Attention: Investors

Price: $950K
Type: Two Storey Home need some TLC
Bedroom: 4+2
Washroom: 4
Location: Warden (Eglinton or Lawrence) In between Lawrence and Eglinton on Warden
Acreage: 40 x 125 feet

Remarks: Close to all amenities Centennial College and is in a good high end location in Scarborough. This property can be easily go for $1.3M once it’s renovated.

Note: This is exclusive listing and require BRA just for this property prior to showing

Imagine finding a home you love, making an offer, and then finding out there are other competing offers on the table. Ouch.

If you’re looking for a property in a competitive market, it is likely that there will be multiple offers. Even just one can create the risk that you’ll lose the home. So how do you make sure your offer is enticing enough to win over the buyer? Here are some ideas:

  • Don’t make a low-ball offer. If you do, it might be dismissed and you probably won’t get another chance to bid — especially if the other competing offers are near the listing price.
  • Have a pre-arranged mortgage and include that with your offer. This reassures the buyer there won’t be any money issues. (Most lenders will provide you with a pre-arranged mortgage certificate for this purpose.)
  • Go in with a price high enough that the buyer will be interested, but not so high as to be leaving money on the table. This is tricky and requires a savvy knowledge of the current market.
  • Have a REALTOR® present the offer on your behalf. A REALTOR® will know how to do so professionally, and in a manner that gives you the best chance of getting the home.

In a competitive situation, working with a REALTOR® who is an expert on the local market — and a skilled negotiator — is crucial.

Looking for a REALTOR® like that? Call today.

In almost every movie featuring a house on fire, the actors seem to be able to move around the house and see just fine, while beating back flames with a shirt or coat. Of course, that’s not what happens in real fires.

When there’s fire in a home, there is typically complete darkness (because the power goes out) and a cloud of spreading thick, black smoke makes it difficult to see and breathe.

That’s why knowing how to get out of your house — fast — is crucial.

Experts recommend rehearsing what to do in case there’s a fire. Make sure everyone in the family has an exit plan. Each should know exactly how to get out, including primary and secondary exits, and where the family will meet once safely outside.

Never attempt to take anything with you. It may seem like you have plenty of time to grab a coat or purse, but the characteristics of a fire can change in seconds.

As a fail safe, in case you can’t exit through a door, you should determine in advance which window has the safest exit. Make sure that the window opens easily and everyone knows how to remove the screen or any other obstruction.

Finally, don’t call the fire department from inside your house. Get out first, then make the call.

When you’re listing your home for sale, you might wonder whether you’ll need to have an Open House.

To answer that question, you’ll need to consider the pros and cons. Planning and hosting an open house isn’t as easy as it may seem. There’s a lot of preparation involved. In addition, you’ll likely spend hours making your property look its best and you’ll need to be away from your home for a good part of that day.

That being said, an Open House has many advantages.

  • It helps showcase features of your property that may not come across well in advertisements and listing descriptions.
  • It attracts potential buyers who, for any number of reasons, might not otherwise call to view the home.
  • It generates a buzz and publicity about your listing.

However, an Open House might not be necessary if there is high demand for properties like yours and you’re likely to get multiple offers.

new-mortgage-rules

Previously, and up to November 30, 2016, buyers who put down more than 20% of their home price and owners who have more than 20% equity in their homes were considered “low-ratio” borrowers. They could enjoy “low-ratio” mortgage insurance at a much better rate due to the fact that their loans were less “risky”. However, starting on November 30, 2016 a big chunk “low-ratio” borrowers will not qualify for this plan anymore.

Buyers will not qualify for “low-ratio” insurance if one of the following applies:

  • amortization period is longer than 25 years
  • home’s purchase price is over $ 1 million
  • buyer has a credit score below 600
  • property is not owner occupied
  • if you are a self-employed individual applying for a stated income deal

What to expect?

In other words, when this huge segment of properties becomes ineligible for low-ratio insurance, lenders will have to pay higher insurance premiums, which will get passed down to borrowers in terms of higher interest rates on mortgages. In fact, this is already happening. Multiple key mortgage rates climbed higher since Wednesday, and are expected to continue rising, especially after new rules come into play. Keep in mind that when rates rise it will become very difficult to refinance in a constrained market.

check-if-your-simplicity-drop-side-crib-is-recalled-1280x600

You’ve no doubt noticed the occasional news report about a product being recalled for safety reasons. For example, a car model with a brake problem, or a children’s toy that, under some circumstances, may cause injury.

