teamarora, Author at Team Arora

Here are the top five costly mistakes home buyers make.

03/10/22 7:19 PM

1. Mistake Uncertain of what they can afford before they make an offer.

The most effective way to prevent this from happening is to apply for pre-approval for a mortgage, which means you know precisely how much you’re able to pay. Pre-approvals typically cost nothing.

2. Uncertain of who the agent represents.

If the agent isn’t acting as your buyer’s agent and represents the seller. Most people aren’t aware of this.

3. Mistake The wrong mortgage to choose.

A poor mortgage could result in tax penalties of thousands and interest. Ask an accountant for advice prior to you decide on the mortgage you want to take out.

4. Mistake Finding no issues with the house prior to buying it.

Always get a professional inspection at the house prior to buying it, as you might end up with enormous repair costs later. Learn this article to avoid the trap of a financial loss.

5. Mistakes Unaware of how their credit will affect their ability to buy or refinance a house.

Find a mortgage expert to guide you through and create your credit report before buying a home.

The most important thing is to hire a trusted and licensed realtor who will assist you throughout the buying process.

A Look at Mississauga’s New Pre-Construction Condos

03/8/22 4:57 PM

Mississauga is Canada’s one of the largest cities. It has become a vibrant economic and cultural hub, and It offers a variety of living experiences through its increasing stock of condos and homes.

About Mississauga

Mississauga is surrounded by beautiful Lake Ontario shorelines, home to many waterfront condos and homes. The old village of Port Credit was transformed into a pedestrian-friendly shopping district. The Square One Shopping Centre is located further north on Hurontario Street, the city’s main thoroughfare. It also houses a large number of corporate headquarters. A string of communities along the Credit River to the west provide a family-friendly, lush living environment. In the city’s northwest corner is the former village of Streetsville. There are also several shopping centers and recreational areas scattered throughout the community.

Mississauga Transportation

MiWay is the city’s transit agency and offers a wide range of bus routes. Many use the Mississauga Transitway, which provides increased frequency and reliability. The Transitway runs approximately from Pearson Airport to Winston Churchill Boulevard via Square One. It is served by both GO Transit or MiWay routes. GO offers rail service to the area. The Lakeshore West runs parallel to Lake Ontario and offers high-quality service seven days per week. The Milton Line runs through the city’s centre and western reaches and offers ten round trips on weekdays. As well, the opening of the Hurontario LRT in 2024 provides transit access for those commuting from north to south in Mississauga. There are four major highways – Highway 401, Highway 403, Highway 407 and Highway 410 – all crossing through the Mississauga city.

If you’re looking to buy your first home, but don’t have the money to get into the market right now, it may be worth your while to look into Mississauga’s many pre-construction condo developments. With the right pre-construction condo, you can get into the market early, take advantage of great savings on your monthly mortgage payment, and build equity as the building itself rises around you. Here are some things to keep in mind if you’re considering getting into the Mississauga pre-construction condo market.

1. Lakeview DXE Club Condos

Developer: Vandyk Properties
Address: 1345 Lakeshore Rd E, Mississauga
Nearest Intersection: Lakeshore Rd E & Dixie Rd
Pricing: TBA
Occupancy: TBA
Storeys / Suites: 2 Towers – 8 & 12 Storeys / TBA
Suite Types: One Bedroom – Three Bedroom Suites
Suite Sizes: TBA
Maintenance Fees: TBA
Deposit Structure: TBA
Incentives*: Platinum VIP Pricing & Floor Plans, First Access to the Best Availability, Capped Development Levies, Assignment, Property Management & Leasing Services Available, Free Lawyer Review of Your Purchase Agreement, Free Mortgage Arrangements

2. The Vic Condos

Introducing The Vic Condos, the newest mid-rise condominiums coming soon to your town. You’ll find everything you need around here in beautiful Downtown Streetsville; with great food, shops and sights all just a few minutes away by car or bus. And when it comes time for higher education – Its right next door to the University of Toronto – Mississauga Campus!

