Home Buyer Checklist

Some home buyers have been sitting on the fence waiting to see what will happen to the Mississauga real estate market ever since the Federal government implemented tighter lending rules.  It’s been about a year now and what we have seen are buyers who took the plunge were rewarded with year over year growth in their property values.  For those who waited now have to pay more as opposed to paying less like they were hoping for.  That said it’s still a good time to buy real estate in Mississauga as interest rates remain historically low and there are plenty of options to choose from including condos, town’s, semi’s and detached houses. 

Consult a real estate agent for advice regarding home ownership. 

Buying a new home especially for a first time home buyer can be challenging.  Realtors can make the process easier as that is what they are trained to do.  The buyer should certainly seek a professional with experience helping buyers find real estate in the area and neighborhood’s they are looking to live in.

Get pre-approved for a mortgage.

Being pre-approved for a mortgage means the buyer is more serious and really able to make a serious financial commitment.  Many deals fall apart when the client was not pre-approved, but still made an offer and later finds out they really couldn’t get a mortgage in the first place.  Believe me, save yourself, your realtor and the seller and their agent from wasting their time, energy and money by making sure you are financially ready first.

Think about LOCATION!

There’s an old saying that goes…Location, location, location.  Where your home is located will affect many aspect of your life including your commute to work and the school your children will attend.  Think about if you want a city lifestyle or a country one.  If you are probably going to sell this property sometime in the future, how desirable is the location to others?

What type of home do you want?

Think about the type of home you can afford and try to buy the best possible for your situation.  Condo vs. town homes or semi vs. detached?  Do you desire a breath taking view or maybe a big backyard?  Can you buy a fixer-upper and do renovations or do you want a home that is ready to live in just the way you want it.  Make a list of must haves and order them by importance.  Your real estate agent will help you find a desirable house meeting most if not all of your requirements assuming you’ve been realistic.

Go on showings.

The internet is the biggest revolution to the real estate market.  It’s so easy for anyone to simply go online and start to window shop for that perfect next home to buy.  But, remember people spend lots of money on having professional pictures to make their homes look better than what they are.  Always go see the houses for yourself.  Your realtor will assist you to see the one’s you want to see as well can also show you ones you may not have thought of.  If you go to an open house or to a pre-construction condo sales room, remember to always say you have official representation as its important the selling party knows you have a realtor.

Have an open mind.

Often really good real estate is passed up on because the home owners may not have chosen the right décor and colour of paint.  It’s a fact that some people have a hard time seeing passed the superficial and understanding the house has “good bones”.  Try to see the space and the potential every house has.  Once you move in you can change anything you want and make it yours.

Plan B

If you like a condo or a house enough to want to put in an offer, there might be someone else who thinks the same.  There is no guarantee your offer is accepted based on price, terms or issues that may come up during a inspection or status certificate review.  Have a backup plan as an alternative so you are not 100% emotionally dependent on plan A.

Get informed.

Your agent can help you know about how your targeted house compares to previously sold homes and other homes which are currently for sale.  Having a CMA or a Comparative Market Analysis done by your real estate agent will help you understand the relative value of the properties, thus preparing you for making an offer to buy and also setting up how negotiations can play out.

It can help to do some research.

Take some time to research at city hall about permits that may or may not exist especially if there were big renovations done to any of the critical systems or structure of the house.   If you are planning to do changes to grading or making any significant alterations after purchasing the home, maybe check with the city before you buy to see if what you are trying to is permissible.

Building inspection uncovered a list of problems…don’t panic.

The job of the inspector is to find everything they can that is wrong with the property.  Usually there are lots of minor issues that are things you would probably overlook.  Even more major things are found that require a fix, find out from an expert an estimate and either negotiate a price reduction or have the seller fix it.  Your real estate agent will help you with any potential amendments to the agreement that needs to be put into place to protect your interests.  But remember this…there is no problem too big or small that money can fix.


