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If it’s your first time entering the real estate market, or if you haven’t been in the market for a while, you might be wondering what the steps are in order to buy a home. Since the process can be complicated, we’ve outlined the main things you need to know when making an offer.

Mortgage

Unless you are paying for your home in cash, the first thing you will want to do is get a mortgage preapproval. Although you won't need the mortgage until you purchase a home, getting preapproved will allow you to know exactly how much you can afford and offers the seller reassurance that you will not back out of the deal based on financing.

Negotiation

Be prepared to negotiate when you’re ready to make an offer. Your negotiating power will depend on a…

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The Toronto housing market has seen massive changes over the last 2 years. Many people are wondering where the market is heading and what they can expect moving forward. Here are the answers to some of the top questions about the current housing market.

What Is Affecting Housing Prices?

There are many factors that affect housing prices. But one of the main factors is the lending rate, which can make mortgages more expensive for buyers and impact homebuyers’ purchasing power. Higher mortgage rates are dragging prices lower. The pandemic has also caused unpredictable shifts in the affordability of homes over the last 2 years. Now that the market is starting to stabilize, sales and prices are trending downward causing some sellers to accept lower…

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Toronto home prices and sales continued to slide as economic uncertainty and rising rates put more potential homebuyers on the sidelines.

According to the latest TRREB report, a total of 4,912 sales were made in July which represents a 47% drop compared to 9,339 during the same time last year and a 24% drop compared to this past June.

Much of this moderation has been attributed to the rising mortgage rates, which has caused many people to rethink their housing intentions.

Despite the slump in sales, TRREB said that more households in the Greater Toronto Area will be planning to purchase a home in the future but are uncertain of where the market is headed.

Toronto home prices also fell 6% compared to last month, hitting an average of…

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Every year, the major paint brands announce their picks for the top colours. These colours are chosen with the help of their colour and design experts, who analyze both global and domestic trends for inspiration. If you were looking to add a pop of colour to your home this year, you can't go wrong with one of these! Here are the top colour trends of 2022 according to Benjamin Moore and Sherwin Williams.


Benjamin Moore’s Top Paint Colours of 2022

 

For this year, Benjamin Moore chose October Mist 1495 for their colour of the year, a sage or silver-green colour that is meant to be “harmonious yet diverse, reliable yet whimsical, and meditative yet eclectic.”

It is one of 14 colours on Benjamin Moore’s 2022 palette. Others include Hint of…

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Are you looking to lower your energy bill while protecting the environment? Here are 5 ways you can make your home more energy efficient.


Test Windows And Doors

You are wasting energy when heating or cooling your home without an airtight seal on the windows and doors. To avoid this, use caulking around frames, install or replace weather stripping, and add a door sweep. In colder months, applying exterior window film will increase efficiency even further.


Install A Clothesline

Since dryers can account for up to 6% of a home’s energy usage, installing a clothesline to air dry your clothes is a simple and effective energy saving solution. You can hang your clothes outside in warm months and inside to air dry during the winter when…

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Toronto home sales dropped by just over 41% last month compared to the same time last year as rising borrowing costs cooled demand for properties on the market.


About 6,474 homes changed hands last month, down from 11,053 during the prior June, the Toronto Regional Real Estate Board said. June sales were also down compared to May.


TRREB President Kevin Crigger says that "Home sales have been impacted by both the affordability challenge presented by mortgage rate hikes and the psychological effect wherein home buyers who can afford higher borrowing costs have put their decision on hold to see where home prices end up."


It's expected that current market conditions will remain in place during the summer months, but home prices should…

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Adding a pool to your home can be a great investment both for your family and the financial benefits when it comes time to sell. If you're thinking adding a pool to your home, here are a few things to consider 


Costs

While having a swimming pool can add enjoyment and value to your home, you have to consider the costs involved. The price of installation will vary depending on many factors including size, access, type, and landscaping, but typically it can cost anywhere from $75,000 to $200,000. You will also have regular maintenance fees, which can cost about $2,000 - $3,500 per year. It's possible to lower these costs by opening and closing the pool yourself or by keeping your pool heater off, but there will still be fees associated with…

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When it comes to buying or selling a home, you probably have an understanding of the role a real estate agent will play. But what about the role of a real estate lawyer? With so much money on the line, it's important to have all your legal bases covered. Here's how your lawyer helps to ensure a smooth transaction.

Real estate lawyers typically review all the legal documents and issues regarding the transaction. This ensures that ownership is properly transferred and recorded while protecting your legal rights.

A real estate lawyer is important for both the seller and the buyer, although their roles differ depending on which side they are on.

Role of a real estate lawyer for a buyer: 

  •        Review Agreement of Purchase
  •       …
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Buying a home can be one of the most exciting times of your life. But there are a few things to keep in mind once the deal is done. Here are some of the first things to do after buying a home.


Do A Deep Clean

Once you get the keys to your new home, spend the first few days cleaning everything from top to bottom. Even if the previous home owners did a detailed clean before packing up, you'll still want to go through and double check everything yourself. You could also hire a cleaning company to do this, if it’s in your budget.



Change The Locks

You don't know who might have a key to your new house, so it's a good idea to change the door locks after moving in. This step is often overlooked, but one that you shouldn’t skip in order to ensure…

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The Toronto housing market has shown signs of balancing out as May home sales dropped 38.8% and prices rose by 9.4% compared to last year, according to the latest TRREB report.

May was the third consecutive month that home sales dropped, with 7,283 total sales compared to 11,903 in May 2021 and 7,989 this past April.

 

The drop in sales can be attributed to higher borrowing costs caused by the interest rate hikes, coupled with inflationary pressures that weighed on spending.

The average home price hit $1,212,806 in May, up by almost 10% compared to $1,108,124 during the same month last year.

Realtors have noticed that homes are not being snatched up as quickly as they were earlier in the year. Bidding wars have also cooled down. With fewer…

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