Just listed for sale! This Scarborough home for sale is located in the beautiful Centennial neighbourhood, which is near Port Union & Lawrence.  This neighbourhood is close to all the beautiful waterfront trails paths along Lake Ontario & through the Highland Creek path system.  If you love nature, hiking and biking this is a great place to live!  Feagan is a very friendly street, too.

This home is quite spacious - over 2100 sq ft of above grade living. 4 bedrooms plus a main floor family room! As a bonus, this home has a sunroom off the kitchen - imagine enjoying your morning coffee here (of course it would make a fabulous work from home space, too!) The mature gardens are low-maintenance and the yard is fully fenced.

Listed at $1,099,000 please call me today for a private showing: 416-562-5002

Full Video Tour can be found here: 

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October Real Estate Market Statistics for Toronto Home Sales, and GTA home sales have been released.   The inventory of homes for sale has not keep up with continued demand.  This is a trend we have seen for the past several months, where there continues to be a mismatch between demand and supply. . 

Market conditions tightened across all major home types compared to last year, and the annual rate of average price growth remained in the double digits, including for the resurgent condominium apartment segment.

What does low supply mean if you are a buyer?  Until supply issue is addressed or interest rates increase substantially, Toronto House and Condos prices will continue to rise.  If you are a buyer in the ‘lowest price’ range (which varies per area and type of home) understand this is where the most competition will be.  

If you are a buyer, be prepared to be patient and put offers on several properties until you are successful (one at a time of course!).  Additionally, being flexible with your wish list & area will help you achieve your Real Estate goals.   After all, properties in Toronto are often what we call ‘stepping stones’ – used to build equity to eventually get your dream home! 

Will interest rates rise in 2022?  The banks keep their rate hikes closely guarded.  However, it’s anticipated that rates may rise 1% over the coming year, likely in .25% increments.  If you’re just on the line for your pre-approval, you may want to buy now before prices rise any higher or interest rates put you out of the market.  Most lenders will approve you at a fixed rate for a few months.  

Will supply of properties increase in 2022?  If immigration opens up, that’s very unlikely.  New supply would mean more developments, which take time to be built.   Remember, it’s likely once you see a new condo being built their inventory is likely sold out for the developer to get financing on his construction loans! 

Will prices go down in 2022? While it seems prices can’t get much higher, the cost of borrowing is still very low.  A combination of interest rates and increased supply may help prices plateau, but supply issues are unlikely to be resolved in the first half of 2022.




 

Other recent posts include: 

Government introduces New Rules to streamline Condo disputes

Video Tour of Scarborough Bluffs in the Fall

Video Tour of 46 Earl Rd

 

...

If you own a condominium as an investment property and rent it out, it's important for you to know The Government of Ontario has introduced new changes to the Condominium Act, 1998 related to an expansion of the jurisdiction of the Province’s virtual tribunal that helps resolve condo-related disputes.


As of January 1st, 2022, the Condominium Authority Tribunal, or CAT will be granted the authority to handle disputes involving nuisances, annoyances, and disruptions. Specifically, prescribed nuisances under the Condominium Act 1998 will now include “unreasonable” instances of:


  • Odour 
  • Smoke
  • Vapour
  • Light
  • Vibration

Previously, these issues were dealt with through mediation, arbitration, or the courts, leading to costly and time-consuming proceedings. Under the current rules, landlords and condo owners often have to foot the bill for these types of disputes.


The new rules will provide a faster and more cost-effective dispute resolution mechanism for condo owners and their tenants. It is important to note that the expanded jurisdiction of the CAT will not have a direct impact on eviction proceedings, as those issues are still governed by the Landlord and Tenant Board.


Applications for condominium-related disputes can be found on CAT’s online portal and dispute resolution services are offered at a total cost of $200.


OREA will be releasing more information on updates to the CAT’s jurisdiction as they become available. For more information about the CAT, please visit the Condominium Authority of Ontario’s website at: www.condoauthorityontario.ca.  

Current Rules Governing disputes

All renters of condominiums have to abide by the condo’s by-laws and rules.  The landlord of an investment condo should provide the rules and by laws to the tenant at the onset of the lease.   Important information to review would be: smoking & vaping rules, pet rules, guest rules, maximum occupancy rules & rules surrounding the recreational facilities.  

As well, the tenants should carry appropriate insurance to cover any damage to both their home and any damage caused to other units.  

While the tenants enjoy the facilities; if they behave in a way that breaks the rules, the landlord/owner becomes responsible for damage and other expenses.   

