Lawrence Mak

Crazy Real Estate in London (UK)!

Many people are frustrated with the fast-moving real estate market in Toronto, but imagine if you bought a house and on closing day, someone else buys it! According to an article in the CBC, this is what happens in the UK because of their antiquated real estate laws. In London, there is no such thing as a "firm deal"! So up until closing day, Sellers can have a change of heart and go with...

Real Estate – December 2021 Report

In December 2021, the average home sold for $1,157,849 which is up +24% from last year.  This is with 3,232 active listings versus 7,892 in the previous year. The drop may be because homeowners already sold their houses in November or perhaps they are waiting for January. Still, 2021 had a record 121,712 sales, showing that the real estate market has been very active during the...

An Important Exercise Tip in the New Year!

With the recently announced gym closures, your New Year’s Resolutions may include exercising at home. Be careful! Interior doors and casements are NOT designed to deal with exercise equipment with strong elastic resistance! For example, interior doors are fastened to the door jamb with swing hinges using ¾" - 1" screws. They use short screws because the door is very light. A typical...

Parents Gave $10B to Their Children

In a recently published report from the CIBC, parents gifted $10B to their children in the past year to buy a home. It found that roughly 30% of first-time homebuyers received an average of $82,000 while 9% of existing homeowners  got about $128,000. In another study by IG Wealth Management, high-net-worth individuals, who had more than $1m in investable assets, gave, on average, $145,000 to...

Real Estate – November 2021 Report

Last month, the average home in Toronto sold for $1,163,323. Prices have increased across the board from condos to detached homes. For instance, detached homes in Toronto sold for an average of $1.807,983, up +22.4% from last year. If previous years are any indication, December and January will be slightly slower, although based on last week's number, the market is still going strong. Even...

Top 10 Condo Builders in Toronto

One of the risks with investing in pre-construction buildings is that the project might cancel for whatever reason. In a previous blog, I talked about how some developers may be playing games with contractual loopholes. (I don't make any statements about the developer below, but you can read about the case to make your own judgements) Condo Developer Extorts Buyers for $100k? Investing with a...

Condo Developer Extorts Buyers for $100k?

From a return on investment, you will make more money buying an existing condo instead of a buying a pre-construction condo. (*Pre-construction is when you put in a deposit for a condo or house that will be built in 3 or 4+ years) Although there are pros and cons to both, one of the things I absolutely HATE about the pre-construction market, is the one-sided contracts that you have to sign. It...

Real Estate – October 2021 Report

The average home in Toronto is now worth $1,155,345.  This is up +19.3% compared with last year. Everything, including condos are going up and up. As I was saying before, the #1 thing you need to do as a renter is to get into your first property. Condos are increasing $50k-$70k per year, so every year, it gets harder to qualify. Similarly, if you are upgrading, detached homes are appreciating...

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