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• 4 bath, 3 bdrm 3 story
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MLS®
$789,000
Lakeshore/Parklawn, Etobicoke
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Spacious Luxury Newport Beach Townhouse Lifestyle. Picturesque Lake Views Setting. Larger Sunlight Corner Unit, Many Windows, Open Concept Living/Dining W/9Ft Ceilings, Crown Moulding, Gas Fireplace, Circular Oak Staircase & Balcony. Family Room Walk-Outs To Patio & Park. Has Access To Private Underground Garage. Master Bedroom Boats Marble Ensuite W/Oval Jacuzzi Bath, 2 W/I Closets, Gas Fireplace & Juliette Balcony Overlooking Lake.
Fridge, Stove, Washer, Dryer, B/I Dishwasher, Microwave, Security System, B.I In Sound System, Cavac, High Efficiency Furnace, California Shutters Thru-Out, Lighting, Pot Lights
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• 795 sq. ft., 2 bath, 1 bdrm single story
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MLS®
$275,000
Islington Village, Etobicoke
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Large South Facing 795 Sq Ft 1 Bedroom + Den At Port Royal Place In The Heart Of Islington Village. Spacious Open Concept Living & Dining Area, Plus Large Den. Open Balcony. Ideally Located Steps From Islington Subway, Islington Village & The Kingsway Shops & Restaurants. Minutes To All Major Routes, Downtown & Airport. Amenities
Include: 24 Hr Concierge, Billiards, Party Room, Bbq Area, Virtual Golf, Underground Visitor Parking
Extras: Stove, Fridge, Built-In Dishwasher & Microwave, Washer & Dryer, All Elfs
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• 1 bath, 1 bdrm single story
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MLS®
$324,900
The Queensway, Etobicoke
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Elegant Boutique Condo Building 'The Dalesford'. Stylish 1 Bedrm Plus Den,9Ft Ceilings,735 Sq.Ft,Kitchen With Upgraded Cabinets& Granite,Impressive Roof Top Terrace,Gardens With Skyline Views, Gym With T V's,Party Rm,1 Parking Space And Storage Owned,Great Location,10 Mins To Downtown,Close To Hwy's,T T C,5 Min Drive To Bloor W Village,Shops And More!
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• 2 bath, 2 bdrm apartment
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MLS®
$448,000
High Parkdale, Toronto
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Sweeping Panoramic Views Of Lake, City And High Park From Floor To Ceiling Windows In This Corner Unit. Open Concept Principal Rooms with Hardwood Floors And Walk-Outs To Wrap Around Balcony. Privacy Offered By A Split Bedroom Layout, With With Ensuite; Master Has Walk-Out To Balcony. New Never Lived In Unit; Modern Building With Great Amenities. Best Value In The Building
Staineless Steel Fridge, Flat-Top Stove And Dishwasher; Stacking Washer/Dryer. Amenities Include Indoor/Outdoor Pool, Fitness Centre Completewith Tennis Court And Basketball Hoop; Guest Suites, Party/Meeting Rooms; 24 Hr Security And Visitor Parking.
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• 2 bath, 2 bdrm single story
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MLS®
$483,900
South Etobicoke, Etobicoke
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Luxurious 2 Bedroom 2 Story Loft In Desirable South Etobicoke. South West Exposure, Beautiful View Of The Lake. Professional Upgraded Brick Feature Wall. Upgrades Include: Granite Counter Tops, Undermounted Sink, Cupboards/Handles Throughout. Rare Unit, Only 5 Like It. 2 Car Tandem Parking Spot, Private Storage Locker. Washroom On Each Floor. Stainless Steel Appliances. Close To Hwy, Ttc, Mimico Go. Priced
Extras: Extras Included: Fridge, Stove, Bi Dishwasher, Washer/Dryer. Over 1000+ Sq Ft Living Space! All Furniture Negotiable. **Thousands Of $$$ In Upgrades!**
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"Foreclosures are
all across the country as banks need to liquidate these non-performing assets
off their books. Take advantage of these amazing bargains and buy them at 50
cents on the dollar. Most banks will take what is owed on the mortgage or less.
Find out how through our foreclosure subscription."
Sounds great doesn't it? This is actually a headline from a database
subscription company offering to show you how to buy foreclosures for 50 cents
on the dollar. Unfortunately it is a U.S.- based service. You won't see those
kinds of headlines in Canada since the foreclosure process here is much
different than in the U.S.
