Baskets and Bins: Integrate decorative baskets or bins to corral items like remote controls, magazines, and throw blankets. This prevents these items from creating visual clutter and gives your living room a polished look.

Cable Management: Tackle cable chaos by using adhesive clips or cable organizers to keep cords and cables neatly bundled and hidden from view.

Regular Resets: Set a timer for 10 minutes each day to do a quick living room reset. Put away stray items, fluff pillows, and straighten furniture, maintaining a tidy and inviting space.

If you're considering selling your Toronto home, we're here to help you smoothly transition to the next chapter.

We're experienced and know the market inside out and are ready to showcase your property's unique charm. Let's maximize your home's potential!

🔗 Start Home Evaluation

Closing the deal on a real estate transaction can be an exhilarating yet complex process. As you approach the finish line, it's crucial to ensure that all the necessary steps are taken to facilitate a seamless transition from buyer to owner. In this guide, we'll walk you through the essential elements of preparing for a successful closing, ensuring that every detail is accounted for:

1. Completing Repairs and Inspections: Before closing, it's essential to address any repair issues that were identified during inspections. Work closely with your real estate agent and contractors to ensure that all repairs are completed to the satisfaction of both parties. A well-maintained property builds trust and ensures a smoother closing process.

2. Submitting Disclosures: Transparency is key in real estate transactions. Ensure that you've provided all required disclosures about the property's condition, potential issues, and any historical data. This information helps buyers make informed decisions and can prevent future legal complications.

3. Reviewing Closing Costs: Closing costs can be a significant financial aspect of a real estate transaction. Review the estimated closing costs with your agent and lender well in advance. Understanding these costs will help you prepare financially and avoid any last-minute surprises.

4. Signing Documents: The closing process involves a substantial amount of paperwork. From loan documents to the property deed, ensure that you thoroughly review and understand each document before signing. If needed, consult a real estate attorney to clarify any legal aspects.

5. Handing Over the Keys: The symbolic moment of handing over the keys marks the official transfer of ownership. Coordinate with your agent and the buyer's representative to ensure a smooth exchange. Prepare any necessary instructions, such as alarm codes or appliance manuals, to make the transition as seamless as possible.

6. Closing the Transaction: Closing day is the culmination of weeks or even months of work. Ensure that you have a clear schedule for the day, allowing ample time for the final walkthrough, signing documents, and any last-minute clarifications. Be patient and prepared for potential delays.

In conclusion, preparing for closing involves a series of meticulous steps that demand attention to detail and effective communication. By completing repairs, submitting disclosures, understanding closing costs, carefully reviewing documents, facilitating the key handover, and navigating the final stages, you'll increase the likelihood of a successful and hassle-free closing.

Remember, partnering with a knowledgeable real estate agent and, if necessary, a real estate attorney, can provide invaluable guidance throughout the process. Now that you're armed with these tips, you're well on your way to confidently closing the deal on your real estate transaction.

Your journey to a seamless closing begins with knowledge!

Closet Edit: Twice a year, go through your wardrobe and donate or sell clothes you no longer wear. This helps you maintain a clutter-free closet and ensures you're only holding onto items you love and use.

Under-Bed Storage: Utilize the space under your bed for storage. Invest in containers or bins to store seasonal clothing, shoes, or extra bedding, keeping your bedroom free from unnecessary clutter.

Nightstand Essentials: Keep your nightstand tidy by limiting it to essential items like a lamp, book, and a small tray for personal items. This minimalist approach promotes a serene and organized sleeping space.

The journey to finding your perfect property is exciting! From cozy condos to spacious family homes, explore a wide range of options that match your needs. Let's turn your homeownership dreams into reality.

Start Home Search

Daily Wipe-Downs: Make it a habit to wipe down bathroom surfaces, such as sinks, countertops, and faucets, daily. This quick task prevents soap scum and grime buildup, keeping your bathroom sparkling clean.

Drawer Dividers: Use dividers in your bathroom drawers to separate toiletries and cosmetics. This prevents items from getting jumbled together and makes it easier to find what you need.

