As a first time buyer you may be having some difficulty deciding on the type of home you should buy.

Will it be one of the many detached or semi-detached homes for sale in Toronto.

Maybe you should be looking at Mississauga Condos for sale or perhaps Mississauga Townhouses are best suited to your lifestyle.

Take a few minutes here to think about your particular lifestyle and preferences in home ownership.

Take the survey below and see what type of home suits you

        What kind of lifestyle do you have?

        a) Demanding job with long hours, entertain friends in free time
        b) Homebody – Like to do things around the house
        c) Have a job but expecting first child.

 What kind of neighbourhood do you prefer?

a) Hustle and bustle, close to restaurants bars and gyms
b) Don't want to be far from the city but would like access to parks
c) Quiet neighbourhood away from traffic and noise

How do you travel to work

a) Walk or take public transit
b) Bike in good weather, drive in bad weather
c) By car

Is parking important to you?

a) Not at all, do not own a car
b) Thinking about buying a car
c) Parking space is a must have

Do you want a garden or yard?

a) Not important to me
b) A small one would be nice
c) Backyard is must have

How many bedrooms do you need?

a) Two
b) Three – one for an office
c) Need more than three

How many bathrooms do you require?

a) Two
b) one on each floor
c) An ensuite would be nice

Are you handy?

a) Definitely not
b) They call me Mr/Ms Handy
c) Somewhat but don't want fixer upper

To find out which type of home suits your needs from the results of the survey visit this page.

After 25 years of helping buyers with their real estate needs it never fails to amaze me how first time buyers start out knowing exactly what they want and end up buying something completely different.
The above survey while not completely definitive will help point you in the right direction.

As a first time buyer condo buyer there is both excitement and trepidation as you start your search for Toronto Condominium Listings.

There are however 3 important questions you should ask yourself before you rush out and sign on the dotted line.

1 Is Condo Living Suitable for Me

While it is the most affordable route to home ownership for most first time home buyers owning one of the many Toronto Condominium Listings for sale is basically a life style choice.

You will own the unit you will be living in but you will also be sharing in the ownership of the common elements of a building with other unit owners.

The common elements being hallways, gardens, recreational facilities and anything else outside of the four walls of your unit which of course will require upkeep and maintenance.

This of course means an outlay of money.

This is where a large portion of your monthly maintenance fees will go.

Decisions on how, where and when this money is spent are made by the board of directors of the condominium corporation, elected from the unit owners and guided by a management company.

Should you disagree with some of these decisions you will need to go through a cumbersome process to challenge them.

You could alternatively decide to put yourself up for election to the board of directors however this will require you to devote some of your spare time to board meetings and such.

First time condo buyers are not always aware that condominium buildings and complexes have rules and regulations.

You may not be able to install your TV dish or dress up your windows with curtains and drapes in a different colour than your neighbours.

A careful examination of the rules and regulations in the Status Certificate with your lawyer will let you know whether or not these are acceptable to you before finally committing yourself to a condominium purchase.

In summary, if you are the type of person who does not mind letting others make decisions for you or if you like to take a hands on approach and can live with a set of rules and regulations then you can be comfortable with a condominium lifestyle.

2. Is the Builder Reputable?

With the myriad of Toronto Condominium Listings available for sale how do you know which buildings were built by reputable builders?

You have hopefully hired your own experienced buyers real estate agent who should be able to help you with this question.

A telephone call to the Tarion Warranty Corporation may unearth valuable information on different builders.

The Better Business Bureau may also keep a list of consumer complaints on various builders.

The Ontario Ministry of Consumer Services may also be able to provide information on this.

3. Location Location Location

You have more than likely heard the old real estate adage location, location and location many times over the years.

It is still an important consideration.

As a first time home buyer you will need to ask yourself what is important to you in a location?

•  Do you like a quiet neighbourhood or one full of hustle and bustle?
•  Will you need easy access to transportation
•  What kind of transportation, public transit, subways or highways?
•  Do you like to walk to the grocery store?
•  If you have school age children are the schools close by?
•  Is easy access to parks and walking trails important to you?
•  How about entertainment facilities – are they important?
•  Will the location you choose maintain it's value and be easy to resell?

If you keep the above in mind as you begin your search for Toronto Condominium Listings your first time condo buying experience should go smoothly

You have decided to take the leap into home ownership.

After careful consideration a Mississauga Townhouse would suit you best.

