Sherif Nathoo - Blog - Sherif Nathoo

Recent Blog Posts by Sherif Nathoo
Expensive housing? Not by a 20-year comparison If you had to earn a living predicting home prices and could use just one indicator to do it, which would you choose? I asked two top economists that question. Their answer was the same: housing affordability. “Affordability is a key variable. It gives you a lot of information,” says CIBC deputy chief economist Benjamin Tal. “When affordability is good, demand usually ... Posted by Sherif Nathoo on May 25, 2012		More
Drop in Toronto condo sales shows market balancing out, industry group says Toronto builders call it stability but their latest statistics show condominium sales are down 20.2% this year and now prices are falling. The Building Industry and Land Development Association says there were 7,047 high-rises purchased over the first four months of the year, down from 8,833 for the same period a year earlier. The average high-rise apartment sold for $431,800 in April, off 3.5% ... Posted by Sherif Nathoo on May 24, 2012		More
In a hot, hot housing market, what’s fair - and what’s foul? If there’s one thing that potential house buyers seem to agree on, it’s that if a homeowner lists their house for sale at a given price, and someone is willing to pay that amount or more, the seller had better get out a pen and sign the deal. In fact, many people are surprised that the seller doesn’t have a legal obligation to do so. Nothing much gets house hunters more riled ... Posted by Sherif Nathoo on May 23, 2012		More
The do’s and don’ts of a home renovation In an inflated property market, many homeowners may choose to undertake renovations rather than move in order to get more out of their home and limit any potential fall in value in the event the market turns around. But some improvements may cost more than the value they add to a property, experts say, so it’s important to consider what kind of work to have done. Here are five points to ... Posted by Sherif Nathoo on May 22, 2012		More
We opted for a buy now, pay later furniture plan Buy now and pay later deals, also known as deferred payment financing, can be used to your advantage, as long as you understand the details and read the fine print. After moving into our new home, my husband and I decided to buy new bedroom furniture. We went to Leon’s furniture store, where we bought a king-size bed and mattress set, chest of drawers, night stand, and dresser with mirror. ... Posted by Sherif Nathoo on May 18, 2012		More
5 tips for first time homebuyers When I was looking at condos and townhouses last year, I knew getting into the housing market wasn’t going to be easy – especially as a single female who wanted to buy in Vancouver. But it turns out I’m not alone. A recent RBC Home Ownership pollindicated that among Canadians who plan on buying a home within the next two years, women are more likely than men to take the ... Posted by Sherif Nathoo on May 17, 2012		More
Average home prices edge higher as sales up 11.5 per cent from year ago Home sales in April gained 0.8 per cent compared with March, boosted by strength in Toronto and Calgary, the Canadian Real Estate Association said Tuesday. On a year-over-year basis, the association said there were 49,480 homes sold in April, up 11.5 per cent from 44,370 a year ago when sales slowed following a tightening of mortgage lending rules that came into effect in March 2011. ... Posted by Sherif Nathoo on May 16, 2012		More
Why now might be a good time to sell your home For most Canadians their home is the biggest investment they'll ever make — but they might be surprised to learn you can use it for more than just sleeping. People generally don't think of their homes as a potential pile of cash in the bank, but experts say it's something worth pondering now that home prices in Canada may have hit their peak. In fact, analysts say if finance is ... Posted by Sherif Nathoo on May 15, 2012		More
Toronto vs Vancouver: Which will have the highest house prices in a decade? Toronto could see house prices hit the stratospheric levels of Vancouver’s within a decade unless ways are found to cool demand or boost the supply of single-family homes, says one of the city’s leading housing experts. Too much concern has focused on Toronto’s condo boom and fears it’s about to go bust when the bigger issue for the city is the “dramatic” ... Posted by Sherif Nathoo on May 14, 2012		More
Condo law: NDP MPP seeks to help Ontario’s condo owners Fourth time lucky. So hopes NDP MPP Rosario Marchese, long-time champion of condominium law reform, as his latest legislation cleared a major hurdle Thursday. The Trinity-Spadina MPP’s private member’s bill passed second reading in the house and now goes to a legislative committee for public hearings. Marchese believes it could it be enshrined in law before year’s ... Posted by Sherif Nathoo on May 11, 2012		More
Housing starts rise on apartment, condo gains Canadian housing starts jumped far more than expected in April, led by a surge in construction of condominiums, providing a fresh worry for policymakers already concerned that the property market could be entering bubble territory. The seasonally adjustedannualized rate of housing starts was 244,900 units, up from 214,800 units in March and smashing through expectations that there would be 202,000 ... Posted by Sherif Nathoo on May 10, 2012		More
Housing starts shoot higher on back of condo boom If Canada is on the cusp of a soft landing in housing someone forgot to tell condo builders. Housing starts shot up 14 per cent to a seasonally adjusted annual rate of 244,900 in April, Canada Mortgage and Housing Corp. reported Tuesday. That compares to 214,800 starts in March. And virtually all of the increase was due to construction of multi-unit homes in urban centres – read: condos. ... Posted by Sherif Nathoo on May 9, 2012		More
