Peter Tarshis
Royal LePage Real Estate Services
416-705-1181 direct
PeterTarshisRealtor@gmail.com
Bio:
"My goal is to make your real estate experience rewarding and enjoyable. With over nineteen years of commitment to my clients in the sales and service industry, you can be assured that you will receive professional, friendly and expert guidance throughout our association."
Whether you are a buyer or a seller, my website is meant to be the one and only place you need to visit.
For sellers I can provide a comparative market analysis to give you an idea of your homes worth. My website provides a place for your home to be seen 24 hours a day, 7 days a week by people who are looking to purchase.
For buyers, we can discuss your housing objectives and then work together to make them a reality for you. My website offers links that will make your exploration easy and enjoyable.
While you are on my site, browse through my featured properties or take advantage of any of the free reports and community and mortgage information that I offer. If you have any questions or would like further details about properties on my site, you can reach me by clicking the contact button.
I look forward to hearing from you!
Warmest regards,
Peter Tarshis
Sunday, August 30, 2009
Wednesday, August 26, 2009
Smoke Alarms 2009
In March of 2006, the Ontario, Canada Fire Code was amended so that it became a requirement to have a working smoke alarm on every storey of a residential buildling.
Included in this amendment was the requirement that smoke alarms must be installed outside all sleeping areas.
This requirement is applicable to all single family homes, semi detached homes and townhouses.
This requirement does not differentiate if the dwelling is owner occupied or tenanted.
Failure to comply with this Ontario Fire Code requirement would result in a fine of $235 and as much as $50,000 if the property is tenanted.
Included in this amendment was the requirement that smoke alarms must be installed outside all sleeping areas.
This requirement is applicable to all single family homes, semi detached homes and townhouses.
This requirement does not differentiate if the dwelling is owner occupied or tenanted.
Failure to comply with this Ontario Fire Code requirement would result in a fine of $235 and as much as $50,000 if the property is tenanted.
6 Tips to Buying a home
When you are buying a home, it can be a stressful task; more than you can imagine. To help ease the stress, I have come up with 6 tips which ultimately make the process less stressful.
1.Know your Budget
When you are trying to buy a house, in the Toronto marketplace you have to know how much you can spend. For this you should be getting a pre-approval from a mortgage broker. This will allow a real estate agent to find a home within your specific price range. From this point forward it becomes a much easier process in locating that dream house of yours.
With a pre-approval you are telling the seller you are serious and ready to commit to the purchase; having a pre-approval helps you also when you are negotiating for the property.
2.Home Inspections are a Must
This might be redundant, but for any home you are considering to purchase you need to have it inspected by a licensed home inspector. A home inspector will locate any problems with the property, at times home inspectors find major issues and it could be a deal breaker.
3.Closing costs
You have to remember that when you are ready to buy a house, you have more to pay than just the down payment. There is a long list of closing costs that may come up, have your real estate agent compile the expenses so you can get the appropriate funds available.
4.Do Not Get Emotional
Some people may fall head over heels with their "dream" home and end up paying a price far over market value because they do not want to give the house up. You cannot let your emotions get in the way of your purchase, remember it is a business transaction and you do not want to regret any decisions you make.
5.Bidding Wars
When you find a great home that is underpriced you should be aware of the chances of a bidding war. Bidding wars are great for the seller, but not for the buyer(s). You may end up paying more than you anticipated because of it. Remember you have a budget and should not stretch it too far.
6.Date of Possession
Try to set a date where you can move into your new home right away, rather than having to find a short term location to stay at. Having to move once is more than enough work.
With these 6 tips I hope you are able to find your house and get settled properly. Do not forget, no matter how stressful buying a home is it will never beat the feeling of knowing you are done
1.Know your Budget
When you are trying to buy a house, in the Toronto marketplace you have to know how much you can spend. For this you should be getting a pre-approval from a mortgage broker. This will allow a real estate agent to find a home within your specific price range. From this point forward it becomes a much easier process in locating that dream house of yours.
With a pre-approval you are telling the seller you are serious and ready to commit to the purchase; having a pre-approval helps you also when you are negotiating for the property.
2.Home Inspections are a Must
This might be redundant, but for any home you are considering to purchase you need to have it inspected by a licensed home inspector. A home inspector will locate any problems with the property, at times home inspectors find major issues and it could be a deal breaker.
