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Deconstructing Shocking Real Estate Headlines
Have things really changed over the past 6 months? Here is a “shocking” headline from the Toronto Star, “New report predicts that Canadian home prices could drop by 30%- or more.” This is a juicy, sensational newsflash. When people see headlines like this, they tend to fall into several camps. My favourite reply is “looks…
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Musings of a Durham Region Mortgage Broker
I had lunch with the mortgage broker I have known for years this past Friday understanding that when people think of business lunches, visions of swanky restaurants, multiple martinis and expense accounts are easy to conjure up. Alas, when you are self-employed, these lunches tend to be all about business and packed with loads of…
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Durham Region Real Estate Deja-Vu
Here is my recollection of the timeline we saw with Real Estate sales over the past few years. In 2017 we saw a drop in values after our Provincial Government implemented a foreign buyer tax. The reaction to the market was swift and brutal. From April until July 2017, values plummeted 25% in Oshawa alone.…
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Euphoria, Panic and Hope. Durham Real Estate in 2023.
Most people know what the 5 stages of grief are: Denial, anger, bargaining, depression, and acceptance. In real estate cycles there are also a set of emotions people experience during the ups and downs. Here is what the stages might look like. When it comes to Real Estate cycles there are a few parts of…
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Is Oshawa really the best place to buy a home in the GTA?
Over the past 4 decades, I have learned quite a bit about what people care about when they look for a town to set their roots in. What I find is that people tend to determine what they can afford and then begin to shop in the communities that fit their budget. It typically begins…
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When Variable Rate Mortgages are as Popular as Kale in Salad
My variable rate mortgage has increased so high I am having difficulties managing the payment.Are you here… meaning, are you dealing with a variable rate mortgage where your payment has skyrocketed? If you have a $400,000 variable rate mortgage, a year ago the rate would have been about 1.45%. The monthly payment is around $1,987. This for…
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Things to Avoid after a Bank gives you a Mortgage Commitment
I had the opportunity to chat with a realtor friend over the holiday. She mentioned a Buyer she was working with and how their situation changed course after they were pre-approved by a lender. They were pre-approved and had a guaranteed low mortgage rate commitment however as they were looking for homes with their broker, on a…
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Buy High, Sell Low – Is that the Saying?
I noticed a property come on the market over the weekend and looked into its sales history. The home is currently listed for $899,900 and the current owners purchased the property in May/21 for $918,000. Taking costs to sell into consideration the Seller will walk away with a loss somewhere in the range of $50,000.…
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Considering Selling your Property?
Here is a New Year Resolutions breakdown list that might help with a sold sign. The new year rolls around every year about this time and as the champagne is sipped and the words flow it is common for people to announce new year resolutions. Some choose to lose weight, others quit smoking, change their food choices, get fit and…
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Real Estate Myth Busters
On a regular basis, I see things being shared online, in newsprint and in conversation that frankly, are just hogwash. Let’s take some time and play around with commonly shared thoughts and myth-busters. Prices in Durham Region are continuing to drop. Fact or fiction? Fiction. The average detached home in Oshawa is selling for $880,000.…
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