If you plan to sell your Property, this is the time
Real Estate market in Toronto is hot and it seems, it's going to continue the same way for some more time. We expect to have a lot more listings next year (2010). The sales at mid October were already 34% up from the same period last year (2008) and the average price up in 17%. Therefore, if you plan to sell your property, this is the time to do it.The Central Bank of Canada intends to keep the overnight rate (rate used by banks to lend and borrow money among themselves) at 0.25%, which means consumers have more room to negotiate and obtain better rates from financial institutions. Another strong reason to sell, at least before summer of 2010, is that the Provincial Government of Ontario is going to introduce the 13% Harmonized Sales Tax (HST) which will replace the current 5% GST. The HST will apply to all goods and services (except, I think, diapers and baby food). In a real estate transaction, the HST will apply to Lawyer's fee, Real Estate Commissions' Fees, Home Inspection's Fee and Moving expenses' fees, increasing thus the expenses associated to the sale of your property.
Friday, January 22, 2010
Wednesday, January 20, 2010
Condo Suites and Townhouses - 27,000 of them in 2010
It's not news to any one the fact that New Condo Towers and new Townhouses in Toronto are popping up a little bit everywhere.
According to an article published recently in the Globe & Mail, the next two years promise to reshape the look and feel of the Greater Toronto Area in ways probably not felt since the building boom of the 1970s. Then, we went out. This time, we are going up. Quiet suburban neighbourhoods are about to vibrate with new life. Old, once-neglected industrial areas in the city core are about to be transformed into mini-villages.
It's predicted that over the next two years (2010 and 2011) we will see about 47,000 new condo suites become available to their owners – 27,000 of them in 2010.
The next two years will not only see neighbourhoods such as downtown west, the Sheppard corridor, North York west and Mississauga city centre become heavily populated, but also experience an economic and business boom.
There is going to be an enormous surge of new life in many areas of the GTA. Residential drives retail, so that means the influx of all these people will spark a whole wave of new retail and service businesses in those areas. It will also be a boom time for moving companies, furniture stores, electronics and appliances stores – even dog-walking services.
The ethnic makeup of many neighbourhoods will also change since many of these condos were bought by new Canadians. So you are going to see much more diverse multicultural neighbourhoods created.
Significant new challenges
One is an ever bigger shift to singles and couples and away from families in new high-density neighbourhoods. Condo suites large enough to accommodate growing families are far too expensive for the average family budget – even if builders were building them.
Public Transit
The TTC's planning still lags far behind need. The [Toronto] Transit Commission is planning stops where there is no population, and its response to rising costs of operation is to raise fares. Every time it does that it loses riders
According to an article published recently in the Globe & Mail, the next two years promise to reshape the look and feel of the Greater Toronto Area in ways probably not felt since the building boom of the 1970s. Then, we went out. This time, we are going up. Quiet suburban neighbourhoods are about to vibrate with new life. Old, once-neglected industrial areas in the city core are about to be transformed into mini-villages.
It's predicted that over the next two years (2010 and 2011) we will see about 47,000 new condo suites become available to their owners – 27,000 of them in 2010.
The next two years will not only see neighbourhoods such as downtown west, the Sheppard corridor, North York west and Mississauga city centre become heavily populated, but also experience an economic and business boom.
There is going to be an enormous surge of new life in many areas of the GTA. Residential drives retail, so that means the influx of all these people will spark a whole wave of new retail and service businesses in those areas. It will also be a boom time for moving companies, furniture stores, electronics and appliances stores – even dog-walking services.
The ethnic makeup of many neighbourhoods will also change since many of these condos were bought by new Canadians. So you are going to see much more diverse multicultural neighbourhoods created.
Significant new challenges
One is an ever bigger shift to singles and couples and away from families in new high-density neighbourhoods. Condo suites large enough to accommodate growing families are far too expensive for the average family budget – even if builders were building them.
Public Transit
The TTC's planning still lags far behind need. The [Toronto] Transit Commission is planning stops where there is no population, and its response to rising costs of operation is to raise fares. Every time it does that it loses riders
Monday, January 18, 2010
Information from the source - Your Best Protection
Information from the source is definitely the best protection one can acquire. Forget about what the other ones say. The other ones only say what they want us to listen from them.
So before you begin working with a real estate broker or salesperson, make sure you confirm
that they are registered by using the online search feature available on RECO’s website (www.reco.on.ca). The information available includes the registration status, the current expiry date of registration and regulatory activities related to the brokerage, broker or salesperson, such as:
• Registrar's Proposals to refuse, revoke, suspend or apply conditions to a registration
• Charges under REBBA 2002 and related convictions
• Immediate suspensions ordered by the Registrar
• Decisions of Discipline and Appeals Panels related to ethical conduct
Read more here:
http://www.reco.on.ca/publicdocs/PublicAdvisory_TerryGraham_Second.pdf
So before you begin working with a real estate broker or salesperson, make sure you confirm
that they are registered by using the online search feature available on RECO’s website (www.reco.on.ca). The information available includes the registration status, the current expiry date of registration and regulatory activities related to the brokerage, broker or salesperson, such as:
• Registrar's Proposals to refuse, revoke, suspend or apply conditions to a registration
• Charges under REBBA 2002 and related convictions
• Immediate suspensions ordered by the Registrar
• Decisions of Discipline and Appeals Panels related to ethical conduct
Read more here:
http://www.reco.on.ca/publicdocs/PublicAdvisory_TerryGraham_Second.pdf
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