I just finished reading Jack Canfield’s The Success Principles. A Terrific book!.
My July/August Newsletter is hot off of the press!! Here it is.
Did you know…..
* According to George Carras of Realnet Canada Inc. over the next 20 to 25 years the GTA will need to create between 900,000 and 1m new housing units, 40,000 units per year to keep pace with population growth. Demand will be fulfilled by highrise development as provincial policy calls for growth to take place though intensification.
* As published by Mercer’s global cost -of-living survey Toronto has pushed Vancouver out of the way to take top spot as Canada’s most expensive City. Toronto is 59th worldwide and Vancouver is 65th. The most expensive city worldwide is Luanda, Angola.
* RealtyTrac, a provider of real estate data , reported that the number of foreclosures (872,000) in the USA owned by banks/lenders is nearly twice the amount as when the financial crisis started a few years ago. That number is expected to surpass 1,000,000 over the next few years. It will take at least 3 years for lenders to sell off properties already in their possession.
* A first time home buyer can use up to $25,000 of their RRSP fund to purchase a home.
* The minimum down payment required to purchase a home that will be used as a principle residence is 5%. If you are purchasing an investment property the minimum down payment is 20%.
* Using the full amount of financing the bank preapproves you for can be financial suicide. The bank will preapprove you based on gross income. You live day to day based on your net income. A personal budget is a MUST as part of your home buying plan.
* There is no cost for a Buyer under a Buyer Representation Agreement to use a Realtor to represent their best interests to purchase a home. The Seller pays the commission which is typically 5%. Remember, the listing agent is representing the Seller’s best interests not the Buyer’s.
* It is crucial to have a plan in place before you can begin the buying process. Every goal requires a plan. Your Realtor should help you put together a systematic plan which will ultimately save you time , effort and money. Are you ready for your Buyer Planning Session ?
Contact me directly at 416-520-6746 or David@TorontoRealEstate.ca