City of Toronto Front Pad Parking What Every Home Seller and Buyer Should Know
Published Date: Sat, 27 Feb 2010 10:48:00 GMT
Toronto Front Pad Parking - What Every Home Seller should know before they list their property and what Every Buyer Should be are of before they purchase.
A license for Boulevard Parking does not automatically follow a property when it sells, the new property owner will need to apply to have the existing license agreement transferred with the City.
Therefore, before you sell or buy a Toronto property with front pad parking, ensure that any existing front yard parking facility is properly licensed.
There is a filing involved, but the last time we checked it was under $100.00
Residential Front Yard and Boulevard Parking applications, by-laws, appeal, permit renewal forms are all available on their website.
Click our link to View a List of Licensed Residential Off-Street Parking Locations. If you have any questions about a particular address, contact the District office responsible for the Ward. The City of Toronto discloses that they are not responsible for discrepancies between their postings and claims by individuals or representives involved in the sale and//or purchase of a property claiming to have front pad parking. So, take the extra steps to investigate further before you finalize your transaction.
Sutton Group Realty Toronto
Sutton Real Estate Office Telephone Number 416-896-3333
.
. . .
Read full article...HST on Real Estate Home Buying, Selling and Renting, HST Calculators
Published Date: Thu, 25 Feb 2010 08:30:00 GMT
The Basics on how the HST will effect a Home Buyer, Seller and Tenant. The provincial government has provided rules/guidance on how it will transition to the implementation of the proposed Harmonized Sales Tax.
How the HST will work:
The Ontario provincial government has passed legislation to combine the 8% PST (Provincial Sales Tax) with the 5% FST (federal Goods and Services Tax), creating a new 13% HST - Harmonized Sales Tax
The HST will come into effect on July 1, 2010:
HST will NOT apply on the purchase price of resale homes.
But, HST would apply to services such as moving cost, legal fees, home inspection fees, appraisal fees, labour for renovations, landscaping and REALTOR® commissions if applicable.
It is estimated the average home buyer for re-sale homes will likely see a $1200 - $1500 additional cost in HST fees when moving.
HST will apply to the purchase price of newly constructed homes. However, the Province is proposing a rebate so that new homes across all price ranges would receive a 75 per cent rebate of the provincial portion of the single sales tax on the first $400,000.
For new homes under $400,000, this would mean, on average, no additional tax amount compared to the current system. For those considering buying for a new home for over $500,000 there will be a considerable impact with the hst.
Click here for GST - HST Info Sheet on Selling Your Owner Occupied Home
Transitional Rules for New Housing
- Generally, sales of new homes under written agreements of purchase and sale entered into on or before June 18, 2009 would not be subject to the provincial portion of the single sales tax, even if both ownership and possession are transferred on or after July 1, 2010.
- The tax would also not apply to sales of new homes under written agreements of purchase and sale entered into after June 18, 2009 where ownership or possession is transferred before July 1, 2010.
Is there HST on residential rentals:
If you are currently renting a house, condo or townhouse on a long term bases (or month to month) you are currently not paying GST, therefore, HST will not apply. However, expect that the Landlord will have increased costs for the goods and services he uses, such as labour for repairs, landscaping etc. With increased costs to the owner, increases in rental rates in the future might be expected.
Information on 2010 Rent Increase guidelines and if a Landlord can increase your rent.
Is there HST on Condominium Maintenance Fees:
Currently there is no GST charged by Condominum Associations. But as the HST takes effect, many services associated with the common maintenance of the building will be subject to HST. It makes common sense to expect some adjustments in the future monthly fees.
Is there HST on Commercial Rents:
GST and Commercial GST applies to most of the rentals of commerial real estate properties with limited exceptions. Therefore expect HST to apply.
With regard to the lease or license of goods, including non-residential real property, HST will generally apply to lease intervals or payment periods on or after July 1, 2010 and the general rules noted above will apply. However, where a lease interval begins before July 2010 and ends before July 31, 2010, it is not subject to HST.
With regard to the sale of non-residential property, HST is due where both possession and ownership of non-residential property occurs on or after July 1, 2010.
