Gross Debt Service Ratio

Housing costs versus gross income: Typically, your monthly housing expense, including monthly payments for taxes and insurance, should not exceed about 28 percent of your gross monthly income. This can be expressed in the formula below:

HC < or = I x .28

where:

I = gross monthly Income

HC = monthly Housing Cost including tax and insurance

If you don't know what your tax and insurance expense will be, you can estimate that about 15 percent of your payment will go toward this expense. The remainder can be used for principal and interest repayment.

Housing and debt costs versus gross income: This is sometimes referred to as Gross Debt Service Ratio or GDSR. In addition to having housing costs be no more than a certain percent of your gross income, your proposed monthly housing expense and your total monthly debt service combined cannot exceed about 36 percent of your gross monthly income. If it does, your application may exceed the lender's underwriting guidelines and your loan may not be approved. This can be expressed in the formula below:

HC + D < or = I x .36

where:

I = gross monthly Income

HC = monthly Housing Cost including tax and insurance

D = gross monthly Debt

Example Calculations

The percentage amounts used below are given for example only.Note that actual percentage amounts will depend on several factors such as a FICO score as well as each lenders suggested GDSR for the type of mortgage.

Calculating maximum monthly allowable housing cost: for a monthly income I = $4000, housing costs should not exceed $1120

I x .28 > or = HC

$4000 x .28 = $1120

Calculating maximum monthly allowable housing and debt load: for a monthly income = $4000, monthly housing costs + monthly debt load should not exceed $1440

I x .36 > or = HC + D

$4000 x .36 = $1440

Calculating maximum monthly allowable housing cost based on income and debt load: for a monthly income = $4000 and a monthly debt of $400, monthly housing costs should not exceed $1040

In the example above, we calculated above that the maximum monthly housing and debt load should not exceed $1440

now we subtract the known monthly debt

$1440- $400 = $1040

This is how much Housing Cost (Tax + Mortgage + Maintenance + Insurance + Hydro) you can afford per month.

101 Erskine ( Yonge & Eglington)

Tridel now introduces 101 Erskine. This smartly tailored 32 storey glass condo residence with a contrasting tonal profile Views is strategically tucked away, mere steps from the energy of midtown Yonge and Eglinton in Toronto. Yet this venerable neighbourhood is also just moments from the subway, prestigious shops and superb dining.


9' Ceilings
Parking $45000


Deposit Structure
5% due on signing
5% due 90 days
5% due 180 days
5% due 270 days


Tentative occupancy - Summer 2015


Studio starts at $254 000
1 Bedroom at $289 000
2 Bedrooms at $477 000


Contact me for price list and floor plans. 

New Mortgage Rules from Government of Canada

The Government of Canada announced today that it was tightening mortgage insurance rules

for the fourth time in four years. In total, four new measures were announced for new government-backed

insured mortgages.

1.       The maximum amortization period was lowered from 30 years to 25 years.

2.       The maximum amount that Canadians can borrow when refinancing their homes was lowered to 80% from 85% of the value of their homes.

3.       Households are now being constrained to a maximum gross debt service ratio and maximum total debt service ratios of 39% and 44%, respectively.

4.       Government-backed insured mortgages will now be only available on homes with a purchase price of less than $1 million.

These new rules will take effect on July 9, 2012.

Uptown Markham RiverWalk East (Warden & Hwy 7)

River Walk East - Uptown Markham 

"River Walk” is phase 2 of Uptown Markham, a unique residential community at Hwy 7 & Warden featuring mid and

high rise condos set in the Rouge River Valley. It will be surrounded by almost 50 acres of natural and landscaped

parkland, bike trails and of course the river.  River Walk will have quick access to Highway 7, which is currently being

re-developed into a European style Boulevard with tree-lined Esplanades and pedestrian sidewalks.  

Uptown Markham programs to have ready, prior to completion of the 1st residential phase, a great European style

Commercial Plaza comprising of 120,000 square feet of shops, services, supermarkets and other retail facilities,

as well as endless resort style amenities to promote a balanced lifestyle.

You can take advantage of a spacious pool, his and hers sauna, a state of- the- art exercise facility,

a party room, a yoga/tai chi room, an indoor/outdoor 

Toddlers Play Centre and a library /study centre.

Available suite prices start at $236,000. 

80% of suites are 1B and 1B+ and 20% are 2B from about 500 to 1,000 sf. 

Contact me for Price list and floor plans

FAD Condo ( Richmond & Spadina)

Introducing FAD Condos, located at 170 Spadina Ave. Presented by Tri-win International, FAD will be a contemporary tower that will add some cool yet respectful architecture to the corner of Spadina and Queen Street West. Designed by Wallman Architects, FAD Condos will do something we love: take a small pocket of underused land and transform it into something of which the city can be proud.
FAD, named after the Fashion District in which it is located, will rise 19 storeys on what was once a low-rise commercial building. The project will include 210 units, with just 44 parking spots in an underground garage. The big question right away is, “Why only 44 parking spots?”, but based on the demographics of condo purchasers in the downtown core, limited parking isn’t that surprising, especially when the residence sits on two major transit lines (like FAD).