So how do you go about it?

As a first time buyer you will likely be purchasing a Mississauga Condo Townhouse.

There are many questions you will be asking yourself such as :

What are Mississauga Condo Townhouses?

What is the difference between a condo townhouse and a freehold townhouse?

What do you mean there are condo rules and regulations?

What is a Status Certificate?

Should I get a home inspection?

1. Buyers Agent

The first decision you make should be to hire your own experienced full time buyers agent.

Why?

Because your own buyers will be working for you and owe you what is known as fiduciary duty.

They will be working with your best interests in mind, not the sellers.

You will want to avoid inexperienced or part time agentsas they likely will not have the answers to your many quesions.

Your buyers agent will know the best Mississauga townhouse complexes and the ones to stay away from.

The best part is your buyers agent will not cost you one cent. They will be paid by the seller through the listing broker while still working for you.

2. Pre-approval

Your buyers agent can help you with this if you are unfamiliar with the process.

It is essential to get pre-approved for a mortgage otherwise how will you know what you can afford.

There is nothing more devastating than having your offer on a Mississauga Townhouse accepted conditional upon mortgage approval and finding out the bank will not give you one.

An offer conditional upon mortgage approval is not looked upon favourably by sellers or their agents.

Pre-approval allows you to make an unconditional offer, which may just tip the balance in your favour as far as the seller is concerned.

3. Home Inspection

You may have heard that it is a waste of time and money to do a home inspection on  Mississauga Condo Townhouses.

Nothing could be further from the truth.

Your monthly maintenance fees cover exterior repairs only.

Interior repairs, unless they are the result of an exterior problem re the responsibility of each individual owner.

Because you will not need an inspection of the exterior I would make a strong suggestion for a Thermal Imaging Home Inspection.

A Thermal Imaging Home Inspection is more than just a visual inspection.

With the aid of an infra-red camera the thermal home inspection will reveal existing or potential problems hidden beneath the surface of walls, ceilings, tiles and floors.

Keep these tips in mind when ou begin to search for Mississauga Townhouses and the result will be many years of enjoyment in your new home.

Where is the real estate market headed in your part of Canada?

Do you think it is going to go up or down?

Or perhaps you think it will go sideways.

There are many different opinions out there but here in the Greater Toronto area the people that matter the most, home buyers and sellers, seem to think real state and home ownership are still a good thing.

This evidenced by the fact that, although not as many as there used to be, multiple offer situations are still happening in the market place.

A reduced number of listings for sale is also acting as a foundation for strength in prices.

It seems however the so called experts cannot agree on this question 

OTTAWA — The Bay Street consensus is that the Canadian housing market skirted the worst and managed a soft landing and homeowners are likely able to absorb higher mortgage payments once interest rates head upward.

But one analyst warned Thursday that people are overlooking a key risk that threatens to push down housing prices by as much as 25% over the next several years: subdued wage growth in a low-inflation environment.

That mix could make mortgage payments increasingly onerous for households already carrying record levels of indebtedness, David Madani of Capital Economics said, adding the knock-on effects to consumer spending could be so significant they could push Canada into another recession.

Read the Full Story Here

The first step in search for a new home is choosing the which neighborhood to live in.

So how do you choose the right Mississauga Neighbourhood for you?

The type and size of home you are looking for, as well as your budget will to a certain degree determine which Mississauga Neighborhoods will be candidates for your attention.

However some other factors you may wish to consider are as follows:

Transit

Mississauga was to begin with primarily a bedroom community for the City of Toronto and while it has grown beyond that role to a large degree, a great many people commute to Toronto on a daily basis.

If you find yourself in this category easy access to highways may be important to you.

The GO transit system is a convenient and popular mode of transportation for people travelling to Toronto daily.

There are several GO stations located throughout Mississauga and perhaps a Mississauga Neighbourhood close to one these would be ideal for you.

Mississauga Transit system also has scheduled buses, some of them express service that will take you to the Toronto subway system.

Schools

If you have school age children Mississauga Public Schools or Mississauga Catholic Schools along with                   their ratings will be important information for you to research in a Mississauga Neighborhood.

Crime Rates

Unfortunately criminal elements in society need to live somewhere also.

Statistical information from your local police station will let you know if any of these elements are at work in the Mississauga Neighborhoods you are considering.

