Price and Delivery date for Magical Malvern
Anyone know the planned launch price and the what will be the final delivery date for Magical Malvern ?
Last Updated:
2023-03-22
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20 Real Estate Terms in Canada - List for Canadian Home Buyers, Sellers & Agents
Are you ready to conquer the Canadian real estate market, but feeling a bit daunted by the abundance of jargon and complexities? Don't worry, you're not alone! The real estate industry can be a minefield to navigate, but with the right knowledge, you'll be able to understand the ins and outs of the market and make informed decisions.
So, whether you're a first-time home buyer, a seasoned seller, or a budding real estate agent don't let the jargon hold you back- let's unlock the secrets of the Canadian real estate market with the ultimate 20 real estate terms that you need to navigate the minefield of the Canadian real estate market and come out victorious.
## 20 Real Estate Terms in Canada - A Comprehensive List
Knowing real estate terms is key to being a pro in the Canadian market. It's not just for first-time buyers or sellers; it's also for sellers and real estate agents who work here but are unaware of these terms. Because understanding the lingo is what sets you up for success here. For this reason, we have words ranging in complexity from simple words to complex terms.
## **20 Basic Real Estate Terms & Concepts to Know**
So buckle up and let's dive in deep into the real estate world.
### **1. Amortization**:
The length of time it will take to pay off a mortgage, calculated by dividing the total mortgage amount by the annual mortgage payments. It is the period over which the loan is planned to be paid off, usually in a range of 15-30 years.
### **2. Appraisal**:
An evaluation of a property's value by a professional appraiser. Appraisals help to determine the fair market value of a property, which is used to help set a fair price for the property.
### **3. Closing Costs**:
The expenses associated with purchasing a property, such as legal fees, land transfer taxes, and home inspection fees. These costs can add up to thousands of dollars and are typically paid at the time of closing.
### **4. Conditional Offer**:
An offer to purchase a property that is contingent upon certain conditions being met, such as the successful completion of a home inspection. It means that the offer is made on the condition that certain things happen, such as financing or home inspection.
### **5. Equity**:
The difference between the market value of a property and the outstanding balance on the mortgage. It is the portion of the property that the owner fully owns, and it increases over time as the mortgage is paid down and the property increases in value.
### **6. Fixed-Rate Mortgage**:
A mortgage with an [interest rate](https://getnewhouse.ca/blog/what-does-higher-interest-mean-for-housing-market-in-canada) that stays the same for the entire term of the loan. It means that the interest rate will not change for the duration of the loan, providing predictability and stability for the borrower.
### **7. Home Inspection**:
A comprehensive examination of a property's condition by a professional home inspector. Home inspection is an important step in the home buying process, as it can help identify any potential issues or defects with the property.
### **8. Interest Rate**:
The percentage at which the lender charges interest on a mortgage. It is the cost of borrowing money, and it can have a significant impact on the overall cost of the mortgage.
### **9. Land Transfer Tax**:
A tax paid by the purchaser when a property is transferred from one owner to another. It is a government tax that is paid on the transfer of property ownership and varies by province.
### **10. Listing Agreement**:
A contract between a property owner and a real estate agent that outlines the terms of the agency relationship. It outlines the services that the agent will provide, the length of the agreement, and the commission that will be paid to the agent.
Also, know the truth behind a [home listed for 1$ in the [Canadian Housing Market](https://getnewhouse.ca/blog/what-it-means-when-home-listed-for-one-dollar-in-canada).
### **11. Mortgage Broker**:
A professional who acts as an intermediary between borrowers and lenders to help them find the best mortgage product. They can help borrowers find the best mortgage rate and product that suits their needs.
### **12. Mortgage Pre-Approval**:
A conditional commitment from a lender to provide a mortgage for a certain amount, subject to the buyer meeting certain conditions. It is a letter from a lender that states that you are pre-approved for a mortgage up to a certain amount, subject to certain conditions.
### **13. Multiple Listing Service (MLS)**:
[MLS or Multiple Listing Service](https://getnewhouse.ca/article/what-is-mls-in-real-estate-canada) is a database of properties for sale by real estate agents. It is a system used by real estate agents to list properties for sale, and it is a valuable resource for buyers and sellers.
### **14. Power of Sale**:
A legal process that allows a lender to sell a property in order to recover unpaid mortgage debt if the borrower defaults on the mortgage. It is a provision in the mortgage agreement that gives the lender the right to sell the property in case of default.
### **15. Property Condition Disclosure Statement**:
A document that outlines any known issues or defects with a property. It is a statement provided by the seller that discloses any known issues or defects with the property.
### **16. Real Property Report (RPR)**:
A legal document that shows the boundaries, dimensions, and location of a property, as well as any improvements or structures on the property. It is a detailed survey that shows the property's boundaries and any structures or improvements on the property.
### **17. Title Insurance**:
Insurance that protects the buyer and the lender against any issues with the property's title or ownership. It protects against any hidden issues with the property's title, such as outstanding liens or encumbrances.
### **18. Underwriting**:
The process of evaluating a mortgage application to determine whether to approve the loan and what terms to offer. It is the process used by lenders to evaluate a borrower's creditworthiness and ability to repay the loan.
### **19. Zoning**:
Set of regulations established by local governments that determine how land can be used in a particular area, by dividing the municipality into different zones and regulating the development, density and allowed uses of the land.
### **20. Lease**:
A lease is a legal agreement between a landlord and tenant outlining the terms and conditions of renting a property, including the rental amount, length of the lease and responsibilities of both parties.
## **20 Advanced Real Estate Terms & Concepts to Know**
Now, let's get an idea on some of the advance terms used in the real estate industry.
## **1. ‘As Is’ clause**
Let's learn about this real estate concept from both a seller's and a buyer's point of view.
#### **For sellers**
"As-Is" clause means property is sold in current condition, with no promises or guarantees from the seller.
- It can be a quick and cost-effective option for sellers.
