Oshawa Realtor

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Greater Toronto Area real estate markets hit hardest by interest rate hikes

Posted by Steven Greenidge on Dec 03, 2023

In a recent article ByGraeme Frisque Mississauga News we see the breakdown of the local markets and how ...

The man alleged to be behind a high-interest mortgage scam, is living large on social media

Posted by Steven Greenidge on Nov 28, 2023

This man, alleged to be behind a high-interest mortgage scam, is living large on social media Anas Ayyoub, ...

Decoding the Deal

Posted by Steven Greenidge on Nov 28, 2023

Decoding the deal Assess Financial Components The financial components of the offer are the first thing ...

Buying a Pre-Construction Condo

Posted by Steven Greenidge on Nov 12, 2023

Toronto Pre-Con Info

October Stats from the Toronto Region Real Estate Board

Posted by Steven Greenidge on Nov 05, 2023

Hi , The Toronto Region Real Estate Board has released the latest numbers for October. I have created ...

Fall Rental Report from TRREB

Posted by Steven Greenidge on Oct 26, 2023

TRREB: Strong Population Growth Driving Rental Demand in Q3 2023 TORONTO, ONTARIO, October 26, 2023 – ...


The man alleged to be behind a high-interest mortgage scam, is living large on social media

This man, alleged to be behind a high-interest mortgage scam, is living large on social media

A man stands on top of a rose gold Lamborghini with the doors open.
Anas Ayyoub, pictured in a post from his Instagram page, is accused of defrauding seniors.(ayymoney/Instagram)

In his social media videos, Anas Ayyoub has painted a rags-to-riches story in which he says he went from having to "scavenge" for money to provide food for his family to a lifestyle that now allows him to drive a Lamborghini he says is worth $1.4 million.

But offline, a number of Canadians — mostly seniors — accuse Ayyoub of defrauding them, allowing him to enjoy that luxurious way of life. 

Marketplace first reported on the scheme back in March. Many seniors allege he is part of a scheme involving door-to-door equipment rental contracts, questionable renovations and high-interest mortgages worth hundreds of thousands of dollars that many homeowners didn't know they had and can't afford.

Since then, the Ontario Provincial Police (OPP) executed a search warrant at Ayyoub's home in Mississauga, Ont., which included seizing that Lamborghini earlier this year. Ayyoub hasn't been charged.

Lawyer Greg Weedon represents many of the alleged victims and says that as far he knows, despite the search warrant, Ayyoub is no longer in Canada.

"The fact that he was able to get out of the country with all these victims' … funds, at the end of the day, it is just a complete failure," said Weedon. 

In a statement provided to Marketplace through his lawyer, Ayyoub notes that he continues to be a Canadian resident. He says he has "always conducted his business dealings lawfully and in accordance with the advice and guidance of senior counsel and consultants." Read more



Decoding the Deal

Decoding the deal

Assess Financial Components 
The financial components of the offer are the first thing sellers look at when considering an offer. This step involves a detailed examination of the offered price, the earnest money deposit, and any additional financial considerations that might impact the transaction. 

Evaluate the Offer Price – The offer price is often the most immediately scrutinized component of an offer. Compare the offered price with your property’s appraised value and the insights gained from your Comparative Market Analysis (CMA). This comparison will help you determine how the offer aligns with your expectations and the current market conditions. 

Weigh Against Financial Goals and Needs – Beyond market comparisons, assess how the offer on your house aligns with your financial goals and needs. Consider the net proceeds from the sale after accounting for
closing costs, agent commissions, and any outstanding mortgage or liens on the property. Reflect on whether the offer meets your financial objectives and accommodates your plans. 

Assess the Buyer’s Commitment – The deposit reflects the buyer’s commitment to the transaction. A larger down payment typically signifies a serious buyer, reducing the risk of the deal falling through. Some buyers might even include a deposit cheque or personal letter indicating they are just as interested in buying the home as you are in selling it. 
Analyze Offer Conditions
Analyzing the conditions within an offer is a crucial step, as these stipulations can significantly impact the progress and finalization of the transaction. Conditions are clauses within the offer that must be fulfilled for the sale to proceed, and they often include aspects related to financing, inspections, and additional terms that can be deal-makers or deal-breakers. 

Buyer’s Mortgage Pre-Approval and Financing Stability – Evaluate the buyer’s financial readiness by reviewing any financing conditions. A buyer with a mortgage pre-approval is generally more reliable, as this indicates a lender’s preliminary commitment to lend. Assess the stability of the buyer’s financing, considering factors such as the down payment amount, type of loan, and the lender’s reputation. 

