved for without considering future financial goals or potential changes in income. Avoidance: Budget conservatively, keeping in mind other financial goals and potential changes like job transitions or family planning. Ensure there is enough cushion in your budget for unexpected expenses. 4. Changing Jobs or Taking on New Debt Mistake: Making significant changes to your financial situation, such as changing jobs or making large purchases on credit during the mortgage approval process. Avoidance: Maintain your employment status and avoid new debts. Lenders check your credit and employment status again before finalizing your loan, and any significant changes can jeopardize your mortgage approval. 5. Not Shopping Around for a Mortgage Mistake: Accepting the first mortgage offer without comparing rates and terms from multiple lenders. Avoidance: Shop around and negotiate with several lenders. Compare interest rates, fees, and terms. Sometimes lenders will match or beat better offers you’ve received elsewhere. 6. Neglecting Mortgage Rate Locks Mistake: Not locking in a mortgage rate in a fluctuating interest rate market can lead to higher costs if rates rise before closing. Avoidance: Consider locking in the interest rate when you have a good offer, especially if you believe rates might increase in the near future. Understand the terms of the rate lock, including how long it will last and any costs associated with it. 7. Skipping or Skimming Over the Fine Print Mistake: Overlooking the details of your mortgage agreement which might include penalties, balloon payments, or terms that do not suit your situation. Avoidance: Carefully review the mortgage agreement and ask questions about anything unclear. Consult with a real estate attorney or trusted advisor if necessary. 8. Underestimating the Importance of Credit Scores Mistake: Assuming your credit score only affects whether you get a mortgage, not realizing it also impacts the interest rate you’ll be offered. Avoidance: Check your credit score before applying for a mortgage and take steps to improve it if necessary. Pay down debts and avoid late payments. By being aware of these common financing mistakes and taking steps to avoid them, homebuyers can better navigate the complex process of securing a mortgage and purchasing a home, ensuring that they make sound financial decisions aligned with their long-term interests. Toronto area condo market rents drop the most in 15 years Decrease over six-month period biggest outside pandemic period ca.finance.yahoo.com Read More ... Greater Toronto Rental Vacancy Rate Soars 30% Higher, Prices Barely Move - Better Dwelling Greater Toronto’s Great Supply Shortage may be coming to an end, but the narrative is alive and well. Data from developer consulting firm Urbanation shows new purpose-built rental vacancy rates across the Greater Toronto-Hamilton Area (GTHA) have climbed significantly as of Q1 2024. The share of available units is now much higher than pre-2019 rates, […] betterdwelling.com Read More ... B.C. homebuilding going to drop off before rebounding next year: CMHC Canada Mortgage and Housing Corporation also expects vacancies to remain low and rents high vernonmorningstar.com Read More ... Housing in Halifax: Record high construction, low vacancy rates A new report from the Canada Mortgage and Housing Corporation says that Halifax had record-high growth of some housing types. halifax.citynews.ca Read More ... Montreal announces $3.5M to help renters find housing with Moving Day fast approaching Quebec’s Moving Day, on July 1, is exactly two months away, and many are starting to worry whether they’ll have a place to live. Montreal announced $3.5 million to help. “This support is still really needed because most of these tenants don’t have any other places to go and could easily fall into homelessness without […] montreal.citynews.ca Read More ... Developer wants to tear down group of Toronto homes for 63-storey condo tower A towering new addition could soon shake up the landscape of a quiet residential intersection in Toronto's Jarvis and Wellesley neighbourhood. The ... blogto.com Read More ... Ontario home sold at massive loss after 6 failed attempts to sell An Ontario home sold significantly below its original selling price earlier this year demonstrates just how prices tend to fluctuate in the provinc... blogto.com Read More ... B.C. is changing its short-term rental rules. Some owners think that's a mistake | CBC News Property owners in British Columbia say new rules aimed at increasing long-term rental supply fail to consider the consequences for smaller mom-and-pop operators, who may stand to suffer significant financial losses. cbc.ca Read More ... Condo of the Week: $950,000 for a renovated Etobicoke unit overlooking the Humber River The 1,200-square-foot property comes with three bedrooms, an underground parking spot, a giant rooftop terrace and plenty of amenities torontolife.com Read More ... Calgary home sales jumped in April, driven by lower-priced houses, says real estate board | CBC News The Calgary Real Estate Board says 2,881 units were sold last month, while the benchmark price across all home types was $603,700 for April — up 9.9 per cent from a year earlier and one per cent from March. cbc.ca Read More ... 'A perfect storm for sellers': Demand for lower-priced listings driving up Calgary home prices, sales Calgary real estate prices continued to rise in April, as demand for more affordable, higher-density properties remained high. calgary.ctvnews.ca Read More ... New report finds slowdown in cottage sales A report conducted by Remax is shedding light on a lack of cottage sales this season. barrie.ctvnews.ca Read More ... Spotlight: Understanding the landscape of second mortgages in Ontario Borrowing against the equity you've built can be a great solution for debt consolidation once the risk has been evaluated sootoday.com Read More ... The Bank of Mom & Dad is real, and it's doling out money Kelowna realtor Rick Hamer-Jackson is a big advocate of the Bank of Mom & Dad. "Most young adults today would never be able to buy their o. kelownanow.com Read More ... 5 most inexpensive homes sold in Oakville and Halton Hills in April - inHalton | Local Online News While the Halton Region (Oakville, Burlington, Milton and Halton Hills)  is not known for boasting easily attainable homes (in March, the average home price in the region sat at $1,244,298), some homes priced at under $500,000 changed hands last month.  Here’s a look at five of the cheapest homes to change hands in Halton, courtesy […] inhalton.com Read More ... This $750K Toronto bungalow is too cute for words In a city where the average price of a house is $1.2 million, and people rent out tents in their living room for $950 a month, it is a clearly stru... blogto.com Read More ... Toronto's new 91-storey megatower is like nothing else under construction in Canada The massive new 91-storey tower under construction at Yonge and Bloor known as The One will soon break the record for the tallest building in Canad... blogto.com Read More ... Buyers in GTA project from embattled developer out of luck as it goes into receivership Residents eagerly waiting to settle into a sprawling new community going up near the Barrie South GO Station will likely have to put their moving p... blogto.com Read More ... City moves to draft new vacant home tax bylaw Measure would be implemented next year if adopted mpamag.com Read More ... Toronto condo sales stagnate, supply challenges ahead Sluggish condo sales could spell trouble for Toronto's housing supply in the future 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 & 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 | SearchHousesForSale.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