Developer: Forest Green Homes
Address: Tannery St & Queen St S, Mississauga
Pricing: TBA
Occupancy: TBA
Storeys / Suites: 4 Storeys / TBA
Suite Types: One Bedroom – Three Bedroom Suites
Suite Sizes: TBA
Maintenance Fees: TBA
Deposit Structure: TBA
Incentives*: Platinum VIP Pricing & Floor Plans, First Access to the Best Availability, Capped Development Levies, Assignment, Free Leasing & Property Management Services, Free Lawyer Review of Your Purchase Agreement, Free Mortgage Arrangements
Suite Finishes: Laminate Flooring, Stone Kitchen Countertops, Stainless Steel Kitchen Appliances and more
Building Amenities: TBA

3. Eleven 11 Clarkson Towns

Eleven 11 Clarkson Towns new townhomes are coming to Clarkson Village in Mississauga, Ontario. These homes will be right next door to the shops and restaurants of Lakeshore, making it easy for residents to do everything they need without having to leave home!

Developer: Saxon Developments
Address: 1111 Clarkson Rd N, Mississauga
Nearest Intersection: Clarkson Rd N & Lakeshore Rd W
Pricing: Starting From The Mid $500s
Occupancy: December 2020
Suite Types: One Bedroom – Three Bedroom Suites
Suite Sizes: 690 sq ft – 1,687 sq ft
Maintenance Fees: Approx. $0.30 / sq ft
Deposit Structure: $10,000 on Signing // 5% Minus $5,000 in 30 Days // 5% in 180 Days // 5% in 300 Days // 5% on Occupancy
Incentives: Platinum VIP Pricing & Floor Plans, First Access to the Best Availability, Capped Development Levies ($5,000 for 1 Bed // $7,500 for 2 Bed // $10,000 for 3 Bed), Free Assignment (Value of $10,000), Property Management & Leasing Services Available, Free Lawyer Review of Your Purchase Agreement, Free Mortgage Arrangements

4. 91 Eglinton Ave East Condos

Introducing a new condo community in the heart of Mississauga- at 91 Eglinton Ave East! Nestled between Hurontario St. and Eglinton Ave., you will never want to leave this condominium townhome block which features 6 towers and 2 buildings all within walking distance from everything that Mississauga has to offer. From major highways, shops and schools- it’s all right around the corner for you at 91 Eglinton Ave East.

Developer: Liberty Developments
Address: 91 Eglinton Avenue East, Mississauga
Nearest Intersection: Eglinton Ave E & Hurontario St
Pricing: Anticipated To Start From The High $400’s
Occupancy: Anticipated For 2024
Storeys / Suites: Six Towers – 13, 19, 24, 25, 35, & 37 Storeys / Suites TBA
Suite Types: One Bedroom – Three Bedroom Suites + 3-Storey Townhomes
Suite Sizes: TBA
Deposit Structure: TBA
Incentives: Platinum VIP Pricing & Floor Plans, First Access to the Best Availability, Capped Development Levies, Assignment, Free Lawyer Review of Your Purchase Agreement, Free Mortgage Arrangements, Exclusive 1 Year Free Leasing Services & 1 Year Free Professional Property Management Services*

5. Kindred Condos

Introducing your next home- a beautiful new condo in Mississauga perfect for anyone who wants to be closer to everything. With Westwood Mall just around the corner, major highways and universities nearby, as well as being situated near other essential amenities; this is a great option for those looking for convenience.