Due to understaffing and backlogs at the Landlord & Tenant board, often disputes can take months to resolve.   And while the Residential Tenancy Act clearly states all tenants in condos must follow the rules, any outcome at a Landlord/Tenant board hearing is largely dependent on whichever specific Adjudicator is assigned.

Why Condos are popular investment properties 

Condos are attractive to many investors in part because they require less maintenance than a house.  Renters also tend to turn over faster, so a landlord can raise rents between tenants to keep up with market rates. 

Of course, condominiums in Toronto are less expensive than houses to buy, so are an affordable option for real estate investors in Toronto.  

A popular condo building with nice facilities, close proximity to transit, en-suite laundry and parking will rent quickly for top rent.  It’s common for rentals in Toronto to command top dollar, and in some cases Toronto condos rent with multiple offers. 

What attracts a good tenant?

Great tenants often want a building with 24H security, a concierge, laundry in the suite & parking.  Landlords can charge a bit more for updated finishes, newer appliances, a fresh coat of paint. 

Close proximity to transit & luxurious building amenities (including well kept lobby, stairwells & halls) also command higher rental rates.  

...

September housing market numbers are in, and prices continue to rise as inventory continues to be low.   Are you curious about real estate in Pickering, house prices in Toronto or Ajax house prices? The market continues to be hot across most markets in Ontario! 



September marked the transition from the slower summer market to the busier fall market in the in the Greater Toronto Area. Every year, we generally see an increase in sales, average selling price and listings after Labour Day through to mid-December, and September 2021 was no different.  Fall seasonality in the Toronto Real Estate market show Toronto home sales increased relative to August and were also at the third-highest mark on record for the month of September. The average selling price was up both month-over-month and year-over-year.


Single family homes: Demand has remained incredibly robust throughout September with many qualified buyers who would buy a home tomorrow provided they could find a suitable property. With new listings in September down by one third compared to last year, in both the house and condo market, purchasing a home for many is easier said than done. The lack of housing supply and choice has reached a critical juncture.

Condo Apartments: This competition is becoming more widespread with tighter market conditions in the condominium apartment segment as well.   This has led to an acceleration in price growth over the past few months as first-time buyers reentered the ownership market. 

Rentals: Multiple offers in rentals are back! Prime locations are seeing 2-4 offers!   Read more about this here: Competition in the Toronto rental market 

The MLS® Home Price Index Composite Benchmark was up by 19.1 per cent year-over-year in September 2021. The average selling price for all home types combined was up by 18.3 per cent year-over-year to $1,136,280. “Price growth in September continued to be driven by the low-rise market segments, including detached and semidetached houses and townhouses. However, competition between buyers for condo apartments has picked up markedly over the past year, Look for this trend to continue,” said Jason Mercer, TRREB Chief Market Analyst.


So, what is the minimum amount needed to buy a freehold home with no condo fees?  

If you are looking in Toronto, Pickering or Ajax, the magic number is $800,000. For an $800,000 property you will need a minimum down payment of:

  • 5% of the first $500,000 of the purchase price
  • 10% for the portion of the purchase price above $500,000

So a minimum of $55,000 down payment is required to purchase an $800,000 home

As well, you will need to have closing costs saved, $2,000 for legal fees and Land Transfer Tax (about 2.5% of your purchase price in Toronto, 1.3% of the purchase price outside Toronto).  


Links to other articles on the Toronto Real Estate Market Statistics:

Toronto Star: We are at a critical juncture

CTV: Toronto housing prices continue to climb as supply hits decade-low


Some of my recent sales: 





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Recent Blog Posts

Just listed for sale! This Scarborough home for sale is located in the beautiful Centennial neighbourhood, which is near Port Union & Lawrence.  This neighbourhood is close to all the beautiful waterfront trails paths along Lake Ontario & through the Highland Creek path system.  If you love nature, hiking and biking this is a great place to live!  Feagan is a very friendly street, too.

This home is quite spacious - over 2100 sq ft of above grade living. 4 bedrooms plus a main floor family room! As a bonus, this home has a sunroom off the kitchen - imagine enjoying your morning coffee here (of course it would make a fabulous work from home space, too!) The mature gardens are low-maintenance and the yard is fully fenced.

Listed at $1,099,000 please call me today for a private showing: 416-562-5002

Full Video Tour can be found here: 

...

October Real Estate Market Statistics for Toronto Home Sales, and GTA home sales have been released.   The inventory of homes for sale has not keep up with continued demand.  This is a trend we have seen for the past several months, where there continues to be a mismatch between demand and supply. . 

Market conditions tightened across all major home types compared to last year, and the annual rate of average price growth remained in the double digits, including for the resurgent condominium apartment segment.