More Details
Additional detail on the transition rules is available at the provincial government web site here or by calling the provincial government enquiry line at 1-800-337-7222.
www.SuttonRealty.com
Sutton Real Estate Toronto 416-896-3333
Sutton Real Estate Mississauga 905-896-3333
Buying or Selling Think Sutton!
Looking for a Rental in the GTA browse through and compare the inventory at www.searchtorontohomes.com - Click on our Homes for Rent Tab.
HST Calculator for Ontario Personal Tax Relief
HST Calculator on other possible house hold items.
. . .
Read full article...Update on the New Mortgage Rules effective April 19th and the Effect on the Real Estate Market
Published Date: Wed, 24 Feb 2010 08:36:00 GMT
Canada's red hot housing market may get a little hotter following the federal government that new mortgage rule changes are coming to discourage cash-light buyers and speculators.
Market analysts say those who were just managing to qualify for government-insured mortgages may rush into the market before stricter rules take effect April 19.
Prospective homebuyers may also jump into the market this spring to beat coming interest rate hikes and, in Ontario and B.C., the introduction of the harmonized sales tax on July 1 that could add $1,500 to the cost of buying a home.
"The whole spring housing market is going to be on fire," predicted Derek Holt, vice-president Scotia Capital.
Basic Changes:
- In order to qualify for an insured mortgage, borrowers will have to meet the standards for a five-year fixed-rate mortgage even if the interest they are paying is less. (buyers are still able to select variable or short term mortgages)
- Qualified buyers can still purchase with 5% down, however refinancing of an existing mortgage will be limited to 90% max. Consumers are being sent a message not to use their homes as ATM machines, and to leave some equity as savings in their properties.
- Speculators will be required to place 20% down on a rental property purchases, which isn't that much of a shock, as investors purchasing their 4th or 5th condo were traditionally expected to place more than 5% down on the purchase.
Statistics:
In practical terms, the new rules mean that on the average $337,000 home, homeowners will need prove they have the financial means to absorb an additional $2,500 in mortgage costs a year, the TD Bank says. "It means if you are thinking of buying a $400,000 home, you may have to buy the $350,000 - $375,000 one."
TD Canada Trust president Tim Hockey estimated the rule change will effect up to 10 per cent of buyers, some who will choose not to buy and some who will opt to buy a smaller home.
The Vanier Institute of the Family reported Tuesday that average household debts loads climbed 5.7 per cent to $96,100 in 2009. The institute estimates some 1.3 million households could be vulnerable to a dangerously high debt service load by the end of 2011.
The minister insisted there is no housing bubble in Canada as yet, but added that with interest rates set to rise as early as this summer, he wants to ensure Canadians don't take on too much debt.
If you have a questions, please feel free to call our office manager at Sutton 905-896-3333 or 416-896-3333.
Contact Sutton by email at www.SuttonRealty.com
Sutton Group Toronto Real Estate - Mississauga Real Estate
. . .
Read full article...Toronto GTA Mid-February Real Estate Market Update 2010 - 74% Increase in Sales
Published Date: Fri, 19 Feb 2010 07:13:00 GMT
The Real Estate market at a Glance:
The Toronto Real Estate Board reported an increase of 74% in sales in the first two weeks of February, 2010 compared to the same period in 2009 when resale transactions dipped due to the recession.
.
The mid February sales total was 7.7 percent above the previous high set in 2006.
.
The Average price of a single family home for this period was $429,997, an 18 percent increase over 2009 for the GTA
Breaking down the figures between 416 / 905:
Average House Prices for Mid-February 2010 in Toronto (416) area: $471,958 versus $400,467 in mid-February 2009
Average House Prices for Mid-February 2010 in GTA (905) area: $401,760 versus $341,013 in mid-February 2009
.
As we get closer to the spring market, the listing inventory increases.
New Listings within the board boundaries where up 15 percent to 6,212.
Each day were are seeing the inventory climbing, but its still not enough to hinder the multiple offer, bidding war situation.
.
Double-digit house price increases are predicted to continue through the first quarter, as buyers try to beat the new HST and new mortgage qualifying rules plus lock into the incredibly slow interest rates.
.
As new listings continue to increase, creating a better supplied market, we will most likely see continued price increases but at a more moderate growth.