- But, it also means that the buyer will have to take on any necessary repairs or renovations.
- Legally required to disclose all issues with the property, including providing a detailed statement of condition, prepared by a professional, and based on an inspection.
#### **For buyers**
"As-Is" properties may come at a lower price, but they can also end up costing more if extensive repairs are needed.
- It's crucial to do a thorough inspection of the property to reveal any potential issues.
- Consider including a "subject to inspection" clause in the contract, which allows the buyer to back out if the inspection reveals more problems than initially disclosed by the seller.
- Important to proceed with caution and have a solid team of professionals, including a real estate agent, home inspector, and attorney, to minimize the risk.
For more details, refer [What does As-is clause mean in real estate?](https://getnewhouse.ca/article/what-does-as-is-where-clause-mean-real-estate-canada)
### **2. POA (Power of Attorney)**
POA is a legal document that allows you to give authority to another trustworthy person(s) to manage your property or money on your behalf.
- The person you appoint is called your attorney, and they do not have to be a lawyer.
- It is required that a person be ‘mentally capable’ at the time of signing a POA for it to be valid.
- Laws, requirements, and definitions of POA vary across provinces and territories in Canada.
- Real Estate and POA
In real estate, your attorney can manage buying or selling of real estate in your name, pay bills on your behalf, and even collect money owed to you, unless restricted to do so.
Your attorney does not become the owner of your property, they can only manage it on your behalf.
### Types of POA
- **General Power of attorney**: Allows your attorney to manage all or part of your finances and property only while you are mentally capable of managing your own affairs. Becomes invalid if you become mentally incapable. Can be limited to a particular task or time period.
- **Continuing power of attorney**: Allows your attorney to continue managing your finances and property even if you become mentally incapable to do so. Can start immediately or come into effect when you become mentally incapable.
### **3. MLS (Multiple Listing Service)**
MLS (Multiple Listing Service) is a database of properties for sale or rent, maintained by real estate agents and brokers.
- It allows agents to share information about properties with other agents in their area, increasing the chances of a sale or lease.
- MLS data is only available to real estate agents and brokers who are members of the service.
- It includes detailed information about properties, including photographs, prices, and descriptions.
- MLS can be a powerful tool for buyers, sellers, and real estate professionals to find and market properties.
### **4. CCIM (Certified commercial investment member)**
CCIM (Certified Commercial Investment Member) is a professional designation for commercial real estate professionals.
- It is awarded by the CCIM Institute after completing education and demonstrating experience.
- Recognized as mark of expertise in commercial and investment real estate.
- Only held by a select group of professionals.
- CCIMs are trained to analyze investment opportunities.
### **5. CPM (Certified Property Manager)**
CPM (Certified Property Manager) is a professional designation for property management professionals.
- It is awarded by the Institute of Real Estate Management (IREM) after individuals complete a rigorous education curriculum and demonstrate their experience in property management.
- The CPM designation is recognized as a mark of expertise in the property management industry.
- Only held by a select group of professionals.
- CPMs are trained to manage and maintain properties effectively and efficiently.
### **6. CMA (Comparative Market Analysis)**
CMA (Comparative Market Analysis) is a report that compares a property to similar properties in the same area.
- It is used to determine a property's estimated value, and to help with pricing decisions when buying or selling a property.
- A CMA includes information about recent sales and current listings of similar properties.
- It also includes information about market trends, such as average days on market and sale-to-list price ratios.
- CMA is a helpful tool for both sellers and buyers to have a better understanding of the market and make informed decisions.
### **7. CRE (Commercial Real Estate)**
CRE (Commercial Real Estate) refers to properties used for business or investment purposes.
- It includes properties such as office buildings, retail centers, industrial warehouses, and multifamily apartments.
- CRE transactions are generally more complex and involve more money compared to residential real estate transactions.
- CRE professionals such as brokers, investors, and property managers have specialized knowledge and skills to navigate the market.
- CRE can also include special purpose properties such as hotels, hospitals, and self-storage facilities.
### **8. CAC (Central Air-Conditioning)**
CAC (Central Air-Conditioning) is a type of air conditioning system that cools a building or home by circulating chilled air through ductwork.
- It typically uses a central unit, such as a furnace, to cool the air and distribute it throughout the building.
- CAC systems are often more efficient and can cool larger areas compared to individual room air conditioners.
- It can also improve air quality by filtering and circulating air throughout the building.
- CAC systems require regular maintenance to ensure they are functioning properly and efficiently.
### **9. COI (Certificate of Insurance)**
A Certificate of Insurance (COI) is a document that verifies that a specific insurance policy is in effect and provides details on the coverage provided.
- COIs are typically issued by insurance companies or their agents and are used to provide proof of insurance to third parties, such as lenders or landlords.
- COI includes: insured name, policy number, coverage type/limits, and insurance company/agent contact information.
- Some COIs may also include additional information, such as endorsements or exclusions to the policy.
- COIs are not the same as the insurance policy itself and do not provide all of the terms, conditions, and exclusions of the policy.
### **10. CMHC (Canada Mortgage and Housing Corporation)**
Canada Mortgage and Housing Corporation (CMHC) is a Crown corporation of the Government of Canada.
- Its primary function is to provide mortgage loan insurance to Canadian banks and other lending institutions.
- This insurance helps protect lenders against losses if a borrower defaults on a mortgage loan.
- CMHC also conducts research and provides information on housing markets and trends, as well as housing-related programs and services.
- CMHC is funded by premiums paid by borrowers who take out mortgage loans that are insured by the corporation.
### **11. CMA (Comparative Market Analysis)**
A [Comparative Market Analysis (CMA)](https://getnewhouse.ca/article/what-is-cma-in-real-estate-canada) is a report that compares a property to similar properties that have recently sold or are currently on the market.
- It is used by real estate agents, appraisers, and homeowners to estimate the fair market value of a property.
- A CMA typically includes information such as the property's location, size, condition, and features as well as information on comparable properties, including their sale prices and other relevant details.