Contact me for price list and floor plans. 

Keys to Selling your Home

Keys to Selling Your Home

1. Price your home aggressively. When mortgage rates are low and buyers are chasing too few houses for sale, sellers can ask high prices and get them. Even when houses are overpriced for the market, sellers are likely to receive some offers, as buyers are often desperate to find a home that meets their needs. When things are slow, pricing is absolutely critical. But instead of pricing your home aggressively high, you should consider pricing your home no higher than the middle of the range for homes comparable to yours. And if you need to sell your home quickly, you should consider pricing your home among in the bottom 25 percent of comparable homes. Why? With few buyers chasing many homes, you need to quickly get the attention of those who are serious about buying, If your home is priced too high, you many never get buyers to even consider looking at your home.
2. Curb appeal. After pricing, nothing will bring more potential buyers into your home than a house with outstanding curb appeal. Take a walk down your street with a critical eye. How does your home stack up from the outside? If it doesn’t stand out from the rest then it’s time to get to work.
3. Consider home staging. The quickest way to add home value to a home for sale is a fresh coat of paint. But after you do that, you may want to consider home staging. Either do it yourself or hire an outside firm to do so. A home staging professional will come in and take away some furnishings and rearrange others to make your home show better. When home sales were going gangbusters this was a technique used mostly by those selling high-end homes. When things get slow and homeowners need to sell, more people find home staging professionals to help them prepare their home to make it more appealing to prospective buyers.
4. Fix stuff. The loose railing. The broken pane of glass. The closet door off of its track. The leaky faucet. They all need fixing. If you don’t have the time or skill, find a handyman to go through your home and make repairs. Also, consider replacing the old roof that looks like it might leak, the antique furnace, and the stained rug. When there are few homes on the market, sellers sometimes offer cash at closing to repair the roof or for the stained rug. With so many homes on the market, buyers can afford to only bid on those that are in move-in condition. Fix what needs repair before listing your house.
5. Offer flexible terms. Flexibility is the key now. You’d like to close in two months, but the buyers might be in a hurry and need to close sooner. Find a way to make it happen. You were planning to take the appliances to your new home, but the buyers make a bid near the asking price – including the appliances. Leave the washer and dryer behind (and then go find a store that offers no payments on appliance purchases for a year). And for those items that have deep sentimental value, make sure they are removed prior to any showings. Competition between home sellers is high – you don’t want to lose the only buyer who has looked at your home in a month.

E Condo ( Yonge & Eglington)

Here are some highlights on the E condo:

 

There will be two towers;

South tower - Address will be 8 Eglinton Avenue East, 64 storey, may go up to 66 storey,12 per floor,

North tower - 15 Roehampton Avenue, it will be 38 storey, may increase to 40, 9 Suites per floor.

 

North tower and south tower WILL NOT block each other.

 

Both tower - direct access to Subway; 9 foot ceiling

capped levy $5000 for one bedroom or under; $7000 for two bedroom or larger;

 

Assignment fee: $5000;

HST Included.

 

Deposit structure: total 25% over Two Years

$10,000 on signing;

balance of 5% due on 30 days;

5% due on 90 days;

5% due on 270 days;

5% due on 540 days;

5% due on 720 days.

 

Price roughly at $630-675PSF; VIP Price will be released on Monday June 4, signing on June 6 and 7.

 

Due to the design and size, there will be lots of units around $300,000 range.

 

Parking - only available to units larger than 739SF;

 

For North Tower 6-12 floor, there will be 9 units, with 4 units of one bedroom, one suite of One bedroom + Den, Four Suites of 2 bedrooms.

For North Tower above 12th floor, there will be 5 units only.

 

All suites have  9 feet ceiling, both towers have its own separate facilities;

Swimming pool will be at 31 floor at both tower, can see through the outside

Contact me for floor plans and price list

How to Set a List Price for Your Home?

How to Set a List Price for Your Home?

Setting the list price for your home involves evaluating various market conditions and financial factors. During this phase of the home selling process, your REALTOR^® will help you set your list price based on:

• pricing considerations
• comparable sales
• market conditions
• estimated net proceeds

Pricing Considerations – Find a Balance Between Too High and Too Low

When setting a list price for your home, you should be aware of a buyer’s frame of mind. Consider the following pricing factors:

If you set the price too high, your house won’t be picked for viewing, even though it may be much nicer than other homes on the street. You may have told your REALTOR^® to "Bring me any offer. Frankly, I’d take less." But compared to other houses for sale, your home simply looks too expensive to be considered.

