September 2012, Toronto Real Estate Market Update

Toronto, September 11, 2012.

The August 2012 sales statistics are out and once again we have declining sales compared to 2011.  This time the numbers are down 12.5% from 7,330 sales in August 2011 to 6,418 sales in August 2012.

What is contributing to this sales decline?  Working in the field it appears "affordability" is becoming an issue.  Average prices are 6.5% higher in 2012 from 2011.   Up 16% in detached homes in the Toronto 416 area.

We also have the new "mortgage rules" which are showing their impact.  Reducing the Amortization from 30 years to 25 years in essense reduced the buying power for many first-time home buyers.

Finally the Toronto Land Transfer Tax is pushing off people from selling and buying another home.  When you calculate Land Transfer Tax on a $500K average price home in Toronto you are paying $6,475 of Provincial Land Transfer Tax now add the Toronto portion and you are almost doubling the cost to a whopping $12,200 in taxes.  So if you had to sell and buy again, you are looking at $14K - $15K of total closing costs on the buying end... notwithstanding fees and costs associated with selling.  This is causing some people to rethink selling.  That is why I'd say new listings are down as well in August.  Inversely this will help to keep prices up as market conditions stay tight.  So if anyone was hoping for prices to fall.  Not anytime soon. 

For your information: The MLS® Home Price Index (MLS® HPI)* composite index, which allows for an apples-to-apples comparison of benchmark home prices from one year to the next, was up by 6.3 per cent year-over-year.

5 Home Buying Tips + Videos:
1.  Work with a mortgage lender and find out what you are pre-approved for.
2.  Work a monthly budget and figure out what you are comfortable spending on housing on a monthly basis.
3.  Choose an area that you want to move in.
4.  Work with a trusted Realtor, let them know your budget plan and have them determine exactly what can be purchased in your choice of location and buyer criteria.
5.  View properties and put an offer in.

Remember ASK a lot of questions.  There are no dumb questions.  Buying is a nervous time and holding back from your trusted Realtor will only dampen your buying experience.  It is better to get your questions answered than being stressed.  Oh by the way,  I would be more than happy to help you or your family and friends buy or sell a house or condo.

Videos on "Are You Fit To Buy?"

 

Jas Jagpal, Broker at RE/MAX Dynasty Realty Inc.  He has formed 2 teams.  One specializing in Investing, primarily in condos and the second helping clients sell their houses in the GTA.  No matter what your needs are, contact him if you are looking to buy, sell or invest in the Greater Toronto Area.  

Choose Results, Honesty & integrity.  Choose Team Jas Jagpal.  

Jas Jagpal, Broker  647.272.6629   jasjagpal@gmail.com  Office: 905.471.0002
Jess Jagpal, Sales Representative  jessjagpal@gmail.com  416.312.9742

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Toronto Real Estate Market Update - Condo Rentals / Tips on Buying

Toronto Real Estate Market Facts Sept, 4 2012

Now that our kids have gone back to school and everyone is getting back to "normal life",  I expect real estate transactions to pick up.  In August, I did notice the condo rental market tightening up a more people turn to rentals than buying in this uncertain financial markets.  It is a boon for investors who are renting as they are getting premium rents for their units.

 

Are you thinking of buying a house or condo?  Even those who have bought before, as many of my clients have done, often forget the process and have many questions.  It's important to be able to call, text or email your Realtor and get answers right away.  I encourage you to ask, ask and ask  as this is your right as a client.

 

Here is a Tip on Mortgages & Buying a home  

 

1.  Before you are looking to buy and apply for a mortgage, I'd recommend pulling your credit report and score. www.Equifax.ca  Go through it carefully and make sure everything is correct.  The banks will use this report to determine the amount they will lend you and your rate.  It is better to fix any errors then being told afterward you can't get a mortgage.  Save yourself the shock, pain and embarrassment.

 

2.  After getting a mortgage approval on an offer for a home, DO NOT, buy a big-ticket item on your credit cards.  Banks pull your credit report again before lending you the money near closing.  With more debts racked up, the banks will lend you less.  Now you are stuck paying the difference and people have lost their homes and deposits because of this.  Top agents will make sure they tell you this.

 

3.  Set aside 2-3% for closing costs.  Especially when you are not a first-time Buyer.  Top agents will do a closing costs analysis.  Ask if your Realtor doesn't.    