- It is based on recent sales data, it helps in determining the current market value of a property
- It is used to set the price for a property that is for sale or to be appraised.
- A CMA can also be used to evaluate the potential return on investment for a rental property or a fix and flip investment.
### **12. ARV (After Repair Value)**
After Repair Value (ARV) is a term used in real estate investing to refer to the estimated market value of a property after any necessary repairs or renovations have been completed
- It is used to determine the potential profitability of a fix-and-flip investment or the maximum purchase price for a property being considered for a rental or rehab project.
- ARV is calculated by taking the estimated market value of a property in its current condition, subtracting the cost of repairs and renovations, and then adding any potential value-adds such as an addition or a finished basement.
- It is an estimate of the potential of the property in the future after the repairs are done
- It helps in determining the maximum amount to be spent on the renovation and property purchase, so it doesn't exceed the potential value of the property after renovation.
### **13. LTV (Loan to Value)**
Loan-to-value (LTV) is a ratio used in the mortgage industry to indicate the size of a loan compared to the value of the property being used as collateral.
- It is calculated by dividing the loan amount by the value of the property.
- It is used by lenders to determine the risk of a loan and the creditworthiness of a borrower.
- A higher LTV ratio indicates a higher risk to the lender, as the borrower has less equity in the property.
- LTV is used to determine the minimum down payment, interest rate, and maximum loan amount
- Lenders usually have different LTV ratios for different types of properties and loans.
- A high LTV ratio may require a higher interest rate or mortgage insurance.
### **14. Cap Rate**
The Capitalization Rate, or Cap Rate, is a measure used in real estate investing to indicate the rate of return on a property based on its income and purchase price.
- It is calculated by dividing the property's net operating income by its current market value or purchase price.
- Cap Rate is a metric used to compare the potential returns of different properties.
- A higher cap rate indicates a higher return on investment, and a lower cap rate indicates a lower return.
- Cap rate is used to evaluate the performance of a property and its potential as an investment.
- Cap rate can be used to compare the yields of different properties and areas, even though it is a ratio, it does not take into account the cost of debt.
### **15. GDS (Gross Debt Service)**
Gross Debt Service (GDS) ratio is a measure used by mortgage lenders to determine a borrower's ability to afford the mortgage payments on a property.
- It is calculated by dividing the total mortgage payments, including principal, interest, property taxes, and heating costs, by the borrower's gross income.
- GDS is one of the two ratios used to qualify borrowers, the other being TDS (Total Debt Service).
- It is used to evaluate the borrower's ability to meet the housing cost, it is usually expressed as a percentage.
- Lenders usually have a maximum GDS ratio, typically between 31% and 39%
- A high GDS ratio may indicate that a borrower is over-extended and may have difficulty making mortgage payments.
- A low GDS ratio may indicate that a borrower has a lower risk of defaulting on the loan.
### **16. TDS (Total Debt Service)**
Total Debt Service (TDS) ratio is a measure used by mortgage lenders to determine a borrower's overall ability to afford the mortgage payments on a property, as well as their other debts and expenses.
- It is calculated by dividing the total monthly debt payments, including mortgage payments, credit card payments, car loans, and any other debts, by the borrower's gross income.
- TDS is one of the two ratios used to qualify borrowers, the other being GDS (Gross Debt Service).
- Lenders usually have a maximum TDS ratio, typically between 42% and 44%
- A high TDS ratio may indicate that a borrower is over-extended and may have difficulty making mortgage payments and other debts.
- A low TDS ratio may indicate that a borrower has a lower risk of defaulting on the loan and other debts.
### **17. JT (Joint Tenancy)**
Joint Tenancy is a type of co-ownership of property where two or more individuals own the property together.
- Each owner holds an equal and undivided interest in the property.
- Joint tenants have the right of survivorship, meaning that if one of the owners passes away, their interest in the property passes automatically to the remaining owners.
- In a joint tenancy, all parties have equal rights and responsibilities on the property
- Each joint tenant has the right to use the entire property.
- All the parties need to agree to sell the property or make any changes to it.
- In case of death, the share of the deceased tenant automatically goes to the surviving tenant/s.
### **18. TIC (Tenancy in Common)**
Tenancy in Common (TIC) is a type of co-ownership of property where two or more individuals own the property together, but each has a distinct and separate share of the property.
- No right of survivorship, meaning if one owner dies, their share does not automatically pass to the remaining owners.
- Allows multiple parties to invest in real estate together or pass assets onto beneficiaries.
- Each tenant owns a specific percentage of the property and can sell or dispose of their share.
- Tenants have right to use entire property, but cannot sell or make changes without agreement of other tenants.
- In case of death, share is passed on according to will or testamentary disposition, not automatically to surviving tenants.
- Different from Joint Tenancy which has equal shares and right of survivorship.
### **19. Lien**
- A lien is a legal claim on a property that gives a lender or other creditor the right to seize the property if the borrower or property owner fails to fulfill their obligation.
- Liens can be placed on property for unpaid debts, taxes, or other financial obligations.
- Liens can be either voluntary, such as a mortgage, or involuntary, such as a judgment lien.
- Liens are recorded in the public records, this means that they are visible to anyone who searches. the records.
- When the property is sold, the lien must be paid off before the sale can be completed.
- If the lien is not paid off the property may be foreclosed or seized by the creditor.
### **20. Ontario Agreement of Purchase and Sale**
The Agreement of Purchase and Sale (APS) is a legally binding contract between a buyer and a seller for the purchase of a property in the province of Ontario, Canada.
- Outlines terms and conditions including purchase price, closing date, and contingencies.
- Prepared by a real estate agent or lawyer, reviewed and signed by both parties, and a copy provided to each.
- Includes schedule of chattels and fixtures, closing date, and contingencies, if any.
- Legally binding contract, both parties have legal obligations and rights related to the sale.
- Buyer typically pays deposit held in trust until closing.