Top 5 Renovations

renovated condo

    Working as a real estate agent in Mississauga is a real joy for me.  I’m often showing a condo to a buying client and I get a chance to study their reactions to the condo I’m showing.  Sometimes they can be really excited, other times they are indifferent and on occasion they are repulsed.  Let’s focus on the renovation’s that gets a buyer excited about making an offer for a Mississauga condo.

1.  Lighting

    Lighting can be vague as a description, but generally people want a small boxed space to feel open and aerie.  Lighting of the space both natural and artificial is crucial to achieving this effect.  The choice of window coverings is usually governed to some extent by the condominium rules, however blinds, drapes and shutters of the highest quality and in tasteful colours (usually neutral) makes a good impression.

California Shutters when closed can block out much of the sunlight during the day which is good for people wanting absolute darkness for sleeping or even privacy, while when opened fully can reveal the full glory of the condos view of the city.  Automated window coverings that open and close with the touch of a button takes things to the next level of impressiveness.

Modern lighting (such as chandeliers and pot lights) made of glass, crystal, stainless steel, brushed nickel or fabric can set the mood for showings.  Buyers not only want to be able to see the space, but also appreciate if the light fixtures have been upgraded from the 1980’s ceiling ball or brass coloured fixtures.

2.  Smart Storage Solutions

    Imagine you have lived in a detached house and then were to move into a condo with a livable area that equates to half of what you were used to.  Downsizing is inevitable, but not always practical.  Certain space is reserved as storage in a Mississauga condo.  Finding ways of maximizing this storage spaces potential is huge plus for potential buyers. 

Closet dividers and custom made organizers or ones you can find at places such as Ikea can make your condo stand out from the rest.   Buyers will see the value added to your condo versus the competition.  Also, a well-organized condo that is neat and clean will always give a good impression that the owner has probably kept the good care of the place. Typical places of upgrading storage are the walk in closets, bedroom closets, linen closets, laundry room, kitchen pantry and coat closets.  Also, if you kind spare un-used space adding extra storage to bedrooms, kitchens, bathrooms and living rooms will also catch the buyer’s eye.

3.  Hardwood Flooring

    Hardwood flooring throughout the condo is becoming pretty much a norm now for buyer’s expectations.  It’s easier to clean and also is better for people with allergies.  It also looks superior to the old fashioned shag carpet of the 70’s and early 80’s.  It’s more durable than broadloom, looks better than the parquet that might be the original flooring and is real, not fake such as engineered hardwood or laminate which is so common in the new build Mississauga condos.  Colour choice will depend on your overall interior design scheme, but make sure you get at least 4” width, as anything smaller looks cheap.

4.  Bathrooms

    Many older Mississauga condos are in dire need of upgrading the bathrooms.  This in definitely one of the places the condo buyers get repulsed at.  Often over time owners have neglected to do basic maintenance so things like mildew form, tiles work gets cracked or falling off, drywall may be bubbling, toilets look as though you are at a truck stop, doors are falling off the hinge, flooring is outdated or dirty.   Upgrading the sinks, lighting, mirrors, fixtures, cabinets, toilets, bathtubs, walk in’s and tile work…basically the whole enchilada.  Buyers know bathrooms are expensive and that’s why they want to see at the very least a well maintained clean and organized bathroom.  What they really want is a modernly upgraded bathroom with materials like granite for the countertops and nice clean lines and neutral colours for the tile work.

5. Kitchens

    Both men and women are at home at the kitchen these days.  So it stands to reason that upgrading this one space which will probably benefit either of the sexes is a good place to put your money.  Large tiling for the floors, hard durable granite for the counter tops, custom cabinetry with easy closing drawers and lighting under the cabinets.  Stainless steel appliance and combination range hood with microwave is smart to keep countertops open.

 


Dominating Mississauga Condo Market

    According to the Toronto Real Estate Board, Mississauga condos accounted for 540 of the 566 total transactions in Peel Region for the first 3 months of the year.  The city of Brampton mustered only 25 total leases. Caledon which is not known for condos managed only one lease.

