Have they finally Caused the Bubble?

The Toronto Real Estate Board released its February sales number to the glee of many in financial circles.  Sales Collapsed by 20%  SHOUT the headlines!

http://www.torontorealestateboard.com/market_news/market_watch/2013/mw1302.pdf

In the front page chart

Condo apartments
Month over month % change - 20%

This is in direct conflict with the chart immediately below that shows new listings at 11,052  down 12% from 2012.

YET Days on Market [DOM] increased to 28.... 28 days on market is a one month supply of homes for sale A Seller's Market FIRMLY continues [in the Toronto resale market] with multiple offers on detached and semi detached properties all around the GTA.   

Now, have a look at the chart above.  Detached home sales in the 416 numbered 749.  The 905 area code sold 2,025 homes in that same period.  A WHOPPING 3 times the number.  So, as the singles start families or find their BFF and want more space, they migrate from the glamour of the city core and find their own white picket fence. Is the Toronto Land Transfer Tax singularly to blame?  The average home price in Mississauga or Milton, Burlington is more appealing but now you need to go substantially further to save. Ajax and Oshawa are very appealing.

The most confusing is the BOM announcing 2.99% fixed for 5 year financing when typically the interest rates increase in spring to coincide with the RRSP and Tax Deadlines combined with mortgage demand for spring borrowings.  Simply Put, There are annual interest rate fluctuations to match Home Buyer demand.

This creates conflicting media messages that make Buyers Hesitate. Additional mortgage qualification tweeking has removed some buyers from the POTENTIAL PURCHASER pool, yet has effectively changed nothing. CMHC may not insure purchases in excess of a 25 year Amortization [AM] or Purchases in excess of ONE MILLION.  OK, but Genworth and MICC will gladly accept your insurance premium, funding with a first line financial institution and provide 30 year AM's.

I am more concerned about the announcement of continuing layoffs in a variety of business sectors combined with aged attrition in the workforce [retirees].  Part Time and Contract positions do not have the income and ability to qualify for mortgages.

If We are having a this conversation, this is good.

What do you want to do?



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1926 Lake Shore Blvd West, Toronto

Four Points Sheraton

1926 Lake Shore is the Lake front Hotel location at Windermere and Lake Shore Blvd., W.  The Hotel closed its doors October 15th.

Carttera's Urban Intensification Fund 2 acquires development site at 1926 Lake Shore Boulevard West, Toronto.

November 2012 Carttera's Urban Intensification Fund 2 recently acquired a 1.1 acre site located at 1926 Lake Shore Boulevard West in Toronto. This site fronts onto Sunnyside Park and has spectacular views of Lake Ontario, High Park and downtown Toronto. Carttera plans to redevelop the site as a residential condominium. 

http://www.carttera.com/whatsnew.cfm Carttera - What's New www.carttera.com 

1926 LAKE SHORE BLVD W OPA / Rezoning 13 125924 WET 13 OZ Ward 13 - Etob. York Feb 27, 2013 --- --- --- --- Proposed amendments to the Zoning By-Law to permit the development of 2 residential towers with heights of 42 and 48 stories connected by a 4 storey podium. A residential gross floor area of 78,625 sq m is proposed. The building will contain a total of 847 units, 613 parking spaces below grade, and 248 above grade.

Stand by for further updates...


How do you find an agent?

Lets start by making a plan for where you want to be. Call me at 647 218 2414

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Land Transfer Tax makes RED HOT impact on Toronto Real Estate

The sales are up? The sales are down? Prices are falling? Who says? Are there more listings?

Lets look at the details;

There were 2,081 sales of detached homes in the Toronto GTA that encompasses the Toronto real Estate Board.   In case you missed the details, 3 times as many home buyers selected a home in the 905 rather than the 416.  This same ratio continues in all categories except condos. If there was ever a more glaring example of inequity it is the ADDITIONAL Land Transfer Tax. Previous conversations; CD HOWE reports on Land Transfer Tax Impact 

Lets examine the AVERAGE DOLLARS

I am not a statistician but average means AVERAGE. The average house sale in Toronto was up 2.7% for a sale price of $ 765,000 on 502 units.  [ Before everyone gets on a TITHER on t How can people afford a house program just check out this link...   http://www.canequity.com/ontario/toronto-mortgages.htm  Average is actually $270K ]   Sales in the 905 were TRIPLE for the same period and their prices increased 6.8%

So when people say: Is the market up or down?

