🏙️ 28th Aug 2024 - Toronto’s Condo Market In Turmoil – Sales Drop To 27 Year Low!

💥 Wednesday 28th August 2024 💥 Questions Agents Hate! GTA Real Estate Pulse: Today's Hot Trends! "Insightful Advice for Home Seekers: Free Reports & Desirable Listings!" "GTA Real Estate Pulse: Today's Hot Trends" is your go-to source for the latest and most significant trends in the Greater Toronto Area's real estate market. Each day, we bring you a concise yet comprehensive overview of the hottest developments, emerging opportunities, and expert insights that are shaping the market. Whether you're a buyer, seller, investor, or simply a market enthusiast, stay ahead of the curve with our daily updates, ensuring you're always in tune with the pulse of GTA real estate. Can asking overly personal or invasive questions about a REALTORS® background or personal life affect the professional dynamic, and how can buyers strike a balance between curiosity and respect? Yes, asking overly personal or invasive questions about a REALTOR®’s background or personal life can indeed affect the professional dynamic between the buyer and the REALTOR®. It is important for both parties to maintain a professional relationship built on mutual respect, trust, and clear boundaries. Potential Impacts of Overly Personal Questions: Discomfort and Awkwardness: If a buyer asks questions that feel too personal or invasive, it can create discomfort and awkwardness, potentially making the REALTOR® feel uneasy or disrespected. This can impact their ability to provide the best service as the focus shifts from a professional interaction to one where boundaries might feel crossed. Erosion of Professionalism: The REALTOR® might start to feel that the buyer does not respect their professional boundaries, which could erode the level of professionalism in their interactions. This could lead to less effective communication and a less productive working relationship. Misalignment of Expectations: Personal questions might lead to discussions or assumptions that are unrelated to the real estate transaction, causing a misalignment in the expectations of what the professional relationship should entail. This could distract from the main goal of helping the buyer find the right property. Striking a Balance Between Curiosity and Respect: While it's natural for buyers to want to get to know the person they are working with, it’s important to strike a balance to ensure that the relationship remains professional and focused on the real estate transaction. Keep Questions Relevant: Focus on asking questions that are relevant to the REALTOR®’s professional background, experience, and expertise. For example: “How long have you been working in the Toronto real estate market?” “What types of properties do you specialize in?” “Can you share an example of a challenging transaction you successfully navigated?” Gauge the Comfort Level: Pay attention to the REALTOR®’s responses and body language. If they seem hesitant or uncomfortable answering a question, it’s a sign that you might be crossing into territory they would prefer to keep private. Respect Privacy: Recognize that REALTORS® have a right to privacy, just as any professional does. Avoid probing into their personal life, family, or unrelated interests unless they voluntarily share that information. Express Interest Professionally: If you are genuinely interested in the REALTOR® as a person, express that interest in a way that respects their boundaries. For example: “I’m curious about what led you to pursue a career in real estate. What do you enjoy most about helping people find homes?” “I appreciate your dedication to your work. What drives your passion for real estate?” Let Them Lead the Conversation: Allow the REALTOR® to guide the conversation when it comes to sharing personal details. If they choose to share something about their personal life, you can respond respectfully without prying further. Conclusion: Maintaining a professional yet personable relationship with your REALTOR® is key to a successful real estate transaction. By focusing on questions that are relevant to their professional expertise and being mindful of their comfort level, you can strike the right balance between curiosity and respect. This approach ensures that the working relationship remains productive, respectful, and effective, ultimately helping you achieve your real estate goals. Toronto's condo market in turmoil - sales drop to 27 year low Judy Lamelza Special to Ontario Construction News Toronto's once-booming condo market is currently facing significant challenges, with a steep decline in ontarioconstructionnews.com