Helpful information for home buyers:
For more information on the new HST
.
Information on the New Mortgage Qualifying Rules, 5% Down and 10% Down programs for new homebuyers and existing.
.
Land Transfer Tax Calculators
Sutton Group Realty Ontario
Visit us on-line at www.SuttonRealty.com
Have a Real Estate Questions? Call 416-896-3333 or email us.
. . .
Read full article...New Mortgage Rule Countdown - How it will Impact Home Buyers and Owners
Published Date: Wed, 17 Feb 2010 22:29:00 GMT
We will probably see another surge in sales as First Time Buyers rush to qualify for a mortgage before the April 19th new mortgage qualification changes take effect.
The new rules are mostly aimed at speculators trying to buy multiple properties, and homeowners trying to refinance to the max.
.
There seems to be some confusion on the impact the new tightening rules will have on homebuyers in general, whether you are a first time buyer or second time buyer etc.
.
Basically when purchasing a home, we are going back to the old style of qualifying as I remember from years ago.n
Qualifying "buyers" will still be permitted to purchase with five percent down if it will be their principal residence. Yes, don't worry, the 5% down program is still available through CMHC, but your qualifying will depend on the monthly payments based on a 5 year closed mortgage term. That doesn't mean you are required to take a five year product, feel free to explore the many terms available in the marketplace - from a variable mortgage, one year, to 10 years if you choose. Simply you will have to prove to the banks that in the worse case senario you would be able to maintain a 5 year fixed mortgage payment.xcx
The Impact of the New Mortgage Rules on Existing Homeowners:
n
This is where the ten percentage confusion comes in. Existing homeowners, in recent years where able to re-finance and take out as much as 100% of their equity in their homes to consolidate debt. Under the new rules there will be a cap of 90% equity / refinance on existing mortgages. In the past, some consumers would accumulate debt and every few years, refinance and increase their existing mortgage. Without the ability to easily refinance to the max we might become more watchful of interest rates credit cards charge and the impact of "do not pay" until next year plans if we don't think we will have the saving to pay off the item. The Government is basically saying, leave at least 10% of equity in your home as a form of savings.
n
The Article by Julian Beltrame of The Canadian Press is the most through report I have seen and can answer your questions about the impact the new rules will have on investors in general. Buying an investment property will take more savings, 20% more after April 19th.
OTTAWA - Finance Minister Jim Flaherty is tightening mortgage rules to crack down on speculators and discourage homeowners from taking on too much debt. n
The minister said he is responding to growing concerns that Canada's housing market is overheating, although he stresses there is no bubble in Canada's real-estate market - yet. nn
"There's no compelling evidence of a housing bubble, but we're taking proactive, prudent, measured and cautious steps today to help prevent a housing bubble," Flaherty said Tuesday. n
n
The finance minister says all borrowers will need to meet stiffer criteria to take out mortgages. n
n
In order to qualify for an insured mortgage, borrowers will have to meet the standards for a five-year fixed-rate mortgage even if the interest they are paying is less. n
n
The government will also limit the amount Canadians can borrow on their homes from the current 95 per cent of the value to 90 per cent.
n
- And to discourage speculation, prospective homebuyers who want to purchase a property for rental purposes will have to come up with a 20 per cent downpayment, instead of the current five.
n
n
Flaherty said he has been told anecdotally of a tendency among speculators to purchase multiple condominium units and not live in any of them, which he says drives up prices overall. n
n
"We're not aiming here at investment properties" such as rental units, he said. "What we're getting at is the speculation in multiple-condo markets, in particular." n
n
Economists warned, however, that it will be difficult for lenders to determine on which side of the line buyers fall. n
n
For most Canadians, particularly first-time owners who don't have a lot of cash to put down, the change that will most impact their home-buying choices is the higher affordability test used by banks to determine credit worthiness.
n
Already, banks use the three-year fixed mortgage rate to test whether a prospective homebuyer can afford to meet payments even if the actual interest being charged - such as in a floating mortgage - is significantly less. Now, the test will go to the five-year rate, which is about one percentage point higher.
n
In practical terms, it means that on the average $337,000 home, homeowners will need to have the financial means to absorb an additional $2,500 in mortgage costs a year, the TD Bank says.
n
Flaherty said the additional cushion was needed because interest rates, which are at historic lows, have only one way to go - up. Most economists expect the Bank of Canada to move off its lower-bound 0.25 per cent policy rate in July.
n
But the change does not effect mortgage costs, noted TD's deputy chief economist, Craig Alexander.
n
"All this change does is limit the size of the mortgage you are going to be able to get; it doesn't prevent people from buying homes, it doesn't drive a lot of new homebuyers out of the market and it doesn't lead to higher payments," he explained.