Developer: The Daniels Corporation
Address: 2475 Eglinton Ave W, Mississauga
Nearest Intersection: Eglinton Ave W & Erin Mills Pkwy
Pricing: Starting From $485,900
Occupancy: February 2025
Storeys/Suites: 25-Storeys / TBA
Suite Types: Studio – Two Bedroom + Den Suites
Suite Sizes: 433 sq ft – 953 sq ft
Maintenance Fees: $0.59/sq ft (Includes Bell Gigabit Fibe 1.5 Internet // Water & Hydro Separately Metered)
Deposit Structure: $7,000 on Signing // 5% Minus $7,000 in 30 Days // 1% in 90 Days // 1% in 120 Days // 1% in 150 Days // 1% in 180 Days // 1% in 210 Days // 5% in 400 Days // 5% on Occupancy
Incentives*: VIP Pricing & First Access to the Best Availability, Capped Development Levies, Free Assignment, Free Lawyer Review of Your Purchase Agreement, Free Mortgage Arrangements, One Parking Unit ($55,000 Value) + One Locker Unit ($3,000 Value for a half-height locker or $5,000 Value for a full-height locker) Available for ONLY $45,800!*, Capped Closing Costs (All One Bedroom + Den & Smaller – $10,000 + HST // All Two Bedroom & Larger – $12,500 + HST)
Suite Finishes: Laminate Flooring, Stone Kitchen Countertops, Stainless Steel Kitchen Appliances, Stacked Washer & Dryer
Building Amenities: 24/7 Concierge, Private Roundabout Driveway Entrance, Pet Wash, Co-Working Space, Bookable Boardroom, State-of-the-Art Fitness Centre, Yoga Studio, Party Room, Outdoor Playground with Firepit, Games Room, Outdoor Terrace, Gardening Plots

5 Tips for Buying an Investment Property

03/8/22 1:30 PM

If you’re considering buying an investment property, there are several things to keep in mind before you commit to the purchase. The key to your success with the property will be researching and planning to know what factors will affect the house’s value and how much of your time and money you’ll need to put into it to maintain its value over time. Here are five essential things to consider before investing in a property. If any of these crucial things don’t make sense to you, or if you find them too complicated, be sure to talk with an expert who can help guide you through the process.

1. Risk in Real estate investing.

Real estate investing is a lower-risk option than other investments, such as stocks or cryptocurrencies. To assess the risks involved, it is essential to thoroughly research the property, the area, the appreciation over time, and future plans. You should also consider operating, mortgage, and maintenance costs when investing in property.

2. Your Financial Situation

Before you consider investing in property, It is essential to assess your financial situation. These investments are not cheap, so be prepared to invest substantial money upfront and over time if you have to mortgage. When determining your financial situation, consider your income to debt ratio. This could make a difference in whether you can use your existing funds for the investment or not. Consider how much cash you have available after the acquisition. This can help with closing costs and emergency fund requirements.

3. Property Management

Depending on the type and size of your property, you might need management services to maintain it operational after you have bought it. It is wise to hire a property manager to manage your rental property. They can find tenants, handle legalities, and maintain the property. This will take the burden off your shoulders and allow you to concentrate on other investments and personal ventures.

4. Property location

The “where” is much more important than “what” when investing in property. Property prices heavily depend on the location of the property. The property price in urban areas will always be higher than those in rural and suburban locations. The high cost of living in urban areas will result in higher long-term profits. Because of the ease of access to transportation and social factors, urban lifestyles are often more appealing to the masses. Once you have purchased the property, the property’s location will be determined by who your target audience is. If you plan to rent your property out to families, you might consider buying a property in Brampton and Mississauga, the best places to purchase real estate in Ontario.

5. The One Percent Rule

The real estate’s one percent rule states that the monthly rent should not be less than 1% of the property’s price. Your property rent should cover your monthly mortgage payments. This ensures that you don’t invest your income in the mortgage but rent the property. This is what will make renting a rental property worth the investment.

Why is Housing Supply So Low in Ontario?

03/1/22 5:39 PM

There are some reasons to be optimism given that housing starts increased dramatically in 2021 in the same year, and the efforts around the nation to tackle the shortage of housing are increasing. In spite of these encouraging signs, we remain convinced that the housing shortage in relation to the needs of the population will continue to exert upward pressure on rents and prices and lower the affordability of housing. There is still a lot to be done by policymakers to close the gap in housing.

The housing stock in Canada that is adjusted to population is the lowest among the G7.
Results differ by provinces within Canada and Canada, and Alberta, Manitoba and Ontario having the lowest numbers of homes per person compared the others provinces.
Ontario would require more than 650,000 homes to bring its dwellings-to- people to be equal to all of nation

It’s no secret that people who want to buy homes are struggling to find one they can afford. In fact, even people who qualify for loans may still struggle because there aren’t enough houses to choose from! With so few choices, bidding wars are inevitable, making things even more difficult for buyers. So why does the housing market have such little selection? There are a few different reasons Why is Housing Supply So Low in Ontario?

housing market canada — Source: Scotiabank

Too many studio and one-bedroom condos

When it comes time to purchase homes in Canada, most Canadians prefer townhouses, semis, and detached homes. They are large and can enjoy a front lawn and a backyard. Although condos do not offer additional outdoor space but they are larger to allow for families. But, the majority of condos in the GTA are built to be used as investment properties. Developers target investors who are able to purchase multiple units at once, and later lease them to young professionals and students.

