Saturday, July 23, 2016
Monday, July 11, 2016
Tuesday, June 14, 2016
Millenials turn to Mom & Dad For Help in Buying a Home
Young Canadians are increasingly receiving help from their parents in order to become first-time buyers in Vancouver and Toronto.
A study by lender HomEquity Bank shows that parents are keen to find out about reverse mortgages to release equity in order to give their kids a downpayment.
"Ten years ago, this topic rarely came up as most seniors were more concerned with remaining self-sufficient. And, first-time homebuyers were purchasing houses on their own. That's changed. Up to 30 per cent of my clients aged 60+ now want to discuss to what degree they can help their adult children financially," explains Rona Birenbaum, financial planner and founder, Caring for Clients.
HomEquity says that by using a zero-rate mortgage registered in the home, the parents’ funds are protected and they can later choose to cancel the mortgage with the funds considered as a gift.
"Ten years ago, this topic rarely came up as most seniors were more concerned with remaining self-sufficient. And, first-time homebuyers were purchasing houses on their own. That's changed. Up to 30 per cent of my clients aged 60+ now want to discuss to what degree they can help their adult children financially," explains Rona Birenbaum, financial planner and founder, Caring for Clients.
HomEquity says that by using a zero-rate mortgage registered in the home, the parents’ funds are protected and they can later choose to cancel the mortgage with the funds considered as a gift.
Monday, June 6, 2016
Using A Real Estate Broker Just Makes Good Sense-Diane Plant, Broker Agrees
Using a Real Estate Profession Guides Would-be Buyers through the Process
Aside from ensuring that
a sale goes smoothly, the broker fulfills the crucial duty of guiding would-be
buyers through Canada’s complex and rapidly-changing housing market in the
first place.
As discussed by the Guelph Mercury staff in a recent piece
published on their website, a real estate broker is uniquely positioned to
assist “with all the details, including buying rules and the best neighbourhoods
to choose in her key markets.”
The piece noted that an intimate knowledge of the industry is the best thing
that a housing professional can bring to the table.
“[A broker] can help potential buyers … make the most of the buying experience
when moving to the country by answering questions such as which features [are
needed] nearby and how many family members plan to live in the property,” Guelph
Mercury wrote. “There are some properties that already have separate
living spaces set up, but you'll need to consider the rules of each region
about adding separate dwellings for others.”
Aside from familiarity with existing regulations and tax laws, a real estate
professional can navigate clients to the exact property that they need.
“[A broker] can collect all of your information and help you find a home that
fits the description of what you're looking for, and within the amount of money
you have to spend,” the article said. “If you're new to Canada and buying a
home, [he or she] can help you break down any barriers that are standing in
your way of becoming a homeowner.”
Wednesday, June 1, 2016
Mortgages Are Getting Harder To Attain
GET PRE-APPROVED SOON
It’s become harder to secure a mortgage from Scotiabank for homebuyers in Vancouver and Toronto. The lender’s CEO Brian Porter says that it has cut back its lending in Canada’s two hottest housing markets.
Expressing concern over high prices, Brian Porter told Bloomberg TV: “We just took our foot off the gas the last couple quarters in terms of mortgage growth… in terms of Vancouver and Toronto."
Bank of Nova Scotia is the latest of the big banks to announce a rise in funds it is setting aside for bad loans in the energy sector but Mr Porter said that, for residential mortgages, the bank is in a good position.
Monday, May 9, 2016
Bathroom are #1 in Home Renovations
More Owners Spruce Up Bathrooms, Kitchens
Home
owners are taking on larger remodeling projects, according to a survey
conducted by the National Association of Home Builders Remodelers, an arm of
the NAHB.
Whole
house remodels and both large and small scale additions are returning to levels
not seen since prior to the downturn, while bathroom and kitchen remodels
remain the most common renovations, basements
Notable
increases since 2013 are: whole house remodels rose by 10 %; room additions
rose by 12 %; finished basements increased by 8 %; and bathroom additions
jumped 7 %.