If you price too low, you'll short-change yourself. Your house will sell promptly, yes, but you may make less on the sale than if you had set a higher price and waited for a buyer who was willing to pay it.

Price Against Comparable Sales in Your Neighborhood

No matter how attractive and polished your house, buyers will be comparing its price with everything else on the market.

Xpression Condos in Richmond Hill (Yonge & 16)

Xpression Condos on Yonge

Launching in Richmond Hill, on Yonge St just north of 16^th Ave., is the highly anticipated

Xpression Condos by Zancor Homes! 

This great new development will be conveniently located across from the Hillcrest Mall,

in an area where you can find variety types of restaurants and shops. 

Xpression condos will be 21 storeys high with 450 units in total. 

Amenities for residents include: rooftop patio, swimming pool, fitness studio, and much more!

Prices start from the $200’s. One parking included

Tentative Occupancy - June 2015

Contact me for price list and floor plans. 

Special Deposit Structure  

PLUS Cap Closing Costs, Development Charges and Levies $5,000 on all suites

PLUS Option to Assign for $2,000  

PLUS FREE Storage Unit (Till June 14, 2012)

Click below for feature and finishes

Waterways Condos By The Conservatory Group (2163 Lake Shore Blvd W)

Limited Time Exclusive Conservatory Club Purchase Incentive:

$5000 off all One Bedroom  Suites

$7500 off all One Bedroom plus Den Suites

$15,000 off all Two Bedroom Suites

 

$5000 on signing pf Purchase Agreement

Balance to 5% in 30 days

5% in 180 days

5% in 365 days

5% on Occupancy

Includes one parking and one locker

Tentative Occupancy - June 30, 2016

Email kevinyip@realtyagent.com for price list and floor plans

Click below for Features and finishes

How REALTORS® Can Help You Market Your Home

How REALTORS^® Can Help You Market Your Home

Selling can entail a variety of marketing strategies. REALTORS^® can assist in marketing your home to potential buyers in several ways:

Preparation: Before being placed on the market, homes must be in "show" condition. REALTORS^® can explain what repairs and upgrades are required and that are most likely to produce the best results and give the best return on investment.

Pricing: REALTORS^® do more than price homes for sale, they also construct sale terms designed to hasten the selling process. It may be, for example, that a home priced at $150,000 with a 2 percent off to the buyer for a quick closing. Or at full price with 90 days closing. In some cases, Buyers need more time on closing becuase they have to sell their homes.  

Marketing: REALTORS^® will execute strategies and programs to get the home sold. Typically this includes placement on the local MLS and real estate Web sites, as well as related marketing, advertising and networking. Open houses, office tours, agent access to the home via the use of a lock box and networking with local agents are also common.

Much of an agent’s work will be quiet and unseen - yet important. The telephone calls, the work with contacts, the follow-ups with open-house visitors, conversations with ad respondents, the Web postings and other outreach efforts are all part of the process required to sell homes.

Allure Residence Luxury Home in Aurora (Bloomington & Yonge St)

Allure Residence Luxury Masions in Aurora at the north east corner of  Bloomington & Yonge St.

60 + feet lots private residence surrounded by wood lots and open space. Only 21 lots.
Lots of standard features comes with high end appliances package. It's a must see.
See below for price list. (from 2 million to 3.5 million)
Contact me for price list, floor plans and to see the model home.
Bonus - get a 10k electronics package if purchase made through me

TAO Condo - Richmond Hill (Bayview & Hwy 7)

Designed by Toronto-based architects Graziani and Corraza, the project will rise seven storeys and contain 170 units. Units range from 500-square-foot one-bedrooms to 1800-square-foot two-storey suites, as well as 1250-square-foot three bedrooms. Amenities will include a gym, party room, private dining room, entertainment centre and pet spa, as well as extensive landscaped gardens taking advantage of TAO's location on the edge of German Mills Creek, a tributary of the Don River that bisects Richmond Hill, Markham and Toronto.

DEVELOPMENT NAMETao Condos on Bayview

DEVELOPER(S)SigNature Communities

PROJECT TYPECondominium

ADDRESSBayview Ave & High Tech Rd

NEIGHBOURHOOD/CITYRichmond Hill

STATE/PROVINCEOntario

POSTAL CODEL4B 4M2

PROJECT WEBSITEwww.taocondos.ca

SALES CENTRE PHONE #905-597-2535

CONSTRUCTION STATUSPreconstruction

SELLING STATUSRegistration Phase

TOTAL NUMBER OF UNITS170 units

NUMBER OF STOREYS7 storeys

UNIT SIZESFrom 500 to 1800 Square Feet

CEILING HEIGHTS10'0"

ARCHITECT(S)Graziani & Corazza Architects
Click below for Price list and feature sheet

Contact me for floor plans.

