Buy Property With Us & Get 2.5% Cash-back

If you’re looking to buy a home, then find the desired property and let us negotiate on your behalf. Huge savings guaranteed with 2.5% Cash-back!

Conditions:

To be eligible for this incredible offer, you must be or have:
-    A tech-savvy;
-    A real estate lawyer to review our contracts;
-    Agreed to pay a flat fee of $5,000 + HST;
-    Found a property you want to buy;
-    No Buyer Representation agreement with any agency;
-    Been pre-approved financially or if buying cash, must show the Canadian Funds;
-    Found the property on the Toronto Regional Real Estate Board’s MLS System;
-    Agreed that the offered Commission must be a minimum of 2.5% of the Selling Price + HST.

How it works:

1.    Text us your full contact information to 416-250-9090;

2.    Share the address of the property you want to buy, its MLS number, the price you want to pay and your preferred closing date;

3.    We will contact the listing agent for the latest updates on the property;

4.    If the property is still available for sale, we'll send you and your lawyer a copy of our contract and a waiver for review and sign;

5.    After a successful review of the documents, you and your lawyer will send us the signed copies along with our non-refundable $5,000 + HST flat-fee payable to Zen Home Realty via direct deposit;

6.    Our official work will start upon receipt the full payment;

7.    Our Broker of Record - Shoren Konstantin - will make the offer based on the provided details, and send it to you through Authentisign / e-signature system. She will walk you through the offer over the phone with your solicitor's review and approval condition clause along with all other terms and conditions;

8.    Your suggested changes will be made on the offer. We are representing you solely in this transaction but at the same time, we don't want to include unreasonable terms and conditions in the offer to deter the listing agent and the Sellers from reviewing your offer with a positive look;

9.    Once you signed and initialed the offer and accompanying documents electronically, the offer will reach us for our final review. It will then be diverted to the listing agent for the presentation to the Sellers;

10.    Then, we begin the negotiation process. Being experienced in this industry, we have proven ways to secure the best deals for you. You will be regularly updated during the process;

11.    Several factors come into play to determine the success in this process. This includes the number of buyers trying to buy the property, Seller’s interest in your offer, the price you’re willing to pay, the property's actual value, and several other elements such as results of the inspection report, your lawyer's review, successful financing, etc. which all play a huge role and impact the success of the offer;

12.    While we have a great success rate, and we often succeed in getting the first deal; there are times when the first deal falls through. To keep you at the safe end, we offer our services for two properties. We don’t charge anything extra for the second offer. We will be on your side until the closing of that transaction.

This offer has been expired!

MORTGAGE MOMENT: WHEN LIFE GIVES YOU LEMONS…

5 ways you can kill your mortgage approval!

So, you found your dream home, negotiated a fair price which was accepted. You supplied all the needed documentation to your mortgage broker and you are waiting for the day that you go to the lawyer’s to sign the final paperwork and pick up the keys.

All of a sudden your broker or the lawyer calls to say that there’s a problem. How could this be? Everything has been signed and conditions have been removed. What many home buyers do not realize is that your financing approval is based on the information the lender was provided at the time of the application. If there have been any changes to your financial situation, the lender is within their rights to cancel your mortgage approval. There are 5 things that can make home financing go sideways.

1 Employment – You were working for ABC company as a clerk for 5 years making $50,000 a year and just before home possession you change jobs. The lender will now ask for proof that probation for this new job is waived and new job letters and pay stubs at the very least. If you change industries they will want to see more proof that you are capable of keeping this job.
If your new job involves overtime or bonuses of any kind that vary over time, they will ask for a 2 year average which you will not be able to provide.
Another item that could ruin your chances of getting the mortgage is if you decide to change from an employee to a self-employed contractor just before possession day. Even though you are in the same industry, your employment status has changed . This is a big deal killer.

2. Debt – A week or two before your possession date, the lender will obtain a copy of your credit report and look for any changes to your debt load. Your approval was based on how much you owed on that particular date. Buying a new car or items for the new home need to be postponed until after possession of your new home.
Don’t be fooled by “Do not pay for 12 months” sales campaigns. You now owe this money regardless of when the payments start. Don’t buy a new car and don’t buy furniture for the new home. This will increase your debt ratio and can nullify your financing.