Bathrooms
have topped the list of most common remodeling jobs since 2010 in the survey.
Eighty-one % of remodelers report taking on a bathroom remodeling project.
Seventy-nine% report taking on a kitchen remodel.
The
following were the most common remodeling jobs in 2015, according to NAHB’s
Remodeling Market Index Survey:
1.
Bathroom
remodeling: 81% of remodelers reported job as common
2.
Kitchen
remodeling: 79%
3.
Whole
house remodeling: 49%
4.
Room
additions: 47%
5.
Windows/door
replacement: 36%
6.
Finished
basement: 30%
7.
Bathroom
additions: 28%
8.
Repairing
property damage: 27%
9.
Decks:
26%
10.
Roofing:
25%
11.
Handyman
services: 20%
12.
Siding:
20%
13.
Second
story additions: 17%
14.
Enclosed/added
garage: 16%
15.
Enclosed/added
porch: 16%
16.
Historic
preservation: 10%
17.
Finished
attic: 4%
Monday, April 18, 2016
What You Need to Know About A Stigmatized Home-RECO
Stigmatizing
Issues – New
February 3, 2015
When
representing a buyer, it is the obligation of a registrant to use their best
efforts to identify properties that meet the buyer’s criteria and to
generally promote and protect the interests of the buyer.
REPRESENTING THE BUYER
Accordingly,
a registrant representing a buyer must obtain as much information as possible
from them before beginning the process of searching for a suitable
property and representing them with third parties. Registrants must
discuss in detail the buyer’s needs and wants regarding
property requirements, including constraints or restrictions, and any
other issues or concerns the buyer may have with respect to the purchase
of a property.
Communication
is a two-way street, of course, and RECO encourages buyers to be proactive
and provide information to their representative and to ask questions
regarding issues of specific importance to them and their families.
Nonetheless, registrants are encouraged to communicate extensively and
frequently with their buyer clients to best understand their wants, needs,
priorities and concerns. For the purpose of consistency and record
keeping, a registrant should consider documenting their inquiries through
the use of a questionnaire or similar tool.
DEALING WITH “STIGMA”
In the
context of real estate, a “stigma” is a non-physical, intangible attribute of a
property that may elicit a psychological or emotional response on the part
of a potential buyer. There may have been an event or circumstance that
occurred in or near the property that does not affect the
property’s appearance or function, but might be considered by some as
emotionally disquieting. Unlike a latent or patent defect, which may exist
at a property, there is nothing physically observable or
measurable associated with a stigma.
The Real
Estate and Business Brokers Act, 2002 (REBBA) does not define
“stigma”, but examples may include:
• the
property was used in the ongoing commission of a crime (e.g., drug dealing,
chop shop, brothel);
• a murder or suicide occurred at the property;
• the property was previously owned by a notorious individual (e.g., organized crime leader, known murderer);
• there are reports that the property is haunted;
• a former grow-op which has been remediated according to the local health or building authority.
• a murder or suicide occurred at the property;
• the property was previously owned by a notorious individual (e.g., organized crime leader, known murderer);
• there are reports that the property is haunted;
• a former grow-op which has been remediated according to the local health or building authority.
The relevance
and impact of a potential “stigma” or any other such non-physical circumstance
will be determined by a buyer’s personal values and perceptions, ethnic
background, religion, gender, age and other individual concerns. Given all
the possible occurrences or circumstances that might exist for a given
buyer to consider a property to be “stigmatized,” it is impossible for
registrants to determine in advance what these might be. Again,
communicating openly and early is key.
Registrants
representing the buyer are advised to discuss their specific needs or
requirements and any concerns and issues related to purchasing a property.
In its communications to consumers, RECO advises buyers to carefully
consider the areas of concern they may have and to discuss them with their
real estate professional to ensure the necessary inquiries will be made to
avoid purchasing a property they will not feel comfortable living in.
