Comments (0)

By admin, April 1, 2010 3:24 pm

Not many home Sellers understand the costs a Real Estate Agent incurs before even getting paid. Real Estate is a unique industry in that an agent does not get paid until closing. When they list a home for sale they have items they pay for on behalf of their sellers that they don’t get paid for unless the homes sells and closes. Same with when they work with buyers.

Not all agents provide the same services, so make sure to ask your agent what services they provide for their fee.

So what are some of the services real estate agents provide with the risk of not getting paid?

For Sellers:

• Highest Market Analysis
• Home Staging Consultation
• Virtual Tours and Professional Photography
• Marketing with signs, internet exposure, and social media
• Open Houses
• Follow-up on showings and open houses
• Marketing directly to other Realtors
• Conducting offer presentations and negotiating on your behalf

For Buyers:

• Daily e-mail service with new listings
• Networking with other agents to find homes that meet your needs
• Guiding you through the buyer process
• Arranging for you to get a pre-approval from a Mortgage Broker
• Arranging appointments to see homes that are of interest with you
• Negotiating the best deal on your behalf
• Being there to advise you and answer your questions

And that is just the beginning.  I am there to answer any questions between firming up a deal and closing. So be careful to make sure you are getting the best service possible.

Comments (0)

By admin, January 18, 2010 1:21 pm

The Red Hot Condos will be available for occupancy in the Summer of 2011. Being built by Camrost Feldcorp in Don Mills, this condominium project includes 1 bedroom, 1 bedroom + den and 2 bedroom units ranging in price from $172,900 to $285,900.  They are also offering furniture packages ranging from $7,000 to $13,500. If you are interested in learning more about this project, give me a call.

Comments (0)

By admin, January 17, 2010 10:21 pm

I am facing a dilemma with the Toronto Real Estate market right now and that is there are not enough homes to show all the buyers who are actively looking. And I am not alone.  Lots of Real Estate Agents are feeling the same crunch.

The only people really winning are the sellers. Their homes are selling quickly with multiple offers and going for over asking.

Currently in Central Toronto there are only 1,745 homes on the market and this includes condominiums.  Last year at this time there were 3,398 homes on the market.

So yes, this is great for sellers but for buyers it is very frustrating to completely lose out on homes in multiple offers, multiple times, and to see prices going up with each subsequent new listing in the area.

So I am not going to tell you to wait until spring to list your home this year but to list it NOW! In fact, I am almost begging you to list your home. My last two listings have sold very quickly and for great prices. I can help you take advantage of this sellers market. Call me today.

Comments (0)

By admin, January 11, 2010 11:11 am

Built right across from High Park and only 108 suites, take advantage of this great neighbourhood. Great shops, restaurants and so much to do. The suites will range from 1 bedroom up to 2 bedroom + den. This building also has lots of terraces and balconies. Floor to ceiling windows make for some great views of the park and street. If you interested in learning more about this project, give me a call.

Comments (0)

By admin, January 8, 2010 10:19 pm

The Home Buyers’ Plan (HBP) is a program that allows you to withdraw up to $25,000 from your registered retirement savings plan (RRSPs) to buy or build a qualifying home for yourself or for a relative with a disability.

You have to be a first time homebuyer, meaning you could not have occupied any home as the principal place of resience.

If you are planning on making a contribution to your RRSP in 2009 you have until the end of February to do so but keep in mind you must have the funds in your RRSP for at least 89 days before you can withdraw it again to use for the HBP.

To participate fill in this Form and submit it.

Comments (0)

By admin, July 13, 2009 9:48 pm

There is Land Transfer Tax for Ontario and if you live in the city of Toronto there is an additional tax there as well. There is a great LTT calculator here http://www.torontorealestateboard.com/LTT_splash/ltt_calculator.htm.

In Ontario:

The tax is calculated as follows:

* 0.5% of the value of consideration for the transfer up to and including $55,000,

* 1% of the value of the consideration which exceeds $55,000 up to and including $250,000, and

* 1.5% of the value of the consideration which exceeds $250,000, and

* 2% of the amount by which the value of the consideration exceeds $400,000 for land that contains at least one and not more than two single family residences.