3. Down payment source – And yet again I reiterate that the approval is based on the initial information you have provided. You will be asked at the lawyer’s office to verify the source of the down payment and if it is different than what the lender has approved, then you may be in trouble. For example, you said that you were going to save the funds and then at the last minute Mom and Dad offer you the funds as a gift. There’s no problem accepting the gift if the lender knows about it in advance and has included this in their risk assessment, but it can end a deal.

4. Credit – Don’t forget to make your regular credit card payments. If your credit score falls due to late payments, this can kill your financing. If you have a high ratio mortgage in place which required CMHC insurance, a lower credit score could mean a withdrawal of their insurance once again , killing the deal.

5-Identity Documents – This can be a deal killer at the lawyer’s office. The lawyer is required to verify your identity documents and see that they match the mortgage documents. Many Canadians use their middle names if they have the same name as their parent. Lots of new Canadians adopt a more Canadian sounding name for their day-to-day lives but their passports and other documents show another name.

Be sure to use your legal name when you apply for a mortgage to avoid this catastrophe . Finally, keep in touch with your Dominion Lending Centres mortgage professional right up to possession day. Make this a happy experience rather than a heartbreaking one.

David Cooke

It’s not all about the rate: Amortization & Renewals

Have you spoken to a mortgage broker lately? When it’s time to renew your
mortgage you have the freedom to do a number of things that are not possible at
any other time without a financial penalty. Renewal time is an opportunity.

Have you looked at your mortgage amortization lately? Let’s say that you started
your present mortgage 10 years ago and you had a 30-year amortization. You now
have 20 years left on your mortgage but your situation has changed. Your
children have grown up and one is ready to leave for college and another one
will follow in a couple of years. An easy way to help the kids out would be to
refinance your home. However, the rules have changed and if the value of your
home has not risen a lot and you have not paid down the balance, you may not
have the 20+% you need to withdraw the equity.

Another possible solution would be to use the amortization on your mortgage to
help you achieve your financial goals.
You can extend the amortization and lower your monthly payments thus freeing up
cash flow.
Here’s an example. With a balance of $400,000 on your mortgage:

By adding 5 years to your mortgage you can lower your payments by $320 a month.
If that’s not enough and you have more than 20% equity , in other words, your
mortgage is less than 80% of the value of the home, you can extend your mortgage
to 30 years with most lenders.

This will free up $520 a month. When your children graduate you or your mortgage
broker can contact the lender and have your amortization lowered again. Note
that changing the amortization can result in costs. Check with your Dominion
Lending Centres mortgage broker before you make any changes to your mortgage.

David Cooke

Call Shoren Konstantin or text her directly at: 416-218-0512. You will be pleasantly surprised!

5 Things to know before buying a Rural Property

After several years as a home owner, my friend was set to buy the home of his
dreams. He always wanted to own an acreage outside of town. He had visions of
having a few animals, a small tractor and lots of space.
As a person with experience buying homes, he felt that he was ready and that he
knew what he was getting into. Wrong. As soon as you consider buying a home
outside of a municipality there are a number of things to consider, not the
least being how different it is to get a mortgage.

Zoning – is the property zoned “residential”, “agricultural” or perhaps “country
residential”?

Some lenders will not mortgage properties that are zoned agricultural. They may
even dislike country residential properties. Why? If you default on your
mortgage the process of foreclosing on an agricultural property is very
different and difficult for lenders. Taking a farm away from a farmer means
taking their livelihood away so there are many obstacles to this.
If you are buying a hobby farm, some lenders will object to you having more
than two horses or even making money selling hay.

Water and Sewerage – if you are far from a city your water may come from a well
and your sewerage may be in a septic tank. A good country realtor will recommend
an inspection of the septic tank as a condition on the purchase offer. Be
prepared for the inspection to cost more than it cost you in the city. Many
lenders will also ask for a potability and flow test for the well. A house
without water is very hard to sell.

Land – most lenders will mortgage a house, one outbuilding and up to 10 acres of
land. Anything above this amount and it will not be considered in the mortgage.
In other words, besides paying a minimum of 5% down payment you could end up
having to pay out more cash to cover the second out building and the extra land
being sold .

