💡 12th Aug 2024 - Is It Better To Buy Or Rent? An Expert Shares Her Insights!

💥 Monday 12th August 2024 💥 Buy With Low Or Zero Down Payment! GTA Real Estate Spotlight: Daily Hot Topics! "Your Key to Successful Home Transactions: Free Reports & Hot Listings!" "GTA Real Estate Spotlight: Daily Hot Topics" is your essential daily newsletter, offering a comprehensive look into the latest and most pressing issues in the Greater Toronto Area real estate market. Each edition brings you curated insights, market trends, expert opinions, and noteworthy property listings, ensuring you have the information needed to navigate the dynamic real estate landscape. Whether you're a prospective buyer, a seller, an investor, or a real estate enthusiast, "GTA Real Estate Spotlight" keeps you updated and informed with the hottest topics and developments in the market. Stay ahead with our daily spotlight on GTA real estate. Can homebuyers negotiate with sellers to cover closing costs or other expenses in lieu of a down payment, and what strategies can they use to make their offers more appealing in competitive markets? Homebuyers can indeed negotiate with sellers to cover closing costs or other expenses as part of the offer. This strategy can be particularly beneficial for buyers who are low on cash for a down payment or who want to minimize their upfront costs. Here are some strategies and tips to make such offers more appealing in competitive markets: Negotiating Closing Costs Seller Concessions: What It Is: Asking the seller to pay for certain closing costs on behalf of the buyer. This can include costs like title insurance, appraisal fees, or inspection fees. How to Negotiate: Clearly outline the specific costs you want the seller to cover in your purchase offer. Be prepared to justify your request, such as explaining your financial constraints or pointing out repairs that need to be addressed. Increased Offer Price: What It Is: Offering a higher purchase price to cover the closing costs the seller is paying. This can be attractive to sellers because it doesn’t reduce their net proceeds. How to Negotiate: Calculate the additional amount needed to cover the closing costs and adjust your offer price accordingly. Make sure your lender approves this strategy, as the property must appraise for the increased amount. Making Offers More Appealing Pre-Approval Letter: What It Is: A letter from a lender stating that you are pre-approved for a mortgage up to a certain amount. How to Use It: Include a pre-approval letter with your offer to show the seller that you are a serious and qualified buyer. Flexible Closing Date: What It Is: Offering to accommodate the seller’s preferred closing timeline. How to Use It: Ask the seller or their agent about their ideal closing date and indicate your flexibility in your offer. This can make your offer more attractive, especially if the seller is looking for a quick or delayed closing. Personalized Offer Letter: What It Is: A letter to the seller expressing your interest in the property and explaining why you are a great buyer. How to Use It: Highlight personal details that connect you to the home or neighborhood, and express your commitment to a smooth transaction. A well-written letter can make your offer stand out on an emotional level. Larger Earnest Money Deposit: What It Is: Offering a larger-than-usual earnest money deposit to show your seriousness and financial stability. How to Use It: Increase the amount of your earnest money deposit to demonstrate your commitment to the purchase. This can give the seller confidence that you won’t back out of the deal. Inspection Flexibility: What It Is: Offering to conduct a quick home inspection or being willing to accept the home “as-is” with minimal contingencies. How to Use It: Propose a shorter inspection period or agree to limit repair requests to major issues only. This reduces the seller’s risk and can speed up the closing process. Covering Minor Repairs: What It Is: Offering to handle minor repairs or issues yourself, rather than asking the seller to fix them. How to Use It: In your offer, state that you will take care of any minor repairs, reducing the seller’s burden and potential costs. Preparing for Competitive Markets Market Research: What It Is: Understanding the local real estate market, including comparable sales and the average time properties stay on the market. How to Use It: Use this knowledge to craft a competitive offer. Knowing the market dynamics can help you decide how much to offer and what terms to include. Working with a Skilled REALTOR®: What It Is: Partnering with an experienced real estate agent who knows the local market well. How to Use It: Leverage your agent’s expertise to craft a strong offer and navigate negotiations. An agent can provide insights into the seller’s motivations and help you position your offer competitively. Financial Preparedness: What It Is: Ensuring that your finances are in order and that you have all necessary documentation ready. How to Use It: Be ready to move quickly with your offer. Have your mortgage pre-approval, proof of funds, and any other required documents ready to submit with your offer. By combining these strategies, homebuyers can make their offers more attractive to sellers, even when asking for concessions like covering closing costs. It’s important to work closely with your REALTOR® and mortgage lender to ensure that your offer is both competitive and realistic given your financial situation. Is it better to buy or rent? An expert shares her insights What's going on in