3.Closing costs
You have to remember that when you are ready to buy a house, you have more to pay than just the down payment. There is a long list of closing costs that may come up, have your real estate agent compile the expenses so you can get the appropriate funds available.
4.Do Not Get Emotional
Some people may fall head over heels with their "dream" home and end up paying a price far over market value because they do not want to give the house up. You cannot let your emotions get in the way of your purchase, remember it is a business transaction and you do not want to regret any decisions you make.
5.Bidding Wars
When you find a great home that is underpriced you should be aware of the chances of a bidding war. Bidding wars are great for the seller, but not for the buyer(s). You may end up paying more than you anticipated because of it. Remember you have a budget and should not stretch it too far.
6.Date of Possession
Try to set a date where you can move into your new home right away, rather than having to find a short term location to stay at. Having to move once is more than enough work.
With these 6 tips I hope you are able to find your house and get settled properly. Do not forget, no matter how stressful buying a home is it will never beat the feeling of knowing you are done
Record retail space added to Canada in 2009 -
- Canadian developers added retail space at a record pace while the country’s economy went through a recession, spurred on by shoppers and investors such as the Ontario Teachers’ Pension Plan.
Builders added about 6.8 million square feet of retail space in the first half, more than in all of 2008, according to the Canadian unit of CB Richard Ellis Group, the largest publicly traded commercial-property broker.
Builders added about 6.8 million square feet of retail space in the first half, more than in all of 2008, according to the Canadian unit of CB Richard Ellis Group, the largest publicly traded commercial-property broker.
Mortgage Information
Toronto Real Estate, Real Estate, Toronto Rental Information
Why get a Pre-approved Mortgage
August , 2009 ·
When you are purchasing a home, it is highly suggested that buyers get a pre-approval done by a licensed mortgage broker.
You may be asking yourself "why is it necessary?"
The answer to this question is simple; with a pre-approved mortgage you are showing the seller that you are serious about purchasing the house and that if the offer is accepted. You can afford to buy the property off the seller.
If you do not have a pre-approved mortgage then you are simply a ‘risk' to the seller; they are looking at a conditional offer which is based on whether you get the proper financing for the purchase.
This will give you an advantage in buying the house when there are multiple offers being made. A seller is more likely to accept your offer if you have a pre-approved mortgage, compared to another buyer who does not have a pre-approved mortgage.
With a pre-approved mortgage you will know exactly how much you can afford. Best of all when you show your real estate your pre-approved mortgage, it is telling them your price range and from there you will have eliminated a number of homes out of your price range.
With a pre-approved mortgage, the lender certifies that you are financially qualified and creditworthy for a specific loan for an amount up to a specific maximum.
Keep in mind that just because you have a pre-approved mortgage does not mean that you should be spending that specific amount on a home. You have to calculate your expenses; primarily your mortgage payments, utilities and taxes.
Do not forget to budget in closing costs, which are typically around 2% to 5% of the loan. Not to mention moving costs, a good way to move if you are running low on funds is to rent a truck and have a few good friends help you move. You will save hundreds of dollars compared to hiring a professional moving company.
Generally you will find that a pre-approved mortgage will be effective for 90 days from approval. With this you are guaranteeing the financing on the home you may buy and can easily negotiate a house which falls within your budget.
Do not waste time, if you are looking for a house, then you should be getting a pre-approved mortgage today.
Posted by Peter Tarshis on 08/26/2009 02:56 PM
Why get a Pre-approved Mortgage
August , 2009 ·
When you are purchasing a home, it is highly suggested that buyers get a pre-approval done by a licensed mortgage broker.
You may be asking yourself "why is it necessary?"
The answer to this question is simple; with a pre-approved mortgage you are showing the seller that you are serious about purchasing the house and that if the offer is accepted. You can afford to buy the property off the seller.
If you do not have a pre-approved mortgage then you are simply a ‘risk' to the seller; they are looking at a conditional offer which is based on whether you get the proper financing for the purchase.
This will give you an advantage in buying the house when there are multiple offers being made. A seller is more likely to accept your offer if you have a pre-approved mortgage, compared to another buyer who does not have a pre-approved mortgage.
With a pre-approved mortgage you will know exactly how much you can afford. Best of all when you show your real estate your pre-approved mortgage, it is telling them your price range and from there you will have eliminated a number of homes out of your price range.
With a pre-approved mortgage, the lender certifies that you are financially qualified and creditworthy for a specific loan for an amount up to a specific maximum.
