For years, condo life was seen as the pinnacle of big city living for the young, hip set. Steps from amenities, right by downtown, easy to reach, and every night and day’s a party.

Even today, the city is plastered with posters selling promises of condo life, but more and more people are opting to skip the condo experience, with many of today’s condo owners and renters moving on to other housing choices, like renting in the suburbs where the prices are lower.

Has YOUR Condo Bubble Burst?

Originally, condos encouraged low-income Canadians to buy homes rather than renting, but in the past few years, people are more interested in living downtown for work, better opportunities and being able to say they live downtown. The increasing number of seniors and lower rates of marriages and births are fuelling demand for smaller and more affordable homes. However, as time has passed, the luster has begun to fade for many.

“I would say buyers in their 20s probably won’t live in that condo for five years,” David Fleming, a Realtor with Bosley Real Estate and writer of the Toronto Realty Blog, said.

“They’re going to either outgrow it, or find a mate and want a bigger, better or different place.”

You’re No Longer Single

Another issue, and one often overlooked, is the demographics that condos are attracting. Developers are focused on condos with one-bedroom units, which attract two specific demographics: first-time buyers moving out of their parents’ place and the older generation who are downsizing from larger homes. Statistics Canada reported in 2011, that the majority of condo owners are below 35 and older than 65.

The two generations often end up sharing a floor, which understandably leads to clashes between the two generations. As a result of these issues, and many more besides, more and more people are simply renting or otherwise avoiding the world of condos, and taking greater care of themselves and their bank account once the glamor of downtown living has worn off.

Tired of Living in Toronto?

Toronto has definitely lost its groove. Its no longer the jewel it used to be. As such, now is the perfect time to leave Toronto. One of the best places to live outside of Toronto is Alliston.

If you’re ready to move, we at Previn Court  build a home for you. With over 35 years of experience, we have built homes for over a thousand families, including detached, townhome, and unique attached single units, and we can help you find the perfect home for you.

Take a tour of our incredible models, or contact us today for more to let us know your needs in terms of bathrooms, bedrooms and budget.

According to 84% of people surveyed by Angus Reid, “it is unrealistic for young people to expect to own a house and a yard in the GTA.”

45% of those surveyed admitted to being forced to shop outside the GTA due to the high cost of owning property and living in the city.

In hot markets like Toronto and Vancouver, high flying prices and low amounts of properties are forcing prospective homeowners to take desperate measures, including turning to craigslist, leafleting, posting flyers and even knocking on doors in search of properties for sale.

Desperate Times

Kate Whyte, of Vancouver, described her time knocking on doors: “I had a lot of elderly people tell me I was crazy… I had a lot of people say they totally understood. I had a lot of people say they had done the same thing.”

Real estate agents are similarly being forced to take an active role in searching for clients. Ryan Thompson, an agent with Royal LePage Burloak Real Estate in Toronto, blindly sends letters asking if homeowners are interested in selling and has even begun cold-calling homeowners to see if they’re interested in selling. Before, they would only have done this for difficult clients, but now it’s a weekly event.

Expensive and Unliveable

Recently, a home with holes in the roof, where agents advised potential buyers to bring a flashlight, sold for more than one million dollars. It is believed to have been bought primarily for the location: “steps from the lake in one direction and seconds to the shops and restaurants in the other.” That’s a prime location, even if the house in question is “uninhabitable.” Houses can be torn down and rebuilt.

According to TREB, prices will continue to go up until the number of listings begin to match or exceed the number of sales. Until this happens, expect to hear more stories like these.

It’s impossible to predict when this bubble will (preferably) deflate or even burst, but the Bank of Canada already considers investing in the housing market to be a financial risk. While the Bank of Canada wants to boost the country’s sluggish growth, cheaper money could lead to an even more frenzied housing market in two of the country’s biggest cities.

Realosophy Real Estate president John Pasalis believes that the market may calm down a bit when construction slows, but added “I think (prices are) going to continue where they have been going.”

