Don’t Sit on the Sidelines

CMHC has reported at the end of July that the downturn in Toronto’s housing market will be short lived.  I agree!  We typically see demand pick back up after Labour Day which could mean prices will start to also pick back up.

Etobicoke Real Estate

If you are a Buyer wanting to purchase a house or move up to a bigger one, don’t sit on the sidelines thinking and waiting to see what everyone else is doing. You need to get into action RIGHT NOW as this is the best time to purchase a house much cheaper compared to the beginning of the year. This is the BEST TIME to MOVE UP! You don’t even have to get into a bidding war to get the house you want at the price you want. 

This is EXACTLY how you make money in real estate when you do the opposite of what everyone else is doing and purchase when there is a lull in the market.  I help my clients move up to larger homes and their dream homes. Let me show you the numbers and the straight facts and you’ll see the investment today will be a lot smaller than you realize.
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Toronto and Etobicoke Real Estate Homes Sales for July 2017

Toronto and Etobicoke Real Estate Home Sales for February 2017

Looking for current information on Toronto and Etobicoke Real Estate Home Sales for July 2017?

Market Continued to Adjust in July

Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 5,921 residential transactions through TREB’s MLS® System in July 2017. This result was down by 40.4% on a year over year basis, led by the detached market segment – both in the City of Toronto and surrounding regions. While sales were down, the number of new listings reported were only slightly (+5.1%) above last year’s level.

“A recent release from the Ontario government confirmed TREB’s own research which found that foreign buyers represented a small proportion of overall home buying activity in the GTA. Clearly, the year-over-year decline we experienced in July had more to do with psychology, with would-be home buyers on the sidelines waiting to see how market conditions evolve,” said Mr. Syrianos.  Continue reading

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How to keep deals alive in tougher times in our Toronto Real Estate Market

 

How to keep deals alive in tougher times in our Toronto Real Estate Market

By Mark Weisleder

buying a home in Etobicokelmost every day I receive calls from buyers who are having a tough time closing their real estate deal. It is a combination of either not being able to sell their existing home for what they expected, to the lender re-appraising the property they bought lower than what they paid, resulting in a lower mortgage being approved. Either way, the deal cannot close without further negotiations. Here are XX things to remember, whether you are a buyer or a seller.

  1. No situation is the same so there are no automatic solutions

No two buyers are in the same position, as are no two sellers. Sellers who need the money from their sale to close a purchase may not have the same leverage on the buyer who cannot close as a seller who is not buying right away, or who has already purchased with bridge financing. Similarly, when your buyer is a first time buyer with little down payment, a seller’s chances of recovering major damages in a lawsuit are far more remote as when the buyer has assets, including an existing home with lots of equity. You need to understand exactly where you stand before deciding what course of action you want to take

  1. Whenever possible, keep the deal alive

In my experience, keeping a deal alive, no matter what the cost, is still better than cancelling and going to court. It has always been my experience that whenever deals break down and end up in court, only the lawyers win. People just don’t appreciate the time, costs and stress of a real estate lawsuit. It is brutal on everyone, except the lawyers, who always get paid in advance.

  1. Forget about blaming your real estate agent

When deal go bad, it is easy to try and blame your real estate agent for your misfortune. In my experience, this is rarely the case. It is not the agent’s fault a buyer put in an offer without any conditions during the crazy bidding wars we witnessed just a few months ago and now cannot close. In addition, buyers and sellers must remember that while they have to pay for their lawyers, up front, in any lawsuit, the real estate agent has virtually all of their legal fees paid for, through their insurance. This is also important for real estate agents to remember whenever a client threatens to sue you as a result of their troubles. They are just trying to bully you. Once they see the costs of litigation, they almost always back down.

  1. Remember what to ask for in an extension

If you are going to agree to keep a deal alive by extending it, sellers should try and ask for 2 main terms of any extension. The first is an additional deposit, usually non-refundable, to be paid to the seller immediately and to be credited to the purchase price on closing. This is not a penalty but the seller will be able to use these funds to help pay for unanticipated costs they incur as a result of the extension. Also ask for interest on the balance due on closing, at anywhere from 3-7%. This compensates the seller for not having the use of their closing balance during the extension period and helps pay extra interest the seller may be paying on their own mortgage.

  1. Get lawyers involved early in the process

Sometimes you will have no choice but to put the home back on the market, to try and reduce everyone’s losses, without agreeing to a mutual release. This involves a more complicated agreement, as the parties will not want to place any conditions on the listing, such as the deal being subject to a release of a prior agreement, as this may scare away some of the few buyers in this tougher market.  This is why you need a lawyer to assist who not only understands the legal process, but also understands the MLS listing and selling process.

Anyone can close a real estate deal. When it gets tough, you need someone in your corner who can get the deal done. With my partners at realestatelawyers.ca LLP, I am delighted to offer real estate closing services all across Ontario, through our 32 offices and mobile sign-up services. If you have any questions about a real estate closing, please do not hesitate to contact me at [email protected] or toll free at 1-888-876-5529.

Mark Weisleder is a Partner, author and speaker at the law firm Real Estate Lawyers.ca LLP. Contact him at [email protected] or toll free at 1-888-876-5529

 

 

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Smart Real Estate Investments Can Create Wealth For You

DID YOU KNOW THAT SMART REAL ESTATE INVESTMENTS CAN CREATE WEALTH FOR YOU AND YOUR FAMILY? 

Whether it’s your FIRST HOME or your DREAM HOME, let me show you how to make your next home buying purchase a wealth building strategy.

Smart Real Estate Investments Can Create Wealth For You

A lot of my clients come to me needing answers to guide them to making the right buying decisions. I understand you want to know whether or not your FIRST HOME or your DREAM HOME is actually within reach. I’m here to tell you it is!

