Strata Tip of the Week | The Impact of Strata Document Reviews

Does Condo Clear Dissuade Buyers? The Impact of Strata Document Reviews   One concern you might have, and a question we sometime get is: “Will having a strata document review done by Condo Clear just discourage my buyers from going ahead with the purchase?” As real estate professionals, we understand the complexity and significance of purchasing a property. Our primary objective at Condo Clear is to provide a thorough and balanced review of strata documents, highlighting both positive and potential negative aspects of the properties we evaluate.   1. How many people go through with the purchase?   With all this in mind, we still wanted to find out how many buyers go trough with the purchase. So, we decided to investigate. As of November 28, 2023, we started sending out a voluntary feedback survey to every buyer who’s had a strata document review completed by us. One of the questions we ask is: “Did you end up purchasing the unit in the strata corporation we reviewed?” Based on the responses we’ve received so far, the vast majority have said yes: 80.0% proceeded with the purchase 12.5% did not proceed with the purchase 7.5% answered “not yet”   2. We’re always available, at no extra cost!   To ensure buyers understand the information and contextualize our findings, we are not just available, but encourage buyers (and their Relators) to book a meeting with us, to discuss the review and ensure they gain a well-rounded perspective of the information presented. We are available by phone or email as many times as needed, at no additional charge! That’s it for this week. If you have any suggestions for other topics you’d like us to cover, please let us know at info@condoclear.ca. Disclaimer: The information provided is for general purposes only. It is not intended to provide legal advice or opinions of any kind. No one should act, or refrain from acting, based solely upon the materials provided, any hypertext links or other general information without first seeking appropriate legal or other professional advice.

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December Numbers are In. Are we in a Recession? Presale Risk and the Turning Point in the Housing Market.

CURRENT INTEREST RATES IN CASE YOU MISSED IT...MORE REAL ESTATE NEWS Kitchener-Waterloo leads nation in housing price decreases since June: report (City News) 'Market conditions': Slow December caps off worst year for GTA real estate sales in 23 years (Brampton Guardian) Real estate prices have dropped in many Ontario markets since June. These are the communities with the biggest declines (CP24) National Post – Kitchener-Waterloo leads price fall in Canadian real estate: report Toronto is a step closer to building one of the largest affordable housing projects in decades (CBC News)  'People need to have comfort': House prices keep rising in Oakville but dropping in Burlington while sales drop in both municipalities, new real estate report reveals (Inside Halton) Economists see 'turning point' in housing market this year as interest rate cuts loom (CTV News) 82 per cent of Canadians believe the country is in a recession: survey (iHeartRadio) A wave of defaults has real estate lawyers urging presale buyers to be cautious (CBC News) The brutal 2023 housing market was just like the 1980s—except with a little bit of Global Financial Crisis thrown in (Yahoo! Finance) Financial Post - GOLOMBEK: Buying your first home? These are the top 3 tax strategies to use Financial Post – This Canadian housing market just had its worst year since 2000 Financial Post – Mortgage payments set to jump $400 a month, but Canadians can cope, say banks Financial Post – Housing market faces 'turning point' with Bank of Canada rate cuts this year National Post – HOLMES: How to make the most of multi-generational living Globe and Mail – Economists see ‘turning point’ in Canadian housing market this year as interest rate cuts loom Fixed mortgage rates are on the decline. Is now the time to lock in? (Global News) Canadian homeowners face large increases to property taxes (CTV News) Digging for deals in the winter real estate market (The Globe and Mail) Even with expected rate cuts, mortgage payments will continue to rise for years: BoC research (Canadian Mortgage Trends) The housing market is heading for the affordability of 2 years ago, Morgan Stanley says. Here’s why its home price forecast is unchanged (Yahoo! Finance) As weather-related disasters mount, some Canadian homeowners can't get insurance coverage (CBC News) Interest rate cut forecasts for 2024 too optimistic, National Bank CEO warns (The Globe and Mail) Strategies to reveal winter real estate deals (The Globe and Mail) Calgary transforms old offices to apartments; experts say other cities should follow (CTV News Calgary)   Diana Winger, REALTOR® CNE, SRS, SRES, ABR Mortgage Agent, Level 1 Valko Financial LTD #13047 eXp Realty | Dominion Lending Centres |  226-705-3369 | 250-588-8839 ON YOUR TEAM! WingerRealEstate.com Housesforsale365.com   |   SearchBestMortgages.com     Share Tweet Forward

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Ready to Begin Your Homeownership Journey?

Are you ready to embark on the exciting journey of homeownership? Buying a home is a significant milestone, and with the right planning and preparation, you can make this dream a reality. In this blog, we will discuss important aspects to consider as you begin your homeownership journey, including creating a savings plan, understanding mortgage affordability, and setting realistic goals. Creating a Savings Plan: One of the first steps in preparing for homeownership is creating a savings plan. Purchasing a home involves many costs, such as the down payment, closing costs, and moving expenses. By setting aside a portion of your income each month, you can gradually build up your savings. Consider automating your savings by setting up a separate account specifically for your homeownership fund. This will help you stay disciplined and ensure that you're consistently saving towards your goal. Understanding Mortgage Affordability: Before diving into the home search, it's crucial to determine how much mortgage you can afford. Lenders typically use a debt-to-income ratio to evaluate your affordability. This ratio compares your monthly debt payments to your gross monthly income. It's important to strike a balance between borrowing enough to afford the home you desire while ensuring that your monthly payments are manageable. Use online mortgage calculators or consult with a mortgage professional to get a better understanding of your affordability. Setting Realistic Goals: As you begin your homeownership journey, it's essential to set realistic goals. Consider your current financial situation, future plans, and lifestyle when determining what type of home you want to buy. Think about the desired number of bedrooms, location, proximity to schools or workplaces, and other factors that are important to you. Setting realistic goals will guide your home search and ensure that you make a well-informed decision. Neighborhood: Another crucial aspect of homeownership is choosing the right neighborhood. Research the areas you're interested in and consider factors such as safety, amenities, schools, and proximity to your workplace. Take the time to visit neighborhoods and explore the surroundings to get a feel for the community. You may also want to connect with a local real estate agent who can provide valuable insights into different neighborhoods. In conclusion, starting your journey towards homeownership requires careful planning and consideration. By creating a savings plan, understanding mortgage affordability, and setting realistic goals, you can pave the way for a successful homeownership adventure. Remember to take your time, explore different neighborhoods, and seek professional guidance when needed. Good luck on your exciting path to becoming a homeowner!

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