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NANCY BIDERMAN

You DO Need a Realtor When Buying Pre-Construction Condos & Homes !

Monday Dec 02nd, 2019

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  Not having your own Real Estate Agent to perform due diligence could land you in a horrible situation and losing thousands of dollars. You may have heard about two recent condo projects in downtown Toronto having been converted into ‘rentals’ with 181 innocent buyers of a  complex on King St. West, near Liberty Village, out as much as $40,000 each.  Another condo project,  “The Selby”, at Sherbourne and Bloor, abandoned their plans, as... [read more]

One Of The Most Frequent Questions You Ask Me

Wednesday Nov 13th, 2019

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  Q:  As a Real Estate Agent I'm always asked: Why shouldn’t we list at the price we want and then reduce it to your price if our property doesn’t sell? A:  Being an expert Toronto Real Estate Agent, my goal is to sell your home for the most amount of money the real estate market will allow. And I also want to ensure that the highest sale is in the shortest period of time and causing you the least amount of inconvenience. I want you to net, in your... [read more]

It's Critical to Increase Your Property and Contents Insurance

Sunday Nov 03rd, 2019

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So often, once we bought our home or have lived in it for a long time, we neglect to continuously take stock of what's inside.  Our  property/building insurance is in place but the value has increased, and we accumulate small and large valuable items that require protection too. When was the last time you thought about the increased value of your property and what’s inside your home? First, I advise ensuring that your real estate property (the building) insurance... [read more]

Toronto's Land Transfer Taxes (Yes, Plural): They're Payable When You Purchase A Home.

Wednesday Aug 28th, 2019

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It all started on April 10th, 1974.... Ontario introduced a Land Transfer Tax (LTT) when we bought a home. First there was one LTT in the City of Toronto, now there are 2. Here's a quick history of what is was then and how it got to where it is now!  April 10, 1974   0.3 per cent up to $35,000 and 0.6 per cent on the balance Average house price was $52,806 Average LTT was $211.84 Five years later, it got worse. April 11,... [read more]

Part 2: You Want To Sell Your Home - To Renovate or Not?

Saturday Aug 24th, 2019

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Water seepage/damage either on the ceiling, or walls or floors has to be attended to unless we are selling the house in an "as is" condition and that is usually reflected in the list price. Water seepage can be caused by a leaky roof, a chimney leak or by faulty exterior water- proofing. We need to know exactly what's required to remedy this and get it done, if we can. If you've repaired such a leak but haven't had time to re-dry-wall or re-paint, now is the time to... [read more]

Part 1: When You Want To Sell Your Home: To Renovate or Not?

Thursday Aug 22nd, 2019

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There is so much to say on this topic I decided to split this article into two parts. It 's a given, that I want your home to show well, so that it will sell quickly and for the absolute highest achievable price. I also want you to invest the minimum to get the maximum bang for your buck, if there are things we need to do to get your home ready for the sale. I don't want you to put money into your home that you won't get back. This means from both aesthetic and functional... [read more]

Did you know there are 2 different kinds of Mortgage Pre-Approvals?

Thursday Aug 01st, 2019

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No, you haven’t read the title incorrectly. The phrase “Mortgage Pre-Approval” has 2 distinct, different meanings. I always want you to have a preliminary Mortgage Pre-Approval before we look for a residential home for you to purchase. This 1st type of pre-approval, is really a personal financial pre-approval (not on a specific property), based on your income, asset to debt ratio, credit history and report, amount of your anticipated down payment and other... [read more]

Save Money: Pay Down Your Mortgage

Wednesday Jul 10th, 2019

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Today’s interest rates are still at an all-time low, which gives you several great opportunities. For current homeowners, paying down mortgage debt is more beneficial than ever with the low interest rates we are continuing to enjoy.  My advice to homeowners is to take advantage of paying down 'the principal' of your mortgage, which can be up to 20% twice a year depending on how the mortgage is structured.   Another option to consider is to... [read more]

The "Bank of Mom and Dad" - What Now?

Tuesday Jun 04th, 2019

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Many parents are helping their adult children buy their first homes. However it’s important that parents think carefully about their own future needs, before opening the doors to the “the Bank of Mom and Dad,”.   First time home buyers are usually in need of this type of assistance from their parents, adding to (topping-up)  the down payment. The new "Mortgage Stress Test" will likely make this scenario a lot more common. The Real... [read more]

First Time Home Buyers Get Some Help From The Federal Budget

Tuesday May 07th, 2019

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The Federal Government announced proposed new initiatives for First Time Buyers. CMHC (Canadian Mortgage and Housing Corporation) is launching a $1.25 billion initiative to make purchasing a home easier:    CMHC to provide First Time Home Buyer with up to 10% towards their purchases CMHC to provide up 10% to first time buyers, in exchange for equity in home. This essentially provides up to 10% down payment towards home purchases. This initiative is not a... [read more]

Why I Care About Energy Efficient Homes And So Should You !