Ready to Move out of Toronto?

As Toronto continues to grow, the cost of buying a home also increases. Its becoming increasingly difficult to buy a home in Toronto because of the high costs involved. As such, many people are now considering moving outside of Toronto in search of affordable homes. That is where we at At Previn Court Homes can help.

Since our inception over 40 years ago, we have constructed in excess of 1500 homes in Canada, and in the process made the dreams of 1500 families come true. Take a tour of our incredible models, or contact us today for more to let us know your needs in terms of bathrooms, bedrooms and budget.

We all know and have probably experienced the “phantom bid.” “I know you need to think about it, but I’ve already got a lot of interest from different people.” “You really should buy now, it probably won’t be here next week.” Even though it can be easy to spot the scam artists, proving it’s a scam was a different story. Until now.

Under new Ontario legislation, it is illegal to imply any kind of offer has been made, unless the offer is in writing and is signed. No offer is valid until it is signed, regardless of individual circumstances. Agents will also be required to keep record of every offer on file for 12 months, so that any customers who suspect they were duped can make sure one way or another.

New Laws for the “Phantom Bid”

The Real Estate Council of Ontario (RECO) have been tasked with enforcing these new rules and protecting customers from unscrupulous real estate agents. Prior to this, they did receive complaints about phantom bids, but very few: “We don’t believe that it’s a rampant practice. But if it happens, it’s very serious and we would take it very seriously,” according to Joseph Richer, RECO registrar.

The current chaos in the Toronto housing market is being credited with creating the surplus of phantom bids by using the surplus of buyers and dearth of properties on the market to cover their tracks. Under this new legislation, anyone caught can be fined up to $50,000 or face two years in jail. On the other hand, they could simply face a disciplinary committee, who can order them into educational courses or fine them $25000. These are very harsh punishments for an agent to potentially face.

Protecting Home Buyers

President and chief executive of Royal LePage, Phil Soper, believes other provinces will introduce similar laws. “What tends to happen is that one province will put something in place . . . and it’ll spread to other provinces,” said Soper. “The regulators in the provinces tend to keep in pretty tight step with each other in terms of how legislation is developing.” Despite this, officials across the other provinces have been quick to point out that they haven’t received that many complaints, and do not believe that their real estate agencies are in need of tighter regulations.

So far, the pre-existing legislative tools have proven sufficient to police the world of real estate in other provinces, and there is no sign of further interference from provincial governments.

Looking for a New Home?

At Previn Court Homes, we know that home buyers are looking for a residence that will make them feel both physically and financially comfortable.  Learn more about our beautiful affordable new homes to buy, or contact us to register for priority updates and special offers, and find the perfect home for your budget.

Parents looking for the best environment in which to raise a child have to weigh the pros and cons of buying a home versus purchasing a condo.

A variety of factors come into play, such as cost, convenience, market conditions and availability, but for most parents, the most crucial variables involves finding the best place to raise and develop their child. One of the biggest advantages of purchasing a home revolves around the benefits of having a yard for your children.

Healthy Development

An important part of a child’s growth takes place during the time they spend playing outdoors, discovering the natural world that surrounds them. Providing your family with a yard is one of the safest ways of facilitating this sort of growth, in particular when your kid is young.

Large yards that feature trees, bushes and vegetation introduce your child to the natural world. In fact, studies show that children who play in the dirt enjoy a variety of developmental boosts, including a stronger immune system, improved mood and a reduction in obesity, depression and disorders like ADD and ADHD.

Children who grow up in condos tend to be surrounded by a landscape dominated by concrete and glass. This can make it difficult as a parent to expose your children to nature, especially when living in a downtown metropolis.

Leaving a Legacy

When you purchase a house that includes a yard, especially a large space with plenty of greenery, the value of your investment is much more stable than if you purchased a condo. A survey conducted by the National Association of Landscape Professionals revealed that home buyers possess an overwhelming demand for green space when they consider the purchase of a domestic property.