A family of three or more people can’t reside in a small 400 square foot condominium with a walled kitchen and no private space. The older condos located in Mississauga with more than 1,200 square feet are an ideal option, and there are plenty of families who live there. If you come across an old condo available for auction in Mississauga and you are able to purchase it, do so since it’s the best value for your money!

New Home Construction Fell in the back for a few years

The construction of new homes in single-family houses in the last five decades, and includes the average of long-term housing units built. Builders surpassed that average during the time of the housing bubble. This led to an oversupply of houses on the market, and the value of homes fell. This was among the reasons that led to the housing market crash in 2008.

The rate of construction for new homes has slowed. In the past 13 consecutive years, builders weren’t capable of building enough homes to match what was the average. This underbuilding has left us with an inventory deficit of multiple years that could turn into the epidemic.

The Pandemic’s Impact on the Housing Market

When the pandemic struck the country, it brought a new admiration and renewed appreciation for the importance of the home. The need for a secure place to work, live or study in, as well as exercise was even more crucial for Canadian all over the country. Therefore, when mortgage rates fell to less than 2%, buyers were eagerly entering the market to take advantage of these low rates to secure homes that could meet their ever-changing demands. In the meantime, sellers were reluctant to put their homes for sale as fears regarding the pandemic grew.

Lower mortgage rates

Bank of Canada dropped the mortgage rate from 5 percent to under 2 percent, which led to numerous Canadians to purchase homes. People who are looking to buy homes benefit from record-low rates of interest. The demand grew overnight, but the supply didn’t. The first houses sold at $300k to $400k more than the asking price. Many who did not desire to buy a house considered buying a panic house, believing that the prices would rise more.

Market Report Summary for January 2022

Average home prices in Ontario have increased by 25.6% in a year to $998,629
Toronto home prices increased by 24% year-over-year to $1.07M
Ottawa home prices increased by 15% year-over-year to $677k
Mississauga home prices increased by 30% year-over-year to $1.15M
Brampton home prices increased by 41% year-over-year to $1.37M
Hamilton home prices increased by 35% year-over-year to $976k

Here’s the thing: there are less houses on the market, and this is having a huge effect all across Canada. In fact, inventories are lower than ever before and if you’re thinking about buying in Central Ontario or anywhere else in the country – take notice!

If you are looking for property, there is no better time than now! Housing prices are skyrocketing due to limited supply. Low inventory means that this trend will continue over the next few years, so don’t wait too long!

For more information, please contact me at parveen@teamarora.com or +1 (416) 910-8923.

Canada Real Estate Statistics You Need To Know

02/3/22 3:12 PM

There are over 140,000 real estate brokers, agents, and salespeople in Canada. Working through 79 boards, the Canadian Real Estate Association (CREA) reports that these professionals help more than 4.8 million consumers purchase homes every year.

In Canada alone, Statista.com reports 258,054 employees in the Canadian real estate industry in March 2021.

The largest real estate association in Canada is OREA, which is made up of 82,000 REALTORS® from 36 real estate boards.

The most expensive residential property in Canada is a mansion Chelster hall in Oakville, Ontario.

TREB is the real estate board for Toronto, North York, Scarborough and all of the Greater Toronto Area – one of the largest housing markets in Canada. TREB represents more than 62,000 salesperson and broker members who are responsible for more than 560,000 active residential real estate listings across the GTHA.

Although the real estate industry is booming, it is also highly competitive. A NAR study reported that an estimated 87 percent of all new agents fail within the first five years, with only 13 percent of agents being able to make it.

The national average home price in December 2021 was $716,585.

