Real Estate Thoughts

Mid May Market Report

noreply@blogger.com (Simson Chu) — Thu, 17 May 2012 13:53:00 +0000

TORONTO, May 16, 2012 – Greater Toronto REALTORS® reported 5,142 transactions through the TorontoMLS System during the first 14 days of May 2012. This result was up by more than 14.5 per cent in comparison to the first 14 days of May 2011. The number of new listings continued to grow at a slower pace than sales – up 13 per cent year-over-year to 8,749.

The average selling price for transactions in the first 14 days of May was $517,242 – up by six per cent compared to the same period in 2011.
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Altitude Condo | Brand New | Coming Soon

noreply@blogger.com (Simson Chu) — Sun, 13 May 2012 22:23:00 +0000

WWW.88GRANGEWAY.CA

List Price - TBD
Address: 88 Grangeway, Scarborough (Ellesmere & McCowan)

Altitude condominiums is a new condo project by The Conservatory Group at Ellesmere Road and McCowan Road in Scarborough. Altitude is 26 storeys high and total of 222 units. Don't miss this assignment opportunity!
This 07 is a 2 bedroom and 2 bathroom East facing unit. Parking and Locker are included. Lots of Upgrades. Total of 825 sq ft of living space. Interim Occupancy is June 2012. Under Tarion Warranty.

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2012 Spring Real Estate Promo

noreply@blogger.com (Simson Chu) — Sat, 05 May 2012 15:10:00 +0000

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Polo I on Bay

noreply@blogger.com (Simson Chu) — Thu, 03 May 2012 18:49:00 +0000

www.1055Bay.com

Welcome to The Polo Club I. Being one of the most prestigous address on Bay Street, the Polo Club consists of two buildings; 1055 Bay St and 44 St. Joseph. Polo Club is built by Tridel, a signature of quality gauranteed. Amenities includes rooftop terrace, indoor pool, outdoor whirlpool, gym, party room, squash court, 24 hour concierge & plenty of visitor parkings.

Steps from world-class shopping along Bloor Street, Yorkville, Hazelton avenues and U of T campus.

Listed at $335,000 (Sold Conditional)

Address: 1055 Bay St., Toronto (Bay/St. Mary)

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Mid April Market Report

noreply@blogger.com (Simson Chu) — Wed, 18 Apr 2012 14:07:00 +0000

Toronto, April 18, 2012 – Greater Toronto REALTORS® reported 4,557 transactions through the TorontoMLS system during the first two weeks of April 2012. This result represented an increase of almost seven per cent in comparison to the same period in April 2011. The number of new listings grew over the same period, but by a lesser annual rate than sales, which means market conditions tightened compared to last year.

The average selling price during the first two weeks of April was $506,954 – up by five per cent compared to the first half of April 2011.
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West Hill Luxury Townhome | Highland Creek | Ravine Lot

noreply@blogger.com (Simson Chu) — Tue, 17 Apr 2012 14:57:00 +0000

Luxury Freehold Townhome in The Highland Creek Townhome Community. This Brand New Townhome Boasts a Beautiful Ravine & Park View. This Sun-filled 4 Storey 3 Bedroom and 3 Bathroom Cedar Model Townhome with Total of 1567 SqFt. Family Room at Lower Floor with Direct Access to Garage. The Basement is Finished with Recreational and Laundry Room.

www.WestHillHome.Info

Schedule for a Private Viewing Today!

Proudly Offered at $380,000 | Coming Soon!

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The Verve on Homewood Ave

noreply@blogger.com (Simson Chu) — Fri, 13 Apr 2012 15:59:00 +0000

Your Dream Home...

120 Homewood Avenue - Suite 3407

Suite 3407 is a rarely offered fabulous 2 bedroom 2 bathroom corner suite at The Verve. Being on the 34 th floor, it boasts an unobstructed city and lake view of downtown Toronto. The evening view of the financial district is just spectacular. This spacious 861 sq ft split Floor Plan suite is a perfect home for you and your partner. One parking is included in the purchased price. Schedule for a private viewing today!

Proudly Offer at $475,000

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Weekly Sales Report

noreply@blogger.com (Simson Chu) — Tue, 10 Apr 2012 14:12:00 +0000

Greater Toronto REALTORS® reported 9,690 sales through the TorontoMLS system in March 2012. This result was up by almost eight per cent in comparison to the 8,986 deals reported during the same period in 2011. The average selling price in the GTA was $501,614 in March – up by 10 per cent in comparison to March 2011.

