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The real estate market in Toronto has seen an unprecedented growth in last 5 years. Home prices in the GTA including Mississauga, Toronto, Brampton, Vaughan, Caledon and Milton has doubled in last 5 years. Unaffordability continues to be a crisis, especially for the first time buyers and new immigrants. There is a wind of caution but the growth is not stopping. Everyone is wondering when will this housing Bubble burst and who all will be affected?
As a realtor, I meet several prospective buyers who have literally missed the train waiting for the house prices to come down. A lot of buyers who were planning to buy a home 3-4 years back are now blaming themselves to missed the golden opportunity to make equity in the real estate market. These buyers were waiting for the bubble to burst some 4 years back but that hasn’t happened in fact the prices have been unrelenting. Now we see a level of desperation among some buyers which is not the right approach. Multiple offers, bidding wars and what not. By the way, don’t miss my article on How to buy a home in the bidding wars. A lot of these buyers in panic mode are trying to buy homes now with very high asking price.
Now the question on everybody’s mind is when will housing bubble burst? A recent article in The Toronto Star by Gordon Pape predicts the housing Bubble inevitable. It says, that between 1989 and 1996, Toronto house prices fell by 40 per cent, adjusted for inflation. But the scenerio in that time was totally different than what we have. Despite glut in the Oil prices, Canada is enjoying a boom in it’s economy largely because of high foreign investment including Real Estate investment.
We admit the correction is bound to happen but even if we expect the correction to take place, what would be extent? Are we expecting a drop of about 20-25%? If that’s the case, there is nothing worry! Yes, because this is the current pace of growth per annum and even if the house prices fall to about 25%, that would be neutralized in 1 year. Therefore there may not be a crash but simply a correction in the home price.
Although 1 million is no longer a wonder word anymore, the demand the homes under $ 1 million will stay strong. This is because there are still thousand of prospective buyers who looking to buy home first time or largely buyers who missed the train. So it clearly shows that even if the home prices crashes, these homes will stay strong. The biggest effective will be on mega million dollar homes which have limited buyers. again there may a correction in smaller homes but it won’t be anything to worry! The luxury homes, on the other hand may be affected with bigger impact. Luxary home bust in Vancouver is a prime example where prices crashed due to a number of government policy changes that took place in mid of the last yeat. That included a one-per-cent tax on vacant homes implemented by the City of Vancouver and the B.C. government’s 15 per cent tax on foreigners buying homes in Metro Vancouver.
Toronto’s Condo market has been very strong. Urbanation Inc., which has been following the high-rise market in the Greater Toronto Area since 1981 said 27,217 new condo apartment units sold across the GTA in 2016, a 34 per cent increase from 2015 and enough to break the record set in 2011. Likewise, average rents for condos rose 11.7 per cent in the fourth quarter of 2016, compared to the same period a year earlier, hitting nearly $1,990 a month for a typical 719-square-foot condo, according to new data from Urbanation Inc.
If Crash happens, the biggest effect will be on the rental market. Condos being more affordable than single family homes have largely been bought by investors and second home buyers. They want their property to pay mortage via rental while they enjoy the Condo equity growth. A crash or slow down would create some turbulence amongst these investors which might ensues a selling spree. The rents may come down but again this is simply speculative.
Overall, the real estate Market in Toronto and the other GTA looks healthy and strong. The Correction will happen but the effective doesn’t look too ominous.
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Another hot February both in terms of weather and real estate where house market is on full steam. Greater Toronto Area REALTORS® reported 3,865 home sales through TREB’s MLS® System during the first 14 days of February 2017. This result was up by 11 per cent in comparison to the first two weeks of February 2016, when 3,480 home sales were reported.
Condo market remains upbeat which reported the strongest annual rate of sales growth. Sales were down on a year-over-year basis for semi-detached houses which was mainly due to tight supply of homes. Overall a rosy outlook and a great start to the real estate market.
January 2017 Stas:
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It is said Home is where the heart is which means your home will always be the place for which you feel the deepest affection, no matter where you are. But getting a home in the Super Hot Toronto Real Estate Market is getting difficult day by day and option to choose a heart soothing home is getting limited day by day.
