November- Toronto Real Estate Report- Looking Good

Depending on who you ask... you will get different responses.  Some will see the cup half full while others half empty.  I try to look at the entire puzzle and not just the lone pieces.  Our current real estate market is slower than last year.  That is obvious with the number of houses sold at 6681 from 8476 last year.

If that is all someone tells you, you'd think that we're in a bad real estate market.  But there is more to this puzzle.  Average price is up 5% to $443,729 from last year's $423,559.  So how does that occur?  Are we in a bad market or what?

Puzzle gets even more complicated with year-to-date sales of 75,582 up 1%.  How could this happen when there are nearly 1800 fewer homes sold in October this year?

What about the affordability factor?  In fact it is quite good.  Jason Mercer, the Toronto Real Estate Board's Senior Manager of Market Analysis says " A household earning the average income in the GTA can comfortably afford the mortgage payments associated with the purchase of an average priced home". 

Now that sounds like good news for 1st-time buyers!

He further states "The outlook for mortgage rates and income growth over the next year is favorable.  The average home selling price could increase moderately next year and remain affordable for the average GTA household".

That's good news for all home owners.  You want interest rates to be stable.

What are these Buyers going to be buy in the upcoming months?  Many will be buying Condos as they are still the most affordable.  So those who are investing in Condos with me will have Buyers looking to purchase their properties.

What we currently are now in is a stable market... that is not increasing wildly like it did during the first half of the year.  The plus side is we have low, stable interest rates.  All this should be music to the ears of 1st-time home buyers, move-up buyers, and those who are looking to down-size and invest. 

Finally I hope to see Mayor Ford remove the Toronto Land Transfer Tax which will really be beneficial to people buying and selling houses.

So what do you think is the most crucial important thing to keep this current market strong?

Jas Jagpal, Sales Representative

“Different commission rates, fees and listing and marketing services may be offered by other RE/MAX Franchisees and Sales Associates in Canada.” 
Remax Dynasty Realty Inc. Brokerage  Independently Owned and Operated.  Not Intended To Solicit Buyers / Sellers under contract. 
8 Shadlock St. Markham, ON L3S 3K9   O:905-471-0002

© 2010- Jas Jagpal, 

Markham Boxgrove Homes, Morningside Heights Homes, Scarborough Town Centre Condos, Toronto Real Estate: www.JasJagpal.com

 Thinking of Selling a House or a Condo - Find Out How Much You Can Save with a
FLAT FEE MLS listing.  www.GTAFLATFEEMLS.com

Posted on: www.1stoprealestate.ca : www.LinkToMorningside.com: www.MarkhamBoxgrove.com

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My Diwali (Deepavali) - a Moment's Reflection...to be Thankful!

While the South Asian community around the world celebrates the "Festival of Lights" for many differing reasons.  The Hindus celebrate it primarily because on this day the much beloved prince,  Lord Rama, the pending King to the throne of Ayodhya, returned after 14 years of exile, he willingly accepted.  In exile there was an epic battle fought to free his wife from abduction at the hands of a powerful King Ravan... and as is the case Good defeated Evil. 

Sikhs celebrate Diwali for a different religious reason.  Their sixth Guru was imprisoned by the Moghul emperor Jahangir.  On imprisoning the Guru, the emperor started having horrible nightmares... finally after much consultation he decided to free the Guru.  The Guru rejected- as there were 52 other local Hindu kings that were imprisoned who had sought the Guru's refuge.  Only if they would be freed would the Guru leave.  Jahangir, cleverly said if they can "hold on to your "dress" and leave with you, they can be free.  Not to be undone the Guru had 52 "ribbons" sewn to his dress and all the Hindu kings were freed and the Sikhs celebrated the return of their Guru on Diwali.

For me Diwali, is a day to remember that within us their is always a battle raging of good and evil.  Darkness and Light.  Happiness and Sadness.  We live a life of duality.  It's taken me nearly 30 years to battle my demons and realize the best life is to wake up each morning and be THANKFUL.  Thankful for the food I have, thankful for the home I own, thankful for my wife and kids, my parents, my brothers and sisters and friends.  Thankful for my work and not being jealous, greedy, envious or spiteful towards others.  Now when I see a listing of a house in my neighborhood... I say Good for Them... "not damn-it missed another one :-) "

Life is so much happier when you are thankful... so today on Diwali... let the Lord inside you know... how FULL  of THANKs you really are.

Happy Diwali and a Prosperous New Year.