STIGMAS ARE DIFFERENT FOR DIFFERENT
PEOPLE
The
following questions and responses may demonstrate the difficulty, in practical
terms, of defining a stigma. For example, think about the possible
responses to this question: Would it matter to you if a death had occurred
in a property you were interested in buying? Some would say “Yes, absolutely!” However,
consider the following situations:
• Would
it matter if the death was from natural causes, or accidental, versus being
caused by a violent act or suicide?
• Would it matter if it was a crib death of an infant?
• Would you be as concerned by a death that occurred 20 years ago as you would with a recent one?
• Would it matter if it was a crib death of an infant?
• Would you be as concerned by a death that occurred 20 years ago as you would with a recent one?
These
examples illustrate how difficult it is to clearly define what constitutes a
“stigma.” What one person might find completely unacceptable may not be of
any concern to another.
SELLER DISCLOSURE OF STIGMA
Under
the doctrine of caveat emptor (“buyer beware”), buyers are ultimately
responsible to satisfy themselves that the property they are acquiring is
suitable for their purposes. However, many buyers and their
representatives will look to the seller and his or her representative to
provide them with information about the property.
It is
important for registrants to know that while sellers are required by law to
disclose material latent defects affecting a property that are known to
them (an obligation which also exists for the seller’s representative if
the material latent defect is also known by the representative), there is no
legislation or case law in Ontario to suggest that a seller, or his or her
representative, is required to disclose the existence of stigmas to
buyers. Registrants representing sellers should advise their clients to seek
legal advice if they believe that stigmatizing issues may become a factor
in selling the property.
If a
registrant is representing a buyer who is concerned about specific types of
stigmas, it is highly recommended that the registrant and buyer conduct
their own investigation, which could include an internet search and also
making direct inquiries of the seller or registrant representing the seller.
To further protect the buyer, the registrant could include in any offer a
representation/warranty regarding the status of the property. For example,
“The seller represents and warrants that to the best of his/her knowledge
and belief the property has not been the site of a murder.”
All
registrants have an obligation to act with fairness, honesty and integrity when
dealing with others in a real estate transaction. Similarly, registrants
must use their best efforts to prevent error and misrepresentation while
still promoting and protecting the best interests of their clients.
Therefore, when the registrant representing the seller is asked about the
existence of specific stigmas that might affect the property, that
registrant may either answer the question and provide the
information without qualification, or in the alternative, refuse to answer
the question and suggest the buyer ascertain the answer for themselves.
The
approach to be taken should be based on a detailed discussion with, and
instructions from, the seller. Registrants are expected to use reasonable
care and skill to ensure the accuracy and completeness of the information
conveyed to the buyer and/or his or her representative, and
should consider documenting such responses.
TREAD CAREFULLY
A
registrant cannot anticipate all the areas of sensitivity that an individual
buyer may have. This fact, combined with the fact that a seller may refuse
to answer questions about potential stigmas, means that registrants must
approach this subject carefully. They should keep in mind that a seller may
have no knowledge of events that occurred before he or she owned the
property, or the property may have been rented out and the seller may not
know of the events that occurred during the rental period.
Registrants
representing sellers should have a full and frank discussion with the seller
regarding stigma. If it is determined that there may be stigmatizing
issues associated with the property, the registrant should advise the
seller to seek legal advice regarding their rights and obligations related
to the issue, and get written instructions regarding the disclosure of the
stigma to buyers. Registrants representing buyers should have detailed
conversations with the buyer to identify relevant stigmatizing issues, and
be prepared to do some additional investigation or research if the
buyer indicates sensitivity to one or more such issues.
In a
multiple representation scenario, the issues become a little more complicated.
Before a seller is asked to consent to multiple representation, it must be
explained that any information about stigma will have to be conveyed to
the buyer, as part of the brokerage’s duties to the buyer. If the
seller objects to this, they should be advised that they do not have to
consent to multiple representation. If consent is not given, the
registrant must inform the buyer of this fact and the brokerage will have
to release the buyer to seek alternative representation.
Taking
a proactive, communicative and well-documented approach to stigmatizing issues
will minimize the risk of buyers being uncomfortable with their home and
filing a complaint, failing to complete a transaction or initiating a
lawsuit.
