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Toronto Real Estate Office Market Tightens Further
The Colliers International’s Spring Semi-Annual GTA Office Market Report was recently released, showing an office vacancy rate that is continuing to fall – from 5.6 per cent last fall to 5.1 per cent this spring. But in downtown Toronto, the vacancy rate has decreased to 4.1 per cent, which is one of the lowest vacancy rates seen in downtown Toronto in five years.
The Toronto Real Estate Office Market has tightened.
The cost of office spaces increased over the same time, from $15.77 per square foot to $16.12.
According to the report, the demand for office space is spurred on by more younger workers moving in from the suburbs and the Toronto condo market, drawing in a larger workforce.
By this time next year, Colliers International predicts that the office rental rates will continue to rise to $16.35 per square foot, while the vacancy rate will drop further to 4.9 per cent.
Currently, several big projects are helping to revitalize the downtown Toronto core, including the Coca Cola headquarters, Union Station’s revitalization and RBC Waterpark Place.
The Most Important Quality Required for Success
In the new book titled, “The Narrow Road”, by Felix Dennis, he wrote the following:
“Providing you are of reasonable intelligence and in good mental and physical health; and are not presently incarcerated in a prison… then nothing, absolutely nothing, can stop you from becoming rich…” Pretty cool, don’t you think? This means that where you are today has no bearing on where you can be tomorrow.
Your job doesn’t matter. Your income doesn’t matter. Your credit score doesn’t matter. None of these things matter. What does matter according to Felix Dennis is: How many times you are willing to fail, perhaps publicly and humiliatingly, before you succeed?
Most people fear failure and this fear stops them in their tracks. Failure is part of the process and is a learning tool. Dennis went on to write… ”While there are qualities that may assist one to succeed more quickly in becoming rich from a standing start – discipline, confidence, self-belief, flexibility, being lucky, a thick hide, the ability to focus, the knack of learning to listen and learning form listening, an early inclination to delegate and to motivate those around you – nothing can compete with tenacity.
Tenacity will eventually trump all other qualities, whether inherited, acquired, or mimicked.”
All that is required to be successful is tenacity.
Tenacity is defined as doggedness or persistent determination.
Are you tenacious?
Are you willing to fail multiple times in order to reach you goal?
If you’ve answered YES honestly to both of these questions your odds of success are guaranteed.
Market Hits New High For Average Sale Price – Year-Over-Year Increase Drops
Hi, it’s Thomas Cook from Toronto’s Real Estate Team at RE/MAX Hallmark and here is our April 2012 Toronto real estate market report.
April’s average sale price again hit an all-time record high and the listing inventory is lower than historic levels.
April MLS sales totalled 10,350 houses and condominiums in all the districts. This sales number was up almost 18% from one year ago and just over 19% above the average for April since the year 2000.
28% of the market sales were condo townhouses and high-rise suites with 2,943 units changing hands during the month.
The April average sale price came in at $517,556 – up 8.4% from one year ago.
East of Yonge and south of Bloor in the C08 downtown TREB district, the condo sales price average stayed flat at $398,672 while west of Yonge in C01 the average increased to $425,604. I’ll give you more condo market details in just a few minutes.
Watch our complete April Toronto Real Estate Market by clicking on the video icon below…
HOT Toronto Real Estate Listing: 4227 White Spruce Crt, Mississauga, Ontario
This lovely bright, sunny home is located centrally in Mississauga. The Deer Run family neighbourhood features lots of shopping and entertainment facilities, as well as parks, a community recreation centre, and more all nearby. Public transit is almost at your doorstep and you are also minutes away from the 403/410 and the GO station, with easy access to the 401 and the QEW south on Mavis. For shopping, Square One is Ontario’s largest mall, with over 360 stores and services! You can experience a unique blend of leading Canadian and American retailers, 4 major department stores, specialty shops and a variety of dining and entertainment venues.
This is a beautiful family home, very clean and well-kept—a detached brick two-storey with three bedrooms and lots of light. The living room and dining room are open concept, spacious and bright, with gorgeous parquet floors. The living room has a fabulous large west-facing bay window. With its large opening to the hallway, this area also benefits from the sun streaming in through the skylight at the top of the stairs. The foyer has ceramic tile floor and a 2-pc powder room. This home is a great place to entertain but equally nice for comfortable family living.
The eat-in size kitchen is bright with north-east facing windows overlooking the garden. In the eat-in area, large sliding glass doors let in even more light and give a great view of the back yard. Cabinets are plentiful and there is ceramic tile floor and crisp white appliances. The breakfast area off the kitchen is perfect for casual family meals and a great place for the kids to do homework while you cook dinner.
There’s a mullioned sliding glass door walk out to the deck and back garden from the kitchen – great for summertime meals out here. The fully fenced yard has gardens around the perimeter, and throughout the yard and has lovely shrubs and trees for added privacy. This is a large sunny backyard to enjoy and a great place to lounge around in warm weather. The kids and family dog have more than enough room to play on the grass.
Upstairs, you’ll find three nice-size bedrooms, all with gorgeous dark hardwood floors and big bright windows, and the spacious four-piece family bathroom. The master bedroom has a huge closet along one wall with new mirrored doors and two windows overlooking the back yard.
Moving downstairs to the finished basement, you find a terrific space to enjoy with your family. There is a large bright rec room or play area with pot lights and wood fireplace as well as a fourth bedroom (or home office) – all with gorgeous laminate floors.
The laundry room is located down here as well. It’s spacious with added storage space and there is a bonus cold cellar off the rec room. Attached to the home is the single car garage. With the attractive patterned concrete driveway, you get ample parking spaces for the family.
Features include: LOTS of upgrades… new kitchen countertop, sink and faucet 2012, cherry hardwood floors through upstairs and basement laminate floors (2011), high-efficiency FAG furnace + tankless HW heater 2008, central VAC 2012, evestroughs in 2011 and underground sprinkler system. Roof is approx. 10 years old!
Extras include: Fridge, stove, dishwasher, washer, dryer, tankless water heater, sprinkler control system, garage door opener, all electric light fixtures, all window blinds.
You could be in your gorgeous new family home before the start of summer.
Click here to see more photos, information and a video tour of this Toronto real estate listing.
Thinking Of Renting Out Your Home For Extra Income In Toronto?
Renting your Toronto home out can be a financially rewarding experience.
The Toronto Star recently published a story on a “tenant from hell”, who seemed like an ideal tenant at first – before leaving a string of bounced cheques and very upset landlords in her wake. Because laws in Ontario are more designed to protect the tenant, it’s difficult to get someone evicted when they stop paying rent, and even more difficult to effectively screen a potential tenant for privacy reasons.
Renting out your home for additional income is a very appealing option, but prospective landlords need to be extra cautious when screening potential tenants in order to protect themselves, and their money from costly legal battles.
DON’T let all of the horror stories scare you off, though. It can be a very financially rewarding experience, you just have to get it right the first time!
Click here to read a personal experience of our own when it came to screening tenants, as well as information on how to get a copy of our excellent rental application to avoid making mistakes.
