🛠️ 22nd July 2024 - How Renovictions Are Affecting the Lives Of Toronto Residents!

💥 Monday 22nd July 2024 💥 NEW vs Resale Homes - FREE Report! Daily Hot Trends: GTA Real Estate News! "Discover Your Dream Home: Free Reports & Hot New Listings!" "Daily Hot Trends: GTA Real Estate News" delivers the most up-to-date and relevant information from the Greater Toronto Area's bustling real estate market. Every day, we provide a comprehensive overview of market trends, expert insights, and the latest news to keep you well-informed. Whether you're looking to buy, sell, invest, or simply stay in the loop, our daily updates ensure you have the hottest trends and data at your fingertips. Stay ahead of the game with "Daily Hot Trends: GTA Real Estate News." Are there any unique financing considerations or mortgage options available to buyers of new homes versus resale homes, and how can buyers determine the most suitable financing approach for their needs? In Toronto, Ontario, Canada, buyers of new homes and resale homes may encounter unique financing considerations and mortgage options. Here are some key differences and factors to consider when determining the most suitable financing approach: Financing Considerations for New Homes: Pre-Construction Financing: Deposit Requirements: Developers often require larger deposits for pre-construction homes, typically paid in installments over the construction period. Builder Financing: Some developers may offer incentives or financing options, such as lower interest rates or deferred payment plans, to attract buyers during the construction phase. Tarion Warranty Protection: New homes in Ontario are covered by Tarion Warranty Corporation, providing warranty protection against certain defects in workmanship and materials. Lenders may consider this coverage when assessing financing. Construction Mortgages: Buyers may need a construction mortgage if purchasing a home that is not yet built. This type of mortgage disburses funds in stages as construction progresses. Energy Efficiency Incentives: Some lenders offer favorable terms or incentives for homes that meet specific energy efficiency standards, such as the EnerGuide rating or ENERGY STAR® certification. Financing Considerations for Resale Homes: Home Inspection Contingencies: Lenders may require a satisfactory home inspection report for resale homes to assess the property's condition and value. Appraisal Requirements: An appraisal is typically required to determine the fair market value of the resale home. Lenders may adjust financing based on the appraisal results. Condition of the Property: The condition of a resale home may impact financing terms. Lenders may require repairs or renovations to meet minimum standards before approving a mortgage. Historical Property Value Trends: Lenders consider the historical resale value trends of properties in the area when assessing the property's marketability and loan-to-value ratio. Determining the Most Suitable Financing Approach: Personal Financial Situation: Assess your financial stability, credit score, and debt-to-income ratio to determine your borrowing capacity and affordability. Interest Rates and Terms: Compare interest rates, mortgage terms (fixed vs. variable), and repayment options offered by different lenders. Consider how these factors align with your financial goals and risk tolerance. Down Payment Requirements: Evaluate the down payment requirements for new homes versus resale homes. Higher down payments may result in lower mortgage insurance premiums and overall borrowing costs. Professional Advice: Consult with mortgage brokers, financial advisors, and real estate professionals to explore financing options tailored to your specific needs and circumstances. Government Programs and Incentives: Research government-backed mortgage programs, such as the First-Time Home Buyer Incentive (FTHBI) or Home Buyers' Plan (HBP), which may provide financial assistance or tax benefits for eligible buyers. By carefully evaluating these factors and seeking professional guidance, buyers can make informed decisions when choosing between financing options for new homes versus resale homes in Toronto, Ontario, Canada. Each option has its advantages and considerations based on individual preferences, financial capabilities, and long-term goals. How renovictions are affecting the lives of Toronto residents CP24 reached out to Torontonians who are facing, or who have faced renovictions in the past in order to get a better sense of how the practice impacts people. The stories they shared show that renovictions not only inconvenience those affected, but can have profound impacts on their lives and futures. cp24.com READ MORE ... Bank of Canada to cut rates on July 24, then twice more in 2024: Reuters Poll Latest news coverage, email, free stock quotes, live scores and video are just the beginning. Discover more every day at Yahoo! ca.yahoo.com