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Toronto’s High Priced Market

According the Economist, Toronto has the highest housing prices in relation to its rental rates around the world. This survey suggests that Canada’s markets are more than 30% overpriced. Canada has now joined Britain and Australia as countries with notable over-valued real estate markets. It was found that Canada topped the charts when comparing countries’ housing prices to their rental rates. Though property prices were on the rise around the world, rising at 4.7% annually, Toronto remains to be among the highest.

Furthermore, the average rental rate for a one-bedroom apartment is $1,200 per month, while the average one-bedroom condominium is over $400,000.

Have you sold your home, and now can use an advance on your equity before closing day, perhaps you need money for renovations? Tembo Financial can help! Tembo offers this unique service to homeowners in Ontario and the GTA. You could receive your money in as little as 48 hours with no credit check and no appraisal* for expenses that matter to you. Don’t wait, start today!

*Subject to qualification.

Starting A Family With Rising Home Prices

A new survey found that 72.1 per cent of millennials believe their ability to start or expand their family is directly impacted by real estate prices in their region. For example, in Toronto a detached home now sells for an average price of $1 million which can be quite out of reach for many looking to start families. This leaves the only feasible solution other than renting to be condominium living, which can be done for much less than $1 million. However, the majority of condominiums available in Toronto are only one-bedrooms which would cause an issue for someone looking to start a family. Furthermore, according to Urbanation Inc. only five per cent of new condos in Toronto have over three bedrooms. Therefore, millennials looking for the typical family household with a backyard are forced farther and farther out of the city.

Have you sold your home, and now can use an advance on your equity before closing day, perhaps you need money for renovations? Tembo Financial can help! Tembo offers this unique service to homeowners in Ontario and the GTA. You could receive your money in as little as 48 hours with no credit check and no appraisal* for expenses that matter to you. Don’t wait, start today!

*Subject to qualification.

Tips for New Homeowners

After completing your home search, making an offer, and accepting the terms you are now on your way to becoming a homeowner.  Owning a home is a major financial task and with it comes a number of responsibilities.  Some of these include making your mortgage payments on time, planning and managing the operation costs of the home, saving for emergencies, living within your budget, and maintaining your home.  It is also important to go over home safety which includes: fire evacuation plan, fire extinguishers, smoke alarms, and carbon monoxide detectors.  You should also take security measures like eliminating fire hazards, protecting your valuables, and keeping emergency numbers.

If you are planning to renovate or make any changes to your home it is important to remember that though you want your home to meet your needs and personality, any changes must be appealing to another buyer later on.  The most appealing things to buyers are the bathrooms and kitchen so updating these areas could increase your resale value.  Landscaping is another factor that could be personalized to you and potentially also increase the value of the home.  Other ways to appeal future buyers include: new roof, resurfaced driveway and walkways, new windows, new garage doors, and new front door.  Upgrades like these will save the next buyer from having to do them and make the home more appealing, while also allowing you to enjoy them.

Have you sold your home, and now can use an advance on your equity before closing day, perhaps you need money for renovations?  Tembo Financial can help!  Tembo offers this unique service to homeowners in Ontario and the GTA.  You could receive your money in as little as 48 hours with no credit check and no appraisal* for expenses that matter to you.  Don’t wait, start today!

*Subject to qualification.

Making An Offer

After completing your search, comparing monthly expenses, and taken a crucial look you have found the home that’s right for you.  Now it’s time to make an offer to purchase.  It is helpful to work with a realtor and even a lawyer to get your offer prepared.  An offer to purchase will typically include the names of yourself and the seller, the price you’re offering, what is included with the sale, amount of your deposit, closing day, offer expiry date, and any other conditions.

After putting your offer together it is a good idea to have your lawyer take a look at it even if a realtor helped you prepare it since it is a legally binding document.  You could expect a few responses from the seller.  In an ideal situation, the seller accepts your offer and you can move onto the next steps in the home buying process.  Typically the seller will make a counter-offer, possibly asking for a higher price or different terms.  At this point you either accept their new price/terms and move on or continue to negotiate.

Have you sold your home, and now can use an advance on your equity before closing day?  Tembo Financial can help!  Tembo offers this unique service to homeowners in Ontario and the GTA.  You could receive your money in as little as 48 hours with no credit check and no appraisal* for expenses that matter to you.  Don’t wait, start today!

*Subject to qualification.

Home Searching

Once you have figured out your budget and price range, it’s time to start your home search.  Whether you have a realtor or are looking by yourself, be sure to see lots of home.  It is important to look at more than just the look and location of the home.  You should also compare home energy ratings, utility costs, property taxes, and anything else that will affect monthly housing expenses.  Do not be distracted by surface details, these are likely what the seller wants you to see.  Visit the home on different days, talk to neighbours, and explore the community, ensure you take a crucial look at the home before purchasing.

Have you sold your home, and now can use an advance on your equity before closing day?  Tembo Financial can help!  Tembo offers this unique service to homeowners in Ontario and the GTA.  You could receive your money in as little as 48 hours with no credit check and no appraisal* for expenses that matter to you.  Don’t wait, start today!

