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TRUTH IN REAL ESTATE

Toronto’s shifting real estate market – October 2020

The market continues to shift and the contradictory information can make it difficult to understand what is happening in different market segments. Brandon, Christian and Jason Lang break down what they’re experiencing in the downtown core. The highlight reel: 1. The Million Dollar question – Is Now a Good time to buy or should I…

Is the Toronto Real Estate Market Headed for a Correction? September’s Market Update

Brandon, Christian and Jason discuss the market dynamics and what is really happening in the downtown core. With the low-rise and high rise sector trending in different directions (as of September 2020), we’re bringing you the facts (and our opinions) on where we see the market headed. To jump to the section of interest, please…

Market Update – August 2020

Brandon, Christian and Jason dive into the market stats for the month of July 2020. The highlight reel of what is discussed is below, if you’d like to skip to the segment of interest: 2:36 – GTA wide market stats (average home price, new listings, active listings, Toronto unemployment rate, GDP growth, Inflation and mortgage rates.…

Coronavirus and Toronto Real Estate Market Update – July 2020

Brandon and Christian from Verity Real Estate with Jason Lang from Outline Financial chat Toronto Real Estate, figures, charts, and graphs. Contrasting what is ‘really’ happening versus what the GTA Market Stats report. Skip to the section of most interest to you, based on the minutes/synopsis outlined below: 0:54 – Greater Toronto Area Market Stats…

Verity’s First Time Home Buyer Market Update – July 2020

Brandon, Christian and Scott discuss market stats and if ‘now’ is a good time to buy Toronto real estate. Jump to the topic of interest, based on the minutes/time stamp below. 1:10 – Toronto Real Estate Board “GTA Wide” housing statistics. 1:51 – Toronto Unemployment, GDP Growth figures. 4:14 – Map showing downtown core for…

Toronto Real Estate Market Update – June 2020

We dive into the stats/charts and graphs to help you understand what is happening in Toronto’s downtown ‘core’ neighbourhoods. Use this information and our market info to ensure that you feel comfortable buying/selling or leasing Toronto real estate. Please feel free to jump to the segment/topic of interest based on the minutes below: 3:09 –…

#VerityUpdates – Leslieville Market Update April 2020

With March starting off so strong and then coming to a screeching halt mid month – April was really the first full month where we could take a look at the stats and how the lockdown affected the market. Overall the Toronto market continues to be strong and while certain areas are different than others,…

#VerityAnswers – What Is The Tarion New Home Warranty?

The Tarion New Home Warranty program is a program to protect the buyer of new construction condos. Tarion makes sure that builders and vendors adhere to the Ontario New Home Warranty Program. Consumers should want developers to be governed by something, rather than nothing, because sometimes builders can cut corners. It isn’t a perfect program…

#VerityAnswers – Is There A Risk Of Losing My Deposits If The Developer Goes Bankrupt?

With any investment, there is always risk. Developers normally use the deposit money of the purchasers to help build their projects so the question is, is your money safe and insured if they do? When purchasers buy a new construction condo, the deposits that they provide are insured by Tarion (a non-profit organization that governs…

#VerityAnswers – What Happens If I Default On a Deposit Payment For a New Construction Condo?

If a situation arises where you accidentally or purposefully miss a payment for your new construction condo, you are in default of your contract and the developer is within their right to take the unit back from you. Our experience is that developers will send you a letter and contact you to inform you of…

#VerityAnswers – Can a Developer Make Changes to My Floorplan or Finishes Without My Consent?

Yes. The developer is within their right to make changes to your floor plan and to your finishes, without your consent, provided it isn’t considered a ‘material’ change. I’m sure that ‘material change’ is open to interpretation and there are guidelines that need to be adhered to through Tarion and the Ontario New Home Buyer…

#VerityAnswers – When Do I Pay Land Transfer Tax When I Buy a New Construction Condo?

Land transfer taxes are paid on new construction condos (and resale houses/condos for that matter) when you transfer title and ownership from one party to another.  For new construction properties, there is the point you move in and occupy a property (called interim occupancy) and then there is the point that ownership is transferred into…

#VerityAnswers – Can I Flip My New Construction Condo Before It Is Completed?

You can sell your condo before it is done IF you negotiate an assignment clause into your contract and if permission is granted by the developer. An assignment clause allows you to sell your contract to another buyer. When you purchase a new condo, you’re effectively buying a condo, when it is complete so selling…

#VerityAnswers – Am I Allowed to Rent My Condo When I Get Occupancy?

Whether you are allowed to rent out your new construction condo depends on what you negotiated with the developer during your 10 day cool-off period. If you have include a clause in your contract to permit leasing during interim occupancy, you are able to lease out. Be careful/aware of costs associated with this permission that…

#VerityAnswers – Does a Developer’s Reputation Matter?