"It means if you are thinking of buying a $400,000 home, you may have to buy the $350,000 one."
n
In a release, the Canadian Association of Accredited Mortgage Professionals said it supports the amendments, calling them preventative measures against possible future risk.
- The new rules are intended to come into force on April 19.
n
In recent months, economists have advised the minister to clamp down on the size of mortgages Canadians were taking on, and to cool the housing market which is at record levels in both prices and sales.
n
Some wanted the government to take firmer steps, including raising the minimum downpayment to qualify for a government-insured mortgage to 10 per cent from five. Another suggestion the government could have taken was to reduce the amortization period from the current 35 years, which would have raised mortgage costs.
n
The minister, however, said he wanted to choose a middle ground at this moment, but left open further measures if housing prices approach bubble territory.
n
"On the one hand we don't want to discourage Canadians from home ownership," he said. n"On the other hand we do want to discourage a tendency by some to use their homes as an ATM machine, and a tendency by some to buy three and four condominiums by way of speculation. These are not the kind of steps that fulfil the goal of affordable home ownership."
If you are shopping low mortgage rates - check out our Sutton Member Mortgage Program for comparison at www.SuttonRealty.com
If you have a mortgage questions, feel free to email us or contact us at our Sutton Realty Toronto Office 416-896-3333 or GTA 905-896-3333.
Ontario and Toronto Land Transfer Tax Calculator
To view Toronto Homes for sale visit us at www.SearchTorontoHomes.com or www.SearchMissisaugaHomes.com
Read full article...GTA Real Estate Market Top Headlines for January 2010 - Toronto
Published Date: Tue, 09 Feb 2010 05:48:00 GMT
Here are my favourite Top Real Estate Headlines coming into the February 2010 market. The latest Toronto and GTA market stats plus general info you need to know when buying or selling.
.
|
 January sales were off to a great start! GTA realtors reported 4,986 transactions in January 2010. That's an incredible 2,670 increase from January 2009 when home sales were in a recessionary trough. . The average home selling price in January climbed 19 percent to $409,058 compared to $343,632 in the same month last year. . Housing proved to be a safe harbour for much of last year. Rock bottom interest rates helped fuel the activity, but the value that Canadians place on owning a home was equally important. |
.
The Canadian Real Estate Association has revised its forecast for Canadian home sales over the next two years. According to the report, activity will reach a record 527,300 units, up 13.3% from 2009. Meanwhile, home prices will climb 5.4% to a record $337,500, with gains in all provinces. Where will we see the biggest jumps? Click to find out msn's pick. .
Canada's housing market is on the rebound after a decline in 2009 with resales expected to set a new annual record this year and home building is off to a strong start, according to two reports Monday. There isn't a bubble because of a lack of speculation in the real estate market, said Scotiabank senior economist Adrienne Warren.
Prices are being driven by more buyers than sellers, not unexpected with a tight supply, and buyers may be overpaying a little in some markets, but, "we don't think there's a bubble," she said from Toronto. More
.
