📚 26th Aug 2024 - 15 Must-Know Terms To Boost Your Financial Literacy!

💥 Monday 26th August 2024 💥 NEW vs Resale Homes - FREE Report! GTA Real Estate Daily: Hot Updates! "Empowering Your Property Journey: Expert Reports & Prime Listings!" "GTA Real Estate Daily: Hot Updates" delivers the most relevant and up-to-date information on the Greater Toronto Area's dynamic real estate market. Each day, you'll receive a concise yet comprehensive overview of the latest trends, listings, and key developments that are shaping the market. Whether you're looking to buy, sell, or invest, our daily updates will keep you informed and ready to make smart decisions in this ever-evolving landscape. Stay connected with the pulse of GTA real estate and never miss a beat with our daily hot updates. Can buyers expect different levels of warranty protection and builder guarantees when purchasing new homes versus resale homes, and how does this affect peace of mind and long-term investment security? Yes, buyers can expect different levels of warranty protection and builder guarantees when purchasing new homes compared to resale homes. These differences significantly impact the peace of mind and long-term investment security for homeowners. Here’s how these variations typically play out: 1. Warranty Protection and Builder Guarantees for New Homes Builder Warranties: Coverage: New homes often come with builder warranties that cover various aspects of the property for a set period. These warranties typically include coverage for structural elements, systems (such as electrical, plumbing, and HVAC), and sometimes even cosmetic items like paint and flooring. The specific coverage and duration can vary by builder and location. Typical Duration: Builder warranties usually provide coverage in stages: One-Year Warranty: This often covers workmanship and materials, such as windows, doors, and roofs. Two-Year Warranty: This may cover mechanical systems, including electrical, plumbing, and HVAC systems. Ten-Year Warranty: Structural defects, like foundation issues, are often covered for a longer period, typically up to ten years. Peace of Mind: Knowing that the home is covered by a warranty from the builder provides significant peace of mind, as any defects or issues that arise within the warranty period can typically be repaired at no cost to the homeowner. Tarion Warranty (Ontario Specific): Mandatory Coverage: In Ontario, new homes are protected under the Tarion Warranty Corporation, which mandates coverage for new homes built by registered builders. Tarion offers protection against defects in workmanship, materials, and major structural components. Details: The Tarion warranty offers: One-Year Warranty: Covers defects in work and materials, ensuring the home meets Ontario Building Code requirements. Two-Year Warranty: Protects against water penetration, defects in electrical, plumbing, and heating systems, and major structural issues. Seven-Year Warranty: Covers major structural defects that affect the load-bearing structure of the home. Security: The Tarion warranty provides a standardized level of protection that can offer homeowners additional security when purchasing a new home in Ontario. 2. Warranty Protection for Resale Homes Limited or No Warranties: As-Is Condition: Resale homes are generally sold "as-is," meaning they do not come with the same level of warranty protection that new homes offer. Buyers should not expect the seller to provide a warranty unless it is explicitly negotiated as part of the sale. Home Warranty Plans: Some sellers or buyers may choose to purchase a home warranty plan that provides coverage for specific systems and appliances for a limited time, usually one year after the purchase. However, these plans are often limited in scope and may not cover all potential issues. Potential Risks: Undetected Issues: Because resale homes may not have the same level of warranty coverage as new homes, buyers may face unexpected repair costs if issues arise after purchase. This can affect long-term investment security, as significant repairs could reduce the return on investment. Pre-Purchase Inspections: To mitigate risks, buyers of resale homes typically rely heavily on pre-purchase home inspections. These inspections help identify potential issues, but they are not foolproof, and some problems may not become apparent until after the purchase. 