Jas Jagpal, Sales Representative, 647-272-6629

“Different commission rates, fees and listing and marketing services may be offered by other RE/MAX Franchisees and Sales Associates in Canada.” 
Remax Dynasty Realty Inc. Brokerage  Independently Owned and Operated.  Not Intended To Solicit Buyers / Sellers under contract. 
8 Shadlock St. Markham, ON L3S 3K9   O:905-471-0002

© 2010- Jas Jagpal, 

Markham Boxgrove Homes, Morningside Heights Homes, Scarborough Town Centre Condos, Toronto Real Estate: www.JasJagpal.com

 Thinking of Selling a House or a Condo - Find Out How Much You Can Save with a
FLAT FEE MLS listing.  www.GTAFLATFEEMLS.com

Posted on: www.1stoprealestate.ca : www.LinkToMorningside.com: www.MarkhamBoxgrove.com

  Bookmark & Share

 

Posted via email from Markham Boxgrove Real Estate Blog

My Diwali (Deepavali) - a Moment's Reflection...to be Thankful!

While the South Asian community around the world celebrates the "Festival of Lights" for many differing reasons.  The Hindus celebrate it primarily because on this day the much beloved prince,  Lord Rama, the pending King to the throne of Ayodhya, returned after 14 years of exile, he willingly accepted.  In exile there was an epic battle fought to free his wife from abduction at the hands of a powerful King Ravan... and as is the case Good defeated Evil. 

Sikhs celebrate Diwali for a different religious reason.  Their sixth Guru was imprisoned by the Moghul emperor Jahangir.  On imprisoning the Guru, the emperor started having horrible nightmares... finally after much consultation he decided to free the Guru.  The Guru rejected as there were 52 other local Hindu kings that were imprisoned and they had sought the Guru's refuge.  Only if they would be freed would the Guru leave.  Jahangir, cleverly said if they can "hold on to your "dress" and leave with you they can be free.  Not to be undone the Guru had 52 "ribbons" sewn to his dress and all the Hindu kings were freed and the Sikhs celebrated the return of their Guru on Diwali.

For me Diwali, is a day to remember that within us their is always a battle raging of good and evil.  Darkness and Light.  Happiness and Sadness.  We live a life of duality.  It's took me nearly 30 years to battle my demons and realize the best life is to wake up each morning and be THANKFUL.  Thankful for the food I have, thankful for the home I own, thankful for my wife and kids, my parents, my brothers and sisters and friends.  Thankful for my work and not being jealous, greedy, envious or spiteful towards others.  Now when I see a listing of a house in my neighborhood... I say Good for Them... "not damn it missed another one :-) "

Life is so much happier when you are thankful... so today on Diwali... let the Lord inside you know... how FULL  of THANKs you really are.

Happy Diwali and a Prosperous New Year.

Jas Jagpal, Sales Representative, 647-272-6629

“Different commission rates, fees and listing and marketing services may be offered by other RE/MAX Franchisees and Sales Associates in Canada.” 
Remax Dynasty Realty Inc. Brokerage  Independently Owned and Operated.  Not Intended To Solicit Buyers / Sellers under contract. 
8 Shadlock St. Markham, ON L3S 3K9   O:905-471-0002

© 2010- Jas Jagpal, 

Markham Boxgrove Homes, Morningside Heights Homes, Scarborough Town Centre Condos, Toronto Real Estate: www.JasJagpal.com

 Thinking of Selling a House or a Condo - Find Out How Much You Can Save with a
FLAT FEE MLS listing.  www.GTAFLATFEEMLS.com

Posted on: www.1stoprealestate.ca : www.LinkToMorningside.com: www.MarkhamBoxgrove.com

  Bookmark & Share

 

Posted via email from Markham Boxgrove Real Estate Blog

REMAX Condominium Report for Greater Toronto

Given serious escalation in detached housing values, condominium apartments and towns have now emerged as the first step to homeownership, says RE/MAX Ontario-Atlantic Canada

Affordability has fuelled buying activity across the board, according to the 2010 RE/MAX Condominium Report, highlighting trends and developments in eight Ontario markets and one in Nova Scotia. Condominiums now represent one in every three homes sold in the Greater Toronto Area; close to one in every four homes sold in Ottawa and Hamilton-Burlington; and almost one in every five homes sold in London, Kitchener-Waterloo, and Collingwood.  The trend has translated into a solid upswing in unit sales activity, with 78 per cent of markets posting an increase in year-to-date sales (January – September 2010 vs. 2009)—with percentage gains outperforming overall residential sales in most markets examined.

As one of few affordable housing options available to first-time buyers, the concept is poised for dramatic growth in years to come.  The lifestyle has also gained a foothold with younger, hipper audiences, as the definition of homeownership evolves with the changing demographic.  Dreams of the small home with a white picket fence are being replaced by the funky loft apartment in close proximity to shops, restaurants, and entertainment.