- Starting point for completion of sale transaction and ownership transfer.
## Knowing the Canadian Real Estate Concepts
The understanding of the real estate terms specific to Canada is essential for home buyers, sellers and agents in order to navigate the market and make informed decisions.
Being familiar with terms such as CMHC, ARV, LTV, Cap Rate, GDS, TDS, JT, TIC, CMA, APS, and others, can help you understand the mortgage process, evaluate properties, and negotiate the terms of a sale.
Whether you're a [first-time home buyer](https://getnewhouse.ca/blog/renting-vs-buying-home-canada-better), an experienced investor, or a real estate agent, having a solid understanding of these terms will help you make the most of the Canadian real estate market. Did we miss any important term here? Do you wish to include any other interesting concept on real estate in Canada, do comment and share your views.
What is the price for Woodstock Gardens in Paradise, NL?
If you're on the lookout for a new home sweet home in Paradise, NL, you might have heard about Woodstock Gardens. It's a charming community of single-family homes being built by Donovan Homes. They're working their magic at the corner of Sedgewick Street & Topsail Road, crafting a cozy neighborhood for families.
Now, you're probably wondering about the price tags attached to these homes. Well, worry not! Let's see this in detail:
## What is the price for Woodstock Gardens in Paradise, NL?
Woodstock Gardenshas price range from 300K - 400K and sizes range from 920 to 1660 square feet. So, here is the complete breakdown for you:
1. **2 Bedroom Bungalows (1 Bathroom):** These snug homes start at $324,900. A snug space to call your own, without breaking the bank.
2. **3 Bedroom Bungalows (1 Bathroom):** If you need a bit more space, these start at $329,900. A touch of extra room for you and yours.
3. **3 Bedroom Bungalows (2 Bathrooms):** These start at $350,900. A perfect mix of comfort and convenience.
4. **3 Bedroom Two-Story Homes (2 Bathrooms):** The cream of the crop starts at $372,900. Spread out and enjoy two stories of living.
Remember, these prices aren't set in stone. They might change as time goes on. And just to be clear, the listed prices only cover the homes themselves. Land, taxes, and closing costs are like the extra toppings on your sundae.
## Price of Woodstock Gardens in Paradise, NL
In a nutshell, Woodstock Gardens offers a variety of homes with prices that match the size and style. So, if you're dreaming of a fresh start in a new place, Woodstock Gardens could be your answer. So, what are you waiting for? Your dream house is waiting!
5 Best Handyman Services Apps in Canada 2023
Are you tired of dealing with the stress and frustration of finding reliable handyman services for your home repairs? Look no further! The top 5 best handyman services apps in Canada are here to revolutionize your approach to home repairs and renovations.
With just a tap, professional and efficient handymen are readily available to tackle any task, making home repairs a seamless reality.
It's time to upgrade your home repair game and basket in the glory of a job well done, every time. Say farewell to frustration and hello to a new era of convenience. So, don't wait any longer, explore the top 5 best handyman services apps in Canada here!
## How do on-demand Handyman Apps work?
On-demand handyman apps work by connecting customers with local, qualified handymen for home repair and improvement services. Customers can use the app to browse a list of services offered, choose the desired service, select a date and time for the appointment, and pay for the service directly through the app. Handymen use the app to receive job requests and communicate with customers.
The app typically verifies the handyman's qualifications, insurance, and background information to ensure a safe and high-quality service experience. With the convenience of on-demand apps, customers can easily find and book reliable handymen for their home repair needs.
## 5 Best Handyman Services Apps in Canada
In Canada, there are a number of handyman services apps available, offering a convenient and efficient way to connect with skilled tradespeople in your area. Here are five of the best handyman services apps in Canada:
## 1. TaskRabbit
TaskRabbit is a platform that connects you with local tradespeople for various home services, including handyman services. The app makes it easy to find and book a handyman for your home repairs and maintenance needs.
Here are some key features of TaskRabbit:
**Wide range of home repair and maintenance services**:
TaskRabbit offers a wide range of home services, including handyman services, furniture assembly, cleaning, and more.
**Online payment system:**
TaskRabbit has an online payment system that allows you to pay for the services you receive through the app, making the process convenient and secure.
**Customer reviews and ratings:**
TaskRabbit allows customers to leave reviews and ratings for the tradespeople they hire, giving you a better idea of the quality of work you can expect.
**In-app messaging:**
You can communicate with the handyman directly through the app, making it easy to ask questions and get the information you need.
**Guaranteed work quality:**
TaskRabbit offers a guarantee on the quality of work provided by its tradespeople, giving you peace of mind when booking a handyman through the app.
**Easy booking process:**
TaskRabbit makes it easy to book a handyman, with just a few taps on the app.
## 2. [Urban Tasker](https://urbantasker.com/)
Urban Tasker is a fast-growing and emerging home services platform that allows you to find local and trusted help for your day to day tasks and home projects. With Urban Tasker, you can book services for tasks such as assembling furniture, electrical fittings, plumbing, cleaning, lawn care, moving, other handyman services, and much more.
Here are some of the key features and benefits of using :
**Local and trusted help:**
Urban Tasker only works with local and trusted professionals, so you can feel confident that you're getting the best quality of service.
**Quality assurance:**
This online platform is dedicated to ensuring that you're completely satisfied with your service. They offer a quality assurance guarantee to give you peace of mind.
**Get An Instant Quote Estimation:**
With the price estimation tool, you can get an instant quote for the task you need done, making it easy to budget and plan for the services you need. Moreover, you can compare different quotes and select the best one that fits in your budget.
## 3. Handy
Handy is a home services platform that connects customers with skilled and vetted tradespeople for various home services, including handyman services. With Handy, you can book a handyman with just a few taps on the app, making it easy to get your home repairs and maintenance tasks done quickly and efficiently.
Here are some of the key features offered by Handy:
**Top-rated professionals:**
Handy professionals are experienced, friendly, background-checked, and insured. You can be confident that you are hiring a skilled and trustworthy tradesperson for your home services.