Nine out of ten respondents revealed a preference for abodes adjacent to grass, plants, trees and other features of natural landscapes. In terms of the importance of living close to green space, 91% of respondents answered that it’s important to live close to natural spaces, while 60% believe that it’s very important to do so.

Condos simply cannot meet this demand. While there are other factors that are important when it comes to the value of real estate, the fact that home buyers seek to have some sort of connection with nature results in reduced perception of the value of condos.

Previn Court Homes have a portfolio of real estate that offer fantastic yards, green spaces and investment value. Contact us to learn more about terrific houses that match the needs of your family.

Buy Your Family a Home in Alliston

If you have a big family, you should definitely buy a home with a yard as opposed to buying a condo. If you’re an Alliston resident, we at Previn Court can build one for you. We know that home buyers are looking for a residence that will make them feel both physically and financially comfortable.  Learn more about our beautiful affordable new homes to buy, or contact us to register for priority updates and special offers, and find the perfect home for your budget.

There’s a certain peace of mind that real estate buyers enjoy when they purchase a newly built home. The uncertainty involved in buying an older construction revolves around how the prior owners treated the house.

Occasionally, previous occupants try to hide shoddy construction or previous problems with the home by falsifying records or performing slapdash renos. Even a good inspector misses a well-obscured flaw, which results in you having to invest in more time and money to fix it yourself.

Guaranteed Quality

Purchasing a newly built home greatly increases the likelihood that you will be fully satisfied with the quality of your home. The use of new material results in better durability and more efficient use of energy, particularly during the summer and winter seasons.

The quality of hardware and technology installed in new homes also tend to be superior compared to older builds. Stainless steel kitchen appliances, and wireless built-in speakers provide examples of modern amenities that provide solid functionality while improving the look of the home.

Flexible Customization

Builders work with home buyers to implement interior and exterior designs that match the needs of you and your family. Prior to completion, you’re able to plan all aspects of the final product, including floor plan, materials, appliances, paint color and a wide range of other details and home accessories.

If you don’t want to deal with the hassle of arranging every single aspect of a new home, builders also offer a wide variety of pre-set plans that take care of all the necessary details.

You Know What You’re Getting Into

The majority of new home constructions are undertaken by builders with a solid track record of success. Unlike smaller outfits, experienced builders are more likely to have an extensive network of contractors and suppliers who help create better builds.

The knowledge that you won’t have to perform any significant repairs or heavy duty maintenance on the home for a long time is another attractive aspect of purchasing a new home. Modern materials and design also reduce the amount of work required to take care of your home.

New homes often have warranties attached to them, so in the rare case that something is wrong with the build, the seller is responsible for making sure that everything is fixed according to expectations.

A recent survey showed that 41% of real estate buyers prefer newly built homes, which shows that many people prefer to avoid the risk of moving into an existing development. Contact a professional, experienced builder such as Previn Court to learn more about how new build neighbourhoods cater to your lifestyle.

Are You Interested in Buying a New Home in Alliston?

Finding the right home for your wants and needs can be very challenging, especially when there are lots of unknowns such as whether an appliance will break down or if the electrical will need to be replaced. At Previn Court Homes, we recognize the peace of mind that a newly built home provides, and our friendly staff takes the time to introduce you to all of the features of our quality residences.

With over a thousand homes built over the last few decades, and plans to build thousands more, we know how to create houses that families call home, and we invite you to explore our models.  Contact us to learn more about our homes, or register for priority updates and special offers, and let us help you find your dream home.

House hunting is a daunting task, and most of the homes you’ll come across won’t be what you’re looking for. Besides knowing what you don’t want in a house, there are a number of mistakes you could be making during your search for a new home, which could either make your process longer, or result in you purchasing a home with which you’re not happy.

If you want to get through the house hunting experience smoothly, and end up with a home instead of just a new house, try and avoid the mistakes we identify below.