6 Things You should consider before Buying a House

02/2/22 4:02 PM

The most important thing about moving is choosing the right neighborhood. What are the key characteristics to look for when choosing a neighborhood?

You can’t change the location of your home. Make sure it is in the right place.

6 things you should look out for in your neighborhood

1. Safety

Many homebuyers are concerned about the safety of their neighborhood. You should look for a safe neighborhood with a low crime rate.

Take a look at street lighting. Is the area well-lit? Are you considering buying a property near a well-lit area?

Is there a watchdog in your neighborhood? What is the crime rate in the area? Ask residents if they are walking their dog, or mowing their grass.

2. Commute

Consider your commute to and from the home. It’s not just about your commute to work. If you frequently travel, consider your commute to an airport.

Even if your work is remotely, it’s likely that you will be visiting the same places regularly. Perhaps you plan to visit a local physical therapist or take monthly business trips. You can find out what the commute costs to most frequently visited places by doing a quick search.

3. Walking Paths and Community Parks

You can take note of the community parks and walking paths in the area if you have children or dogs. You should look out for good parks, trails, and paths in your neighborhood.

Are the sidewalks in good condition? Are the playgrounds in good shape? Is the house close to trails and parks you enjoy?

4. School District

The school district in which the home is located is one thing you can’t change. This is why it’s important to find a great school district in your neighborhood. Ask your agent to provide information about the school district, including the reputations and test scores of the schools.

Even if your children do not live with you, or you are planning to send them to private school, the school district will be relevant for your resale. It doesn’t have to be a deal breaker. However, it is important to know that a less desirable school district may impact your property value when you refinance or resell.

5. Shopping, Restaurants, and Entertainment

Consider the proximity of shopping, entertainment, and restaurants. Consider the distance between your home and the grocery store. Also, consider whether there are nearby restaurants or coffee shops that you might enjoy.

Is there an event venue nearby? What about nightlife? These may be considered pros or cons, depending on how you live and what level of traffic and noise you enjoy.

6. Medical Facilities

No matter how often you need medical attention, it is important to find quality facilities in your neighborhood. Check out the reputations of nearby hospitals.

You should consider whether primary care providers are available near the property. How close is your home to any specialists if you need them? While many people are happy to commute to see the right provider for their care, it is important that you understand these details before you make your final decision.

We are available to assist you when you’re ready to move. Get in touch with us today to get going!

Canada’s warehouse space is expected to run out by the end of the year.

01/25/22 3:51 PM

According to a study provided by commercial real estate firm CBRE Ltd, a near-record 26.1 million square feet (2.4 million square meters) of logistics real estate is under development, with much of it already leased. And, with existing warehouse vacancy rates at historic lows, it may soon be practically difficult for firms to find storage space.

“A large amount of industrial space is required merely to keep up with the shift in consumer behavior toward e-commerce,” says one expert. “By the end of the year, we won’t have enough room for anyone to come in.”

According to JPMorgan Chase & Co. experts, Canada trailed behind other industrialized countries in e-commerce adoption before to the pandemic, but online sales have expanded faster than in other Western countries in recent years. According to the bank, the percentage of buyers who made at least 40% of their transactions online had more than quadrupled by April 2020 compared to the rate before the epidemic.

With the country currently dealing with a fresh round of COVID-19 cases and regulations, the conditions that have made e-commerce such a big part of Canadians’ lives appear to be sticking around for a while.

Businesses have been snapping up industrial real estate at an unprecedented rate as a result of the trend. According to the CBRE research, almost 10.4 million square feet of warehouse space was leased throughout Canada in the first three months of this year. The major cities in North America, Toronto, Vancouver, and Montreal, have the lowest vacancy rates in the world.

According to Hanna, landlords may have to consider transforming retail and office buildings that were mainly underused during the epidemic into logistics centers since new construction is coming up too slowly to fill the void in those locations.

According to statistics from data source Altus Group, Amazon Canada Fulfillment Services spent $40 million (US$32 million) last month to acquire 40 acres (16 hectares) in the Toronto suburb of Pickering that had previously been home to a local flea market.

“Industrial tenants and developers are having to be inventive to free up some space,” according to the article. “This is a very lean year, making it difficult for tenants.”