**Next-day availability:**
Appointments are available 7 days a week, making it easy to book a handyman when you need one.
**Handy Happiness Guarantee:**
Handy is dedicated to customer satisfaction, and if you're not happy with the services you receive, the company will work to make it right.
**24/7 customer service:**
Handy offers 24/7 customer service, so you can get help and support whenever you need it.
**Wide range of services:**
Handy professionals provide a variety of home services, including home cleaning, office cleaning, handyman services, plumbing services, and electrical services.
**Easy booking and payment process:**
You can book a handyman through the app and pay for the services you receive securely and conveniently.
**In-app messaging and booking management:**
You can communicate with the handyman directly through the app and manage your bookings on the go.
## 4. Jiffy
Jiffy is also a home services platform that provides a convenient way to book quick and small jobs around the house. With Jiffy, you can get access to vetted and insured professionals for various home services, including handyman services, cleaning, and home renovations. Jiffy is currently available in Toronto, Ottawa making it easy to find the help you need no matter where you are.
Here are some of the key features and benefits of using Jiffy On Demand:
**Reliable professionals:**
Jiffy only works with experienced, insured, and reliable professionals to ensure the best quality of service.
**Wide range of services:**
Jiffy offers a variety of services, including handyman services, cleaning, home renovations, and more. You can easily find the right professional for your project.
**Affordable pricing:**
Jiffy also offers competitive pricing on all of its services, so you can get the help you need without overspending.
**Easy booking process:**
You can book services through the Jiffy On Demand app or website, making it quick and convenient to get the help you need.
**Instant quotes:**
Get instant quotes on all services, so you can compare prices and make an informed decision.
## 5. Mr. Handyman
Mr. Handyman is a well-known handyman service in Canada that offers a wide range of home repair and maintenance services. The Mr. Handyman app makes it easy to book a handyman for your home repairs, and the company's reputation for quality and reliability makes it a popular option for those in need of a handyman.
Mr Handyman is part of the Neighborly family of home services companies. In addition to painting, they offer a range of home maintenance and repair solutions. You can easily access their services through their website or by downloading the Neighborly - Local Home Repair app, available on both Google Play Store and the App Store. The app has received high ratings, with an average of 4.1 stars on the Play Store and 4.9 stars on the App Store.
Some of the benefits of using Mr. Handyman services include:
**Experienced professionals**: Mr. Handyman's technicians are experienced, skilled, and knowledgeable in all aspects of home repair and improvement.
**Wide range of services:**
Mr. Handyman offers a comprehensive range of services, including home repairs, renovations, and installations.
**Quality workmanship:**
Mr. Handyman guarantees quality workmanship and a commitment to customer satisfaction.
**Convenient scheduling:**
Mr. Handyman offers flexible scheduling to meet the needs of their customers.
**Customer-focused service:**
Mr. Handyman is dedicated to providing excellent customer service and ensuring customer satisfaction.
You may also like to explore [Best Cities to Live in Ontario, Canada](https://getnewhouse.ca/blog/top-10-best-cities-to-live-in-ontario-canada)
## Handyman Services Apps Canada
On demand handyman apps provide a convenient and efficient solution for Canadians looking to tackle home maintenance and repair tasks. From basic home cleaning to more complex projects, these apps connect customers with fully vetted and insured pros in just a few taps.
Additionally, customers can also avail these services through the websites of these companies, offering a comprehensive solution for all home maintenance needs.
What is the average price of pre-construction condo in Toronto in Ontario, Canada?
As the real estate market keeps on developing, pre-construction condos are becoming an undeniably popular choice for home buyers. Not only do they offer a brand-new living space, but they also allow buyers to purchase at a lower price before the building is completed. There are more benefits, but there is something more important: the price of the pre-construction condo. So, today we will find out the average price of pre-construction condo in Toronto in Ontario, Canada.
## What is the average price of pre-construction condo in Toronto in Ontario, Canada?
Pre-construction condos in Toronto are gaining popularity as they offer home buyers an opportunity to purchase a brand new living space at a lower price than the resale units. **The average price per square foot of pre-construction condos in Toronto is approximately $1050**. For example, a 500 square foot pre-construction condo in Toronto would cost around $525,000. However, this is still a more affordable option compared to the average resale condo price in the city, which is around $986,085.
Furthermore, when compared to the average price per square meter of buying an apartment in the city center ($12,873.55), pre-construction condos are considerably more cost-effective. Even when compared to buying an apartment outside of the city center ($10,116.67), pre-construction condos remain a more affordable option for homebuyers.
## Factors Affecting Pre-Construction Condo Prices
It's important to note that pre-construction condo prices in Toronto are affected by a range of factors, including location, building amenities, and the developer's reputation. Generally, pre-construction condos in highly desirable locations with top-notch amenities and reputable developers will have higher price points than those in less desirable areas.
## Average price of pre-construction condo in Toronto in Ontario, Canada
While the average price of pre-construction condos in Toronto may seem high but it is still less than the average price of buying an apartment there. Also, purchasing a pre-construction condo in Toronto can offer several benefits, including the opportunity to customize your living space and the potential for long-term appreciation of the property value.
What it means when a home is listed for 1$ in Canada?
Have you ever seen a house listed in Canada with a price tag of just $1? Yes, you read that right - just one dollar! I am sure at that time, you must be wondering like whether it's some kind of joke or there is actually something wrong with the property.
But let me tell you that, if you are into real estate or know something about it then it's not a new thing for you to see homes being listed for lower prices than their actual price. But a property listed at $1 is something that is really hard to believe, isn't?
Don't worry! Even if you still not aware of this then today you are going to find out the meaning behind a home listed for $1 in Canada. Navigate through some points that buyers should be aware of before making an offer for such properties.
So, why are you still waiting? Head on to know it!