Other factors that support an escalation in condominium sales include an expanding population base, especially in areas like Barrie which saw a 21 per cent increase in the 2006 census.  Immigration and in-migration will also play a role, with at least half of new immigrants settling in Ontario—and more specifically, the Golden Horseshoe.  Urban renewal and intensification also add to the mix, drawing younger purchasers to the downtown core of major urban centres.

While the greatest activity continues to occur in the lower price points—under $200,000 in areas like Ottawa, Barrie, and London and under $300,000 in Toronto and Collingwood—luxury product is also attracting more affluent empty-nesters and retirees to the maintenance-free lifestyle.  Condominium sales in the GTA over the $1,000,000 price point have seen a 49 per cent increase year-over-year, while condos priced in excess of $450,000 in Ottawa have seen sales jump 72 per cent compared to the same period in 2009.

Investors are also an active part of the equation, spurring demand for entry-level resale product in college and university towns like London, Kitchener-Waterloo, and Barrie—in the hopes of cashing in on student housing.  New construction in major centres has also experienced an increase in investment activity—with the vast majority of units in Toronto’s downtown core purchased by Asian and Middle Eastern investors as a long-term hold.

Unlike 1989, when a flood of new condominium listings wreaked havoc on the market, these purchasers are in for the long haul.  Leverage is not a factor, with most paying cash for their units.  If they can’t sell their apartments, they’re more than prepared to rent them out.

Jas Jagpal, Sales Representative, 647-272-6629

“Different commission rates, fees and listing and marketing services may be offered by other RE/MAX Franchisees and Sales Associates in Canada.” 
Remax Dynasty Realty Inc. Brokerage  Independently Owned and Operated.  Not Intended To Solicit Buyers / Sellers under contract. 
8 Shadlock St. Markham, ON L3S 3K9   O:905-471-0002

© 2010- Jas Jagpal, 

Markham Boxgrove Homes, Morningside Heights Homes, Scarborough Town Centre Condos, Toronto Real Estate: www.JasJagpal.com

 Thinking of Selling a House or a Condo - Find Out How Much You Can Save with a
FLAT FEE MLS listing.  www.GTAFLATFEEMLS.com

Posted on: www.1stoprealestate.ca : www.LinkToMorningside.com: www.MarkhamBoxgrove.com

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Posted via email from Markham Boxgrove Real Estate Blog

REMAX Condominium Report for Greater Toronto

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Given serious escalation in detached housing values, condominium apartments and towns have now emerged as the first step to homeownership, says RE/MAX Ontario-Atlantic Canada.

 

Affordability has fuelled buying activity across the board, according to the 2010 RE/MAX Condominium Report, highlighting trends and developments in eight Ontario markets and one in Nova Scotia. Condominiums now represent one in every three homes sold in the Greater Toronto Area; close to one in every four homes sold in Ottawa and Hamilton-Burlington; and almost one in every five homes sold in London, Kitchener-Waterloo, and Collingwood.  The trend has translated into a solid upswing in unit sales activity, with 78 per cent of markets posting an increase in year-to-date sales (January – September 2010 vs. 2009)—with percentage gains outperforming overall residential sales in most markets examined.

 

As one of few affordable housing options available to first-time buyers, the concept is poised for dramatic growth in years to come.  The lifestyle has also gained a foothold with younger, hipper audiences, as the definition of homeownership evolves with the changing demographic.  Dreams of the small home with a white picket fence are being replaced by the funky loft apartment in close proximity to shops, restaurants, and entertainment.

 

Other factors that support an escalation in condominium sales include an expanding population base, especially in areas like Barrie which saw a 21 per cent increase in the 2006 census.  Immigration and in-migration will also play a role, with at least half of new immigrants settling in Ontario—and more specifically, the Golden Horseshoe.  Urban renewal and intensification also add to the mix, drawing younger purchasers to the downtown core of major urban centres.

 

While the greatest activity continues to occur in the lower price points—under $200,000 in areas like Ottawa, Barrie, and London and under $300,000 in Toronto and Collingwood—luxury product is also attracting more affluent empty-nesters and retirees to the maintenance-free lifestyle.  Condominium sales in the GTA over the $1,000,000 price point have seen a 49 per cent increase year-over-year, while condos priced in excess of $450,000 in Ottawa have seen sales jump 72 per cent compared to the same period in 2009.

