Finally, the Globe and Maill agrees upon my view towards Toronto Real Estate Market posted on Nov 18th, 2008. http://simsonchu.blogspot.com/2008/11/wait-and-see-or-find-opportunity.html
Here is my summary of the article from Globe and Mail Nov 28th, 2008 by TERRENCE BELFORD.
"For those willing to take the plunge, there are lower interest rates, reduced prices and greater choice"
You could easily pardon anyone looking for a new condominium today for having a case of the jitters. Everyday we are bombarded by U.S. reports of a housing market meltdown. CNN headlines a survey that shows one of every 452 homes in the United States is in foreclosure.
The media is chock-a-block with stories about a credit crunch, banks reluctant to lend to other banks, let alone new-home buyers.
Now take a deep breath, sit down and listen up. To paraphrase Dorothy's line in The Wizard of Oz: This isn't Kansas any more.
Yes, sales are down, but then again, last year was a blip, an anomaly, a Yukon gold rush. The market, experts say, is returning to the levels of more normal times.
That is probably good news. It may mean the rise in prices will slow or, even better, stall. It also means buyers will have an enormous range of choice. There are more than 330 different projects on sale in the GTA right now — the most ever.
RBC has not seen a decline in mortgage applications in the last four months. We continue to guarantee rates on new purchases for 90 days, and mortgage rates over the last four months have remained relatively steady. At HSBC Bank Canada, Loree Gray, vice-president branch banking for Toronto, says lending to condo buyers continues as strong as ever — to those who meet credit requirements.
We look for strong employment, enough income to service the debt (between 32 and 45 per cent of income), an acceptable down payment and a strong credit history. Buyers who meet all of those requirement can plunk down 20 per cent of the purchase price as their down payment will be welcomed with open arms by lenders.
Introduction
Friday, November 28, 2008
Thursday, November 27, 2008
Time to Renew your Rental Lease!
Can tenants negotiate rent-stabilized rents?
The legal stabilized rent is the maximum a landlord can charge. The law also permits a preferential rent whereby the landlord and the tenant agree to a lower rent than the full legally permissible maximum rent. Usually the landlord is willing to negotiate the rent considering with several factors.
The tenant who is serious about entering negotiations should do some research. This includes checking the real estate advertisements online or newspaper to look for similarly apartments in the same neighborhood which are currently in the market. The real estate sales representative are a very valuable resource because of their professional access to the MLS system.
Another major factor is the history of the particular tenant. The Landlords will consider to make concessions to tenants who are careful with paying their rent on time, minimal in asking for repairs and easy in dealing with management employees.
Good Luck with your next Negotation!
The legal stabilized rent is the maximum a landlord can charge. The law also permits a preferential rent whereby the landlord and the tenant agree to a lower rent than the full legally permissible maximum rent. Usually the landlord is willing to negotiate the rent considering with several factors.
The tenant who is serious about entering negotiations should do some research. This includes checking the real estate advertisements online or newspaper to look for similarly apartments in the same neighborhood which are currently in the market. The real estate sales representative are a very valuable resource because of their professional access to the MLS system.
Another major factor is the history of the particular tenant. The Landlords will consider to make concessions to tenants who are careful with paying their rent on time, minimal in asking for repairs and easy in dealing with management employees.
Good Luck with your next Negotation!
Monday, November 24, 2008
The New Market Niche - Go Green!
During this Real Estate downturn, investor are seeking for a new market niche - Green!
In moore park, just North of Rosedale, the recently-completed house on Inglewood Drive has been expanded to 4,300 square feet from the original 1,900. The new space comes from a main-floor family room and kitchen at the rear, a master bedroom suite above, and a finished third floor. This energy efficient house will use about 72 per cent less energy than an equivalent Ontario Building Code house.
The high-performance windows and built in state-of-the-art insulation and air-tightness windows are installed everywhere in the house. This house is built like a box that's designed to keep heat in the winter and keep heat out in the summer. The kitchen cabinets by Bloomsbury are constructed of wood so that do not emit formaldehyde.
Toilets with dual flushers let users decide how much flushing power they need. It has been very widely use in Hong Kong. Grey water from showers and baths is collected, treated, and re-used in the toilets. The amount of water saved for a household is quite significant.
The owner spent $3,000 on a drain water heat recovery system that uses a copper pipe to capture the heat from warm water that flows down the drain. The reclaimed energy is used to warm the fresh supply of cold water. Stone floors are warmed by radiant hot water, while an energy-efficient forced-air system blows heat through rooms with hardwood floors and powers the air conditioning.
The brilliant investor set himself apart from rival builders by building a greener house in Today's Real Estate Market.
In moore park, just North of Rosedale, the recently-completed house on Inglewood Drive has been expanded to 4,300 square feet from the original 1,900. The new space comes from a main-floor family room and kitchen at the rear, a master bedroom suite above, and a finished third floor. This energy efficient house will use about 72 per cent less energy than an equivalent Ontario Building Code house.
The high-performance windows and built in state-of-the-art insulation and air-tightness windows are installed everywhere in the house. This house is built like a box that's designed to keep heat in the winter and keep heat out in the summer. The kitchen cabinets by Bloomsbury are constructed of wood so that do not emit formaldehyde.
Toilets with dual flushers let users decide how much flushing power they need. It has been very widely use in Hong Kong. Grey water from showers and baths is collected, treated, and re-used in the toilets. The amount of water saved for a household is quite significant.
The owner spent $3,000 on a drain water heat recovery system that uses a copper pipe to capture the heat from warm water that flows down the drain. The reclaimed energy is used to warm the fresh supply of cold water. Stone floors are warmed by radiant hot water, while an energy-efficient forced-air system blows heat through rooms with hardwood floors and powers the air conditioning.
