editor’snote
Buyers’ opportunity
Low rates keep home shoppers in the driver’s seat
T
he Bank of Canada’s recent announcement to hold interest rates is good news for home shoppers. There are many excellent mortgage products available from banks and brokers that will suit your individual needs, and some are even lower than posted bank rates. With a pre-approval in hand, you’re protected if rates rise, and if they go down, you’ll likely get an even lower rate. A pre-approval can be a win-win situation for shoppers since it means you don’t have to wait to get financing approval on a home when you put in an offer. This is an especially good tool to have in hot markets. Removing the “conditional on financing” clause could mean your offer is accepted first, since you already have your financing in place. So, when will rates rise? Recently, we’ve been hearing that rates may not see an increase until next year at least. The Bank will make its next scheduled rate announcement on May 29 – but don’t wait until then to get pre-approved for a mortgage. It can take a few days. Many lenders now offer online pre-approvals to make the process easier.
Susan Legge EDITOR-IN-CHIEF
Wall2Wall Media, susan.Legge@wall2wallmedia.com Follow me on Twitter at Twitter.com/SusanLegge
VICE-PRESIDENT, WALL2WALL MEDIA
Jacqueline Hill
ASSOCIATE PUBLISHER
Susan Maxwell
EDITOR-IN-CHIEF, NATIONAL REAL ESTATE
Susan Legge ART DIRECTOR
Daiana Garay EDITOR
Wayne Karl CONTRIBUTING EDITORS
Sara Duck Elisa Krovblit Lydia McNutt (on leave) DISTRIBUTION & SALES CO-ORDINATOR
Jennifer Bistron
ADMINISTRATIVE ASSISTANT
Antoinette Jackson
MANAGER OF PRODUCTION
Bala Gnanapandithan CO-ORDINATOR
Laura Northmore GRAPHIC DESIGNER
Dhaval Naik
NATIONAL ACCOUNT MANAGER, MEDIATIVE
Paul Slizys
CONTRIBUTING WRITERS
Joanne Keenan Jeffrey Reed PUBLISHED BY
What type of home?
When answering this question, be sure to take all factors into consideration
T
o each his own, as the saying goes, and when it comes to choosing what type of new home to purchase, today’s buyers have plenty of options. For some, choices are dictated primarily by budget, location or family circumstances; for others, financial freedom and where they are in life may allow them to select purely by home type. Indeed, the answer to this question varies and depends on many factors. One common mistake buyers – particularly first-timers – make is buying more home than they can handle. Experts agree making yourself housepoor is not a wise decision, and the best news is that with the variety of product available from builders today, you are sure to be able to find a new home that suits your taste and budget. It’s also important to remember that homeowners buy and sell many times over in their lifetime, so if your first or second home isn’t quite your dream home, you can always plan to move up, downsize or adjust however you need to in your homeowning future. And as our story on page 72 illustrates, Ontario builders offer excellent, award-winning homes to suit just about everyone. Get out there and explore!
Wayne Karl EDITOR
Wall2Wall Media, wayne.karl@wall2wallmedia.com Follow me on Twitter at Twitter.com/WayneKarl
Wall2Wall Media is a trademark of Yellow Pages Group Co. in Canada.
#500-401 The West Mall Etobicoke, ON M9C 5J5 T 416.626.4200 F 416.784.5867 ADVERTISING:
Call Susan Maxwell at
newhomeandcondoguide.com 416.580.1654 FAX: 416.784.9554 Toll Free: 1.877.269.8257, follow prompts, ext. 4260; e-mail: susan.maxwell@wall2wallmedia.com Office hours are Mon-Thurs. 9-5; Fri. 9-12 CIRCULATION: Free distribution. Published bi-weekly from Sept.-Nov. & from Feb.-June and monthly in June, July & Dec. TERMS: Advertisers, Editorials and New Home & Condo Guide are not responsible for typographical errors, mistakes or misprints. All prices are correct as of press time and are subject to change without notice. E. & O. E. EDITORIAL: Submissions from interested parties will be considered. Please submit to the address above, to the attention of the Editor. COPYRIGHT 2013: All
rights reserved by New Home & Condo Guide, Toronto, Ontario. Reproduction in any form is prohibited. Contents of this publication are covered by Copyright and offenders will be prosecuted under the law. The views and data expressed by columnists do not necessarily represent those of the publication. Wall2Wall Media is a trademark of Yellow Pages Group Co. in Canada. Please recycle this magazine! Wall2Wall Media participates in the Partners in Growth Reforestation Program through St. Joseph Communications. To date, Partners in Growth has planted over 2.5 million trees in parks, recreation and conservation areas, and other public spaces across Canada. Established in 1990, this program was started with Scouts Canada to help replenish the environment.
10 NEW HOME & CONDO GUIDE SWO | MAY 11 - 25, 2013
010 Editors Page_SWO-WK.indd 10
5/9/13 2:23:43 PM