🔑 27th Sep 2024 - What do Canadians want most in a Home?

💥 Friday 27th September 2024 💥 FREE Report - Stop Paying Your Landlord's Mortgage! Hot Property News: Toronto Daily Digest! "Your Real Estate Edge: Free Reports & Hot New Listings!" "Hot Property News: Toronto Daily Digest" is your go-to source for the latest updates and insights in Toronto's vibrant real estate market. Each day, we deliver a curated selection of property news, market trends, expert analysis, and emerging opportunities, ensuring you stay informed and ahead of the game. Whether you're a buyer, seller, investor, or just keeping an eye on the market, our daily digest provides the essential information you need to make smart decisions. Stay connected and up-to-date with "Hot Property News: Toronto Daily Digest." How do cultural or societal norms influence perceptions of renting versus owning, and how can individuals navigate these influences when making the decision to stop renting and start owning? Cultural and societal norms significantly influence perceptions of renting versus owning a home. These influences can shape individual attitudes, expectations, and decisions regarding homeownership. Here's how these norms play a role and how individuals can navigate these influences when considering the transition from renting to owning: 1. Cultural Values Around Homeownership Symbol of Stability and Success: In many cultures, homeownership is viewed as a key indicator of success and stability. Owning a home is often associated with financial security, social status, and personal achievement, leading individuals to feel societal pressure to buy a home. Generational Expectations: Cultural narratives often emphasize the importance of homeownership as a rite of passage into adulthood, further reinforcing the idea that renting is a temporary, less desirable state. This can lead to anxiety or feelings of inadequacy among those who rent longer than their peers. Navigating This Influence: Individuals should reflect on their personal values and circumstances rather than solely adhering to societal expectations. Assessing their financial readiness, lifestyle goals, and long-term plans can help them make a decision that aligns with their unique situation. 2. Economic Conditions and Market Trends Economic Mobility: In societies where upward mobility is tied to homeownership, individuals may feel pressure to buy as a means of securing their financial future. This can lead to hasty decisions driven by the desire to "get in the market" rather than thorough financial planning. Market Fluctuations: Cultural perceptions can also be influenced by market conditions, such as rising property prices. In times of economic growth, the societal norm may shift towards viewing homeownership as a more attainable and necessary goal. Navigating This Influence: Individuals should conduct thorough research on current market conditions and economic forecasts. Understanding personal financial situations and engaging with a financial advisor can help ensure that the decision to buy is informed and strategic, rather than reactionary. 3. Community Norms and Peer Pressure Neighborhood Dynamics: In some communities, renting may carry a stigma, whereas in others, it is perfectly acceptable. Peer pressure can influence individuals to conform to the dominant behavior in their community, leading them to buy homes even if it’s not the best financial decision for them. Social Circles: Friends and family members who emphasize homeownership as a goal can create an environment where renting is seen as failure or lack of commitment. Navigating This Influence: It’s important for individuals to establish their own criteria for success that are independent of community norms. Engaging in open conversations with friends and family about their values and choices can also help mitigate feelings of pressure. 4. Generational Differences Changing Attitudes: Different generations may have varying attitudes towards homeownership. For example, millennials may prioritize flexibility and experiences over homeownership, while baby boomers often emphasize the importance of owning a home. Access to Resources: Younger generations might face more financial barriers (e.g., student debt, high living costs), which can affect their perspectives on renting versus owning. Navigating This Influence: Individuals should recognize generational influences on their perceptions and assess their financial readiness for homeownership based on their unique circumstances rather than those of their peers. Financial education and planning can empower individuals to make informed choices. 5. Financial Considerations and Affordability Cost of Ownership: Cultural narratives often focus on the positives of homeownership, such as equity building and stability, without adequately addressing the costs associated with owning a home, including maintenance, property taxes, and insurance. Perception of Renting: Renting may be perceived as throwing money away rather than as a viable, flexible living arrangement that can fit into a broader financial strategy. Navigating This Influence: Individuals should evaluate the full financial implications of homeownership, including hidden costs. Creating a budget that compares the long-term costs and benefits of renting versus owning can provide clarity in making informed decisions. 