(Source)

The usage of HELOCs is growing at an even faster rate – the Bank of Canada.

12/30/21 4:04 PM

According to the Bank of Canada statistics, Canada’s entire HELOC debt load continued to increase in September 2016, reaching $270.2 billion.
According to Better Dwelling’s analysis of the BoC statistics, the growth rate in October was the highest since May 2019, up 4.4 percent ($11.4 billion) from September 2020.
According to Better Dwelling, the market for HELOC debt has also expanded at a greater rate than GDP.
“The monthly expansion for September has surpassed the country’s flash projections. HELOC debt is now equivalent to 14 percent of GDP, a figure that was just 11.9 percent five years ago,” Better Dwelling added. “We’re seeing a lot of people taking equity out of their homes, which is becoming an increasingly substantial economic force… The borrowing has been used to compensate for sluggish wage growth.”
HELOCs might make it more difficult for regulators to properly assess consumer credit situations, which might pose significant dangers to both the consumer population and the market as a whole, according to Peter Routledge, Canada’s superintendent of financial institutions.
“HELOCs and non-traditional housing backed securities can result in larger and more persistent outstanding principal balances, raising the risk of a loss to lenders.,” Routledge told BNN Bloomberg. “Furthermore, borrowers may be better equipped to handle financial strain if they utilize their lines of credit to make mortgage payments.”

How to Avoid Getting Outbid in a Brampton Real Estate Market

12/30/21 3:17 PM

In Brampton’s always-hot real estate market, being outbid for almost any property is a frequent problem. There are, however, a few things buyers may do to help their bids stand out and beat the competition:

1. MAKE THE FIRST MOVE

Making the first serious offer has several benefits, and it raises the prospect that a seller will choose yours over other bids made later. If you are the first buyer, you have a better chance of receiving an offer that is above or equal to yours than if you were not the first.

2. SHOW YOU ARE READY, WILLING, AND ABLE

Communication is critical throughout the bidding process, and expert Team Arora’s agents can assist you in making your bid stand out from the crowd. Our professionals ensure that your conditions are clearly and on time delivered, that you are economically suitable, and that you may be more competitive. When you have a real estate agent with prior experience in local areas who is working hard to connect buyers and sellers, it makes things much easier.

We recommend that bidders present proof of funds (for example, a most recent bank statement) or an up-to-date preapproval from their lender as a sign of financial ability. Why not add all the proof you have to your claims, and use it as a selling point? This assures the seller that you’ve already taken all necessary measures to ensure that you can buy at the offered price. If the pre-approval on your account is outdated, or the offer price is greater than the pre-approved amount, take steps to obtain an updated letter from your lender. If you haven’t started this procedure yet, ask your agent to connect you with a recommended lender.

You may also convey your enthusiasm by writing a “buyer love letter.” Sharing data such as how long you’ve lived in the city and what initially drew you to the house can assist a seller to understand why you’re interested. This may have an impact on the choice between two potential buyers who are bidding very close to each other, particularly if the owners had occupied the property for a long time and were emotionally attached to it.

3. ASK QUESTIONS

Make a list of questions to ask the sellers, either directly or through your real estate agent. Most importantly, always inquire about why the seller is selling his or her property! Maybe the buyer is going through financial difficulties or is acquiring another property. Regardless matter of why these findings may assist you in better comprehending the seller’s objectives and intentions.

A fast and easy closing, for example, is worth more to a seller who will be buying another property in 45 days and financing the purchase themselves. A seller who is still looking for a new house might be seeking to extend the time it takes to close. The more data you have, the better prepared you are to compete against other bids.

4. CUT OUT CONTINGENCIES

Consider contingencies to be strings attached to your offer—the fewer there are, the simpler the seller’s process and, as a result, the more appealing your bid.

An inspection contingency, for example, allows a buyer to do an inspection after an offer is accepted. You should waive this condition if the equipment is in apparent excellent working order, or demand an inspection for informational purposes only, which means you will not get any money if anything significant is discovered.

Ready to get started? Schedule a call to be matched with our agents that can help you every step of the way.

Author: teamarora