- Is owning an investment property in Cambridge, Ontario profitable?
- Do I Need to Apply for Prequalification? Yes
Prequalified buyers receive preferred treatment from lenders but they also have higher fees charged per loan amount than non pre qualified buyers. Some sellers will ask for proof of pre qualification through credit score reports or bank statements. Many banks use these tools themselves and some lenders prefer this method to determine whether someone would be a good candidate for financing. If you aren't pre qualified you may find yourself waiting longer to close on your house. Be careful if your lender asks for documentation showing your current mortgage payments. They may assume you are going back onto another type of debt which could affect your FICO scores negatively. If possible try to apply for pre qualification first and get approval as soon as you can after putting down 20% deposit. Once you've received the letter then proceed with buying, applying for financing should be fairly straightforward.
How Do We Find Properties? Through Online Ads on Zolo, Realtor® Magazine and Other Listings Sites
We work with local real estate agents who specialize in listings properties online and offline; they put them on MLS® Systems like Zillo, REALTOR®, Multiple Brokerage MLS® System and other systems that allow us access to thousands of listings across North America for each property search.. Agents must provide us photos at time of listing, descriptions, contact information and the agent's website link.
What Should My Budget Include? $30k-$50K depending on size of townhouse/apartment and location. A basic 2 bed apartment in downtown Toronto usually only costs around $70k whereas larger 3 bedroom condos range upwards of a million dollars. A great resource for finding average market values is Zillow Canada.
Is There Anything Special About Buying in Cambridge? Absolutely yes!!!
Cambridge boasts a wide array of community amenities including shopping centres, schools, recreation facilities in addition to parks and trails for those seeking outdoor life style options. All residents enjoy easy commute times via rapid transit stations, highway 401 & 427 as well as GO train service (excludes bus routes). In order to ensure accessibility, all homes include a driveway and garage parking spots. Homes come fully furnished inside and outside, often even include appliances. Prices vary depending on age and condition however most homes in the 500k+ price ranges fall under 4 bedrooms while 1/2 duplexes typically go for less than 200k. Most houses and apartments come fully equipped with modern kitchen cabinets, spacious bathrooms and living rooms, gas fireplaces, high ceilings, large windows, central air conditioning unit and so much more... Our research shows Cambridge to become the fastest growing city in the GTA in terms of population growth, adding almost 10,000 people since 2016! So when choosing Cambridge, keep in mind the potential increase in demand in housing stock which will benefit everyone involved in this exciting project. Check out our website www.xondono.ca/blog.asp to view detailed info on what makes Cambridge special.
When Will I Move Into My House? Approximately 12 months after purchase
Most contracts stipulate a minimum closing date at least 12 months following completion of contract and final inspections. Closing dates depend on seller preference and conditions of sale agreement signed.
What Is Included With my Purchase Contract...
- New Home Cambridge Buying 101
- Before jumping head first into the purchase of a house, it pays to consider several key factors, including location, price point and financing options available. Here's what you should be considering.
When choosing a place to live, your top priority will always be proximity to work, friends and family — but that shouldn't come at the expense of finding yourself living somewhere else. Consider how far away your family needs to travel each day; if you're commuting by car every morning, you probably won't appreciate being further than 10 kilometres from your kids' school bus route.
Your next consideration is your budget for this property. Do some research online and find comparable homes in your area — ideally ones that aren't listed yet. Use the information to determine whether you'll be able to afford them, then narrow down your search until you've found just the right fit. If you can swing it, go ahead and put a prequalification offer together, which gives you the upper hand during negotiations.
If you decide to buy new instead of renovating an existing home, you'll need to figure out which type of mortgage loan makes sense for your situation. There are many different kinds of mortgages available, ranging from fixed rate to variable, including government backed loans like Canada Mortgage & Housing Corporation (CMHC), non-government backed mortgages, private lenders and equity release schemes. Each has advantages and disadvantages. For example, CMHC financing requires no cash deposits upfront and offers lower interest rates. However, it doesn't allow borrowers to borrow against other assets, while private lenders are often less regulated than governments and banks.
To help you navigate through all the various lending choices, we recommend checking out our article on how to finance your dream home.
- When buying a new home in Ontario follow these steps
- In this post we will provide information and guidance on choosing the right property for yourself and family, including tips and tricks on finding great deals and saving thousands of dollars while still getting exactly what you want. If you are a first time buyer or investor and would like some help deciding which neighbourhood or area to invest in then read on.