We can say condo prices in Toronto are down almost 5% over last year but prices have adjusted only by One Percent. Detached homes are up 4.8%  SO really there was no change at all. The number of listings has been slow to feed the demand of Toronto Home Shoppers and we will continue to see Bidding Wars.  

Ready to get started?  Teaching your child to ride their bicycle inside the underground parking garage or in the hallway is not the same as being on the street in front of your own home.

Give me a call. I'll help you pick the street.

Does your CONDO use Hotel style Access Cards?

Key Card Access

The concept is simple enough. Technology allows a card (plastic card with magnetic strip) to provide temporary or authorized access to a suite door. The security is good, cards are unique but unmarked. If they are lost or stolen they have no markings that identify their origin.  They cannot be duplicated without authorization and the correct (computer program) device. 

If you are locked out or lost your keys, the concierge staff could provide access and then you merely reorder a replacement door key.

This has obvious advantages for rental properties as keys are passed from tenant to tenant over a number of years and potentially dozens could be in play.  Using cards makes them annually renewable and provides the security of deactivating a number of cards remotely.

When a Suite is placed for Lease or Sale; typically owners provide the key for the CANADA POST mailbox to use in a lockbox (held at Concierge Desk). Agents [THEY] open your mailbox and retrieve the access card. This creates an opportunity for "OTHERS" to read your mail and it could adversely impede your negotiation position. 

Please consider providing and using a FOB. This eliminates one entire step to assist REALTOR showings and still protects your privacy. The Fob is generally programmed for the suite and all common area doors; Gym, Party Room, Billiards etc.

The key itself is maintained in the lock box and Nosey Nellie is not reading your mail.

Are you really my client or just a customer

When you call on a FOR SALE sign; that agent is under contract with the seller of that house.  Where did you get the idea that they own you anything when negotiating, or negotiating for you at all?

Here is a clear and concise explanation of Buyers Agency and Representation from RECO  [Real Estate Council of Ontario]


When working with an agent to show you Homes in Toronto, they have a clear obligation to show you all the homes that are suitable and in your price range. Will they skip some?   Sure.  Those that are listed 5 times and still over priced, grow houses, poor locational placement on the street, dis repair, deferred maintenance and problematic sellers.  Or do we WANT look at all 19,000 listings?

Ready to start your home search?

http://HomeswestToronto.tumblr.com/mobile

You can start here.

De-Clutter Organise and Re Purpose what you have

Getting more money for your home is possible. Would you like to know how?



Our Team of professionals can help you Organise and de-clutter to make your home feel larger.

By using your own furnishing we can re-purpose many things in your home to make it look warm, fresh and inviting. Would you like to know more?

Talk to your local Toronto real estate professional now.

David Pylyp Group
416 233 9000

Park Lake Residences Toronto

Your Pied a Terre in the City.

A newly built and Freshly Painted Two bedroom Suite with two spacious bathroom at the luxurious Park Lake Residences, located at Lake Shore and Ellis Ave., right at Sunny side Beach.

This building is a two tower structure with a centre podium that houses an open air terrace for BBQ's and Lounging.  Sight lines are to Humber Bay Shore, the bay, The Humber River Bridge, The North Views include dramatic vista for High Park. There is a strong management team in place here with a Large Reserve in compliance with Reserve Fund Audit compliance.   All parking is above grade with 4 levels for resident garage parking and a main floor open air garage for visitors.

The access to transit is fed from the #80 #TTC Queensway Bus to Keele Subway, a Lake Shore EXPRESS #508 bus to Union Station and a 24 hour transit line alone Queensway / Queen Street ensures prompt and continuous access.

