What's the Future of Toronto Real Estate?

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Selling a home?  Click here for a free home value estimate. 

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Today I'm going to fill you in on what will be happening in our local Toronto real estate market in 2015. Knowing what is happening in your local market is the best way to capitalize on it, so hopefully this advice is useful to you.

To begin, prices have continued to rise in 2015, but we're unsure of whether they will continue to climb. Some people think our home prices are still way undervalued for a world-class city like Toronto. For a detached home, the average price is right around $575,000, which is low when compared to New York City. 

With interest rates under 3% for 5 year terms, a lot of people think now is a great time to purchase a home in Toronto. This is driving an incredible amount of activity, and it's common to see
good homes getting upwards of 10-15 offers. 

We've been on quite an upswing in the last seventeen years, with prices increasing by 5-6% compounding. This means that prices have basically tripled in the last seventeen years in Toronto. 

Now is a great time to move up into a larger home because you can probably expect it to gain considerable value in the next few years. However, this is a big decision to make, and I would be glad to be invited into your discussion of whether or not to move up. 

If you need any assistance or have any questions regarding the real estate market in Toronto, please don't hesitate to contact my team or me. 

How Can You Cut 7 1/2 Years Off Your Mortgage?

Buying a home? Click here to search all homes on the MLS
Selling a home?  Click here for a free home value estimate. 
Call us at (416) 438-2536 for a FREE home buying or selling consultation

 

Today we want to talk to you about mortgages. More specifically, we are going to talk about mortgage payments, and how you can pay more of your mortgage off in less time. 

Over the years, we have found that there is a way to pay your mortgage off much sooner, without putting extra financial burdens upon yourself. The way to do this is by making bi-weekly payments. While you are paying your mortgage twice as often, you are paying half as much. If you make these 26 payments a year, you will be making an extra payment without even noticing it, in your head or in your wallet.

If you make biweekly mortgage payments on a 25-year mortgage, you can actually have the sum payed off in 7 1/2 years, without doing much extra work to get there. 

This is a great strategy that we encourage our clients to adopt. It makes financial sense, and doesn't put any more of a burden on you. In fact, it takes a lot of the burden off of your plate, about 7 1/2 years to be exact.

If you're waiting for the market to stabilize, you have been waiting too long. We don't know how long interest rates will stay where they are, but we do know they are historically low right now. Locking in a low rate around 4% today will not only give you more purchasing power in the present, but will save you thousands of dollars in interest over the years.

We are always looking to give you a helping hand in the Toronto real estate market. If you have any questions for us at all, don't hesitate to reach out and give us a call. We would be delighted to help.

Are Conditions Right for Buying?

Buying a home? Click here to search all homes on the MLS
Selling a home?  Click here for a free home value estimate. 
Call us at (416) 438-2536 for a FREE home buying or selling consultation

The new year is finally here, and a lot of people have been asking us lately about what the real estate market is going to do in 2015. Today we want to answer that question, as well as the question of whether or not now is a good time for buying. 

In our market, prices have been rising steadily for quite a long time, and that should continue this year. People have been waiting many years for prices to stabilize in our area, but with interest rates remaining low, home appreciation should continue in 2015. 

If you have been renting and debating whether or not to buy a home, now is an opportune time to get in the market. Nobody knows what the future holds, but we do

know that if you are comfortable with the payment, you might as well be paying your own mortgage off instead of paying somebody else's by renting. 

If you have any questions, or would like to take a look at some homes, give us a call, send us an email, and check out our home search tool right here on the page!