You may not know that these news reports are merely the tip of the iceberg. For each product recall you hear about in the media, there are dozens that get little, if any, publicity.

That means there may be products in your home that have been recalled — and you don’t even know about it. It’s a scary thought.

How do you find out about recalled products that may affect you? Here are two tips.

  1. Always complete the registration that comes with many products. This is typically done by mailing in a registration card or filling out an online form. When you register, you’ll be alerted by the manufacturer if the product is recalled for any reason.
  1. Both Canada and the United States have agencies that list recalled products on their websites. In Canada it’s the Healthy Canadians website at www.healthycanadians.gc.ca. In the United States it’s the Consumer Product Safety Commission at www.CPSP.gov. It’s a good habit to check these sites every season.

If you discover that a product in your home has been recalled, contact the manufacturer immediately. Never assume that the reason for the recall won’t apply to you.

mortgage-stress-test-great-real-estate-advice1

What you should know about new mortgage rules.

On October 3rd, Finance Minister Bill Morneau announced that new mortgage rules will include more stringent “stress testing” for borrowers. The new rules are designed to lower debt levels, enforce some belt-tightening, and protect the housing market over the long term. Here’s how these new rules will affect Canadians.
THE HIGH-RATIO RULE

There has been a long-time rule that you must have “high-ratio mortgage insurance” if you have less than 20% downpayment. This insurance is there to protect the lender, and the premium is almost always added to your mortgage amount.

What’s changed? If you require an insured mortgage, you must qualify for your mortgage using the Bank of Canada qualifying rate (currently 4.64%) regardless of what your actual mortgage rate will be.

That means that – although lender/broker can find you a much better mortgage rate – you’d still need to show you can handle the mortgage using the qualifying rate. This financial “stress test” was already applicable for fixed and variable mortgages with terms of 1 to 4 years. Now, it also applies to fixed-rate mortgages of 5 years or longer.

Why the new rule? The government wants to be sure that borrowers can withstand any increases in mortgage rates when their mortgages come up for renewal.

Will my payments be higher? No. Your payments will still be based on your much lower actual mortgage contract rate. Keep in mind that mortgage rates are expected to stay at record lows into 2020. So this new rule isn’t costing you more. The potential change will be in how much mortgage you will qualify for: up to 20% less. You may need to plan on purchasing a less expensive home, or save up a larger downpayment, or ensure you eliminate all or most of your other debts.

Are any loans grandfathered? The new mortgage stress test does not apply when:

  • A mortgage loan insurance application was received before October 17, 2016;
  • The lender made a legally binding commitment to make the loan before October 17, 2016; or
  • The borrower entered into a legally binding agreement of purchase and sale for the property against which the loan was secured before October 17, 2016.

THE CONVENTIONAL MORTGAGE RULE

Maybe you have more than 20% down or equity in your home and you are planning to purchase, renew or refinance. Since you have strong equity, you aren’t considered a “high-ratio” borrower.

What’s changed? Effective November 30th, any mortgage loans that lenders insure using portfolio insurance must now meet eligibility criteria applicable to “high ratio” mortgages, including the new qualifying stress test. This means that rental properties, properties over $1 million, and mortgages with an amortization greater than 25 years will no longer be eligible for portfolio insurance.

Does this mean I will have trouble getting a mortgage? Certainly not. The change will only affect certain lenders that insure or securitize these types of mortgages. I have access to a wide range of lenders, which means I can help you find the best mortgage for your situation. But if you are thinking of refinancing, get in touch now just to be sure you lock in a low rate.
THE CAPITAL GAINS REPORTING RULE

Canadians love the capital gains exemption they get on their primary residence: if your home grows in value, you aren’t taxed on that growth when you sell.

What’s changed? Starting this tax year, the sale of a primary residence must be reported at tax time to the Canada Revenue Agency, even though all capital gains are still tax exempt.

Why? This new rule was designed to prevent foreign property purchasers from claiming a primary residence tax exemption to which they are not entitled.

Although there are definite regional variations, the Canadian housing market is strong. A good part of the reason for that strength is that we have had stringent mortgage requirements. Mortgage defaults in Canada continue to be very low: in spite of the ups and downs of the economy.