I've purchased homes directly from owners who are facing foreclosure as well as
represented major Canadian lenders as a Realtor selling their foreclosures
(otherwise known in the lending world as "non-performing assets"). I
can tell you first-hand that once a lender has taken control of a property
through foreclosure in Canada, buying a Canadian foreclosure is not as
lucrative as in the U.S. This is mainly due to the way Canadian lenders are
regulated on how they are allowed to dispose of their "non-performing
assets." Understanding the foreclosure process and lender regulations will
help you realize why.
Foreclosure is the legal right of a mortgage lender or other third-party lien
holder to gain ownership or the right to sell the property and use the proceeds
to pay off the mortgage, legal fees, commissions, court costs, utilities, etc.,
when the mortgage or lien is in default. The process is different in Canada
because the laws in Canada are different.
The way a mortgage or lien holder gains ownership after default varies from
state to state in the U.S. as well as province to province in Canada. In
Canada, there are two main methods that a lender can use. Without getting too
far into the technical details, the first involves the lender taking title to
the property and then selling it. The other allows the lender to control the
sale of the property through a court order without having title.
Generally speaking, U.S. and Canadian banks want their "non-performing
mortgages" off their books so that they can lend out their money again and
collect interest from performing loans. They are not interested in becoming
landlords or flipping property.
The lender's goal is to get back what they have lent out on the mortgage plus
legal fees, commission, court costs and expenses. The objective is the same
whether in the U.S. or Canada - to get their money earning interest again.
However in Canada, a lender must protect the homeowner's equity. Therefore, the
lender must attempt to obtain fair market value. Herein lies the major
difference. Regardless of how the lender goes about selling the property or
what is owed on the property, under the Canadian Securities Act a lender is
mandated to achieve fair market value. Therefore, buying direct through the
lender's backdoor at a huge discount from residential lenders in Canada is
unheard of.
The typical process a lender takes is to initially phone the borrower if a
mortgage payment has been missed. If after 30 days, the lender still does not
receive the mortgage payment, the lender's lawyer will send a Demand Letter
stating that because the borrower is in default and has not made payment, they
must now pay off the entire mortgage balance.
If the mortgage is not paid off immediately, the lender's lawyer will start the
foreclosure process. At this point, the homeowner has a redemption period in
which they can either refinance or sell the property to pay off the outstanding
mortgage plus legal fees and interest, even though the foreclosure process has
already started. The redemption period is typically six months during which the
owner still retains control of the property.
Once the initial redemption period is over and depending upon the province, the
homeowner or any other lien holder may request an extension of the redemption
period of up to six additional months. If the homeowner has ample equity and
acting cooperatively, the court will often grant the extension. If the
homeowner has very little or no equity then the redemption period is not
extended and the lender takes control through either a Final Order (becomes the
owner) or by Conduct of Sale (takes control of the sale).
Once the lender has control either way, they hire a Realtor who provides the
lender with a comparable market analysis. The lender also obtains an
independent appraisal. The lender will often use the appraisal and set the
asking price at or close to the appraised value.
Since the lender is mandated to get fair market value, they must prove in court
that the home was properly marketed and seen by enough potential buyers to
achieve a final accepted offer. A lender cannot accept an offer that is
substantially lower, especially in the beginning, as there will not be enough
proof that the lender attempted to obtain fair market value. As time passes and
based on showing and market activity, the lender may lower the asking price
every two to six weeks.
As the lender reduces the price, many buyers wait for the price to go even
lower. Unlike many sellers, a lender will continue to reduce the price on a
foreclosure until they get an offer. However, eventually the price is ripe
enough that someone will make an offer. Depending whether the lender is the
title holder or conducting the sale through a court order determines whether
the offer requires court approval, or not.
If the lender has title, then no court approval is required. Therefore, once an
offer is accepted and the buyer removes their conditions, the sale is final. If
the lender is conducting the sale through a court order, an offer is accepted,
the buyer's conditions are removed and then a court date is set for final court
approval. The major difference is that other buyers can make unconditional
offers at court and outbid the initial buyer. Therefore, understanding the way
the lender has foreclosed is important when making an offer.
Since Canadian lenders have to ask fair market value and use a Realtor to sell
the property, paying for a subscription to Canadian foreclosures in your area
is a complete waste of money as you can get that information from any local
Realtor for free.