We can tell that you want the absolute BEST deal possible. We can help you achieve that!
First thing you should know is that there is no “absolute best value” when buying real estate. Every house/condominium has different benefits and drawbacks depending upon location and amenities available in each neighbourhood. For example, houses/condos located along busy roads tend to be more expensive than those found further away from traffic but offer better accessibility. However, they often lack community facilities and may be farther from schools. On the other hand, condos located near shopping malls and parks tend to cost less because of proximity to these amenities and close proximity to schools. But, they usually cost less due to fewer building restrictions. So, what does all this mean for YOU?? Well, you get the picture. There is NOT ONE ABSOLUTE BEST VALUE for every single person and situation. You must take this into consideration when searching for properties. You must look at ALL the factors and be honest with yourselves about what you REALLY NEED. Do you really need a 4 bedroom 2 bathroom 1 car garage house or would a 2 bedroom condo work just fine for you?
Here are 5 things to consider BEFORE making ANY purchase decisions:
1.) LOCATION. Location, location, location! Where will you live most of the time? Will you commute regularly or will you spend lots of time outside of the city centre?
2.) AREAS WITHIN THE CITY OF CAMBRIDGE. If it is a larger city, do you prefer living in areas with good transit service (bus routes), or areas without it, where driving is required? Also, are you willing to walk more than 10 minutes to get groceries? Or will you drive a half hour to go grocery shopping?
3.) AMENITIES AND COMMUNITY FACILITES. Will you enjoy going out to restaurants or bars in your area frequently, or will you stay inside most evenings? Is having children nearby important to you?
4.) SCHOOLS IN YOUR NEIGHBOURHOOD. If you are considering homes, condos, apartments or townhouses, it helps to understand that many school boards are currently requiring developers to include playground space and outdoor recreational equipment.
5.) HOMETOWN INFORMATION. You should check whether the local economy is improving or worsening in terms of employment opportunities and overall health and safety.
If you have decided to buy a house or condo, the next step after determining what type of property you want is to determine WHERE TO INVEST!
There are several online tools that allow you to search for specific neighbourhoods across Canada. Here are a few of them: http://www.cityrealestate.ca/, https://www.zestoria.com/, www.trulia.com/. These sites are excellent places to start your research but remember they only show listings for houses and condominiums so you will miss out...
- How to find Your New Cambridge Home or Condo
- This is my final edition of "Why Is Ontario's Housing Market So Hot?" I've written this article every year since 2012, and each year brings better news about housing prices across Canada. Here are some facts and figures showing why Canadians should be excited about buying real estate again:
In January 2018, national average house price was $520K which translates to 3% growth YOY
Toronto market has seen double digit percentage increases
Quebec market is booming with price increase of 10%+
Ontario still leads the country with strongest price gains (+15%)
Alberta (-5%) and British Columbia are experiencing the same trends (downward) as Quebec
New Brunswick saw strong gains but remains weak overall
British Columbia is seeing modest declines while Manitoba continues to outperform other provinces
Housing demand increased 2% in 2017 across Canada compared to 2016
Canada needs more affordable homes than ever before for young families to buy
Home ownership rate reached 67%, highest level recorded in Canadian history
More people are moving back into cities after being pushed out during the recession. Toronto, Calgary & Vancouver are among the fastest urbanization rates in North America over the past few years
Canadian households continue to spend nearly 40% less per capita than American ones ($3,086 versus $4,943), making us less expensive places to live
We're finally starting to see more millennials purchase single family homes (31%) than condos/townhomes (29%)
If interest rates stay steady, mortgage payments will actually decrease for first time buyers who bought houses in 2013 and 2014. A 5% drop in bond yields could mean savings of roughly $1k annually
I've updated the entire post to reflect new information released about the Ontario economy & housing outlook. Click below to read the complete story now: https://www.xonodo.com/blog/whyisontarion...
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- Why is Ontario's Real Estate Market Booming?
- Cambridge was founded in 1791 and has grown since then to be Canada's sixth largest city today. Located 10 minutes north of Toronto along Highway 401 on Hurontario Street, Cambridge offers residents convenient proximity to shopping malls, highways, schools, entertainment districts, universities, hospitals, employment hubs, and more than 150 restaurants and cafes.
