👿 19th Dec 2023 - The Good Liar: Meet Toronto’s Worst Landlord!

💥 Tuesday 19th December 2023 💥 Extra Home Buying Costs - FREE Report! Toronto's Daily Real Estate Pulse! "Where Wisdom Sparks Opportunity: Free Reports & Prime Listings!" "Toronto's Daily Real Estate Pulse" is your daily rhythm into the heartbeat of the Toronto real estate market. Each day, we bring you a curated compilation of the most crucial trends, market insights, and impactful updates directly to your inbox. Whether you're a potential buyer, seller, investor, or a real estate enthusiast, our "Daily Real Estate Pulse" covers a wide range of topics, from pulsating market dynamics to seizing investment opportunities and expert analysis. Stay in tune and make well-informed decisions with "Toronto's Daily Real Estate Pulse" as your trusted resource for navigating the dynamic Toronto real estate landscape. Can you provide a breakdown of the extra costs to be aware of when buying a home in Toronto and explain how they can impact my overall budget? When buying a home in Toronto, it's important to consider various extra costs beyond the purchase price. These additional expenses can impact your overall budget significantly. Here's a breakdown of common extra costs: Land Transfer Tax (LTT): Toronto has its own municipal land transfer tax in addition to the provincial one. The amount is based on the purchase price of the property. First-time homebuyers may be eligible for rebates. Legal Fees and Disbursements: You'll need a lawyer to handle the legal aspects of the transaction. Legal fees cover their services, and disbursements include various costs incurred during the process. Home Inspection Fees: While not mandatory, a home inspection is highly recommended. Home inspection fees are paid to a professional inspector to assess the condition of the property. Appraisal Fee: If your lender requires an appraisal to assess the property's value, you may need to cover the appraisal fee. Title Insurance: Title insurance protects against potential issues with the property's title. While not mandatory, it's often recommended and comes with a one-time premium. Property Insurance: Mortgage lenders typically require property insurance to protect against damage. The cost can vary based on the property's location and value. Adjustments: You may need to reimburse the seller for prepaid property taxes, utility bills, or other costs that extend beyond the closing date. Homeowner's Association Fees: If the property is part of a condominium or a homeowners' association, you may have ongoing fees for maintenance and shared amenities. Mortgage Default Insurance: If your down payment is less than 20% of the purchase price, you may need to pay for mortgage default insurance, such as Canada Mortgage and Housing Corporation (CMHC) insurance. Moving Costs: Budget for the cost of hiring a moving company or renting a truck if you plan to move your belongings to the new property. Utility Hookup Fees: Fees for connecting utilities such as water, electricity, gas, and internet may apply when you move into a new property. Renovations or Repairs: If the property needs immediate renovations or repairs, budget for these costs. Closing Adjustments: Your lawyer may need to make adjustments for prepaid expenses like property taxes or utilities that the seller has paid in advance. Goods and Services Tax (GST) or Harmonized Sales Tax (HST): If you're buying a new construction home, these taxes may apply. Some rebates may be available. It's crucial to account for these costs when budgeting for your home purchase. Working with a real estate professional and a financial advisor can help ensure that you have a comprehensive understanding of the financial aspects of buying a home in Toronto. The Good Liar: Meet Toronto’s worst landlord Carolyn Krebs (alias Carolyn Goodman, alias Marian Linton) is the owner of 500 Dawes, one of the city’s most complained-about apartment buildings. She ignores work orders, falsifies documents and evicts tenants without cause. How one woman is making a killing off a system that’s too broken to stop her torontolife.com READ MORE ... Canadians still confident in housing as best investment; 0.5% price jump expected next year: Re/Max - REM "The slower market we've been experiencing across the country this fall could be an early indicator of an active 2024" realestatemagazine.ca READ MORE ... Canada rental prices in November| CityNews Vancouver A report says the average asking price for a rental unit in Canada in November was relatively flat from October, but 8.4 per cent more year-over-year. vancouver.citynews.ca READ MORE ... Interest rate hikes impact rental housing construction and supply Our analysis reveals that developers are adapting to the financial conditions challenging purpose-built rental housing projects — learn more. cmhc-schl.gc.ca READ MORE ... Canadian Real Estate Sellers Rush For The Exit, Softest Month Since 2008 - Better Dwelling Canadian real estate just put an end to any doubt the bubble still has a little life in it. Canadian Real Estate Association (CREA) data shows home prices fell further in November. Soft sales and rising inventory continue to apply downward pressure on values. Owners rushing to sell at an unusual time helped drive the […] betterdwelling.com READ MORE ... Canadian Housing Affordability 2nd Worst In History, Recession To Follow: BMO - Better Dwelling Canadian real estate is rarely this out of reach, and it’s always followed by recession. That was the take from BMO, noting further erosion in the Bank of Canada (BoC) Housing Affordability Index (HAI) in Q3 2023. Higher rates are finally slowing down the pace at which it worsens, but it hasn’t been this bad […] betterdwelling.com READ MORE ... The 10 Most Expensive Celebrity Real Estate Transactions of 2023 The top spot goes to a musical power couple who nabbed the most expensive home ever sold in California this year ca.finance.yahoo.com READ MORE ... 6 dreamy lofts for sale in Toronto right now If you're looking for your next dream home in the city, you’ll want to see these six spectacular lofts for sale right now in Toronto.   streetsoftoronto.com READ MORE ... Here’s How Much Inventory Grew Across the GTA in 2023 | Zoocasa Blog Inventory issues persisted throughout much of 2023 for the Greater Toronto Area, however now that the market has become more balanced new listings are catching up with demand. See where active listings have increased the most in Toronto in this in-depth market report. zoocasa.com READ MORE ... Canadian “Systemic Risk” Due To CLP Mortgages Is Bigger Than You Think - Better Dwelling Canada’s problems with a little-known risky mortgage product are more significant than expected. OSFI, the country’s bank regulator, has targeted combined loan plans (CLPs) for the past few years. CLPs enable interest-only payments, allowing borrowers to carry mortgage debt perpetually. The regulator called these a “systemic risk” that inflates home prices, so it’s clearly a […] betterdwelling.com READ MORE ... Annual rent in Vancouver rises to $3,171 in November Rent across region up 0.7% from the same month one year ago biv.com READ MORE ... The silver lining of Canada’s real estate market recession - REM Supply is no longer outpacing demand — sellers aren’t flooding the market with supply against decreasing prices and sales volume realestatemagazine.ca READ MORE ... Annual rent increases slowing as average asking price reaches $2,174 in November A report says the average asking price for a rental unit in Canada was $2,174 in November, relatively flat from the previous month but an 8.4 per cent increase year-over-year. ctvnews.ca READ MORE ... Rent increases slowing in Canada. Here’s where price hikes are cooling most - National | Globalnews.ca The average asking price for a rental unit in Canada was $2,174 in November, relatively flat from the previous month but an 8.4 per cent increase year-over-year, a report says. globalnews.ca READ MORE ... More than numbers: Exploring mortgage delinquencies and their impact on homeowners and realtors - REM It’s not always easy, but borrowers could sell to access equity, rent, make pre-payments when possible and start long-term financial planning realestatemagazine.ca READ MORE ... Things to remember if planning to seek a mortgage - The Mortgage Gal As we move into the busiest part of the holiday season, mortgages are the last thing on most peoples’ minds. castanet.net READ MORE ... Can Canadian homeowners stay on top of mortgage payments in 2024? TD economist says despite rising costs, most people are riding the waves wealthprofessional.ca READ MORE ... 13,000 CIBC mortgage clients have come out of negative amortization - Mortgage Rates & Mortgage Broker News in Canada Over the past three months, roughly 13,000 CIBC clients have taken action to bring their mortgages out of negative amortization. canadianmortgagetrends.com READ MORE ... Amid little short-term rental enforcement, Toronto community group books room for evidence Frustrated about the lack of enforcement of apparently illegal short-term rental units operating in Toronto’s Kensington Market neighbourhood, a community group took matters into their own hands – and appears to have gotten results. toronto.ctvnews.ca READ MORE ... Rents are rising faster in Quebec than in the rest of the country: report The average posted price for a housing rental rose at an annual rate of over 10 per cent in November in Quebec, higher than the Canadian average. montreal.ctvnews.ca READ MORE ... Editor's Note "Welcome to my Newsletter Page! 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