 

4.  Opt for accelerated bi-weekly mortgage than a monthly one to pay down your mortgage faster. 

 

Remember, if you have any real estate buying, selling, investing questions or have a friend, family member who does, just call me and give me the opportunity to help out.

Jas Jagpal, Broker at RE/MAX Dynasty Realty Inc.  He has formed 2 teams.  One specializing in Investing, primarily in condos and the second helping clients sell their houses in the GTA.  No matter what your needs are, contact him if you are looking to buy, sell or invest in the Greater Toronto Area.  

Choose Results, Honesty & integrity.  Choose Team Jas Jagpal.  

Jas Jagpal, Broker  647.272.6629   jasjagpal@gmail.com  Office: 905.471.0002
Jess Jagpal, Sales Representative  jessjagpal@gmail.com  416.312.9742

Posted via email from Markham Houses : Markham Condos For Sale- Investment, Pre-Construction, Resale

Bank changes HELOC - Home Equity Line of Credits

My TD mortgage broker updated me that there will be changes starting August 20, 2012 for home equity line of credits by Canadian banks.

Currently, clients can get a HELOC up to 80% of the value of their home, if they qualify.

So if the house is worth 500K, the maximum HELOC can be 400K.

Under the NEW rules the maximum HELOC will be 65% of the value of the home. 

So the same $500K home now offers a  HELOC of only $325K.

Now those that are looking to use HELOCs to purchase investments will lose out on a significant source of CASH available, especially when average homes are around $500K.  That is $75K of money that was accessible to you before the changes.

Talk to your mortgage broker if you have further questions and call me if you are looking to buy, invest or sell.

Jas Jagpal, Broker at RE/MAX Dynasty Realty Inc.  He has formed 2 teams.  One specializing in Investing, primarily in condos and the second helping clients sell their houses in the GTA.  No matter what your needs are, contact him if you are looking to buy, sell or invest in the Greater Toronto Area.  

Choose Results, Honesty & integrity.  Choose Team Jas Jagpal.  
 Jas Jagpal, Broker  647.272.6629   jasjagpal@gmail.com  Office: 905.471.0002 

 Jess Jagpal, Sales Representative  jessjagpal@gmail.com  416.312.9742 

Posted via email from Markham Houses : Markham Condos For Sale- Investment, Pre-Construction, Resale

5940 Yonge St, Toronto - 1BR Condo for Sale

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You Are Going To Fall In Love With This Spacious, Bright And Airy PentHouse Condo - 9 Ft Ceilings . Don't Miss It! Enjoy Your Morning Coffee Or Tea At The Breakfast Bar With The Morning Paper. Ideal For First Time Buyers And Investors

1BR - 506 Sq Ft,  with Parking and Locker and Laminate Floors  at Finch and Yonge St.
Maintenance Fee: $374.80 - all inclusive includes Hydro.

FOR SALE only $259K

Low Rise Condo Building.  Built 2006.

Jas Jagpal, Broker at RE/MAX Dynasty Realty Inc.  He has formed 2 teams.  One specializing in Investing, primarily in condos and the second helping clients sell their houses in the GTA.  No matter what your needs are, contact him if you are looking to buy, sell or invest in the Greater Toronto Area.  

Choose Results, Honesty & integrity.  Choose Team Jas Jagpal.  
 Jas Jagpal, Broker  647.272.6629   jasjagpal@gmail.com  Office: 905.471.0002 
 Jess Jagpal, Sales Representative  jessjagpal@gmail.com  416.312.9742

Posted via email from Markham Houses : Markham Condos For Sale- Investment, Pre-Construction, Resale

Immaculate Greenpark Semi In Popular 'Thornbury Woods', Vaughan

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Immaculate Greenpark Semi In Popular 'Thornbury Woods'
281 Golden Orchard Rd, Vaughan L6A ON3 (Major Mackenzie and Dufferin)

This gorgeous semi , under 5 years old, features loads of upgrades... fresh paint, hardwood floors, pot-lites.  The kitchen has upgraded cabinets, glass/marble backsplash, granite counters, diagonal floor tiles.  Plus you get Kitchenaid gas range & counter depth fridge, 3 Sided gas fireplace, dust pan vac, garburator. 

