Tuesdays with Jas Jagpal - Issue 3 - Toronto Real Estate Newsletter

Toronto Real Estate Market Facts   (Email JasJagpal@Gmail.com to sign up for the complete newsletter) We have two different markets out there it appears.  One for the 416 area code and another for the 905. Though over all stats show an average price increase, year over year for July by 4% to $477K from $459K and a decrease in sales by 1.5% to 7,570 from 7,683.  The real picture is quite different. If you are living in the 416 area: Sales of Detached Homes (- 4%) ; Semi-detached (- 14%), Townhouse (- 5%) ; Condo Apartments (-13%).   If you are living in the 905 area: Sales of Detached Homes (- 1%) ; Semi-detached (+2%), Townhouse (+24%) ; Condo Apartments (-2%). Clearly semis and townhouses are selling like hot cakes in the 905 area code. NEW and ACTIVE LISTINGS:   This is significant as we have 16% more active listings in July 2012 than 2011 and added 12% more new listings in July 2012 than 2011.  The direct impact of this will be greater competition in the market place.  It will become harder to sell homes.  Days on the Market to sell will increase thus softening prices and also making it more difficult for For Sale By Owners, or discount brokers to sell homes.  If the trend continues we will start hitting a Buyers market I'd say by the winter.  MORTGAGE RATES (July 2012): Chartered Bank Fixed Rates:  1 year - 3.10%, 3 year - 3.95%  5 year- 5.24%  (not discounted rates) AMORTIZATION PERIOD: There is a misconception out there that there are only 25 year amortization mortgages.  This only applies to CMHC approved mortgages where people pay less than 20% down payment.  For those paying 20% or more, lenders can still give 30 year amortization. So you should be concerned about the market?  I don't think so.  With low interests projected to last for many years and our overall economy in decent shape,  we should expect stability in the market for the foreseeable future and not crazy price increases we lived through the past two years.  If you are thinking of Selling get a FREE Market Evaluation. Sincerely, Jas Jagpal, Broker  647.272.6629   jasjagal@gmail.com

Buy /  Sell / Invest in Condos.  Toronto Condo Real Estate!

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

Week 3- Toronto Real Estate Weekly Market Update 2012

Toronto Real Estate Weekly Market Update

Jan 22, 2012

In this video Jas Jagpal discusses.

1.  The booming Toronto Real Estate Market.  Jas looks at the average price, new sales and listings in the Toronto Real Estate Market from Jan 1st to Jan 14th.

2. The Mortgage Update.

3.  New listing at the CENTRO Condo at 190 Borough Drive, Scarborough with pictures

4.  The Move:  "The Secret - Law of Attraction".  See previous video on my Youtube.com/JasJagpal channel or on this blog for my take on "The Secret".  I was surprised to see that most people I've talked to haven't heard about it or watched it.  "Knowledge is King.  To Change your life, you must change your thoughts"  To you success!

If you have any questions, buying, selling or investing just give me a call.  

Jas Jagpal, Broker   C: 647.272.6629

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

Week 2 - Toronto Real Estate Market Update 2012

Jas Jagpal's Toronto Real Estate Weekly Market Update 2012

Jas discusses the following topics:

1. The Mortgage News by BMO.  BMO reduces their 5 year fixed mortgage rates by 0.5%.  Why did this occur?  TD and RBC follow with cuts to their 4 year rate.

2.  Should you stay with your variable rate or maybe fix in a 3, 4, 5, year mortgage rate?

3.  What is the market outlook for 2012?  Are prices going up or down?

4.  Why it is a great opportunity for Buyers and Sellers to buy and sell now.

5.  Is the market going to dive in 2012?  Jas doesn't think so if the first two weeks have been indicative to what we can expect.  Jas has noticed a lot of action in the market.  Lower rates are only going to further boost the buying market.

6. Scarborough Town Centre- Centro Condo Update - should you lease or sell your unit?  What are they worth?  Are the prices going to go up?  When is the best time to sell.

7.  New Condo Buying Tip! -  Clause you need in your Agreement of Purchase and Sale to save your thousands on taxes.  Also for new homes.

So you have buying, selling or investing questions?  Call and book your no-obligation, in-office consultation and get all your questions answered.

FREE SELLER CONSULTATION & CMA - Click Here 
RE/MAX Dynasty Realty Inc.  8 Shadlock St. Markham, On L3S 3K9 O: 905-471-0002
Houses: www.TeamJagpal.com  Pre-Construction Condos: www.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

Week 1 - Toronto Real Estate Weekly Market Update 2012

2012 - Jas Jagpal Toronto Real Estate Weekly Update. This update will feature GTA trends and statistics, news of the day, condo & mortgage updates and will answer any questions buyers and sellers e-mail to me.  Below is a text-summary of the video.

 

<Summary of Video>

Hi Everyone, it's Jas Jagpal from RE/MAX.  This year I want to do something different.  I want to try to give you weekly market updates so this is week 1 and just in from TREB last year's numbers from December and wow did we have an amazing year.

In December 2011 compared to December 2010 there was 4718 new sales compared to 4286 in December 2010.  The average price also increased to $451,436K in December compared to $433,523 in December 2010.

In addition we had a lot more listings compared to 2010.  An increase of nearly 14%.  What is this going to do?  Hopefully help stabilize the market with the increased number of homes which will provide greater competition.

I also want to talk to you about the affordability factor.  It has gone up a bit around 32% and is at the threshold where banks lend.  If interest rates do go up higher by a percent or so it will make it difficult for those at the border of affordability to get their loans approved.

Everyone looking at the charts this year, compared to 2010, the average price has increased.

The statistics tell us that starting in May we had more sales in 2011 then that of last year.  We also noticed prices have increased this year.  This may mean that people are cashing out on the higher prices since there was also an increase in listings starting in July 2011 compared to July 2010.

The prime mortgage rate is still at 3%.  Banks aren't giving discounted variable rates.  Their encouraging fixed rate mortgages which are hovering around 3.25%.  Some brokers can get your variable rates around prime - 0.15%.  Some people might want to consider fixing their mortgage if they want the peace of mind knowing what their payment will be for the next 5 years.  Fixed rates are at historical lows.

On the condo front, there are excellent opportunities, especially at Centro Condos and Solaris Condos.  Centro is offering 1BR + D units around $250.  Solaris you can get a smaller 2BR, 2WR unit for around $270.  So if you are interested give me a call and let the local expert help you.

So for 2012, the market is very strong.  A lot of new activities, people calling and buying.  This is a good time to buy.  There are more listings, better bargains... don't wait for the spring rush.  Remember anytime the interest rates goes up 1% it will affect your purchasing power by 10%.  So if something is worth 200K... it will be like buying it for $210K.

That is your weekly market update.  Let me know what you thought.  Please send me an email and if there are anything else you want to know, let me know so that I can answer them for next week.  

Thank you very much and God Bless.
Jas Jagpal 

 

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