The Toronto home buyers are now wondering whether to buy a single family home or Condo. While average home prices in Greater Toronto Area soared to $730,472 as reported by TREB, Condo sale was at the highest level making one should I buy a Condo or a home. Before going deeper into that, let’s discuss the difference between a home and Condo or also know as Condominium.
A single-family home is a stand-alone building and includes full ownership of the land and improvements. There are no shared common areas or expenses with other owners, except in those areas where covenants mandate—as part of the purchase agreement—that each property owner carries a responsibility for common ownership and liabilities of specific areas (such as park areas, trails, club house, sports facilities, exercise rooms, and meeting room areas, for example).
A Condo on the other hand is a property which the buyer together with the other unit owners, buys an “undivided interest” in the common elements of the building or development. Common elements generally include the land on which the building stands, the lobby, public halls, driveways, access roads and parking areas; and the electrical, mechanical, heating, and air-conditioning systems that service the building.
Coming back the choice, it all depends upon your affordability and style of living.
In the end both have their pros and cons. You need to decide based on your budget and likings. If you looking to buy a home or a Condo, contact us at your earliest opportunity. After all Real Estate investment is the best investment one can make.
Real estate market is sizzling in Toronto right now and everyone is familiar with multiple offers scenario. On an average, every good home is getting a minimum of at least 10 offers during the presentation day. Being a seller’s market, every home is going on a premium price and it is getting very difficult for buyers to get a home unless they have deep Pockets or excess of cash. You are competing with investors, new Rich immigrants, foreign buyers and a lot of local buyers who wants to get this home as an investment property. Unless you have a real thought strategy or a plan, it is very difficult to get home in the current scenario. Every business has to have a plan and your real estate buying business is no different. Check out the Toronto Real Estate Outlook 2017.
Now the question arises here is how to win a home in these multiple offer situations. Well, there is no trick but some effective recommendations that might get you a home of your choice.
As soon as a new home come in the market or precisely on the MLS system, ask your realtor to book an appointment and see the home. Often there is a time period 5 – 15 days until the final presentation. A quick showing will make sure that you have ample time to make preparations to put an offer.
During this period, make sure you are pre-approved for your mortgage, talk to your bank or a mortgage broker and make sure you can afford the house adding a premium of 5% extra in case the offer goes above the asking price. Mortgage pre-approval give you preference over the other bidders. In some case, even if you put a low offer, you have a better chance as the seller will prefer to do a risk-free deal with pre-approved buying party and is willing to loose some $$.
Never buy an overpriced home. Always stay focused and organized, it is more difficult to fall prey to that must-win-at-all-costs emotion, which generally leads to bad deals or over priced homes leading to additional liabilities Again this has to come from your real estate agent who should have a good understanding of the area and should give you a history of home prices in that area. always listen to your mind and your heart. You should know your limits and if you think the house is overpriced or it is beyond your budget, never give it at home. Also, ask your realtor to get you a comparative pricing for the homes that were sold in the neighborhood. This will ensure that you are not over-paying on that home.
Ask your realtor to find out the number of registered offers or if possible the number of showings on that home. This will give you an idea of the overall interest on that home. If the the number of registered offers on the presentation is low, you have a high chance of getting that home with a minimum price. However, if the number of registered offers are high say about 10, you really have to fight out to bid high to secure the home.
Finally never get frustrated in the home buying process. Home is the most expensive investment one make in life time and this has to be done wisely without bringing any haste or frustration into picture. There are hundreds of home available in the market and we can help you buy a home in Toronto, Mississauga, Brampton, Caledon, Vaughan, Milton or anywhere in the GTA.
Real Estate Market for Toronto and GTA (Mississauga, Brampton, Vaughan, Caledon, Milton and other cities) has been super hot in 2016 and year 2017 is looking no different. As per report by TREB, 2016 saw both record home sales and accelerated annual sales growth and therefore Strong rates of price growth and a short supply of listings will continue to make headlines in 2017. TREB MLS® System sales are expected to range between 104,500 and 115,500, with a point forecast of 110,000. 2016 was a record year for high-rise sales, with sales up throughout the GTA, while strong demand for lowrise product, combined with the lack of product available to purchase, pushed prices higher in 2016.