Garage door opener/remote plus easy entrance into the house through the garage.

The home has three generous sized bedrooms and is waslking distance to schools, park and GO.

Extras: All Elfs, All Window Coverings, Ss Gas Stove, Ss Fridge, Ss B/I Dishwasher, Ss B/I Microwave, Washer, Dryer, Garage Door Opener/Remote, Cvac And Accessories, Dust Pan Vac, Garburator.

Looking to sell your house?  Contact Jas at 647.272.6629

Jas Jagpal, Broker at RE/MAX Dynasty Realty Inc.  He has formed 2 teams.  One specializing in Investing, primarily in condos and the second helping clients sell their houses in the GTA.  No matter what your needs are, contact him if you are looking to buy, sell or invest in the Greater Toronto Area.  

Choose Results, Honesty & integrity.  Choose Team Jas Jagpal.  E: jasjagpal@gmail.com  O:905.471.0002 
Assistant; Buyer Representative: Jess  jessjagpal@gmail.com  416.312.9742

Posted via email from Markham Homes for Sale : Markham Condos Real Estate : Investment Pre-Construction Condos

DOWNTOWN MARKHAM SITE PLAN - What we can expect in the next 15 years?

It's an exciting time to be an Investor.  Those who have money to buy, retail, pre-construction can build for a fine retirement portfolio.

The picture above shows the masterplan of the new modern  "Downtown Markham".  This is located east of Warden Ave, South of Hwy 7 and West of Kennedy.  Birchmount Rd and Enterprise Blvd are the main through fares.

For those looking to buy pre-construction condos - right now the NEXUS Condo project is pretty much SOLD out.  Some units still available in the NEXUS South building.  The next pre-construction project will be the RESIDENCE inn Marriott and they've started the construction of the upcoming CINEPLEX ODEON theatre.

The ROUGEBIJOU condos are built.  The BENCHMARK TOWN MANORS exteriors are also constructed but you can still buy a awesome, executive high end Town Manor and select your own interiors on some of the units.

So right now.. the north west corner is under construction, clients are occupying and moving in to the RougeBijou and The Benchmark Town Manors.

 What is exciting for investors is that this project will be completely ready by 2030 and will completely  transform Markham and give it a modern downtown feel.   There will be dozen more condos built in "Uptown Markham" by Times Group in the next 10 years.

So you can imagine with 30 plus condos in the neighborhood, with central shopping, cafes, theatres, it is going to be a buzzling metropolis with high income residents, after all Markham is the I.T. capital of Canada.

It's a great time to invest and live in a growing community. 

Give Jas Jagpal a call if you are interested to find out more and come visit me at my office just 10 minutes away.

Jas Jagpal, Broker REMAX  | jasjagpal@gmail.com  |  Helping clients with their investments.

Posted via email from Markham Homes for Sale : Markham Condos Real Estate : Investment Pre-Construction Condos

What a Million Dollar Townhome looks like in "new" Markham downtown

In "Downtown Markham" near Warden & Hwy 7 there is a huge development by The Remington Group that will be completed in 2030. 

Under development are townhomes, condos a brand new Cineplex Odeon theatre and lot of future resident, commercial projects.

I happened to walk into one of their few million dollar "freehold" Townhomes and took a few pictures.  If you are interested in living at Markham's new downtown or investing for the "future", your retirement... I'd consider this location and I'd love to help you buy.

Hope you liked the pictures.  Call me if you have any real estate related questions and subscribe to my weekly newsletter by dropping me an email at jasjagpal@gmail.com

Jas Jagpal, Broker  | REMAX   

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Posted via email from Markham Homes for Sale : Markham Condos Real Estate : Investment Pre-Construction Condos

KEYWEST "AAA" INVESTMENT CONDO at Toronto Harbourfront!

FLOOR PLANS & REGISTER TODAY

Key West "Luxury by the Lake" in South Etobicoke will have amazing views of the entire city and Lake Ontario.  Built by trusted Times Group Corporation this 36 Storey glass tower with spectacular green space surrounding it will be an awesome invest and a place to live.

Just minutes from downtown Toronto and offering prices cheaper than new condos in Markham and Richmond Hill this is a no brainer buy for investors.

This ONE DAY March 10th VIP pricing for Key West Prices start at $245K for a nice 535 Sq ft 1BR unit.

