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By admin, September 9, 2009 10:15 am

Well, the kids are back at school and it feels like the hazy days of August. I am finding it hard to get back into the swing of things.

In recent weeks, I have been so busy with Toronto home buyers. The only challenge I have been finding is with inventory. There is nothing out there to show. Listings are down over 37%. Often I will have a buyer send me a list of homes they wish to see and their schedule. By the time we go to see the homes they are either sold or taking offers that evening. It is crazy out there and buyers really need to be prepared to put in an offer. This includes doing a home inspection and making sure they have a pre-approval from a mortgage broker. Rates are still incredibly low. As a Sutton Agent I can offer you the lower rate in Canada if you buy a home with me.

If you are thinking of selling your Toronto home as Nike would say “just do it!”. The market is hot and you may even end up getting more than your list price depending on a number of factors including condition of your home and competition in your neighbourhood.

Happy Home Shopping Toronto and speak to you soon.

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By admin, July 15, 2009 8:13 pm

Moving can be a very chaotic and expensive task, one that needs to be accomplished very carefully. A move carried out in haste can bring about several unnecessary problems. Almost everyone looks for cheap movers. After all, most of us want to save on out of pocket expenses but there are several disadvantages of selecting cheap movers. There are professional moving companies, who offer competitive rates that are easily affordable by everyone. However, there are certain techniques or methods of preparation that can also help you minimize your expenses.

When planning your moving budget, it is very important to keep a check on the outflow of cash. This will make you better prepared to understand the unnecessary expenses. Create a budget template in Excel or Microsoft Word—this will make your calculations easier.

Decide if you will hire a professional moving company or you will do it yourself. If you are hiring a mover, collect quotes from at least three different professional moving companies and include the highest quote in your budget.

Check all the items that you are moving. This will help you evaluate if you need more insurance because the default insurance offered by movers might not be sufficient for you. Along with added insurance, find out if you require extra services.

Because of rising fuel costs and a shortage of drivers, the cost of a full service mover has risen in the past few years. Anything you can do yourself—even if seemingly small—will help cut your moving bill and give you extra money to spend on other relocation costs (like the pizza and beer for after your move).

1. Reduce your load. Get rid of household items that you no longer need. Hold a garage sale and leave books with friends, the local library or sell them to a used bookstore. Anything you can’t sell, give to a local charity. Weight equals money. The less weight, the less money. It’s that simple.

2. Pack it yourself. Packing services performed by the mover are expensive and could amount to 25% of the moving cost. Even if you don’t want to pack it all yourself, you can always do a partial pack, and have the movers handle the rest. For example, items that are nonbreakable such as linens and bedding can be packed easily without the risk of damage. Every box you pack yourself is money in your pocket.

3. Save on packing. Luggage and carrying bags are perfect for packing sheets, towels and clothing. Also, the bottoms of wardrobe boxes are great for bulky, lightweight items. Be wary of packing tips that might save you money initially but won’t protect your stuff, for example, using newspaper instead of bubble wrap. Sure, it might save a few bucks, but in the end, is breaking something worth it?

4. Drive your own moving truck
Using a full service moving company is extremely expensive. You can rent your own truck and hire movers to help load up and unload.

5. Recruit help from friends or family
If you have friends or family in the area, getting them to help you load up and/or unload is a blessing, because it saves time and money. If you’re going to recruit help, make it a fun event. Order some food, and make it a moving party.

6. Avoid the busy season. If you are using a full service moving company, avoid June, July, and August as these are the most expensive months to move because of demand for moving services. Also, try to plan your move during the middle of the month—rates are higher at the beginning and the end because of the large number of apartment leases with month-end dates. If you can be flexible with your move-in times, you can also save money because the moving company can combine shipments.

7. Get organized. Time is Money. Color-code boxes according to the room they belong in so they all end up in the same place, saving time for both you and your mover.

8. Avoid storage costs by moving into your new property immediately and make sure that you have payment ready for when the truck arrives. Any delay could result in storage-in-transit fees if your things have to be stored until they can be unloaded and after the move is paid in full.

9. Make sure you are insured. Your existing homeowner’s insurance policy might cover your move so you don’t have to buy additional moving protection.

10. Your move may be tax-deductible. Keep all receipts and visit the Canada Revenue Agency’s website for specific details about which moving expenses you can claim, or consult a professional accountant to maximize your tax return.

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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.

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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.

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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.

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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

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By admin,

TORONTO, July 6, 2009 – In June 2009, Greater Toronto REALTORS® reported a record 10,955 sales, up 27 per cent from June 2008. The seasonally adjusted annual rate of sales in June was 100,700.
“The record result in June is testament to the fundamentally sound housing market in the GTA,” said the Toronto Real Estate Board’s newly appointed President Tom Lebour. “An increasing number of households have been confident in purchasing a home in the region’s affordable and diverse resale housing market.”

