Search Properties By:
Toronto Houses
Downtown Condos
West of Toronto Listings
East of Toronto Listings
North of Toronto Listings
Team Listings
Featured Home Video
Real Estate Minute TV
Toronto’s Real Estate Market Slows In June… Continuing To Do So In July
As far as I’m concerned it had to happen sometime. The foolishness of ‘manufactured’ multiple offers in Toronto had gone on for far too long and was hurting home buyers, not benefiting house or condo sellers and was wasting a lot of everyone’s time and energy.
Motivated sellers will still get their homes sold and motivated buyers now have more choice in what they would like to buy.
I don’t know how long this blip in the Toronto real estate market is going to last. In the past few years, the summer market has been as strong as the rest of the year. In the 1980’s and 1990’s July and August sales were always down – people going on vacation, hot weather etc - so we might just have reverted to that old traditional marketplace.
So… watch the video, get caught up on the latest Toronto Real Estate Board stats and get a feel for what you should be doing in today’s less stressful real estate market.
Some things to consider before renovating your Toronto home
“You get what you pay for.”
We’ve all heard it, but sometimes a great deal is just too tempting to pass up.
Don't leave your costly renovations to just anyone you find in the Toronto phone book.
There are a ton of reasons to renovate your Toronto home. You might want to boost resale value, or you may just want so jazz it up a bit for yourself. Perhaps you want a new sunroom, patio or spa shower. The reasoning varies as much as individual tastes, but one thing is always constant: use a reputable contractor.
The “Underground Economy” is composed of tradespeople, contractors and other services that don’t pay taxes and are otherwise not legitimate. They don’t charge sales tax, providing you with a cheaper option. However, they also don’t pay the sales tax themselves or pay income and payroll taxes.
The Ontario Home Builders’ Association estimates that about 37 per cent of residential renovation work is done by underground contractors. While recent renovation tax credits and rebates made it more worthwhile to take the time to find an approved contractor, there are other reasons to consider. The most important of which, is that fly-by-night contractors can tend to do work that’s not as good as it should be, not take out the required permits and leave the homeowner with zero recourse.
When looking to renovate:
Check out the Better Business Bureau website. It’s always wise to do this, because an “F” rating doesn’t mean the company will stop operating. There will also be a list of the types of complains and the resolution taken, as well as any other relevant information. Do keep in mind though, that just because a company is not listed doesn’t mean it’s fraudulent.
Ask the company for references and proof of insurance. Reputable contractors will be as happy to show you their proof of insurance (liability especially) as they are their references. If the company doesn’t have the proper insurance and someone gets hurt, the homeowner could be liable.
Always have a contract and make sure it’s complete. It should include final prices, completion dates, permits that need to be taken out and both the homeowner and company’s contact information.
What do first-time Toronto homebuyers want?
And the answer is: a lot, according to a new survey by TD Canada Trust. Toronto first-time buyers are looking for all of the extras like additional bedrooms and all of the nicest appliances, but they intend to stick around for a lot longer than first-time buyers have in previous years. Instead of moving repeatedly to find that perfect home, they’d rather buy a home that will last them a longer chunk of their lives the first time.
Toronto first-time buyers are looking for homes that will last.
The TD Canada Home Buyer’s Report shows that most Canadians are looking to pay less than the asking price for new homes rather than older homes or condos. The majority of those surveyed, about 75 per cent, want a newly built home. However, most of these buyers will also stay in the home for a longer period of time.
The cost of down payments is also dwindling, as in Ontario 36 per cent of first-time homebuyers intend to put about 20 per cent down, while across the country only 30 per cent of first-time buyers surveyed intend to put down anything higher.
However, the low down payments and wanting more for less shouldn’t be mistaken for haste, as first time home buyers are doing between eight and 10 months of research and shopping in the country’s hottest markets (like Toronto), taking the time to figure out what exactly they can get. Almost 100 per cent of those surveyed had studied their mortgage options and 91 per cent were pre-approved, but interest rates are still a concern for many first-time homebuyers with about 60 per cent worried about still being able to afford payments if interest rates were to rise.
TD Canada Trust does suggest that homeowners spend a bit more time saving up for a larger down payment, but homeowners are on the right track with regards to being prepared for the “hidden” costs of home buying: 88 per cent of those surveyed had calculated all of their closing costs and 85 per cent had figured out their potential utility fees.
Toronto Home Buyers And Sellers Now Face Additional Closing Costs
Now that July 1st, 2010 is past, all Toronto real estate buyers and sellers will have to deal with paying the new HST tax when they buy or sell.
But it’s not all bad… for buyers of resale homes, the impact is minimal For sellers the costs will be somewhat higher.
Take a look at this short Real Estate Minute video to get all the answers.
Buying Or Selling Real Estate In Toronto?
The past few weeks have seen a balanced real estate resale housing market in the Greater Toronto Area and much of Canada, which typically favours buyers. What does that mean, and why?
Selling or buying in Toronto? Right now, buyers have a bit of an edge. Make it work for you!
Sellers
Sellers may have to work a little bit harder in the coming weeks in order to give buyers what they want because of the balanced market. It also means making sure that the price of a home is suitable for the market, not a bit higher than it should be to see if they can get a little more than it’s worth.
As a seller, working closely with a real estate agent during the process is most beneficial in a balanced market, because a properly staged and represented home is key in order to appeal the most to buyers. Being as accommodating as possible is also important, even going as far as to undergo home inspection and make those repairs yourself.
Buyers
Buyers are the lucky ones and will have more time to fully research the homes and neighbourhoods that are best for them, as well as make their purchase conditional on the results of a home inspection and obtaining proper financing for the value the home is appraised for. Buyers also have the room to make sure their own home is sold in time, and can make their offer to purchase conditional on their home being sold within a certain time frame.
While these options are always available for buyers and sellers to toy with, in this type of market the sellers are more likely to be happy to help you out with your request, giving the buyers the advantage.
So don’t hesitate to discuss your situation with your real estate agent, because they can explain to you where exactly you fit in and what your options are.
