Greater Toronto REALTORS® report Mid-April Resale Market Figures

 

TORONTO, April 16, 2010

Greater Toronto REALTORS® reported 4,601 sales through the Multiple Listing Service® (MLS®) during the first two weeks of April.

This represented a 25 per cent increase compared to the 3,681 sales recorded during the same period in 2009. New listings increased by 48 per cent annually to 9,512.

“The fact that annual growth in new listings outstripped growth in sales suggests that the GTA existing home market is becoming better supplied,” said Toronto Real Estate Board President Tom Lebour.

"Home owners are reacting to strong sales and price growth by listing their homes in greater numbers. They are confident they will receive offers in line with their asking price."

The average price for April mid-month transactions was $430,271 – up 12 per cent compared to the average of $383,361 recorded during the first 14 days of April 2009.

"The average annual rate of price increase has declined and we are shortly going to see a return to sustainable single-digit rates of growth," said Jason Mercer, TREB's Senior Manager of Market Analysis.

"As home buyers experience more choice in the marketplace, there will be less upward pressure on the average selling price in the GTA.”

Jas Jagpal, Remax Dynasty Realty Inc
647-272-6629
jasjagpal@rogers.com

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What a Beauty – Aura shines for the Rich

Imagine living in the tallest high rise, nearly 800 feet in the sky and having a panoramic view of the city and the most sought out after address.  Imagine 11,370 square feet of elegance, 5 bedrooms and 6 bathrooms; whirlpool/hot tub in enclosed terrace overlooking the beautiful skyline.  Imagine walking off the elevator and having your “royal” guests walk into a great hall and be pampered in your personal salon.

For the privileged and wealthy, this luxurious living in downtown Toronto is waiting for it’s King and Queen.

Name: AURA by Canderel Stoneridge
Location:  College & Yonge
Height: 75th-Storey – Near 800 ft.
Backyard: 3 Acre of park (College Park)
Ground Floor: 3 Levels of Retail and Restaurants
Neighborhood Amenities: Bloor/Yorkville, Live theatres, Eaton Centre, Universities, Waterfront, everything, etc.

Price: $17.5 million or only $1539 square foot.

Now if you are a champion of money and would grace me with your charity, buy this suite with me and make my dream commission a reality!   I could sure put it to good use for the kids in our community!  I’d love to start scholarships and mentorship programs.

Anyways, for more luxury condos Fl 72-74 … from 2200 Sq Ft, prices start at $2,255,000

Deposit Structure: $5,000 with offer, Balance of 5% in 10 days, 5% in 90 days, 5% in 180 days, 10% on occupancy

Jas Jagpal, Remax Consultant, 647-272-6629 – jasjagpal@rogers.com

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HST (TAX)- What You Need to Know Now...if your selling.

HST (TAX)- What You Need to Know

April 8, 2010 by 1stoprealestate.ca

I just finished writing the blog and computer errored… should have known better to write it straight in the blog program without saving it.  Anyways… having vented, let me tell you how HST will affect Sellers of Real Estate and in another post I’ll mention the affects on Buyers.

So What is HST? – 13% Tax (Harmonizing of GST (5%) and PST (8%) – hence HST

When does it take affect? – July 1st, 2010

HST will apply on all current services you pay GST on.  So you will pay on Realtor commissions, Lawyer fees, Inspections, Maintenance, Moving Costs, etc.

Transitional Rules:

1.  If you list May 1st and close July 5th.  As long as 90% of the services related to your Real Estate transaction (open houses, getting mortgages, inspections, title search, etc.) occured prior to July 1st… then you won’t have to pay HST just the GST.

2.  If you list May 1st and close Aug 1st.  Since the 90% rule won’t apply you will now pay on a weighted scale.  2 months (2/3) GST and 1 month (1/3) of HST on all your closing cost (commission, lawyer fees, etc.).  All costs incurred prior to July 1st would only have incurred GST.  Movers would have charged entire HST.

How much will you be paying extra?

Lets calculate using an average GTA price of $400,000 for a single family house.