Wednesday Oct 10th, 2018

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A home is a place where many of your major milestone memories are made, including those related to holidays, parties and more. This is also a place where daily life activities take place, such as chatting with your family over morning coffee, chatting about your day in the evening and other activities. With so much of your life taking place at home, you certainly want this space to be comfortable, and you also want it to be aesthetically pleasing with beautiful décor and stylish... [read more]

Mortgage Eligibility: The Stress Test' Is For Everyone. And It's Complex

Wednesday Mar 07th, 2018

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As of January 1st, every borrower needs to pass a new “Mortgage Stress Test” (MST) to qualify for a mortgage loan at a bank. And it won’t matter how much downpayment you have. Even if it’s 20% or over, you’ll still be subject to the MST. Once you pass the test, you’re not required to actually make a 20% down payment  - you can still take advantage of a lower one and a lower mortgage rate. But first you have to pass 'the... [read more]

The Latest Mortgage Rate Hike May Only Have a Negligible Effect.

Monday Jan 22nd, 2018

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Last week, the Bank of Canada hiked the interest rate another quarter point to 1.25%—a seemingly superficial number depending on which part of the country you’re in. The housing demand in Canada’s three largest cities is so great that removing a handful of buyers—as the new mortgage rules and interest rate increase will do—will have a negligible impact. However, in cities like Edmonton and Calgary, they’re recovering markets and this change will be harder... [read more]

Our Market is Recovering But....

Tuesday Dec 05th, 2017

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Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 7,374 transactions through TREB's MLS® System in November 2017. This result was up compared to October 2017, bucking the regular seasonal trend. On a year-over-year basis, sales were down by 13.3 per cent compared to November 2016. New listings entered into TREB's MLS® System in November 2017 amounted to 14,349 – up by 37.2 per cent compared to November 2016, when... [read more]

Inventory Up, But Sales Down. Yet Prices Are Still Increasing.

Tuesday Jun 06th, 2017

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Toronto's 2017 May/June market is very interesting: "Inventory" for sale is up (as is every spring); "sales" are down (more for buyers to choose from) yet prices have still increased year over year. There's no real reason for the slowdown in the number of properties sold. It's a 'healthy adjustment that isn't triggered by anything'. The interest rate hasn't changed/increased, and we're not in a recession. So the question is... [read more]

What Ontario's New Foreign Speculation Tax Means.

Saturday Apr 29th, 2017

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The Non-Resident Foreign Investor Tax legislation still needs passing, but here's the overview. GENERAL EXPLANATION The Non-Resident Speculation Tax (NRST) is 15% on the purchase or acquisition of an interest in a Residential (only) property in the Greater Golden Horseshoe by individauls who aren't Canadian citizens or permanent Canadian residents or foreign corporations and taxable trustees. This NRST tax is in addition to the Ontario Land Transfer Tax.  The legislation,... [read more]

New Mortgage Rules Canada

Monday Oct 24th, 2016

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There is a great deal of concern and talk about Canada's New Mortgage Rules and the impact on Buyers, Sellers, the Real Estate Market and Canada’s economy. These measures have been put in place to ensure home Buyers are fiscally responsible in purchasing what they can really afford and don’t take on a debt burden they can’t handle - not just today, but for the future.  And in doing this, keep Canada’s interest rate as low as possible for as long as... [read more]

This Fall, Take Care of Preventative Maintenance For A Stress-Free Winter

Friday Sep 18th, 2015

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We may still be enjoying warm days but Fall is coming quickly and Winter is right on it's heels. Please inspect and tend to these maintenance issues now before freezing temperatures set in. GUTTERS It's time to take a look at your gutters especially if you haven't for a long time. There's likely leaves, dirt, dust and other wind-blown debris in them. And once the leaves start to fall, they will get quite full. Either hire a professional (ask me for my trusted, tried... [read more]

June 1st High Ratio Mortgage Insurance Premiums To Increase

Sunday Aug 09th, 2015

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Canadian Mortgage And Housing Corporation has announced that as of June 1st, 2015, insurance premiums on a mortgage with less than a 10% downpayment will rise to 15%. And a 10% refund may be available for "Energy Efficient" homes. How Much Does CMHC Mortgage Loan Insurance Cost? To obtain CMHC Mortgage Loan Insurance, lenders pay an insurance premium. Typically, your lender will pass these costs on to you. Your lender will give you the exact price when you... [read more]

Toronto Residential Home Prices Exceed the $1M Mark in February 2015

Thursday Mar 12th, 2015

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If 2014 was considered a successful year in terms of Toronto Real Estate, then the first few months of 2015 are continuing and building on that trend. For the first time, the average price of a detached home in Toronto has surpassed the $1M mark. This is well above the average selling price in the GTA which was $694,285. All eyes are on residential homes and properties for sale in the Toronto market to see what will happen next. There is a simple explanation for the rising prices... [read more]