Vertical Storage: Maximize vertical space by installing shelves or organizers on the back of your bathroom door. This is a great way to store towels, robes, or extra toiletries without taking up precious floor space.

The Bank of Canada has maintained its target for the overnight rate at 5% today, with the Bank Rate at 5.25% and the deposit rate at 5%. Here are the key highlights from the announcement:

Global Economic Trends:
‣ Inflation in advanced economies is on the decline, but core inflation remains elevated.
‣ Global growth slowed in Q2 2023, largely due to a significant slowdown in China.
‣ The U.S. saw stronger-than-expected growth driven by robust consumer spending.
‣ Europe's service sector supported growth while manufacturing contracted.
‣ Global bond yields have risen, reflecting higher real interest rates, and oil prices are higher than expected.

Canadian Economic Update:
‣ The Canadian economy is experiencing weaker growth to alleviate price pressures.
‣ Economic growth contracted by 0.2% at an annualized rate in Q2 2023, impacted by factors like wildfires.
‣ Household credit growth slowed due to higher rates, while government spending and business investment supported domestic demand.
‣ The labor market is gradually easing, with wage growth around 4% to 5%.

Inflation:
‣ Inflation remains a concern, with CPI inflation averaging close to 3%.
‣ Core inflation is running at about 3.5%, indicating little recent downward momentum.
‣ Recent gasoline price increases are expected to push CPI inflation higher in the near term.

Monetary Policy:
‣ The policy interest rate remains at 5%.
‣ The Bank continues to normalize its balance sheet.
‣ The Bank is watchful of underlying inflationary pressures and is ready to increase rates if needed.
‣ Assessment factors include excess demand, inflation expectations, wage growth, and corporate pricing behaviour.

Seize the opportunity today to fortify your financial future. If you're on the lookout for a top-notch mortgage broker who can guide you towards the perfect mortgage solutions customized just for you, don't hesitate to reach out. Secure your tomorrow, today!

Higher borrowing costs, continued uncertainty about the economy and Bank of Canada decision making, and the constrained supply of listings resulted in fewer home sales in August 2023 compared to August 2022. The average selling price remained virtually unchanged over the same period. On a seasonally adjusted monthly basis, sales and average price edged lower.

Greater Toronto Area REALTORS® reported 5,294 sales in August 2023 – down by 5.2% compared to August 2022. New listings were up by 16.2% year-over-over, providing some relief on the supply front, but year-to-date listings are still down substantially compared to the same period last year.

Seasonally adjusted sales were down slightly by one per cent month-over-month compared to July 2023, while new listings were up slightly by 1.3% compared to July.

The MLS® Home Price Index Composite benchmark for August 2023 was up by 2.5% year-over-year. The average selling price was also up, but by less than one per cent to $1,082,496 over the same timeframe. On a monthover-month seasonally adjusted basis, the MLS® HPI Composite benchmark was virtually unchanged and the average price edged lower by 1.6%.

Read Full Market Stats Report

Look no further! Whether you're a first-time buyer or upgrading your space, finding the right mortgage is essential. Let us connect you with trusted mortgage brokers who'll guide you every step of the way.

(416) 543-7252
sam@samchaim.ca

Cashback mortgages are a type of mortgage that has gained popularity in Canada over the past few years. With a cashback mortgage, borrowers receive a lump sum cash payment from the lender at closing. This cash payment can be used for various purposes, such as covering closing costs or making home improvements.

How a Cashback Mortgage Works

Cashback mortgages are a type of mortgage that has become increasingly popular in Canada in recent years. With a cashback mortgage, the lender provides borrowers with a lump sum cash payment at closing. This payment can be used for various purposes, such as covering closing costs, making home improvements, or paying off high-interest debt.

The amount of cashback a borrower can receive typically ranges from 1% to 7% of the mortgage amount. However, the exact amount can vary depending on the lender and the borrower’s credit score and financial situation. The cashback payment is typically added to the mortgage balance, which means that borrowers will pay interest on the cashback amount over the life of the mortgage.