|
 The Bank of Canada stated that conditional on the outlook for inflation, the overnight rate can be expected to remain at its level until the second quarter of 2010. Home ownership is the cornerstone of financial independence and security. It may seem a daunting prospect to younger people or first-time buyers, but it is achievable. You may be wondering how you can possibly afford to purchase. . Well, February brings a few extra opportunities if you contribute this month to a rrsp. Savings you can withdraw, plus a tax credit in April that could help with your closing costs. Call and we would be happy to can explain the process 416-896-3333. With rates so low, lock into a 5, 7 or 10 year mortgage rate if you want the feeling of long term stability. Compare Sutton Member Mortgage Rates |
|
|
From September to December 2009, Treb reported 3,859 lease transaction for condo apartments and townhomes through the mls system. Up 12% over the same period in 2008. Condo apartment transactions, accounted for over 90 percent of the total, and up 12 percent. Complete Rental Report.We understand the needs of our investors, we want them to enjoy as carefree an investment as possible. Our "full service" rental department allows our clients to relax. We do it all - mls exposure, extensive advertise, schedule viewings, prepare documents, credit checks and more. . Do you have a Toronto / Peel Investment to Rent? Just call our Rental Department at 416-896-3333. Looking for a Mississauga Condo to Rent, A Home in Etobicoke, maybe a Studio Suite in Downtown Toronto, Check out the Rental Inventory |  From The implementation of the Harmonized Sales Tax (HST) is expected to cause a run up in housing activity during the spring market, as purchasers move to avoid additional expenses.
In the longer term, the HST is expected to impact new construction, shifting some of the buyer demand to the resale sector, at least until buyers adjust to the new normal. More Details on the HST. Need a calcuator to figure out Ontario and Toronto Land Transfer Tax click here. |
| First Time Buyers! Here is Motivation to Buy Today with 5% Down . Finance Minister Jim Flaherty stated he has seen no evidence of a bubble, but he has discussed measures to cool the housing market, including raising the minimum down payment requirement above five per cent, or reducing the maximum length a residential mortgage can be amortized from 35 years. .
First Time Buyers with a low down payment may have a limited time to take advantage of the 5 percent down program.
Ask us about our Sutton Member Mortgage Program. Incredible Low Discounted Rates. Worth Comparing. |
|
Sutton Group Real Estate Toronto 416-896-3333 or Mississauga Sutton 905-896-3333
Visit us at www.SuttonRealty.com or http://www.searchtorontohomes.com/
. . .
Read full article...December Toronto, GTA Real Estate Market Update. 2009 Finishing On A High Note
Published Date: Thu, 17 Dec 2009 06:01:00 GMT
Toronto Real Estate Board, Dec 2009
The Toronto Real Estate Board reported more good news for Home Owners. One of the shining stars in this economy has been the real estate industry with house prices continuing to climb and build equity for consumers. 2009 has also been one of the best years to renew or refinance a mortgage at incredibly low interest rates.
For the month of November the Toronto Real Estate Board reported 7,446 in sales. Average transactions were up 14% compared to the first 11 months of 2008.
The average price year-to-date was up four percent to $394,464. Expect another increase in house prices next quarter. With low interest rates and the threat of the new HST there is an increased incentive for buyers to make the move before June 30th.
Excitement is in the air for real estate. Even the condo market has recently seen a surge with line ups for the highly anticipated X2 by Great Gulf Homes. Agents were waiting inline for 2 days to get a chance at the highly sought after condos.
Based on new stats available, we will likely see an improvement in national house prices, which was already up 20% in October from a year ago.
With 7,446 sales last month, almost double from a year ago, this number had the potential of being even higher if more product was available. Inventory levels remain low, down 49% from a year ago. More Listings Needed. I haven't seen listing inventories so low. A buyer has to be quick to catch a fresh listing without the threat of multiple offers. Its extremely frustrating for buyers searching the net on their own. A realtors data base is updated within minutes of a listing being loaded onto the mls system, whereas it could take days for it to appear on consumer sites. Serious buyers should consider having their agent place them on a daily data feed so ensure the accuracy and currency of information they are reviewing.
With the HST looming ahead, most are predicting a rush to buy in hopes of beating the tax deadline scheduled for July 1st, 2010. According to the Ontario Real Estate Association (OREA) Ontarians will pay, on average, an additional $1,449 in new taxes on their next residential real estate transaction (more for brand new homes over $400,000). While HST does not apply to the purchase of re-sale homes, services such as moving costs, legal fees, home inspection fees, appraisals, labour on renovations, landscaping, services and commissions will apply.
It will be a race to save the tax. Reminds me of the day when the provincial government introduced the Toronto Land Transfer Tax. There was a flurry of sales taking place to beat the deadline.
