Assuming a lender has approved your mortgage after reviewing your credit bureau and your current monthly debt payments, you need to get the required documentation together. This documentation provides support for the information you have provided in your mortgage application. In other words, it is the due diligence that lenders require their employees to complete. [...]

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The recent TREB Rental Market Report indicated that within the first four months, January to April, condo rental activity increased 9%. Price-wise, 2 bedroom units increased by 4% to $1,852 per month, while 1 bedroom units increased about the same amount to $1,445. This is just the average of Toronto. If you [...]

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Everybody should know the major mechanical systems of their home to be able to perform routine maintenance and handle various emergencies.  You should know the location of the following:

Main shutoff valves for water and fuel
Emergency switch for the furnace or burner
Hot water heater thermostat
Main electrical switch
Fuse box or circuit breaker box

Moisture, [...]

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Urbanation launched it’s report for condos in Toronto for the first quarter of 2008:

17 new condos are being launched for the second quarter of 2008
277 new condominium projects were tracked in the first quarter, which is 56 more than the first quarter in 2007.  Meaning the new sales resulting 3,433 for Q1/2008 were spread over 25 percent more buildings than Q1/07. 
Resales [...]

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The Toronto Real Estate Board had recently released their report for mid-May, showing a slow down, yet steady market.
Things to note:

Sales declined 15% in the first two weeks of May in Toronto
Prices continue to be strong, averaging $$437,205 in Toronto, up 6%
Increased properties for sale by 11%
Due to this increase, days on the market increased [...]

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That’s probably the single, most important question every home buyer asks prior to purchasing a home.  Scott Henson, our mortgage agent, gives us the down low:
“The Bank of Canada has made unprecedented cuts to its overnight lending rate during its past two meetings. The overnight rate was slashed by 50 basis points in March and [...]

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Save on your new home from the start!
Here’s how to save money on your new home purchase:
1. Engage a Mortgage Broker. A broker shops for you across more than 30 banks getting the banks to compete for your business. You pay the broker nothing but the winning bank does.
2. Shop around for a Lawyer and [...]

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Here is a bit of clarity on a variable rate OPEN mortgage versus a variable rate CLOSED mortgage. The open version gives you more flexibility.
‘Open’ refers to the homebuyer being able to switch terms at the same bank or even to move to another bank. In other words, the homebuyer is not tied down. So, [...]

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