Developer reputation has always mattered to us, but it is becoming increasingly important when a market shifts (like it is doing now). A developer’s past projects, quality of work, customer service and digital representation of product that you are buying (both before and after completion) are a few things to consider. We recommend that clients…

#VerityAnswers – How Long Can Interim Occupancy Last?

Interim Occupancy Fees can impact your cash flow projections and calculations as an investor or your monthly budget as an end user (buyer who will be occupying the property as their primary residence).  Interim occupancy can last days, weeks or months and in some cases, years. It really depends when you’re moving in (which floor…

#VerityAnswers – When Do I Choose My Finishes And How Do I Pay For Them?

Choosing finishes can be fun. 🙂  You normally choose your finishes about 8-12 months before you occupy the new construction condo you’ve purchased.  How are you notified when to choose your finishes?  You’ll be contacted by the developer via email or a phone call to book an appointment to view and select your finishes. They’ll…

#VerityAnswers- Do I Need To Pay HST When I Buy A New Construction Condo?

Before we get started, please consult with your lawyer, accountant and realtor about your specific situation and HST. You don’t pay HST on a resale condo or house (meaning, one that is already built, registered and occupied).  You might have to pay HST on a new construction condo. If you are residing in the new…

#VerityAnswers – How Much Deposit Do I Need When Buying New Construction Condos?

The quick answer =  it is generally 20%. If you are a non-resident, you will be required to make total down payments of 35%. Occasionally developers will offer incentives of 5, 10 or 15% total down payment due and these incentives usually occur AFTER a developer has started construction of the building.  Once the builder…

#VerityAnswers – What is Interim Occupancy?

Interim occupancy is the period of time between the day you occupy your unit (move in) and the day you take ownership (close and get your mortgage). Interim occupancy is the point at which you are forced to move into your new construction condo and pay a fee (called the interim occupancy fee, which is…

#VerityAnswers – What is the “Cool Off” Period in a New Construction Purchase?

When you buy a new construction condo in Toronto you have a 10 day period, called the cool-off period, to review the contract and find it satisfactory at your discretion. At any point, during these 10 days from signing, you can back out or rescind from your purchase, without penalty and your deposit is returned,…

#VerityAnswers – Should I Compare Mortgage Rates?

Yes, you should compare mortgage rates. Whether you are working with a big bank mortgage specialist or a mortgage broker, we think it is prudent to have someone working on your behalf, not only to get the best rate but also the best terms. Rates are important but a great mortgage broker will customize a…

#VerityUpdates – Leslieville Market Update March 2020

This update is a little bit different from any other updates because we had a lockdown and a State of Emergency declared in the middle of the month.You might be wondering how this affected our market, so let us tell you what we’ve been seeing. Prices have reverted back to what properties were selling for…

#VerityAnswers – Should I Buy Parking When I Buy a Condo?

We used to always encourage buyers to purchase parking, if they had the option to get a condo with parking. Now, we recommend considering your exit strategy when thinking about parking. Think about the Buyer who will be buying this condo from you, in the future, and whether or not they will want a parking…

#VerityAnswers – Offer Process Explained

When you submit an offer (not multiple offers or where you are competing against another buyer for a property) the process typically follows a series of logical steps. Before we begin, let’s outline the players involved. There is a Buyer and their realtor, the Buying Realtor. There is the Seller and their realtor, the Selling…

#VerityAnswers – Pet restrictions, what should I know when buying a condo?

We love pets. We couldn’t imagine buying a condo, only to find out our furry friend wasn’t allowed in the building. How do you find out what is and isn’t allowed?  Status certificates will document and outline pet restrictions for each building. Each condo has a set of pet rules, restrictions and by-laws about pets.…

#VerityAnswers – When do I need a Lawyer involved in my home buying transaction?

In Toronto, if you’re buying a house, the buyer’s lawyer doesn’t usually get involved until after the purchase has been made, unless there are extenuating circumstances where a lawyer’s expertise is required. You can have a lawyer review the offer paperwork and clauses before you submit an offer but again typically, for houses, most lawyers…

#VerityUpdates – March 2020 Market Update

Market stats came out for April and as we’ve mentioned, not much has changed across the GTA (statistically). The average home price was up 14.5% across the GTA to $900k. Sales activity was up 12%. New listings were up 3%. Active listings were down 31%. Sales and Listings are down. This is important to note. …

#VerityAnswers – Are Maintenance Fees a Waste of Money?

No. Maintenance fees ensure a condo functions smoothly, appeals to buyers (meaning, curb appeal) and that home owners live a bit more ‘stress free’ than house owners. Before you buy a condo, ask yourself these questions to help bring clarity to the great maintenance fee debate. 1. Are you proactive with repairs and do you…

#VerityBuilds: East Harbour

Brandon Ware and The Verity Real Estate Brokerage dive into details about East Harbour, the sleeping giant next to Riverside, Leslieville and the Canary/Distillery District. First Gulf recently sold the property to Cadillac Fairview for $8 billion dollars and the 10 million square foot development coupled with a new Transit Hub and Ontario Relief Subway…

#VerityAnswers – What is a Status Certificate?