Large 940 Sq Ft 2BR unit is only $410K.

BEST OF ALL you pay only 10% down in the first year and we've negotiated an extended deposit structure plus 2% cash back on this one day event!

Deposit Structure: $5000 with offer.  5% - $5000 in 30 days.  5% in 90 Days.  2.5% in 370 days.  2.5% in 450 days and 5% when you get the keys at occupancy.

Pre-register NOW.  Occupancy is expected in Aug 2015.

Parking special $20K on this day only.  $25K afterwards.

Locker special $3K on this day only.  $4K afterwards.

Contact Jas Jagpal, BROKER : jasjagpal@gmail.com  647.272.6629

 

Posted via email from Markham Homes for Sale : Markham Condos Real Estate : Investment Pre-Construction Condos

KEYWEST Condos - Skyline Suites at Toronto Waterfront - 1 DAY VIP SPECIAL

Triple "A" Real Estate at the Waterfront

The glittering panoramic views of the lake and the city are nothing short of breathtaking. Just steps from Lake Shore Blvd and the Martin Goodman Trail.  It’s a lakeside community with extensive facilities, transportation links and its own entertainment infrastructure. 

Our VIP Clients get:
10% DOWN year 1* and 2% CASH BACK

*10% down year 1: $5,000 with offer, balance of 5% in 30 days, 5% in 90 days, 2.5% in 370 days, 2.5% in 450 days, 5% on occupancy, 2% cash back.

 

Contact Jas Jagpal at jasjagpal@gmail.com and register now!

 

1 Day SPECIAL EVENT COMING SOON!

 

Posted via email from Markham Homes for Sale : Markham Condos Real Estate : Investment Pre-Construction Condos

Stunning Marilyn Munroe Absoluteworld condo- 3 Bedroom Condo For Sale!

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There are not to many 3BR units to brag about owning, especially in the one of kind Absolute world condo in Mississauga downtown.

With curving balconies, state of the art amenties and stainless steel appliances this is a unit only a few will be able to get a hold of and quite frankly afford.

If you got the cash and want to live in a landmark condo, give Jas Jagpal a call and buy this never lived in unit today.  Interest buyers contact me for more details.

Contact Jas Jagpal, To Buy, Sell, Invest, Assign or resell your Condo. 

 

Posted via email from Markham Homes for Sale : Markham Condos Real Estate : Investment Pre-Construction Condos

How to do Effective Open Houses in Toronto Real Estate Market?

WATCH VIDEO

How Effective are Open Houses to help Sellers sell their home in the Toronto Real Estate Market?

This is debated amongst Realtors.  Some say open houses are a waste of time and they hate doing them while others say they are very effective in exposing the home to potential buyers.  Both sides are correct.  Open houses are only effective if you hire a Realtor that has a effective MARKETING strategy.  Otherwise, as a Seller, you might as well not inconvenience yourself and waste the Realtor's time.  If you want your Realtor to do Open Houses, make sure they have an effective Marketing strategy for your house!  Find out before you hire them.

If you are a Realtor reading this.  Remember our job is not "sales" but to be highly effective "Marketers"!  Don't take a LISTING if you don't think "you" can market it to SELL.  You are wasting your precious time and money.  

Watch the Video to see how you can do an effective Open House in Toronto!

Get excited to help your clients out.  I know I am!  Remember our job is to get the most number of "qualified eyes" to come see the property.  And yes, the honest truth is that most open houses don't sell the home, however, because some do, it is our job to make sure when we do them, we follow an action plan and have the mindset that gets us ready to SELL the home!

We attract into our life, what we give.  So greet those who come with big smile and let them know you are thankful they came... and I promise you- not only will you feel better and upbeat, but you will attract a Buyer and get your Listing SOLD!

Jas Jagpal, Broker
Remax Dynasty Realty Inc. Brokerage.

FREE SELLER CONSULTATION & CMA - Click Here 

RE/MAX Dynasty Realty Inc.  8 Shadlock St. Markham O: 905-471-0002 
Houses: www.TeamJagpal.com  Condos: TorontoCondoRealEstate.ca
 © 2012 Jas Jagpal, BROKER, BSc. York University

Posted via email from Markham Homes for Sale : Markham Condos Real Estate : Investment Pre-Construction Condos