If you want more information about buying Canadian foreclosures in your area,
start by Googling the Canadian Bar Association for the correct legal facts
about your provincial foreclosure laws. For foreclosure listings, ask a local
Realtor to set you up on an automated email list of new foreclosed homes as
they come onto the market.
As an investor, some of the best deals in Canada are made during the redemption
period when the seller still has control. That's not to say that you cannot get
a great property at a great price once the bank controls the sale either.
However, foreclosures at 50 cents on the dollar are not likely in Canada
anytime soon.
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• 2 bath, 2 bdrm single story
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MLS®
$564,800
Humber Bay, Etobicoke
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Welcome To The Voyager On Lake Shore! Views Of The Toronto Skyline And The Lake From 3 Separate Balconies; Pure Enjoyment! All The Comforts You Are Searching For; Granite Countertops, Hardwood Flooring, Custom Cabinetry In The Closets, Ceramic Tile Entranceway, Crown Moulding And 9Ft Ceilings. A Must See! ...Steps To Walking Trails, Minutes To Downtown With An Amazing Restaurant Just Steps Away. A Must See!
Extras: All Beautiful Light Fixtures, S/S Fridge, Stove, B/I Dishwasher, Custom Closet Organizers, Separate Tub/Shower In Master And Semi-Ensuite To 2nd Bedroom, Grand Spacious Entranceway Into The Condo, 2 Walkouts To 3 Balconies
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• 1 bath, 3 bdrm single story
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MLS®
$379,900
Rexdale, Etobicoke
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Large,Sunny 3-Level Backsplt On Quiet Street Lined With Flowering Crabapple Trees.Family-Oriented Kipling Heights. Spacious House Features An Addition(1968), Prof Landscaped Grdns,Newly Refinished Hdwd Flrs Thruout(2011),Kit W/Tons Of Cupbrds,W/O To Huge Backyard,Breakfast Rm..Updated Bthrm(2011).3 Bdrms.Spacious Rec Rm(Now Being Used As A Sewing Rm.Just Move In&Add Your Personal Touches) Close To Shopping,Schools,Ttc,Maj Hwys Dishwasher(2012),Fridge,Stove,Washer&Dryer,Grdn Shed.Excl:Freezer,Wine Bottle Holders In Wine Cellar/Cantina,Small Maple Leafs Fridge&Wdw Coverings In Mstr&2nd Bdrms.Landscaping(2010),Water Tank Owned.Other Rm Is Crawl Space.
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The lack of a master bedroom can be
a sticking point for both buying and selling a home. Many older style homes do
not have a master bedroom and as a result many home owners are looking for
bedroom ideas for home renovation projects to give their home a new look and
feel.
Adding a master bedroom or expanding
your current bedroom will give you the luxurious and spacious bedroom that you
have always wanted. There is no shortage of bedroom ideas that homeowners can
implement.
The following are a list of home
renovation bedroom ideas and designs homeowners can and have implemented in
their homes. These will not only give you the bedroom you have always dreamed
of, it will also be a great selling feature and increase the value of your home
if you choose to sell in the future.
- Walk-in closets:
Adding a walk in closet is a very attractive feature for any bedroom.
Having that extra closet space makes a huge difference, especially for
those that have a large wardrobe.
- Additions:
To add a master bedroom to your home, many homeowners are expanding their
homes through construction additions. This way they can control the exact
construction and size of the master bedroom and can customize it anyway
they want.
- Add a fireplace:
Enhance the overall look and feel by adding a fireplace to your bedroom.
This will give your bedroom a unique look and will definitely come in
handy during the winter months.
- Sliding doors:
Depending on the set up of your home, you may have the ability to add a
sliding door off your master bedroom that can access your back deck or
patio.
- Ensuite
bathrooms: Probably the most popular bedroom idea is adding an ensuite
bathroom. This renovation project is very flexible. His and hers sinks and
vanities are popular, as are separate tubs or showers. Incorporate some
fun by adding things like a jetted tub or heated towel racks. If you have
the space to spare, the possibilities are endless.
- Create a nook:
Master bedrooms with extra space allow homeowners to create a unique space
within their bedroom. Turning a corner of your bedroom into a reading area
can be great to help you relax, especially if you don’t have the room for
an attached living room.
Homeowners can do a lot with a
little expendable income, sometime for a home renovation project, and the space
to do it.
