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While the 5,155 sales the Toronto Real Estate Board reported in October was less than October 2007, it was still a very active market and despite the media reports, the average home price stands at $380,654, UP 1.2% over 2007. There is no question that there are fewer sales taking place. The media continues to fuel current fears of economic and real estate market adjustments. This fear, more than real information, creates a wait and see attitude which has the effect of lowering demand and thus impacts home prices.
Unfortunately, sober, reasonable announcements get very little media play. In October TD Canada Trust forecasted that the average home price in Ontario will drop by 3.8% on average in 2009 and increase by 2.5% in 2010. I guess this information is not pessimistic enough to be published! So, should someone delay in purchasing? I do not believe so for a number of reasons. First, interest rates are very low in order to stimulate the economy. When interest rates go up (projected to happen in 2009) that will nullify any savings that a buyer may realize by delaying their purchase. Secondly, most buyers “move up“ in homes, buying a more expensive home. You may sell your current home for less than you want, but you will be able to pay less for the new home and that is worth doing. Thirdly, a home is a home, not an investment. It’s your “slice” of the world, your haven, your sanctuary. It’s a place to raise your family, to enjoy your garden and your pool. Waiting for the “right moment” puts your life and your dreams “on hold”. And lastly, do not forget that if one is renting that is lost money as you are helping the landlord pay of his mortgage while you just lose the rent! The bottom line, if you can afford the home, the best time to buy is now!
If you have any questions, please feel free to call, it will be nice to chat, and if you know of someone thinking of buying or selling, please let me know. I will be pleased to help them and will take extra special care of them for you. Have a great month.
Mario Reis, Broker
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Your dream comes true.
• 2 bath, 4 bdrm townhouse - $275,000 CAD - Immaculate! Gorgeous! Burnhamthrope/Central Parkway, Mississauga - Luxurious, Immaculate and Stunning! Enjoy and relax in this rare, beautiful and peaceful 4 bedroom, 3 balcony home with its artistic flair and bright rooms, you cannot miss this one! There is nothing you would want to change in this home!
Retreat into this quiet, lovely home that brings serenity as you unwind from your busy day. Enjoy the private courtyard that is absolutely beautiful--you will never know you are in the city! Property information
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May 2008 Dear Friend, The Toronto real estate market today reminds me of that question that philosophers have been asking for centuries. Is the glass half empty or half full? The glass is half empty is reflected by those who say,"April’s 8,762 listings sold were down 7% from 2007, while listings, (homes available for sale) are up by 7% and there are now 24,530 homes for sale in the GTA versus 22,829 last year. The glass is half full proponents point out that prices increased in April and are now $385,508, 2.5% higher than last year’s $376,236. In April, the average time a property sold dropped to 27 days, 3 days faster than the average and properties sold an average of 99% of the asking price, despite more homes available for sale. The truth of the matter is that whether one believes the glass is half empty or half full, the amount of the water does not change. The real estate market is what it is. Will prices go down? Is it the right time to buy? Should I buy an investment property? These are all valid questions that I help my clients with every day. My feelings are that your home is the most important item you will ever buy. It is your pride, your joy, your haven from the world and when you retire, the best investment you ever made. Prices will continue to increase because our population continues to increase while the availability of land remains limited. New York, Chicago, London, Tokyo, Vancouver prices are "windows into the future" of what Toronto home prices will be. I am not a proponent of speculation, buying today and hoping prices increase tomorrow or else I am in trouble and am forced to take a loss. If you can afford to buy and hold or rent, then I highly recommend buying. Interest rates are at bargain prices and are as or more important than price. A 5 year term on a $300,000 mortgage means an additional cost of $45,000 on an 8% mortgage versus a 5% mortgage. If you want to chat, ask some questions, please feel free to give me a call. (If you need help in refinancing, I can usually get a better rate than most, and save you some money!) If you know of anyone thinking of buying or selling, please let me know, I will take extra special care of them. Have a great month, Your friend in Real Estate
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Well, it didn’t take too long for a few warm days and melting snow to get the Toronto real estate market heated up! I just reviewed our appointment numbers (the number of appointments we book on our listings) and in the last 2 weeks they increased 53.6% (from 2471 to 3796) on our 756 listed properties. Sunday alone the number of appointments went up from 194 two weeks ago to 453 this past Sunday, an increase of 133.5%! These numbers alone tell you what is happening with the real estate market. The media is really trying to create news by fear mongering that the Toronto real estate market is slipping, since it is down from last year’s record number of sales. I will give you the facts, you decide for yourself the status of the market. First, the number of homes sold is down from last year, the best year in real estate history. (Not only have we had severe winter weather, but it’s impossible that every year will be better than the year before). Second, the number of homes listed for sale is way down from previous years due to the weather. (When the market slows down, the number of homes for sale increases as people need to sell) Third, prices in Toronto have increased to $379,006, up over last year’s average price of $376,236. While not a huge increase it is an increase, an indication of the strength of the market. Without a doubt, the Toronto market is about to explode! Now more than ever your friends and relatives need a knowledgeable agent to guide them through the challenges of buying a home. Did you know the government has special tax incentives for first time homebuyers? The process of buying a home is certainly more complicated than it has ever been. Give me a call; I’ll take extra special care of the people you refer to me. After all, you do have a friend in real estate! Have a great April…. Don’t get burnt enjoying the sun! Your Friend in Real Estate.