 

Investors are also an active part of the equation, spurring demand for entry-level resale product in college and university towns like London, Kitchener-Waterloo, and Barrie—in the hopes of cashing in on student housing.  New construction in major centres has also experienced an increase in investment activity—with the vast majority of units in Toronto’s downtown core purchased by Asian and Middle Eastern investors as a long-term hold.

 

Unlike 1989, when a flood of new condominium listings wreaked havoc on the market, these purchasers are in for the long haul.  Leverage is not a factor, with most paying cash for their units.  If they can’t sell their apartments, they’re more than prepared to rent them out.

Jas Jagpal, Sales Representative, 647-272-6629

“Different commission rates, fees and listing and marketing services may be offered by other RE/MAX Franchisees and Sales Associates in Canada.” 
Remax Dynasty Realty Inc. Brokerage  Independently Owned and Operated.  Not Intended To Solicit Buyers / Sellers under contract. 
8 Shadlock St. Markham, ON L3S 3K9   O:905-471-0002

© 2010- Jas Jagpal, 

Markham Boxgrove Homes, Morningside Heights Homes, Scarborough Town Centre Condos, Toronto Real Estate: www.JasJagpal.com

Thinking of Selling a House or a Condo - Find Out How Much You Can Save with a
FLAT FEE MLS listing.  www.GTAFLATFEEMLS.com

Posted on: www.1stoprealestate.ca : www.LinkToMorningside.com: www.MarkhamBoxgrove.com

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Posted via email from Markham Boxgrove Real Estate Blog

First Timers- 5 Things you should do before Investing in a Toronto Condo

I have noticed there are many first timers looking to "invest" in a pre-construction Toronto Condo.  They have seen their friends and colleagues make good returns on their condo investments.  These first timers are itching to invest but they aren't sure what to do.  Here are five things you should do before investing.

1.  Go to your bank and find out what is the maximum loan you are pre-approved for.  You really don't want to buy something you can't carry at the time of closing.

2.  Now that you have a budget, talk to a Realtor who deals with Condo Investors.  VIP Realtors like myself get early access to projects before they open to the general public.  In addition our clients get bonus-cash incentives.  So those Investors on my contact list - 1. Are first to find out about new projects  2. get the best choice of suites and  3. get the best price.  4. as an added bonus I sell/ assign their suite for a small FLAT FEE.

3.  Invest in a location that is showing population and economic growth.  Invest in where multiple phase construction is taking place over many years.   Most builders increase prices by 5% or so in each successive condo release.   

4.  Ensure you get an Assignment clause in your contract... even if it costs you $1000, $2500, $5000 to assign your condo unit.   Assignment clause protects you from unforeseen circumstances and gives you options when the time to close is near.  For many, the Assignment clause is the sole reason they invest.  They know if their economic circumstances change and they can't close on a deal, they can still make money by sharing the equity gained with a new Buyer.

For example you buy a condo at $200K.  Three years later it is now worth $260K.    Since you can't close on the unit, you offer to assign it to a Buyer for $240K.  You still make $40K and the Buyer is happy to have paid $20K less than market value.  I call Assignments - WIN-WIN- transactions for Buyers and Investors.

5.  Work the numbers - many projects require 20% down, other's 15% and a few will let you buy with 5%.  To invest you should have at least 5% in savings... I don't recommend people invest unless they have a personal stake in the investment. 

Itching to learn how to invest in Condo Real Estate?  Need a trusted Realtor to guide you.  Email/Call me for a no-obligation, stress-free consultation whenever you are ready.   Remember send me an e-mail to get added to my Home Owner/ Investor monthly newsletter.

Jas Jagpal,BSc. York University Sales Representative
E: jasjagpal@rogers.com Cell: 647-272-6629  W: www.JasJagpal.com

--------------------------------------------------------------------------------

© 2010- Jas Jagpal, 

Markham Boxgrove Homes, Morningside Heights Homes, Scarborough Town Centre Condos, Toronto Real Estate: www.JasJagpal.com

Thinking of Selling a House or a Condo - Find Out How Much You Can Save with a
FLAT FEE MLS listing.  www.GTAFLATFEEMLS.com

Posted on: www.1stoprealestate.ca : www.LinkToMorningside.com: www.MarkhamBoxgrove.com

“Different commission rates, fees and listing and marketing services may be offered by other RE/MAX Franchisees and Sales Associates in Canada.” 
Remax Dynasty Realty Inc. Brokerage  Independently Owned and Operated.  Not Intended To Solicit Buyers / Sellers under contract. 
8 Shadlock St. Markham, ON L3S 3K9   O:905-471-0002

  Bookmark & Share

Posted via email from Markham Boxgrove Real Estate Blog