Canada's condo market? An expert spoke with CTV's Your Morning about when is a good time to buy. ctvnews.ca READ MORE ... The story behind selling a home at a $300,000 loss In less than four years, an Oshawa home was bought for $406,000 in 2020, was renovated and sold for $640,000 and $750,000 in 2021, before ultimately selling for $830,000 in January 2022 toronto.com READ MORE ... The Big Banks are slashing their interest rate forecasts - Mortgage Rates & Mortgage Broker News in Canada The extreme volatility experienced in global financial markets over the past week is having an immediate impact on Canadian interest rate forecasts—they're falling like autumn leaves in a gusty wind. canadianmortgagetrends.com READ MORE ... Why Canadian landlord groups say push to void ‘no pet’ clauses is ‘unfair’ - National | Globalnews.ca A petition has been put forward calling for a provision in the proposed renters' bill of rights to void 'no pet' clauses in tenancy agreements. globalnews.ca READ MORE ... ‘Expansive’ Oakville home among the most expensive sold on Ontario real estate market in July for $3 million with 12-foot ceilings, pool and 4 bedrooms A custom-built Oakville home has sold for $3 million, making it one of the most expensive sold properties in Ontario last month, according to Zoocasa. insidehalton.com READ MORE ... Some Toronto Homebuyers Are Back — But They're 'Proceeding With Caution' Are the recent rate cuts enough to breathe new life into the GTA market? storeys.com READ MORE ... 'People are so desperate to keep their rent affordable': What you need to know about rent strikes in Toronto As rent prices have risen in Toronto, instances of tenants withholding rent in protest have become more common. toronto.ctvnews.ca READ MORE ... Calgary's 5 most expensive homes for sale right now (August 2024) Calgary's five most expensive residential homes for sale. calgary.ctvnews.ca READ MORE ... ‘Buildup in inventory’: July real estate sales in Brampton hit 2024 low Monthly real estate sales in Brampton hit a 2024 low in July despite lower borrowing costs after interest rate cuts by the Bank of Canada. bramptonguardian.com READ MORE ... Randall Denley: As Ontario struggles to boost housing supply, the province should look to reduce demand Construction is falling far short of the average of 150,000 homes a year required under Premier Doug Ford's plan. nationalpost.com READ MORE ... Judge rules man's eviction over $45 in unpaid rent 'unreasonable' A man who had been issued a one-month eviction notice from a Vancouver property over $45 in unpaid rent has won the right to stay. vancouver.citynews.ca READ MORE ... Extended Amortization Now Comes at an Even Higher Cost with Revised Insurance Premiums Earlier this year, the Canadian government unveiled a new policy allowing 30-year amortization periods for insured mortgages, aimed at first-time homebuyers. The catch, however, is that the Canada … thedeepdive.ca READ MORE ... Greater Toronto real estate market stabilizes after a few turbulent years Home sales in the Greater Toronto Area (GTA) in July were higher than July 2023, with an increase in supply slowing market-wide price growth, according to the monthly report from the Toronto Regional Real Estate Board (TRREB). westernstandard.news READ MORE ... This Week's Top Stories: Canadian Bank Regulator Delays Improved Risk Scrutiny, & Insolvencies Surge - Better Dwelling Time for your cheat sheet on this week’s top stories. Canadian Real Estate A Quarter of Employed Canadians Now Work For The Government Canada’s surging population is outpacing job growth, and it may get a lot worse. Statistics Canada (Stat Can) data shows that 1 in 4 employed people now work for the government, which […] betterdwelling.com READ MORE ... Edmonton apartment rent increases surpass national average: Report In Edmonton, a one-bedroom apartment is listed 16 per cent higher year-over-year. For a two-bedroom apartment, that figure is 12 per cent more. msn.com READ MORE ... Toronto still has a record glut of homes sitting on the market but prices are only going up Toronto's real estate market has been relatively dead in the water for some months compared to the city's usual red-hot reputation, but selling pri... blogto.com READ MORE ... Ontario home sold at massive $430k loss after repeated attempts to sell Despite a slight uptick in GTA home sales in July relative to last year, many properties — including this Milton home — have sold well below their ... blogto.com READ MORE ... A pair of average-looking homes in Toronto are selling for $4 million Who doesn't love a good BOGO sale? Especially when it comes to real estate since there's rarely a good deal in Toronto.  Now, 261 Johnston Ave. isn... blogto.com READ MORE ... Proposed 29-storey condo tower could replace Toronto sandwich shop and cafe A block of Dundas Street West could soon be the site of a major transformation, with a 29-storey tower proposed to replace a stretch of buildings t... blogto.com READ MORE ... Multimillion-dollar Toronto mansion listed for sale for the first time ever While 395 Markland Dr. looks a bit understated, don't let first impressions fool you. This Spanish Colonial-style mansion in Toronto is a true gem ... blogto.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... 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. "Disclaimer: Articles in this newsletter are generated by AI." If you no longer wish to receive these Emails, please Unsubscribe Here

🧱 9th Aug 2024 - Tenant doesn’t pay $41,000 in rent for Toronto condo but owner can’t evict her yet!

