Tyler Tim Realtor

So what is really going on with the Toronto Condo Market? The only real segment that hasn't been hit by Ontario's foreign-buyer tax as hard as the low rise segment is the condo market. This has created an even bigger demand for condo's as the market experienced a cooling off period.  "In this year’s second quarter, contractors were working on more homes than in any quarter in recorded history, largely due to major condo projects in Toronto". This means that supply should start to meet demand. Toronto's market for luxury high rise rents are amongst the fastest in the world, with Toronto placing fourth due to the increase in population correlating with the demand in rental apartments. Condo pricing is also correlated to what subway station they're closest to. "If you’re looking for an affordable home in Toronto these days, you may want to check out condos in Scarborough".  The severe shortage of supply in the GTA w...

It doesn’t take a genius to figure out that there is a huge divide between affordable housing versus insanely overpriced markets. Nowadays, its one or the either and the in between is getting harder to find. Here is a list of areas in Canada that stack up against each other as the most affordable, versus the least affordable real estate markets. Most Expensive Detached Markets:   Vancouver, with a benchmark of  $1,587,800 Mainland region of BC, with a benchmark of $1,298,000 Toronto, with a benchmark of $962,400 Most Affordable Detached Markets:          Saskatoon, with a benchmark of $320,600         Regina, with a benchmark of $309,900          Moncton, with a benchmark of $172,800 Most Expensive Condo Markets:          Greater Vancouver, with a benchmark of $600,700         Lower Mainland, with a benchmark of $ $548,700 ...

Your real estate agent should be one that you can truly trust to have your best interest in mind, as the seller or buyer. Someone you know who will work hard for you and will point out not only positives to the house you may be looking to purchase but also negatives that you may not have considered in the first place. Your realtor should be looking at all red flags, and as a result notify you in the process so that there are no surprises come 2 years later. If you feel that your realtor isn’t being transparent with you, you should trust your instincts and find out why. Furthermore, your agent’s job is to constantly gauge the market and look for fluctuations that would aid the negotiation process. There is a ton of orchestrating and coordination going on between your agent and all the various other components that your realtor must handle, including dealing with the lawyers, inspectors, mortgage brokers, and so forth. You have to make sure your agent is in your corner, trying to ...

With the recent increase in interest rates, many may fear what this will do to the real estate market. Truth is,  “a modest increase in the overnight lending rate will probably have very little impact on the Canadian housing market, particularly in the high-end segment”. High net worth individuals will see less of an impact regarding the rise in interest rates and it is no surprise that “the Greater Toronto Area led the market in the first half of 2017 in terms of sales of homes worth over $1 million”. An impact that can be observed is the 15 percent tax the Ontario government introduced to cool down the market. However, a bigger impact was observed in Vancouver as a result of the foreign buyer tax. The main thing here is that higher end markets shouldn’t see a dramatic change with the interest rate hike. Unless the increase is as big as 100 to 200 basis points, the effect will be marginal. Essentially, “if the increases are only 25 basis points each, with long periods ...

Although the market is seeing some decline recently, people should not forget that investing in real estate, buying a home more specifically, is still the best way to accumulate wealth. With real estate, appreciation is your best friend, and will in turn increase the value of your home significantly over time (except in very rare cases).  The biggest problem is not prioritizing homeownership .The way I see it, renting drains your money, while buying increases your equity. “ The average homeowner to this day is   38 times   wealthier than a renter”. So before you completely talk yourself out of the possibility of owning a home, sit down and really look at your finances, see what you can and cannot afford. Your first home doesn’t have to be your dream home, and it most likely won’t be. However, it is always best to start small. “A good rule of thumb is to make sure your total monthly housing payment doesn't consume more than 30 percent of your take-home pay”. Furthermo...