Thanks to changes in mortgage rules, realtors in the GTA have to be more creative when it comes to making a sale. Numbers show that home sales in the area have fallen 22 per cent over the last year. Industry experts have been pointing the finger at high interest rates and the new, tighter mortgage rules that came into effect on January 1st this year.
This past summer, TheRedPin, a Toronto-based real estate start-up, closed and is now in the hands of MNP Ltd., a receiver. TheRedPin was supposed to be a disruptor in the real estate sector, envisioned as a virtual office website that would offer all the services customers might expect from a standard brick-and-mortar brokerage, alongside artificial intelligence resources, online research tools, and additional data to assist customers in their real estate searches.
For many prospective homebuyers, there are perks to purchasing a pre-construction condo. Whether buyers are seeking something brand new or need more time to save money for a stand-alone home, pre-construction condos can offer some advantages. For one, condos traditionally provide a type of maintenance-free lifestyle that homeownership does not. Buying brand-new has even more advantages; namely, the power to customize the condo with the amenities and finishes you prefer.