    Of the 540 Mississauga condo rental transactions, 279 involved one bedroom condos at the average lease rate of $1,394.  Two bedroom condos were the second most popular among leases totaling 242 transactions at a rate of $1680.  There were 1,160 total condos listed at that time making for a list to lease ratio of 47%.

    By contrast the city of Toronto totaled 3339 condo leases during the same period.  One bedroom condos went for an average of $1,647 while 2 bedrooms brought in on average $2,250.  Toronto landlords listed 6863 condos making for a list to lease ratio of 49%.

    Some key numbers reported by TREB in their First Quarter Market Report was the GTA saw a 13% increase on a year over year basis for condominiums rented.  The 1 bedroom average monthly rent for condos was up almost 4% at $1,597 when compared to Q1 of 2012.

  According to TREB, the 2012 Fall Rental Market Survey indicated that Peel contributed 22.7% or the GTA condo rental transactions while only having a vacancy rate of 0.6%.  On the other hand Toronto accounts for 23.6% market share while having more than doubled the vacancy rate of Peel at 1.4%.

What does this mean for a Mississauga condo investor?

    The numbers don’t lie.  There are lots of people trying to make money as indicated by the share volume of listed leases.  Even though the lease to rent ratio is sub 50%, landlords who do lease their condos are making more money.

    This is can be attributed to a couple factors.  Perhaps renters are looking for nicer accommodations with modern renovations.  Some condo owners may need to invest some money to make their condo more desirable.

    Another factor in some condos not being able to get a lease is location.  Certain locations are attractive because of amenities which are nearby which tenants want.  Access to public transit and conveniences are a big draw for people.  Square One condos are a prime example of this and condo fees can be higher than in other parts of Mississauga.


What can be the future for Mississauga Condo renting?

    In my opinion the trend probably won’t change over the next year.  There seems to be no shortage of condos on the market right now.  The condos which are competitively priced with respect to location, size and have the fit and finish tenants are looking for will have no problems attracting business.

    On the other hand landlords who expect top dollar for run down condos will eventually have to make a decision to get out of the business or spend the money to make their potential tenants happy.

 


The Pre-Approved Mortgage Advantage

Mortgage Preapproval


A pre-approved mortgage can help you look for a home with confidence.

Looking for the home of your dreams?  Many people think the first step is to start going to open houses and researching the market.

But before you start looking for a home, your first step should be to get pre-approved.

What does this mean?

A pre-approved mortgage simply means that you have reviewed your financial situation with a lender and you know what you can afford to spend on a home in terms of purchase price, down payment, legal fees and other closing costs.  It basically means you know how much you can borrow based on your current financial situation.

There is no cost or obligation to have a mortgage pre-approval and you will know in advance what the mortgage payments could be and the interest rate will usually be guaranteed for 120 days or approximately 4 months.

That means you are protected if interest rates increase while you are house hunting.

Your realtor can now locate and most importantly negotiate with confidence on the home that is right for you.

It is worth noting as a buyer, that it is in your best interest to enlist the aid of a realtor to work for you.  They will work to ensure your needs are met and best of all it doesn’t cost you a nickel as the seller has to pay the buyer agent commission!

Avoid the disappointment of finding your perfect home only to learn there is no way you can afford it!

As a mortgage specialist, I ensure that I take a consultative approach with all my clients so they fully understand their options and they leave fully educated and excited to get their realtor working for them to make that home purchase a reality.


Top 3 Real Estate Myths

 

As the real estate market significantly rebounds, some buyers and sellers are testing the waters for the first time. Understandably, they come into the market with assumptions about how it works.

These assumptions may come from TV reality shows or hearing about others house-hunting experiences. New buyer or seller’s assumptions are sometimes based on outdated or generalized “real estate myths.”

Myth No. 1: Spring is the best time to sell a home.

