Matt’s Take

March 21, 2025April 8, 2025

What’s the difference between a Real Estate Agent and a Broker?

Both a real estate agent and a broker are licensed to handle real estate transactions. A real estate agent works under the supervision of a licensed real estate broker or brokerage. An agent can represent buyers, sellers or both in real estate transactions.

At Matthew Gravina, we either handle one or the other for our client, but not both. Something that we take very seriously is conflict of interest. In the same way that you would not work with a lawyer representing both sides of a lawsuit, we view a real estate transaction in the same light. We ensure that we represent our clients fairly and provide the highest level of fiduciary service to ensure that you are protected throughout the entire transaction.

Brokers operate independently or can employ other real estate agents as they have undergone additional education and licensing requirements.

in Buying, Homeowners, Selling Posted by Admin

March 21, 2025April 23, 2025

Key things to consider when selling a home

Today’s Market

Is it a buyer’s market or a seller’s market? Understanding what is currently going on in the market near your home, what your home evaluation looks like today, and how your property compares others, will influence our pricing strategy and timing.

Property in ship-shape?

Is your home market-ready? Have you considered the necessary repairs to enhance your property so it looks its best for agents and buyers. These might be cosmetic changes or major repairs to the house. How does it compare to other homes that are within your area?

Do I need an real estate agent?

Yes, you can sell the home yourself. Obviously we are going to recommend that you work with an agent. There is an advantage to working with an agent who works in collaboration with you, and brings a skill set to your selling transaction that they have crafted and learned from over time. Knowing what’s going on in your area, who the agents are in the area, how your property compares to others, when the best time to look in your area — are all benefits of working with an agent that are sometimes overlooked.

As your own agent, make sure that you understand the legal requirements for selling your home, including disclosure obligations, contracts and potential taxes.

Prepping your house for sale

In addition to any repairs whether cosmetic or major, it is best if it is decluttered (yes, items can be moved to the garage or into storage) and depersonalized (so others can see themselves in your property). At MGRE we suggest having our professional designer in to ensure that the value of your home is maximized with repairs and that it looks its best with a minimum amount of clutter and personal effects. Using their services can be done a la carte or bundled, and the ultimate goal is to raise your property’s value.

Marketing

Using professional photos, we develop a marketing plan that suits the area. This will include online listings, open houses, yard signs, and social media promotion.

Negotiations

Offers? Counter-offers? Beyond price, we need to consider the closing date that best works for you, whatever restrictions or caveats the Buyer has suggested and more.

Once you’ve accepted the offer, you need to make sure that the property is ready for inspection by the Buyer prior to Closing. This will include their Lender’s appraisal as well as any other inspection by the Buyer (any repairs that were on condition with the offer, bringing designers through the house for measurements, etc).

Your lawyer will work with you to ensure that the ownership has been transferred with title.

Moving?

You will want to transfer or cancel your utilities for the day of closing. At that point on, the responsibility of the property is with the new owners.

Congratulations!

in Selling, Uncategorized Posted by Admin

What to consider when buying a home

When buying a home, there are several financial steps and considerations you need to take care of to ensure stressless and secure financing:

Determine Your Budget

Existing Home Owner

If you have an existing property, MGRE recommends selling it prior to purchasing another. This action reduces stress and you’ll have a better understanding of your finances.

At MGRE we can assist you with either the buying or selling of your home.

New Home Buyer

If you are a new home buyer, make sure you take into account The Home Buyer’s Plan if you have RRSPs to draw from and the First Home Savings Account (if you contributed to a registered account.

General Rule about Lenders

Lenders will want to ensure that you are able to carry a mortgage without due hardship.

Gross Debt Service Ratio

The Gross Debt Service Ratio (GDS) calculates how your income compares to your Mortgage expenses.

Most Lenders say that no more than 30-32% of your Gross Annual Income should go to home-related expenses.

Total Debt Service Ratio

Total Debt Service Ratio (TDS) looks at how your income compares to any and all debt you may have.

Most lenders say that your total debt payments should not be more than 37% – 40% of your gross annual income.

Getting a Pre-Approved Mortgage or a Mortgage.