The brilliant investor set himself apart from rival builders by building a greener house in Today's Real Estate Market.
Thursday, November 20, 2008
Baby-Boomer Downsizing Syndrome!
Many baby-boomer who used to live in Annex, Forest Hill and Rosedale are now downsizing to a 3000 sq ft condominium overlooking the ravine of Rosedale and the sky-line of downtown Toronto. This retirement formula attributed to the success of Yorkville marketplace. Our Yorkville condominium investments will continue to be in strong demand in the future.
Yorkville is an extraordinary community. Working-out at the Yorkville Club and grocery shopping at Whole Food and Pusatery define the unique lifestyle and health awareness of the Yorkvillian.
Having a spa treatment followed by a cup of european freshly brewed coffee in a boutique style cafe in Hazelton Lane is a daily routine. The Designer stores and Holt Renfrew on Bloor St. W are the weekend shopping heaven. In the evening, enjoying a glass of wine with friends in Halzeton Hotel Martini Bar is the highlight of the evening. What a relaxing day!!
The Canada Mortgage and Housing Corporation (CMHC) forsees the luxury niche of the condominium market will remain strong throughout 2008 towards 2009. One St. Thomas, Hazelton Hotel and the Regency are the success of Yorkville in year 2008. In upcoming year, the Four Seasons on Bay Street, the St. Thomas in South yorkville, the Florian in Upper Yorkville, the Museum House across from the ROM and One bedford will continue to be in strong demand Yorkvile.
My favorite coffee shop in Yorkville would be MBCo!
Yorkville is an extraordinary community. Working-out at the Yorkville Club and grocery shopping at Whole Food and Pusatery define the unique lifestyle and health awareness of the Yorkvillian.
Having a spa treatment followed by a cup of european freshly brewed coffee in a boutique style cafe in Hazelton Lane is a daily routine. The Designer stores and Holt Renfrew on Bloor St. W are the weekend shopping heaven. In the evening, enjoying a glass of wine with friends in Halzeton Hotel Martini Bar is the highlight of the evening. What a relaxing day!!
The Canada Mortgage and Housing Corporation (CMHC) forsees the luxury niche of the condominium market will remain strong throughout 2008 towards 2009. One St. Thomas, Hazelton Hotel and the Regency are the success of Yorkville in year 2008. In upcoming year, the Four Seasons on Bay Street, the St. Thomas in South yorkville, the Florian in Upper Yorkville, the Museum House across from the ROM and One bedford will continue to be in strong demand Yorkvile.
My favorite coffee shop in Yorkville would be MBCo!
Wednesday, November 19, 2008
Mid-November Report
Greater Toronto Resale Housing at 2,000 Sales in Mid-November
November 19, 2008 -- Greater Toronto REALTORS® recorded 1,991 resale transactions during the first half of November 2008 from 3,544 sales recorded during the same period a year ago. The Greater Toronto Area year-to-date figures show 70,474 sales in 2008 from 84,994 recorded during the same period in 2007. The year-to-date average price was recorded at $380,470 in 2008 from $374,678 in 2007 with a marginal drop of 1.5%.
In Central Toronto, 830 homes changed hands in the first two weeks of November from 1,643 transactions recorded during the same time frame a year ago. The year-to-date figures show 28,126 compared to 35,045 recorded in 2007.
In Central Toronto, homes are currently selling for an average of $400,305 from the $432,972 average recorded during the same time period in 2007. An average price of $383,029 was recorded in the first two weeks of November 2006. We are still well-above the performance of year 2006.
Currently, on our TorontoMLS system, the number of homes listed for sale is 27,562 compared to a year ago when 20,173 properties were available.
As such, the average time homes are remaining on the market is 41 days from 31 days in 2007.
The Sale to List Price ratio is 97 per cent. We have a not-so-bad November 2008, after all!!Stat provided by TREB
Tuesday, November 18, 2008
"Wait and See" or "Find the Opportunity"
New phenomenon in Toronto Real Estate Market - "WAIT and SEE!"
There has been so much anxiety pervading the market in October. Many buyers are predicting a "plunge" and "free-fall" in year 2009 while Canada Mortgage and Housing Corporation (CMHC) remains confident about the market.
Strong immigration, coupled with the high number of first-time homebuyers continuing to flood the market and downsizing baby boomers, all this activity will continue to fuel a "balanced market situation.
High employment levels, rising incomes and low mortgage rates have continued to provide a solid foundation for healthy housing markets this year. Why "Wait and See"??
What about "finding the Opportunity"?
Make sure you grab this opportunity while the market is slower than 2007 and a lot more inventories. The fact that so many potential buyers plan to stay on the sidelines for a few months, we foresee there will a lot more competition when people crowd into the market all at once. Don't miss this perfect opportunity to find your dream home!!!
There has been so much anxiety pervading the market in October. Many buyers are predicting a "plunge" and "free-fall" in year 2009 while Canada Mortgage and Housing Corporation (CMHC) remains confident about the market.
Strong immigration, coupled with the high number of first-time homebuyers continuing to flood the market and downsizing baby boomers, all this activity will continue to fuel a "balanced market situation.
High employment levels, rising incomes and low mortgage rates have continued to provide a solid foundation for healthy housing markets this year. Why "Wait and See"??
What about "finding the Opportunity"?
Make sure you grab this opportunity while the market is slower than 2007 and a lot more inventories. The fact that so many potential buyers plan to stay on the sidelines for a few months, we foresee there will a lot more competition when people crowd into the market all at once. Don't miss this perfect opportunity to find your dream home!!!
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