READ MORE ... What's tanking Toronto's condo market? Are more investors set to hit the panic button as cashflow-negative mortgages in the space continue rising? mpamag.com READ MORE ... Where to Find the Cheapest Real Estate in Canada Housing affordability in Canada faces 6% mortgage rates and high down payments, but first-time buyers are finding affordable real estate. blog.remax.ca READ MORE ... BCREA: Home sales expected to rise as rates fall - Indo-Canadian Voice THE British Columbia Real Estate Association (BCREA) has released its 2024 Third Quarter Housing Forecast Update. Multiple Listing Service (MLS) residential sales in BC are forecast to increase 4.4 per cent to 76,300 units this year. In 2025, MLS residential sales are forecasted to strengthen further, rising to 86,475 units. “The Bank of Canada has […] voiceonline.com READ MORE ... Canadian home builders' sentiment hits record lows amid market challenges: CHBA 2024 Q2 HMI report Canadian Home Builders' sentiment hits record lows in key regions. Discover the impact of new home sales & housing starts plus what's needed realestatemagazine.ca READ MORE ... How raising your deductibles can help you save on home insurance If you’re looking for a quick way to lower your home insurance premiums, take a look at your deductibles. rates.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. bradfordtoday.ca READ MORE ... What to do when your mortgage renewal is declined - MoneySense Though interest rates may be falling, many homeowners are still experiencing “rate shock” upon renewal—and in some cases, getting turned away by their lender. Here are some steps to take when your renewal application is denied. moneysense.ca READ MORE ... BMO reports rising mortgage delinquencies and loan loss provisions in Q3 - Mortgage Rates & Mortgage Broker News in Canada High interest rates drove BMO's mortgage delinquency rate higher in the third quarter, according to the bank's latest earnings results. canadianmortgagetrends.com READ MORE ... Less than half of Millennials and Gen Z think homeownership possible in Ontario: survey | insauga The next generation of Ontarians overwhelmingly believe owning a home would be a sound long-term investment, but more than half say that goal is out of reach. insauga.com READ MORE ... So many mortgage renewals are due in 2025; what's on the horizon? Canada will have $1.4 trillion of mortgages coming up for renewal in 2025. Here is what you need to know to prepare now. stockhouse.com READ MORE ... 'Spacious room' renting for $1,000 a month in downtown Vancouver is essentially a large closet "You will love it here!" reads the ad for this tiny repurposed room vancouverisawesome.com READ MORE ... Here's how much you can earn renting a basement in Mississauga, Brampton, Oakville and the GTA | insauga As homeowners struggle with increased mortgage costs, many might consider renting their basement for some extra income. insauga.com READ MORE ... 'Broken system' leaves Ramara landlords to foot bill for tenants trashing their home 'Where's the justice?' asks frustrated landlord who alleges nine people and three dogs are living in 800-square-foot space with one bathroom without paying a cent for 6 months orilliamatters.com READ MORE ... Canada to Allow 30-Year Mortgages for First-Time Homebuyers Canada is set to introduce 30-year amortization periods for first-time homebuyers, offering new opportunities for affordable homeownership. Read how this change in mortgage terms could impact the housing market and benefit prospective buyers. gta-homes.com READ MORE ... Bank of Canada's policy interest rate could dip to 2.75% by late 2025 Looking ahead, the Bank of Canada may reduce its policy interest rate to 3.75 per cent by the end of 2024, with further cuts potentially bringing i... blogto.com READ MORE ... Younger Canadians missing credit product payments, says Equifax Living costs, unemployment continue to weigh down prospects mpamag.com READ MORE ... Why now is the best time to buy a cottage in Canada 'It's firmly a buyer's market' mpamag.com READ MORE ... 'You couldn't do it overnight': 30-year fixed mortgages still a long shot Ex-CMHC chair outlines extensive work needed to bring longer mortgage terms to the Canadian market mpamag.com READ MORE ... Is Canada's housing crisis getting worse? Homebuilder sentiment is continuing to 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!" 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 | 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

🌲 27th Aug 2024 - 'Buyers Are Firmly In The Driver's Seat': It's A Good Time To Buy A Cottage In Canada, Experts Say!