Historically, real estate seasons were tied to summer and the end of the school year. Families were the typical buyers or sellers, and they wanted to move during the summer so their kids could start school in September. That’s how spring became the prime selling season. It’s true there are still more homes for sale in the spring, which means there’s a lot of activity and buzz. But spring isn’t necessarily the best time to sell a home anymore.

The reality: The best time to sell is during the holidays and right after.

Today, more than half of buyers aren’t married, and their decisions aren’t based upon school schedules. So spring isn’t as relevant as it used to be. Instead, anytime is the best time to sell a home!

It’s a supply-and-demand issue. Most sellers assume buyers aren’t seriously looking during this prolonged holiday season. And yet, many buyers are looking at properties in person and online right up until Christmas Eve. If the right home goes on the market in mid-December, a serious buyer — and there will be a lot of them — will take note.

After New Year’s Eve, most buyers jump back into their routine with a resolve to get into the real estate market, even though many sellers wouldn’t even consider listing in January. The net effect: Savvy sellers will face less competition for a still-strong pool of buyers during this period. And that makes November-January a great time to sell.

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Myth No. 2: Always start with your lowest offer.

There’s no generalized strategy for making an offer on a home anywhere, ever. A seller could have overpriced or underpriced the home on purpose. Some markets may be more competitive than others. But, somehow, in the back of the buyer’s head is the saying “never offer the full asking price.” That strategy might have worked in some real estate markets years ago. But times have changed.

The reality: A low offer may get you nowhere fast.

A buyer in a strong, tight inventory market today would be wasting their time making low offers right from the start. It’s likely a home that’s priced right and shows well can receive multiple offers, sometimes even over the asking price. Instead, work with a good local real estate agent to understand the market. You’ll quickly learn after a few weeks on the open house circuit (and maybe a disappointment or two) that starting low may not get you anywhere.

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Myth No. 3: A cash offer trumps all.

There’s an assumption that a seller, considering two different offers, will always go with the cash offer because there’s less risk. As a result, many buyers who hear they’re competing with a cash offer assume they won’t get the home. They may not even make a formal offer. At the same time, many cash buyers assume that because they’re paying cash, they can make an offer below the asking price, and it will likely be accepted.

The reality: A savvy seller may be more tempted by a solid financed offer.

Consider a seller with a home priced at $399,000. The seller receives two offers: One is a cash offer of $375,000. The other is an offer for the full asking price, with 25 percent down, a bank pre-approval letter and swift contingency periods.

A good buyer’s agent, upon learning their client is competing with a cash offer, will arm the seller with lots of data supporting their client’s finances, such as a credit report and verification of income or assets.


As Condo Market Was Well Supplied in the Fourth Quarter of 2012, 2013 Predictions Stay Strong

 

Greater Toronto REALTORS reported 3,830 condominium apartment sales through the TorontoMLS system during the fourth quarter of 2012. This number represented a decline of 23 per cent compared to 5,005 sales during the same time period in 2011.

The average selling price for condominium apartments in the fourth quarter was $332,410 – down by one per cent compared to the fourth quarter of 2011.

“The condominium apartment market was the best supplied market segment in 2012. Strong condo apartment completions in 2011 and the first few months of 2012 resulted in a substantial number of new listings on the TorontoMLS system last year.

With more units for buyers to choose from, the annual rate of price growth moderated,” said Toronto Real Estate Board (TREB) President Ann Hannah.

In the condominium apartment rental market, transactions rose by almost 13 per cent year-over-year in the fourth quarter, while the number of units listed for rent increased by over 17 per cent. Average rents were up on a year-over-year basis for one-bedroom and two-bedroom apartments.

“While some first-time buyers put their decision to purchase on hold in the fourth quarter, many of these people chose to rent a condominium apartment instead. Similar to the ownership market, strong new condo completions prompted a considerable increase in the number of investor-held units offered for rent. However, there was still enough competition between renters to prompt upward pressure on average rents,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. 

