About Us

About Our Team

The Joe Conlon Real Estate Team was established in 2017. We are a team of 9 hard working committed individuals & proud to be one of the top producing Real Estate Teams in Windsor Essex County. Together, we have experience with all of Windsor Essex County & we make it our priority to visit and be familiar with local properties.

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Our Mission

Helping you is what we do!

We have always strived to do our very best for our clients. Our clients have become friends & that is one thing we love best about what we get to do. With multiple agents on the team, we are committed to delivering quality service for both buyers and sellers. From the very start of your search to the day of your sale, whether it is a condo, townhouse, cottage, farm, or commercial property that you are looking to buy or sell, our goal is to create a less stressful, more enjoyable, and safe home buying experience for all of our clients. There is a lot of information to take in, and we are here to help you achieve the best results!

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FAQ

How Much You Need For a Down Payment On a Home?

The purchasing process usually starts years before the actual purchase, because that’s how long it can take to save up for a down payment, depending on where you’re planning to buy a home, your income and your expenses.

According to the latest data from the Canadian Real Estate Association, the average home price in Canada in January 2020 was $504,350.
At this price, the minimum 5% down payment on a house will be $25,217.50.
A 20% down payment – the minimum amount needed to avoid paying mortgage loan insurance – is $100,870.

What is a Down Payment?

A down payment is the amount of money paid up-front as a lump-sum when you buy a home.
The amount of the down payment is deducted from the overall price of the home, the balance of which is covered by a mortgage loan.

Is a Down Payment the Same as a Deposit?

Some people confuse the deposit and the down payment. Think of the deposit as a down payment on your down payment. The amount is typically around $10,000 but can vary depending on how serious you are about buying the home, and the price. The deposit comes in the form of a certified cheque or bank draft with the Offer to Purchase. This deposit will be deducted from your required down payment amount.

There is a lot to know about buying a home before you dive in. Lean on your team of real estate professionals to ensure you’re aware of all the requirements and the options available to you. Your financial advisor, lawyer and real estate agent know the ins and outs of the purchasing process, so you don’t have to navigate this road alone.

How is a Down Payment Calculated?

When you’re buying a home, the down payment is calculated as a percentage of the total purchase price. The higher the price, the higher the down payment. You can plug in some numbers into a house down payment calculator found online, to get an idea for how much you’ll need to save up.

Minimum Down Payment Requirements

For homes priced below $500,000, the minimum down payment required is five percent.
For homes prices between $500,000 and $999,999, the down payment is five percent of $500,000 plus 10 per cent of the remaining amount.

Keep in mind that these are the bare minimums required to qualify for a mortgage, however anything below 20 per cent is a high-ratio mortgage and requires mortgage default insurance. This protects the lender in case the borrower defaults on payments. Your mortgage loan insurance can be paid for upfront or added to your monthly mortgage payments.

Is it Better to Put a Large Down Payment on a House?

A bigger down payment now leaves more money in your pocket. We’ve already established that buyers who have 20 per cent or more to put down on their home won’t have to purchase mortgage default insurance. From a long-term perspective, when your down payment is bigger, your mortgage loan will be smaller and at the end of a typical 25-year mortgage amortization, you’ll be paying less in interest.

How to Save for a Down Payment?

For homebuyers in many of Canada’s pricier housing markets, saving that down payment can be the biggest obstacle to home ownership. It’s true that an average income in cities like Toronto and Vancouver may be higher, but so too is the cost of living, leaving less to tuck into a savings account. If you’re planning to purchase a home in the future, start saving as soon as possible.

Step 1 is to set a savings goal. It’s always easier to stick to it when you have a specific target.
Next, set up an automatic withdrawal on every pay day. You’ll build your down payment fund without even noticing this small reduction in your take-home pay.
Curb all optional spending. This means home-cooked meals, brewing your own morning coffee, stay-cations, and borrowing instead of buying. It’ll be a lifestyle change, but will save you money and bring you closer to your goal of home ownership.

Joe sold our home in 7 hours… when we put our best foot forward, you were able to show our house and speak well of all the things we did over the years to make it a happy place to be. Its nice that you genuinely saw all the labor of love and you helped others see it too!

Andrew Gibson

Had the pleasure of working with Jill. I was in a rush to list and sell, to accommodate my purchase of a new home, and she was extraordinary! She was completely understanding of my needs and bent over backwards to be there every step of the way.. not only was I super impressed, but my parents will be recommending her to any future home sellers/buyers. Your team is blessed with having Jill be a part of it, truly an asset to your company as well… I love her and I’m forever grateful for all the dedication and work she did for me.

Danielle Vickerd

Joe’s team helped me find my first house and made the process as simple and efficient as possible. He was very professional and knowledgeable, I’m very glad we chose him!

Stacey Gunner

My son and Daughter-in-law highly recommended we work with Joe. He was everything we expected and more. Our house sold for more than we had hoped, in less than a week. Everything went so smooth. And Joe’s help in finding our new home was amazing. The home we purchased is our forever home. We will definitely recommend Joe and his team to anyone looking to sell/buy in the future. Thank you again for everything you did for us!

Brenden and Michelle St Aubin

Joe and the whole Joe Conlon Real Estate team were incredibly helpful from our first phone call to them. Their passion for the work they do and their collaborative approach make selling your home feel easy and (almost) relaxed. Their knowledge and advice every step of the way helped us a tremendous amount. Thank you to the whole team!

Maria & Adam Simpson

Buying our first home had a mix of various emotions. Loosing to houses due to bidding wars was heartbreaking but Stev helped & supported us along the way.

Gurdeep Singh Dhindsa

I was looking for my first home. You guys made it easy to go through the process and always being in contact. Krista was lovely to deal with and made sure that she answered any of my questions. The viewings were booked right away and when I wanted to pursue a house that was also just as quickly handled.

Alana Lesinky

Recently, I had the pleasure of working with the Joe Conlon Real Estate Team by way of a referral. I couldn’t have asked for a better experience. Buying and selling property can be stressful, but from the moment I first contacted Joe and his team until the day the sale officially closed and beyond, I can honestly say I felt like I was in good hands. If I needed to contact Joe, he always found a way to touch base with me in a timely manner. When I had questions, he and his associates were quick to find me the answers. Perhaps, most importantly, however, is that I feel joe and his team really listened to what I had to say, and made every effort to accommodate my needs. What could have been a challenging time turned out to be a great experience. My family and I wouldn’t hesitate to recommend the Joe Conlon Real Estate Team!

Adam Ferguson