Acknowledgement:
This bulletin makes use of information originally published by the Real Estate
Council of Alberta (RECA). RECO is extremely grateful to RECA for its
consent to adapt its publication.
Attachments:
Friday, April 15, 2016
32 Davenport, Unit 304. OPEN HOUSE Sat April 16, 2-4 pm
NEW PRICE
Please visit on Saturday to view this oversized one bedroom condo in the Yorkville area.
Beautful marble bathroom, Quart counter tops in kitchen and Miele appliances. There is an outdoor balcony with an unobstructed view.
Bedroom has triple wall to wall closet
Marble bathroom
Kitchen
Record Breaking Toronto Homes Sales in March
March Hit Record Breaking Home Sales
Canadian home sales posted their third month-over-month increase on the way to breaking March’s previous record.
Driven by activity in the GTA and Vancouver, home sales increased 1.5% month-over-month in March, and 12.2% year-over-year, according to the Canadian Real Estate Board.
The GTA is heading into the spring home buying season with soaring demand and a shortage of listings,” CREA President Cliff Iverson said. “Meanwhile, other major urban markets in Canada are well balanced or are amply supplied.”
Sales were up month-over-month in nearly 60 different markets, according to CREA.
“Single family home sales in the GTA set new records for the month of March in the range between a-half and one-million dollars – as did sales above a million dollars,” Gregory Klump, CREA’s chief economist, said. “Meanwhile, sales below a half-a-million dollars, which were not subject to recently tightened mortgage regulations, are being increasingly restrained in these markets by a short supply of listings.
“If current sales and listings trends persist, price gains may pick up further this spring.”
Newly listed homes, meanwhile, fell by 1.4% month-over-month and the MLS Home Price Index increased 9.1% year-over-year.
The national sales price increased 15.7% year-over-year.
The GTA is heading into the spring home buying season with soaring demand and a shortage of listings,” CREA President Cliff Iverson said. “Meanwhile, other major urban markets in Canada are well balanced or are amply supplied.”
Sales were up month-over-month in nearly 60 different markets, according to CREA.
“Single family home sales in the GTA set new records for the month of March in the range between a-half and one-million dollars – as did sales above a million dollars,” Gregory Klump, CREA’s chief economist, said. “Meanwhile, sales below a half-a-million dollars, which were not subject to recently tightened mortgage regulations, are being increasingly restrained in these markets by a short supply of listings.
“If current sales and listings trends persist, price gains may pick up further this spring.”
Newly listed homes, meanwhile, fell by 1.4% month-over-month and the MLS Home Price Index increased 9.1% year-over-year.
The national sales price increased 15.7% year-over-year.
This is a good time to get into the home and condo market as prices will continue to go up and mortgage rates continue to be low.
Thursday, April 14, 2016
Homes Have Changed a great Deal Since the 50"
Home have evolved drastically since the 1950s. Indeed, what excited home buyers decades ago may be in stark contrast to what gets today’s generation excited.
Here are 10 Homes That Changed Canada
A new interactive graphic from Fielding Homes documents some of the following changes over the last few decades in homes:
A new interactive graphic from Fielding Homes documents some of the following changes over the last few decades in homes:
1950s: Homes in the 1950s tended to have more bathrooms (an average of 2.35) than bedrooms (1.5).
1960s: The average home size grew to 1,200 square feet as the bedroom and bathroom ratio flipped (an average of 2.5 bedrooms to 1.5 bathrooms).
1970s: One of the most popular trends were appliances in bold colors, like avocado and harvest gold.
1980s: More neutral tones entered into appliance color schemes with almond and beige. This decade also brought the first Macintosh 128K into homes.
1990s: The average home square footage (2,080) climbed 21 percent this decade compared to the 1980s , the number of rooms in the home remained the same.
2000: The kitchen takes on a futuristic feel with stainless steel appliances growing in popularity.
2010: Lot sizes mostly stay the same prompting more architects to build upwards with more floors and higher ceilings.