💥 Friday 9th August 2024 💥 From Listing To Closing: 9 Step System! Hot Headlines: Greater Toronto Real Estate! "Stay Ahead in the Housing Market: Free Reports & Fresh Listings!" "Hot Headlines: Greater Toronto Real Estate" brings you the most important and timely updates from the GTA real estate market every day. This daily newsletter curates the top stories, market trends, expert analyses, and notable property listings, ensuring you stay informed about the ever-evolving real estate landscape. Whether you're a buyer, seller, investor, or simply interested in the market, "Hot Headlines" provides the insights and information you need to make well-informed decisions. Stay ahead in the competitive GTA real estate market with "Hot Headlines: Greater Toronto Real Estate." Can sellers anticipate any unexpected costs or expenses between listing their property and closing the sale, and how can they budget effectively to cover these potential expenses? Yes, sellers can anticipate several unexpected costs or expenses between listing their property and closing the sale. Effective budgeting and planning can help manage these costs. Here are some common unexpected costs and strategies for budgeting effectively: Common Unexpected Costs for Sellers Pre-Listing Repairs and Upgrades: Cost: Making necessary repairs or cosmetic upgrades to make the property more appealing to buyers can be costly. Tip: Conduct a pre-listing inspection to identify and address issues early. Allocate a budget for minor repairs and aesthetic improvements. Staging Costs: Cost: Professional staging can help sell a home faster and at a higher price, but it comes with a fee. Tip: Consider DIY staging or partial staging to save costs while still enhancing the home’s appeal. Professional Photography and Marketing: Cost: High-quality photos and marketing materials are crucial for attracting buyers. Tip: Budget for professional photography and consider investing in premium online listings or virtual tours. Agent Commissions: Cost: Real estate agent commissions typically range from 5% to 6% of the sale price. Tip: Factor this commission into your overall selling costs. Negotiate the commission rate with your agent if possible. Concessions to Buyers: Cost: Sellers may need to offer concessions, such as paying for some of the buyer’s closing costs or providing a home warranty. Tip: Be prepared to negotiate and include potential concessions in your budget. Closing Costs: Cost: Sellers are responsible for certain closing costs, which may include title insurance, escrow fees, and transfer taxes. Tip: Request a detailed estimate of closing costs from your agent or attorney early in the process. Utility and Maintenance Costs: Cost: Sellers must continue to pay for utilities, lawn care, and routine maintenance until the property is sold. Tip: Include ongoing utility and maintenance expenses in your budget until the closing date. Holding Costs: Cost: If the property doesn’t sell quickly, you may incur additional mortgage payments, property taxes, and insurance costs. Tip: Estimate the average time on the market for similar properties in your area and budget for holding costs accordingly. Unexpected Repairs After Inspection: Cost: Buyers may request repairs or credits for issues discovered during their home inspection. Tip: Allocate a contingency fund for post-inspection repairs or negotiate credits instead of making repairs. Moving Costs: Cost: Moving expenses can add up, especially if hiring professional movers. Tip: Obtain quotes from multiple moving companies and factor these costs into your budget. Effective Budgeting Strategies Create a Detailed Budget: List all potential expenses, both expected and unexpected, from the pre-listing phase to the closing date. Be as detailed as possible to avoid surprises. Build a Contingency Fund: Set aside a contingency fund (typically 5% to 10% of the expected sale price) to cover unforeseen expenses that may arise during the selling process. Get Estimates Early: Obtain estimates for repairs, staging, photography, and moving costs early to better plan your budget. Consult with Your REALTOR®: Your REALTOR® can provide valuable insights into typical costs and help you create a realistic budget based on your property and local market conditions. Negotiate Fees and Costs: Negotiate commissions, repair costs, and any buyer concessions to keep expenses within your budget. Monitor Your Budget Regularly: Track your expenses throughout the selling process and adjust your budget as needed to stay on track. Plan for Holding Costs: If you anticipate a longer selling period, plan for additional holding costs such as mortgage payments, property taxes, and insurance premiums. By anticipating these potential costs and budgeting effectively, sellers can avoid financial surprises and ensure a smoother, more predictable selling process. Tenant doesn’t pay $41,000 in rent for Toronto condo but owner can’t evict her yet | Globalnews.ca A Brampton couple bought a condo as an investment for their retirement but are frustrated they can't evict a tenant who they say owes them thousands of dollars in unpaid rent. globalnews.ca READ MORE ... Montreal home sales surge 12% in July, defying national trends - Mortgage Rates & Mortgage Broker News in Canada Montreal defied