Appraisal – your appraisal will cost you more as the appraiser needs to travel
farther to see the property. It may also come in low as rural properties do not
turn over as quickly as city properties. Be prepared to have to come up with the
difference between the selling price and the appraised value of the property.

Fire Insurance – living in the country can be nice but you are also far from
fire hydrants and fire stations. Expect to pay more for home insurance.

Finally, if you are thinking about purchasing a home in a rural area, be sure to
speak to a Dominion Lending Centres mortgage broker before you do anything. They
can often recommend a realtor who specializes in rural properties and knows the
areas better than the #1 top producer in your city or town.

David Cooke

All roads lead to June -Our House Magazine

What do you do when you’re tired of the 9-5 daily grind and want to strike out
on your own? For gal pals April Brown and Sarah Sklash, it was obvious – buy an
aging motel in the country and renovate it. If it sounds like a business plan
that could never work, these two Millennials would prove you wrong.

“We were looking for a creative outlet and thought about doing something
entrepreneurial for five years, but the timing was never right,” Brown told Our
House Magazine. Welcome to the June Motel.

Brown and Sklash, who worked in public and relations and the government of
Ontario in Toronto respectively, had frequently visited Prince Edward County. A
day’s drive from Toronto or Ottawa, the pair started noticing the area was
quickly becoming a food and wine destination. They’d been looking for a creative
outlet for years but the timing was never right.

But at the start of 2016, the friends decided it would be the year they make
some changes and venture out on their own. They brainstormed a bunch of ideas
until an old 16-room motel called the Sportsman Motel came up for sale.

“We should buy that motel, it’s one of those lightbulb moments,” Brown recalled.

However, the two 33 year-olds had no interest in running the same motel. They
had much bigger plans.
Having spent time south of the border in places like Florida and Palm Springs,
they fell in love with the retro-looking motels they came across in their
travels. This would be their inspiration.

“Really our idea was we wanted to reinvent the motel experience. We travelled to
so many places that had done this so well,” Brown said.

The pair went all-in on the concept.

After running the 50-year-old motel as the Sportsman for a season, they spent
the winter getting their hands dirty on a total remodel. As Sklash explained,
they started with a tropical palm wallpaper design they liked, and the rest of
the renovation took off from there.

The women designed the guest rooms themselves, but worked with interior designer
Keri MacLellan of Four Walls Interior on the lobby. After months of sweat
equity, the motel was completely remade and had a new name to fit the retro
vibe. The June Motel.

Sklash noted the idea was to design the motel for “photo moments,” from the pink
doors greeting guests as they drive up to the neon signs in the lobby.

“We wanted the whole design to be a place that people would want to share with
social media,” she said, adding 90 per cent of guests discovered the motel
through Instagram.

And that bit of strategy paid off. As soon the June Motel opened its doors,
guests were sharing their experiences with the world. The motel got a ton of
buzz and attention from major publications like Vogue and the Toronto Star.

The first year as the June Motel was a smashing success. And as Brown and Sklash
get ready for their second full season, the motel is already booked full for
weekends.

With one success under their belts, the entrepreneurs now have their sights on
expanding their brand. They’re looking for property and new opportunities.
“There’s such and appetite for unique accommodations within that millennial
market, we figure why stop at one?”

Motel inspired? Before taking the leap, be sure to talk to a professional
April Brown and Sarah Sklash struck gold when they decided to buy an old motel
and convert it into the June Motel in Ontario.

But the pair didn’t jump into the idea without coming up with a solid business
plan. Besides doing their market research, they had to consider financing.

Brown and Sklash explained along with a bit of their own capital, they decided
to do a vendor takeback mortgage, in which the seller finances the remaining
amount owed on the property. They turned to local economic development agencies
to help with the costs of the renovation. While the pair note buying a motel in
the country costs less than an average home in Toronto, they recommend doing the
research and coming up with a strong business plan.

That’s where Dominion Lending Centres Commercial can help out. David Beckingham,
the president of DLC Commercial Capital Inc., noted commercial mortgages aren’t
easy and can be a long process. He pointed out commercial brokers can help the
buyer through the process, including the appraisal, environmental issues,
accounting and presenting a deal to the lender they understand.