1.  Doing It on Your Own

Realtors exist for a reason.  It isn’t that you’re not qualified (you’re probably not), it’s that you don’t have back-up. Besides the fact that it isn’t safe to wander into a random house for sale, the seller can pressure you into an unfair deal.  Your realtor can look into the value and check the place out for you and the representation won’t allow the seller to take advantage of you.

2.  Rushing Through the Viewing

When you’re visiting a prospective home, don’t let anything hold you back from scrutinizing every nook and cranny.  Your realtor won’t care, it’s their job to find you a right fit.

It’s too easy to miss glaring damage, deceptive storage space or entire rooms.  Don’t stop on account of the sellers – they were warned you were coming.

3.  Expensive Tastes

If you’ve fallen head over heels for the place you’re checking out and the price is slightly outside of your budget, don’t fool yourself into thinking it’s only a bit more than you were prepared to pay.

The reason why you should be disciplined and stick to your budget is a little thing called interest.  Whatever the amount outside of your price range, you will have to pay interest on it and it’ll be stretched over time.  This can really hurt your wallet and you’re better off stashing the money in an emergency fund.

4.  Getting a Fixer Upper

Don’t overestimate your construction skills because you watch a lot of home reno TV shows.  Unless you’re a contractor, odds are you’re going to severely underestimate how expensive it will be to flip your shabby looking home.

5.  The Terrible Trio:  LAM

Lead, asbestos and mold.  They’re all deadly and we’re afraid of them for good reason.  The thing is, unless your house was built yesterday, it’s going to have some of these elements somewhere, and being too skittish around any of these could mean missing out on the right home.

Sellers and realtors are by law required to disclose the presence of any of these.  Lead paint is only dangerous if peeling or at a junction and asbestos can be easily removed.  The cost of removal can usually be deducted, too.

Looking for a Brand New Home with No Surprises?

Finding the right home for your wants and needs can be very challenging, especially when there are lots of unknowns such as whether an appliance will break down or if the electrical will need to be replaced.  At Previn Court Homes, we recognize the peace of mind that a newly built home provides, and our friendly staff takes the time to introduce you to all of the features of our quality residences.

With over a thousand homes built over the last few decades, and plans to build thousands more, we know how to create houses that families call home, and we invite you to explore our models.  Contact us to learn more about our homes, or register for priority updates and special offers, and let us help you find your dream home.

Handling money is an artform.  Many people live paycheck to paycheck, while others save sporadically, but when you’re looking for a new home, a real commitment and discipline is required.  It involves a word many fear for good reason:  budgeting.

If you’re beginning the process of home buying, it doesn’t need to strike fear in your heart.  Quite the opposite:  all it requires is a little planning.  Whether you’re already looking at new homes or just thinking ahead, here are 5 quick tips that’ll help you create a budget.

1.  Pick a Day

A vague idea of when you’d like to move out won’t cut it.  You need to set a date. This will force you to start budgeting immediately.

Don’t make it unrealistic either.  Two years of savings is the most recommended amount of time and if you’re going to follow through with the following steps, you’re going to need the head start.

2.  Eliminate Your Debt

This may be easier said than done.  You’re going to eventually borrow money and if the people, companies or banks that are lending it to you see you’ve taken the steps to get rid of your debts, then it’ll do nothing but make things easier for you.

Do anything and everything to head into your budgeting with a clean slate.  If you have to, think of debt consolidation or talk to your bank.

3. Split the Payment

If you’re going in on this with someone else, you should consider a dry run.  Open up a savings account and every month pay half of a mock mortgage payment.  This will build up quickly between the two of you.

Open up the most attractive savings account you can.  Whether it be high interest, tax-free or anything else your bank or accountant recommends, try to get an edge.

4.  Cut the Fat

If you haven’t already, map out all your income and your expenses.  That means everything from bills to the muffin you buy on rough mornings.  This should leave you with your net income or your ‘take home pay.’

