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Lower rates will boost buyer confidence

As the Royal Bank of Canada leads other major banks in lowering five-year fixed mortgage rates, some industry experts believe there won’t be much of an impact on how the housing market performs in 2015.
 
“I don’t believe a quarter-point will make a significant difference,” said Justin Kua, a real estate agent in Toronto. “First-time buyers are already expecting low rates. It’s just giving people a little more confidence in being able to take on a mortgage.”
 
Over the weekend, the Royal Bank of Canada dropped its five-year fixed rate mortgage to just 2.84 per cent. 

Kua said he expects the market in 2015 to pick up where last year left off, with low inventory being the driving force behind the hot market.
 
“The market is going to be active whether interest rates are high or low,” he says. “Growing families still need to upsize and seniors still need to downsize.”
 
With that said, though, Kua is encouraging his clients to take advantage of a lower rate.
 
“If a client wants to move up and can afford a detached house now, I highly recommend it," he said. 

"It’s way cheaper now than it will be down the line. But, buyers should be proactive in paying down the mortgage, because while it’s cheap now, you have to be aware that higher rates are coming. Don’t sit on a huge mortgage assuming rates are going to stay low forever.”

 

Toronto is becoming ‘the New York of the North’

 House prices in Toronto will continue to be out of reach of many homebuyers even if there is moderation in the coming years. That’s according to a new report by TD Economics that highlights government regulations and taxation among the factors affecting affordability. The report says that the policy of pushing for high density with small units has led to an increasing shortage of townhouses and single-family homes, increasing prices. Co-author of the report, economist Diana Petramala, says that prices in the GTA mean that the area is now not far behind New York in terms of being unaffordable.

 http://www.canadianrealestatemagazine.ca/top-neighbourhoods/toronto-on-11268.aspx

 

 

Can tenants break their lease too easily?

Most landlords get their tenants to sign a minimum one-year lease. This is usually done to give them some peace of mind, knowing their rental properties will be occupied for at least 12 months. What most landlords don’t realize, however, is that one-year lease agreements don’t hold much weight.

Though a lease agreement is considered to be a binding contract and a tenant is obliged to stay for the term agreed to, there is very little landlords can do to stop tenants from walking out on them.

Here are only three circumstances in which breaking one's lease is condoned by the Ontario Landlord and Tenant Board:

  1. The Board issues an order ending the tenancy agreement early because the landlord has not met their obligations under the Act,
  2. The landlord allows the tenant to assign the rental unit to someone else.
  3. The landlord agrees.

Despite all this legislation in place, the reality is that tenants can walk away from their obligations without much consequence to themselves. Sophisticated tenants have found loopholes that allow them to back out of their commitments easily.  

The critical part in deciding which tenant to take is  to perform due diligence on any potential tenants before making them sign your lease agreement.

Survey: 1/3 of investors are unprepared for investing

The survey, published by the Real Estate Council of Ontario (RECO),   found that 26 per cent of investors wished they had a better grasp of the buying process, 21 per cent wished they had looked at more properties and 14 per cent wished they had a better understanding of the contracts involved.

Other findings include:

·         43 per cent said there were sections of the real estate contract when they bought or sold a home that they did not fully understand.

·         36 per cent mistakenly think that after a real estate contract is signed, a buyer or seller has a trial period during which they can cancel it, and an additional 33 per cent said they do not know.

·         55 per cent incorrectly believe that if you place a conditional offer on a home and the deal doesn't proceed, you automatically get your deposit back.

You need a good agent – professional realtor who knows the business of real estate buying/selling/investing..

2 Story For Sale in Black Creek/Lawrence

1
separate entrance to the fin. basement

• 3 bath, 4 bdrm 2 story - MLS® $599,888 - Renovated top to bottom

 -  Beautifully Renovated In 2009 Top To Bottom On High Demand Area In Toronto!!! This 2 Storey Home Offers A Spacious Layout, Hardwood Floors Throughout, Granite Counter Tops And With All Amenities You Would Expect ** New Roof ** New Furnace ** Owned Tankless Water Heater ** Over Sized Double Car Garage With Full Power And Water Supply Run 4 Feet Underground. Irrigation System On Back And Front Yards. One Bedroom Basement Apartment For In-Law Or Rent Out *
 

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2 Story For Sale in Bradford

2WestParkMLS (21)
Finished walk out basement. Open Concept

• 5 bath, 4 bdrm 2 story - MLS® $665,000 - Fabulous corner lot!