As one of your largest investments, it is worth both your time and money to spend some time reviewing your options:

Check RateHub so you can review at a high level your budget based upon income, your down payment and any other financial obligations.
- Payment calculator
- Affordability calculator
- Land transfer tax calculator
- CMHC insurance calculator (based on the percentage of your down payment)
Get a Pre-Approved Mortgage. Your lender, a bank or other financial institution, or a broker, can assess your financial situation and provide a conditional commitment to lending you an amount.
Rely upon your Lender to provide you with Mortgage options and choose the one that best suits your financial situation and long-term plans.
RateHub provides up to date information for new buyers and existing homeowners looking to move-up.

Costs to consider when Buying

Various costs in addition to the Mortgage need to be taken into account:

down payment
cost of mortgage insurance (dependent on the size of your downpayment) from CMHC (Canadian Mortgage and Housing Corporation), Sagen and Canada Guaranty
land transfer tax
any Lender fees, eg. Loan processing
appraisal of the property (your lender will likely require a home appraisal to ensure the property’s value matches the loan amount).
professional home inspection to identify any issues with the property
title insurance on the property property taxes
set-up fees for new home utilities, eg. Hydro, internet
home insurance
moving costs
lawyer’s fees
any appliances that may need to be purchased as agreed upon in your offer

Reviewing the Loan from your Lender

Once you’ve shopped around and have determined your Lender, consider their fine print:

interest rate
frequency of payment (have they provided you with an Amortization Schedule and a Term Schedule?)
closing costs
any prepayment penalties
your contact person to ensure that you have no issues the day of Closing

Lender Interests:

Not only is your Lender interested in ensuring monthly payment, but they will have an Appraiser check out the home in order to ensure that the property value’s amount equals the loan amount.

Stay in touch with your lender to ensure all necessary documents are submitted and the loan is processed smoothly. Be prepared to provide any additional information they request.

in Buying Posted by Admin

December 21, 2021March 21, 2025

How can I find the right real estate agent?

There are a lot of real estate agents. Everyone has a friend, colleague or relative who can recommend someone that found them either the house of their dreams or sold their house for them. That’s a great starting point.

Feel free to contact a few agents and set up an appointment with the clear understanding that you’re interviewing them to see if they are the correct person to work with you. Correct, as in, you want to make sure that the agent listens to your needs and provides the right counsel for today’s real estate market. Make sure that you would be comfortable keeping the lines of communication open with them – so they hear what you think and vice versa. Ultimately, you want to ensure that your realtor is someone who is adding value to what may be the biggest transaction of your life.

Find an Agent

Friends or family can recommend an agent that worked well for them. Interview them.

Beyond referrals, look to online reviews and testimonials for overall input.

Questions to Ask an Agent

Is the Agent familiar with the location(s) that you are interested in? Have they bought/sold a home in the area in the last 6 months?

What are their thoughts on today’s real estate market?

Is your budget realistic for the location you’ve noted?

Do they have the experience to negotiate on your behalf?

What is their commission structure? Do you need to sign a contract?

What other types of fees will there be?

What are their marketing preferences?

Are they a member of the OREA (Ontario Real Estate Association)?

Questions an Agent will Ask You

What type of home are you looking for? Condo, townhouse (freehold or condo), Semi, detached house.

What does that ideal home look like?

Where are you looking to purchase a home – areas of the city? Is there anything specific you are looking for, eg. Transit access, access to major highways, school locations, etc.

What is your budget? Will you need to sell the home you currently have?

What is your overall timing?

How can we best keep in touch?

Have you worked with an agent in the past, and if/so, what was your experience like?

Do you have a list of must haves, nice to haves, etc.?

in Buying, Homeowners, Selling Posted by admin

October 22, 2021March 21, 2025

How much commission does a real estate agent make?

A real estate agent or realtor receives a percentage (commission) of the final sale of a property.

In Toronto, the percentage is often negotiated between the seller and their listing agent. The commission is usually split between the listing agent and the buyer’s agent.

Percentages vary by market, market demand, the type of property being sold and can be anywhere between 4-6% of the final sale price.

Make sure when you’re interviewing real estate agents that you understand the commission that they will be charging you on your transaction. At Matthew Gravina, we focus on being fair and providing “white glove” service regardless of the commission being made. On the listing side, we offer competitive selling packages which offer hands off services to our clients; all we need are the keys to the home and we take care of the rest. From professional media to staging and everything in between, we work with best-in-class professionals to ensure the highest standards of our listings.