Advantages of a Cashback Mortgage

Cashback mortgages can provide several benefits for borrowers in Canada:

A cashback mortgage can help with the upfront costs of buying a home or refinancing an existing mortgage. This can be especially beneficial for first-time homebuyers or borrowers who need more cash.

Cashback mortgages can be a way for borrowers to make home improvements or pay off high-interest debt. By using the cashback payment for these purposes, borrowers can save money in the long run and increase the value of their homes.

A cashback mortgage can provide flexibility and financial security. The lump sum can be used for any purpose, meaning borrowers can choose how to use it based on their financial needs and goals.

Drawbacks of a Cashback Mortgage

While cashback mortgages can provide several benefits, they also have several drawbacks that borrowers should consider:

A cashback mortgage often has a higher interest rate than a traditional one. This means that borrowers will pay more interest over the life of the mortgage, which can result in higher overall costs.

They also often come with restrictions on refinancing or prepayment penalties. These restrictions can make it more difficult or expensive for borrowers to change their mortgage in the future.

In a cashback mortgage, the cashback payment is added to the mortgage balance, which means that borrowers will pay interest on the cashback amount over the life of the mortgage. This can result in higher overall costs and a longer mortgage term.

Finally, cashback mortgages may not be a good fit for borrowers focused on paying off their mortgage quickly. By using the cashback payment for other purposes, borrowers may delay paying off their mortgage and incur more interest charges over the long term.

How to Apply for a Cashback Mortgage

Applying for a cashback mortgage in Canada is similar to applying for a traditional mortgage. Here are the steps involved in applying for a cashback mortgage:

• Determine whether you meet the eligibility requirements. These requirements can vary depending on the lender but may include credit score, income level, and debt-to-income ratio.

• Gather documentation to support your application. This may include income verification, bank statements, and employment history.

• Shop around for lenders to find the best cashback mortgage option for your needs. This may involve researching different lenders online or working with a mortgage broker.

• Apply for the mortgage. This will involve filling out an application and providing the necessary documentation. If you are approved for a cashback mortgage, you will receive pre-approval, which will outline the terms and conditions of the mortgage.

• Close the mortgage by signing the necessary paperwork and paying any fees or charges associated with the mortgage. Then you can begin moving into your new home!

Cashback mortgages are a popular option in Canada that can provide borrowers with a lump sum cash payment at closing. With careful consideration and informed decision-making, cashback mortgages can be valuable for borrowers looking to purchase or refinance a home in Canada. Talk to your financial advisor to see if a cashback mortgage might be a good option for you.

https://blog.remax.ca/what-is-a-cashback-mortgage/

Declutter Your Countertops: Keep your kitchen tidy by clearing off unnecessary items from your countertops. Store appliances and utensils you don't use daily to create a more spacious and organized cooking area.

Use Clear Containers: Store pantry staples like flour, rice, and cereals in clear, airtight containers. This not only keeps your ingredients fresh but also makes it easy to identify what you need, reducing the chances of a messy pantry.

Designate Zones: Create specific zones in your kitchen for different tasks, like cooking, prepping, and baking. Keep related items together to streamline your workflow and maintain an orderly space.

Toronto offers the best of both worlds! With stunning lakeside properties like this, you can live the perfect urban lakeside lifestyle.

Quick Fact: The proximity of Toronto's waterfront to the downtown core significantly impacts property values. Lakefront properties tend to be highly sought-after and represent a valuable investment opportunity in the city's real estate market.

Let's connect, I'd love to Make A Difference For You in your real estate journey.

A tranquil sanctuary where you can optimize your sleep environment, establish a relaxing bedtime routine, and maintain a minimalist ambiance for a peaceful atmosphere!

Useful Tips:

Optimize Sleep Environment: Invest in comfortable bedding, control room temperature, and reduce noise and light for a restful sleep.

Limit Screen Time Before Bed: Establish a relaxing bedtime routine, avoiding screens to improve sleep quality.

Keep it Minimal: Clutter can lead to a cluttered mind. Keep the bedroom simple and organized for a calming atmosphere.