Cambridge is known for being a place full of great food options, friendly people & community spirit. As part of Pickering, Cambridge has a strong connection to Toronto and provides quick commutes via Hwy 407/401, GO Trunk #7, and many local school bus routes making travel quick and efficient. If you're interested in living near some wonderful amenities like Lake Simcoe, golf courses, parks, trails, beaches, museums, libraries, sports facilities, theatres, cultural centres, festivals, festivals, etc...then pick up this book.
If you are considering investing in your own building, please note that the cost savings and tax breaks associated with having property ownership will depend on your individual circumstances. Before starting down this path check the latest rules around capital gains taxes and income averaging which may affect whether capital costs are deductible against earnings or taxable altogether.
- New Construction Investment Opportunities in Cambridge Ontario
- In April 2018, I wrote an article called “Pickering Real Estate Predictions For 2020 And Beyond” which shared my picks for what real estate trends I expect will be hot topics this year.
One trend that stood out was the shift back towards single family detached homes. Single family detached properties accounted for approximately 30% of sales volume across Halton Region in 2019, down slightly from 2017 (33%) but well above 2016 (23%). While many people still prefer buying multiple units, demand continues to rise for smaller living spaces, particularly those priced below $750k and close to transit hubs.
This past fall saw several projects hit presale stage, including The Gables Condominium project located near Yonge & Warden Stations, and the upcoming redevelopment of the former Dufferin Mall (see renderings). These developments indicate that builders and developers continue to innovate and invest in building new housing stock, rather than just renovating old buildings (which often leads to long timelines).
I believe that trend towards larger, less expensive condominiums will carry through the next decade.
If single family detached properties become increasingly popular again, that could mean that the average price per square foot for these types of property drops dramatically, perhaps approaching levels seen during the peak years of 2007 and 2008.
Another interesting development has been buyers who opt to use equity financing instead of borrowing against existing savings or credit lines. Many sellers will accept lower offers because they no longer need to sell because their properties are worth far more after making improvements. They have a higher probability of selling quickly and receiving top dollar because buyers see value in the work that has already taken place. If interest rates remain low, sellers should continue to enjoy attractive deals on their property until the market shifts once more.
When we talk about price growth, most investors would point to Vancouver. But here in Toronto, prices increased only marginally last year (+0.1%), while in Montreal prices continued to decline (-2.3%). There remains considerable uncertainty ahead of us — whether Canada’s economy will rebound next year, the trade war will resolve, and the Fed raises interest rates — but I anticipate steady returns throughout the coming months and beyond.
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- Examining Real Estate Market History in Ontario
- In January 2019, Canada became fully aware of the housing crisis affecting Canadians. This was after months of market speculation, rising prices, and record high demand led us to this point. For years, people had bought homes they couldn't afford because the price kept going higher. Homebuyer's weren't getting enough credit options due to tightened lending criteria, causing them to default on mortgages, leading to foreclosures across the country.
This wasn't just happening during the recession though; Canadian mortgages went through some serious changes starting 2013 under government mortgage stress tests which put many borrowers back into negative equity territory. If you're having trouble selling your current property and buying another house, try selling yourself first before jumping headfirst into real estate investing. Here are 5 tips to help get started with making positive cashflow in the near future.
1. Set Goals & Find A Mentor
If you've got a big financial dream coming down the pike but aren't quite ready yet, find someone who believes in you and ask if he/she would be willing to invest $3k-$5k per month towards helping you achieve that ambition. Chances are good that person will jump onboard, especially since most mentors love seeing young entrepreneurs come along side them. They'll be able to provide guidance without ever having a stake in your business themselves. And, they'll make sure you follow through on your word.
2. Understand Your Numbers
Even if you're trying to save up for something small like a car loan, understand exactly how much debt you're taking on. Start calculating monthly costs including utilities, food, transportation expenses, etc.. And don't forget anything unexpected that could crop up while building equity. Once everything adds up, figure out whether or not your debt load matches your income level. Even if you're earning less than the average Canadian salary, it still pays to keep your spending below 30% of your paycheque. Keep tabs on these numbers regularly.
Don't be afraid to borrow money either. As long as you're confident in being responsible for repaying that line of credit, borrowing will allow you to buy whatever you want sooner rather than later. Remember that loans should only make up half of your total household finances unless you're living well above your means.
