(416) 931-4161

youtube facebook twitter linked in

Archive for the 'Legal' Category

Why 2013 has been a Good Year for Toronto Housing

By: Mark Weisleder

cabbagetownbannercropped08,24,09-1

A year ago many pundits were predicting a real estate collapse in 2013. My view was different. I expected the market to stay strong and prices to hold up, which is what has happened.

By the end of September, 68,909 total homes had changed hands in the GTA, 1,000 units less than the same period last year. But the first half of October was strong – about 20 per cent higher than a year ago. So, it seems that sales for the year will exceed 2012’s 82,200 units. Average prices are also almost 5 per cent higher than a year ago and there are still bidding wars in many areas, because there are more buyers than listings.

Here’s why this is happening:

Low interest rates

Events like the U.S. fiscal cliff, civil war in Syria and instability in the Middle East, have had little impact here. Canada remains an island of stability. Things will only improve as economies in the US and European Union continue to improve. Interest rates may rise a little over the coming year, but the moves are unlikely to have a serious impact on the market..

Canada’s appeal to immigrants

We continue to be the envy of the world when it comes to quality of life and the fact that so many cultures and communities can live in harmony. That is why over 150,000 people come to Ontario each year, with the majority in the GTA. They have to live somewhere.

Low rental vacancy rates

The Toronto condo market has slowed somewhat, but prices haven’t crashed. The reason is that the vacancy rate for rental condominium units in downtown Toronto is 1.7 per cent. As a result, the average rent for a two bedroom condominium is about $2,500, which is also the amount an investor needs to carry an average two bedroom condominium, even if it costs $500,000. If you can carry your condo, you are in no rush to sell or lower your asking price.

People have been predicting the real estate market crash in the GTA for the past 13 years. It hasn’t happened yet and won’t happen next year either.

Tags: , ,

James Metcalfe`s Toronto Real Estate Market Update August 2013

Total unit volume through the Toronto MLS® system in July was 8,544 – which represented a whopping 16% increase versus July 2012.This was the best July sales result since 2009 and was the third best July result on record. The strong sales performance can be attributed to the re-emergence of first-time buyers into the market. The average price of a GTA resale home in July was $513,246 – a healthy 8% increase versus the July 2012 average price of $475,523.

“Legally Speaking“ Reviews the SPIS (Seller Property Information Statements) as it pertains to risks.

“Personal Finances“  Reviews Mortgage Interest Tax Deductibility.

My take for August is we are in a Balanced … yet leaning to a Sellers Market in Toronto Centre.

…and a teaser from the ever popular “Pearls of Wisdom“ …  “Golf is a game in which you yell ‘fore’, shoot six, and write down five.”

Tags: , , ,

James Metcalfe’s June Real Estate Update

June has come and gone but the month’s real estate update proves that May was a great month for the resale value of  homes in the GTA. In May we saw a 5% increase in the price of a resale home versus May 2012. In fact, price growth occurred in all major market segments! And all this growth seems on track to meet the Toronto Real Estate Boards price growth forecast of 3.5% as a whole.

In this month’s update we feature 10 home improvement projects that add value to your home including:

  • Painting
  • Kitchen remodeling
  • Finishing unfinished space
  • Home office remodeling

Also, in our “Legally Speaking” segment we discuss the finer points of walking away from a house deal. This can be complicated so make sure to read carefully. We cover important points such as a buyer’s remorse period and who gets the deposit when buyers change their mind.

Featured this month are some of the highlights from the CAAMP (Canadian Association of Accredited Mortgage Professionals) survey as well as the ever popular “Pearls of Wisdom”

Metcalfe june from James Metcalfe

 

Tags: , , , , , ,

James Metcalfe’s April Real Estate Update

Spring has finally arrived (sort of) and with it some growth in the average price of a resale home in the GTA. In March, we saw the price of homes increase by 4% versus March 2012 which means the average price of a home increased from $500, 875 to $519, 879. We also saw price growth across all market segments including single- detached homes, semi-detached homes, townhomes and condo apartments. Although we saw price growth there was a 17% decrease in sales versus March 2o12.

This month in our update we look at a case of a couple with two dogs and the importance of examining the building’s certificate of status prior to placing an offer on a unit. Make sure to ask your real estate agent about the certificate of status prior to placing a bid on a resale condo. They should know of any restrictions when it comes to pets and so should you!

We also take a look at some of your electrical questions including examining the electrical capacity of your home and what to do if some of your electrical out lets are not grounded. What are the risks and consequences?

Lastly, and as always we have the popular Pearls of Wisdom. Here is a preview: “Here’s something to think about: how come you never see a headline like ‘Psychic Wins Lottery'” – Jay Leno.

James Metcalfe’s April Real Estate Update from James Metcalfe

Tags: , , , , , , , , , ,

James Metcalfe’s November Real Estate Update in Our Home Toronto

It is hard to believe that we are already halfway through November. This month in our Real Estate Update in Our Home Toronto we find that the average price of a resale home in October in the GTA was $503,479, a +6% increase from October 2011. Townhomes saw an increase of +3% and condos remained flat at +/- 0%. The average price remains well above the rate of inflation but volume of homes sold is decreasing. This month we also discuss an important court decision regarding the question of whether or not condo corporations need to inspect the unit before issuing a status certificate (for the unit)? In this month’s look at “Personal Finance” we look at three important tips to take into consideration when evaluating adjustable rate mortgages. And as always, we have our ever popular “Pearls of Wisdom- here is a quick preview “The difference between stupidity and genius is that genius has its limits”-Albert Einstein .

James Metcalfe’s November Real Estate Update from James Metcalfe

Tags: , , , , , , ,

James Metcalfe’s Real Estate Update August 2012…In Our Home Toronto

Although a bit delayed here is our August 2012 Real Estate Update in Our Home Toronto. It is important to note that the average price of a resale home in the GTA in July was $476,947 which was a +4% increase from the average price of $458,646 in July 2011. Also, this month we feature an interesting article on Basement Apartment Legalities and the five areas that must be considered to establish a legal basement apartment. And finally, an important article on mold…what it is, where you can find it and how to combat it. Pearls of wisdom also returns… here’s a preview…”A vegetarian is a person who won’t eat anything that can have children.”-David Brenner

James Metcalfe’s Real Estate Update August 2012 from James Metcalfe