Seller would pay: 
1.  Commission 3.5% – 5% = $1120 to $1600 more
2.  Lawyer ($1000 – $2000) = $80- $160 more
3.  Moving ($1000-$2000)=  $80 – $160 more
4.  Pre-inspection ($300-$500) = up to $40 more

So Sellers are looking at around $2000 added to closing costs.  Nothing too significant that will cause a dent in the Toronto market.  The Toronto Land Transfer Tax was significantly more expensive and had no affect.  I think surrounding municipalities will probably add their own form on Land Transfer Tax in the upcoming 3-5 years.

In my next post I will talk about how GST affects  Buyers.

Jas Jagpal, Remax Real Estate Consultant – 647-272-6629  jasjagpal@rogers.com

Have real estate questions or thinking of investing in Condos, email me and get VIP discounts and 1st choice with new condos.

Posted in General, Jas Jagpal - Toronto Real Estate Blogs, Toronto Real Estate Stats | Tagged Harmonized Sales, Harmonized Sales Tax, HST, HST affects on Real Estate Transactions, HST affects on Sellers of houses, HST in Ontario, Seller HST costs on a Real Estate Transaction | Leave a Comment »

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Encore Condos- Invest at Scarborough Town Centre- Take advantage of VIP discounts

Investors and home owners are contacting me to find out the price range and what units are still left.  So  I thought I'd just update everyone at the same time.  According to Monarchs Sales Reps about 40% of the units are already sold... probably higher as that conversation took place on the weekend while buying an investor unit.

Today's conversation:

1.  Some studio units and about 10-1BR units are held for the public when it is opened up to the public.  Most 1BR and Studios are sold.

2.  1Br + Den units - there is only 1 South unit and a few West units left.  North and East there are plenty still to sell.  The reason being they are facing the EQ1 Condo building and Centro Condos currently under construction.

3.  2BR + 2WR - SW facing - last time I heard they were sold out.  I've bought a couple and sold a few myself.  If you are seriously interested I can sell one of my units to you.  Must be purchased by April 13th.

4.  2BR + Solarium - SE facing- there are plenty units left.

In a nutshell if you are thinking of investing at Scarborough Town Centre then you need to act fast.  The VIP sale discounts have been extended... if you want to take advantage of them contact me ASAP... plus get a complete price list, unit layouts and worksheet to complete to get access to the discounts.

Prices:  Studio – from $139K,  1 Bedroom – from $190K,  1 Bedroom + Den/ Solarium – from $245K, 2 Bedroom – from $327K, 2 Bedroom + Solarium – from $354K

Read my previous blogs:  1. Running the Numbers "Monarch Encore Condos" Investment Opportunity and 2. Exclusive Condo - 39 Floor Beauty at Scarborough Town Centre - Encore at Equinox to get background and Investing Information.

Contact: Jas Jagpal, Remax Sales Representative E-mail: jasjagpal@rogers.com  C: 647-272-6629 

 

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Rising Loonie... near Par again.

By The Canadian Press

The U.S. dollar has been driven downward in recent weeks by rising oil prices and continued economic instability.TORONTO - The Canadian dollar is flirting with parity with the U.S. dollar, a level it has not hit since July 2008.

 

 

The loonie, on the other hand, has been supported by the relative strength of the Canadian economy and confidence that Canada has not taken on more debt than it can handle, worries that persist for the United States and many European nations.

 

At mid-morning, the currency was up 0.46 of a cent to 99.63 cents US. Last week it rose 1.75 cents US on strong economic data and surging commodity prices.

 

Economists don't expect the loonie to rise quickly to the heights it reached around US$1.10 back in November 2007, but rather feel it will waver around parity for a while.

 

A high loonie is a boon to cross-border shoppers but a curse for many manufacturers and exporters as the price for their goods becomes less attractive to international buyers, especially in the U.S., Canada's biggest market.

Jas's Note:  This isn't good news for our manufacturers and tourism industry who depend on a low dollar to sell exports and be affordable to tourists.  How will this play out for the Housing market?  As long as we don't see significant job losses... we'll be just fine.  After all you can't get a mortgage unless your employed.  Keep an eye out on employment figures in the next few months.

 

Jas Jagpal, Remax Dynasty Realty, jasjagpal@rogers.com  647-272-6629

 

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