With the right information and an expert to guide you to the right decisions you can live in the house you have only just dreamt about.

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Toronto and Etobicoke Real Estate Homes Sales for June 2017

Toronto and Etobicoke Real Estate Home Sales for February 2017

Looking for current information on Toronto and Etobicoke Real Estate Home Sales for June 2017?

More Moderate Price Growth in June

Greater Toronto Area REALTORS® reported 7,974 sales through TREB’s MLS® System in June 2017 – down by 37.3 percent in comparison to June 2016.

The number of new residential listings entered into TREB’s MLS® System, at 19,614, was up by 15.9 per cent compared to June 2016. While this annual rate of growth was sizeable, it represented a more moderate annual rate of growth compared to May 2017, when new listings were up by 48.9 per cent year-over-year.

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277 Sixth Street For Sale – Best Priced House in New Toronto!

Looking for a condo alternative in New Toronto at an Unbelievable Price? You’ve found it! 277 Sixth Street For Sale – Best Priced House in New Toronto!

Large Eat-in Kitchen with Walk-out to Enclosed Sunroom, Good Sized Backyard with Detached Single Car Garage. Large Master Bedroom with Ovesized Closet. All on a Quiet Dead End Street, Close to TTC, Shops, Schools, Parks and the Lake!

Just Needs Your Personal Touch!

Extras include: Fridge, Stove, Portable Washer, Dryer, Bistro Set and BBQ. Hot Water Tank is Owned.

House and All Appliances Being Sold in “As Is” Condition.

 
 

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Toronto and Etobicoke Real Estate Homes Sales for May 2017

Toronto and Etobicoke Real Estate Home Sales for February 2017

Looking for current information on Toronto and Etobicoke Real Estate Home Sales for May 2017?

Active Listings Increase in May

Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS ® reported 10,196 sales through TREB’s MLS® System in May 2017 – down by 20.3 percent compared to 12, 790 sales reported in May 2016. Sales of detached homes were down by 26.3 percent. Sales of condominium apartments were down by 6.4 percent.

Active listings – the number of properties available for sale at the end of May – were up by 42.9 percent compared to the lowest level in 15 years recorded in May 2016, but remained below the average and peak during that period. The number increased considerably for low-rise home types including detached and semi-detached houses and townhouses. Active listings for condominium apartments were down compared to May 2016. 

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After You’ve Unpacked in Your New Etobicoke Home

When the move is over and you have unpacked, you’ll finally be able to relax and enjoy your new Etobicoke home! Right? Well, close! As much as we want everything to be smooth sailing after a move – you really never know what can happen, so there are a few precautions you should take in the days and weeks immediately after a move.

It can be tempting to shuffle all of your paperwork into the same drawer where all of the OTHER boring details are files – but there are somethings you are going to want to make sure are easily accessible, and very secure. I like to recommend a fireproof strongbox kept in the basement of a closer for certain items.

Chief among these are your insurance and  transaction records in a safe place where you will be able to find them.moving-luxury-home-etobicoke-real-estate Continue reading

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Assessing an Etobicoke Property’s Long Term Potential

You see a home on the market that you like. Should you buy it? Before you make an offer, it’s a good idea to get a sense of an Etobicoke property’s long-term potential. After all, a property is not just a potential home, it’s also an important investment.

Most people only buy a few homes throughout their lifetimes – and may purchase just one or two. This means that you need to think about your future when you are making such a big decision.

The long term potential of a house is going to impact your financial future in many ways:

  • What kind of home you can buy afterwards,
  • how comfortably you can retire,
  • How much money you will be able to save and pass on to family.

Clearly, you want to make the best decision possible for you and yours.

Long-term-potential-etobicoke-real-estate

Keep the following in mind to assess long term potential:

  • Is the area’s average income increasing? The more affluent a neighborhood becomes, the higher the property values.
  • Are employment opportunities growing nearby? If jobs are leaving the area, housing prices will likely decline.
  • Are there any nearby housing or community developments that will enhance the quality of life in the area? If a park with a quiet walking trail, or a prestigious golf course, is being built nearby, the value of the neighborhood will increase.
  • Is the crime rate on the rise or decline? This can have a significant impact on future property values.
  • Are there public transit lines located nearby? Studies show that housing prices increase in areas where public transit is close and convenient.
  • Is the property located in a neighborhood dominated by higher priced homes?
  • Does the property have features that will always be valued by home buyers, such as a large kitchen or spacious backyard.
  • Are there short-term negatives about the area that will eventually disappear, such as loud construction projects? Once those negatives are gone, house prices will often jump.

If you’re considering a home, but want to be confident it will serve you well in the long term – look no further! I have helped many people make fantastic investments – and I would love to help you too! Call  me at 416-762-8255 or e-mail me today and we’ll set some SMART goals to get you to where you want to be!

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Toronto and Etobicoke Real Estate Homes Sales for April 2017

Toronto and Etobicoke Real Estate Home Sales for February 2017

Looking for current information on Toronto and Etobicoke Real Estate Home Sales for April 2017?

Strong Growth in New Listings in April

Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® entered 33.6 per cent more new listings into TREB’s MLS® System in April 2017, at 21,630, compared to the same month in 2016. New listings were up by double-digits for all low-rise home types, including detached and semi-detached houses and townhouses. New listings for condominium apartments were at the same level as last year.

Total sales for the TREB market area as a whole amounted to 11,630 – down 3.2 per cent year-over-year. One issue underlying this decline was the fact that Easter fell in April in 2017 versus March in 2016, which resulted in fewer working days this year compared to last and, historically, most sales are entered into TREB’s MLS® System on working days.

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