READ MORE ... Helping clients prevent costly surprises: How to avoid water damage and maintain insurance coverage Help clients prevent costly home damage while on vacation. Find out how to detect and prevent water leaks to avoid expensive repairs realestatemagazine.ca READ MORE ... ‘I can only drop the price so much’: Inside one condo owner’s attempt to sell in Toronto’s ‘ghost town’ market After three months and a $50,000 price drop, this downtown condo owner has still received zero offers. therecord.com READ MORE ... Here are the signs you're ready to downsize your home Amid the cost-of-living crisis, many Canadians are looking to find ways to save money, such as downsizing their home. But one Ottawa broker says there are several signs to consider before making the big decision. ottawa.ctvnews.ca READ MORE ... Telus must pay damages for trespassing on woman's property, B.C. tribunal rules A major telecommunications company has been ordered to pay “nominal damages” to a B.C. woman after employees repeatedly trespassed on her property – in one instance accidentally letting her dog out of her gate. bc.ctvnews.ca READ MORE ... $25M Vancouver mansion promises even the garage is a 'cornucopia of delights' A listing for a mansion in Vancouver's Shaughnessy neighbourhood promises everything from a "bespoke golf simulator room" to a garage that's a "veritable cornucopia of delights" – but the property taxes alone will cost you more than the city's median household income. bc.ctvnews.ca READ MORE ... New 30-year amortization mortgages expected to have little positive impact in Kelowna Kelowna mortgage broker Aaron Marsh only has to think about it a moment. And then he declares the new 30-year amortization rule coming into ef... kelownanow.com READ MORE ... This Week’s Top Stories: Canadian Gov Wanted Higher Home Prices For Supply, & It Feels Like A Recession  - Better Dwelling Time for your cheat sheet on this week’s top stories. Canadian Real Estate Canada’s CMHC Internal Messages Show Housing Supply Narrative Is BS Canadian real estate prices are expensive because of a lack of supply, and building more should fix it—right? That’s been the narrative for years, but it’s not what the CMHC has been […] betterdwelling.com READ MORE ... The former Ontario home of a Canadian music legend is up for sale From a carriage house to a Canadian music legend's home base to a cozy retreat, 1194 Stirling Avenue in Oakville has really seen and done it all.  ... blogto.com READ MORE ... A downtown apartment for $1,200 a month? Here is one group’s plan on how Toronto can rethink its vacant office space A Canadian think-tank has a plan to keep young people from fleeing urban centres in search of more affordable accommodations. cp24.com READ MORE ... Thinking of refinancing your home to pay off credit card debt? 'Don't do it!' says Dave Ramsey Refinancing your home to pay down high-interest debt isn't the best option, according to Dave Ramsey. He suggests another solution, instead money.ca READ MORE ... Ontario retiree buys 'cheapest home in the GTA'. This is what she got A retiree in Ontario has just purchased what is being called the 'cheapest home in the GTA'—a caboose located on a commercially zoned parking lot near Milton. toronto.ctvnews.ca READ MORE ... Toronto quadplex in a century home is on sale for $3 million Multiplexes are such a rare find in Toronto, especially because the city hasn't allowed new ones to be built for forever, and although a recent cou... blogto.com READ MORE ... Canadian renters face record-high costs amid housing shortage Strong demand and limited supply keep rental market tight mpamag.com READ MORE ... How are precon buyers coping with lower appraisals at closing? Market volatility has had a huge impact mpamag.com READ MORE ... It costs almost $2 million for this Toronto house that's only '60 per cent' finished With home sales expected to start ramping up and prices likely to follow suit, you can bet your bottom dollar that you'll see houses with prices th... blogto.com READ MORE ... Ontario townhouse sold at massive loss a troubling window into current market A well-supplied GTA real estate market throughout the spring and early summer meant that many prospective buyers had more negotiating power on pric... blogto.com READ MORE ... Canada's CMHC Internal Messages Show Housing Supply Narrative Is BS - Better Dwelling Everyone in Canada will soon be able to afford a home. We just need investors to build more and rates to be cut, right? Anyone that can do basic math has probably been skeptical of that narrative and with good reason—even the people making those statements don’t believe it. Internal messages from the CMHC make […] betterdwelling.com READ MORE ... Toronto condo sales slump to 27-year low Market sees activity plunge 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!" 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