Weekly Sales Report - April 5, 2012

Region	Area Sales	Average Price
Halton	146	$584,257
Peel	580	$435,849
Toronto	1019	$580,880 (UP)
York	512	$605,816
Durham	315	$340,235
Dufferin	14	$334,393
Simcoe	78	$340,542
Total	2,664	$517,495

Last week Toronto's Average Sale Price was $558,755.

The previous week Toronto's Average Sale Price was $525,519.

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April Market Report

noreply@blogger.com (Simson Chu) — Fri, 06 Apr 2012 11:01:00 +0000

GTA REALTORS® Report Monthly Resale Housing Market Figures
Toronto, April 4, 2012

Greater Toronto REALTORS® reported 9,690 sales through the TorontoMLS system in March 2012. This result was up by almost eight per cent in comparison to the 8,986 deals reported during the same period in 2011.

The GTA resale market has not suffered from a lack of willing buyers this year. Buyers have been spurred on by the positive affordability picture brought about by low mortgage rates. The challenge has been a lack of inventory. Many listings have attracted multiple interested buyers. Strong competition has led to annual rates of price growth well above the long-term average.

The average selling price in the GTA was $501,614 in March – up by 10 per cent in comparison to March 2011.

The number of new listings was up last month in comparison to March 2011. However, based on the historic relationship between price and listings, the GTA resale market should be better supplied. If competition between buyers remains as strong as it is right now, we will almost certainly see an average selling price above $500,000 for 2012 as a whole.

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Downtown Markham | Large Patio | Den | Upper Duke

noreply@blogger.com (Simson Chu) — Wed, 04 Apr 2012 12:00:00 +0000

Luxury 1 Bedroom Plus Den Condo In Prestigious Downtown Markham. High-End Finishes include 8" Tall Baseboards and Hardwood Floor in Living Area. 10' High Ceiling & Beautiful Patio For Guest Entertaining.

European Gourmet Kitchen Features Under-mount Sink & Stainless Steel Appliances.
Steps To Go Station and VIVA Public Transit. Easy access to Downtown Toronto by Hwy 407.

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Bay Street Condo | Assignment | 2 Bedroom

noreply@blogger.com (Simson Chu) — Fri, 30 Mar 2012 20:03:00 +0000

Introducing two of the builder's best-selling suites. Both were sold-out at the sales office and are now available for assignment opportunities.

736 Sq. Ft. Suite

132 Sq. Ft. Balcony

1 Parking Included

West Tower

West Facing Unit

Above 20th Floor

Unobstructed View - Queens Park, ROM & Historical U of T Campus

Tentative Occupancy - Spring 2014

Listed at $599,900

For more information, please visit www.BayStreetCondo.ca

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Weekly Sales Report | What is an Assignment?

noreply@blogger.com (Simson Chu) — Tue, 27 Mar 2012 19:26:00 +0000

Weekly Sales Report - March 22, 2012

Region

Area Sales

Average Price

Halton

140

$582,592

Peel

496

$449,528

Toronto

760

$525,519

York

407

$591,921

Durham

264

$334,363

Dufferin

12

$344,250

Simcoe

52

$357,558

Total

2,131

$495,463

Besides purchasing a resale homes or a brand new preconstruction units from the sales office, do you know you can also assume a "purchase and sale agreement" from the sellers? It is called an "Assignment".

What is an assignment?

An assignment is an agreement to assume a purchaser’s contract with a builder to close on a condominium before the building is registered. The assignor usually has already taken occupancy of the unit and in most cases prior to closing.

What is the advantages of Assignments?

Assignor has to start paying occupancy fee to the building. Investor would either “cash out” or lease out the unit to cover the cost. It is also true that assignment is less expensive than re-sale price which is listed on MLS after closing. The investor gets their money back to re-invest and the buyer gets a below market value unit without all the uncertainties of preconstruction.

[Read more on Assignment]

EXCLUSIVE ASSIGNMENT LISTING AT BAY/BLOOR

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Bay Street Condo | Assignment | 1 Bedroom

noreply@blogger.com (Simson Chu) — Sun, 25 Mar 2012 15:54:00 +0000

List Price: $499,000
Tentative Occupancy: June, 2015
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Closing Costs & Costs of Owning

noreply@blogger.com (Simson Chu) — Wed, 21 Mar 2012 16:10:00 +0000

Last week we covered the importance of getting yourself pre-approved before your home search. This week, I would like to cover the costs of owning a condo and the costs associates with closing.

What are the Closing Costs associated with buying a property?

Legal Fee ~ $1,000 to $1,500.
Land Trasnfer Tax (City of Toronto and Provincial)
Others (moving cost, mortgage/appraisal fee...etc)
more details...