What does low supply mean if you are a buyer?  Until supply issue is addressed or interest rates increase substantially, Toronto House and Condos prices will continue to rise.  If you are a buyer in the ‘lowest price’ range (which varies per area and type of home) understand this is where the most competition will be.  

If you are a buyer, be prepared to be patient and put offers on several properties until you are successful (one at a time of course!).  Additionally, being flexible with your wish list & area will help you achieve your Real Estate goals.   After all, properties in Toronto are often what we call ‘stepping stones’ – used to build equity to eventually get your dream home! 

Will interest rates rise in 2022?  The banks keep their rate hikes closely guarded.  However, it’s anticipated that rates may rise 1% over the coming year, likely in .25% increments.  If you’re just on the line for your pre-approval, you may want to buy now before prices rise any higher or interest rates put you out of the market.  Most lenders will approve you at a fixed rate for a few months.  

Will supply of properties increase in 2022?  If immigration opens up, that’s very unlikely.  New supply would mean more developments, which take time to be built.   Remember, it’s likely once you see a new condo being built their inventory is likely sold out for the developer to get financing on his construction loans! 

Will prices go down in 2022? While it seems prices can’t get much higher, the cost of borrowing is still very low.  A combination of interest rates and increased supply may help prices plateau, but supply issues are unlikely to be resolved in the first half of 2022.




 

Other recent posts include: 

Government introduces New Rules to streamline Condo disputes

Video Tour of Scarborough Bluffs in the Fall

Video Tour of 46 Earl Rd

 

...

If you own a condominium as an investment property and rent it out, it's important for you to know The Government of Ontario has introduced new changes to the Condominium Act, 1998 related to an expansion of the jurisdiction of the Province’s virtual tribunal that helps resolve condo-related disputes.


As of January 1st, 2022, the Condominium Authority Tribunal, or CAT will be granted the authority to handle disputes involving nuisances, annoyances, and disruptions. Specifically, prescribed nuisances under the Condominium Act 1998 will now include “unreasonable” instances of:


  • Odour 
  • Smoke
  • Vapour
  • Light
  • Vibration

Previously, these issues were dealt with through mediation, arbitration, or the courts, leading to costly and time-consuming proceedings. Under the current rules, landlords and condo owners often have to foot the bill for these types of disputes.


The new rules will provide a faster and more cost-effective dispute resolution mechanism for condo owners and their tenants. It is important to note that the expanded jurisdiction of the CAT will not have a direct impact on eviction proceedings, as those issues are still governed by the Landlord and Tenant Board.


Applications for condominium-related disputes can be found on CAT’s online portal and dispute resolution services are offered at a total cost of $200.


OREA will be releasing more information on updates to the CAT’s jurisdiction as they become available. For more information about the CAT, please visit the Condominium Authority of Ontario’s website at: www.condoauthorityontario.ca.  

Current Rules Governing disputes

All renters of condominiums have to abide by the condo’s by-laws and rules.  The landlord of an investment condo should provide the rules and by laws to the tenant at the onset of the lease.   Important information to review would be: smoking & vaping rules, pet rules, guest rules, maximum occupancy rules & rules surrounding the recreational facilities.  

As well, the tenants should carry appropriate insurance to cover any damage to both their home and any damage caused to other units.  

While the tenants enjoy the facilities; if they behave in a way that breaks the rules, the landlord/owner becomes responsible for damage and other expenses.   

Due to understaffing and backlogs at the Landlord & Tenant board, often disputes can take months to resolve.   And while the Residential Tenancy Act clearly states all tenants in condos must follow the rules, any outcome at a Landlord/Tenant board hearing is largely dependent on whichever specific Adjudicator is assigned.

Why Condos are popular investment properties 

Condos are attractive to many investors in part because they require less maintenance than a house.  Renters also tend to turn over faster, so a landlord can raise rents between tenants to keep up with market rates. 

Of course, condominiums in Toronto are less expensive than houses to buy, so are an affordable option for real estate investors in Toronto.  

A popular condo building with nice facilities, close proximity to transit, en-suite laundry and parking will rent quickly for top rent.  It’s common for rentals in Toronto to command top dollar, and in some cases Toronto condos rent with multiple offers. 

What attracts a good tenant?

Great tenants often want a building with 24H security, a concierge, laundry in the suite & parking.  Landlords can charge a bit more for updated finishes, newer appliances, a fresh coat of paint. 

Close proximity to transit & luxurious building amenities (including well kept lobby, stairwells & halls) also command higher rental rates.  

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