3. Don't Make Too Many Changes All At Once
Changing jobs, moving away and adding kids to the family won't happen overnight. Instead of attempting a complete overhaul of every aspect of your life, take things slow. Maybe start with changing the way you spend your spare time instead? Take advantage of the extra hours you gain doing nothing. Spend those evenings playing board games around the kitchen table with your loved ones. When summer rolls around, enjoy lazy days spent lounging poolside. By focusing solely on changing certain aspects of your daily habits, you'll feel better equipped to deal with setbacks and changes once they inevitably occur. Plus, you'll have plenty left in reserve if any unforeseen circumstances arise.
4. Create Multiple Income Streams
Even though I'm personally against "get rich quick", having multiple sources of income isn't always bad. Having a steady stream of incoming funds helps alleviate pressure from needing large sums all at once. You...
- Getting approved for your New Home Purchase in Cambridge, Ontario
- In this article I will be going through some key things you should consider while choosing a location to buy a house before investing in this type of property. Here we will go through Cambridge Ontario which is located near Toronto in North Pickering Township. We will discuss this neighborhood first because it tends to get lots of attention due to being close to Toronto and being part of Durham Regional Municipality in the Greater Golden Horseradish Triangle Area Plan. These factors combined makes this area great choice when buying real estate investments because many people would like to move closer to big cities but also live away from urban sprawl areas. In these situations you must decide whether it is better to invest in the city or suburban areas. As always please remember to use professional services to help you in making decisions regarding your life savings. There are a lot of issues involved so it is recommended to consult professionals who specialize in helping investors find suitable homes/condos.
Cambridge has grown fast since 2000 and has had over 10% growth each year since then. Many of the houses sold around here are older properties built back during the 1960’s 70’s & 80’s. When selling prices started rising in 2017 many of the newer neighbourhoods began building and selling condos with higher end finishes. There has already been several projects completed and more are planned for the coming years. Most recently, the project called Willowdale West was released featuring high tech high rise apartments built by R&J Development Incorporated. Also this summer another development was launched known simply as “North Park Apartments”. Both developments are offering 2 bedroom 1 bathroom units priced at $1,199,000 plus GST ($2,039,00). Another recent release is called ‘Creekside Village’. Creekside Village offers 3 bed 2 bath floorplans starting at $699,800 plus GST ($899,400 ). All of those mentioned above are currently listed for sale on Realtor.ca. Some additional projects include Willowgrove Condominiums in Thornhill just north of Brampton along Highway 7, Southgate Condos just south of Markham, Stonebridge Homes Northfield Townhouses in Whitby, Bramalea Heights Apartment Projects and Bramalea Gardens Project. These all offer affordable townhouse living on quiet streets and are only minutes away from the GTA core. For more information check http://www.cambridgewest.org/. Please note that the link provided above requires registration.
When selecting your neighbourhood keep in mind that you are considering the following points: Schools, Transit Availability, Crime Rates, Employment availability, Public Transportation routes and the proximity to shopping malls and medical facilities.. A good idea is to visit the community centre and meet potential neighbours for coffee and conversation. If someone does ask why you chose the particular place they usually won’t understand because everyone chooses his or her own criteria to base decision on. However after asking questions they tend to agree on most aspects of the communities. Keep in mind that if you are thinking of moving to Canada for work the average household income for a family earning minimum wage is estimated to be $15,093 per annum. So unless you plan on working full time...
- What makes Xondo Ontario's Most Convenient New Condo/Home Buying Platform?
- Cambridge Real Estate | Why Buy A House From Us?
• We believe there isn't anything better than buying a house yourself. Every person should own his/her own property, because they deserve to live comfortably, without living under the fear of losing everything to some financial crisis. As a certified real estate company since 2010, Xonodo helps buyers take advantage of this unique privilege and invest wisely during this amazing period of economic growth. Read More
Xonodo Team Is Trained On Various Topics Of Estate Sales And Property Management Business, Thus Have All Required Knowledge & Skills Regarding Such Industry. Because Of This Our Staff Works Hardly For Providing Excellent Services To Customers.