A status certificate is a document that highlights the essential information about a building and about the unit you are buying. Your lawyer will likely review the status certificate and highlight problems or items of concern, like: Legal actions that are pending against the corporation (which could increase your maintenance fees). Special assessments owing or…

#VerityAnswers – Do I need a Home Inspection When Buying a House or Condo?

Do I need to do a home inspection when buying a house or condo?  Yes. If you’re buying a house and spending hundreds of thousands or millions of dollars, we think it is prudent to complete a home inspection. A common concern is that if a Seller has a home inspection done in advance, that…

#VerityAnswers – What is a Bully Offer?

If you watched our video providing a general overview of the multiple offer/bidding war process, you might be following up on what exactly a Bully Offer is. 1. When are bully offers most prevalent? Bully Offers are most prevalent in Seller’s markets. I would argue that they are most prevalent when inventory levels are extremely…

#VerityAnswers – Bidding Wars/Multiple Offers Explained

If you’ve ever wondered how a multiple offer/bidding war works, Brandon Ware highlights a (general) overview of the process.  

#VerityAnswers – Open houses and questions to ask

Should I attend an open house on my own (or without my realtor)? What questions should I ask when attending an open house? These are excellent questions and we hope you find these answers helpful! 1. Buyers need to create an internal point of reference for house/condo value. You can speed the process of doing…

#VerityUpdates – CoVID19 impacts on Toronto Real Estate (March 24th, 2020)

Brandon Ware dives into the stats, figures and scenarios surrounding the CoVID19 outbreak and the Toronto real estate market. With the market changing almost hourly, Verity will aim to bring you weekly updates to keep you informed and aware of what is happening in the downtown core.

#VerityLife – How not to kill your houseplants – low light/water plants

In this #VerityLife instalment of ‘How Not To Kill Your Houseplants’, Jenny shares some tips about plants that thrive in low light/water environments. We look forward to many more segments from Jenny and much greener households as a result. 🙂

How the coronavirus is impacting the Toronto real estate market – March 11th, 2020

Coronavirus is spreading, the stock markets are up and down and recessions are looming. What does this mean for the real estate market? There are so many possible scenarios that could play out but we’re going to discuss three of them. Scenario #1 – The Virus is contained. Not a likely scenario (as of March…

#VerityAnswers – How the coronavirus (CoVID19) is impacting the mortgage market (March 9th, 2020)

How is the coronavirus impacting mortgage rates? Ashley Langford of the Denova Group met with Brandon Ware to briefly explain how the recent Bank of Canada rate reduction will (*should) have a trickle down effect through to Credit Unions and Trust companies in the coming weeks. What does this mean to you? Lower mortgage rates.…

#VerityUpdates – March 2020 Toronto Real Estate Market Update

  The average home price across the GTA was $910,000. This represents a 16.7% increase in the average home price in comparison to February of 2019. February 2020 in comparison to February 2019: Sales were up 45.6% New Listings increased 7.9% Active Listings decreased by 33.6% More sales and fewer listings means it’s a great…

#VerityAnswers – Fixed Vs. Variable mortgage rates. Which is better?

Brandon Ware and Samantha Comito of Outline Financial discuss the benefits of Accelerated Bi-Weekly mortgage payments versus Monthly mortgage payments. Key take-aways: 1. What are your long term goals? This will impact which type of mortgage rate is best for you. 2. Fixed rates tend to have higher penalties if you’re discharging/paying off in advance…

#VerityAnswers – First Time Home Buyer’s Plan (RRSP Withdrawal)

Brandon Ware sat down with Smantha Comito of Outline Financial to get quick details and facts about this government program designed to help First Time Buyers.⁣⁣ ⁣⁣ We’re bringing you the info you need to demystify the process of buying, selling and leasing Toronto real estate. ⁣ Check out www.VerityToronto.com for more great videos and…

#VerityUpdates – Real Estate Market Update February 2020

What the heck is going on? The past 6 weeks of 2020 have seen insatiable demand for all home types in the downtown core. Economic fundamentals generally remain strong with Toronto’s unemployment holding at 5.7% and the country’s inflation at 2.2%. Uncertainty around the US election, how Brexit is going to unfold and fears of…

“Not Your Average” Market Update – November 2019

Brandon shares some of the info and charts that Verity Real Estate uses to gauge the economy and real estate market. Dig into deeper data and statistics to understand what is happening with Toronto condos and houses. Economic indicators include Toronto unemployment, inflation, GDP, immigration, prime interest rate and Canada/US mortgage delinquencies. Real estate stats…

