Canadian real estate prices have been in a steady downhill movement since the end of 2008. Part of Canada’s economic downturn was on the heels of the United States’ record breaking foreclosure rates as millions of people defaulted on their mortgages. The economy in general took a downturn and has scared away some of the people who could actually benefit most from it: first time home buyers. In the early part of 2009, home values and home sales continued their decline. They could fall as far as another 10 to 20%. However, a lot of Canadians are realizing the unique opportunities that come with the fall in housing prices along with low interest rates.

Those insane times of “bidding wars” are gone, thank heaven. The kind of speculative zeal that took hold around 2005 fed more and more air to the housing price bubble and probably made the eventual crisis worse. but now, homes on the market have lower prices, giving first time home buyers an opportunity that doesn’t come around that often. In Canada, the lower prices are only part of the story. The increased numbers of houses on the market are giving new home buyers a big selection from which to choose. Read the rest of this entry…

If you are new to the Toronto area and looking for information to buy property, one of the first things you should consider is location, location, location. Whether you are seeking the hustle and bustle of the downtown core, the historical and culturally rich Yorkville or have access to the Waterfront – there is a plethora of condos, townhouses Toronto and king west lofts to choose from.

Finding a downtown condos is only a matter of deciding what you want from your community. Perhaps it is a park or greenspace within walking distance, or a cluster of unique boutiques and galleries – or maybe it’s easy transit access you are looking for. For many, the lure of living downtown Toronto has everything to do with the single life – entertainment, food and funky shops.

Before you choose a location to buy property in the Toronto area, do your homework. Write down the things you want out of the community you may want to live in. Research the history of the area and think about talking to local residents or shop owners who live and work there. Weigh those considerations against the type of home you are looking for (condo, loft, or home), and then start looking!

Purchasing or selling a home will probably be one of your largest and most important financial transactions. Before signing a contract to purchase or sell a home, both buyer and seller should consult an attorney to assure that the real estate transaction will be handled legally and professionally.

Although an attorney is not a required part of the process, particularly in many states where escrow companies will attend to all closing transaction details, an attorney can protect your interests and help you resolve any potential legal problems before entering a legally binding contract.
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Purchasing a home can be a complicated and confusing process, especially for first-time buyers. Throughout the process, first-time home buyers will encounter a variety of unfamiliar real state terms. There are several key terms associates with purchasing real estate that are helpful to learn.

For example, many buyers confuse the terms broker and salesperson. A broker is a properly licensed individual, or corporation, who serves as a special agent in the purchase and sale of real estate, a salesperson is an individual employed or associated by written agreement by the broker as an independent contractor. The salesperson facilitates the purchase or sale of real estate.
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Turn the Television on any Sunday morning and you’ll find yourself in the middle of a “how to buy real estate” infomercial. Can you really buy a house with no down payment? Can you really make thousands or millions of dollars buying real estate. Of course the answer is “yes” and “no”. The real question is, are you willing to pay anywhere from $500 to $5000 for the information, classes and hotline? Most important are you self disciplined enough to follow the program.

Before you spend money on these expensive programs, here are my top ten “no money down” ways to buy real estate. If you’re self disciplined and willing to hear the word “no” many times before you get a “yes”, then maybe you can buy a house without a down payment.

1. First is to check out the many new zero down programs now available from lenders. Especially if you’re a fist time buyer. Also FHA and VA have loans that may not be zero down, but are very close.

2. Borrow money for the down payment – Borrow the money from family, friends or a business partner at a high interest rate or a percentage of the profit when the property is sold

3. Raise the price and lower the terms – Offer the seller more than he is asking provided he is willing to accept the down payment in the form of a note. If the seller is asking $150,000 with $15,000 down and willing to carry the balance of $135,000. Try offering $155,000 in the form of a promissory not instead of cash. The seller gets a little more money for the additional risk.

4. Borrow against a life insurance policy – Many life insurance policy’s let you borrow against the policy for the purpose of investing in real estate or other investments.

5. Use other property as collateral – Create a note on existing property that you or a partner own and use it as the down payment for the property you are buying.

6. Home equity loan – Home equity loans are generally easy to qualify for as long as there is adequate equity in the property.

7. Seller refinance – Have the seller refinance the property, receiving the cash he needs from the proceeds of the new loan, the buyer gives the seller a note for the balance of the seller’s equity.

8. Find an investor – There are many people who have money but no time. Their current profession keeps them too busy. Work out a deal where they put up the money and you split the profits when you sell.

9. Lease with option to purchase – Lease a property with the right to buy it at some future time. Provide for the rental payment to be credited towards the down payment if you decide to exercise your option.

10. Give them something they need – If the seller is planning to purchase something in the future that you own or can buy, use it as a trade. This can be anything such as furniture, boat or motor home.

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