## Why Homes Aren't Actually Listed for $1 in Canada?
First of all, it's important for you to understand that a home listed for $1 in Canada is not actually legal. The Canadian Real Estate Association (CREA) has strict rules and regulations that made it very clear that properties should be listed at their fair market value. And that value is determined by comparing the property to other similar homes in the area that have recently sold. Therefore, a home cannot be listed for significantly less than its fair market value.
So, why do we see homes listed for $1 in Canada? The answer simply lies in the marketing tactics. By listing a home for a very low price, sellers and their agents try generate interest and excitement around the property. In the hope of attracting more potential buyers towards the property.
## The Marketing Strategy Behind $1 Listings
Now you understood that it's a marketing gimmick but how does it works let's understand. The promotional strategy behind $1 home listings is actually quite simple.
When a seller lists their home or any property for $1, it immediately catches the eye of potential buyers. And it generates a buzz and excitement among them, making the property seem like a once-in-a-lifetime opportunity and they immediately rush to it. The seller and their agent hope that this will attract a large number of potential buyers to the property and that's what it actually does. It drives up competition and ultimately leading to a higher selling price.
The tactic has been used successfully in the past, with some properties even selling for millions of dollars despite being initially listed for just $1.
There are many such examples like 60 West 1st Street, Hamilton (sold for over $800,000) , 1801 – 215 Queen Street East, Brampton (sold under $400,000) and many more such examples are there. But the point here is, you must remember that these cases are the exception rather than the rule. More often than not, a home listed for $1 will sell for much more than the initial listing price, but still less than its fair market value.
## Risks and Drawbacks of Purchasing a $1 Listed Home
Now, let's see what are the risks that are hidden behind the tag $1.
While $1 home listings may seem like a steal, buyers should be aware of the potential risks and drawbacks that comes with this. These properties may have significant issues or require major renovations, which could end up costing the buyer much more in the long run. Additionally, the competition for these properties can be fierce, leading to a bidding war and driving up the price beyond what the buyer is willing to pay.
## What to Consider Before Purchasing a $1 Listed Home?
If you're considering purchasing a home listed for $1, then it's utmost important to do your homework properly.
Before you jump into purchasing a home listed at a dollar, it's crucial to research the property thoroughly, you can talk to the local sellers or visit the property and try to assess any potential issues or renovation needs.
It's also a good idea to work with an experienced and trusted real estate agent so that he can guide you through the negotiation and bidding process. But, always keep in mind that the final selling price of the home will likely be much higher than the initial $1 listing price.
Another significant thing to consider here is the costs like closing costs, property taxes, and maintenance costs that came up with purchasing a home. These costs can add up quickly and can increase the real home buying price.
So it's important to have a proper understanding of the financial commitment involved before making any offer.
You may also like to learn about **[Home Inspection Tips - Red Flags to Look for!](https://getnewhouse.ca/blog/home-inspection-tips-first-time-homebuyers-red-flags-to-look-for)**
## What it means when a home listed for 1$ in Canada?
A home listed for $1 in Canada is most likely a marketing strategy in order to generate interest in the property. One might ponder, is there some issue with the property or home that made it to list on $1 tag?
Whatever the reason may be, as a buyers you should should be aware that the actual selling price will be determined through negotiation or a bidding process. There may be risks and drawbacks to purchasing a property initially listed for a very low price.
Don't forget to do thorough research, work with a trusted real estate agent, and carefully analyze all factors before making a decision. So, the next time you come across a 1$ listed home in Canada, act smart and think about the idea and purpose behind such a listing.
What is Comparitive Market Analysis or CMA in Real Estate Canada?
One of the most important tool in buying or selling a property in Canada is CMA. An CMA stands for Comparative Market Analysis, which is a powerful tool that ensures that you are getting rich price for your property or you are getting a property on right price. I know, it's confusing, so let's look closely into what actually a CMA is, how it works, and why it is important to the Canadian real estate market.
## What is a Comparative Market Analysis?
If simple words, a CMA is a comprehensive method that is used to evaluate the current market value of a property. It provides valuable insight into the value of a home by analyzing comparable properties in the same area. A CMA takes into account various factors that affect property value, such as location, age of the property, size, condition, and recent renovations.
## How does a CMA work?
A CMA is typically prepared by a licensed real estate agent or appraiser. They analyze the recent sales and active listings in the local market to determine a price range for the property. Then the agent may also consider factors such as the current market secnerio, changes in local zoning laws, and other relevant factors and then accordingly set a price for your property.
## Why is a CMA important in the Canadian real estate market?
The real estate market in Canada is highly competitive, and the prices of properties can have large gap between neighbourhoods. A CMA actually narrows this gap by providing valuable information to buyers and sellers, and helps them to make informed decisions based on a property's market value. Let's see how it is helpful to buyers and sellers-
- **For sellers**, a CMA helps to determine the best possible listing price for their property. Because setting a price too high can lead to a property sitting on the market for too long, while pricing it too low can result in a loss of potential profit. So, a CMA ensures that the listing price is accurate and competitive, which can help to a quicker sale.
- **For buyers**, a CMA is essential when making an offer on a property. As it provides valuable insight into the property's value, helping buyers decide whether or not to make an offer and at what price. A CMA can also be used as a negotiating tool, giving buyers an advantage in price negotiations.
## Comparitive Market Analysis or CMA in Real Estate Canada
Comparative Market Analysis (CMA) is an essential tool in the Canadian real estate market. Because it provides a right estimation of a property's value, that helps buyers and sellers to make informed decisions. Now you must be thinking how to get CMA? Then for this you need to work with a licensed real estate agent or appraiser, he will help you to get a CMA and ensure that you are making the best possible decisions regarding your property purchase or sale.
Will The Housing Market Crash in Canada? Reasons
Looking at the current scenario, you might be wondering, **Will The Housing Market Crash in Canada?** Not sure, which way the Canadian real estate market is heading? Here we discuss how the housing market boom is winding down and how it impacts home buyers and sellers.