 

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Annual Elementary School Rankings Released for 2011-2012 School Year

 

Where you go to school can have a big impact on the quality of education you receive, a new report on the province’s elementary schools finds.

The Fraser Institute Elementary School Report Card for 2013 suggests that provincial test results vary widely by school, even when external factors such as family income and the gender ratio of students is taken into account.

 

The report, which was released Sunday morning, ranked 2,714 public, Catholic and francophone elementary schools on the basis of provincial test scores in reading, writing and math in Grades 3 and 6.  Download your copy here

 

The report found that in some schools more than 70 per cent of students tested below the provincial average while at the top schools less than five per cent did.

The number one ranked school was Hillmount Public School near McNicoll Avenue and Don Mills Road, where just 0.8 per cent of students tested below the provincial average.

 

“Even when we take into account factors such as the students’ family background—which some believe dictate the degree of academic success that students can enjoy in school—some schools do better than others. This finding confirms the results of research carried out in other countries,” the report states. “Indeed, it will come as no great surprise to experienced parents and educators that the data consistently suggest that what goes on in the schools makes a difference to academic results and that some schools make a greater difference than others.”

Schools within the Toronto District School Board were given an average grade of 6.4 out of 10 in the rankings while schools within the York Region District School Board recieved an average grade of 7.2, which put that school board amongst the highest scoring boards in the province. Schools in Durham, Peel and Halton regions scored an average of 5.8, 6.3 and 6.8 respectively.

 

On average 28.4 per cent of provincial test results studied for the purpose of the rankings were below the provincial average, suggesting that Ontario schools still have a ways to go.

The report urged those schools with low or deteriorating test results to use the data as an "opportunity for improvement,” but at least one school board official says the data doesn’t paint a full picture and is of limited use to schools and parents alike.

 

“To rank the schools in this way gives a false image of our education system. It tends to encourage parents to withdraw their kids from schools that are low and try to enroll them in schools that are high and it can skew the results,” Toronto District School Board Trustee Howard Kaplan told CP24 Sunday morning.

The Fraser Institute report is based on data from the Education Quality and Accountability Office tests given to students across the province each year.

Speaking with CP24, Kaplan said the data was not intended to be used to rank schools.

“The standardized testing was never meant to be used to rank schools and if you look at it on a school-by-school basis it is not entirely accurate,” he said. “Just a few gifted children in Grade 3 or Grade 6 can skew the results up or a few kids with learning disabilities could skew the results down.

 

Some schools making big strides

In addition to providing an overall ranking of schools, the report also provided a list of the 20 fastest improving schools in the province.

That list included six Toronto schools, including number one ranked Stella Maris Catholic School and number two ranked Heron Park Junior Public School.

"Our report shows that all schools are capable of improvement, regardless of the personal or family challenges their students might face. If educators want to help students learn and improve, they should be talking to these schools,” Fraser Institute Director of School Performance Studies Peter Cowley said in a press release. “"By pinpointing the subject areas in which individual schools are improving or declining and how their academic performance compares to that of other Ontario schools over the past five years, our report helps parents and educators prioritize learning challenges in their schools.”

 


Migration To The Suburbs

 

   The reasons to abandon the overcrowded, overpriced, not-so-livable city are beginning to outnumber the reasons to stay. More and more of us are tempted by the 905 and beyond. Screw Jane Jacobs. We’re outta here

By Philip Preville | Photography by Stephanie Noritz

 

The New Suburbanites

 

   Brian Porter and Carrie Low thought they’d hatched the perfect plan to avoid the eight-lane gridlock they faced every week on their drive to the family cottage in the Kawarthas. Porter, a soft-spoken 41-year-old Toronto firefighter, would arrange his work schedule to be home on Friday. He’d pack the car at noon and pick up his daughters, Lily and Amelia, from daycare shortly after lunch. Then, rather than head from their home in the Beach to pick up Low downtown, he’d drive to a strategic pit stop in Oshawa. Low, a slim 41-year-old redhead, works as a lawyer with RBC in the financial district, her days and nights packed, respectively, with meetings and paperwork. Her role in the escape plan was to get off work early and catch the GO train to Oshawa Station. Often, she’d end up working a pressure-packed day until 5 p.m. anyway, leaving Porter and the girls waiting at the station for hours. In the end they never gained that much time—it could still be a challenge to get to the cottage before nightfall. But at least they’d avoided the worst hours on the DVP and the 401.