5 Tips to “Grow” your Space

Contributed by Scott Cumming and Maddie Shirriff 5 Tips to “Grow” your Space Guys, I cannot believe it’s April. Hello Q2! Hello longer days, more sunshine, and longer walks with Leo. Get. At. Me. Vitamin D! One of the largest parts of my role in real estate is taking clients on showings. Showings are fun…

Fashion House – Building Analysis

▪️Fashion House▪️ ???? 560 King St W & 461 Adelaide St W ✖️ King and Portland ⚒ Completed in 2014 ????????‍♂️ Freed Developments ???? 11 & 12 Storeys, 344 Units ???? $1,022 Average price per square foot ???? $1,146 Record price per square foot ???? 40% Chance of bidding war ???? Stats from Oct 1,…

Fashion District Lofts (10 Morrison Street) – Building Analysis

  Fashion District Lofts ???? 10 Morrison Street ✖️ Adelaide and Portland ⚒ Completed in 2008 ????????‍♂️ Freed Developments ???? 10 Storeys & 102 Units ???? $1,003 Average price per square foot ???? $1,230 Record price per square foot ???? 75% Chance of bidding war ???? 12 Sales in the last 12 months ???? Stats…

The Thompson Residences – Building Analysis

Brandon and Natasha dive into the stats about the Thompson Residences in King West. Keep in mind that these figures cover the 12 month period between February 2018 and February 2019. ???? 629 King St W & 38 Stewart St ✖️ King and Portland ⚒ Completed in 2016 ????????‍♂️ Freed Developments ???? 14 Floors &…

Here’s the Scoop on the First Time Home Buyer’s Rebate

Written by Scott Cumming and Maddie Shirriff It’s no secret that buying a home is a financially stressful time. Especially if you’ve never done it before. The Canadian government is doing its part by offering different initiatives to help lessen the financial burden and make the dream of home ownership a reality. Enter the… [drum…

Sweet and Savoured

Written by Lisa Choi – Sales Representative There is an amazing pattern emerging in our neighbourhood. It seems like every other week there is a new, and very delicious restaurant, cafe or shop popping up. When we first moved “north of Bloor” Geary and Dupont were just places one drove past on the way to…

#CRAPPYDINNERPARTY

Written by Lisa Choi – Sales Representative with Verity Real Estate Presumably, your friends are not Jon Snow-bad at dinner parties. There is a lot of pressure for everyone to be blogger-level hosts these days and really, shouldn’t the point be to see your friends and not to impress them? Who says that you have…

Victory Lofts (478 King Street West) – Building Analysis

Brandon Ware and Natasha Tropea discuss Market trends and Amenities at Victory Lofts. Victory Lofts is a boutique building completed in 2012 by BLVD Developments and Lifetime Developments. With only 178 units over 12 storeys very few units come to market, making the probability of a bidding war quite high at 83%. The average price…

Three reasons to consider making the move to Roncy…

Post written by Scott Cumming and and Maddie Shirriff Roncy Roncy Roncy Looking to move? Here are 3 reasons you should consider making Roncesvalles home. #1. Sorauren Park This should be known as the park of endless opportunities. And therefore requires it’s own sub points listed below… Head on over to the Farmer’s Market. The…

Brant Park Condos – Building Analysis

Brandon and Natasha discuss market value, trends and neighbourhood amenities near Brant Park. Developed by Lamb Developments Art Deco style with approximately 236 units over 10 storeys Toronto’s first Ace Hotel being developed to the North of Brant Park Waterworks development and food hall being built over St. Andrews Park Impact Kitchen and Hoame Meditation…

75 Portland – Building Analysis

Brandon Ware and Natasha Tropea discuss some of the finer features of this iconic King West Building such as: The Average Price Per Square Foot ($1000 – $1200) Philippe Starck Design Maintenance fees Amenities Probability of getting into a bidding war (83% in 2018) Building amenities and features The relatively few number of sales in…

5 questions to ask yourself before buying your first home

Written by Scott Cumming and Maddie Shirriff 5 Questions to Ask Yourself When Buying Your First Home How Are Your Financials? Owning a home is a big responsibility. Home ownership comes with many benefits but requires financials that go beyond the down payment. If you can answer the following questions confidently, you may be well…

Owning properties in the U.S.A. – it’s not as sexy as it sounds…

About four years ago we stumbled into U.S. home ownership. How we came about it is a long-winded story that I won’t bore you with. FYI – this lovely shot below is not at all as sexy as the unit that we initially bought. If I bought a home with a view of the water,…

Riverside Square – A personal investment analysis

Four years ago I was actively on the hunt for another US property. I had visited Grand Rapids Michigan on two occasions and was getting closer to putting in an offer on something in the city. It’s such a cool pocket of Michigan with strong growth in the medical, academic fields/industries and the furniture industry.…