Keep in mind that just because you have a pre-approved mortgage does not mean that you should be spending that specific amount on a home. You have to calculate your expenses; primarily your mortgage payments, utilities and taxes.
Do not forget to budget in closing costs, which are typically around 2% to 5% of the loan. Not to mention moving costs, a good way to move if you are running low on funds is to rent a truck and have a few good friends help you move. You will save hundreds of dollars compared to hiring a professional moving company.
Generally you will find that a pre-approved mortgage will be effective for 90 days from approval. With this you are guaranteeing the financing on the home you may buy and can easily negotiate a house which falls within your budget.
Do not waste time, if you are looking for a house, then you should be getting a pre-approved mortgage today.
Posted by Peter Tarshis on 08/26/2009 02:56 PM
What every Remodelling Contract should Include
August , 2009 ·
When you decide to remodel your home it is can be quite expensive if you do hire a contractor. Now the contract you sign is a critical step into any remodelling project. It is a signed agreement between you and the contractor and should have all the necessary points to secure you and your investment.
1.Contractor's Contact Information
You would want to have the contractor's contact information written in the contract. This includes the name, address, phone number, and license number. Test the phone number as well because you do not want the contractor to take your money and leaving you with a half finished project.
2.Start and Completion Dates
You need to have a start date and an approximate completion date written in the contract, if not the contractor can legally take months to finish a project that could be finished in a few weeks.
3.Job Details
In the contract it should list what the contractor will and will not do. Have everything written out so you know exactly what you are paying for.
4.Request the Plans
No matter what kind of remodelling project is being done, there will always be a plan made. Request the plans and study it carefully and approve the work being done. This way you know exactly what is being done to your home and you can change anything if you see fit.
5.Materials List
Get the list of materials from the contractor that will be used in the project. This would include, color, size, model, product and brand name. You will then know exactly what is being used in the project and can find out with a bit of research the quality of materials being used.
6.Binding Arbitration Clause
You will need this if there is a disagreement between you and the contractor; the arbitration will allow you to resolve any dispute without costly litigations.
7.Warranty
You will want to have warranty covering the workmanship and materials for at least 1 year. The warranty must be listed as either "Full" or "Limited" and the contact information for who will honour the warranty. This way if anything does go wrong with work done, you are covered.
Now you are fully prepared to sign any contract for remodelling your home as you will understand fully what will be going on and that you will be protected if the need arises.
When you decide to remodel your home it is can be quite expensive if you do hire a contractor. Now the contract you sign is a critical step into any remodelling project. It is a signed agreement between you and the contractor and should have all the necessary points to secure you and your investment.
1.Contractor's Contact Information
You would want to have the contractor's contact information written in the contract. This includes the name, address, phone number, and license number. Test the phone number as well because you do not want the contractor to take your money and leaving you with a half finished project.
2.Start and Completion Dates
You need to have a start date and an approximate completion date written in the contract, if not the contractor can legally take months to finish a project that could be finished in a few weeks.
3.Job Details
In the contract it should list what the contractor will and will not do. Have everything written out so you know exactly what you are paying for.
4.Request the Plans
No matter what kind of remodelling project is being done, there will always be a plan made. Request the plans and study it carefully and approve the work being done. This way you know exactly what is being done to your home and you can change anything if you see fit.
5.Materials List
Get the list of materials from the contractor that will be used in the project. This would include, color, size, model, product and brand name. You will then know exactly what is being used in the project and can find out with a bit of research the quality of materials being used.
6.Binding Arbitration Clause
You will need this if there is a disagreement between you and the contractor; the arbitration will allow you to resolve any dispute without costly litigations.
7.Warranty
You will want to have warranty covering the workmanship and materials for at least 1 year. The warranty must be listed as either "Full" or "Limited" and the contact information for who will honour the warranty. This way if anything does go wrong with work done, you are covered.
Now you are fully prepared to sign any contract for remodelling your home as you will understand fully what will be going on and that you will be protected if the need arises.
Home Repairs that Can’t be Ignored
Owning a house is expensive, causing many homeowners to procrastinate on repairs. In most cases the repairs that need to be done can be delayed slightly however, there are cases where specific fixes cannot be delayed. Ignoring these problems will result in more expensive repairs down the road.
Here are a few home repairs that should not be ignored:
1.Rodents in your House
Hearing the sounds of rodents throughout your house or finding scratch marks on the ceilings and walls, you should be ready to fix this problem immediately.