3. Impact on Peace of Mind and Long-Term Investment Security Peace of Mind: New Homes: The comprehensive warranties and guarantees associated with new homes provide a high level of peace of mind. Buyers know that many potential issues will be covered by the builder or under a warranty plan, reducing the likelihood of unexpected expenses. Resale Homes: Buyers of resale homes often have less peace of mind, particularly if the home is older and out of warranty. The possibility of hidden issues arising after the sale can cause anxiety, and buyers may need to budget for potential repairs. Long-Term Investment Security: New Homes: The security provided by builder warranties can make new homes a safer long-term investment. With fewer out-of-pocket expenses for repairs, homeowners can better predict their long-term costs and protect their investment. Resale Homes: While resale homes can still be a good investment, the lack of warranty protection means buyers need to be more diligent in assessing the property’s condition and be prepared for the possibility of additional maintenance costs over time. Conclusion When comparing new homes to resale homes, the warranty protection and builder guarantees available for new homes offer significant advantages in terms of peace of mind and long-term investment security. Buyers of new homes benefit from comprehensive coverage that can protect them from costly repairs in the early years of homeownership. On the other hand, buyers of resale homes should be aware of the potential risks and take steps, such as thorough inspections and possibly purchasing a home warranty plan, to mitigate those risks. Ultimately, the choice between a new and resale home depends on the buyer's priorities, budget, and tolerance for potential risks. 15 must-know terms to boost your financial literacy Take 30 minutes to increase your financial IQ. We’ll explain insurance, savings and investment terms – simply. Watch now. sunlife.ca READ MORE ... Has the tide turned in Canada's mortgage market? Rates are on the way down – but are homebuyers jumping back in? mpamag.com READ MORE ... This Whistler mansion just hit the market for $25.5M The latest mega-mansion to hit the market in Whistler, B.C., is the most expensive residential listing within a Canadian mountain resort town, according to its listing agent. bc.ctvnews.ca READ MORE ... Who's afraid of the big bad variable rate mortgage? With all evidence suggesting interest rates are on the decline, why are borrowers still afraid of variable rate mortgages? Find out more. communitypress.ca READ MORE ... Analysis: As interest rates ease, variable rate mortgages regain appeal Two rate cuts by the Bank of Canada, and the expectation more are looming, have started to make variable-rate mortgages more enticing lfpress.com READ MORE ... CONDO REPORT: Interest rate reduction needed to address overstock 'There is too much inventory currently on the market' in Barrie, says columnist barrietoday.com READ MORE ... Collingwood offers to pay you to add new units to your home The Town of Collingwood is offering residents a cash incentive to add additional units to their homes. barrie.ctvnews.ca READ MORE ... Edmonton named the best city for Toronto residents to 'rentvest' If you're looking to break into the Toronto housing market but saving up enough for a down payment feels out of reach, it turns out there is a lucr... blogto.com READ MORE ... This Week’s Top Stories: Canadian Real Estate Sees Inventory Surges, & Condo Prices Double Dip - Better Dwelling Time for your cheat sheet on this week’s top stories. Canadian Real Estate Canadian Real Estate Inventory Grew More Than 2x The Rate of Sales  Canadian home sellers expected rate cuts to stimulate the market, but apparently no one told buyers. July saw annual growth of new listings grow at double the rate of sales. […] betterdwelling.com READ MORE ... Income needed to buy a Calgary home down slightly It's getting a little easier to buy a home in Calgary, but finding an affordable home continues to be a sticking point. calgary.citynews.ca READ MORE ... Gen Z adults, younger millennials dream of home ownership but many in Ontario see it as unachievable: survey | CBC News Despite the high property prices in Ontario, the vast majority of people aged 18 to 35 have a strong desire to own a home and hope to purchase one within the next five to 10 years, according to a new survey released Thursday by Royal LePage. cbc.ca READ MORE ... Here's the income you really need to earn to afford a home in Toronto right now Even with hardly anyone buying real estate in Toronto lately, the city's home prices remain among the highest in the world, necessitating an unreal... blogto.com READ MORE ... This abandoned Toronto house hasn't been on the market since 1951 While homebuyers usually need a salary of at least $208,950 to buy the average house in Toronto, you won't need that much to buy 35 Via Italia.  