If you were honest with yourself, you should already see some extras that you can do away with.  This is a long-term commitment and that means sacrifice.  Let go of anything that isn’t necessary, and if you can’t let go of something (food for example), buy cheaper brands.

5.  Make an Emergency Fund

Owning a home is not like renting.  Homeowners quickly learn that repairs and maintenance bills are a real money sink.  While you save you should consider opening up a second savings account with a small regular deposit.

Ready to Start Looking for Your Dream Home?

Once you’ve got your budget plans laid out, you’ll have a better springboard for the house hunting process.  But where do you begin looking?  Now that you know what you can afford, you can start considering how you’ll be making an investment in property.

When it comes to the best return on your investment, buying a brand new home is going to ensure that you end up with an entity that will have increased value in the future.  At Previn Court Homes, we know that home buyers are looking for a residence that will make them feel both physically and financially comfortable.  Learn more about our beautiful affordable new homes to buy, or contact us to register for priority updates and special offers, and find the perfect home for your budget.

If you’ve ever been looking for a new place to live, then you’ve no doubt had this question cross your mind:  To rent or to own?  It’s a loaded question and the opinions you get will be pretty divided.

The only way to really know what to do is to look at the pros and cons objectively.  Let’s examine the advantages of both options, as well as the challenges you may face.

Round 1:  Freedom

The question you need to ask yourself is how much freedom you want. When you’re renting, you’re at the mercy of your landlord.  Depending on the location and type of dwelling, you may face restrictions.  However, if you wanted to live somewhere new, moving out isn’t a complicated process – it just means waiting until the rental agreement has expired.

Naturally, buying puts you at the opposite end of the spectrum.  It’s your property and you can generally do as you please.  You won’t have to worry about someone constantly watching over you and you can make the space as unique as you’d like.  Of course, this means that you’ll want to consider the value you are adding to the home when making any adjustments.

Round 2:  Cost

If you’re made out of money, you really don’t need to worry about renting or buying.  For most of us, however, it’s a legitimate concern.  Renting can seem attractive because of the simple nature of forking over rent, whereas buying a home will be a bigger strain on your wallet and the process is much more complicated.

When comparing buying and renting, a great tool to employ is the price-to-rent ratio. It weighs the cost of purchasing a home with the annual cost of renting one.

To figure this out simply take the sale price of your home and divide it by the annual cost of renting. The resulting number is your price-rent ratio. A P/R ratio above 20 usually means that owning that house will cost you more than renting it monthly.

Round 3:  Investment

While you may feel like you’re saving by renting, you aren’t making an investment.  This is where buying has an edge.  Purchasing a home isn’t going to make you rich overnight, but since you own the property, it’s yours to sell in the future.  Any additions you make can raise the value, and as the market and your area change with time, so to does the resale value of your home.

Renting doesn’t offer the same benefits and the best you can hope for is rent staying the same.  This is the ideal scenario as many people who rent can attest to steadily increasing rates.

In the end, it’s all about what you need.  Buying may seem more costly but it’s a decision that can give you more long term freedom and stability, while renting suits those looking for a quick (and potentially temporary) accommodation.

Interested in Buying the Right Home for Needs?

If you’ve decided that buying a home is the right choice for you, the next step is finding a home that’s the right fit for you.  Buying a home is one of the most important investments you’ll ever make in your life, which will impact how comfortable your family is both in the house and financially in the future.

At Previn Court Homes, we know this decision is an important one, and we strive to create beautiful homes that will provide long term value.  Since our inception over 40 years ago, we have constructed in excess of 1500 homes in Canada, and in the process made the dreams of 1500 families come true. Take a tour of our incredible models, or contact us today for more to let us know your needs in terms of bathrooms, bedrooms and budget.

Buying a new home is an exciting, life changing experience. However, just like buying a used car, you need to take a closer look at the home before you make a purchase. Here are 10 of the most important things that you need to check before buying a home:

1. Make sure all windows work

Window replacements can be expensive. To make sure that you won’t have to worry about dealing with a window replacement at an inopportune time, make sure that they work before buying a new home.