💥 Tuesday 27th August 2024 💥 Toronto GTA Power Of Sale FREE Listings! Hot Property Watch: Daily Toronto News! "Discover Your Home Sweet Home: Free Reports & Hot Listings!" "Hot Property Watch: Daily Toronto News" brings you the most up-to-date and essential insights into Toronto's dynamic real estate market. Every day, we dive into the latest trends, highlight must-watch properties, and offer expert analysis on what’s driving the market. Whether you're looking to buy, sell, or simply stay informed, our daily digest delivers the hot news you need to navigate Toronto's competitive real estate landscape with confidence. Are there any additional costs or fees associated with purchasing properties under "Power Of Sale Listings," such as outstanding liens or legal expenses, and how can buyers assess these potential liabilities? Purchasing a property under a "Power of Sale" listing in Toronto, Ontario, Canada, can present unique opportunities, often at a potentially lower price than a traditional sale. However, there are additional costs and risks that buyers should be aware of, including outstanding liens and legal expenses. Here’s what you need to know: 1. Outstanding Liens or Debts Liens on the Property: When purchasing a property under Power of Sale, any outstanding liens (such as property tax liens, utility liens, or mechanic's liens) might still be attached to the property. Although the lender initiating the Power of Sale is responsible for paying off the mortgage, other debts associated with the property may still need to be addressed by the buyer. Assessment: Buyers should conduct a thorough title search to uncover any outstanding liens or encumbrances. This can be done through a real estate lawyer or a title company. The cost of a title search is typically borne by the buyer. 2. Legal and Administrative Fees Legal Fees: Given the complexity of Power of Sale transactions, legal fees may be higher than in a regular purchase. A real estate lawyer is essential in these transactions to review the sale agreement, conduct a title search, and ensure that the buyer is protected from inheriting any unexpected liabilities. Power of Sale Notice Fees: There might be fees related to the notice of sale, which the lender is required to serve on the homeowner and potentially on other interested parties. These fees can sometimes be passed on to the buyer, depending on the terms of the sale. Additional Legal Costs: If the previous owner challenges the sale, additional legal expenses could be incurred. Buyers need to be prepared for the possibility of protracted legal processes. 3. Property Condition and Repairs As-Is Sale Condition: Properties sold under Power of Sale are typically sold "as-is," meaning the lender is not responsible for any repairs or maintenance. The buyer must assume the cost of any necessary repairs or renovations. There is also no guarantee that the property will be vacant upon closing, potentially leading to additional eviction costs if the former owner or tenants do not leave voluntarily. Property Inspection: It is crucial for buyers to invest in a professional home inspection before purchasing. While this is a standard recommendation for any property purchase, it is particularly important for Power of Sale properties, as the lender is unlikely to make any disclosures about the property’s condition. 4. HST and Land Transfer Tax Harmonized Sales Tax (HST): Depending on the property's use and how it is classified, there might be HST applicable to the purchase. Buyers should verify with their lawyer or accountant whether HST applies to the transaction and be prepared for this additional cost. Land Transfer Tax: Buyers are responsible for paying land transfer tax upon closing. In Toronto, this includes both provincial and municipal land transfer taxes. First-time homebuyers may qualify for a rebate, but it’s important to budget for this cost regardless. 5. Mortgage Default Insurance Mortgage Insurance Costs: If you’re putting less than 20% down, you’ll likely need to pay for mortgage default insurance (CMHC insurance). This is a standard cost but is still an additional expense to consider, especially when already facing potential extra costs associated with a Power of Sale. 6. Assessing Potential Liabilities Title Insurance: Obtaining title insurance can protect the buyer from unknown issues related to the title, including fraudulent claims or overlooked liens. Title insurance is typically a one-time premium paid at closing and provides peace of mind. Reviewing Sale Terms: Carefully review the terms and conditions of the Power of Sale agreement with your lawyer. Some agreements may have clauses that affect the buyer's rights or add additional costs that wouldn’t be present in a standard sale. Consultation with Real Estate Professionals: Engaging with a REALTOR® who has experience with Power of Sale properties can provide valuable insights and help navigate potential pitfalls. They can also assist in negotiating terms that might protect the buyer from unforeseen liabilities. Conclusion: Buying a property under a Power of Sale listing can be an attractive option, especially in a competitive market like Toronto, but it comes with additional risks and costs. Conducting due diligence, including a thorough title search, securing appropriate legal representation, and understanding all potential liabilities, is critical to ensuring that the purchase is a sound investment. By being aware of these potential pitfalls, buyers can better protect themselves and make more informed decisions. 