He suggested in a situation like the June Motel, DLC Commercial would offer new
financing at more favourable terms that would repay the vendor takeback mortgage
and provide new money to repay the equity the new owners have already put in.

“You need a commercial guy to look at it in a business way that can isolate and
stabilize the issues,” he said, adding it’s important to have a professional who
understands the market place and the nuances of the lenders.

Jeremy Deutsch

Call Shoren Konstantin or text her directly at: 416-218-0512. You will be pleasantly surprised!

Good To Know: Tips for First-Time Real Estate Investors

Investing in real estate can be extremely beneficial to your financial portfolio. In fact, some people make a bonafide career of it. But there’s a first time for everything. So, if you’re a rookie, here are a few crucial tips (organized alphabetically) to keep in mind.

Be mindful of flipping. In other words, consider how quickly you buy and sell your investment properties. The Canada Revenue Agency (CRA) could view such activity as business income, which means you’ll be paying tax on ANY profit investment yields.

First-hand experience counts. Consider seeking out a realtor who personally invests in real estate on their own part. No better way to navigate what could otherwise be a potential minefield.

Know you can walk away. If the deal isn’t right, you aren’t bound to it… no matter how much you might have potentially invested in it, personally or financially.

Maintain proper income and expense records. For goodness sake, do NOT mix these in with your personal finances. Because you’ll have to file a year-end tax return and the CRA will be all over every cent, and the CRA is neither forgetful nor forgiving.

Pay the mortgage broker a visit. Whether the bank or an independent, they’ll advise a responsible amount to borrow.

Positive cash flow! Keep this top of mind, because if you’re investing in a rental property, then the rent you get from your tenants needs to cover your monthly mortgage payments, maintenance fees and utilities, annual property taxes, etc.

See an accountant—or lawyer. It’s always worth exploring options in regards to how you plan to take ownership of the investment property. After all, benefits exist in taking title in the name of a limited company. That being said, you’d be required to pony up about a thousand bucks a year in incorporation fees, plus need to file separate tax return.

Stay in it for the long-term. It is better you buy an investment property for an extended period, rent it out, then utilize your positive cash flow to scale back the amount of your owing mortgage, and therefore creating equity in your investment property.

Tagged with: Accountant , Ask A Realtor , Buyers , Buying , Cause vs. Effect , Commonly Asked Questions , Downtown , Economics , First Time Buyer , Flipping , History , Home ownership , House Flipping , Housing Market , Income Property , Investment Property , Investments , Lawyer , Market Bubble , Mortgage Broker , Mortgages , New In Town , Ontario Government , Preconstruction , Property , Property Flipping , PSR , PSR Brokerage , PSR Central West , Real Estate , Real Estate Agents , Real Estate Bubble , Real Estate Market , Realtor Life , Resale , Rules , Selling , Suppy vs. Demand , Taxation , Toronto , Toronto Condos , Toronto Homes , Toronto Life , Toronto Real Estate , Toronto Real Estate Board , Toronto Real Estate Market , TREB , Where to Live

The PSR Market Report | March 2018

The effects of the Fair Housing Plan, the new OSFI-mandated stress test and generally higher borrowing costs have prompted some buyers to put their purchasing decision on hold, and home sales are expected to be up relative to 2017 in the second half of this year.

While the change in market conditions certainly played a role, the dip in the average selling price was also compositional in nature. Detached home sales, which generally represent the highest price points in a given area, declined much more than other home types. In addition, the share of high-end detached homes selling for over $2 million in March 2018 was half of what was reported in March 2017, further impacting the average selling price.

“Right now, when we are comparing home prices, we are comparing two starkly different periods of time: last year, when we had less than a month of inventory versus this year with inventory levels ranging between two and three months. It makes sense that we haven’t seen prices climb back to last year’s peak. However, in the second half of the year, expect to see the annual rate of price growth improve compared to Q1, as sales increase relative to the below-average level of listings,” said Jason Mercer, TREB’s Director of Market Analysis.

Here is our March 2018 Market Report, a quick resale housing market analysis with key stats for Toronto + the GTA ?.