You best option is to call an exterminator to get rid of any rodents, however if you do not have sufficient funds to hire one, your options would be to place traps and bait throughout your house. This can become a messy and unpleasant option.
2.Water Leaks
Having a stain on your ceiling or a musty smell around your house is a sure sign that water is damaging your house.
Leaving this problem can result in dry rot, mold and termite infestations. Water can create expensive repair if you do not take care of it when you first catch it.
To fix this problem it is simple, find and stop the leak. Repair the damage and take the necessary steps to ensure it does not happen again.
3.Paint is Peeling
The paint on your home is the first line of defense against water and pests. Water that seeps into the wood leads to rot, while if you leave wood unpainted it can quickly dry and crack.
To fix this you simply need to scrape off the old paint, sand the surface and apply a coat or two of pant.
4.Air Conditioner Filter Needs Cleaning
Having an air conditioner filter which has not been cleaned in months will only result in your air conditioner system to wear down faster and create an environment suitable for mold to be grown and spread throughout your house.To fix this problem requires you to check and clean your filter once a month and replace it every two months. Get your system checked out annually.
The problems I have laid out are placed in the level of priority; however they can all become quite expensive if not fixed right away. Procrastination will only lead to you spending more money on a problem that could have been avoided.
Here are a few home repairs that should not be ignored:
1.Rodents in your House
Hearing the sounds of rodents throughout your house or finding scratch marks on the ceilings and walls, you should be ready to fix this problem immediately.
You best option is to call an exterminator to get rid of any rodents, however if you do not have sufficient funds to hire one, your options would be to place traps and bait throughout your house. This can become a messy and unpleasant option.
2.Water Leaks
Having a stain on your ceiling or a musty smell around your house is a sure sign that water is damaging your house.
Leaving this problem can result in dry rot, mold and termite infestations. Water can create expensive repair if you do not take care of it when you first catch it.
To fix this problem it is simple, find and stop the leak. Repair the damage and take the necessary steps to ensure it does not happen again.
3.Paint is Peeling
The paint on your home is the first line of defense against water and pests. Water that seeps into the wood leads to rot, while if you leave wood unpainted it can quickly dry and crack.
To fix this you simply need to scrape off the old paint, sand the surface and apply a coat or two of pant.
4.Air Conditioner Filter Needs Cleaning
Having an air conditioner filter which has not been cleaned in months will only result in your air conditioner system to wear down faster and create an environment suitable for mold to be grown and spread throughout your house.To fix this problem requires you to check and clean your filter once a month and replace it every two months. Get your system checked out annually.
The problems I have laid out are placed in the level of priority; however they can all become quite expensive if not fixed right away. Procrastination will only lead to you spending more money on a problem that could have been avoided.
Can my landlord include a no-smoking clause in my lease agreement?
Quick Tip:
August, 2009 ·
Yes, in the Province of Ontario, it is legal for a landlord to ban smoking in private rental units.
A decision by the Landlord and Tenant Board in 2008 supported this concept. The legal community states that landlords also have a right to impose additional obligations or restrictions on tenants over and above the standard lease agreement terms.
As long as these obligations do not contravene the Ontario Human Rights Code, the Residential Tenancies Act or other federal laws. A landlord does have the right
August, 2009 ·
Yes, in the Province of Ontario, it is legal for a landlord to ban smoking in private rental units.
A decision by the Landlord and Tenant Board in 2008 supported this concept. The legal community states that landlords also have a right to impose additional obligations or restrictions on tenants over and above the standard lease agreement terms.
As long as these obligations do not contravene the Ontario Human Rights Code, the Residential Tenancies Act or other federal laws. A landlord does have the right
Chinese Drywall in Your Home Can Make You Sick
The use of toxic Chinese drywall in newly-built or renovated homes is turning into the largest environmental crisis to hit the North American real estate industry in recent history.
When exposed to humid conditions, the defective drywall gives off toxic gases like hydrogen sulphide, sulphur dioxide and others. Not only do these gases create a noxious odour (comparable to a rotten egg smell), they also cause health problems such as shortness of breath, eye irritation, fatigue, dizziness, insomnia, sore throat, bloody nose, and headaches.
Along with unpleasant smells, other evidence of the presence of the toxic Chinese drywall in new or renovated homes includes blackened and burnt wiring behind wall plugs and switch plates, and corroded evaporator coils on air conditioning units.