 -  Fabulous Bradford location! Homes Like That Don't Come Up For Sale Very Often. Once You Walk-In, You Feel The Space & The Warmth Of The Home...Enjoying Cocktail On The Balcony Overlooking Large Yard Or Entertaining Friends In One Of The Formal Rooms... You Will Love Living Here! Walk-Out Bsmnt, Custom Drapes & California Shutters, Coffered Ceiling, Two Fireplaces, Designer Paint - And Much More! Come To See Yourself & Call Your Friends & Family!
 

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Apartment For Sale in Hurontario/Eglinton

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Fully renovated

• 1 bath, 1 bdrm apartment - MLS® $282,000 - Sub penthouse

 -  Luxurious 1 Bedroom Condo *Sub Penthouse * In Sought After 'Esprit' Building. Come And Admire This Fully Renovated One Bedroom Open Concept Designed Condo With The Best Of Upgrades. Featuring Engineered Hardwood Floors, Granite Floors, Granite Counters, Mosaic Black Splash, Enjoy Panoramic Views With Floor To Ceiling Windows And Solar Effective Blinds. California Closet Organizers In Master And Foyer.
Extras:Upgraded Kitchen Cabinets With Under Valence Lighting. Master Bedroom Has Walk In Closet. Newer Washer And Dryer, 4 Piece Washroom, One Parking And One Locker. Great Building With Fantastic Amenities Close To 403, Square One, Transit, Sq1

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New price! Home with walk-out finished basement $679,000

2WestParkMLS (21)
Finished walk out basement. Open Concept

• 5 bath, 4 bdrm 2 story - MLS® $679,000 - Fabulous corner lot!

 -  Fabulous Bradford location! Homes Like That Don't Come Up For Sale Very Often. Once You Walk-In, You Feel The Space & The Warmth Of The Home...Enjoying Cocktail On The Balcony Overlooking Large Yard Or Entertaining Friends In One Of The Formal Rooms... You Will Love Living Here! Walk-Out Bsmnt, Custom Drapes & California Shutters, Coffered Ceiling, Two Fireplaces, Designer Paint - And Much More! Come To See Yourself & Call Your Friends & Family!
Quiet neighbourhood... steps to bus stop. ... easy access to hwy 400 ... Your Search Stops Here! Stunning Open Concept 3000 Sq.Ft Home plus Finished Bsmnt & Walk Out To Huge Yard - 68 Ft At Rear. Filled With Numerous Upgrades. Modern Ktchn Takes You To 145 Sq.Ft Deck & Is Perfect For Entertaining. Upgraded Ktchn Cabnts & Granite Countetops, Custom Drapes & California Shutters, Coffered Ceiling, Two Fireplaces, Designer Paint. Close To Rec Centre, Call Now..!
Extras:S/S Stove, Fridge, B/I Dishwasher, All Elf's & Window Coverings. Ac & Central Vac, Gdo & Remote, Deck, Water Filter & Water Softener, Inground Sprinkler System. Outside Lighting& More. Fine Home To Come Home To !
Call now to book your personal tour today....! Won't last !

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Fine Home For Sale at Eglinton/Kipling - price reduced

1
Inground pool! Princess Manor! Location!

• 3,000 sq. ft., 3 bath, 3 bdrm 4-level split "back-split style with addition" - MLS® $1,499,000 - Completely renovated!

 -  Islington/Eglinton/Kipling. Best Etobicoke schools! Rare Find In This Quiet Princess Manor Neighborhood. Large Completely Renovated Family Home Including: New Heating System And Duct Work Throughout , New Kitchen, New Flooring, New Washrooms, New Office Addition, New Insulation And New Exterior Stucco Finish, New Upper Level Laundry, New Roof, New Soffit , 2 New Walk In Closets Off The Master, New Wrought Iron And Glass Front Door, All New Windows, And A New Salt Water Heated Inground Pool.
Extras:New Garage Door Installed. In Ground Heated/Salted Swimming Pool and more... Call now to book your personal viewing... Large and warm Etobicoke home in a family oriented neighbourhood!

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Price Reduced on 3240 Seafield Rd in Dixie/Bloor

Dixie/Bloor, Mississauga  -  Announcing a price reduction on 3240 Seafield Rd, a 2 bath, 4 bdrm 3-level split. Now MLS® $719,900 - .

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Real estate values differ widely across the country

October 22-2014

 In its monetary policy report today, the central bank said housing activity “has been more robust than anticipated, buoyed by continued very low mortgage rates and exhibiting strength beyond a rebound from weather-depressed levels earlier in the year.”

However, it highlighted big regional divergences colouring this picture.

Housing markets in eastern Canada “appear to show signs consistent with a soft landing,” given slower price increases and sales volumes.