What are the Costs of Owning your condo?
Property Tax (1% of assessed property value). A property that is assessed at $360,000, 1% of property tax is $3,600/year, equivalents to $300/month.
Maintenance Fee (condos only - at approx $0.6/sqft). Take an example on a 800 sqft unit, the maintenance fee is about $480/month.
Mortgage payment
Utility costs (hydro) ~$50/month for a 1 bedroom ~$100/month for a 2 bedroom unit.

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Mid March Market Report

noreply@blogger.com (Simson Chu) — Mon, 19 Mar 2012 20:17:00 +0000

GTA REALTORS® Report Mid-Month Resale Housing Market Figures

TORONTO, March 19, 2012 –During the first 14 days of March, Greater Toronto REALTORS® reported 4,215 transactions through the TorontoMLS system, representing a seven per cent increase compared to the same period in 2011. The number of new listings was down by two per cent year-over-year to 6,970.

"Home buyers continue to benefit from the affordable housing situation in the GTA. Immigration to Toronto and surrounding areas adds to the pool of home buyers every year. The economic and ethnic diversity found in the GTA consistently attracts newcomers and foreign investment," said Toronto Real Estate Board (TREB) President Richard Silver.

The average selling price for transactions between March 1 and 14 was $502,155 – up by more than nine per cent compared to the first 14 days of March 2011. On average, homes sold for 100 per cent of the asking price within three weeks.

"Strong competition between home buyers in many parts of the GTA has resulted in sellers realizing their asking price in a short period of time. The fact that homes are selling for 100 per cent of the asking price, on average, suggests that sellers are very much in tune with the current market situation and know the fair market value of their home," said Jason Mercer, TREB’s Senior Manager of Market Analysis.

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Important to get yourself a pre-approval!

noreply@blogger.com (Simson Chu) — Thu, 15 Mar 2012 14:31:00 +0000

We have covered all the incentives for First TimeHome Buyers in the past. If you are ready to take advantage of these incentives, I have one more great news for you. The 5 year fixed rate has recently dropped to 2.99%. Every $100,000 mortgage costs only $473/month over a 25 year amortization.

However, mortgage financing has been further tightened lately. It is very important to get yourself pre-approved before even starting your home search!!

In a multiple bidding situation, sellers often only consider working with a firm offer, an offer without any conditions. In a more balanced market, an offer is usually conditioned upon home inspection, financing, and status certificate reviewed by buyer's lawyer (for condos only).

The problem arises when a buyer offers the seller at a purchase price that is over the lender's apprasied value. It ends up the buyer cannot get the mortgage financing from the lender.

This situation can be easily avoid by getting yourself pre-approved, and working with a real estate agent whom you can TRUST. You need an agent who would look after your BEST INTEREST.

Getting pre-approved

Before you start your homesearch, you should arrange your mortgage first.

With a pre-arranged mortgage, you’ll have a better idea how much you can afford and how much you can borrow. If you choose a fixed interest rate, you are guaranteed that rate during the 90-day pre-approval period, so you are protected if interest rates should rise. As a result, when it comes to the time to make an offer, you’ll be able to make an informed decision.

How pre-approval works??

Your mortgage broker will meet with you to complete a mortgage application form and with your consent to perform a credit check. You’ll also be asked to provide the following documentations:

Name of your employer, length of employment, and your current salary.
Annual salary for the household unit.
If you own your business or being self-employed, we require earnings for the past two years.
Annual earnings from commissions, bonuses or tips...etc.
Annual interest and investment income.
List of assets including bank accounts, RRSPs and other investments; major personal assets, such as jewelry, car and collections.
Last but not least is the details of liabilities such as amounts owing on credit card balances, student loans, car loans, personal lines of credit, other debts.

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Weekly Sales Report

noreply@blogger.com (Simson Chu) — Mon, 12 Mar 2012 13:42:00 +0000

Weekly Sales Report - March 8, 2012

Region	Area Sales	Average Price
Halton	130	$564,861
Peel	456	$432,492
Toronto	876	$566,984
York	441	$594,868
Durham	257	$331,179
Dufferin	14	$351,879
Simcoe	49	$329,495
Total	2,223	$510,953

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March Market Report

noreply@blogger.com (Simson Chu) — Mon, 05 Mar 2012 16:34:00 +0000

Toronto, March 5, 2012 – Greater Toronto REALTORS® reported 7,032 sales in February 2012 – up 16 per cent compared to February 2011. New listings were also up over the same period, but by a lesser 11 per cent to 12,684. It is important to note that 2012 is a leap year, with one more day in February. Over the first 28 days of February, sales and new listings were up by ten per cent and six per cent respectively.