Unfortunately, homes containing defective Chinese drywall cannot be repaired. The only course of action is for them to be completely gutted and rebuilt. Experts in the field estimate that it can take as few as three sheets of the toxic drywall to contaminate an entire home to the point of making it uninhabitable.
Between 2001 and 2008, hundreds of millions of sheets of the toxic drywall were imported to the U.S. During the same time period, about a million square metres were shipped to Canada.
America’s Watchdog, a national advocacy group for consumer protection, is taking an active role in tracking down those responsible for the defective drywall. The president of America’s Watchdog, Thomas Martin, says the crisis is “the worst case of sick houses in U.S. history.”
In April of this year, the Drywall Safety Act was introduced in the United States House of Representatives. If approved, the Act would prompt a recall of all Chinese drywall imported into the U.S. between 2004 and 2007.
Meanwhile, the full extent of Chinese drywall installation in Canadian homes is still under investigation. If you suspect your home may contain the defective drywall, contact an environmental engineer or a qualified home inspector.
When exposed to humid conditions, the defective drywall gives off toxic gases like hydrogen sulphide, sulphur dioxide and others. Not only do these gases create a noxious odour (comparable to a rotten egg smell), they also cause health problems such as shortness of breath, eye irritation, fatigue, dizziness, insomnia, sore throat, bloody nose, and headaches.
Along with unpleasant smells, other evidence of the presence of the toxic Chinese drywall in new or renovated homes includes blackened and burnt wiring behind wall plugs and switch plates, and corroded evaporator coils on air conditioning units.
Unfortunately, homes containing defective Chinese drywall cannot be repaired. The only course of action is for them to be completely gutted and rebuilt. Experts in the field estimate that it can take as few as three sheets of the toxic drywall to contaminate an entire home to the point of making it uninhabitable.
Between 2001 and 2008, hundreds of millions of sheets of the toxic drywall were imported to the U.S. During the same time period, about a million square metres were shipped to Canada.
America’s Watchdog, a national advocacy group for consumer protection, is taking an active role in tracking down those responsible for the defective drywall. The president of America’s Watchdog, Thomas Martin, says the crisis is “the worst case of sick houses in U.S. history.”
In April of this year, the Drywall Safety Act was introduced in the United States House of Representatives. If approved, the Act would prompt a recall of all Chinese drywall imported into the U.S. between 2004 and 2007.
Meanwhile, the full extent of Chinese drywall installation in Canadian homes is still under investigation. If you suspect your home may contain the defective drywall, contact an environmental engineer or a qualified home inspector.
Home Repairs - How long does it last ?
THE 1% RULE
When you consider the life cycle of every component of a house, a reasonable annual estimate of the cost of normal maintenance is 1% of the value of the house. One year you may replace the furnace; a few years down the road you may re-surface the roof. Throw in the odd unexpected repair in between and you average 1% per year. It’s incredible but this rule is not far off even for very expensive and very inexpensive houses.
NORMAL MAINTENANCE
If you strip away the cosmetics, a house is made up of the structure, roof, exterior envelope and the “systems” of the house. The “systems” are things like heating, plumbing, electrical and cooling.
All components and systems eventually wear out. Fortunately, they don’t all wear out at the same time. Different components have different life cycles. Houses tend to settle into what you might call a “normal maintenance pattern”
WHAT’S THE MESSAGE HERE?
A homebuyer should arrive at the home inspection with realistic expectations. If you are buying a 12-15 year old home, let’s face it, you may need a new roof covering. If you are buying a 60 year old home, you may have to update some plumbing. Don’t let this scare you away from a perfectly good home.
HOW LONG DOES IT LAST?
Here is a short list of typical life cycles of the most common components of the home. Please keep in mind that there will be exceptions in every category.