We Understand Your Urgency To Purchase Your Own Dream Residence. Therefore We Aim At Making Things Easy For Our Clients By Assisting Them Across Many Aspects Like Getting Their Financing Right Or Hiring Expert Mortgage Brokers Who Can Help You Obtain Top Priority Loan Instantly Online. If You're Still Thinking About Whether Its Safe To Shop For Your First Time Around, Relax & Trust Us! As We've Been There So We Got The Answers To That Too...
If You Think You Could Be Interested In Purchasing An Amazing New Home Built Within Cambridge City Limits, Please Contact Me Via WhatsApp @+1 416 727 8072 OR Send Email [email protected]. I Will Provide You with All Necessary Information Including Listings, Recent Building News Alongside Other Important Details.
I Am Ready To Do Whatever My Client Wants Since He/She Has Complete Control Over His/Her Future Residential Location.. You Just Need To Give Your Request / Instruction Then Rest.. I Promise You'll Never Regret Buying One Of Our Homes.. Thanks Again :)
- How Xondo makes Home Buying & New Construction Investing in Cambridge Easy?
- We understand buying property isn't always easy. We're dedicated to making this experience easier than ever, whether you're buying your first house, moving up, downsizing or investing in real estate. Here's just some of the ways we help simplify things...
Xonix makes finding homes for sale and selling them fast and easy. Our online database of properties includes every type of listing imaginable and is updated daily to ensure you see current listings. If you find something you like, use our advanced search tools to refine your options quickly and easily. And once you've found the place of your dreams, our simple but effective online form will get your offer accepted faster than ever, without wasting hours filling forms manually. All the information required is already provided and ready to be reviewed, saving you valuable time.
If you'd prefer to work with someone who understands local markets better than anyone else, we'll connect you directly with a licensed REALTOR® who knows exactly which houses are worth bidding on and which ones aren't. No matter what stage you're at in the process, Xonix offers free guidance and support along the way.
- How To Make Money On a New Home or Condo Purchases in Cambridge, Ontario
- In this edition, we go through some key points which should help prospective buyers better understand the market dynamics around buying a house, condos or townhouses in Cambridge, ON.
We will cover both preconstruction (previously known as “condos”), and post construction developments, and explain the difference between the different types of homes available for purchase in Toronto/Cambridge area.
The first section covers the following topics:
Which development areas are still active? There are quite a few under construction and ready to occupy houses listed on Trulia right now. We take a detailed look at each one including information on location & amenities provided.
What would be considered ‘good value’ today? Today we consider average prices for recently completed units across all price ranges in order to provide valuable insight into current trends. These are just guidelines however, since they rely heavily on supply and demand factors, and cannot account for variations due to unique local conditions and circumstances. If you are thinking about investing in Cambridgeshire, these values should serve as useful starting point for you to determine whether a specific property would offer good return potential.
How does mortgage payment impact overall cost? Many people assume that paying less than 30% down at closing will result in lower monthly payments at the end of the loan term, but this isn't necessarily true. While it certainly makes sense to pay only as much cash towards the initial downpayment as possible, in most cases it's better to spread those savings over multiple months rather than pay the entire amount upfront. A rule of thumb when calculating affordability is "30% equity required = 90% LTV". By making use of a 20-year amortization schedule and monthly principal and interest costs calculated over 20 years, the borrower could easily achieve a 5%-6% annualized rate of repayment while keeping total debt service ratio (TDSR) at 80%. TDSRs below 85% are typically regarded as affordable according to Fannie Mae, while higher rates indicate that borrowers could afford an extra $12 per month in housing expenses without going broke.
Who are the prime candidates? Although the median age of the population continues to rise, there are other factors beyond demographics (such as household type) that are driving the composition of households in Canada. For example, young urban professionals tend to live in high density settings like downtown core locations where space becomes expensive. However, single family detached properties remain popular options for young families with many families choosing to combine housing needs with children education requirements. As many Canadians continue to move away from cities, older generations and singles increasingly gravitate toward rural communities which has driven appreciation gains in rural areas like Greater Vancouver. 
Where do I find a real estate agent? Real Estate brokers are licensed agents who represent clients during negotiations, sales, purchases, and rentals. They receive commissions depending upon the size of commission split between them and their brokerage.
They work with individual sellers, buyers, landlords, renters and investors. They assist people who are interested in selling; shopping for homes; searching for apartments and condominiums; locating rental accommodation; and finding investment opportunities. Some are fee-only; many charge hourly fees. Others...