First-time homebuyers may be entitled to a refund of Ontario’s land transfer tax, up to a maximum of $2,000. This refund is usually claimed at the time of registration.

The Toronto Land Tranfer Tax is calculated as follows:

Price of the Home

Up to and including $55,000.00      0.5%  plus

$55,000.01 to $400,000.00             1.0%  plus

Over $400,000.00                                  2.0%

FOR EXAMPLE: A home with a consideration value of $500,000.01 (excluding GST):

0 to $55,000.00                                   55,000.00 x 0.005 = $275.00

$55,000.01 to $400,000.00      $344,999.99 x 0.01= $3,450.00

$400,000.01 to $500,000.00     $99,999.99 x 0.02= $2,000.00

Total MLTT= $5,725.00

If you are a first-time purchaser of a newly constructed or re-sale residential property. The rebate for first-time home purchasers is up to a maximum of $3,725.00.

Your lawyer applies for the credits for you when registering your home.

Comments (0)

By admin, July 10, 2009 3:58 pm

Your credit score is used by most companies to see if you are a good credit risk or not. A credit score of over 680 is considered excellent.

What Can You Do to Improve Your Score?

1. Order a copy of your credit report from www.equifax.com or www.transunion.com to review it and make sure there are no errors.
2. Pay your bills on time.
3. If your credit history is questionable, open a few new accounts and use them responsibly.
4. Don’t open accounts and not use them. Having 6 or 7 of the same type of credit does not work in your favour.
5. Keep your balances low relative to your amount of credit available.
6. Pay off credit card debts!

What Does This Mean to Home Buyer’s?

The better your credit score the higher you buying power (income dependent as well). You will also qualify for the best mortgage products at the best rates.

To see what your credit score is and how much of a home you can afford, make sure to talk to your Real Estate Agent and Mortgage Broker before shopping for your Toronto Home.

Comments (0)

By admin, July 7, 2009 9:02 pm

Buying Your Home:
The Process

Purchase “Agreement of Purchase and Sale” forms

For example: Name, Property address, Legal description, Deposit,
Your choice of Clauses, Chattels, Exclusions, etc.

1. CASH OFFER
   PURCHASER AGREES TO pay the balance of the purchase price in cash or by certified cheque
   to the Vendor on closing, subject to the usual adjustments.

2. CONDITIONAL UPON ARRANGING SATISFACTORY FINANCING
   THIS OFFER IS CONDITIONAL upon the Purchaser arranging satisfactory financing on or before
   ______, otherwise this Offer becomes null and void and the deposit money shall be returned
   to the Purchaser in full without interest. The Purchaser reserves the right to waive this
   condition at his sole option within the specified time period. The said proceeds for
   financing shall be paid to the Vendor on closing as part of the purchase price.

3. CONDITIONAL UPON QUALIFIED INSPECTION
   THIS OFFER IS CONDITIONAL for a period of _____ days from the date of acceptance by the
   Vendor upon the Purchaser having the subject property inspected by a qualified home
   inspector and finding said inspection satisfactory to him, failing which, this Offer shall
   become null and void and the Purchaser’s deposit shall be returned in full without
   interest. The Purchaser reserves the right to waive this condition at his sole option
   within the specified time period.

Comments (1)

By admin, July 6, 2009 1:17 pm

If you delve into the 10,955 sales in the month of June you see that 6,593 of them were in the 905 suburbs and only 4,362 were in 416.  The average price of a home in 905 is over $60,000 less than in the 416 area code.  This along with the double land transfer tax makes for a significant savings of buying in 905.

There are 30% fewer listings on the market this year and this is pushing the market back towards the Seller’s market again.  There is such little inventory on the market that once again we are witnessing bidding wars!  There are lots of areas where homes are still going for over asking for example The Beaches and South Etobicoke.

The avergae days on the market is back to 33 and this can also be attributed to the lower inventory levels.

I see that this summer is going to be very hot in Toronto Real Estate.  So seize the opportunity now