So Many Things to Say…I don’t know where to begin!
Ok, so fun stuff first! The Property Brothers TV show is coming to Toronto and they are looking for home buyers willing to renovate their home purchase and be part of the show. If this is something you may be interested in contact me and I’ll provide you with the full details.
Now on a NOT so fun note…I’ve been seeing some concerning things in the preconstruction condo market lately. Please, if you are going to purchase a condo off plan do not walk into the sales center without me or a Realtor you trust. I’m seeing more and more situations where buyers have purchased a condo off plan and were not fully informed or represented properly by their Realtor and they are PAYING (literally!) for it now. Buying preconstruction is not the same as it use to be – the days of flipping and seeing big profits are OVER. Know what you are getting yourself into.
This brings me to my next topic… badly managed condos. I received an email from a seller last week saying asking for help with the sale of her condo and asked me what I would do to sell the unit if she gave me the listing. Now, this condo in the east end of the city is in some hot water. CMHC will not insure any mortgages for this building, meaning buyers must have at least a 20% down payment – some banks are outright blacklisting the condo project all together. With this being said, there are many condo buildings in Toronto that are not insured by CMHC either. I cannot reiterate this enough; if you are purchasing a condo, make the offer conditional upon lawyer review of the status certificate and get the help of a someone who knows the market!
Wishing You Real Estate Success,
Joy Paterson, Broker