2016: Buyers show a preference for flexible spaces (wanting to customize spaces to fit their individual needs) and greater connectivity between indoor and outdoor living areas.
Friday, April 8, 2016
Real Estate Prices continue to soar in Toronto
I live and breath real estate. This is just a smattering of what is going on in prices as multiple offers continue to prevail.
Sold on Carmichael Ave in the Bathurst/Wilson Area
List:$1,115,000
Tuesday, November 3, 2015
Wednesday, June 10, 2015
Tuesday, June 9, 2015
Tuesday, April 14, 2015
Are Toronto Homes Being Priced For Bidding Wars?
Buyers are frustrated and so are their real estate agents. I have been a Broker in Toronto for 26 years and I have witnessed many market changes and trends.
Pricing a home was always based on fair market value.How was this established? Recent sales of similar homes, on streets surrounding the property to be listed gave the agent a reasonable price at which to offer the home for sale.
Today, homes in the "hot pockets" of Toronto are often priced $100,000.00 under the fair market value. If in week one a home is priced at $749,000.00 and sells for $850,000, in week two a similar home is priced at $755,000.00 and sells for $860,000. The following week another house is listed and sells in the same price range. These three sales would establish the fair market value. However, the next home to come on the market is once again priced at $760,000.00. This would give Buyers and Agents a clear indication that the home is priced below fair market value. Buyers and Agents have to realize that an offer on the home will go way above the asking price, if there is a multiple offer situation. Multiple offers are common.
Staging the home is now the in vogue. Out with the owner's furniture and family photos, in with the rented white sofas, coffee table books and white silk flowers. All to make the home impersonal, allowing the buyer to envision their own possessions.
Pre-inspection reports are available on most homes now in high demand areas. The Listing Agent emails the report to any Selling Agent that requests it. This saves a great deal of time (cost) for all potential Buyers and intrusion on the Seller. The Buyer must be aware however, that the inspection report is the property of the Seller. In order to have any repercussions against the Inspector if they fail to find something that shows up after they move in, the Buyer must pay for that report independently.
Holding offers off until the following week, usually after the weekend has become standard. Buyers and Agents viewing the home at overlapping times, create pent up buying frenzy. Now the buyer gets anxious to put in an offer, before the offer date (pre-emptive or bully offer). The offer MUST of course be well in excess of the asking price. Sellers have the right to look at the offer, work with it or continue to hold off before the "offer date" or decline to look at it.
Low mortgage rates, high rents and off shore investors all add to the bidding war frenzy. If a home is priced at fair market value, would there be bidding wars? I am often asked if there is there any end in sight. I don't see it in 2015.
Pricing a home was always based on fair market value.How was this established? Recent sales of similar homes, on streets surrounding the property to be listed gave the agent a reasonable price at which to offer the home for sale.
Today, homes in the "hot pockets" of Toronto are often priced $100,000.00 under the fair market value. If in week one a home is priced at $749,000.00 and sells for $850,000, in week two a similar home is priced at $755,000.00 and sells for $860,000. The following week another house is listed and sells in the same price range. These three sales would establish the fair market value. However, the next home to come on the market is once again priced at $760,000.00. This would give Buyers and Agents a clear indication that the home is priced below fair market value. Buyers and Agents have to realize that an offer on the home will go way above the asking price, if there is a multiple offer situation. Multiple offers are common.
Pre-inspection reports are available on most homes now in high demand areas. The Listing Agent emails the report to any Selling Agent that requests it. This saves a great deal of time (cost) for all potential Buyers and intrusion on the Seller. The Buyer must be aware however, that the inspection report is the property of the Seller. In order to have any repercussions against the Inspector if they fail to find something that shows up after they move in, the Buyer must pay for that report independently.
Holding offers off until the following week, usually after the weekend has become standard. Buyers and Agents viewing the home at overlapping times, create pent up buying frenzy. Now the buyer gets anxious to put in an offer, before the offer date (pre-emptive or bully offer). The offer MUST of course be well in excess of the asking price. Sellers have the right to look at the offer, work with it or continue to hold off before the "offer date" or decline to look at it.