The new rules are aimed at ensuring home ownership continues to be a solid, long-term investment. Give me a call: I’ll help ensure you make the most of it!

dirtybackyard

When you put your home up for sale, you want it to look its best to potential buyers. That’s why you clean, tidy and de-clutter every room.

Some sellers, however, miss the backyard. You need to pay just as much attention to that space as you do to the interior of your home. The backyard is as important a living space as the family room. To some buyers, even more.

Buyers want to see an attractive backyard space, with the grass cut and the hedges trimmed. The more neat and tidy you can make it, the better. Be sure to sweep walkways and wipe down patio furniture.

Also, watch out for the following things that buyers do not want to see:

  • Bags of garage and other waste.
  • Doggie do-do. (Be sure to stoop and scoop!)
  • Rakes and other tools piled in the corner.
  • Cluttered and disorganized storage sheds, pool huts and other backyard structures.
  • Weeds in the flower beds.
  • Items stored underneath the deck.
  • Hoses not stowed neatly.
  • Electrical outlets and water faucets that don’t work.

These are not difficult issues to fix. Doing so will positively impact the impression the buyer gets of your backyard.

Do you have a backyard that shows particularly well in the summer? Here’s a tip: Take pictures. Those photos will help buyers be able to appreciate how it looks should you list your home in the winter.

Want more tips on making your home show well so that it sells fast? Call me today.

filipino-real-estate-agent-alex-macale-toronto

You’re standing by your window admiring the view. Then you notice it. Moisture has built-up around the edges of the glass. Should you worry?

It all depends on the reason for the build up.

Assuming you have traditional double-pane glass in your windows, there are a few things to look for if you notice moisture.

Often, moisture at the bottom of the windows is simply caused by too much humidity in your indoor air. If that’s the case, simply adjust your humidifier.

If the moisture is on the exterior of the window, typically there’s also no problem with the window itself. It may have rained recently or the outside humidity may have spiked causing the accumulation. Generally, there’s no reason for concern.

However, if the moisture is in between the two panes of glass, the seal has broken and surrounding air – along with its water content – has made its way in. This disrupts the thermal barrier of the window, reducing its energy efficiency. In fact, the glass might feel noticeably colder than your other windows on chilly days. In that case, you’ll need to replace the pane.

Similarly, if the moisture is coming in through only one spot — the bottom right corner, for example — then you might have a leak. If you have a wood frame or sill, you may also notice a growing water stain. It’s important to get leaks fixed quickly. There may be water damage occurring within the frame that you cannot see.

alex-filipino-realtor-attic-insulation

It’s the time of the year when we think of turning on the furnace heater and think about how to properly reduce gas and electric consumption. Did you know that the most culprit of cold starts from the attic?

One of most commonly-argued topics among attic insulation experts is whether fiberglass or cellulose attic insulation is better. In terms of overall performance and affordability, however, I think cellulose insulation is the more sensible choice, as this article explains.

Cellulose insulation material is essentially a recycled product. It is prepared from shredded paper and plant resins that are treated to become insulators. This fundamental difference between the two insulation materials makes cellulose a more affordable choice.

Although cellulose is made from recycled newspaper, it is not flammable, having been treated with borax. Regardless of which insulation you get, make sure it has the appropriate R-value for your climate zone. The higher the R-value, the stronger—and more expensive—the insulation. R-value will inevitably decrease over time, though, as the insulation settles.

Pros of Cellulose

  • Cheaper
  • Burns more slowly
  • Made from recycled materials
  • Insulates better

Cons of Cellulose

  • Requires professional installation
  • Messy to install
  • Installed damp, creating a chance for fungal growth if not dried well

Pros of Fiberglass

  • Installed dry
  • Simple to install
  • No harmful chemicals

Cons of Fiberglass

  • More expensive
  • Itchy on your skin
  • Settles, reducing in effectiveness over the years

However, Fiberglass insulation is more common and can be installed more easily. However, it does not prevent air leakage and is potentially flammable. Although Fiberglass insulation does not settle quickly compare to cellulose but it loses heat quickly in extreme low temperatures.

A testing had been conducted to prove this theory. You can watch this on YouTube click here. http://bit.ly/2dTisv9