What is rent-to-own?

February 22nd, 2012

Rent To Own is for the home buyer who has credit problems and/or a small down payment. We will find an investor for the subject property who will purchase the home and lease it to you for a set term. A portion of the lease payments made during this term will be used for the down payment at the end of the term. Also during the term it is assumed that the client will be building up their credit score. Now once the lease term is completed, the client will have accumulated a down payment and strengthened their credit score. At this point they have the option and capability to get a mortgage and purchase the home from the investor at a pre-determined price. This financing structure is very similar to leasing an automobile.

Pretty simple and easy to understand! For more information, visit http://firsttorontomortgage.com.

Second-Best Year on Record for Sales According To TREB

February 7th, 2012

Second-Best Year on Record for Sales

Toronto, January 5, 2012 — Greater Toronto REALTORS® reported 4,718 transactions through the TorontoMLS® system in December 2011. The December result capped off the second-best year on record under the current Toronto Real Estate Board (TREB) boundaries. Total sales for 2011 amounted to 89,347 – up four per cent in comparison to 2010.

“Low borrowing costs kept Buyers confident in their ability to comfortably cover their mortgage payments along with other major housing costs,” said TREB President Richard Silver. “If Buyers had not been constrained by a shortage of listings over the past 12 months, we would have been flirting with a new sales record in the Greater Toronto Area,” added Silver.

The average selling price in December was $451,436 – up four per cent compared to December 2010. For all of 2011, the average selling price was $465,412, an increase of eight per cent in comparison to the average of $431,276 in 2010.

“Months of inventory remained below the pre-recession norm in 2011. Very tight market conditions meant substantial competition between Buyers and strong upward pressure on selling prices,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

“TREB’s baseline forecast for 2012 is for an average price of $485,000, representing a more moderate four per cent annual rate of price growth. This baseline view is subject to a heightened degree of risk given the uncertain global economic outlook,” continued Mercer.

Posted by Kevin Somnauth via TREB