Toronto Real Estate Market Update - Condo Rentals / Tips on Buying

Toronto Real Estate Market Facts Sept, 4 2012

Now that our kids have gone back to school and everyone is getting back to "normal life",  I expect real estate transactions to pick up.  In August, I did notice the condo rental market tightening up a more people turn to rentals than buying in this uncertain financial markets.  It is a boon for investors who are renting as they are getting premium rents for their units.

 

Are you thinking of buying a house or condo?  Even those who have bought before, as many of my clients have done, often forget the process and have many questions.  It's important to be able to call, text or email your Realtor and get answers right away.  I encourage you to ask, ask and ask  as this is your right as a client.

 

Here is a Tip on Mortgages & Buying a home  

 

1.  Before you are looking to buy and apply for a mortgage, I'd recommend pulling your credit report and score. www.Equifax.ca  Go through it carefully and make sure everything is correct.  The banks will use this report to determine the amount they will lend you and your rate.  It is better to fix any errors then being told afterward you can't get a mortgage.  Save yourself the shock, pain and embarrassment.

 

2.  After getting a mortgage approval on an offer for a home, DO NOT, buy a big-ticket item on your credit cards.  Banks pull your credit report again before lending you the money near closing.  With more debts racked up, the banks will lend you less.  Now you are stuck paying the difference and people have lost their homes and deposits because of this.  Top agents will make sure they tell you this.

 

3.  Set aside 2-3% for closing costs.  Especially when you are not a first-time Buyer.  Top agents will do a closing costs analysis.  Ask if your Realtor doesn't.    

 

4.  Opt for accelerated bi-weekly mortgage than a monthly one to pay down your mortgage faster. 

 

Remember, if you have any real estate buying, selling, investing questions or have a friend, family member who does, just call me and give me the opportunity to help out.

Jas Jagpal, Broker at RE/MAX Dynasty Realty Inc.  He has formed 2 teams.  One specializing in Investing, primarily in condos and the second helping clients sell their houses in the GTA.  No matter what your needs are, contact him if you are looking to buy, sell or invest in the Greater Toronto Area.  

Choose Results, Honesty & integrity.  Choose Team Jas Jagpal.  

Jas Jagpal, Broker  647.272.6629   jasjagpal@gmail.com  Office: 905.471.0002
Jess Jagpal, Sales Representative  jessjagpal@gmail.com  416.312.9742

Posted via email from Markham Houses : Markham Condos For Sale- Investment, Pre-Construction, Resale

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RE/MAX Dynasty Realty Inc.  O: 905-471-0002 Cell: 647-272-6629
E: jasjagpal@rogers.com W: www.JasJagpal.com  W: www.TheTorontoCondoRealEstate.com
© 2011 Jas Jagpal, Sales Representative, BSc. York University

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Posted via email from Markham Real Estate Blog

Why Do Smart Home Buyers - Buy Assignments?

As a Toronto Condo Real Estate Professional... one of the questions people looking to buy a condo have is "what is a condo assignment?".  Often people aren't even aware they can buy/ sell a condo by way of an assignment.  Many of these Buyers would buy Condo Assignments if they knew they would be saving thousands and buying below market value of resale condos. 

In Condo real estate, developers need to sell a certain percentage of units when building a new Condo Tower inorder to get financing to build. For example, Tridel was selling Solaris Condo units in spring 2007, at Kennedy & 401, that are starting to occupying in spring 2011.  Most often investors by these units 3 to 4 years ahead of time at VIP prices and their Realtors help them get an Assignment clause in their purchase and sale agreement.

Why would the original purchaser assign?  There can be many reasons but the main two are: Investors save on "closing costs" and they do not have to arrange a mortgage on the remaining funds due.

The Pros of buying an assignment?  The advantages for a Buyer are big dollar savings!   They save thousands from the current day market price of buying a resale condo... in addition they get the pleasure of buying NEW and having a shorter wait period to move in (3-6 months instead of years). 

The Cons for a Buyer:  They have to come up with significant downpayment and make up the difference between what the original buyer paid an their paying.  See Example Calculation.

If you have an Assignment for Sale then advertise it at www.TheTorontoCondoRealEstate.com

If you are looking to buy an assignment, at Tridel's Solaris 2 (Kennedy & 401, near Scarborough Town Centre) or Tridel's Avonshire at Yonge and 401... go to the Toronto Condo Real Estate Website or contact me directly.  It's quite easy!

The Toronto Condo Real Estate
www.TheTorontoCondoRealEstate.com

Jas Jagpal, BSc. York University - Toronto RE/MAX Sales Representative
Cell: 647-272-6629  O: 950-471-0002   F: 905-471-7441
Sign Up For Vip Savings with Jas.  BUY • SELL • INVEST in the GTA.

Do you own a Condo at Scarborough Town Centre and looking to sell? 
Consider getting Jas's Flat FEE Listing and SAVE Money.

© 2011- Jas Jagpal, Making Good Things Happen For You!

Markham Boxgrove Homes, Morningside Heights Homes, Scarborough Town Centre Condos, Toronto Real Estate: www.JasJagpal.com
Posted on: www.1stoprealestate.ca : www.LinkToMorningside.com: www.MarkhamBoxgrove.com

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Posted via email from Markham Boxgrove Real Estate Blog