UPGRADES include  Hardwood Floors, Stainless Steele Hardware and Stainless Steel Appliances, Fridge, Stove, Microwave, Built in Dishwasher PLUS Stackable Washer and Dryer.   Kitchen has a Granite Counter top, under mounted Cupboard lighting and a subway tile ceramic back splash.  All existing window coverings remain with the property. Bathrooms include marble wall trim, floors and upgraded plumbing.

This Suite measure 860 square feet as per the builders floor plan. (Available)



Additional Property Details
http://davidpylyp.com/search/feature.cfm?ml_num=W2551722

Virtual Tour on Property
http://www.youtube.com/watch?v=gwaI5mCTiw4&feature=youtu.be

Additional Property Pictures
https://picasaweb.google.com/109283965469179719942/February4201303#slideshow/5841275256762724242

Realtor.ca Search W2551722

Showcased Property Brochure
http://www.scribd.com/doc/125313225/Park-Lake-603

This property is available for showings and occupancy Effective Feb 05th, 2013

Contact David Pylyp
Accredited Senior Agent
RE/MAX Realty Specialists Inc., 

416 233 9000

or direct at 
647 218 2414

RE/MAX forecasts 2013

RE/MAX adds a balanced perspective of the pulse of the Toronto and forecast 2013 to 2014.   Angus Reid Home Buying Trends Reports....  1100 prospective Purchaser responded...




The intangible factor in all these assumptions is the growing number of retiree's.

What will they do?  Condo - Fy?   Improve their existing property? Double down with higher mortgages and buy Bungalows?

What do you think?

David Pylyp
Toronto

Price Match Policy

Full Service Brokerage

Overhead at the Bank Recently " We charge 2% for Currency Exchange to convert $US Dollars to Canadian Funds.  The discount to 1.5% applies on currency conversions in excess of $100,000.   That event / service can occur in one second. 

Our Group can provide 3 levels of service for your real estate transaction in the Toronto GTA. The Plus, Premium and Prestige Packages.  I would be pleased to explain them in person.  I will;

¨  Install a “For Sale” sign on the front of your property

¨  Provide a lockbox

¨  Prepare and process all data forms

¨  Have colour feature sheets prepared to highlight the unique qualities of your property

¨  Create “BUZZ” for your property by networking with other agents as soon as the property is listed - agent open house held in the first week of listing your property

¨  Send targeted emails to agents, past clients and potential buyers to generate interest about your property

¨  Hold public neighbourhood open house to generate public interest

¨  Feature your home on the Homes West Toronto websitewww.DavidPylyp.com

¨  Feature your property on the MLS (Multiple Listing Service)www.REALTOR.ca

¨  Feature your property on the RE/MAX website (www.remax.ca)

Especially for your home, I will do the following:

¨  Post and Syndicate Blogs about your property

¨  Take Digital Pictures for Loading to Toronto Real Estate Board

¨  Shoot additional property digital pictures for Slideshow upload

¨  Shoot Virtual Tour – Process, Render and upload to Video Sites

¨  Generate the QR code for your property

¨  Circulate your advertisement to online real estate sites

¨  Provide MLS data sheet with monthly payment, closing cost and financing calculators; income to qualify

¨  Initiate email follow up of agent prospect showings

¨  Maintain weekly reporting by email of marketing activities

¨  Report on local real estate competition changes

¨  Follow your lawful instructions

¨  The most critical stage  in your real estate transaction, the offer and its accompanying negotiations, I will personally represent you at the offer table and do my utmost to obtain the best possible price and terms for you by using my 22+ years of negotiating experience to your advantage.

¨  Ensure that the deposit accompanying your offer is certified and/or deposited into our Real Estate Trust Account within two banking days and help your lawyer where needed to expedite the sale.

¨  Assist where possible to ensure the timely completion of all conditions contained in your Agreement of Purchase and Sale.

¨  Ensure your Lawyer, Banker, Appraiser, Insurance Broker have necessary documents.

¨  PDF all documents for record keeping.

   I will attend with you at your real estate closing.

All this material and samples are available to you. Call for an appointment 416 233 9000

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I am pleased to compare commission rates in writing, provided only that my competition  provide the same services that as I do.   My Price Match Policy will match any competitors  quote for services [ for identical or comparable services ] with any written quotation.