Low mortgage rates, high rents and off shore investors all add to the bidding war frenzy. If a home is priced at fair market value, would there be bidding wars? I am often asked if there is there any end in sight. I don't see it in 2015.
Thursday, September 6, 2012
Toronto Home Sale Price Increase 6.5% in August
TORONTO, September 6, 2012 – Greater Toronto Area (GTA) REALTORS® reported 6,418 sales through the Toronto MLS system in August 2012, representing a year-over-decline of almost 12.5 per cent compared to 7,330 sales reported in August 2011. The number of new listings reported in August was down by 5.5 per cent compared to the same period in 2011.
“Residential transactions were down in August compared to last year. Stricter mortgage lending guidelines, which came into effect in July, arguably played a role. In the City of Toronto, the additional impact of relatively higher home prices coupled with the upfront cost associated with the City’s Land Transfer Tax led to a stronger annual decline in sales compared to the rest of the GTA,” said Toronto Real Estate Board (TREB) President Ann Hannah.
The average selling price for August 2012 transactions was $479,095 – up by almost 6.5 per cent compared to August 2011. The annual rate of price growth was driven by the low-rise home segment in the City of Toronto, including single-detached homes with an average annual price increase of 15 per cent. The MLS® Home Price Index (MLS® HPI)* composite index, which allows for an apples-to-apples comparison of benchmark home prices from one year to the next, was up by 6.3 per cent year-over-year.
“While sales were down year-over-year in the GTA, so too were new listings. As a result, market conditions remained quite tight with substantial competition between buyers in the low-rise market segment,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “The trends for sales and new listings are moving somewhat in synch, suggesting that the relationship between sales and listings will continue to promote price growth moving forward.”
Thursday, October 14, 2010
Invisible Bathtub Mat® to Reduce Slips and Falls in Bathtub and Shower
Invisible Bathtub Mat® is all about reducing slips and falls in the bathtub and shower. It is safer and healthier than those unsanitary, unhealthy , germ-infested, mouldy rubber bathmats. Throw them away.
Here is your solution and saves you money. You no longer have to replace rubber mats every few months because Invisible Bathtub Mat® last for years.
It is safe and meets Health Canada Standards.
Watch the video Invisible Bathtub Mat® Video
Great as gifts and for your family
ORDER FROM Invisible Bathtub Mat® -click on the link below, go to Invisible Bathtub Mat® Residential and on the right side of the page click on "BUY NOW"
Invisible Bathtub Mat® Website
Children slips and falls in bathtub-Invisible Bathtub Mat the Solution®
Invisible Bathtub Mat® is all about reducing slips and falls in the bathtub and shower. It is safer and healthier than those unsanitary, unhealthy , germ-infested, mouldy rubber bathmats. Throw them away.
Here is your solution and saves you money. You no longer have to replace rubber mats every few months because Invisible Bathtub Mat® last for years.
It is safe and meets Health Canada Standards.
Watch the video Invisible Bathtub Mat® Video
Great as gifts and for your family
ORDER FROM Invisible Bathtub Mat® -click on the link below, go to Invisible Bathtub Mat® Residential and on the right side of the page click on "BUY NOW"
Invisible Bathtub Mat® Website
Elder people at risk in Bathtub or Shower-Invisible Bathtub MatMat® for Safety
Invisible Bathtub Mat® is all about reducing slips and falls in the bathtub and shower. It is safer and healthier than those unsanitary, unhealthy , germ-infested, mouldy rubber bathmats. Throw them away.
Here is your solution and saves you money. You no longer have to replace rubber mats every few months because Invisible Bathtub Mat® last for years.
It is safe and meets Health Canada Standards.
Watch the video Invisible Bathtub Mat Video
Great as gifts and for your family
ORDER FROM Invisible Bathtub Mat® -click on the link below, go to Invisible Bathtub Mat® Residential and on the right side of the page click on "BUY NOW"
Invisible Bathtub Mat® Website
Subscribe to:
Posts (Atom)
Posts