Sales of Residential Homes Off to a Strong Start in 2015

Wednesday Feb 11th, 2015

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2014 was indeed a banner year for sales of Toronto residential homes and properties, but all indicators so far point to 2015 being as strong or even surpassing the tremendous sales of last year.  From a year over year standpoint, January 2015 showed a 6.1% increase in home sales over January 2014.  In addition, over the same period, new listings soared by 9.5%.  This is good news for the Toronto real estate market as well as current homeowners and those looking to... [read more]

My "Real Estate Agent Winter Advice" Avoids Costly Damage

Wednesday Feb 04th, 2015

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One of my concerns, as your Real Estate Agent, is to take care of you and your home at all times – not just when you want to sell or buy. So keeping that in mind, here’s some important information to ward off the evil ice damming that winter is so generously known for. Everywhere we look there’s ice – on our driveways, sidewalks, and hanging down from our gutters. This is dangerous.   When snow and ice collect together “ice dams” form. And... [read more]

Mid-Month January 2015 Residential Homes Market Report

Friday Jan 23rd, 2015

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Regardless of our bitterly cold weather, the Mid-January Toronto Real Estate Re-Sale Market reports 1,409 residential homes sold in the first 14 days of 2015. Compared to the same period last year, property sales were up by 9.8%, and also up year-over-year for residential homes and condos. January's mid-month average sales price for the GTA was $510,532 slightly down from the same period in 2014. We'll get a clearer indicator of where actual prices of... [read more]

2014 a Banner Year for Sales of Toronto Residential Homes and Properties

Wednesday Jan 14th, 2015

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To say 2014 was a banner year for sales of Toronto Residential Homes may be an understatement. While prices certainly increased over 2013, there are a few factors driving the market to its current high level state. Affordability does not seem to be at issue, since sales are continuing to climb and current homeowners are able to manage their monthly mortgage payments. For some types of homes, including condo and semi-detached homes, listings were down while demand remained high,... [read more]

The 2015 Real Estate Market Forecast: Slow, Steady and Still Rising

Wednesday Dec 31st, 2014

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As professional and knowledgeable as I am, as a Real Estate Agent , I still don’t have the proverbial “Real Estate Agent’s” crystal ball. However, here is the most supported 2015 Real Estate Market Forecast. We’ve just seen a large oil price slump which may or may not have an impact on the real estate market, however the biggest unknown factor is whether interest rates will rise or not. Some economists predict that Ottawa will delay any... [read more]

Even The First Half Of December Real Estate Sales Shows Prices Up

Tuesday Dec 16th, 2014

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During the first 14 days of December, residential homes sales totalled 2,496.  This is a 1.9 per cent increase compared to the first two weeks in December 2013. Over the same period, listings of residential homes for sale were down by 1.8 per cent year over year. Paul Etherington, President of the Toronto Real Estate Board said, “Greater Toronto Area households remain upbeat about buying a home, as evidenced by the increase in sales compared to last year. However, many... [read more]

November Residential Homes Sales and Prices Still on the Rise

Wednesday Dec 10th, 2014

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The continued climb in sales of Toronto residential homes continues to identiy the Toronto Real Estate market as a quality, long-term investment.  Monthly housing market statistics for November 2014 show yet another increase in sales, with 6,519 residential transactions last month, an increase of 2.6% over October 2014. Sales to date for 2014 are up an incredible 6.6% over the same period in 2013, with 88,462 residential homes sold. Homeowners are getting the deals done and transactions... [read more]

Why I Suggest You Sell Your Home in the Winter

Wednesday Dec 10th, 2014

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The cold is biting, the snow may be swirling and it’s the most wonderful time of the year ... to sell your home? A question I get every year is “should we even consider selling in the winter?"  If you think that Buyers are only occupied with presents and celebrating holidays, it’s actually not true. Before you nix the idea of listing your home in the winter, here are my top Real Estate Benefits of Winter Selling: The amount of listings decrease,... [read more]

November's First Half Shows Residential Home Sales and Prices Continue To Rise

Thursday Nov 27th, 2014

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Toronto's MLS reported that during the the first half of November, sales of Toronto residential homes increased by 8.3% compared to the same time period in 2013. The 3,350 residential home sales also indicated that new listings were up, but by 2.2% less. As continuing interest rates remain so low, ownership is extremely affordable. Existing homeowners who sold their current properties purchased new residential homes and first-time buyers continue to be confident in entering the real... [read more]