Eau Du Soleil (Lakeshore & Park Lawn)

One of Canada’s TALLEST and MOST ICONIC Waterfront Condominium Communities. AWE Inspiring Design, Phenomenal Views and Unparalleled Destination of the next generation Waterfront Living in TORONTO!
Located at 2183 Lakeshore Road West

Contact me for price list and floor plans.

Features and Finishes
Tower A, Sky Tower
Building Amenities Arrival Porte Cochere Gracious Lobby with double-sided fireplace and seating area 24-hour Concierge Guest Suites for visiting family and friends Superintendent Suite Wi-fi enabled amenity areas Pet Wash area Car Wash area
Health and Wellness Indoor salt-water pool with whirlpool Men’s and women’s change rooms with showers and dry saunas Professionally equipped exercise room with weight training and cardio areas Cross Fit Training Zone Yoga & Pilates studio equipped with mats and stability balls Spin Room equipped with bikes Mixed Martial Arts Room Relaxing Lounge area Treatment Rooms Kids Play Area Outdoor Terrace with seating area
Entertainment Area Party Room complete with kitchen, wet bar and lounge area Private Dining Rooms complete with kitchens Billiards / Games Room equipped with card tables and pool table Meeting Room Theatre Rooms Outdoor landscaped Terrace complete with BBQ’s, fire pit, cabanas and seating areas Outdoor Bar area
Suite Features Private balcony, terrace or patio as per plan* 9’ ceilings on all floors (10’ ceilings on 60th floor and up) Secure, solid core suite entry door with dead-bolt and guest viewer Stylish white interior doors with modern hardware (contemporary sliders where applicable) Mirrored sliding doors on foyer entrance closet as per plan* Plank laminate engineered flooring in living room, dining room, kitchen, bedrooms, den, foyer and hallways as per plan Choice of glazed porcelain or ceramic tiles for bathrooms White ceramic floor tile for laundry room Walk-in closets as per plan* Vinyl-coated wire closet shelving as per plan* Front-load stacked washer and dryer in white Cultured marble window sills where applicable Walls painted with white latex paint; semi-gloss white in bathrooms and all trim work Individual climate control centralized air conditioning and heating Separately metered suites for personal control of suite hydro, water and heating & cooling consumption
Kitchens Stainless steel appliance package including slide-in stove, fridge, dishwasher, hood fan and microwave Custom-designed contemporary kitchen cabinets Polished granite countertop Glass tile backsplash Stainless steel kitchen sink with single lever pull-out faucet
Bathrooms One-piece custom-designed cultured marble integrated sink with single lever faucet Designer vanity mirror including light fixture Soaker tub as per plan* Framed glass shower enclosure as per plan* Pressure balanced valves for tub & shower Choice of ceramic or glazed porcelain tile for floor, tub and shower enclosures Rain shower heads Privacy locks on all bathroom doors Exhaust fans vented to the outside
Electrical & Communications Phone and data cable wired in all suites Conveniently located phone outlets in kitchen, living room, bedrooms, and den as per plan Light fixtures in foyer, halls, kitchen, den and walk-in closets Capped ceiling outlet in bedrooms White “Decora” style switches and receptacles throughout
Building Security, Safety & Sprinklers Personally-encoded security system, with keypad and door contacts Heat/smoke and carbon monoxide detectors connected to building alarm as required by code Entrances, exits, elevators and selected exterior areas monitored by closed circuit television system Key fob allows effortless access at selected secure building entrance points Main garage doors operated by key fob or transmitter Main front entrance cameras allow you to view your visitors on a special channel on your own TV Underground parking with security cameras in the garage area along with parabolic mirrors for greater visibility of pedestrians and vehicles Well lit underground garage and exit stairwells painted white Garage is ventilated and protected by a fire sprinkler system for added safety and protection Heated parking ramp for added vehicle traction

Canary District Condos (Front & Cherry)

Canary District Condos is a new condo project by Waterfront Toronto and Dundee Kilmer Developments Limited currently in preconstruction at Front St E & Cherry St in Toronto. Available condos start in the low $200,000′s.
Introducing Canary district. Anchored at Front and Cherry streets, Canary district will evolve into Toronto’s largest urban village with thousands of new condominiums, the 18-acre don river Park, retail, dining, sports, art and culture. Designed by an international, star-studded team of architects as an eco-friendly leed gold destination, Canary district will catch the eyes of the world as it transitions from a home for athletes participating in the 2015 Pan/Parapan american games into a celebration of life and nature, family and community.

9 Ft. lofty ceiling

11 storey with 369 units

Deposit structure

$3000 on signing, balance of 5% in 30 days

5% in 90 days

5% in 360 days

5% on Oct 15, 2015

Occupancy March 2016

Parking $35000

Locker $3500

Contact me for floor plan and price list