Congratulations! You've taken the first step towards homeownership by applying for a mortgage. However, the journey doesn't end there. After submitting your mortgage application, it's essential to tread cautiously and avoid certain financial moves that could jeopardize your chances of securing the loan and your dream home. In this blog post, we'll delve into five key things to avoid after applying for a mortgage.

1. Making Large Purchases:

While it might be tempting to splurge on new furniture or appliances for your soon-to-be home, hold off on making significant purchases using credit. Large credit card transactions or new loans can negatively impact your debt-to-income ratio, which is a critical factor lenders consider during the mortgage approval process.

2. Co-signing Other Loans:

Being a co-signer on someone else's loan means taking on responsibility for their debt. Doing so increases your overall debt burden and can raise concerns for lenders, potentially affecting your mortgage application's outcome.

3. Applying for New Credit:

Each time you apply for a new line of credit (credit card, auto loan, etc.), a hard inquiry is made on your credit report. Multiple hard inquiries within a short period can lower your credit score, signaling to lenders that you might be a risky borrower.

4. Changing Bank Accounts:

Lenders like to see stability and consistency in your financial behavior. Frequent changes in bank accounts or financial institutions may raise red flags and cause delays in the mortgage approval process.

5. Creating Unstable Credit:

Late payments or defaulting on existing credit obligations can severely damage your credit score, making it harder to secure a mortgage. It's crucial to maintain a strong credit history during this time to reassure lenders of your creditworthiness.

Securing a mortgage is an exciting milestone, but it's vital to exercise caution with your financial decisions afterward. By avoiding these five common mistakes, you'll increase your chances of obtaining a favorable mortgage offer and realize your dream of homeownership.

Connect with me if you have further questions or if you need a referral to an amazing mortgage broker. I’d love to Make A Difference For You!

TRREB: 2023/July GTA REAL ESTATE MARKET MORE BALANCED IN JULY TORONTO, ONTARIO,

Greater Toronto Area (GTA) home sales, new listings and home prices were up in July 2023 in comparison to July 2022. On a seasonally adjusted basis, the market experienced more balance in July compared to June, with sales trending lower while new listings were up. Home sales continued to be above last year’s levels in July, which suggests that many households have adjusted to higher borrowing costs. It does appear that the sales momentum that we experienced earlier in the spring has stalled however, since the Bank of Canada continued to raise rates.

Compounding the impact of these higher rates has been the persistent lack of listings for people to purchase compared to previous years,” said Toronto Regional Real Estate Board (TRREB) President Paul Baron. GTA REALTORS® reported 5,250 sales through TRREB’s MLS® System in July 2023, representing a 7.8 per cent increase compared to July 2022. Over the same period, new listings were also up, but by a greater annual rate of 11.5 per cent. The MLS® Home Price Index Composite benchmark was up by 1.3 per cent year-over-year. The average selling price was also up by 4.2 per cent to $1,118,374 over the same timeframe. On a seasonally adjusted monthly basis, the number of sales trended lower for the second straight month, whereas new listings trended upward. The seasonally adjusted average selling price edged lower while the MLS® HPI Composite benchmark edged higher.

“Uncertainty surrounding the direction of borrowing costs, jobs and the overall economy has impacted home sales over the last two months. Over the long term, the demand for ownership housing will remain strong on the back of record population growth. However, many homebuyers will continue to be on the sidelines in the short term until the direction of monetary policy and the economy becomes clearer,” said TRREB Chief Market Analyst Jason Mercer.

Housing availability continues to be out of synch with public policy. The federal and provincial governments need to connect better. Targeting record levels of federal immigration for the foreseeable future while lacking provincially in housing supply is a route to frustration an even pain as will fail to meet housing needs for owners and renters. We see very little tangible progress in order to accommodate this growth. While population growth is imperative for Canada’s economic development, it will be unsustainable if people can’t find an affordable place to live. All three levels of government need to be on the same page to fix this problem,” said TRREB CEO John DiMichele.

As you can see by the above numbers there is success to be had for both Buyers and Sellers and I am here to make that happen for you or someone you care about. For straight talk that leads to the right results at the right time, connect with me and let’s see if it’s your time. Let me Make a Difference for You!!

Read Full Market Stats Report