A drive around the neighborhoods in Mississauga should reveal signs such as vandalism, graffiti and an overly abundant number of alarm systems suggesting that neighborhood may be one you would rather avoid.

Amenities 

Decide what amenities you would like to have close by.

Would you like to walk to the grocery store instead of driving?

Would you like your children to be able to walk to school safely unaccompanied when they are old enough?

Is proximity to parks and walking trails important to you?

Would you like a quiet neighborhood or one full of hustle and bustle?

Would you like to live in an established neighborhood or a new development?

Future Developments

A quick trip to City Hall will let you know if there are any future developments planned for your chosen Mississauga Neighborhood.

Development can and very often will bring changes to a neighborhood, a good example of which is increased traffic.

If you discover that future development is in store for your chosen neighborhood you will need to decide if you can live with any changes that may happen as a result.

Property Values

Have the values of property in the neighborhoods you are considering been increasing and at what rate?

What are the expectations of future property values?

Your buyers agent should be able to help you with these questions

Property Taxes

Unfortunately with home ownership come property taxes.

What are the property taxes and how much have they increased over the last 5 years?

How much are they expected to increase over the next 5 years?

You will need to determine if the rate of property taxes fit your budget.

Maintenance Fees

If your decision is to buy a Mississauga Condominium or one of the many Mississauga Townhouses for sale you will want to check the level of increases in the monthly maintenance fees and any possible future increases.

This may sound like a daunting task however when all your research is done and you have settled into your new home you can enjoy your Mississauga Neighborhood.

In an earlier news release today the Federal Government announced new changes to mortgage rules.

It seems they are concerned about consumer debt levels.

I guess this is another case of "do as I say not as I do" with the federal debt level ballooning to around $560 billion these days.

The facts of the major changes are outlined below :

Concern over rising consumer debt levels is prompting Ottawa to make three new changes to Canada's mortgage rules.

Finance Minister Jim Flaherty announced Monday that new federal rules will reduce the maximum amortization period to 30 years from 35 years for government-backed insured mortgages with loan-to-value ratios of more than 80 per cent.

Secondly, Ottawa will lower the maximum amount Canadians can borrow in refinancing their mortgages to 85 per cent from 90 per cent of the value of their homes.

Thirdly, Ottawa will withdraw government insurance backing on lines of credit secured by homes.

Though longer amortization periods reduce monthly payments, they greatly increase the amount of interest paid over the life of the mortgage and make it harder to build up equity.

The average Canadian resale home sold for $344,551 in December. Assuming a five-year mortgage at 4 per cent interest, and the minimum 5 per cent down payment of $17,227, a 35-year mortgage would have monthly payments of $1,441. Shorten the amortization period to 30 years, and the monthly payment increases to $1,555.

At a news conference in Ottawa, Mr. Flaherty said the measures will encourage Canadians to save more through home ownership. He said they will also reduce the exposure of Canadians to financial risks.

Mr. Flaherty said his concern is not Canada's mortgage default rate - which is less than 1 per cent. Rather his concern is those who are borrowing as much as possible.

"We're seeing people borrow to the max, and borrowing to the max at low interest rates," he said. "Most Canadians are not doing that."

Mr. Flaherty predicted the measures will have "some moderating" impact on the housing market.

He said the changes will not take effect imediately because of a requirement to give the industry 60 days notice before making policy changes of this nature.

He said past experience suggests there is no need to fear a rush on 35-year mortgages before the new rules take effect.

In addition to cutting mortgage terms, Ottawa is taking action to reduce the rapid rise in home equity lines of credit, or HELOCs. The government will do this by clamping down on the insurance that Canada Mortgage and Housing Corp. offers to the lines of credit.

Home-equity lines of credit and loans have surged in Canada, rising at almost twice the pace of mortgages over the past decade to account now for 12 per cent of overall household debt.

The third measure that will reduce how much Canadians can draw on their home equity. Last February the Finance Department announced that it would lower the maximum amount Canadians could withdraw in refinancing their mortgages to 90 per cent from 95 per cent of the value of their homes. It is now reducing that maximum to 85 per cent from 90 per cent.

House prices could rise further if peoples expectations of increased interest rates come to fruition according to a new report on the real estate market outlook for 2011.

Tyler Anderson/National Post

Real estate services firm Royal LePage said the average price of a home in Canada will rise 3% to $348,600, even as the number of transactions falls 2%.

