The Impact of Tougher Lending Laws on the Residential Resale Market in Canada
Put into effect on January 1, 2018, the new Canadian mortgage rules have made it harder to qualify for a mortgage. The new regulation requires mortgage stress tests to assess whether the borrower can withstand higher interest rates. The tightening on mortgage lending is in hopes to bring more balance to the country’s real estate market.
Record Sales in Oak Ridges
In May 2019, Mehran Redjvani of RE/MAX West Realty Inc. brokered an off-market deal between a buyer and a seller that broke multiple records in the Oak Ridges Lake Wilcox community. The property became the Highest 2-Storey Detached Home Sale in the area since April 2017*, and the Highest Waterfront Home Sale since June 2016*. Not only did Mehran set the records, but he also did so with a very happy seller and an ecstatic buyer who was able to purchase their dream home.
Millennial Home Buying Trends
Born between 1980 and 2000, millennials are the largest generation currently looking to purchase their first house and make up 68 percent of all first-time homebuyers. While many millennials are still paying down student loan debt, they are starting to look into buying homes. Millennials are resetting trends in the real estate industry and looking for homes that specifically match their lifestyles. Most lean towards smaller, tech-friendly homes that come with little to no maintenance.
The Impact of New Businesses on the Local Community
Vacant lots and buildings are an issue across Canada. Businesses close up shop, or they move locations, and then the building designed specifically for that business sits vacant without a business to take its place. The No Frills Plaza on the corner of Yonge Street and North Lake Road is experiencing the loss of a popular restaurant chain leaving the area. The McDonald’s in the plaza closed, leading to a vacant spot built specifically for a restaurant. With Starbucks announcing that it is releasing the space, one can’t help but think that there is a buzz back in the plaza.
The Oak Ridges Library Project
Despite what you may hear on the news or read online, print is not dead. There are more public libraries than coffee shops across the country. While some view a public library as a place to just store books, libraries play an important place in our community. They...
The Value of Waterfront Homes
In real estate, two identical homes can be listed for different prices. Typically homes are valued based on recent sales comps in the area, homes currently listed on the market, the condition of the home under consideration, and additional features the home has. But, how much does location play a part in the final price, and more specifically how much value does being located next to a body of water, add to the value of a home? Whether your home is located on or near a body of water, you may benefit from an appreciation of value in the property.
The Amenities of Lake Wilcox
In many neighborhoods across Toronto, community centers and parks are being built as gathering spaces for community members. These locations are a valuable asset to any community, and they serve as a thriving hub for activities for families, senior citizens, civic organizations and youth in the area. The Oak Ridges Community Centre in Richmond Hill and the Lake Wilcox Park are doing just that.
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