>> Don’t forget to check out the complete monthly Toronto + GTA Resale Housing Market Figures report released by TREB for a comprehensive breakdown of all statistics recapped in our monthly market review.

Tagged with: Average Home Price , For Sale , For Sale Toronto , Home ownership , Housing Market , Just Sold , Luxury Real Estate , March 2018 , March Housing Market , March Housing Report , Market Analysis , Market Figures , Market Report , Ontario Fair Housing Plan , PSR , PSR Agents , PSR Brokerage , PSR Central West , PSR Market Report , Real Estate , Real Estate Agents , Real Estate Blog , Real Estate Market , Realtor Life , Resale , Spring Market , Statistics , Toronto Condos , Toronto Homes , Toronto Housing Market , Toronto Listings , Toronto Real Estate Blog , Toronto Real Estate Board , Toronto Real Estate Market , Toronto Realtor , TREB , Winter Housing Market , Winter Market

Are mortgage terms more important than rate?

Why are the terms more important than rate when it comes to a mortgage?

Simple. Seven out of 10 Canadians break their mortgages prior to the renewal
date.
Taking the wrong mortgage when you could have qualified for a better one- is a
costly mistake.

The biggest mistake anyone can make is they don’t think they need to make a
change, or they’re the three-in 10 that won’t break a mortgage.

For those people I give you a short list of potential reasons why you might need
to get out of a mortgage early.

1. Sale and purchase – maybe you get an offer you can’t refuse, either work or
real estate related, maybe the zoning has changed, your neighbours or strata are
unmanageable or maybe you want to grow your family
2. Take Equity out – get renovations done, help family members or buy another
investment, pay CRA, or assessments on property
3. Pay off debt – maybe you are like the over 60% of Canadians living paycheque
to paycheque and paying over 5% on credit cards or lines of credit. There are
much more savings in interest and cash flow for you utilizing your equity.
4. Relationship changes – moving in together, divorce is at a 50% rate these
days, kids (needing more space or need to move in together).
5. Health or life challenges – huge illness, unemployment or death of someone
on title can be a burden enough.
6. Removing someone from title – a co-signer (3/10 homebuyers get help from a
family member) or an ex-spouse.
7. Save money with a lower rate – the market is always changing. It may make
sense to break early and go with a different term as the market changes.
8. Pay it off – maybe you won the lottery or got an inheritance.

Some of the above is not avoidable, but the one thing you totally can control is
who you align yourself with when shopping for a mortgage. A Dominion Lending
Centres mortgage broker will always be looking at all the factors involved in a
mortgage without bias to help you make an educated decision on what best suits
you.

Angela Calla

Call Shoren Konstantin directly at: 416-218-0512. You will be pleasantly surprised!

Subject to Financing- A Must!

With most people who are new to real estate and looking for their first home (or
possibly second), one of the most significant times is when your offer to buy is
accepted by a seller. Unfortunately, that moment is quickly followed by stress,
as not many people know what comes next- securing financing. 99% of the time a
realtor will ask you if you have been qualified by a bank or a mortgage broker
before they write an offer on your behalf. What should be told to you, the
client, by the realtor and your mortgage broker is that you need to have a
subject to financing condition in your offer.

In order for someone to receive a mortgage from a lender, they need to meet the
lender’s (and some times the insurer’s) conditions. Usually, these all revolve
around a borrower’s down payment money, their income as well as employment, and
the property they are making an offer on. If you make an offer on a home and it
is accepted, but for example the lender doesn’t like the property because the
strata board doesn’t have enough money in their contingency fund to fix the
leaking roof in the next 12 months, they could turn down your application and
not lend you money.

If you don’t have the money, you don’t get the home. That is why you have a
subject to financing condition, so if for any reason, you can’t meet the
lender’s requirements with your income, down payment, or if the property is
unacceptable to them or the insurer, you can cancel your offer without any
hassle or loss of deposit.

What happens if you make a subject free offer? If you make an offer on a home
and it doesn’t have a subject to financing condition in it, that house is now
yours once the offer is accepted. Your deposit is no longer yours, and you have
to come up with the remaining money. If you cannot and are unable to complete
the purchase, the seller may file a lawsuit against you for damages as they have
now taken their home off the market potentially losing out on the ability to
sell their home to someone else while they waited for you to get financing.