ROOF
conventional asphalt shingles ……………………………………………………12 – 15 years
top quality asphalt shingles …………………………………………………….25 – 30 years
low slope shingles ……………………………………………………………..10 – 15 years
slate………………………………………………………………………….40 – 200 years
tar & gravel roof (built up roof)…………………………………………………15 – 20 years
single ply roof membrane ………………………………………………………..15 – 20 years
roll roofing……………………………………………………………………5 – 10 years
EXTERIOR
gutters & downspouts …………………………………………………………20 – 30 years
copper gutters and downspouts …………………………………………………50 – 100 years
aluminum siding ……………………………………………………………..50 plus years
wood siding………………………………………………………………….maintenance dependent
stucco………………………………………………………………………maintenance dependent
exterior paint ………………………………………………………………4 – 6 years
deck………………………………………………………………………..10 – 20 years
asphalt driveway surface………………………………………………………10 – 20 years
driveway sealer ……………………………………………………………..1 – 3 years
concrete driveway…………………………………………………………….30 – 40 years
garage door opener……………………………………………………………8 – 12 years
STRUCTURE
termite treatment ……………………………………………………………10 – 20 years
HEAT
conventional furnace …………………………………………………………20 – 25 years
mid efficiency furnace ……………………………………………………….20 – 25 years
high efficiency furnace…………………………………………..unknown, suspect < 20 years
cast iron boiler …………………………………………………………….35 – 50 years
steel boiler ………………………………………………………………..20 – 30 years
copper tube boiler……………………………………………………………10 – 20 years
humidifier ………………………………………………………………….5 – 10 years
electronic air filter…………………………………………………………10 – 20 years
COOLING
air conditioning condenser ……………………………………………………10 – 15 years
PLUMBING
galvanized steel supply pipe …………………………………………………..40 – 50 years
copper pipe ………………………………………………………………….indefinite
toilet……………………………………………………………………….30 – 40 years
sink ………………………………………………………………………..12 – 20 years
faucet……………………………………………………………………….10 – 15 years
whirlpool bath ……………………………………………………………….15 – 25 years
shower pan……………………………………………………………………unpredictable
submersible pump for well ……………………………………………………..10 – 15 years
suction or jet pump …………………………………………………………..10 – 15 years
water softener ……………………………………………………………….5 – 15 years
sump pump ……………………………………………………………………2 – 7 years
water heater………………………………………………………………….8 – 12 years
tile bathtub enclosure ………………………………………………………..10 – 50 years
INTERIOR
paint………………………………………………………………………..5 – 10 years
windows ……………………………………………………………………..maintenance dependent
When you consider the life cycle of every component of a house, a reasonable annual estimate of the cost of normal maintenance is 1% of the value of the house. One year you may replace the furnace; a few years down the road you may re-surface the roof. Throw in the odd unexpected repair in between and you average 1% per year. It’s incredible but this rule is not far off even for very expensive and very inexpensive houses.
NORMAL MAINTENANCE
If you strip away the cosmetics, a house is made up of the structure, roof, exterior envelope and the “systems” of the house. The “systems” are things like heating, plumbing, electrical and cooling.
All components and systems eventually wear out. Fortunately, they don’t all wear out at the same time. Different components have different life cycles. Houses tend to settle into what you might call a “normal maintenance pattern”
WHAT’S THE MESSAGE HERE?
A homebuyer should arrive at the home inspection with realistic expectations. If you are buying a 12-15 year old home, let’s face it, you may need a new roof covering. If you are buying a 60 year old home, you may have to update some plumbing. Don’t let this scare you away from a perfectly good home.
HOW LONG DOES IT LAST?
Here is a short list of typical life cycles of the most common components of the home. Please keep in mind that there will be exceptions in every category.
