Modern Family Mortgage Update January 2018   
Real Estate News
Paul Chan

315 Castlefield Avenue
Toronto, Ontario

Hi Paul,

We are excited to announce the launch of Modern Family Mortgage! Ewan French can now assist you with finding the best rates when you buy, refinance or invest with a mortgage.

This will give clients access to a full service team which results in less work and stress for buyers.  We can now negotiate the best price for your home and lowest interest rate for your mortgage which can be your top 2 biggest financial decisions you will make.

Thanks so much for checking out this month’s newsletter. Please get in touch if you have any questions or comments regarding the articles, or real estate in general — it’d be great to hear from you!

Paul Chan

In this issue...
Modern Family Mortgage was created due to the demand from our clients to get better service and lower interest rates for their mortgages.  Your mortgage is the largest debt you will take on so why do people spend little time and effort to negotiate the best market rate.

Ewan can manage this problem for you and get you pre-approved and lock into the best rates in the industry.  Timing is key as the mortgage industry is changing fast with the new stress test in place and interest rates on the rise.  We can also assist clients with their budget, taxes and accounting so that you get the full service you need to make the right finanical decisons.

Top questions to ask your mortgage advisor.
1.  Are fixed or variable interest rates better?
2.  Can I negotiate my interest rates on renewal?
3.  What are the best interest rates that I can lock into today?

Contact Ewan today for a free mortgage consult at 416-986-2444 or [email protected].

2017 a balanced year for Toronto area home sales.

Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 92,394 sales through TREB’s MLS® System in 2017. This total was down 18.3 per cent compared to the record set in 2016.

Record sales in Q1 were followed by a decline in Q2 and Q3 after the Ontario Fair Housing Plan (FHP) was announced. The pace of sales picked up in Q4, as the impact of the FHP started to wane, and some buyers arguably brought forward their home purchase in response to the new OSFI stress test guidelines effective January 1, 2018.

“Much of the sales volatility in 2017 was brought about by government policy decisions. Research from TREB, the provincial government and Statistics Canada showed that foreign home buying was not a major driver of sales in the GTA. However, the Ontario Fair Housing Plan, which included a foreign buyer tax, had a marked psychological impact on the marketplace. Looking forward, government policy could continue to influence consumer behaviour in 2018, as changes to federal mortgage lending guidelines come into effect,” said Mr. Syrianos.

The average selling price for 2017 as a whole was $822,681 – up 12.7 per cent compared to 2016. This annual growth was driven more so by extremely tight market conditions during the first four months of the year. In the latter two-thirds of 2017, fewer sales combined with increased listings resulted in slower price growth. In December, the MLS® Home Price Index (HPI) Composite Benchmark was up by 7.2 per cent year over year, and the overall average selling price was up by 0.7 per cent year over year.

“It is interesting to note that home price growth in the second half of 2017 differed substantially depending on market segment. The detached market segment – the most expensive on average – experienced the slowest pace of growth as many buyers looked to less expensive options. Conversely, the condominium apartment segment experienced double-digit growth, as condos accounted for a growing share of transactions,” said Jason Mercer, TREB’s Director of Market Analysis.

Homeless shelters are always in need of help during winter.

If you’ve ever wondered how you can help the homeless this winter, the City of Toronto has put together a detailed list of community agencies along with their specific needs.

There are over 50 organizations dedicated to helping men, women and youth. Some of the items most needed around this time of year are winter coats, socks, gloves, warm hats and hygiene items such as toothpaste, shampoo and deodorant.

Some community agencies also list gift cards, school supplies, diapers and soccer/basketballs as items that are needed.

The website also details the various volunteer opportunities that are available should you wish to roll up your sleeves and help out in person. Whatever route you decide on, it’s important to remember that every little bit counts!

There are various pros and cons with newer and older homes.

Home buyers face countless decisions when purchasing a home. One of the first things to figure out is whether you prefer a newer home or an older home.

Comparing newer and older homes can be tricky as it depends on individual preferences as well as family priorities. Here are a few advantages of older homes:

  1. Solid as a Rock – The craftsmanship that went into building homes years ago was usually second to none.
  2. Old World Charm – Older homes usually boast unique architectural features such as crown moulding and stained glass windows.
  3. Location – Older homes are often located in well established communities with mature trees. They’re also usually close to popular downtown amenities.
  4. Outdoor Space – Older homes usually have larger lots which is important if you value your privacy or wish to possibly extend your home in the future.

Newer homes on the other hand have their own unique set of advantages. Here are just a few points to consider:

  1. Customizable – You can customize a brand new home to your own tastes with options like heated floors or granite countertops.
  2. Functional – Newer homes are laid out with functional features such as attached garages, larger storage areas and ensuite bathrooms.
  3. Low Maintenance – You’re not likely to encounter any serious issues as everything’s brand new. The home’s exterior will also be much easier to maintain.
  4. Energy Efficient – Better windows, insulation and appliances mean newer homes are more energy efficient which translates into lower monthly utility bills.

Newer homes are usually more functional but older homes offer a level of character that new homes can’t match. You may already have a good idea of what you prefer but keep an open mind as you become more familiar with the pros and cons of each. This is one of the biggest investments you’ll ever make so do your research before signing on the dotted line!

Are your home’s strange sounds keeping you up at night?

Part of settling into a new home is figuring out what noises are normal. Most are nothing to worry about but some could signal a deeper issue. Here are a few that you should pay attention to:

  1. Furnace Noises – A humming noise is normal but loud pops, scraping, grinding or squealing sounds should be checked out professionally.
  2. Scratching Sounds – The dreaded sound of scratching likely means you have rodents that are making themselves at home so take notice before it gets out of hand.
  3. Running Water – Check for leaks and water damage around the home. If you can’t figure it out quickly, call a plumber as it could mean a broken pipe.
  4. Gurgling Toilet – Gurgling noises coming from the toilet could signal a blockage in the toilet or drain, a blockage in the vent stack or a main sewer drain blockage.
  5. Noisy Fridge – Some whirring and clicking is normal but if your fridge is cracking or popping, it could be a compressor or a temperature regulation issue.

You can expect to hear some noises coming from your home as the various building materials will contract and expand. Just keep an ear out for anything unusual and don’t hesitate to call a professional if in doubt!

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