Thursday, Jan. 6, 2011

OTTAWA — Home prices will continue a “moderate and steady climb” this year, helped along by an improving economy and low interest rates, according to a report released Thursday.

Real estate services firm Royal LePage said the average price of a home in Canada will rise 3% to $348,600, even as the number of transactions falls 2%.

It said that after a “lacklustre” third quarter in 2010, home prices were up between 3.9 and 4.6%, year over year, in the year’s fourth quarter. This marked a return to growth more typical of trends since the end of the recession, Royal LePage said.

The report said, similar to trends of last year, sales will be more robust in the first half of the year as homebuyers take advantage of low interest rates that could be on the rise in the near future.

“Canadians realize that interest rates are unsustainably low and that homes will become effectively more expensive when mortgage rates return to normal levels,” said Phil Soper, CEO of Royal LePage Real Estate Services. “We will likely see more price appreciation early in 2011 as some buyers complete transactions in advance of anticipated higher borrowing costs.”

The report said the strongest prices gains will happen in mid-sized cities where homes are priced below the national average. It noted places like Winnipeg, St. John’s and Fredericton, where single two-storey homes are still widely available for less than $300,000.

Alberta’s housing market is also expected to be strong in the coming year, as the energy sector helps fuel a strong hiring climate.

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Below is the monthly sales figures for the Greater Toronto Real Estate Market released by the Toronto Real Estate Board for December 2010.

TORONTO, January 6, 2011 --

Greater Toronto REALTORS® reported 4,395 existing home sales for the month of December, bringing the 2010 total to 86,170 – down by one per cent compared to 2009.

“Market conditions were anything but uniform in 2010. We went from super-charged sales activity

during the first four months of the year, to a marked drop-off in transactions in the summer and then in

the fall saw sales climb back to levels that are sustainable over the longer term,” said TREB President

Bill Johnston.

“New Federal Government-mandated mortgage lending guidelines, higher borrowing costs and

misconceptions about the HST caused a pause in home buying in the summer. As it became clear that

the HST was not applicable to the sale price of an existing home and buyers realized that home

ownership remained affordable, market conditions improved,” continued Johnston.

The average home selling price in 2010 was $431,463 – up nine per cent in comparison to the 2009

average selling price of $395,460. In December, the average annual rate of price growth was five per

cent.

“At the outset of 2010, we were experiencing annual rates of price growth at or near 20 per cent. This

was the result of extremely tight market conditions coupled with the fact that we were comparing

prices to the trough of the recession at the beginning of 2009,” said Jason Mercer, TREB’s Senior

Manager of Market Analysis.

“Balanced market conditions in the second half of 2010 resulted in more moderate home price

appreciation,” continued Mercer. “Expect the average selling price to grow at or below five per cent in

2011. With this type of growth, mortgage carrying costs for the average priced home in the GTA will

remain affordable for a household earning an average income.”

Home sales in the GTA were spread across a number of different housing types in 2010. Detached

homes accounted for 49 per cent of total sales. Condominium apartments accounted for an additional

25 per cent per cent of sales. Other housing types including townhomes and semi-detached houses

accounted for the final 26 per cent. In some areas like TREB’s central districts the mix was quite

different, with condominium apartments accounting for 61 per cent of total sales.

“Ownership housing is available in a diversity of types and price points across the GTA, allowing plenty

of choice for first time buyers and experienced home buyers alike. This housing diversity is one factor

that continues to make the GTA a popular choice for households and businesses,” concluded Johnston.

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If you are a first time buyer with a family chances are you are leaning towards buying one of the many Mississauga Townhouses available for sale.

With a wide selection of Mississauga Townhouses how do you choose one that is right for you?

Before you rush out and buy the first Mississauga Townhouse that you see there are some steps you want to consider.

Affordability

As a first time buyer affordability is something that is probably uppermost in your mind.

Make sure you get pre-approved for a mortgage before you look at any Mississauga Townhouses.

Buyers Agent

An experienced full time buyers real estate agent is someone you should hire from the outset.

Besides being able to help you with the above mortgage pre-approval they will or should have a host of valuable information that would take you endless hours of research.

The best part of using your own experienced full time buyers agent is that it does not cost you one penny.

That's right, not one penny. The agents fee is paid by the seller.

Although the agents fee is paid by the seller they owe all fiduciary duty to you and must work with your best interests in mind.

