Open House - The Real Estate & Mortgage Show
Real Estate and Mortgage Answers
Every Saturday morning at 11 AM, Paul Rushforth and mortgage broker Frank Napolitano join CFRA's Steve Gregory on Open House.
They provide expert answers to real estate and mortgage questions from people just like you. You'll find plenty of information on how the market is doing and why, and they also have plenty of fun along the way!
Whether you're new to real estate or have plenty of experience already, you'll find the latest updates you need to prepare for your next home purchase or sale.
You can play the episodes by following the link below, or click here to get a list of transcripts.
Here are some highlights from past episodes. If you'd like to listen to the episode, visit the podcasts page.
April 20, 2019: Buying Near an Open Lot and Spring Turnover
Happy Easter weekend! Paul, Frank, and Steve all hopped into the studio to talk about the spring market.
What’s Going in the Open Lot?
Whether it’s a new build or a pre-existing home, if you’re backing onto an open lot or field, you should have an agent find out more about the zoning.
Paul shared multiple stories of people who bought without an agent, and were initially excited to be adjoining open space. A few short years later, they’re backing onto a parking lot and shopping plaza.
An agent will ask those hard questions and make sure that you’re protected and you won’t be surprised by developments in the area.
Turnover is Quick Right Now
Paul says that while the overall number of active listings are still low, there are a lot of homes selling quickly. Having an agent will help you jump on opportunities quickly, giving you a better chance of getting the home you want.
Remember: This market is hot, and buyers should always have a firm pre-approval for financing!
April 13, 2019: Proper Descriptions and Working with Insurers
Frank and Paul joined Steve in studio to talk about Frank’s Toronto meetings, the importance of proper listings, and working with insurers.
We’d also like to extend our sympathies and best wishes to the people affected by the Vittoria Trattoria fire that occurred this week.
Frank Met with MPPs About Young Home Buyers
Frank went to Toronto this week to have meetings with several MPPs to discuss ideas for young home buyers and how best to help them enter the market. According to Frank, many of the ideas were received enthusiastically and positively.
Proper Descriptions Are Key
Paul recently helped a homeowner who couldn’t understand why their single detached home wasn’t getting any offers. It turns out it had been listed as a row house, so the right buyers weren’t seeing it.
Proper descriptions and marketing are an important part of selling a home - this is something the Paul Rushforth Real Estate team can do for you.
A Broker Can Help You Find the Right Lender/Insurer Combo
Often at banks, they prefer to work with one of the 3 local insurers for home transactions. But when you work with a mortgage broker, they can work with different lenders and insurers to make the process easier for you.
April 6, 2019: No Frills Mortgage and Collaborative Pricing
Steve, Frank, and Paul graced the airwaves once again to talk about listings, mortgages, and the 8-year anniversary of Paul Rushforth Real Estate.
What Does ‘No-Frills’ Mean?
Frank has one lender with a 5-year fixed mortgage with a rate in the 2’s - but it is a no-frills mortgage.
A no-frills mortgage means you can’t refinance or transfer the mortgage during that term unless you sell the house. The only way to break that mortgage prior to the end of the 5-year term is a bonafide sale.
At the end of 5 years, all options are available to you.
We Work with You to Price Your Home
Paul has gotten lots of calls over the years from people wanting someone to sell their home for the highest price - but that’s no the way to do it.
Pricing a home isn’t something a realtor does on their own. At Paul Rushforth Real Estate, the agents go through comparables, the condition of your home, and other factors to determine what price range would work. Then you have final say on the price. It’s a collaborative process that ensures your home is optimally priced.
Happy 8-Year Anniversary to Our Team
We’ve handled over 4,600 transactions in the 8 years Paul Rushforth Real Estate has been open. Way to go team, and thanks for making Paul Rushforth Real Estate such a success!
March 30, 2019: Dropping Rates & Attracting the Right Buyer
The original trio were all back this week to talk more about the CHMC items in the federal budget and the kinds of buyers attracted to certain listings.
Frank Talks Rates
We’re continuing to get closer to the 2-2.99% range for rates. We’re already there with the variable rates.
Frank estimates that prime rate isn’t going to go up anytime soon - not in 2019, and maybe not even in 2020.
No Agent? You’re Bringing Out the Bargain Hunters
Paul explains that when you list your home yourself, buyers can see that - and they often will offer you less because they know you’re not paying commission and you don’t have an expert backing you up. Often that means bargain hunters and people looking for a deal will be the kind of buyers attracted to your listing.
When you work with a realtor, you’re getting your listing in front of the people who are willing to pay more for a great home.
March 23, 2019: New Changes for Buyers in the Federal Budget
Gord St. Denis was in for Steve today to speak with Paul and Frank about the new measures for first-time home buyers in the new federal budget.
Increase in RRSP Withdrawal for Downpayments
Previously, first-time home buyers had the option of withdrawing $25,000 from their RRSP for a downpayment. The federal budget has increased this to $35,000.
Frank explains that not a lot of people have that amount of money in their RRSP, so this won’t have a huge impact on the market.
You Can Do This Again If You’re Going Through a Separation
The premise is that if you get divorced or separate from your common-law partner, you can draw from your RRSP again for a downpayment. In the past, this has been a one-time option for predominantly first-time buyers. This launches in 2020, and we’re expecting more details to be released.
This is the most interesting item, but we don’t have a lot of information about it yet. Starting in September 2019, buyers purchasing a resale home with 5% down will have that matched (so another 5%) in the form of an interest-free loan from the Canadian Mortgage and Housing Corporation (CMHC). This is to be paid back when you sell the house.
For new homes, the amount is 10%. Paul remarks that it’s unclear whether the money you pay back is the original 5%, or if it’s 5% of the increase of your home value.
You can speak with your mortgage broker to figure out your best options for buying a house.
Open House Transcripts
We post any available transcripts here: