Search results matching tag 'Toronto Real Estate Market Updates'

***Realtor Secrets: Why You Should Keep Your Home on the Market During the Holidays***
Published Date: Sun, 18 Dec 2011 20:48:00 GMT

During the holiday months our schedules are jam packed with shopping, cooking, baking, entertaining, cleaning, decorating and so much more. You may begin to wonder what the benefits are of taking your home off the market during this busy time.

It is natural to think that if you, the seller, are too busy with holiday preperations to host showings for your home, then the buyers must be too occupied to take the time to view it. It may even make sense to take it down in order to relist it as a new listing in the new year. New listing, new year- sounds like common sense.

 Then why do Realtors advise that homes should be kept on the market and active during the holidays?

Tips That The Top Realtors Want You to Know: 

•  Buyers have more time at home to search for properties
•  Some Buyers choose specifically to look for homes after the busy spring market, since now the negotiations will be less stressful
•  Since activity appears to slow down, Buyers looking at this point are much more serious
•  No need to move out during the holidays. Negotiate the closing date to be scheduled in the new year. You'll already be packing holiday decor anyway.
•  Preparing your home for guests that the holidays bring is a perfect opportunity to showcase your home at its best !

Looking For More Information - Call Our Office Today and Speak With a Branch Manager!

Sutton Group Realty 905-896-3333

In today's competitive marketplace get the edge with Sutton Home Staging.   Free Consultation - Discounts on Home Furnishings.

We'll email you our before and after photos and you be the judge!    Its Dynamic Home Staging on a Dime!

www.SuttonRealty.com for a Free Home Evaluation.

Toronto Condos For Sale! Stop Paying Rent! First Time Buyers Take Notice!!
Published Date: Wed, 14 Dec 2011 18:00:00 GMT

[photo:listing:51479357]
Absolutely Stunning

• 2 bath, 2 bdrm single story - $199,000 - Weston on the Humber

Weston/401, Toronto  -  Toronto Condos For Sale

Great 2 bedroom, 2 bathroom unit in Boutique Styled Building!

This building is sure to impress! Perfect price for the first time home buyer! Under $200,000 - it is time to stop paying rent and start building your future!

Laminate floors, tiles in washrooms,new kitchen, around 5 years old building, vacant, balcony, open concept

Easy access to the 401, TTC at the door and only minutes to Weston GO

Love to golf? So close you could walk to Weston Golf and Country Club and Crossroads Plaza.

For More information call Victoria 416-762-6829

Property information

Why rent when you can own this condo for as little as 5% down!

Looking For More Great Condo's For Sale visit us at www.SearchTorontoHomes.com

Thinking of Selling Your Toronto Condo - List with Sutton!   Low Commission Plans - Free Staging Consultations.

Visit us at http://www.SuttonRealty.com for the latest Sutton Member Mortgage Rates - Its time to shop and compare rates to save!

Don't settle for the first rate you hear -- Every quarter point reduction can save you thousands over the life of your mortgage! http://www.searchtorontohomes.com

Sutton Realty Office 416 896 3333

Toronto and GTA Real Estate Market Update Report - Average House Prices up 5%
Published Date: Fri, 08 Apr 2011 21:54:00 GMT

Toronto Real Estate Market Update Report for March 2011

The Toronto Real Estate Board reported 9,262 transactions for the month of March 20111.  This is the second best March result on record, yet its an 11% decrease from record results report in March of 2010.

But what most people care about is the actual average house prices.   Are house prices in the GTA going up?    Each month I think they will stablize, maybe even decrease slightly, however, each month we have to report they keep on climbing.   The average house price for March for $456,147, which is up 5% year over year.

The strongest average price growth was reported for condominium and semi-detached homes, both home types were up approximately 7%.

The market continues to remain strong for the first quarter of 2011 based on a solid affordability picture and improving economic conditions in the GTA.   

What real estate sells the quickest in Toronto to Mississauga?   Location!  Staged!  Renovated!   Buyers are willing to pay much more to get more!    With banks tighting restrictions on financing, many buyers are opting for renovated, move-in ready homes to avoid any future line-of-credit requirements.    

How are GTA Investors Doing?   Our office has recently experienced a surge in rental inquiries as well from transferee's from across the United States.   We are quickly filling our luxury investor condos with tenants and have a shortage of furnished units for rent on a short term basis under $2,000 a month.

For a complete update on the Toronto and GTA Real Estate Market watch the quick You Tube Video below - complete with comprehensive house price charts and graphics.

Have a Real Estate Question?    Toronto Real Estate Office 416-896-3333

www.SuttonRealty.com  --  www.SearchTorontoHomes.com

ONE OLD MILL Condos- Prestigious Tridel Is Coming To Bloor West Village / Kingsway Village!!
Published Date: Tue, 26 Oct 2010 18:38:00 GMT

For More information call our Condo Department - our staff is full of knowledge and statistics on Toronto Condos.  

Sutton Realty Toronto 416 896 3333

Thinking of Selling Your Toronto Condo - List with Sutton!   Low Commission Plans - Free Staging Consultations.

If you have a vacant condo to sell - ask about our "Furnished Staging Program" www.SuttonRealty.com

If you are looking for a New Condo in Etobicoke close to subway just give us a call for our listing inventory list or browse through our resale properties at www.SearchTorontoHomes.com

First-Time Home Buyers Tax Credit (HBTC)
Published Date: Tue, 17 Aug 2010 21:13:00 GMT

The First-Time Home Buyers Tax Credit (HBTC) is one of the measures provided by the federal government in 2009 to encourage investment in Canadian housing. For 2009 and subsequent years, the HBTC is a new non-refundable tax credit, based on an amount of $5,000, for certain home buyers that acquire a qualifying home after January 27, 2009 (i.e., generally means that the closing is after this date). The HBTC is calculated by multiplying the lowest personal income tax rate for the year (15% in 2009) by $5,000. For 2009, the credit was $750. Each year, the credit is recalculated, so it may be higher or lower than previous years. It doesn't cost anything to apply for your credit - so why not try?   Even if the amount is only $750.00, it can go towards landscaping or a new LCD TV : ) How do you qualify for the tax credit? You, and anyone you purchase the home with, must be considered a first time home buyer to be eligible for the tax credit. The home must be used as your principal residence, and if you purchase with your spouse, common-law partner, or even a friend, then either one of you can claim the credit (or share it). However, the combined total cannot exceed $750. If you are a person with a disability or are buying a house for a related person with a disability, you do not have to be a first time home buyer. See the Government of Canada website for further details. What is a qualifying home? To qualify for the First-Time Home Buyers Tax Credit, a home must be a housing unit located in Canada, including mobile homes, condominiums and apartments. A share in a co-operative housing corporation that entitles you to possess, and gives you an equity interest in, a housing unit located in Canada also qualifies.  However, a share that only provides you with a right to tenancy in the housing unit does not qualify. Also, you must intend to occupy the home or you must intend that the related person with a disability occupy the home as a principal place of residence no later than one year after it is acquired. How to Claim the First-Time Home Buyers Tax Credit? First-time homebuyers purchasing a home may claim the HBTC on their income tax returns. Starting with the 2009 taxation year, line 369 is incorporated into the Schedule 1, Federal Tax to allow you to claim the credit in the year in which you acquired the qualifying home. The home must be registered in your or your spouse's or common-law partner's name in accordance with the applicable land registration system. Claimants should ensure that documentation supporting the purchase transaction is available if requested by the Canada Revenue Agency. Claimants are also responsible for making sure that all applicable eligibility conditions are met. Keep the HBTC in mind when you consider buying a Canadian home. It’s just another great reason to take the final step of real estate home ownership. For more Information visit: http://www.cra-arc.gc.ca/gncy/bdgt/2009/fqhbtc-eng.html Thinking of Buying Your First Home - Think Sutton First Time Home Buyers - All you questions answered! Sutton Group Realty Toronto 416-896-3333 www.suttonrealty.com

Summer Cool Down Continues
Published Date: Tue, 17 Aug 2010 21:07:00 GMT

The Canadian resale housing market continues to ease up. July sales dropped drastically when compared with the same month last year. This slow-down is not surprising in the face of tighter mortgage regulations and rising interest rates. "The level of July sales remained below the expected long-term trend. The market has become more balanced following record monthly sales through most of the winter and early spring," said Toronto Real Estate Board (TREB) President Bill Johnston. While July sales were down compared to last year, the number of new listings in the marketplace also fell. This means there was enough competition between buyers to exert upward pressure on price. Visit www.SuttonRealty.com to browse our listing inventory Thinking of Selling -- Think Sutton Sutton Group Realty Toronto 416-896-3333

HST on Real Estate Home Buying, Selling and Renting, HST Calculators
Published Date: Sat, 12 Jun 2010 00:27:00 GMT

The Basics on how the HST is calculated if you are a Home Buyer, Seller, Landord or Tenant.  The Ontario 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 some common questions and answers.
• 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.
  

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 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.

HST Calculator for Ontario Personal Tax Relief

HST Calculator on other possible house hold items.  

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.

Is Buying a Home Still A Good Investment? Toronto
Published Date: Thu, 01 Apr 2010 08:27:00 GMT

With the Canadian Government constantly sending us messages about saving for our retirement, I can't think of a better way of creating wealth than paying off your own mortgage than your landlords.   But let's look at some survey's of what other Torontonians and Canadians think about real estate as an investment.

Despite a tricky economy and concern about climbing household debt, a survey says the portion of Canadians who are "very likely" to purchase a home in the next two years has increased from 7 per cent to 10 per cent since the same question was posed two years ago.

The media has been full of speculation about house prices being unsustainable in Toronto and generally across the country, but the lure of homeownership remains strong among those surveyed by Ipsos-Reid on behalf of RBC.

An overwhelming 91 per cent of Canadian homeowners believe a home is a good investment. That's the highest level of confidence in homeownership that the survey has seen in 12 years. This was the 17th annual RBC Homeownership study.

Buyers are no longer waiting until they get married to enter the marketplace.

People aged 18 to 24 are most likely to buy in the next two years, says the survey. Most people who plan to buy are planning to take out a fixed-rate mortgage (44 per cent), although combination mortgages that include fixed- and variable-rate components are also popular at 40 per cent. Seventy per cent will take a mortgage term of five years or longer.

Low mortgage rates continue to fuel the real estate market, but the survey found that 64 per cent of respondents believe that rates will be higher in one year's time. They are expected to start rising gradually at the end of 2010 and into 2011, but will probably still be near historic lows.

A recent report by Canada Mortgage and Housing Corp. (CMHC) says that house price increases have not necessarily been as dramatic as they seem in some media reports. "To a large extent, price gains in 2009 reflected a rebound back to levels that prevailed prior to the economic downturn. In particular, measured from the fourth quarter of 2007 to the fourth quarter of 2009, home prices rose 6.5 per cent. This translates to an average annual rate of price growth of less than 3.5 per cent over this period, which is not out of line with average historical rates," says CMHC.

Many of the media reports rely on average MLS prices as a measure of price increases, but CMHC notes that these numbers are skewed when there's been a lot of activity in higher price ranges in the most expensive markets in B.C. and Ontario. 

Alternative price indexes that take the fluctuations of average house prices into account "strongly suggest that recent developments in home prices have been much less volatile than indicated by average MLS price changes," says CMHC. "Analysis by the International Monetary Fund (IMF) also suggests that national house prices in Canada are supported by long-term fundamentals."

Another recent IMF report says that prices are "essentially at long-term equilibrium values," says CMHC.

Factors expected to cool the housing market going forward include an increase in the number of homes for sale as more listings come on the market; the introduction of Harmonized Sales Tax in Ontario and B.C, which will add new taxes to the cost of buying a home; and new mortgage rules that require some buyers to have a larger down payment to qualify for a mortgage.

Cooling doesn't necessarily mean any downward price adjustments, if could simply mean fewer sales and a slower but steady price increase.

The Test - Give Yourself Wiggle Room

If you are just entering into the real estate market, do the "stress test", by figuring out what payment would be required if rates rise, and then determine if the home you want is affordable at that level.   That will leave you "wiggle room" and ensure you can comfortably afford to purchase in that price range.  Sometimes a compromise in lowering your expectations just a bit can give you peace of mind in the long term.

Even if the prices don't skyrocket in the next 10 years -- your mortgage will definitely decrease, still building you equity towards your retirement.

Sutton Group Realty Toronto 416-896-3333

Sutton Group Realty Mississauga 905-896-3333

Visit us on-line at www.SuttonRealty.com or www.SearchTorontoHomes.com

Big Banks Raise Interest Rates - Is This the End of Cheap Money?
Published Date: Tue, 30 Mar 2010 04:02:00 GMT

Toronto Real Estate Update on Mortgage Rates.   We all knew it was coming, little hints that rates would not stay this low forever, but it still came as a surprise today when three big banks announced they would be hiking their mortgage rates overnight.

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Predictions were rates would stay unchanged until June with many economists saying rates would stay unchanged until  late fall of 2010.   So what happened!

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The Bank of Canada is expected to begin raising lending rates this summer as they try to fight the growing inflationary pressures in the economy.   And it doesn't take the banks much of an excuse to jump the gun.  Another lesson to never let your guard down, when there is a threat the rates will climb the banks will jump just before you actually expect it.

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So far RBC (Royal Bank), Laurentian Bank and TD Canada Trust changed their 3, 4 and 5 year rates.   But expect other banks to follow.

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The biggest increase announced Monday affects the five year mortgages.  All three banks are hiking their posted rate by six-tenths of a percentage point to 5.85 (up from 5.25%).

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What will this Rate Cost The Average Toronto Home Buyer?
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The average homeowner taking on a mortgage of $250,000 (with a 25 year amortization) would likely see an increase of $88.00 per month, from $1489 to $1577.00 per month.

