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Changes to the Mortgage Rules

Did you hear the news that the Bank of Canada changed some rules in an attempt to cool the real estate industry? Its a series of new regulations mainly aimed at the Toronto and Vancouver markets but its designed to try and help keep people financially healthy if and when the mortgage rates rise.
On October 17th, 2016 the biggest change thats coming that people will notice is the change in how they get approved for a mortgage. If you’re going to have less than 20%  downpayment on a house in Aurora then you’ll have to get approved at the posted rate.
For some, this will have a significant effect on what they can qualify for. For example, if you were only putting 5% down on a property, and depending on credit score and your debt situation, you may have qualified for $738,000. Once October 17th comes and goes then you’ll only be able to be approved for mortgage of $585,600.
These changes can be significant for some. If you plan on purchasing a home over $1,000,000 or have more than 20% down than this change does not apply to you. Homes over a million dollars or homes with 20% or more downpayment are not insured through CMHC.
That means if you want to qualify at the current rates instead of the higher posted rate you need to either have more than 20% down or be buying a home over a million.
This will have a short term effect on the townhouse market in Aurora and we will have to wait and see if it has any more than a negligible impact. It may eventually trickle up the price points and start bringing down the average price but that is not expected to be in the short term.
If you have any questions about how the changes may effect you then get it touch and we can help you out.
Want to Buy a Custom Home in Aurora?

Want to Buy a Custom Home in Aurora?

 
We have recently listed two custom homes for sale in Aurora. Neither has been finished yet which makes this the perfect time to buy. If you act sooner rather than later you’ll have the opportunity to buy the house of your dreams and customize the finishings.
The homes are located on Royal Road in Aurora. Royal Road is in the heart of downtown Aurora. Close to so much that Aurora has to offer. Imagine being able to get up every Saturday morning and walk to the farmers market. Then go back to your gourmet kitchen, eat some delicious pastries, and get ready to entertain friends by serving dinner made from local fresh food.
These homes on Royal Road are custom built modern contemporary homes. They are close to the GO Train Station and has high end finishings throughout the entire house. It has 10’ ceilings on the main floor to make the open concept layout even more open. The basement and second floors still have 9’ ceilings too.
Hardwood flooring with 8” baseboards are throughout the home. If you buy before the home is constructed you’ll be able to potentially choose the exact hardwood that goes into the home. The kitchen has custom cabinets and an 8’ island as well. Did we mention it was LED lighting throughout the home and on the exterior? It has top of the line appliances and an apron sink on the island with custom high end vanities with quartz countertops. There’s also a servers station with sink and wine fridge.
We haven’t even gotten to the gas fireplace in the family room, the beautiful large windows, the skylight, or the large patio doors in back. The master bedroom with his and hers walk in closets and a 6 piece ensuite master bathroom. Not to mention all the other bedrooms upstairs have their own walk in closets as well!
This home truly has it all.
If you want more information such as layouts, potential finishings, and more please reach out to us at either info@northofthecityhomes.com or call/text Marcel Gery at 416-710-1941.
Are you going to sell your home this fall?

Are you going to sell your home this fall?

 
You live in Aurora and want to sell your home this fall. Maybe its because home prices are up so much you want to take advantage in the busy fall market. Maybe you just need to move. If this is your plan though, now is the time to start getting ready.
Think about the timing. Most people who buy in the fall want to be settled in their new home by the holidays. This means that most of them will try to be in their new home by late November or early December. That gives them a few weeks to get settled before the holidays.
Most home sales have 60 day closings. That means that if they want to close the home they’ve sold at the end of November then you need to have a firm deal by the end of September. If you want a firm deal by the end of September then you’ll want to be listed for sale by mid-September at the latest.
The market is moving fast right now in Aurora. Homes, when priced appropriately, are selling very fast. Home owners are making very good money. However, they still need to get their home ready for sale. Depending on how much it may be time to start getting ready soon.
For example, if you need to paint your house, do repairs, and stage it appropriately that could take you a month. That means you need to get started on the work by mid August to be on the market for mid September. That means in the next week or two you should have a professional in to start looking at your options. What do you need to do to maximize the money you get for your home?
Even though the market is incredible hot in Aurora right now that doesn’t mean you should just list your home for sale in as is condition all the time. It will still sell in almost any condition but the better condition the more you can make. Speak to an expert.