Busy builders unfazed by talk of Toronto condo bubble From his office, thechief executive officer, of real estate developer Diamondcorp looks south toward the towers of the Toronto skyline. But what Stephen Diamond sees is the extended expanse of tree tops between his office and the downtown core. The houses beneath those trees are the reason the developer is comfortable making big bets on the city’s condo market. Unlike downtown Tokyo or ... Posted by Sherif Nathoo on May 8, 2012		More
House prices: 9 reasons not to panic With the mainstream financial media now sounding a shrill alarm about the Canadian housing bubble, is it time to sell the house? Unless you're transferring to a new job, or a retiree wanting to downsize or move to more favourable climes, you're probably better off staying put rather than capitulating to the panic of articles like "Ready to be bold? Sell the house and rent." House prices may indeed ... Posted by Sherif Nathoo on May 7, 2012		More
Pot-smoking tenant may be hard to evict Several readers have asked whether you can evict a tenant who is smoking marijuana for medicinal purposes, or if you can refuse to rent to someone who tells you that they have a license to grow marijuana for medicinal purposes. A few B.C. court cases in B.C. shed some light on the issue. The short answer is that it depends. Bill Spelcham owned a condo which he rented to Ryan Buchanan who had a license ... Posted by Sherif Nathoo on May 5, 2012		More
Why you should beef up that down payment fund first A few years ago you could get yourself a CMHC-insured mortgage with no down payment or a 40 year amortization. But if you go back a few decades, the norm was to put 20 per cent down with a 25-year amortization. And when you factor in today’s ultra-low interest rate environment, you’ve got two major reasons as to why houses are so expensive. Credit is easy and plentiful. For the same ... Posted by Sherif Nathoo on May 4, 2012		More
Renovating: Historic Barrie home restored and converted into an eightplex BARRIE—Mark Porter points to an east-facing basement wall of a huge Second Empire home the locals call a castle. “I think the tunnel entry has been dry-walled in,” he says with excitement, “or maybe it’s through the floor. But I’d love to find the tunnels.” Maybe, he muses, he’ll find them during excavation for the six-bay garage he plans to build. ... Posted by Sherif Nathoo on May 3, 2012		More
Why becoming a landlord can pay off When I started my first permanent job as a journalist in 2004, I made the best financial decision of my life — I invested in two rental properties with my brother. While many of our friends were living in chic condominiums, we were chasing tenants for rent and fixing leaky pipes. We made mistakes that cost us time and money, but years later we're financially ahead. Our first investment ... Posted by Sherif Nathoo on May 2, 2012		More
Red hot real estate market helped with city budget surplus Toronto's red hot real estate market, city staff attrition and high-performing investments have all added up to a budget surplus that's almost double what Toronto City Council was led to expect when it set the city's 2012 operating and capital budget. In total, Toronto's surplus sits at $292 million, according to a report to the city's budget committee next week. In January, council approved a budget ... Posted by Sherif Nathoo on May 2, 2012		More
Pros and cons of a mortgage broker When Chris Vale and his wife Keli Hines bought a home in Oshawa, they arranged a mortgage through an in-house firm their real estate agent’s company had. “We were told, ‘Here’s the rate and here’s what you pay,’ ” Vale recalls of the transaction, which took place several years ago. Then Vale met mortgage broker Marshall Spencer and got to learn what ... Posted by Sherif Nathoo on May 1, 2012		More
Are foreign investors driving up Canada’s housing prices? As debate heats up about the degree to which Toronto and Vancouver’s housing markets are overheated, there is a lot of talk about the role that foreign investment money is playing. And it’s a bit frightening to realize that not even the government knows the answer. During a discussion with the Globe and Mail’s editorial board, Finance Minister Jim Flaherty acknowledged that ... Posted by Sherif Nathoo on April 30, 2012		More
Buying a vacation home: 10 things to know Buying a vacation property is one of the most rewarding things you can do. But it can also be a complex and stressful experience with pitfalls that are different from those you encounter when you buy a house. Here are 10 things you need to know: 1. Why do I want it? Buying a vacation home isn’t always about just about a place to retire or relax. It can also be an investment which generates ... Posted by Sherif Nathoo on April 30, 2012		More
Home price rise in Canada may be topping out OTTAWA — Price increases in Canada’s booming housing market may be topping out, according to the latest survey by the country’s largest real estate organization. The Canadian Real Estate Association says the survey of five major housing markets showed prices continued to rise in February. However, the 5.1 per cent year-over-year increase in February was the smallest since June ... Posted by Sherif Nathoo on April 27, 2012		More
Should You Pay Off Your Mortgage Early? Should you pay off your mortgage early? I received two questions about this last week and it’s one that many people wonder about, whether they’re thinking of making extra payments each month or paying it off all at once with a lump sum payment. After all, who doesn’t look forward to the day when they don’t have to write that big check to the mortgage company every month? On ... Posted by Sherif Nathoo on April 27, 2012		More
Buyer beware: Cracks in walls may be signs of repair ahead There is an old superstition that if you step on a crack in the pavement, you will break your mother’s back. When it comes to houses, if you see or step on a crack, ask questions, because it can be a sign of costly repairs to come. In early February, 2008, Ronald and Kathleen Jacob agreed to buy a house on 122 St. in Edmonton from Kenneth and Renee Pool. The house was 90 years old and the offer ... Posted by Sherif Nathoo on April 24, 2012		More

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