"This contrasts with major cities in Ontario, Alberta and British Columbia, where housing markets are generally robust and much tighter," it said.

“They have frankly been surprised at the underlying strength in housing and consumer spending, and now explicitly tie that to low interest rates,” Mr. Porter of BMO Nesbitt Burns said.

“There is no more brave talk about a soft landing for housing.”

Over all, Bank of Canada Governor Stephen Poloz and his colleagues noted “renewed vigour” in residential real estate. They also noted stronger car sales.

“Housing activity has been more robust than anticipated, buoyed by continued very low mortgage rates and exhibiting strength beyond a rebound from weather-depressed levels earlier in the year,” it said in the report.

“Housing starts have remained broadly in line with demographic demand in recent months,” it added.

“However, sales of existing homes have picked up noticeable since the beginning of the year, to a four-year high … This is contributing to sizable increases in house prices, although the national picture continues to mask important regional divergences.”

According to the Teranet-National house price index, home prices in Canada rose 0.3 per cent in September from August and 4.9 per cent from a year earlier.

Notably, Calgary, Toronto and Vancouver were well above the national average, at 9.5 per cent, 7.4 per cent and 6.5 per cent, respectively.

debt ‘are edging higher,’” he added.

“The focal point of that ‘stronger than expected’ housing market has been in Calgary, Toronto and Vancouver, as we (and others) have noted. Most of the rest of the country is not seeing particular strength in housing.”

What’s important here is that the strength in various housing markets is “localized,” as Mr. Porter put it, and thus “broad” policy measures are not necessarily the best way to deal with it.

As in, “higher interest rates would hit all markets, including many cities that don’t need cooling.”

As The Globe and Mail’s Barrie McKenna reports, the Bank of Canada also held its benchmark overnight rate at 1 per cent today, bringing to more than four years its longest rate freeze since the 1950s.

No 'bubble' in real estate market

Canadian concerns about a housing bubble are overblown in a country where credit growth is modest and the job market is stable, says Bank of Nova Scotia Chief Executive Officer Brian Porter.

This link below provides more info.  

http://www.bloomberg.com/news/2014-10-12/scotiabank-s-porter-calls-canada-bubble-fears-overblown.html

 

OPEN House: Sun - Oct 19th - 2:4 P.M. in Bradford

2WestParkMLS (21)
Finished walk out basement. Open Concept

• 5 bath, 4 bdrm 2 story - MLS® $699,000 - Fabulous corner lot!

 -  Fabulous Bradford location! Quiet neighbourhood... steps to bus stop. ... easy access to hwy 400 ... Your Search Stops Here! Stunning Open Concept 3000 Sq.Ft Home plus Finished Bsmnt & Walk Out To Huge Yard - 68 Ft At Rear. Filled With Numerous Upgrades. Modern Ktchn Takes You To 145 Sq.Ft Deck & Is Perfect For Entertaining. Upgraded Ktchn Cabnts & Granite Countetops, Custom Drapes & California Shutters, Coffered Ceiling, Two Fireplaces, Designer Paint. Close To Rec Centre, Call Now..!
Extras:S/S Stove, Fridge, B/I Dishwasher, All Elf's & Window Coverings. Ac & Central Vac, Gdo & Remote, Deck, Water Filter & Water Softener, Inground Sprinkler System. Outside Lighting& More. Fine Home To Come Home To !
Call now to book your personal tour today....! Won't last !

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Rent/Lease at 832 Bay St $3,050 in Bay/College

Bay/College, Toronto  -  Announcing a rent/lease reduction on 832 Bay St,# 3203, a 2 bath, 2 bdrm apartment. Now MLS® $3,050.00 Monthly - Modern finishes!.

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2 Story For Sale in Eastgate

1
one of a kind location!

• 4 bath, 4 bdrm 2 story - MLS® $950,000 - Private ravine lot

 -  Rare Find, "Delzen Built." All Plaster Walls, One Of A Kind. Private Ravine Lot 52X 147 Feet Backing On To Etobicoke Creek. Large, Bright, Over 3,000 Sq.Ft. 4-Bdms, 4-Bathrms, 5-Walk-Outs, 3-Balconies, 2-Walk-Outs From Kitchen And Family Rm To Pattern Concrete Patio. Open Oak Circular Staircase. Large, Amazing Bright Eat-In Kitchen, W/Out To Patio. Family Room, Floor To Ceiling Brick Wood Fireplace, W/Out To Patio. Main Floor Laundry Room.
Extras:Professionally Finished Large 2-Bdm Bsmt. Aptmt. Laundry Room. Separate Side Entrance. Cold Cellar, 3-Pc. Bathroom, Gas Fireplace. Call now!

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