Highlights 2016:
Outlook 2017:
*Source Ipsos
Toronto’s Condo market is on fire as high home prices are pushing buyers to turn to buy Condominiums. Buy or selling a Condo, it is really important that you are aware of most common rules and terminologies to related to Condo. Find Condo for Sale Toronto here.
Why Condo Staus Certificate is important?
The status certificate provides a wealth of information for the resale buyer. This certificate contains all valuable information such as legal status, the financial health of the Condo corporation, Amount payable by the unit for common expenses, Particulars of any increase in common expenses and more. The certificate must be provided within ten days by the corporation to anyone who requests this document. A prescribed fee, not to exceed $100 inclusive of all applicable taxes, can be charged. The seller may elect to request a certificate at time of listing. This would assist in
the listing process and also provide valuable information for the buyer when viewing the property and making an offer.
What is Condo reserve fund?
Condo reserve fund a special fund maintained by the Condo corporation used solely for major repair and replacement of common elements and corporation assets; e.g., roofs, building exterior finishes, roads, sidewalks, electrical, heating and plumbing systems, and recreational/parking facilities.
Can I use Form 100 for Condo Resale?
For Condo resale, you cannot use Form 100 but you have to use Form 101. This form has all relevant information about Condo such as parking spot, Locker etc which is not found in form 100.
What are Common Elements?
Common elements are referred to as all the property within condo corporation expect the units such as visitor parking, Pool, Storage etc.
Check out our article on Is Toronto Condo market for renters or buyers?
Buying a home is one of the biggest investment one makes in his or her lifetime. It therefore becomes very important that before investing, you all the due diligence to ensure you have a nice and family friendly home. Especially if you are a first-time home buyer, it even becomes more critical. To start with the home buying process, consult a popular real estate agent in your area. A good real estate agent to not only help you find a suitable home but can also be your source for all types of information about the home. The salesperson also has all the required information about the potential property such as what was the historical sale price of that property or if there is any inherent issue with the property.
You should never be satisfied with seeing just one or two homes. Ask your real estate agent to show multiple properties and never settle for any compromise. Even if you’re not able to find a good property within a month or so, never be disheartened or make any decision in haste. Home buying is the largest investment you make in your lifetime and therefore even if you have to spend more time, give your best shot. Before confirming any property, check the transaction history with your real estate agent. Make sure the house does not have any critical structural issue which cannot be rectified. Also make sure the house is not under any lien or dispute. Make sure the neighbourhood is good. If you have small kids, make sure the schools are not very far from your home. Also make sure that the home is close to some commercial Plaza where you can buy your day-to-day groceries or other home utilities. Any suitable community centre near your home is always an added advantage. Finally, make sure the home is not very far from your working place. Daily commute in the Toronto area can be a huge problem especially if you are residing outside the Toronto area and works close to the downtown Toronto.
Choosing a good real estate agent is as important as choosing a good home. Make sure the real estate agent has the relevant experience and knowledge about the real estate. Do not get solicited by your acquaintances. Ask your real estate agent about the history of a selling experience, his reviews and if possible some references. The real estate agent can make a world of difference in your property buying. A good real estate agent is the one who can get you the best deal for your home. If he or she knows the market and the trends, then have made a good choice.
Never buy a home waving an inspection clause unless the home is very new. Inspection is one of the most important condition that needs to be laid down when signing the offer. Get the home inspected by a certified home Inspector and make sure any small modification or urgent repair is included before the final offer is made. This will save you from expensive maintenance down the line when you on that home.
Never go over budget with your home. Budget is one of the most critical aspects when buying a home and therefore never ever indulge in price bid war how so much you liked the home. Always control your budget and plan your upper limit when putting an offer to the property. Eventually it is the you who has to pay the mortgages and taxes and therefore factor in all the monthly payments before you take any initiative.