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I’ve got to tell you, it’s a great time to buy real estate in Toronto! 6,015 single family units sold which is great considering that weather that we experienced in February, not exactly the "ideal showing conditions". The real impact of the weather was felt in the fact that fewer people listed their homes in February than last year. This lower inventory created a situation where prices went up(4% from last year), with homes selling faster (30 days ) and selling closer to the asking price(99% of asking price). So why is now a good time to buy? While its true listing inventory levels are down, the number of buyers is down as well so your chances of getting that property are better. While this snow keeps up, the market will stay "cool" but don’t forget, spring starts March 21, just around the corner. When the weather changes, buyers will be out in droves and the competition for houses will be heavy. What about the States, the R word? There is a concern that the sub prime mortgage issues may be the blow that tips the U.S. economy into recession (and us). However as I said before, our economy is less influenced today by the U S than ever before. Our raw materials are in high demand and our oil reserves are the highest in the world. Along with aggressive interest rate cuts, the future looks rosy for Canadians. If there is a recession in the States, most economists feel it will not be a severe recession since, even before a recession is confirmed, the Federal Reserve, Congress and White House are collectively putting together stimuli to resuscitate their economy. That along with the coming elections will make a recession a minor one. As you can see I am bullish on Toronto real estate! If you have a friend who is thinking of buying or selling, please let me know, I will take real good care of them. Have a great month Your Friend in Real Estate.
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Fabulous "Designer Walk" Area.
• 1,024 sq. ft., 2 bath, 2 bdrm apartment "Exquisite."
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MLS®
$469,900 CAD
- Luxurious and affordable.
Designer's Walk, Avenue/Davenport
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One of Toronto's fabulous, desirable, chic neighbourhoods! Situated on the northern edge of the Annex, residents include successful business people, prominent artists, University of Toronto students and faculty, and people from all walks of life. As well, being steps from Yorkville, which contains a variety of posh stores and boutiques, this area is a favourite for many upscale professionals.
Let your imagination soar!
Property information
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Major Mackenzie/Keel, Vaughan
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The 2 story at 113 Blackthorn Drive has been sold.
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Exquisite Home
• 3,000 sq. ft., 4 bath, 4 bdrm 2 story "Modern"
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MLS®
$569,900 CAD
- Priced to sell
Mavis, Mississauga
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Hospitality welcomes you to this dramatic home situated near enough to all amenities yet surrounded by privacy and intimacy that will give you a vacation every weekend.
Featuring hardwood flooring throughout, ceramic tiled kitchen with breakfast area, marble foyer, a walk out to an exquisite sun room, and a fenced yard where you can entertain two or two hundred.
An awesome marbled foyer entrance leads into the living room of this elegant home or to the family room with its cozy wood fireplace. Here you'll enjoy reading your favourite book, listen to your favourite music, or just sit back and breathe in the serenity.
Here is the home you've been waiting for.
Property information
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Fabulous Location.
• 2 bath, 3 bdrm bungalow "Very Spacious"
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MLS®
$599,900 CAD
- REDUCED!