Here are a couple of interesting articles regarding the Toronto and Canadian real estate market that may be of interest:
Sutton Group Realty Systems. Real Estate Office in Toronto 905-896-3333
Mississauga Office 905-896-3333.
Search our Listings for Sale at www.SuttonRealty.com or search by google map at www.SearchTorontoHomes.com and www.SearchMississaugaHomes.com
. . .
Read full article...Line Ups for the HOT X2 Condo Project in Toronto!
Published Date: Thu, 26 Nov 2009 23:26:00 GMT
November 25, 2009- Agents lined up in the cold and the rain since last night, for their chance to purchase one of Toronto most desired address. The X2 developed by Great Gulf Homes and Lifetime Development, who have brought us One Sherway, Charlie and took over the 1 Bloor project from Bazis International, will be making their mark yet again at Charles St and Jarvis St. The X2 is set to be 42 storeys ranging from 400 square feet to 1,600 square feet.
With units still for sale in the original X condo, the sleek glass structured X2 condo will start at an incredible price of $199,900. Starting from studio to 2 bedrooms, the occupancy of X2 set at November 2013. (but don't expect large square footage at their starter prices.)
Info and Features for X2 Condos are very similar to Charlie Condo, which includes: nine-foot ceilings, pre-finished engineered floors in the principal rooms, granite kitchen countertops and stainless steel appliances.
Amenities include: 2 guest suites, 24 hour concierge, a floor dedicated to fitness facilities, dining/lounge area, billiard room, library, and a rooftop garden with a pool and sundeck.
Agents have been waiting since last week around the Bloor and Bedford area. There were three lines that were formed two lines on the south side and one on north. Those agents on the north side who got there last night were inside the Intercontinental Hotel, the Willard Room where the units were being sold. According to agents who have been there since last week they were asked to move by the police to the south side. So those who arrived there last night were in the original line where those agents where.
Where are the X Condos Located? Project location at Jarvis and loor Street. Occupancy schedule for 2013.
The next project for Great Gulf Homes And Lifetime Development will be the 1 Bloor. For more info or to register call 416-896-3333.
The Toronto real estate market has surprised just about every economist. With the help of low interest rates our housing market has experienced incredible price and sale statistic increases. The threat of the HST tax coming into effect in the summer of 2010, is just adding another incentive for home and condo buyers.
The excitement over the opening of the X2 Condominiums may be just one more indication of things to come in the real estate market for the first half of 2010.
Visit www.SuttonRealty.com for more information on New Developments in Condos or resale condos in the Toronto and surrounding area.
Toronto West Condos Overview
. . .
Read full article...FINAL Phase Of ICE Condo Coming Mid-November! Are You Registered?
Published Date: Mon, 16 Nov 2009 06:35:00 GMT
The final chill has arrived!! Phase 2 of the successful Lanterra’s ICE CONDO will be released mid-November. Prices starting from $189,900 for a studio, this is a great opportunity to purchase a condo near the Air Canada Center.
Scandinavian inspired design of ICE CONDO, the term ‘Scandinavian Design’ means modern and high quality describing a style of design. To maintain the chill, the architects of ICE Condo have created a 6,000 square meter of green canopy on each roof to alleviate the summer sun. The green will also be evident in the landscaped courtyard and the linear park on the south end of the property.
The two towers of ICE condo will give an urban village feeling, with the green ‘pastures’ and as well as the compelling amenities this condo will provide for the residence.
Features include: swimming pool (lap pool and a kid’s wading pool), dry sauna, steam room, cold water dip pool, hot tub, relaxing lounge, fitness (equipped with cardio and weights) centre, and aerobic/yoga room. Relax in the massage room and take a plunge in the cold plunge pool.
Other amenities include: business conference rooms, party rooms, board room, and meeting rooms. With a full service kitchen having a large party is no longer an issue for condo residents.
Residents of the ICE Condo can travel through the PATH 27 km leads to the financial core, subway station, Air Canada Center, Rogers Center, CN tower, Entertainment district, shopping and much much more. This allows residents to stay indoors during the harsh winter months.
Where are the Ice Condos Located?