the national trend of stagnant home sales, recording a 12% increase in sales in July. canadianmortgagetrends.com READ MORE ... GTA’s housing market revives with increased sales & listings yet declining prices persist Find out about the changing dynamics of the GTA housing market in July 2024. Explore the rise in home sales, new listings, and how they... realestatemagazine.ca READ MORE ... Hamilton-Burlington area inventories rise as sales ease and prices soften: CAR Get the latest market stats for the Hamilton-Burlington area. Find out how home sales and listings are performing this month realestatemagazine.ca READ MORE ... Toronto condo sells at $320,000 loss A 37th-floor luxury condo in the heart of Toronto’s entertainment district that sold for a $320,000 loss is an example of a condo market that hasn’t been this tough in decades, Realtors and observers say. toronto.ctvnews.ca READ MORE ... Over 80 per cent of Toronto-area homes are selling below asking price The Greater Toronto Area real estate market is in turmoil with a glut of homes on the market and houses across the region selling at shocking losse... blogto.com READ MORE ... What's going on in Canada's condo markets? An expert shares her insights What's going on in Canada's condo market? An expert spoke with CTV's Your Morning about when is a good time to buy. ctvnews.ca READ MORE ... Laneway Suite of the Week: $2.2 million for an upside-down Harbord Village home with a rooftop shower - Toronto Life 1,077,815 Torontonians can’t be wrong. torontolife.com READ MORE ... Canada’s housing markets look for deeper rate cuts to ramp up activity - RBC Thought Leadership The Bank of Canada’s interest rate cuts in June and July likely marked a turning point for struggling housing markets... thoughtleadership.rbc.com READ MORE ... Canadian rent growth hits two-year low with 5.9% annual rise in July - Mortgage Rates & Mortgage Broker News in Canada Average rents across Canada were up an annualized 5.9% in July, marking the slowest pace of growth in nearly two and a half years. canadianmortgagetrends.com READ MORE ... Own a cottage? Act now to reduce the sting of capital gains tax changes Sponsor Content theglobeandmail.com READ MORE ... Average asking rent drops in Vancouver, but remains highest in Canada: report Vancouver and Burnaby have topped a ranking of the most expensive places to find rental housing in Canada. bc.ctvnews.ca READ MORE ... Rent increases are slowing across Canada – and especially in London Rents in London grew at a slower pace in July than they did across the country, which in turn posted its slowest growth in more than two years, the latest snapshot of the Canadian rental market shows. lfpress.com READ MORE ... Canadian rent growth slows, but some cities see big increases Rents in Canada rose 5.9 percent in July, with notable increases in Halifax and prairie cities despite overall slower growth wealthprofessional.ca READ MORE ... Here's how much it costs to rent in Ottawa in August The average rent in Ottawa is up by 1.5 per cent for a one bedroom apartment and 1.2 per cent for a two bedroom apartment since last month, according to Rentals.ca. ottawa.ctvnews.ca READ MORE ... Rental rates fall in Oshawa, with prices for one-bedroom units dropping the most - INdurham | Local Online News While rental rates are up across Canada, prospective tenants looking to buy in Oshawa might be relieved to hear that unit prices are down from last month. According to Rentals.ca and Urbanation’s latest National Rent Report, the price of a one-bedroom unit in the Durham Region city hit $1,863 in July, down 4.3 per cent […] durham.insauga.com READ MORE ... Toronto Real Estate Prices Fall Further, Most Inventory Since 2008 - Better Dwelling Swing and a miss—strike two for interest rates boosting Greater Toronto real estate demand. Toronto Regional Real Estate Board (TRREB) data shows home prices slipped lower in July. Despite a narrative of rapid population growth, demand remains historically weak as sellers appear in near record high volumes for the month, only to find one of […] betterdwelling.com READ MORE ... Canada's Bank Regulator Delays Standard Risk For Capital Minimums - Better Dwelling One country’s discreet bailout is another country’s financial crisis, and that’s why Basel III was rolled out. The series of banking supervision measures are designed to improve banking resilience, with the latest measure designed to set minimum capital using a standard approach to risk. Canada was set to begin adopting the rules this year, but […] betterdwelling.com READ MORE ... Toronto house slated for demolition now transformed into a surreal wonderland A group of artists has come together to give a house a last hurrah before it is demolished to make way for a new residential development. Led by ar... blogto.com READ MORE ... This half-gutted Toronto house sold in just three days While all signs point to Toronto's real estate market being in a coma, with housing sales taking longer than ever, there are still some shenanigans... blogto.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... 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. "Disclaimer: Articles in this newsletter are generated by AI." If you no longer wish to receive these Emails, please Unsubscribe Here