6. Lifestyle Choices and Personal Preferences Lifestyle Factors: Cultural norms can influence lifestyle choices, such as the desire for stability versus flexibility. Some may prioritize owning a home for security, while others may value the freedom and mobility that comes with renting. Work and Family Considerations: Personal circumstances, such as job stability, family plans, and life goals, can affect the decision to transition from renting to owning. Navigating This Influence: Individuals should prioritize their own lifestyle preferences and life goals when making the decision to rent or buy. Assessing personal circumstances and long-term aspirations can help align housing choices with their unique needs. Conclusion Cultural and societal norms play a significant role in shaping perceptions of renting versus owning a home. By recognizing these influences and engaging in self-reflection, individuals can make informed decisions that align with their values, financial situations, and lifestyle preferences. Conducting thorough research, assessing market conditions, and seeking professional advice can further empower individuals to navigate the complexities of transitioning from renting to homeownership effectively. What do Canadians want most in a home? Buyers still dream of renovated, suburban single-family houses Uncover the top preferences of Canadian homebuyers, including renovated single-family homes in the suburbs realestatemagazine.ca READ MORE ... First home mortgage interest deduction: what to do in the case of a mixed mortgage - Alberta Construction Magazine Buying a house and its possible renovation are important phases in the life of many families. Often, to finance these operations, mixed mortgages are used, albertaconstructionmagazine.com READ MORE ... Homeowners will no longer need to do stress test when switching mortgage providers | CBC News The national banking regulator says it will no longer require borrowers with uninsured mortgages to undergo a stress test when switching providers. cbc.ca READ MORE ... Mortgage changes: Cheaper entry into housing market at steeper costs Mortgage rule changes allow easier entry into the housing market with lower monthly payments, but also an increased cost of repaying a mortgage. ctvnews.ca READ MORE ... Young homebuyers face $100,000 interest hit in Burlington, Hamilton under new mortgage rules | INhalton A move to encourage young adults in Burlington and Hamilton to become homebuyers is a double-edged sword. The federal government’s new mortgage rules will allow all first-time homebuyers and buyers of new builds to have 30-year amortization periods. On top of that, the new measures will also increase the price cap for insured mortgages from […] halton.insauga.com READ MORE ... B.C. NDP pledges to help middle-income homebuyers with 40% financing plan | CBC News The B.C. NDP has unveiled a plan that leader David Eby says will help middle-income families purchase a home by financing 40 per cent of the price. cbc.ca READ MORE ... Gap between Ontario housing and population growth highest in 50 years: report | Globalnews.ca A new study commissioned by an advocacy group, the Building Industry and Land Development Association, compared housing application data across 16 Ontario cities. globalnews.ca READ MORE ... 'Powerful gains': Canadian home sales should rebound, but so should prices, TD says Falling interest rates, stronger economic growth, and changes to mortgage rules mean "conditions are in place for a solid pickup in resale activity." ca.finance.yahoo.com READ MORE ... Housing starts up in six largest cities but construction still not closing supply gap The Canada Mortgage and Housing Corp. says construction of new homes in Canada's six largest cities rose four per cent year-over-year during the first half of 2024, but housing starts were still not enough to meet growing demand. ctvnews.ca READ MORE ... Revolutionizing open houses: How immersive real estate experiences can help sell homes and gain exposure Experience the "Martha Stewart" touch at Renata Reid's immersive open houses, where attention to detail creates a unique selling experience realestatemagazine.ca READ MORE ... Manitoba government announces $1.2M to end pause on rent top-up program for low-income residents | CBC News The Manitoba government says it’s spending another $1.2 million to end what it previously called a “temporary pause” on a program that hundreds of people at risk of homelessness count on to pay their rent. cbc.ca READ MORE ... Housing Starts in Major Canadian Cities Show Mixed Trends CMHC’s Fall 2024 Housing Supply Report indicates a 4% increase in housing starts and why this isn’t enough to meet the growing demographic demand. cmhc-schl.gc.ca READ MORE ... Posthaste: Capital gains tax breaks in the crosshairs in housing affordability report Ottawa's much-criticized change to inclusion rate is needed to shift the tide ca.finance.yahoo.com READ MORE ... New 10-storey apartment building proposed for complex in Mississauga | INsauga A ten-storey rental apartment building got a green light for a Mississauga neighbourhood. insauga.com READ MORE ... Homeownership in Canada is slipping away Andra Hopulele - In some cities, renters face decades to save for a down payment theclarion.ca READ MORE ... Canadian Temporary Resident Growth Falls 48%, Long “Overdue”: BMO - Better Dwelling Canada’s policymakers went from explaining that millions of temporary residents are needed, to cheering on the reversal of their policies over a few short months. Statistics Canada (Stat Can) data shows the flow of non-permanent (temporary) residents slowed in Q2 2024. After doubling in a couple of years, the temporary population remains robust but marks […] betterdwelling.com READ MORE ... Ontario home sold at nearly $500K loss after multiple attempts to sell A home in Ontario was sold at a loss of nearly $500k after a number of failed attempts to sell. It's no secret that the real estate market in Ontario… blogto.com READ MORE ... Breathtaking $5 million Ontario home looks like a Nantucket beach house This stunning $5 million home in Oakville looks like it was plucked straight from Pinterest — and its price has just been marked down by $400,000. Re… blogto.com READ MORE ... Here's how the income needed to afford a home in Toronto has changed lately Even though there's little hope of Toronto real estate prices ever lowering to remotely reasonable levels, the latest survey of average home costs — … blogto.com READ MORE ... Future unclear for planned 69-storey Toronto skyscraper after project put up for sale Plans to tear down a rental apartment building on a quiet downtown Toronto street and replace it with a 69-storey skyscraper have been put on ice, be… 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 | 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

😡 26th Sep 2024 - Couple On the Hook For Over $500K Say 4-Year-Old Ontario Home Is A Teardown, So They're Suing the Builder!