The average selling price in the TREB market area was $502,508 in February – up 11 per cent compared to February 2011. The Composite MLS® Home Price Index for TREB, which provides a less volatile measure of price growth compared to the average price, was up by 7.3 per cent compared February 2011. Free e-Subscribe to "Hot Deal"

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Weekly Sales Report

noreply@blogger.com (Simson Chu) — Tue, 21 Feb 2012 16:23:00 +0000

Weekly Sales Report - February 16, 2012

Region	Area Sales	Average Price
Halton	118	$539,567
Peel	360	$445,799
Toronto	683	$555,324
York	313	$576,287
Durham	193	$315,884
Dufferin	14	$288,286
Simcoe	36	$376,340
Total	1,717	$502,254

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Mid February Market Report

noreply@blogger.com (Simson Chu) — Thu, 16 Feb 2012 18:17:00 +0000

Greater Toronto REALTORS® reported 3,206 sales through the TorontoMLS® system through the first 14 days of February 2012 – up by more than nine per cent compared to the 2,933 sales reported during the same period in 2011. New listings were up by 13 per cent over the same period.

The average selling price during the first 14 days of February was $491,493 – up by nine per cent compared to the first 14 days of February 2011. On average, sellers received 99 per cent of their asking price and their homes were on the market for an average of 25 days.
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Weekly Sales Report

noreply@blogger.com (Simson Chu) — Mon, 13 Feb 2012 15:51:00 +0000

Region	Area Sales	Average Price
Halton	98	$590,289
Peel	358	$407,595
Toronto	562	$537,726
York	295	$555,285
Durham	201	$332,971
Dufferin	5	$289,080
Simcoe	33	$339,009
Total	1,552	$482,821

Weekly Sales Report - February 9, 2012

Region
Area Sales
Average Price
Halton
98
$590,289
Peel
358
$407,595
Toronto
562
$537,726
York
295
$555,285
Durham
201
$332,971
Dufferin
5
$289,080
Simcoe
33
$339,009
Total
1,552
$482,821

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Weekly Sales Report

noreply@blogger.com (Simson Chu) — Thu, 09 Feb 2012 14:49:00 +0000

February 2, 2012

Region	Area Sales	Average Price
Halton	102	$528,614
Peel	298	$413,998
Toronto	569	$521,412
York	254	$574,736
Durham	178	$326,675
Dufferin	15	$317,400
Simcoe	36	$326,121
Total	1,452	$478,379

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February 2011 Market Report

noreply@blogger.com (Simson Chu) — Fri, 03 Feb 2012 20:43:00 +0000

TORONTO, February 3, 2012 – MLS reported 4,567 sales in January 2012. This number was 8.8 per cent higher than the 4,199 sales reported in January 2011. Sales growth was strongest for low-rise home types in the regions surrounding the City of Toronto

The average selling price for January 2012 transactions was $463,534 – up by almost nine per cent compared to January 2011.

"Low inventory levels have kept competition between buyers strong, resulting in robust annual rates of price growth over the last year. Strong price growth is expected to attract more listings. A better supplied market should result in a slower rate of price growth, especially in the second half of 2012," said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.

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Fabrik | VIP SALE | Richmond & Spadina

noreply@blogger.com (Simson Chu) — Thu, 02 Feb 2012 16:12:00 +0000

Buyer's Incentive:
$4,000 off studios, 1 bedrooms and 1 bedroom plus dens
$6,000 off 2 bedrooms, 2 bedroom plus den and 3 bedrooms
Development Charges/Levies capped at $2,500
Connection/Meter charges capped at $875
Assignment Fee $2,000

500 sqft Studio starting from $308,990

Location: on Richmond St and just west of Spadina.
Deposit Strucutre:
$5,000 with agreement
balance to 5% in 30 days
5% in 90 days
5% in 180 days
5% in 365 days

Parking at $42,000 limited to larger units.
Maintenance Fee: Approx $0.55/sqft.
Tentative Occupancy July, 2015

Pricelist and Floorplan are available upon request

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Weekly Sales Report

noreply@blogger.com (Simson Chu) — Sat, 28 Jan 2012 16:08:00 +0000

Region	Area Sales	Average Price
Halton	89	$461,085
Peel	311	$409,640
Toronto	496	$554,308
York	243	$591,105
Durham	181	$316,308
Dufferin	4	$292,125
Simcoe	33	$334,551
Total	1,357	$483,766

Weekly Sales Report - January 26, 2012

Region
Area Sales
Average Price
Halton
89
$461,085
Peel
311
$409,640
Toronto
496
$554,308
York
243
$591,105
Durham
181
$316,308
Dufferin
4
$292,125
Simcoe
33
$334,551
Total
1,357
$483,766

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