But if you have great credit and employment, shop around and negotiate a better rate.  Check out the Sutton Member mortgage rates as a comparison before heading to the bank.  

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Pre-Approved Mortgages.   I have always been a firm believer buyers shopping for a home, should have a pre-approved mortgage in hand.    A preapproval with Scotia will hold your rate for up to 120 days.   Those lucky buyers with pre-approvals have a unique opportunity to jump into the marketplace and still take advantage of yesterdays low rate.

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Variable or Closed.    Historically staying short-term and flexible has been the best strategy, but banks usually advise that locking in at a still-attractive longer term rate of 5 years is always a good bet if you want to ease your risk.  

So, if you currently have a variable mortgage there is still time to call the bank and see what their best offer for a 5 year mortgage rate would be (many can still offer you the rate before the hike).  

If you are comfortable with the offer, now is the time to switch, but don't over react.   A variable rate is still much lower and there is no guarantee the variable will increase dramatically over the next year.  Talk to your branch manager for suggestions.

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Some homeowners will take the "possible risk" with the variable mortgage in hopes the rates will come down in 2011 as the economy slows and inflationary pressure subside.  This could just be a temporary blimp.  Keep in mind historically staying short term has been the best strategy.

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I love to compare mortgage rates, so on our website I added a link to compare rates from variable to 5 year mortgages by some of the largest lending institutions in Canada.   Just remember if you are an AAA client, don't take the first offer, negotiate an even lower rate than is posted.  

Sutton Group Real Estate Office Toronto 416-896-3333
Sutton Realty Mississauga 905-896-3333

New Mortgage Rules Overview - How Will It Affect the Real Estate Market? Toronto GTA
Published Date: Fri, 19 Mar 2010 08:30:00 GMT

The April 19th deadline is quickly approaching, and you can feel the rush in the active March real estate market.   Sales for the GTA were up 70% from the same time last year reported the Toronto Real Estate Board members.

Finance Minister Jim Flaherty new mortgage rules are being aimed at stopping housing speculators and ensuring homebuyers can adequately handle their debts when interest rates inevitably rise.  Some predict the rates to start climbing as soon as June.  Mr. Flaherty stressed that Canada's real estate market is healthy, and that the new rules, which take effect April 19th, would stop “negative trends” from development.

It is obvious that many of the new condo developments were swooped up massively by speculators, leaving little inventory for the average buyer that planned on living in the unit, and not renting it out.

For most consumers, the new mortgage changes are unlikely to make it harder to get a mortgage but it could reduce the size of the mortgage an individual consumer can negotiate with a lender. And they might have to look at buying slightly less expensive properties.

People buying real estate for investment purposes including those looking for rental properties may find it harder to get into the market as they have to shell out more money form their own savings.  But that might not be such a bad thing.   More of a down payment will mean quicker positive cash flow and security for the investor.

Some volatility is expected in the housing market in the short term as home buyers rush to beat the April 19th date. After that, the activity will likely fade because so many buyers moved up their purchases. This could end up softening the sharp year-over-year price increases that have been characteristic in many cities recently.

The economic implications of this rule change are unlikely to be severe, and we expect the housing market to slow its ascent without crashing down.   Perhaps house prices will increase at a slow rate, which most consumers will welcome.  Slow and steady creates a more relaxed environment for both buyers and sellers.

Here is a quick look at the changes which apply to government-backed insured mortgages:

1. Borrowers must now qualify based on a five-year fixed rate even if they choose a mortgage with a lower interest rate and shorter term. The government’s rationale for this change is that it will help borrowers prepare for higher rates, although it may squeeze the purchasing power of home buyers. It remains unclear whether borrowers must qualify at the five-year posted rate or the five-year discounted rate.

2. The maximum amount Canadians can withdraw in refinancing their mortgages will be reduced to 90% of the value of their homes, instead of 95%. This change will help ensure home ownership is a more effective way to save. The impact of this change is expected to be minimal as relatively few homeowners withdraw equity from their homes to this extent.

3. A minimum down payment of 20% will be needed for government-backed mortgage insurance on non-owner-occupied properties “purchased for speculation,” which realistically means rental properties. While this measure is intended to hamper the speculative buying of properties by reducing the leverage of buyers, it will also impact those buying real estate for general investment purposes.

For information on the Sutton Member Mortgage Rates visit us at www.SuttonRealty.com

Browse through our listings at www.SearchTorontoHomes.com

Do you have a real estate question?   Call our Toronto or Mississauga office real estate office and ask for the Branch Manager, we're happy to help.   905-896-3333    416-896-3333

Free Market Evaluations at www.SuttonRealty.com

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