💥 Thursday 26th September 2024 💥 Rent-To-Own Homes Toronto GTA Real Estate Daily: Hot Headlines! "Home Buying & Selling Made Easy: Free Reports & Exclusive Listings!" "GTA Real Estate Daily: Hot Headlines" brings you the most important and up-to-date news from the Greater Toronto Area's real estate market. Every day, we deliver a curated selection of breaking stories, emerging trends, and expert analysis to ensure you're always informed and ready to make the best real estate decisions. Whether you're buying, selling, investing, or simply keeping tabs on the market, our daily headlines keep you ahead of the curve. Stay informed and connected with "GTA Real Estate Daily: Hot Headlines." Can tenants expect any additional costs or fees associated with rent-to-own agreements, such as maintenance expenses or option fees, and how transparent are these costs? Yes, tenants entering into rent-to-own agreements can expect several additional costs and fees beyond the monthly rent. Understanding these expenses and how transparent they are is crucial for making informed decisions. Here are some common costs associated with rent-to-own agreements: 1. Option Fee Description: An option fee is typically paid upfront at the beginning of the rent-to-own agreement. This fee secures the buyer's option to purchase the property at a later date. Amount: The option fee can vary widely but is often between 1% and 5% of the purchase price. It may or may not be credited toward the purchase price if the tenant decides to buy the property. Transparency: The specifics of the option fee, including its amount and how it applies to the purchase price, should be clearly outlined in the contract. Tenants should ensure they understand the terms regarding the option fee before signing. 2. Monthly Rent Description: Rent-to-own agreements usually involve higher monthly rent payments than traditional leases. A portion of the rent may be credited toward the eventual purchase of the home. Transparency: The agreement should specify how much of the monthly rent goes toward the purchase price and how long this credit will be applied. Buyers should verify that the terms are clearly stated in the contract. 3. Maintenance and Repairs Description: Depending on the terms of the agreement, tenants may be responsible for maintenance and repair costs during the rental period. This can include routine upkeep, repairs, and possibly property taxes. Transparency: It’s essential for tenants to discuss and understand who is responsible for maintenance and repairs before entering the agreement. This should be clearly detailed in the contract. If the tenant is responsible, they should budget for these costs, which can add up quickly. 4. Utilities Description: As with traditional rental agreements, tenants in rent-to-own arrangements are typically responsible for paying utilities such as water, electricity, gas, and internet. Transparency: While these costs are usually not hidden, tenants should ensure that they understand what utilities they are responsible for and how they might change during the rental period. 5. Property Insurance Description: Rent-to-own tenants may be required to obtain renter’s insurance or property insurance. This protects both the tenant's personal property and the property owner’s interests. Transparency: The requirement for insurance and the specific coverage needed should be included in the rent-to-own agreement. Tenants should confirm the types of coverage necessary to avoid gaps in protection. 6. Closing Costs Description: If the tenant decides to purchase the property at the end of the rental period, they will be responsible for various closing costs associated with the home purchase. These may include appraisal fees, title insurance, attorney fees, and other associated costs. Transparency: The agreement should outline the anticipated closing costs and whether any portion of the rent or option fee can be applied to these costs. Tenants should be prepared for these additional expenses when transitioning from renting to ownership. 7. Escrow Fees Description: In some cases, rent-to-own agreements may require the establishment of an escrow account for the option fee or monthly rent credits. This account may incur fees for managing the funds. Transparency: The details regarding any escrow accounts and associated fees should be clearly articulated in the agreement. Tenants should inquire about how these accounts are managed and any costs involved. 8. Late Fees Description: If tenants fail to pay rent on time, they may incur late fees, which can add to the overall cost of the rent-to-own arrangement. Transparency: The rent-to-own agreement should specify the late fee structure and any grace periods. Tenants should ensure they understand these terms to avoid unexpected penalties. Conclusion Tenants in rent-to-own agreements should be aware of several additional costs, including option fees, maintenance expenses, and potential closing costs. Transparency is key; all costs should be clearly outlined in the rent-to-own agreement, allowing tenants to budget accordingly and avoid surprises. Before entering an agreement, it's advisable for tenants to carefully review the terms, seek clarification on any unclear points, and possibly consult with a legal professional to ensure