Th... blogto.com READ MORE ... An adorable one-bedroom detached Toronto house is only $700,000 While it seems weird for a whole house to only have a single bedroom, 285 Chisholm Ave. is just that – a one-bedroom, one-bathroom house.  But she ... blogto.com READ MORE ... Canadian Real Estate Inventory Grew More Than 2x The Rate of Sales  - Better Dwelling Canadian real estate prices have yet to budge, but there’s a lot more inventory hitting the market. Canadian Real Estate Association (CREA) data shows new listings surged in July 2024. An army of sellers hit the market last month, sending new listings to grow at more than double the rate of sales. Some of the […] betterdwelling.com READ MORE ... Many young people in Ontario still believe they will own a home one day but yeah right Even though homes in many parts of the province haven't been anywhere near affordable for the majority of their lives, a large proportion of young ... blogto.com READ MORE ... The tallest office tower under construction in Canada is quickly rising in Toronto The tallest office building currently under construction in Canada is now making an impressive impact on the Toronto skyline. Work is in full swing... blogto.com READ MORE ... Modern $4.5 million Toronto house is made with all native Ontario materials Normally, it's a flex to say you've imported materials from Italy or France to build your house in Toronto.  But we think it's way cooler if you ca... blogto.com READ MORE ... Ontario developers in a panic as new home construction falls off a cliff Developers who are accustomed to rolling in the dough from Ontario's booming housing industry have been panicking this year amid record-low sales a... blogto.com READ MORE ... 105-storey megatower rising in Toronto will soon be Canada's tallest building You'd be forgiven for not noticing the new condo tower rising from the Toronto Star lands at the foot of Yonge Street. For now, it just seems like ... 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

🛑 23rd Aug 2024 - Competition for Homes in Niagara grinds to a halt!

💥 Friday 23rd August 2024 💥 How To Sell A Home That Didn't Sell! Toronto Real Estate Hot Highlights! "Unlocking the Potential of Real Estate: Free Reports & Fresh Listings!" "Toronto Real Estate Hot Highlights" is your go-to source for the most exciting and crucial developments in the city's real estate market. Every day, we bring you a curated selection of the top stories, market trends, and insider insights that matter most. Whether you're a buyer, seller, investor, or just interested in the Toronto real estate scene, our daily highlights ensure you stay ahead of the curve with all the essential updates and analysis you need to navigate this vibrant market. What role does pricing play in the expiration of home listings, and how can sellers determine the optimal listing price to avoid future expirations? Pricing plays a critical role in the expiration of home listings. When a property is priced incorrectly, it can lead to a lack of interest from potential buyers, ultimately resulting in the listing expiring without a successful sale. Here’s a closer look at how pricing affects the likelihood of an expired listing and strategies sellers can use to determine the optimal listing price to avoid future expirations: 1. Impact of Incorrect Pricing on Listing Expiration Overpricing: Consequence: One of the most common reasons for a listing to expire is overpricing. When a property is priced too high relative to comparable properties in the market, it can deter buyers who perceive it as a poor value. Overpriced homes tend to sit on the market for extended periods, leading to a staleness that further diminishes buyer interest. Buyer Psychology: Buyers today have access to extensive online resources and are generally well-informed about market conditions. An overpriced home can cause buyers to dismiss it early on, leading to fewer showings and offers. Underpricing: Consequence: While less common, underpricing a property can also lead to issues. If a home is significantly underpriced, buyers may assume there are hidden flaws or problems with the property. Additionally, sellers might leave money on the table if they don’t generate sufficient competitive bidding to drive the price up. Perception: An underpriced home may attract a lot of interest, but if the final sale price doesn’t meet the seller's expectations, it could lead to regret or financial loss. 2. Determining the Optimal Listing Price Comparative Market Analysis (CMA): Purpose: A CMA is an essential tool for determining an appropriate listing price. It involves analyzing recent sales of similar properties in the area, including the price per square foot, condition, and specific features. This analysis provides a data-driven foundation for pricing decisions. Execution: Sellers should