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As of last year, the average
lifespan of Canadians hit 80.4 years of age. That’s almost 10 years longer than
20 years ago, when the average lifespan of a Canadian in 1991 was 70.9 years of
age. Unfortunately, the state of elder care in Canada isn’t the greatest - with
long wait times for care. Older Canadians may not always have nearby family or
friends who are able to check on them, so increasing the security for your home
is key to home safety.
Be aware. Scams that prey on seniors
are extremely popular with crooks. Some ways to increase your home safety is to
check the identification of anyone you let into your home who isn’t a friend or
family member - whether they are a repairman or door-to-door canvasser. Never
give your SIN number or any personal information to these people, even if
they’re offering prizes or money. If they say you’ve won a contest, check with
their employer to be sure.
Lighting. Increasing your outdoor
home lighting can instantly increase your house security. Motion detector
lights are easy and inexpensive to install outdoors for dark, hard-to-see
locations such as driveways, and your outdoor porch lights should be left on at
night to deter burglars.
Security systems. Many house
security systems are available complete with great features specifically for
seniors. These features include calling for help in case of a fall, allowing
you to remotely arm the system from anywhere in the home and keeping you safe
by arming your doors and windows while you’re sleeping. Choose a house security
system that covers fire, floods and burglary so that the proper authorities are
alerted during any problems.
Schedule check-ins. Scheduling
regular check-ins is a vital component of home safety for independent seniors -
ensuring someone checks on you regularly to make sure you’re okay. A check-in
can be as simple as having a friend or family member call you once a day to chat.
Lock your
doors. Always keep your windows and doors locked when not in use, even doors
leading from the basement and garage, to increase your house security. Make
sure your locks are in good condition and can be opened from the inside in case
of an emergency
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There is no doubt that homeowners
want to get the biggest return on their investment (ROI) when they decide to
sell their home. You can easily increase your home’s value by performing a few
renovations.
These renovations can vary widely
depending on the type of home that you have and the amount of money you are
willing to spend to boost the appeal and value of your home.
Even the slightest amount of change
to your home will help. It is a consensus among real estate agents that
renovations prior to selling your home absolutely impacts your return on
investment. However, there are definitely some renovation projects that will be
more fruitful than others.
Focus on the outside first
Over the past few years there has
been a growing trend in the housing market. Homeowners, who invest in exterior
renovation projects have seen a greater return that interior renovations.
Therefore, homeowners need to take a
careful look at the exterior of their home and seriously consider some of the
options they have. What can you do to improve the overall look of your home?
- Does your driveway need to be redone?
- Do you need to do some landscaping?
- Does the deck need to be refinished?
- Does the house need to be painted?
- Does the roof need to be replaced?
Surprisingly, one of the best things
homeowners can do to improve the exterior of their home and experience a good
return on their investment is to replace their doors.
In particular, many homeowners are
replacing their front door with a steel entry door. This alone will recoup more
money than homeowners paid for the renovation project.
There are also a number of other
outdoor renovation projects that are definitely worth their while. They
include:
- Replacing or painting your garage door
- Replacing aged siding
- Replacing old wood windows with more modern and
efficient windows
Interior investments that will
provide ROI
When it comes to interior
renovations that will help improve your home value, creating additional space
is one of the most popular. Potential buyers want homes that are finished. They
want finished basements and attics so they can maximize the amount of space
they have in their home.
But beyond this, there are a number
of renovation projects that will all have a positive impact on your ability to
sell your home:
- Painting:
One of the least expensive renovation ideas, painting will yield probably
the most significant return on the investment. Painting your home with
fresh and vibrant colors will completely transform its look.
- Adding a fireplace:
A fireplace is one of the most sought after entities in homes today. And,
for a reasonable price, you can easily add one to your home and increase
its overall value.
- Bathroom upgrade:
Modern and sleek looking bathrooms are a great selling feature. While the
project will be fairly expensive, it is definitely worth the investment.
- Kitchen upgrade:
Kitchens sell homes. Therefore, if you either have an older style kitchen
or really want to give your home that wow factor, consider a kitchen
renovation. While it will be costly, it has one of the best ROI in terms
of renovation projects. And, you can do as little or as much as you want.
Kitchen renovation projects have many options.
- Window replacement:
Replacing your windows is a practical project because of the amount of
money they can save in terms of energy costs.
These are
only a few of the many renovations projects that can be done to improve your
home’s value. However, before embarking on any project, it’s always a great
idea to check with your real estate agent to see if the renovation will yield a
good return on investment in your housing market.