 

Welcome to 598 Heddle Crescent in Newmarket

Welcome to 598 Heddle Crescent in Newmarket

 
598 Heddle Crescent in Newmarket is the type of home that people dream about buying.  It has everything you need. Its currently listed for sale at $749,888. If you want more details and photos you can check out its page by clicking here.
598 Heddle Crescent is in a great location that is only getting better. Its just over the border of Aurora. An area of Aurora that is improving fast. They are building more and more amenities. Further north on Bayview its the same thing. Grocery stores, restaurants, gyms, and more. Everything you want will only be a couple minutes away.
Did we mention that St. Andrew’s Valley Golf Course couldn’t be much closer? If you love to golf then you have one of the best public golf courses in Ontario practically at your doorstep. Golf Digest gave St. Andrew’s Valley a Four Star rating. It should be noted that from your doorstep to the clubhouse is a 2-3 minute drive.
Don’t like golf? There are dog parks, walking trails, great schools, Audrie Sanderson Park, and more. This is the type of neighbourhood that you can enjoy living in. That you can be easily raise a family in.
Buying a home is more than just buying the interior. You’re buying the neighbourhood. You’re buying the lifestyle that comes with the area. With that being said, make sure you check out the interior of this home. It’s beautiful. It has everything you want in a house. Its an open concept home with hardwood floors. It also has a finished basement.
The house itself and the neighbourhood it sits in is beautiful. We do not expect this to last long on the market. Homes like this, at this price point, in markets like this, rarely do. If by the time you reach out its already sold and you want a home like it then just let us know. We can help make that happen too.
You can reach out anytime at info@northofthecityhomes.com
Speak soon!
What Does List Price Mean?

It used to be that when a home was listed for sale, it usually sold around that price. The list price is the price you go to market with. It’s what you hoped to get for your home. The starting point for negotiations. A prospective buyer would submit an offer and you’d go back and forth and usually settle somewhere under the price you listed at.

These days, in this crazy market, we are hearing of homes selling well above the list price. Just recently there was a home in Richmond Hill that sold for almost a million dollars over asking. In the Aurora real estate market, while homes have not yet been sold a million over asking, they have been sold for hundreds of thousands over the list price.
What does list price mean now then in Aurora? It changes from house to house. Sometimes its priced artificially low to induce a bidding war to get people to bid high over the list price. Sometimes its priced at where comparable properties have sold.
The list price is determined by the listing agent and the home owner. Sometimes they want a bidding war so they price it much lower than what homes have sold for in Aurora. This can get more bidders and the more bidders the more likely it is someone is going to bid high t get the home they want.
Other times, its priced at where comparable properties have sold for. These can still end up selling well above the asking price. While even a year or two ago in Aurora most agents could tell you before it sold what it would likely sell for, that is a much harder guess to make now.
The list price has now basically become a starting point. Only those who price it unrealistically high are seeing their homes sell below the asking point. Well, so are many who are selling themselves as well but that’s the topic of a whole other blog post. The state of the  Aurora real estate market has changed the tactics behind list price.
If you see a home listed at a price that seems too good to be true, nowadays it probably is. Speak to a professional, we can often tell you how far of it is. For example, a home recently listed near $825,000 , we knew it would sell over $900,000. It sold for less than $950,000. While judging what its likely to sell for based on list price isn’t as easy as it once was, you can still get a rough idea.
Feeling cramped in your home?