work with their REALTOR® to review the CMA and ensure it considers both current market conditions and any unique aspects of the property. Understanding Market Conditions: Supply and Demand: Sellers need to consider the current state of the market—whether it’s a buyer’s market, seller’s market, or balanced market. In a buyer’s market, where there are more homes than buyers, pricing competitively is crucial to stand out. In a seller’s market, there may be more leeway to price slightly higher, but it’s still important not to exceed what buyers are willing to pay. Trends: Keep an eye on trends such as seasonal fluctuations in demand, interest rate changes, and local economic factors that might impact buyer behavior. Price Banding: Concept: Price banding refers to the strategy of setting the price within a specific range that appeals to the broadest segment of buyers. For example, if most buyers are searching for homes within a specific price range, listing just below a major threshold can attract more interest (e.g., pricing at $499,000 instead of $510,000). Psychological Pricing: Rounding the price to a more attractive number (e.g., $499,900 instead of $500,000) can also make a difference in buyer perception. Assessing Property Condition and Unique Features: Condition: The property's condition relative to others in the area plays a significant role in pricing. Sellers should be honest about any necessary repairs or updates and factor those into the listing price. Unique Features: Special features or upgrades that set the property apart should be highlighted and considered in the pricing, but sellers need to ensure these features are valued appropriately and not overestimated. Testing the Market: Soft Launch: Some sellers opt for a “soft launch” of their property, listing it at a higher price initially to test the market’s response. If there’s little interest, they can adjust the price accordingly. However, this strategy should be used cautiously to avoid the listing becoming stale. Reevaluating: If a listing has been on the market for a while with minimal interest, sellers should be open to reevaluating and adjusting the price rather than letting it expire. 3. Avoiding Future Expirations Regular Market Reviews: Adjustment: Stay in close communication with your REALTOR® to regularly review market conditions and adjust the price as needed. The market can change quickly, and timely adjustments can prevent a listing from becoming stale. Effective Marketing: Exposure: Ensuring the property is marketed effectively, with high-quality photos, virtual tours, and detailed descriptions, can help attract the right buyers at the right price. Negotiation Strategy: Flexibility: Be prepared to negotiate with buyers who might make offers below the listing price. Understanding the bottom line and being flexible can lead to a successful sale rather than letting the listing expire. Conclusion Pricing is one of the most crucial factors in ensuring a home sells before the listing expires. Sellers can determine the optimal listing price by conducting a thorough CMA, understanding market conditions, employing price banding strategies, and remaining open to adjustments. Working closely with a REALTOR® and being responsive to market feedback can prevent the listing from becoming stale and expiring. Competition for homes in Niagara grinds to a halt Buyers in Niagara have more choice than at any point in the last five years thoroldtoday.ca READ MORE ... 3-bedroom home sells for well under average price in Mississauga | INsauga A Mississauga three-bedroom home sold for well under the average price in the city — good news for buyers but not sellers. insauga.com READ MORE ... Calgary among best condo markets for investors in Canada Calgary is likely to be on Toronto real estate investors’ radar more thanks to a recent report showing the city is among the more lucrative markets in Canada where average rent exceeds the mortgage cost when purchasing the average-priced condominium. “Alberta’s largest cities were among top cities in the report with Edmonton at No. 1 and Calgary in sixth,” says Tarek Hageahmad, realtor with eXp Realty in Calgary. The study by Zoocasa, a national... msn.com READ MORE ... New home prices edge up slightly in July, first annual increase in 15 months: StatCan The cost of a new home in Canada was up 0.1 per cent in July compared to a year earlier, the first annual increase since March 2023, according to Statistics Canada. ctvnews.ca READ MORE ... Average rate on a 30-year mortgage eases to 6.46%, the lowest level in 15 months The average rate on a 30-year mortgage eased this week to its lowest level in 15 months, welcome relief for home shoppers navigating a housing