 

   Porter and Low’s weekend escape strategy was symptomatic of their over-engineered city lives. To juggle all their needs and obligations—two careers, mortgage payments, bills, kid drop-offs and pickups, groceries, meals—they had built a life that resembled a Rube Goldberg machine, and any misstep threatened to collapse the entire contraption. Grandparents were often called in to shuttle the kids to lessons and play dates and birthday parties. “My mother-in-law would phone me at work and ask, ‘Where is Amelia’s dance outfit?’ and my stress level would go through the roof, ” recalls Low. “I’d say, ‘Why are you calling me at work for this? It’s in the house somewhere. Don’t ask me, ask Brian.’ ”

   Porter’s more flexible hours allowed him to handle most of the household duties (he typically works seven 24-hour shifts every four weeks), while Low would often leave the house at 7 a.m. and return 12 hours later. When Porter was on shift Low would pick up the slack, but the moment he returned she’d play catch-up at work. They didn’t realize, at first, that the routine was taking a toll on their marriage. “Sometimes I’d come home from a shift and she’d hand me the baton and head out the door,” Porter recalls. “I’d barely be able to stand up, but I’d feed the girls and send them off on their day. Carrie and I were like two ships passing in the night.” You might even say they were behaving like an already-divorced couple sharing care of the kids. “If we kept it up, I could not be sure that we would still care about one another five or 10 years down the road,” says Low.

   The problem, they decided, was not each other or their careers or their kids, but the city itself—a surprising diagnosis given that they had both grown up in Toronto, happily, in the Beach. They bought their 1,600-square-foot detached home on Benlamond because they wanted to raise their family there, too. “The Beach tends to keep people,” says Porter. “I can walk along Queen East any day of the week and meet friends from high school who run businesses on that street.” But living in the city required too many contortions. They decided to divorce it.

   They spent months searching for a new home, pushing the outer boundaries of the GTA as they went. Low was adamant: “I didn’t want a suburban house.” In the end they moved as far away from Toronto as they possibly could for a couple whose livelihoods still depended upon the city: Cobourg, the Lake Ontario town with its own lovely beach and boardwalk, just this side of Prince Edward County. The only thing separating the gigantic walkout basement of their new, 2,700-square-foot detached house from the Lake Ontario waterfront is a municipal park. And the cottage run is a one-hour scenic drive along quiet secondary highways.


Tips For Listing Your Property

   Every buyer seems to be looking for an open kitchen next to a family room. And, in general, they want a space to feel fresh and updated; French doors always do that trick. They’re an easy way to open up a small, dated room. They’ll likely cost around $5,000 to $6,000, or double that if they’re being installed in a brick wall.

 

DITCH THE NAUTICAL THEME
   Buyers have a hard time seeing past aesthetics, and most people’s tastes aren’t universal.You’ll want to emphasize brightness with lots of white. The furniture and finishes should be neutral to appeal to the masses—even if you hate that look.

 

FOR BUYERS: DEMYSTIFYING THE DECORATOR’S FEE
   A consultation by an interior designer can range from an hourly rate to a flat fee of up to roughly $2,000, depending on the size of the house and the designer’s experience. The bill can be off-putting, but it will often include things like a customized floor plan, swatches of fabric, paint chips and a storyboard. You get the full sense of what the room is going to look like, and what will and will not have an impact. It’s a complete vision. Make sure when you’re hiring someone that you feel in sync with their style. After you have a frank discussion about the budget and put together your wish list, pass over your trust and let the designer come up with a plan.