Canadian Housing Market
-----------------------
Analysts say that Canadian household prices will fall by up to 20% this year as rising interest rates impact the country's thriving real estate industry.
Mortgage rates are expected to rise once more as the Bank of Canada vigorously raises interest rates to combat spiraling inflation. Economists predict that higher borrowing rates will cause significant price drops in some of the most volatile markets.
The COVID-19 pandemic sparked a surge in activity in the Canadian housing market. The combination of lower interest rates and historic fiscal support urged many Canadians to update their accommodation.
As a result, nearly all metrics of housing market activity skyrocketed. The increase in housing-related borrowing, expenditure and investment helped prevent worse economic and financial outcomes during the subsequent recession.
Recent Boom in The Housing Market
---------------------------------
Who could have anticipated that a global pandemic would be sending the Canadian real estate market into hyperdrive? After breaking sales numbers across the country in 2020, those records were broken again in 2021, as demand continued to surpass the number of available properties, pushing up costs.
Add in rising inflation, and it will take "years" for the market to rectify itself and come back to pre-pandemic levels, according to the government's December financial update. With each passing month, Canada's red-hot property market rages on, showing no signs of abating.
More than 580,000 residences were bought and sold in the first ten months of 2021 alone, outpacing the total for the entire past year, when a record 552,423 homes changed hands. Overall, the nationwide MLS Home Price Index ended the year up a record 25.3% from the previous year.
How The Canadian Housing Market is stabilizing?
-----------------------------------------------
The real estate market is now displaying signs of cooling. In September, house price appreciation slowed to its weakest pace in seven months. Permits to build and home sales appear to have exceeded in March, with data from the previous five months indicating a visible slowdown.
Furthermore, raw material prices are responding to normalizing demand. The second-quarter GDP report revealed a significant decrease in commissions and fees regarding sales activity. It is coherent with Canadian Real Estate Association data, which shows a 15% year-over-year decrease in total transactions. The market's supply side is becoming depleted. The COVID-19 crisis drove many Canadians to purchase new residences, with low-interest rates and a flood of fiscal assistance inspiring high demand.
Aside from the historically low borrowing rates, pandemic-induced shifts in choices drove potential buyers to seek out larger homes. However, with the mass acceptance of vaccination and adjusting to the new normal, this dynamic appears to be nearing its end.
House price growth is now starting to slow. Increases in new-home prices over the previous year peaked in May. Interest rates remain expected to rise as the Federals reduce its capital spending.
It is anticipated that the bank's monetary stimulus programs will end in early 2022, but lawmakers will allow investments to mature off the income statement rather than engaging in a full hinge of selling securities. The end of the programs will mark the first interest rate inflexion point.
Factors Contributing to Slowdown of Housing Boom in Canada
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Some of the crucial factors to note are:
### 1.Rapid growth in the last two years
One of the main reasons people see the Canadian housing market bubble as an obvious danger right now is the market's speed over the last two years. While prices have been rising for decades, we saw an unparalleled acceleration in 2020 and 2021. Simultaneously, interest rates were good enough to allow Canadian consumer debt to reach new highs, making us even more susceptible to potential economic shocks.
There is the psychological component that has been observed in recent years of people wanting to buy for fear of being left out. Not only were valuations high, but so were sales, implying that an even larger number of people purchased at high prices. While there are aspects like the mortgage stress test, there are ways around them, and these high-risk loans combined with amazingly high debts could spell trouble when interest rates rise.
### 2.Prices still have room to slip.
A drop in house values is one of the factors that has been widely anticipated for the next year or two. RBC Economics recently estimated that home price growth would slow through 2022 and that home prices would fall in 2023. Higher interest rates are already impacting urban centers like Toronto, where prices are falling after reaching a peak.
A drop in housing values is not the same as a bubble burst. A slow decline is preferable to continue price increases. What this does show is that there is a very real possibility that the market will falter. Things will not be as bad if the price decline is well handled and incremental.
### 3.Interest Rates and Rising Prices
With record-low interest rates over the last two decades, the Canadian economy escaped the pandemic relatively unharmed. However, it also increased inflation, and we are now facing the consequences. House prices are already beginning to react as the [**Bank of Canada raises interest rates**](https://getnewhouse.ca/blog/what-does-higher-interest-mean-for-housing-market-in-canada). However, there is still plenty of unfulfilled demand to keep prices rising for the time being.
As interest rates increase to fight inflation, there is a risk of a recession, which could significantly reduce activity in the Canadian market and cause many to offload, causing the market to fall. Again, it all boils down to how quickly changes can occur.
### 4.Government Rules and Regulations
One of the most recent notable slowdowns in Canadian home prices occurred in 2016 and 2017 when government agencies enacted a slew of new housing restrictions to help stabilize the market. The new changes were effective for a time until home values began to rise again. This demonstrates, at the very least, that government regulation can affect buyer sentiment.
Will Canadian Housing Market Crash?
-----------------------------------
While the Canadian bubble could erupt this year, it appears to be a less likely scenario overall. The prices are stabilizing a bit, but the housing supply issue still exists. With massive number of immigrants pouring in the coming years, it would be interesting to watch this price correction. After all, [**new immigrant home buying**](https://getnewhouse.ca/blog/can-new-immigrant-buy-house-in-canada/) dreams become even more stronger after being here for sometime. And, houses are in limited supply!
That being said, no one can predict if the market will crash or simply stabilize. Rising inflation, high interest rates coupled with reduced purchasing power will definitely impact the prospective buyers.
However, as an investor, it is critical to understand the possible routes you may take. So, prepare and capitalize on opportunities while safeguarding yourself from losses.
Observe the ongoing changes carefully and take wise steps in the dynamic Canadian Housing Market. _Wishing to share your opinion on the trending housing market in Canada? Fee free to discuss here._
What is the average home price in Mississauga in Ontario, Canada?