The average price for June transactions was $403,972 – up by two per cent compared to the same month last year.
“The re-emergence of seller’s market conditions has exerted upward pressure on home prices,” explained Jason Mercer, TREB’s Senior Manager of Market Analysis. “Look for sales to remain high relative to listings in the second half of the year. This will keep home prices growing.”

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By admin, July 2, 2009 9:03 pm

I have a great condominium listing right now and we have had lots of traffic from Buyer’s Agents.  What surprises me the most is the calls I keep getting from Buyers who are just calling around to a bunch of listing agents to view their listings.  There is very little awareness in the marketplace as to the advantages of having a Buyer’s Agent working on your behalf.

First of all you don’t need to search the Toronto MLS for listings every day. An agent can automatically send you the listings that meet your search criteria and let you know about exclusive listings that are not available to the public.

The agent schedules the appointments for you and can work within your schedule to make sure you get to see all the homes you are interested in.  It is so much easier to be “chauffeured” around rather than randomly go see homes on your own.

An agent will also educate you on the process of buying a home.  This way when you find the perfect home for you, you will be confortable and ready to put in an offer.

The agent will prepare the Offer of Purchase and Sale for you and will include clauses to protect your interest, for example the conditions of financing or a home inspection.  They will negotiate on your behalf to get you the best possible price for the home.  A selling agent wants to get the highest possible price for their client’s home.  This is not the price you want or should be paying, a well prepared agent will pull comparables in the area to help negotiate the best possible price for you as a buyer.

In a multiple offer situation, an agent is essential to helping you form the right pricing and terms strategy to get you the home of your dreams.

And after the negotiation is over, their job is not done until closing where they work with the lawyer, the lender, and the seller’s agent to make sure that everything will be ready for closing.

So instead of going in by yourself to meet with the listing agent, hire someone you can trust to represent you and protect your interests in achieving your Real Estate goals.

When buying your home in Toronto, make sure to hire a Buyer’s Agent!

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By admin, June 30, 2009 9:10 pm

If you are thinking of putting your home on the market, it can be very emotional especially if you have lived in your home for a long time.

To prepare your home declutter as much as you can.  You are going to be moving so now is a great time to start packing.  Also, you will need to complete any obvious repairs.  For example, you may have a window in your home that has a crack in it.  Replace it now so it does not become an issue during negotiations.  A fresh coat of paint will do miracles for a home that needs to be spruced up a little.

Now who are you going to entrust with selling your largest asset.  You need an agent who you know you can trust and will be honest with you in return.  But who do you choose?  There are over 28,000 Realtors in Toronto.  You want to pick a marketing genius.  Putting a For Sale sign on your front lawn is not going to sell your home, it will help and is part of any great agents marketing plan.  Today most home buyers start their search on the Internet so you want an agent who is going to make sure your home has maximum exposure on the Internet.  They should be placing ads on their personal website, their blog, their office’s site, syndicated sites, and through online classified ads such as Kijiji and craigslist.  A Real Estate Marketing Genius will also take advantage of new social media sites such as Facebook, Twitter, and LinkedIn.  A Genius will also have an extensive database from all these avenues where they acquire buyer leads.  A JustListed e-postcard can be sent to these people as well.

I have a great chart showing how I market my listings and my results speak for themselves.  Let’s get together and see how we can market your home.  Call 416-518-8188.

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By admin, June 11, 2009 4:30 pm

Century 21 published a study of the hottest neighburhoods in Canada.  Since this is a Toronto Real Estate Blog, I will only mention the ones that apply.

Etobicoke
The hottest neighbourhood in metro Toronto over the past year included the Centennial Park area in Etobicoke (FSA: M9C) bounded east and west by Highway 427 and Etobicoke Creek and north and south by Eglinton Ave and Queen Elizabeth Way. In this neighbourhood, average prices were $302,052 in April 2009, an increase of 17% from $257,907 in April 2008 and an increase of 4% from $290,365 in March 2009.

Pickering
Another hot neighbourhood in metro Toronto includes Brock in the eastern suburb of Pickering near Lake Ontario (FSA: L1V) bordered on the north and south by Finch Avenue and Highway 401, where average prices were $334,216 in April 2009, an increase of 16% from $280,340 in March 2009 and an increase of 7% from $311,372 in April 2008.

High Park
The hottest neighbourhood in the City of Toronto includes High Park (FSA: M6P) bounded north and east by the CPR and CN tracks and on the south and west by Bloor Street and Runnymede Road, where average prices were $505,063 in April 2009, an increase of 14% from $436,369 since March 2009 and an increase of 7% from $473,392 since April 2008.

Oshawa
In the Toronto suburbs, one of the hottest neighbourhoods is Central Oshawa (FSA: L1J) bordered on the south and east by Lake Ontario and Oshawa Creek, on the north by Conlin Road and on the west by the Oshawa Whitby town line. In this neighbourhood, average prices were $230,320 in April 2009, an increase of 13% from $177,912 in March 2009 and an increase of 4% from $196,357 in April 2008.

Thank you Century 21 for this information.