 

*** The More affordable Option *** 

   Set up an appointment with Sutton Home Staging - Staging on a budget . The consultation is Free, and they will be able to fill your vacant property to give it that "cozy lived in feel". It's easier for potential buyers to see themselves living in your home if they can visualize where the furniture is set, and how to best utilize the space. 

 

 Sutton Staging, photography by HomeviewPhoto

 

AND IF YOU DON’T HAVE $50,OOO TO SPEND ON A KITCHEN RENO
   A quick and easy fix is to paint kitchen cabinets white!

 

 

 

Moving? We have an excellent Team to Help -- Stages and Master Renovators that can work with Your Budget!

Free Market Evaluations: 
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Tips For Investing In Toronto

 

   The Toronto real estate market is one of the most popular in all of North America. Whether investing in a new downtown condo, commercial real estate or a family home, the Toronto real estate market has opportunities at all levels. If you decide to purchase real estate in Toronto rest assured that you will be living in a city with great amenities, services, facilities and entertainment.
 
   Toronto’s real estate market and availability is ultimately based on demographics: there has been an influx of over a million new people to the Greater Toronto Area over the last decade and there is still a massive shortfall of housing to meet the demand of these new residents.
 
   Furthermore, the sub prime market crisis in the United States has many home buyers wondering what the affect will be on housing markets in Canada, opening the door to uncertainty and speculation on the Canadian market. The good news for Canadians is that the housing market has been setting records for volume and units sold for five consecutive years now despite the problems coming to light in the US.

   “The statistics show just how dynamic the Canadian housing market was in 2007 in virtually all parts of the country,” said Ann Bosley, president of CREA. Historical analysis of the Toronto market in particular shows that real estate for the city, despite occasional dips, continues to do well. Take the Toronto real estate luxury market as an example with house sales in the million dollars plus range across the Greater Toronto Area (GTA) increasing by more than 20% in 2007 over the 2006 figures.

   A thriving Canadian economy has many suburban dwellers leaving the burbs behind to move back into the cities. If you fall into this category, when searching for Toronto homes or condos for sale, you will need to collect information about the different areas of the downtown core to determine if you are looking in a “buyer’s market” or a “seller’s market”. Market competition in Toronto is high which helps to ensure that the pricing cannot be easily raised artificially ensuring that investors are not speculators.

   Not only is the Toronto housing market doing well, but newly constructed Toronto condos are also in very high demand. With each passing year, Toronto condos are becoming a bigger part of total Toronto real estate market. Exciting new homes and condos are being constructed in areas like Eglinton / Yonge and King St. / Bathurst that offer residents access to the excitement of downtown Toronto while still being in a calm, clean and safe area. The most popular areas to invest are projects along the subway, close to downtown and at key intersections along the Yonge – Bloor corridors.

   The Toronto condo market is an excellent alternative to home ownership particularly if you are a first time property buyer or looking to downsize your current investment. The ever increasing cost of a home in todays Toronto real estate market is making it very hard for a large percentage of the population to become home owners. Condos also represent sound Toronto real estate rental investments allowing would be owners to increase the value of their equity. Most home buyers want to get good value for their money while at the same time getting a property that is in an area geographically that they are comfortable with.

   If and when you do decide to invest in the Toronto real estate market make sure to secure the services of a professional real estate lawyer. In any real estate transaction a real estate lawyer will handle; the deed, the bill of sale, mortgage arrangements, promissory note, title commitment and the closing statements on your behalf. Getting a good interest rate on your mortgage is also crucial to being able to afford your investment and avoiding foreclosure.

   There are many stories in the news recently about small towns in the United States that are full of new homeowners that are not able to afford the mortgages for their new homes and are losing money in their investment due to the sub prime crisis. While this situation may be an unhappy one for the people involved, buying in an urban market such as Toronto can help to mitigate problems by offering increased investment flexibility. Whether you would like to purchase a new family home, commercial real estate for your business or a luxury condo, Toronto can provide you with numerous options to choose from.

 

 

 

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