Toronto Real Estate Questions

Why Is That Listing $1?

The Seller Wants A Bidding War A $1 dollar list price is the most direct way for the seller to inform buyers they want an auction and attract as many buyers as possible. The seller might believe there is a strong correlation with the number of offers and the sale price. The Listing Agent Strategy It’s much easier if you can convince a seller to ‘under-list’ a property well under market value and hold an auction. You don’t have to go through the exercise of proving your ability to appraise the value of the property. You can let buyers do it for you.Your Relationship With Your Buyers Agent Is Tested In these scenarios, it doesn’t really feel like the listing […]

bayview village

Old Malls, New Looks

Two malls, two new looks. A redevelopment proposal for Bayview Village and Fairview Mall will give both malls and surrounding areas a big makeover including new retail spaces and new condo developments. Here is a breakdown of what is going into each development project. Bayview Village You probably recognize Bayview Village as it stands today, beside the iconic ARC Condos and Bayview TTC Subway station. Here is a Google Maps shot of it as it stands today. What you might not have seen however is that they are expanding to include 5 mix-use residential and commercial buildings around the existing mall, ranging from 6 to 33 storeys, and will have direct access to the mall from the TTC. This project […]

Role of a Realtor

Roles of a Realtor

Pre-Listing Activities Review pre-appointment questions Research all comparable currently listed properties Research sales activities for past 18 months from MLS and public records databases Download and review property tax roll information Prepare unique “Opinion of Value” to establish fair market value Research property’s ownership and deed type Research property’s public record information for lot size and dimensions Research and verify legal description Research property’s land use coding and deed restrictions, zoning, etc. Verify legal names of owner(s) in public property records Prepare listing presentation package Perform exterior “curb appeal assessment” of subject property and area Listing Presentation Give seller an overview of current market conditions and projections Review agent’s and company’s credentials and accomplishments in the market Present Opinion of […]

Houses

Commission Explained

Commission is a commonly misunderstood part of the home selling process. While most people understand that it involves a percentage paid to a realtor, many key aspects of this part of a transaction remain unclear to many. As this payment can add up to tens of thousands of dollars, you need to understand it in order to be a truly informed buyer or seller.   The Seller During a sale transaction, the Seller hires a Listing Agent to sell their property. The Seller and Listing Agent sign a listing agreement that will outline the terms and will show the commission rate, typically 5% (which is HST applicable). In this listing agreement, it will also show that there will be a […]

mortgage broker

Ask A Mortgage Broker

Mark Oulahen interviewed Mortgage Specialist, Tony Iozzo from TD Canada Trust with all the frequently asked questions about mortgages. What is good or bad credit? What rating do I need to have no issues to get a mortgage? We want to see credit ratings at 680 or higher to have no issues. We will consider a credit rating under 680, however, a little extra due diligence would be applied. There’s a policy in place for lower credit ratings when seeking a CMHC (Canadian Mortgage and Housing Corporation) mortgage that would make out to a difference of approximately $20,000 in reduced mortgage financing (that is, credit CMHC would be willing to extend), versus if your credit score were higher. Essentially, the credit bureau is […]