Are you feeling cramped in your home? Do you find that every time you buy something new you struggle with where to put it? Are your children sharing rooms and bathrooms and its leading to more fights? This is actually a pretty common issue in many families. As children get older they want more personal space, so too do the parents. This is why you’ll often see people with young children (in the 5-13 year old range) often moving up to bigger homes.
This is actually one one of the great things about how many of the neighbourhoods in Aurora have been built. It’s actually common of many areas but very pronounced here in Aurora. Many of the neighbourhoods were built with smaller homes on end and as your needs expand the deeper into the neighbourhood you go the larger the homes. For example, we do a lot of work between Yonge & Bathurst and closer to Yonge Street in Aurora you are more likely to find homes for first time buyers and younger families and as you move closer to Bathurst the homes get bigger and have more space.
That’s not a hard and fast rule though. For instance homes on Kennedy Street in Aurora, which is sometimes described as Aurora’s Bridal Path, are larger closer to Yonge Street and go down in size towards Bathurst. With that being said though, the homes closer to Bathurst on Kennedy are certainly not entry level homes! The homes on Kennedy are luxury homes and go down in size closer to Bathurst to the more regular bigger homes.
There is a lot to go into the decision on if its time to move to a bigger home or not but you’ll know it when you get there. Once you make the decision you want a bigger home there is a lot more to consider as well. First, you should book an appointment with your bank or mortgage broker. Talk to them about what your options are. How much can you afford to add to your existing mortgage. What is the cost of bridge financing?
Bridge financing, if you aren’t sure, is basically a loan that is used to help people when selling one home and buying another. Most people need the sale of their current home to purchase their next one. What do you do though if you buy a home and it closes today but your current home isn’t sold until next week? The bank will give you a bridge loan that will give you the funds to buy and when your home closes next week. They just bridge the gap between the two sales.
At the same time you should also speak to a real estate agent. You want to get a pretty good idea of what your home would sell for on the open market. This will help you be able to figure out what you can afford in your next home. Then you can see what type of homes are available for you to purchase. Then you can also consider other factors like do you want to move to a specific school district? Stay in the same one?
If you have any questions about any of the parts of the process do not hesitate to ask. We are here to help. Never too busy to take a call and chat for a few minutes about your specific situation.
Welcome to 643 Bondi Avenue

Welcome to 643 Bondi Avenue

643 Bondi Avenue in Newmarket is a beautiful townhouse. It has everything that you would want in a townhouse. Especially if this is near the top end of your budget. More on that later.
If you want the particulars about the home itself you can check out the listing page by clicking here. That has all the information about how many bedrooms and the other particulars like that for 643 Bondi Avenue.
It’s a beautiful home but you can see that with the link above. 643 Bondi Avenue has so much more going for it though. One of the major advantages is the walk out basement that has been finished. You could potentially have someone live there paying you rent. What better way to help pay off your mortgage? Speak to us directly for more information about this. You also want to always make sure you stay up to date with the Town of Newmarket’s policies on basement apartments.
A big benefit of 643 Bondi Avenue as your next home is the neighbourhood. The area around Bayview & Mulock is great. It has all the amenities you need within a short distance. It’s the perfect location to take advantage of what both Newmarket and Aurora have to offer. It’s also really close to the 404 if you need to commute to work.
It’s also a short drive to Newmarket Main Street. In the past couple years a lot of people have said its an up and coming location with a bright future. Well now a lot of that bright future is here. A few places could still be improved but it has so much to offer. From restaurants, bakeries, and shops it has so much to offer. Not to mention farmers markets, jazz festivals, and more. It’s a major draw for anyone living in the area. You can be there in only a few minutes drive!
Opportunities like this, with a built in option to pay your mortgage down faster, are rare. We expect this home to sell this week. If its sold by the time you read this and want help finding something similar just reach out to us at info@northofthecityhomes.com and we can help.
Do you want to sell your home?