October 2014 Shows Another Increase In Toronto Residential Home Sales

Tuesday Nov 11th, 2014

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October has turned out to be another banner month for sales and prices of Toronto Real Estate. The Toronto Real Estate Board (TREB) reports an increase in sales of 7.7% compared to the month of October 2013. Buying and selling a Toronto residential home remains a proven investment based on the benefits of long term home ownership and the ongoing low interest rates in the current real estate market. The strong sales last month are a positive reflection of current homeowners looking to... [read more]

Invest in a Toronto Residential Home for Favourable Results

Thursday Nov 06th, 2014

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The Toronto Real Estate Market continues to flourish, proving that real estate is an investment for the ages.  By looking at current numbers compared to last years (as well as previous years), the favourable results garnered from investing in a Toronto residential home are clear.  There were 8,051 transactions reported in September, which is a 10.9% increase over last year. Toronto is up 6.9% compared to 2013 with 73,465 transactions.  Additionally, selling prices continue to... [read more]

September 2014 Toronto Real Estate Market Report

Wednesday Oct 29th, 2014

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The Toronto Real Estate Market continues to flourish, proving that real estate is an investment for the ages.  By looking at current numbers compared to last years (as well as previous years), the favourable results garnered from investing in a Toronto residential home are clear.  There were 8,051 transactions reported in September, which is a 10.9% increase over last year. Toronto is up 6.9% compared to 2013 with 73,465 transactions.  Additionally, selling prices continue to... [read more]

80 Years of Rising Values By Investing in Real Estate

Wednesday Sep 03rd, 2014

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The housing market in Toronto has changed considerably over the years.  18 years ago the average price for a home in Toronto was $199,856; 48 years ago, it was $22,500; 78 years ago the average price was $8,000.  These figures show a large change from today’s average selling price of $550,700.  What these numbers illustrate more than anything is that an investment in real estate provides strong long-term returns.  Savvy investors in real estate know that real... [read more]

Sales Of Residential Condo Homes Blow The Lid Off Expectations

Tuesday Jul 29th, 2014

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Toronto's residential condo market has outpaced all naysayers’ predictions. Since the worst reports at the end of 2013, Buyer confidence has increased sales of ‘new’ condos, by a whopping 56% with 5,992 condos sold just in Q2 of 2014. And this is the 3rd highest volume ever with only 2007 and 2011 reporting more sales.  However, even with the rise in the number of new build residential condo properties sold, prices have only increased by 2.5% from one... [read more]

As a Realtor, I Know The New Truth About Housing Affordability

Thursday Jul 03rd, 2014

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One of the most important discussions I have with my clients includes "what can you afford” but it’s much more than how much you can spend on buying a home. "Affordability" goes way beyond purchasing power. It's about what the cost of owning your home really means: mortgage payments, property taxes, utilities, maintenance, insurance etc. so that you can have a life and not be house poor. The Royal Bank of Canada's "Affordability Index" is one... [read more]

Toronto Residential Homes For Sale: Prices at an All Time High!

Wednesday Jun 25th, 2014

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The numbers seem to be staggering. Last month was the strongest month ever in the history of our real estate market.  11,079 properties for sale were sold - up from 9,946 homes purchased in May 2013. And this is a rise of 11.4% homes sold this May compared to May just one year ago. And not even shocking anymore, a single-family home purchase in Toronto is averaging an unprecedented price tag of $943,055. And in the surrounding GTA areas (905 area code) homes are selling for an average... [read more]

The Lowest Mortgage Interest Rate Ever for Residential Homes

Friday May 23rd, 2014

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The Lowest Mortgage Interest Rate Ever for Residential Homes Are you a 1st time buyer looking for a property to purchase or do you want to sell your residential home? The most exciting news to hit the market for Buyers and Sellers is that the Investor’s Group just unveiled a plan that offers an incredible 1.99% variable mortgage rate for 1st time buyers.  And other financial institutes are poised to follow suit. What does this mean for you, as a... [read more]

Important Information for Purchasers of Residential Homes: Understanding CMHC’s New Changes

Wednesday Apr 30th, 2014

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Canada Mortgage and Housing Corporation (CMHC) has cancelled its Second Home Mortgage Insurance Plan effective May 30, 2014. It has also added a new restriction to its self-employed mortgage loan policy. As of May 30th, self-employed Canadians, who are purchasing a residential home with less than 20% down payment, will need to have "3rd Party Income Validation" to qualify for a CMHC 'high-ratio' mortgage  What Does This Mean for Purchasers of Residential Homes? To... [read more]

When You Are Thinking of Selling Your Residential Home, What Are The Very First Questions I ask You?

Friday Apr 11th, 2014

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Putting your Toronto or Thornhill residential home and property up for sale is a big decision. We know it's a VERY big decision. So when I meet with you, I have 2 important first questions. One:  Where do you want to move to?  Two: Do you need to sell your home (and the proceeds from the sale) before you buy a new one? Let's start with the 2nd question first. One of the most crucial responsibilities I have is to protect you financially.  And this means... [read more]

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