market that remains out of reach for many Americans. The rate fell to 6.46% from 6.49% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged […] halifax.citynews.ca READ MORE ... Modest gains in housing affordability seen across most of Canada Housing affordability is improving across Canada, albeit modestly, a new report shows. National Bank of Canada Financial Markets released its Housing Affordability Monitor report this month showing continuing improvement in affordability in the second quarter of 2024 (April to June). It found in eight of 10 markets it tracked that mortgage payments as a percentage of income fell from the previous quarter. The two outlier markets, the report... msn.com READ MORE ... Young Canadians have ‘no shortage of barriers’ but are still optimistic about homeownership, report says More than half believe that owning a home is an achievable goal, according to a Royal LePage survey ca.finance.yahoo.com READ MORE ... "People who romanticized rural life during the pandemic can't come back": A GTA mortgage broker on cottage buyers' remorse - Toronto Life 1,077,815 Torontonians can’t be wrong. torontolife.com READ MORE ... Edmonton's apartment-style condos are ripe for investment Edmonton is tops among the nation for condominium investor profitability, a new study shows. Yet the demand for resale apartments is among the coolest segments in the city’s real estate market, which may partly explain why the condo market seems like a deal for investors, says a local realtor. “Edmonton is probably the cheapest part of the national condo market,” says Kristal Smith, realtor with eXp Realty in the city. “Prices just haven’t gone... msn.com READ MORE ... Buyer doesn't close, liable for property value loss of over $330,000 Discover the risks of negotiation missteps in property transactions. Find out how making certain demands can result in financial losses... realestatemagazine.ca READ MORE ... B.C. $500M rental protection fund nears 1,500 homes | Globalnews.ca A B.C. government fund to help non-profits buy rental buildings to protect tenants from eviction and maintain affordable rents is on track to exceed its target of 2,000 homes. globalnews.ca READ MORE ... Housing crisis: Quebec plans to build 500 prefabricated house units The Quebec government presented its strategy on Thursday to resolve the housing crisis without new funding.  montreal.citynews.ca READ MORE ... Spotlight:Why you shouldn’t time the mortgage market Experts caution that this approach could be a high-stakes gamble, fraught with potential pitfalls and opportunity costs. haltonhillstoday.ca READ MORE ... Younger Canadians sacrificing more to save for a home: Royal LePage survey A new survey finds that despite affordability issues, Gen Z and younger Millennial Canadians are reducing spending and building credit in the pursuit of home ownership. bnnbloomberg.ca READ MORE ... 25 homes on Toronto street to be taken over by Metrolinx for subway line Over two dozen homes in Toronto's Riverdale neighbourhood will soon have to be vacated to make way for the construction of the forthcoming Ontario ... blogto.com READ MORE ... Meghan Markle's former Toronto house is back on the market Even though it's been more than seven years since Meghan Markle was living in Toronto during the filming of Suits, there's something kind of exciti... blogto.com READ MORE ... Ontario cottage prices are way down and experts are unsure of what's next for the market The real estate market in parts of the GTA is just starting to slowly heat back up after home sales fell off a cliff in recent months, but the down... blogto.com READ MORE ... Most Canadian Home Builders Plan To Cut New Supply In Half: CHBA  - Better Dwelling Canada’s planned builder boom is turning into a bust. The Canadian Home Builders Association (CHBA) released the results of its Q2 2024 survey. They found that home builder sentiment remained negative for an 8th consecutive quarter. As a result of weak demand, most plan to significantly reduce the numbers of homes they build—by half on […] betterdwelling.com READ MORE ... EQB unveils construction loan for laneway homes, garden suites Product provides 'critical solution' to housing issues, says SVP mpamag.com READ MORE ... Canadian youth prioritize homeownership over weddings, survey reveals More than three in four unmarried first-time homebuyers under 30 are focused on owning a home 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... 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 • OLD Fan Page: Rent to Own Homes GTA • Facebook NEW Fan Page Blog • Instagram • LinkedIn • Pinterest • Twitter • Tumblr • Youtube • Client Testimonials 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