Do you want to sell your home in Aurora this year?
Homes are being sold in Aurora well over asking price. We’re setting records as new sales happen. The market has not been this hot in a long time. If you’ve thought about selling your home now is one of the best times in years.
This is especially true for those who are downsizing or moving out of the market. If you’re moving up to a bigger home in Aurora than you are not at a big advantage. You should only do that when you’re ready to move. If you’re moving to a smaller home or a marketplace with a different price point then you could come out way ahead.
No one knows how long this historic rise in home prices will last. It could continue to rise for months, years, decades, etc… or it could level off or fall tomorrow. If you’ve thought about selling and want to get a lot for your home now is the opportunity.
Now is a great time. A lot of families want to move during the summer months so that they’re children can be in the new home and settled before the end of the school year. This means that many of them will even start getting ready to pay a premium to ensure they are in before September.
Add the hot market to the amount of buyers hoping to be in before the school year and you have a recipe for potentially even higher prices. None of this is a guarantee though. You won’t know what your home will sell for until its on the market and people are coming through.
If you want to sell your home this year then one of the best times to do it is now. If you’re home will not be ready to be on the market before mid-July though then it may be better to wait until the fall after that. August is usually the second slowest month besides December. We can look at your specific situation though and make a decision.
What’s Your “I’d Sell For That” Price?

 

What's Your

 
Have you ever wanted to find out what your neighbours house sold for? It’s a very common question. Every wants to know. While some are just curious, a lot of people have a number in their head. That number is what it would take to get them to move. The number that says “I’d sell for that”. Do you have a number ?
With how hot the real estate market in Aurora has been the past few years its very possible its nearing that number. The market is also seeing a lack of listings on the market. With this lack of homes for sale its driving prices even higher. A lot of people are waiting to buy a home before they put theirs on the market. It’s a cycle that requires some people to take a leap of faith and list their home.
If you have a number in mind, send us an email and let us know what it is, when home prices in your area get to a point where its realistic, we can reach out to you. If it gets close and we have a buyer we can reach out then too. No more wondering what the neighbours house sold for to find out if its time for you to sell or not. When its at that time that you may want to sell we’ll be in touch.
With so many buyers missing out on properties due to bidding wars, they’ll often pay a premium to get a home thats “off-market”. By letting us know your number we can come to you with potential deals without you even having to list your home for sale on the market. That could save you a lot of stress. If the deal comes together at a fair market price then its good for everybody. If not, you do not have to go through a ton of showings and keeping your home in ready to show state all the time.
If you want to sell when home prices in your area reach a certain price point then reach out to us. We will keep your information saved and ready when either prices hit your number or a buyer who may be willing to pay it come around.
A Note from the Owners: 27 Murdock Avenue

A Note from the Owners: 27 Murdock Avenue

We’ve recently listed a home for sale at 27 Murdock Avenue in Aurora. It’s definitely one worth checking out. It’s an incredibly warm and inviting home that has been tastefully upgraded. You can see the pictures or read the write up on any number of sites though. What you can’t do anywhere is get a note from the owners themselves. This is information you can’t get anywhere else about 27 Murdock Avenue. The Aurora real estate market is hot and this property probably won’t last too long.
Below is a note directly from the owners of 27 Murdock Avenue!
Why did you buy this home?
The Size, curb appeal, proximity to school, quiet street, and abundance of golf courses
If you like to golf Aurora is a great place to live. You do get an abundance of golf courses and you also get to be in one of the quieter neighbourhoods in town. Not to mention its in walking distance to several schools.
What will you miss the most?
The Quietness!
One of the things that often draws people to the suburbs is the peace and quiet. You definitely get a lot of that at 27 Murdock Ave. Its a quiet street off of McLead Drive in an area that does not see a lot of traffic.
What are the Top 3 Benefits of living in your Neighbourhood?
The proximity to school, access to parks, and walking trails.
Have you been through the walking trails in the North West end of Aurora? You have kilometres of walking trails that wind through the forests inside the neighbourhood. If you have dogs especially this will be the perfect bonus!
What would you like to say to whoever buys your home?
You will enjoy it and you have great neighbours
If you’d like to check this home out for yourself just reach out and we’d be happy to show it to you.