A Mortgage is another important step toward securing a good home. Before buying home, it is advised that you get preapproved from your bank or mortgage broker. Preapproval brightens your chances of securing a deal in the hot real estate market. If you’re buying a home and make an offer, the seller will give you a preference if you are preapproved on your mortgage. Preapproval also helps you evaluate your limits in buying the home. For example, if your bank has preapproved you for 600,000, you know that any property within that amount is within reach and you don’t have to worry about getting your mortgage done once the offer is accepted.
It is very important that if you are in a hunt for a home, you or your real estate agent is up to date on the new listings. Try to get an appointment as soon as a new listings comes in the market. Being a seller’s market, the faster you see a home the better are your chances to get the home. If your real estate agent is good, he will send you the new listings as soon as they come in and make quick appointments. Don’t waste time and schedule your appointments on weekends because everybody does that and and you do not want an opportunity.
We make buying a home for the first time buyers on new immigrants a seamless process. If you are looking to buy a home in and around the GTA area. Contact us and we assure you that we will get you the right home within your budget and on time. We are never satisfied unless you are. Our aim is that everybody should on a good home and we will do everything it takes to make it happen for you.
Condominiums or popularly knows Condos are quickly gaining acceptance in the Toronto real estate market where ground-level homes such as detached, semi-detached and bungalows were traditionally popular. With the exponential growth in the last 15 years, condos are becoming an increasingly important part of Toronto’s housing market. Such is the interest in the condominium market that demand for Toronto’s condos have surpassed the demand.
According to an independent research company Urbanation Inc., such is the demand for condos that unsold inventory is now at its lowest since 2010. In the second quarter of year 2016, 7,731 condominium apartments were sold with is a staggering 26% from the previous year. This clearly shows the renowned interest the market has been the condo market. As far as buyers are concerned they are getting the venue for the money. A growth of approximately 5 to 10% every year is definitely proving to be a boon for the buyers. The resale value is also close to all-time high which means there is definitely a value in buying a condo in the Toronto area.
As far as the renters are concerned, although there is a choice and availability, the rentals are also on the higher side. With the boom in Ontario’s economy due to the lower dollar rate, Toronto has seen an unprecedented amount of rush for the jobseekers. The younger generation prefers to work in the downtown area and are happy to pay the reasonably high amount of rent. This saves them from commuting times which is a real pain for commuters in the GTA. Vicinity to the office make sure that you don’t need a vehicle and ultimately expensive insurance to go to your office. With improved services by the TTC ensures that you have longer struggle to travel in and out of the city.
In a nutshell, the current pockets scenario points to a win-win situation for both the renters and the buyers. The buyers don’t have to struggle for the renters as there are lot of people looking to find a home in the downtown Toronto area while for the renters that is a lot of choice from low-priced portable condos to premium class penthouse apartments for those who can afford.
check out our blog on All about Condominium Sale
Vancouver has become the first city in Canada to be tagged as, “city of millionaires”. The city has reached this distinction as the average household net worth in the city is slated to be $1,036,202 up from the previous year by 7.1%. Real estate has been consistently hot in the Vancouver market and has seen exponential rise in the last five years. Vancouver currently stands on number one position in terms of house property value which is almost 3 times the national average of 4.6%. Toronto is occupying the second spot in terms of real estate growth and is closing the ranks quickly. A surcharge of 15% for foreign investors in Vancouver has made Toronto that next heart destination for real estate investment. A lot of investors from China, India, Middle East and Europe have shown a great deal of interest in real estate services in Toronto. Considering the current market scenarios and a period of uncertainty across the world, Canada is poised to be one of the top real estate destinations for investors across the world. New immigration policies by the new Liberal government has even made this option more attractive and competitive. If you are looking to invest in Toronto or surrounding cities such as Mississauga, Brampton, Vaughan or even the surrounding cities such as Kitchener, Waterloo, Niagara or Barrie, we can help you get the right property which can certainly provide you the best ROI. Contact us for all types of real estate services.