Always, always, always have a condition in your offer that states subject to
financing and allow yourself 3 to 5 business days. If you go in without that
fail safe and it turns out you really need it, you will potentially be on the
hook and if the seller wishes, he or she can sue you for any potential losses.

Ryan Oake

Subject to financing is a must! If you have any questions, contact Shoren Konstantin at 416-218-0080 directly.

GTA REALTORS® Release March Stats

The MLS Home Price Index Composite Benchmark was down by 1.5 percent on a year-over-year basis for the TREB market area as a whole. The overall average selling price was down by 14.3 per cent compared to March 2017.

While the change in market conditions certainly played a role, the dip in the average selling price was also compositional in nature. Detached home sales, which generally represent the highest price points in a given area, declined much more than other home types. In addition, the share of high-end detached homes selling for over $2 million in March 2018 was half of what was reported in March 2017, further impacting the average selling price.

“Right now, when we are comparing home prices, we are comparing two starkly different periods of time: last year, when we had less than a month of inventory versus this year with inventory levels ranging between two and three months. It makes sense that we haven’t seen prices climb back to last year’s peak. However, in the second half of the year, expect to see the annual rate of price growth improve compared to Q1, as sales increase relative to the below-average level of listings,” said Jason Mercer, TREB’s Director of Market Analysis.

8 Things You Can Do To Get The Best Renewal

With 47 per cent of homeowners scheduled to renew their mortgages this year,
2018 is a year of change for lots of Canadians.
Here are the top 8 things you can do to get the best renewal:

1. Pull out your mortgage renewal now, and start early. When you are proactive
instead of reactive you can see if there is anything on your credit score or
lifestyle that we can modify to ensure you are positioned for the best renewal.
You are only in a position to do this when you start early- in the last year of
your mortgage you will have the most amount of options available. For example,
there can be an inaccuracy in your credit report or you may be considering an
income/job change that would impact your options. We can look at timing
accordingly for you.

2. Do not just sign the renewal offered. Lenders can change the terms of your
mortgage, and the renewal you are signing can cost you up to four per cent of
your equity if you are with the wrong lender for your current life stage.

3. Most people think the best rate is the best renewal – WRONG. The terms are
most important and with all terms moving or selling is the only reason most
people think they would ever break a mortgage- THIS is simply not the case, a
change in the interest rate market, divorce, health, job change, investment
opportunity and many other reasons would contribute to a future modification
being beneficial for a consumer.

4. Take into consideration lender history. The lender can have a higher prime
then anyone because they know the cost to leave outweighs staying the course.
The lenders are very smart with their calculated risks- and this is not
something they have an obligation to disclose.

5. Remember your lender has a bias – their job is to handcuff you so they can
make as much profit off you as possible- don’t be a victim.

6. Do not shop each lender on your own, it takes points off of your credit
score. All lenders have different rates based on your score and you want to
position yourself to get the best. By using a mortgage professional, they can
shop multiple lenders protecting your credit using only one application, while
the rate variation can be on average a half a percent!

7. Don’t get sucked into the online rate shopping- any monkey can post a rate
online and you can drive yourself crazy looking at something that does not
exists. In today’s complex mortgage market there are significantly different
rates based on – insured mortgage vs uninsured mortgage, switch vs refinance,
purchase or renewal, principal residence vs rental, salary or self-employed, 600
credit score or 700 credit score, amortization of 20 years to 30 years, type of
property condo vs house, and leased land or freehold. The variations can mean a
difference in thousands of dollars. Like diagnosing a medical condition, you
can’t go online, you do have to put in the appropriate application and
supporting documents to verify which options are available to you that will
result in the lowest cost in borrowing.

8. Remember your mortgage is the largest debt and investment most of us have,
when you contact an independent mortgage professional, we are going to invest
all the work and expertise and advise you in your best interest regardless if we
get your business. We may after our review advise you to stick with your
existing lender, or make another recommendation for you. We are only here to
enhance your finances and save you money, and there is no cost for our service.

Angela Calla

Call Shoren at 416-218-0080. You will be surprisingly pleased!