2. Run the heating and cooling system

A broken heater or a cooling system is a big problem. As such, it is imperative that you make sure that both the heating and cooling systems work.

3. Look under the carpets

Carpets absorb a lot of moisture and they are prime locations to foster mold and mildew growth; mold can make a house unsafe to live in. You cannot always tell whether or not a carpet has suffered mold damage by looking at its surface, so be sure to lift it up and look underneath of it.

4. Check the walls for water damage

Water is the most destructive force that a home can encounter. When water invades parts of a home, it can do so much damage that entire walls will need to be replaced. As such, it is important that you keep an eye out for water stains and corrosion.

5. Open the cabinets

Mold and mildew love to hide inside of cabinets, so be sure to take a good look inside the home’s cabinets.

6. Look for large cracks

Extremely long or wide cracks could signal some serious structural problems. If you see cracks, have a qualified inspector take a look before purchasing the home.

7. Check the electrical panel

Damaged wires and missing connections not only signal electrical problems within a home, but they are also a fire hazard. That is why it is important for you to open the electrical panel and make sure that everything is okay.

8. Make sure that the plumbing works

If your plumbing doesn’t, then you could have a big, expensive problem on your hands. Make sure that your faucets are running and all of your toilets flush with no problem.

9. Inspect the home’s downpipes

You need to make sure that your storm drains work properly, because if they don’t, it could lead to flooding. Storm water soak wells, a critical part of a storm drain system, are very expensive to replace, so pay close attention to these.

1. Be on the lookout for sagging ceilings

A sagging ceiling could signal problems ranging from improperly installed insulation to major water damage. Make sure to look out for this before buying a new home.

New home buyer tax credit can seem daunting for those that have never given much thought to the subject. Purchasing a new house requires you to pay attention to many details. However, there are some useful bits of information that can help you understand more about being a first time homebuyer and the details involved. Make sure you assess the situation in the best way possible and steer clear of common mistakes by reading the guidelines below.

Good Market Does Not Equal Good Time to Buy

Just because the market is doing well does not mean that you should be making a purchase just yet. Those that are considering buying a home really need to think about whether they are able to support all the details of home ownership, such as job security and credit scores. You also need to think about whether the location will serve you for the rest of your life, or at least for the next few years. You have to make sure that you are able to live in the new home without any negative consequences.

Who Claims The Credit?

Those that qualify for credit are required to provide documentation that proves the purchase is of your main home. The credit can be refused if there is insufficient documentation. The documentation should include the statement of settlement that displays the names of all those involved, along with the home’s address, sale price in the contract, purchasing date and signatures.

Those that do not have a settlement statement, such as individuals who have bought a mobile home, are required to attach a copy of their sales contract that clearly displays the names and signatures of those involved. Other details that must be included are the purchasing date and address.

What is The Cost of The credit?

There are any factors that contribute to the credit cost. These factors include when the home was purchased, the price of the home and your income. Despite the phrase “credit”, it can actually be looked at as a loan that is free of interest. The amount must be repaid within a period of 15 years, without any interest. The repayment is done in installments of equal amounts. There are some exceptions to the rules so it is best to find out from a lawyer to make sure that you are getting the best deal possible.

When Does The Home Cease to be Considered the Main Property?
There are several situations in which the home will cease to be considered your main home, such as:
• Home re-selling
• Transferring of home in a settlement (such as divorce)
• Change home to business or rental property
• Change home to second or vacation home
• Home has been damaged
• Home is taken in foreclosure

When Does The Full Credit Have to be Repaid?

There are certain circumstances in which the entire credit must be paid. These include:
• Not living in the home for a particular amount of nights
• The home is damaged
• Change home to second or holiday home
• Change home to rental or business property
• The main home has been sold to a relative or someone of significance
Finding out the necessary information can help you make an informed decision when it comes to buying your first home.