Home Inspection Conditions – Home inspection conditions are standard in most offers. Anticipate potential issues that might arise during the inspection, such as necessary repairs or system upgrades. Be prepared to address these concerns by negotiating price adjustments or agreeing to undertake repairs before closing. 

Closing Date – Evaluate whether the proposed closing date aligns with your relocation plans, giving you ample time to move out and ensuring a smooth transition to your next residence. While a sooner closing date might be tempting for quicker access to funds, it’s essential to balance convenience with practicality. Assess your ability to meet the proposed closing date and consider whether a more flexible timeline might benefit both parties, reducing stress and allowing for unforeseen delays or complications. 

Accept, Reject, or Counteroffer?
After meticulously evaluating the offer, understanding your property’s value, analyzing financial components, and dissecting various conditions, you reach a critical juncture: deciding whether to accept, reject, or counter the offer. 

Accepting the Offer – If the offer aligns well with your expectations and needs, communicate your acceptance promptly and clearly. Ensure that all parties are informed and that acceptance is documented in accordance with local and provincial regulations. 

Crafting a Counteroffer – If some aspects of the offer are not satisfactory, identify areas for negotiation. Be clear about your requirements and what adjustments are needed to reach an agreement, whether it’s the price, closing date, or specific conditions. 

Rejecting the Offer – If the offer falls significantly short of your expectations and there is little room for compromise, it may be in your best interest to reject it. Communicate your decision diplomatically, providing clear reasons for the rejection and, if possible, offering guidance on what would make the offer acceptable.

#buyers  #selling #offer # homeowners #housing #homebuyers #sellinghome #remaxmillennium

Buying a Pre-Construction Condo


Purchasing a pre-construction condo can be an exhilarating yet complex process, offering a unique set of advantages and considerations for prospective buyers. From selecting the right development to understanding the nuances of pre-construction contracts, this article will guide you through the key steps involved in making a well-informed decision.

Research and Selection:

1. **Location, Location, Location:** The first and foremost consideration when purchasing a pre-construction condo is its location. Research the neighborhood's amenities, proximity to public transportation, schools, and overall livability. A well-chosen location can significantly impact the property's future value.

2. **Developer Reputation:** Investigate the reputation of the developer. Look into their track record, completed projects, and reviews from previous buyers. Established developers with a history of delivering quality projects are more likely to provide a positive experience.

3. **Building Amenities and Features:** Review the amenities and features offered by the condo development. Consider your lifestyle and whether the facilities align with your preferences. Common amenities include gyms, pools, communal spaces, and parking.

Financing and Budgeting:

1. **Pre-Approval:** Before diving into the world of pre-construction condos, secure a mortgage pre-approval. This will give you a clear understanding of your budget and strengthen your negotiating position with developers.

2. **Hidden Costs:** While the purchase price is a significant factor, don't forget about additional costs such as closing fees, development levies, and property taxes. Understanding the complete financial picture will prevent any surprises down the line.

Legalities and Contracts:

1. **Understanding the Agreement of Purchase and Sale (APS):** The APS is a crucial document in the pre-construction condo buying process. Carefully review the contract, paying attention to deposit structures, occupancy dates, and conditions that may allow you to back out of the deal if necessary.

2. **Tarion Warranty:** In many regions, new construction comes with a Tarion warranty, which protects buyers against defects in workmanship and materials. Familiarize yourself with the terms of this warranty for added peace of mind.

Construction Timeline and Occupancy:

1. **Construction Delays:** Pre-construction condos often come with estimated completion dates, but it's essential to be prepared for potential delays. Developers may face unforeseen challenges that could impact the project timeline.

2. **Occupancy Period:** Understand the concept of the occupancy period – the time between when you can move into your unit and when the building is officially registered. During this period, you'll be paying an occupancy fee instead of your mortgage, so factor this into your budget.

Purchasing a pre-construction condo is a thrilling journey that requires careful consideration and due diligence. By thoroughly researching the location, developer, and contract details, and by staying aware of potential challenges, you can navigate the process confidently. Remember, the key to a successful pre-construction condo purchase lies in being well-informed and prepared for the exciting new chapter of homeownership.

Toronto Condos can be a good investment vehicle but one should be careful to do the research needed to ensure peace of mind.  

Hi ,

The Toronto Region Real Estate Board has released the latest numbers for October. I have created a few charts to add perspective. We have seen a decline in sales volume over the past few months due to economic factors like interest rates and consumer confidence.

What remains to be seen is how the balance of the fall market will perform. There are a fairly large number of properties on the market giving opportunity to buyers with the ability to buy. There are a growing but relatively small number of distressed properties hitting the market from sellers forced to sell due to financial reasons.

As usual please call me with questions.

Read below for my google review contest details!


Durham Region Real Estate