*Subject to qualification.

Appliances: To Upgrade or Not?

Would investing in new appliances increase the value of a property?  Chris Allen, author of The Book on Toronto Real Estate, says “the trick isn’t that all the appliances be modern or stylish, but instead that they are suited to the kitchen they are in”.  For example, it would appear unsettling if a kitchen had brand new stainless steel appliances with old worn cupboards, countertops or mismatched cabinets or handles.  Ideally, homebuyers look for up-to-date appliances in a fitting kitchen and in theory are impressed when everything flows together nicely.  Allen explains that simply having new appliance units is not enough to increase the value of a house.

Furthermore, if you are looking to improve your kitchen or your home in general you should aim for a minimum of $15,000-$20,000 return off of the upgrades in order for it to be worth it.

Have you sold your home, and now can use an advance on your equity before closing day?  Tembo Financial can help!  Tembo offers this unique service to homeowners in Ontario and the GTA.  You could receive your money in as little as 48 hours with no credit check and no appraisal* for expenses that matter to you.  Don’t wait, start today!

*Subject to qualification.

Finding The Home That’s Right For You

After deciding if homeownership is right for you, it is then time to find the home thats right for

you. The home buying process can often be very overwhelming. Here are some things to

consider when finding the home that’s right for you:

• How many bedrooms do you need?

• How many bathrooms do you need?

• Do you need space for a home office?

• What kind of parking facilities do you need? For how many cars?

• Do you want storage or hobby space?

• Do you have or plan to have children?

• Are you close to retirement?

 

Consider both your current and future needs. Your home should meet your needs for at least

the next five to ten years. Many people want their home to meet their needs for much longer

than that, for example young families may want to stay in one home until their children finish

high school. If this is the case then you should also consider where you children will go to

school in relation to your home. Be sure that this home will meet your needs until your children

are ready to move out.

Have you sold your home, and now can use an advance on your equity before closing day?

Tembo Financial can help! Tembo offers this unique service to homeowners in Ontario and the

GTA. You could receive your money in as little as 48 hours with no credit check and no

appraisal* for expenses like consolidating your debt. Don’t wait, start today!

 

*Subject to qualification.

Is Homeownership Right For You?

Buying a home is a huge decision both emotionally and financially. It is vital to be prepared and

informed of the responsibilities of homeownership before going into the home buying process.

Though there is no one best answer for everyone, here are a few questions to consider:

 

Are you financially stable enough to take on this responsibility?

Can you handle the costs involved in homeownership?

Are you able to dedicate the time required for home maintenance?

Will you be able to make mortgage payment on time?

Overall do you have the necessary financial management skills?

Buying a home is not for everyone and it is important that each person make their own best

decision.

 

Have you sold your home, and now can use an advance on your equity before closing day?

Tembo Financial can help! Tembo offers this unique service to homeowners in Ontario and the

GTA. You could receive your money in as little as 48 hours with no credit check and no

appraisal* for expenses like consolidating your debt. Don’t wait, start today!

 

 

*Subject to qualification.

First Time Investors

While many individuals consider real estate as an easy and effective investment, there are many things people do not know and should consider prior to diving into the world of real estate.

Start by visiting a bank or a mortgage broker to calculate an affordable mortgage for your investment and look for locations in the city that will provide you with a positive cash flow. You’ll need enough to cover the monthly mortgage payment, property expenses, and set some cash aside for unforeseen circumstances. While it’s often difficult to find properties like these in Toronto’s current market, try focusing your attention on small communities that meet the above criteria.

Once you’ve acquired a new property, make sure not to sell it to quickly. Buying or selling a property to quickly is not always beneficial. The price could have increase further over time providing a greater return. Additionally, a quick sale could be viewed as business income in the eyes of the Canada Revenue Agency – this means you will have to pay tax on the profits.

Interested in making an investment in local real estate? Contact Tembo Financial and get an advance on your equity today! You could receive your money in as little as 48 hours with no credit check and no appraisal* to use for things like real estate investments. Don’t wait – get started today!

*Subject to qualification

When To Sell Your Home

Homeowners looking to sell are always caught in the predicament of when to sell.  They are wondering if the market will go up anytime soon, if they should wait a few months, if prices will strengthen, etc.  The answer is sell or buy only when it’s right for you!

Though the spring is the best time to buy or sell a house for many, it is still possible to successfully sell your house outside that period.   Since there is less competition outside of the busy spring season, you may not get a bidding war for your house, but you will likely not have to pay maximum dollar for your new house.  Ricky Chadha of the Globe and Mail states that in 2013 the average home price in the GTA in December was $478,700, compared to the peak of $515,869 in April.  Therefore, it is all relevant, there really isn’t a good or bad time to sell your home, you need to do it when it’s best for you.

Have you sold your home, and now can use an advance on your equity before closing day?  Tembo Financial can help!  Tembo offers this unique service to homeowners in Ontario and the GTA.  You could receive your money in as little as 48 hours with no credit check and no appraisal* for expenses like consolidating your debt.  Don’t wait, start today!

*Subject to qualification.

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