Ice will be built at the north-west corner of York St and Brenner St. The perfect location for great entertainment and for luxury restaurants the Heart Of Toronto is your glacier waiting for your adventure. The suburbs are only mins away, with the Gardener and Union station leading out of the city this location is ideal for investors and residents alike.
Phase 1 is 91% sold out occupancy date is set to be February 2013, Phase 2’s occupancy date is set for Winter 2014.
We're excited about this new project. Call for more information about special buyer incentives. Like any new Condo project, its best to purchase early when the premium suite location selection is the best.
Whether you are a first time buyer or Toronto Investor, it is an excellent learning experience to visit and compare new construction developments.
For more info call us at 416-896-3333. Or email us with your questions.
Sutton Toronto Real Estate
More information on Toronto and Area New Construction visit www.SuttonRealty.com and check out our New Condos Tab for Toronto West (west of Yonge)
. . .
Read full article...October GTA Real Estate Update - Nobody Predicted This Surprising Outcome
Published Date: Mon, 26 Oct 2009 20:44:00 GMT
Toronto / GTA Housing Market Predicted to Hit 80,000 Sales TREB stats for September showed a 28% increase in sales. The average price for September transactions was worth $406,877, up by 10% compared to the same month last year.
We have experienced an increasing rate of existing home price growth in the GTA as sales have continued to outpace 2008 results.
Year-to-date sales, at 66,437 were up 4.5% compared to the first nine months of 2008. The average price at $388,417, up almost 1.5%.
Existing home sales will finish strong this year, pushing through the 80,000 mark and moving in line with some of the best years on record! A shocking turnaround from the slow January/February results.
Its not surprising to hear about all the multiple offers on Toronto houses, but it is rather surprising to see all the competition in Mississauga and Oakville. As mentioned last month, one of our nicely staged homes received 22 offers in Mississauga and we had to bring along assistants just to help with traffic control. And this month was no different. Hot properties brought in 8 - 10 offers, a few even over 20.
One particular home stands out in my mind this month. It was listed at fair market value, considering the fact it had no washroom. Yes, no washroom - the previous owner started the renovations and removed everything, no sink, no tub, no flooring -- offers were held back for a week and upon on the eve of presentations it was like standing in line at the deli. Take a ticket and wait in line for your turn to present your offer. Those not going in at $50,000 over asking need not apply. It was insanity.
I guess these low mortgage rates are motiving not only the average home buyer but investors are coming back to the marketplace.
Median Price for the Entire Real Estate Board (Toronto & GTA)
In September, the median price was $347,000, from the $322,000 recorded during September of 2008.
Click here for complete Market Watch. pdf
Do You Know Where The Hottest Area Is According To TREB??
According to TREB stats the W23 district, Brampton, has seen the most transaction growth at 3728 transactions year to date. District W26 (Milton North) has seen average sales of $690,072.
Canada's Remarkable Housing Rebound
Economists are running out of superlatives to describe the rebound in Canada's housing market, in which sales are up 60 percent from earlier this year.
"The speed and magnitude of the rebound in sales activity" is "remarkable," says the Canadian Real Estate Association (CREA). Association president Dale Ripplinger.
"The difference in the resale housing market now, compared to the beginning of the year, is night and day."
Real Estate Housing Market Forecast For 2009 and 2010
Don't Miss this Market with an Over-Priced Home Perhaps the greatest influencer in getting your home sold is entering the market with a home that's priced correctly.
Over-priced homes won't get favorable attention; they lose out to the ones that are reasonably priced.
All sellers are looking for the highest price for their home. That's why some sellers want to start at the highest point, maybe even asking a higher price than what they really believe they can get -- the continued readjustment of price can be a humbling ride down to finding the reasonable price to sell the home.
Still dropping the price sounds like an okay strategy, some sellers think.
Here's the problem, today's buyers do mega research on neighbourhoods and what is available. The internet has an abundance of information at a click of a button. The number of days a property sits on the market, also has a big impact with today's buyers.
Happy House Hunting. Looking forward to seeing the stats for next month.
Sutton Offices in Toronto 416-896-3333, Mississauga 905-896-3333, Oakville/Milton Line 905-827-6999
. . .
Read full article...