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• 795 sq. ft., 2 bath, 1 bdrm apartment
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MLS®
$284,900
Islington Village, Etobicoke
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Large South Facing 795 Sq Ft 1 Bedroom + Den At Port Royal Place In The Heart Of Islington Village. Spacious Open Concept Living & Dining Area, Plus Large Den. Open Balcony. Ideally Located Steps From Islington Subway, Islington Village & The Kingsway Shops & Restaurants. Minutes To All Major Routes, Downtown & Airport. Amenities Include: 24 Hr Concierge, Billiards, Party Room, Bbq Area, Virtual Golf, Underground Visitor Parking
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Selling your home has changed
substantially over the past decade. The internet has changed not only the real
estate market but also how people buy and sell homes.
More and more
people are turning to the internet as the primary means to look for homes. While
many people still rely on traditional real estate methods such as listing their
home and open houses, they are also using new technologies to help sell their
home.
In additional
to posting photos of your home online, many people are now using virtual tours.
A virtual tour shows buyers a 360-degree view of the interior of a home. Buyers
can get a better sense of what a home looks like without having to actually go
see the home.
This is a great
benefit for buyers that are looking to buy a home from a remote location.
Buyers can narrow their home search conveniently from their personal computer
before going in person to see a home.
With a new
approach to selling your home, homeowners have to take a new approach to
staging their home and preparing it for potential buyers. Potential buyers sort
through hundreds of photos and now virtual tours add another element to the
process. Therefore, it is important to understand how your home looks in photos
online.
Tips for staging your home for a virtual tour
Staging your
home is very similar to preparing for an open house. You want to have your home
looking its best and in prime condition. Follow these tips and you will
definitely garner some interned for buyers once they take the virtual tour of
your home:
- Get rid of clutter: Nothing will prevent people from coming to see your
home more than removing excess stuff in your home. Donate anything you
don't want.
- Have proper lighting: Lighting will impact the quality of images you post
online. Make sure your lighting is right so people can get a clear view of
your home.
- Focus on quality: High quality digital photos are a must. Use a digital
camera to take your photos and set up your virtual tour
- Highlight main selling features: Don't waste photos on things that will not help sell
your home. For on taking photos of rooms and items that buyers are looking
for in a home.
- Have a unique perspective: Try and take photos from a unique point of view.
Avoid cookie cutter photos. Spice things up and get buyers excited to come
and see your home.
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• 2 bath, 3 bdrm townhouse "2 storey"
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MLS®
$299,900
Altona, Pickering
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Beautiful maintained FREEHOLD townhome with 3 bedrooms & two washrooms. Gas fireplace in living room. Eat-in kitchen with walk-out to deck. Skylight above stairs. Second walk-out to beautifully landscaped garden with shed. Loads of upgrades including New Enclosed Porch 2010, New Deck 2011, New Shingles 2011, Kitchen updated with new stainless steel appliances 2009. Walk to Altona Forest Trails, Rouge Park Trails & Chickadee Park. Close to highway 401.
Includes: fridge, stove, microwave, washer, dryer, all electric light fixtures, garage door opener, all broadloom where laid, furnace & equipment & central air.
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• 785 sq. ft., 2 bath, 1 bdrm 2 story
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MLS®
$329,900
South Etobicoke, Etobicoke
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Two storey condo that’s seldom available with one bedroom and large den. $20,000K in upgrades. From the top of the ceiling right down to the beautiful hardwood maple floors this home has been upgraded beyond belief with the Eurostyle kitchen cabinetry from Scavolini, Italy’s leading name in kitchens. All the details have been covered with the quartz countertops, pull-out spray faucet, glass backsplash, stainless steel range hood, rainfall shower head and two body spray fixtures, upgraded doors and handles and floor tiles, frontloading washing machine and electric dryer just to name a few. WALK TO SUBWAY. Includes: one parking space and locker.
On the seventh floor of the building awaits the Kingswood Club, a private and thoughtfully designed exercise room featuring men’s and women’s showers and change rooms, and a full range of state-of-the-art fitness equipment. Also available is the party room, games room, concierge and a 7,000 sq ft landscaped terrace.
This eleven storey condominium sits along Bloor with its fashionable shops & restaurants. Conveniently located within walking distance to subway and major highways are easily accessible with Downtown Toronto just minutes away.
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