they fully understand their financial obligations and rights. Couple on the hook for over $500K say 4-year-old Ontario home is a teardown, so they're suing the builder | CBC News Carolynn Mayers and James Durban say their Fort Erie, Ont., house's foundation isn't strong enough to hold up their house and they have no choice but to rebuild from scratch. cbc.ca READ MORE ... A homeless homeowner. A fight that led to criminal charges. Disputes between tenants and landlords ‘getting out of hand’ Extreme cases highlight challenges in local rental market, realtors say thespec.com READ MORE ... GTA faces widest housing gap in over 50 years amid soaring population growth Toronto's housing crisis is intensifying, as data reveals high municipal fees and slow approval processes are driving up prices. Read on. cochranetimespost.ca READ MORE ... An adorable two-bedroom Toronto home is on the market for under $700,000 If you're in the market for a cozy, detached home that packs serious charm into an affordable package, this adorable house in Oakridge might just be … blogto.com READ MORE ... Toronto home sales pick up pace in September after summer season’s slog Fall has brought more buyers and a quicker tempo to sales, after an August in which GTA sales were their lowest for that month since 2000 but listings at their highest level since May, 2010 headtopics.com READ MORE ... Renovations to single-family homes lifting property values, says RE/MAX Impact of provincial zoning reforms remains to be seen biv.com READ MORE ... Most non-homeowners in Calgary say owning is not realistic: poll The majority of Calgarians who aren’t homeowners say they don’t ever see themselves owning a home in this city, according to a new poll. calgary.citynews.ca READ MORE ... Helping clients navigate essential property regulations and key condo bylaws Don't let property bylaws ruin the sale. Learn how to navigate the labyrinth of condominium rules to protect your client's interests realestatemagazine.ca READ MORE ... Why are mortgages so expensive in Canada? - MoneySense Is your salary enough to buy a home in these Canadian cities? Here’s how much you need to earn based on August real estate data. moneysense.ca READ MORE ... Young homebuyers face $100,000 interest hit in Burlington, Hamilton under new mortgage rules | INhalton A move to encourage young adults in Burlington and Hamilton to become homebuyers is a double-edged sword. The federal government’s new mortgage rules will allow all first-time homebuyers and buyers of new builds to have 30-year amortization periods. On top of that, the new measures will also increase the price cap for insured mortgages from […] halton.insauga.com READ MORE ... “After missing out on a lavender farm and almost buying a dilapidated house, we finally found paradise two hours from the city" - Toronto Life 1,077,815 Torontonians can’t be wrong. torontolife.com READ MORE ... New rules make it tougher for landlords to get rid of tenants by 'renoviction' | CBC News A city bylaw aimed at ending bad-faith evictions passed at city council Tuesday night, but some say it doesn't go far enough. cbc.ca READ MORE ... Vancouver short-term rentals to soon include properties rented less than 90 days - BC | Globalnews.ca Following a public hearing on Tuesday night, the definition of a short-term rental in Vancouver will change from less than 30 days to less than 90 days. globalnews.ca READ MORE ... ANALYSIS: Why mortgage changes won't loosen London's tight rental market Ottawa's move to allow 30-year mortgages is unlikely to create much relief for renters fighting a tight vacancy rate and rising prices lfpress.com READ MORE ... OSFI scraps stress test rules for borrowers switching lenders at renewal Association president hails ‘significant win’ for Canadians mpamag.com READ MORE ... Canadian Real Estate Flippers Are Still Near Record Levels   - Better Dwelling Canadian real estate may have slowed for the average person, but not for flippers. The share of homes purchased and sold in less than 12 months remained largely unchanged in Q2 2024. In fact, the share of sellers that managed to flip their property within a few months is just off record highs. It’s getting […] betterdwelling.com READ MORE ... One underestimated factor is rapidly accelerating home prices in Toronto Toronto's mighty real estate market has fallen quite devastatingly from its heydey over the last year or so, but amid a months-long sales slump and t… blogto.com READ MORE ... Nightmarish Ontario rental shows 'everything wrong' with the housing market Finding an affordable place to live in and around Toronto is no small feat, and, as the latest nightmare rental listing to make the rounds online is … blogto.com READ MORE ... Court awards Ontario residents over $500k due to nightmare neighbour Citizens and businesses in and around Toronto have experienced first hand over the years how messy neighbourly disputes can get, with people resortin… blogto.com READ MORE ... Unlocking homeownership: Why interest rate cuts are not the only key to getting first-time buyers in the door Canadians need more than interest rate cuts to secure their first home. Learn about the financial obstacles faced by first-time buyers realestatemagazine.ca 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