'Buyers are firmly in the driver's seat': It's a good time to buy a cottage in Canada, experts say As the weather cools down across Canada, so too is the cottage market, with real estate experts saying now is the time to purchase that cottage you've had your eyes on. 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 ... House of the week: Custom-built home nestled by a creek in Mississauga | INsauga This week's home is nestled by a creek in Mississauga. insauga.com READ MORE ... Summer pulse check & fall outlook: What’s happening in Canadian real estate markets Uncover the latest insights on the Canadian housing market. Explore the impact of rate cuts, demand, and future housing activity in the fall realestatemagazine.ca READ MORE ... ‘Shell-shocked’: Homeowners reeling as Ontario Line gobbles up more Toronto homes | Globalnews.ca Metrolinx said 'updated assessments' revealed more homes are 'vulnerable to potential structural impacts ... due to tunnelling activities' for the Ontario Line through Riverdale. globalnews.ca 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 ... Major Canadian rental company warns tenants that hackers may have their banking info One of western Canada’s largest rental property companies is warning tenants about a cyber security breach it says was discovered earlier this year. saskatoon.ctvnews.ca READ MORE ... Who says you can't buy a house? Young Canadians remain hopeful Canada's youth remain committed to home ownership, viewing it as a key investment despite financial hurdles wealthprofessional.ca READ MORE ... Despite first quarterly loss in 21 years, TD sees strong mortgage volumes in Q3 - Mortgage Rates & Mortgage Broker News in Canada TD Bank braces for historic U.S. fine amid AML issues but sees 6% growth in mortgage lending canadianmortgagetrends.com 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 ... Here are the top cities people want to move to in Ontario and Canada | insauga The top cities people want to relocate to in Ontario and Canada may come as a surprise. insauga.com READ MORE ... House of the Week: $5.8 million home has its own sauna, wet bar and pool in Mississauga | INsauga Located in Mississauga’s prestigious Lorne Park neighbourhood, this luxury home features a gorgeous custom design from award-winning Ontario design firm David Small Designs, which won the BILD Best Custom Home award back-to-back in 2021 and 2022. Walk Thru + Tour While Lorne Park is known for its iconic custom-built homes, 1604 Spring Road stands out […] insauga.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 ... Doorbells Before Wedding Bells: New Generation Of Home Buyers Unlocking Financial Success Houseful survey reveals first-time homebuyers under 30 in Canada prioritizing home ownership over other goals to secure their financial futures Despite a challenging housing market and recurring headlines around housing affordability, first-time homebuyers in Canada under 30 are undeterred. Instead, they are doubling down on home ownership as a financial priority over common life milestones such as weddings. A […] muskoka411.com READ MORE ... GTA home bidding activity cools in July while Hamilton heats up: Wahi Explore the drop in GTA overbidding activity and how it's creating opportunities for buyers, plus what's happening in the Hamilton market. realestatemagazine.ca READ MORE ... B.C. tenant claims $18,813 for 'disgusting' mouse infestation A renter was pregnant during the tenancy and said the mice infestation caused a lot of stress. vancouverisawesome.com READ MORE ... B.C. caps allowable rent increase for 2025 at 3% | Globalnews.ca Starting Jan. 1, landlords will be able to raise rents by a maximum of three per cent, which is down from 3.5 per cent for this current year. globalnews.ca READ MORE ... House of the Week: $3.1 million for an Edwardian duplex in Little Portugal sitting on a massive commercial lot - Toronto Life 1,077,815 Torontonians can’t be wrong. torontolife.com READ MORE ... Young GTA buyers shift from downtown condos to suburban homes: Here's why it's a problem Young buyers are opting for suburban townhomes instead of downtown condos in the GTA. Learn why this is problematic and what can be done realestatemagazine.ca READ MORE ... Canada To Roll Out New Steel Tariffs, Home Building Costs To Rise - Better Dwelling Canadian home building costs surged as rates were cut, and stimulus fueled record demand. Policymakers assured households that it was just supply shortages and the inflation was transitory. Supply chains will scale up and prices will come down, eventually. That day is finally here for steel. It turns out that was never the goal.  Earlier […] betterdwelling.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 | 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