Bathurst/Sheppard, Toronto
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home at this perfect three bedroom and two bathroom home, and you will know with confidence that you have arrived; luxurious, practical, and affordable.
An awesome entrance leads into the family room of this elegant home where you can experience a quiet retreat to enjoy a good book or a favourite melody.
A very spacious and intimate dining area with its warm and inviting atmosphere facilitates entertain two or twenty.
A well designed kitchen requires “roller skates” in order to traverse efficiently from one end to the other. Meal planning will be a breeze in this modern open kitchen with all its appliances.
A well-appointed master bedroom will give you plenty of extra space for additional uses. Adjoined by a full bathroom where you will sing and splash in total comfort and serenity.
Here is the home you’ve been waiting for. A prime location in the neighborhood of schools, shopping, transit, places of worship and much, much more.
Luxurious, practical, and at a realistic price.
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Great Affordability!
• 2 bath, 3 bdrm 2 story
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MLS®
$449,900 CAD
- REDUCED!
Rogers/Oakwood, Toronto
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Hospitality welcomes you to this dramatic raised home situated near enough to all amenities yet surrounded by privacy and intimacy that will give you a vacation every weekend.
Featuring hardwood flooring throughout the main floor, ceramic tiled kitchen with walk out, and an enclosed fenced yard where you can entertain two or two hundred.
An awesome entrance leads into the living room of this elegant home or to the lower level family room with its cozy fireplace. Here you'll enjoy reading your favourite book, listen to your favourite music, or just sit back and breathe in the serenity.
Here is the home you've been waiting for.
Property information
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Fantastic Location
• 1 bath, 2 bdrm apartment "Very Spacious"
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MLS®
$145,000 CAD
- Fantastic Price!
Finch/Keele, North York
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Great Location. Near Ttc, York University. Renovated Bathroom. Parquet Floors In Bedrooms, Quiet West Exposure. Sunden Living Room. Separate Dining Room.
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Luxury, Opportunity, Affordability.
• 3 bath, 3 bdrm bungalow "RAise Bungalow with Large Windows"
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MLS®
$375,000 CAD
- Say Hello To A Good Buy!
Chinguacousy/Bovaird, Brampton
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Hospitality Welcomes You To This Dramatic Raised Bungalow Home Situated Near Enough To All Amenities Yet Surrounded By Privacy And Intimacy That Will Give You A Vacation Every Weekend. Here Is The Home You've Been Waiting For!
Featuring Hardwood Flooring Throughout The Main Floor, Ceramic Tiled Kitchen With Breakfast Area And A Walk Out To An Exquisite Deck, A Fenced Yard Where You Can Entertain Two Or Two Hundred, And A Cozy Family Room With A Gas Fireplace.
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Luxury, Comfort, Affordable!
• 2 bath, 3 bdrm townhouse
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MLS®
$210,000 CAD
- Great Starter Home.
Markham/Sheppard, Scarborough
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Experience True Majesty In This Ultimate Location, Providing The Most Spectacular Setting And Dramatic View, This Spectacular 3 Bedroom Plus And 2 Bathroom Condo Townhome Residence Is Exceptionally Priced To Sell Quickly In This Beautiful Neighbourhood.
Offering Distinctive Living And Entertaining, The Uniquely Designed Floor-Plan Creates An Intriguing Interplay Of Geometric Forms, Natural Light, And Breathtaking Views With An Excellent And Beautiful Location And Original Artistic Design.
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Luxurious, yet affordable.
• 2 bath, 4 bdrm 2 story "Sidesplit"
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MLS®
$314,900 CAD
- REDUCED!
Rouge Valley, Toronto
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Hospitality welcomes you to this dramatic home situated near enough to all amenities yet surrounded by privacy and intimacy that will give you a vacation every weekend.
Featuring hardwood flooring throughout the main floor, ceramic tiled kitchen with breakfast area and a walk out to an exquisite deck, and a fenced yard where you can entertain two or two hundred.
An awesome entrance leads into the living room of this elegant home or to the lower level family room with its cozy electric fireplace. Here you'll enjoy reading your favourite book, listen to your favourite music, or just sit back and breathe in the serenity.
Here is the home you've been waiting for.
Property information
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