With the new mortgage rules taking effect on January 1st, 2018. Here are some insights on what to expect: Home buyers with a down payment of 20% or more will be tested to ensure that they can afford their mortgage payments if interest rates increase. The stress test will be using either the Bank of Canada's 5-year benchmark rate or the customers mortgage interest rate plus 2%- Whichever is HIGHER. Here's a basic overview of the process: DO YOU HAVE A DOWN PAYMENT OF 20% OR MORE? If NO, Buyers with down payments of less than 20% are subject to the current ...
Updates on Canada's New Mortgage Rules!
December 15, 2017
Tis The Season...to Go To The Toronto Christmas Market!
December 8, 2017
The Toronto Christmas market takes over the Distillery District for the 8th consecutive year! Bring your family, friends and significant other to this land of holiday magic and Romance! This event has become one of the city's favourite holiday traditions. It has been ranked one of the world's best christmas markets by Fodor's Travel, USA Today, Mashable and more! Enjoy the sparkling christmas light canopies, traditional music, carols and dance performances! You can also take delight in family friendly activities like santa's house, a ferris wheel, carousal and life sized gingerbread houses! If you're a foodie, you can taste the traditional ...
Tips to entice Prospective Buyers to Buy your Home in Record Time!
December 5, 2017
"I want to have my property sit on the market with no offer" said no seller EVER! The last thing a seller wants is for your home to sit on the market for months without any viable offers! Below are six shortcuts you can take to make selling your house easier and faster. The best part is that none of these tips will break the bank! 1. STAGING Staging your home usually pays off. On average, staged homes sell 88% faster and for 20% more than unstaged homes. However, staging can be quite costly. If you're on a budget, there's ...
Your 101 Guide To Getting a Mortgage!
November 28, 2017
Unless you have a large sum of money sitting around, you are probably going to need a mortgage if you want to buy a home. Here's how to qualify for and choose a mortgage, and what to expect throughout the process! START EARLY: You can go to as many showings and as many open houses as you want, but you are not going to be able to buy one without a mortgage. So before going out there and looking at houses, get the ball rolling and get a pre-approval first! It's never good to fall in love with a ...
Questions to ask when choosing a Realtor to Buy your Dream Home!
November 15, 2017
Thinking of hiring a real estate agent? Roughly 88% of buyers purchased their home through a real estate brokererage according to the National Association of Realtors! If you are thinking of hiring a real estate agent, here are some questions to ask: 1. IS THERE ANYTHING ABOUT THE HOME THAT CONCERNS YOU? Sellers might not tell you everything you need to know about the home. Your buyer agent however, will know a bit more about properties than an average person. Take time to ask your agent if there's anything about the house that could be a potential problem. 2. DO ...
Support Young Creatives at TMS School's Holiday Market
November 7, 2017
Richmond Hill's Toronto Montessori Upper School will be hosting their first annual Holiday Marketplace on Saturday, November 18th to help raise funds for the school and local community programs. Come out to support young entrepreneurs and artisans as they sell their unique hand-made crafts and other goods. Local celebrities will also be stopping by to help promote the event and encourage and empower the youth of today. Maybe you'll find your next mantlepiece among the goods or your next special treasure that'll bring a smile to your face knowing that you supported a great cause. Richmond Hill is a great ...
Questions to ask when choosing a Realtor to Sell your Home!
November 6, 2017
Thinking about hiring a real estate agent? Roughly 88% of buyers purchased their home through a real estate agent ot broker according to NARS, The National Association of Realtors. Approxitmatly 89% of sellers used the services of a Real Estate Professional when selling their home! If you are thinking of using a real estate agent, here are some questions to ask: 1. WHAT IS YOUR EXPERIENCE? When choosing a real estate professional, check to see that he or she has an adequete amount of experience. You'll want to make sure you're in capable hands considering the purchase or selling of ...
New Mortgage Rules to be set in 2018
October 24, 2017
Canada's top banking regulator, The Office of The Superintendent of Financial Institutions (OSFI) have published the final version of its new mortgage rules which includes a requirement to "Stress Test" borrowers with uninsured loans to ensure they can withstand higher interest rates. The changes will be offiicial as of January 1st, 2018. Borroweers with a down payment of under 20% for a home must purchase mortgage insurance. Even though borrowers pay an insurance premium, the beneficiary is actually the lender since the insurance protects the loan giver in the event the borrower defaults the loan. Anyone who puts down more ...
Advice for those buying investment properties
October 16, 2017
There is no doubt many Canadians dream of owning investment properties. There's many advantages to it! For instance, renting spaces out as commerical or residential areas can generate a substantial income over time! There's a variety of options to choose from as well. Among the many options, individuals can invest in second homes, townhouses, condo's, duplexes, rooming houses or multi unit residential buildings! Although the advantages are great, there are many things to consider when buying income producing properties. Below are tips you can use to securly land your own investment propety: 1. CHECK YOUR FINANCES Before you invest in a ...
Celebrating 15 Years of the Richmond Hill Studio Tour
October 13, 2017
Want to get to know the local talent and culture of Richmond Hill? Starting on Friday, October 13th until Sunday, October 15th is the Richmond Hill Studio Tour. This city-wide tour has stops at significant local galleries, clubs and centres like the Burr House Craft Gallery, Heritage Centre, Boynton House, Mill Pond Gallery, Richland Academy, Curtain Club whose spaces will be transformed into gallery space for talented local artists. The day-long event will conclude at 5 PM every day and is free for anyone to attend. Richmond Hill is a fantastic place to consider putting down roots if you're thinking about relocating. With ...