Mississauga is a vibrant city in Ontario, Canada that offers a variety of communities, opportunities, and stunning landscapes. However, exploring the real estate market can be a wild ride. it's critical to keep tabs on current average home prices, to make informed decisions when purchasing or selling property. So today we will dive into the Mississauga housing market to find out the average home price there!
## What is the average home price in Mississauga, Ontario?
Reports suggest that the average home sold price in Mississauga has spiked by 9.7% from the previous month, resting at $1,009,803. But don't let this increase scare you. Currently, the average home prices in Mississauga are still 18% lower than their peak in February 2022 at $1,225,339. This means that the market has slightly calmed down, providing a more reasonable opportunity for homebuyers.
## Detached Home Average Price
Detached homes are the most sought-after properties in Mississauga. But, the average price of a detached home in Mississauga has dropped by 19.6% from the previous year, settling at $1.54 million on average. It's like a pot of gold at the end of a rainbow for buyers who want to own a detached home in Mississauga.
## Semi-Detached Home Average Price
Semi-detached properties in Mississauga are now more affordable, costing an average of $1.03 million, which is a nearly 21.4% decrease from the previous year. It's like getting a bargain on a Black Friday sale.
## Condo and Apartment Average Price
The condo market in Mississauga has also taken a hit. The average cost of a condo has decreased by 20.7%, selling for $803,000 on average. Additionally, the average cost of a condo apartment is $612,000, down by 16.8% from the previous year. It's like finding a diamond in the rough for those looking for an economical option.
## Average Home Price in Mississauga, Ontario
The current average home prices in Mississauga are still lower than their peak in February 2022. The drop in average prices for detached and semi-detached homes, as well as condo townhouses and apartments, proposes a more reasonable opportunity for homebuyers. But as you know real estate market is very volatile and it's not easy to predict it, so you must ask or get it touch with someone who has good experience in real estate.
What is the price for Verdon Collection in Orangeville?
The Verdon Estates Collection by Stonebridge Building Group Inc. has captured the hearts of aspiring homeowners with its promise of unparalleled living in the serene landscapes of Dufferin County Road 16, Amaranth, Ontario. This exclusive community embraces the perfect harmony of country living and urban convenience, just minutes away from Orangeville. While the exact price range for these luxurious single-family homes is yet to be revealed, experts suggest an approximate pricing based on the available information. So, let's take a look at the pricing.
## What is the price for Verdon Collection in Orangeville?
The exact pricing details have not been revealed by the builder, but here is what you can expect for different types of homes in the Verdon Collection:
## 1. Detached Homes:
The Verdon Estates Collection boasts a range of thoughtfully designed detached homes, each meticulously curated to elevate the residents' lifestyle. While the specific pricing is not yet disclosed, industry experts estimate that these grand abodes will be in the price range of $800,000 to $1,000,000. For those seeking opulence, space, and privacy, these detached homes will be an ideal sanctuary to call their own.
## 2. Semi-Detached Homes:
The semi-detached homes at The Verdon Estates Collection are expected to be priced approximately between $600,000 to $700,000. These homes will offer residents a harmonious living experience with elegant designs and top-notch craftsmanship, catering to both comfort and style.
## 3. Townhouses:
The well-designed townhouses are anticipated to fall in the price range of $500,000 to $600,000, making them an attractive option for those seeking a luxurious yet more affordable living solution.
## Price for Verdon Collection in Orangeville
Although the exact price of the houses has not been released by the developers, one thing is sure: the Verdon Estates Collection is set to be a dream come true. So, stay tuned for updates on the pricing details and prepare to embrace a life of unparalleled elegance in Orangeville's most exclusive community.
How do I run a CMA on my property?
If you're planning to sell your property, determining the right sale price is crucial. One way to do this is by running a Comparative Market Analysis (CMA). A CMA involves comparing your property to similar ones in the local market that have recently sold or are currently listed. This process helps you estimate your property's value and set the right sale price. So, let's see the steps to run CMA on your property.
## Here are the steps to run a CMA on your property:
**1. Gather data about your property**
Start by gathering information about your property, including its location, total square footage, number of bedrooms and bathrooms, acreage, year built, and any significant renovations or changes made since the last sale. Also, take note of any extraordinary features like a swimming pool or a barn, and current taxes paid/millage rate.
**2. Gather your property's previous sale/listing data**
You'll also need to gather data on your property's previous sales or listings. This information provides insight into what the market has or hasn't supported for your property in the past. Some data points to gather include previous list prices, previous sold prices, property details, price adjustments, and days on the market.
**3. Gather recently sold comps**
"Comps" are comparable properties in the local market that have recently sold. To gather these, look for properties with primary features that are identical or very similar to your property. Aim for comps that have sold in the last 12 months (or six months in fast-moving markets), are near your property on the map, and closed within a reasonable number of days on the market and sale terms.
**4. Analyze the data**
Using the data you've gathered, compare your property to the recently sold comps to estimate the second dimension of your property's value. This process involves looking at what the market has recently borne for similar properties.
**5. Gather active listings**
Active listings are properties that are currently on the market and competing with your property for buyers' attention. To gather these, you'll need to find properties with the same features as your property, including location, square footage, number of bedrooms and bathrooms, acreage, and any extraordinary features.
**6. Analyze the active listings**
Comparing the active listings to your subject property and recently sold comps helps you estimate the third dimension of your property's value. This involves looking at what the market is currently bearing for similar properties.
**7. Adjust for market trends**
Finally, you'll need to adjust your estimated property value for current market trends. Consider whether the market is currently appreciating or depreciating and if there are any external factors affecting the local real estate market that may affect your property value.
## CMA on a property
Running a CMA can be a complex process, but it's an essential tool for setting the right sale price for your property. If you're unsure about how to run a CMA, consider consulting with a real estate agent or using a CMA tool to streamline the process.
Keep in mind that a CMA is just one way to estimate your property's value. Other factors like property condition, location, and local market demand also play a role in determining the right sale price. Working with a trusted real estate professional can help you navigate this process and set the right price for your property.