Costs of Buying a Mississauga Townhouse

As a first time buyer of Mississauga Townhouses you will need a minimum of 5% down payment which will allow to get an insured mortgage.

With 20% down payment you will not need an insured mortgage.

There are however other costs you will need to budget for on the closing date of your new town home.

There is an Ontario Provincial Land Transfer Tax, a portion of which is rebated to you as a first time buyer, up to a purchase price of $250,000.

As well there are legal fees, home inspection fees, appraisal costs, home insurance and title insurance.

A general overview of these costs with your buyers agent will prevent any nasty surprises on the closing date of your Mississauga Townhouse.

Location, Location, Location

You have more than likely heard it many times before, location, location, location is the most important part of a real estate purchase.

But what does that mean to you?

If proximity to your place of work or access to transit in order to get to work is important you will need to look at Mississauga Townhouses within a reasonable distance of those.

The same consideration for Mississauga Public Schools and Mississauga Catholic Schools should also be taken into account as well as shopping facilities, entertainment and alternative transit choices.

Home Inspection

Once you have seen a good selection of Mississauga Townhouses and have decided on one that best suits your needs, be sure to insert a conditional home inspection clause in your offer.

If your buyers agent is experienced and is really looking out for your best interests they will automatically include a home inspection clause.

In all likelihood the one you choose will be a Mississauga Condominium Townhouse.

Do not let yourself be persuaded to forgo the home inspection simply because the condominium corporation will be responsible for all the major items of repair.

There could be interior issues which are the responsibility of the owner and could end up in your lap without a home inspection to give you the ability to renegotiate any such deficient item.

In place of a regular visual home inspection I would recommend a thermal imaging home inspection which through the use of an infra red camera reveal hidden issues you may want to renegotiate with the seller.

Buying your first Mississauga Townhouse may seem like a daunting task but if you approach it methodically and with the above points in mind you will enjoy your new townhouse for years to come.

Recently a very ugly real estate story demonstrated the importance of a home inspection when buying houses for sale in Toronto or Mississauga real estate for sale.

After several months of searching for a home and a few disappointments along the way a young couple found what they thought was their dream home.

An offer conditional upon a home inspection was arrived at after some negotiation.

Since the house was only 6 years old everyone including the sellers expected the home inspection to be merely a formality revealing no major deficiencies.

Big surprises for all were to follow!

The inspection started on the exterior with no major problems found.

Moving to the interior things started to unravel slowly but steadily.

Meter readings in the house revealed higher than normal humidity levels in the house.

It was discovered that a part had been removed from the humidifier attached to the furnace resulting in it running constantly.

Further inspection in the basement led to the discovery of hooks screwed into the ceiling beams.

 This looked innocent enough but the quantity of hooks led to some head shaking as to what may have hung on them.

A hole punched in the wall under the circuit breaker box along with a water hook up in an unusual place led to suspicions that the house may have been used for the growth of illegal drugs.

A fertilizer stain was uncovered by a weak attempt to try to hide it by partially painting the floor with grey paint.

Further evidence was found where a metal flange had been removed and a secondary exhaust created and run up through a main floor closet to a second floor bedroom closet and up to the attic.

Inspection of the attic found mould above the spot where the secondary exhaust had been.

Although the house did not appear on any law enforcement list as being a grow-op house it was the strong opinion of the home inspector that illegal drugs had been manufactured in the house at some point.

While there was definitely mould in the attic there were no visible signs of it in the basement.

This is where a thermal imaging home inspection would have been invaluable.

Using an infra red camera a thermal imaging inspection would have revealed the presence of mould or spores if they were in fact there.

The buyers naturally decided to walk away from the home.

The sellers, a nice couple with 3 young children who did not fit the stereotype of drug dealers were shocked and dismayed.

Dismayed because they were the original owners of the house and of course swore no knowledge of these events.

Looking back to when they purchased the house from the builder, they had been unable to close on time because they had not yet sold the previous house they lived in.

The builder offered to delay the closing if they agreed to allow renting the house for a 6-9 month period giving them time to sell their previous home.

The speculation is that during this rental period the house was used for illegal drug growth.

The buyers are happy that their investment in a home inspection likely saved saved them thousands of future dollars and certainly a great deal of headache.

So the next time you are being pressured to delete the home inspection clause or are tempted to not include one for fear of losing the house......think again.

If you feel disappointed remember this ugly real estate story.

You'll soon get over it.