ROOF
conventional asphalt shingles ……………………………………………………12 – 15 years
top quality asphalt shingles …………………………………………………….25 – 30 years
low slope shingles ……………………………………………………………..10 – 15 years
slate………………………………………………………………………….40 – 200 years
tar & gravel roof (built up roof)…………………………………………………15 – 20 years
single ply roof membrane ………………………………………………………..15 – 20 years
roll roofing……………………………………………………………………5 – 10 years
EXTERIOR
gutters & downspouts …………………………………………………………20 – 30 years
copper gutters and downspouts …………………………………………………50 – 100 years
aluminum siding ……………………………………………………………..50 plus years
wood siding………………………………………………………………….maintenance dependent
stucco………………………………………………………………………maintenance dependent
exterior paint ………………………………………………………………4 – 6 years
deck………………………………………………………………………..10 – 20 years
asphalt driveway surface………………………………………………………10 – 20 years
driveway sealer ……………………………………………………………..1 – 3 years
concrete driveway…………………………………………………………….30 – 40 years
garage door opener……………………………………………………………8 – 12 years
STRUCTURE
termite treatment ……………………………………………………………10 – 20 years
HEAT
conventional furnace …………………………………………………………20 – 25 years
mid efficiency furnace ……………………………………………………….20 – 25 years
high efficiency furnace…………………………………………..unknown, suspect < 20 years
cast iron boiler …………………………………………………………….35 – 50 years
steel boiler ………………………………………………………………..20 – 30 years
copper tube boiler……………………………………………………………10 – 20 years
humidifier ………………………………………………………………….5 – 10 years
electronic air filter…………………………………………………………10 – 20 years
COOLING
air conditioning condenser ……………………………………………………10 – 15 years
PLUMBING
galvanized steel supply pipe …………………………………………………..40 – 50 years
copper pipe ………………………………………………………………….indefinite
toilet……………………………………………………………………….30 – 40 years
sink ………………………………………………………………………..12 – 20 years
faucet……………………………………………………………………….10 – 15 years
whirlpool bath ……………………………………………………………….15 – 25 years
shower pan……………………………………………………………………unpredictable
submersible pump for well ……………………………………………………..10 – 15 years
suction or jet pump …………………………………………………………..10 – 15 years
water softener ……………………………………………………………….5 – 15 years
sump pump ……………………………………………………………………2 – 7 years
water heater………………………………………………………………….8 – 12 years
tile bathtub enclosure ………………………………………………………..10 – 50 years
INTERIOR
paint………………………………………………………………………..5 – 10 years
windows ……………………………………………………………………..maintenance dependent
Condo vs House
Where to go from here Condo or house?
Particularly for first time buyers, this can be a difficult question because each option has its advantages and disadvantages.
To help you decide what’s best for you – and rather than just listing the pros and cons of condo vs. house, as they differ for everyone – we’ve prepared profiles of the ‘typical’ happy condo and happy home owner.
These examples may not match your individual profile exactly, but we hope that identifying with them will help you determine where to focus your quest for the perfect place!
Particularly for first time buyers, this can be a difficult question because each option has its advantages and disadvantages.
To help you decide what’s best for you – and rather than just listing the pros and cons of condo vs. house, as they differ for everyone – we’ve prepared profiles of the ‘typical’ happy condo and happy home owner.
These examples may not match your individual profile exactly, but we hope that identifying with them will help you determine where to focus your quest for the perfect place!
What Makes a Skyscraper Green?
These days, it seems like skyscrapers are in a race to be the greenest, as well as the tallest. New York City's Hearst Tower is largely made from recycled steel and uses rainwater for 50 percent of its needs. China's 71 story Pearl River Tower (pictured below) will soon use wind, sun and geothermal energy to power itself, and even the Empire State Building, one of the world's oldest skyscrapers, is currently undergoing an energy retrofit facelift to stay in the race.
To be the greenest skyscraper on the block, designers are incorporating cutting edge energy and water saving technologies like helical wind turbine technology, thousands of solar panels, sunlight-sensing LED lights, rainwater catchment systems and even seawater-powered air conditioning. One building awaiting construction is the Burj al Taqa "Energy Tower" (interior pictured below). With a 197-foot roof turbine and 161,459 square feet of solar panels, this 68 story skyscraper, if built, would create all its own power on site.
To be the greenest skyscraper on the block, designers are incorporating cutting edge energy and water saving technologies like helical wind turbine technology, thousands of solar panels, sunlight-sensing LED lights, rainwater catchment systems and even seawater-powered air conditioning. One building awaiting construction is the Burj al Taqa "Energy Tower" (interior pictured below). With a 197-foot roof turbine and 161,459 square feet of solar panels, this 68 story skyscraper, if built, would create all its own power on site.
Parking - Food for thought - change
When does a Prius have the same environmental impact as a Hummer? The 95 percent of the time it’s parked.
Most people don't spend time thinking about parking spaces unless they're looking for one. But these 9' by 18' rectangles of urban real estate have a vast impact on North American communities.
They affect the economy, land use patterns, the design of cities and even individual lifestyles.
Most people don't spend time thinking about parking spaces unless they're looking for one. But these 9' by 18' rectangles of urban real estate have a vast impact on North American communities.
They affect the economy, land use patterns, the design of cities and even individual lifestyles.
Green Roofs on Commercial Buildings in Toronto
Bahram Farhang, the TTC's senior project engineer for roofing programs, perches atop the transit system's first green roof.
The plant mix used on the Eglinton West station roof is called the Carefree Evergreen Mix by LiveRoof, the company that supplied the TTC's greenery. The mix comprises eight varieties of sedum, a plant from the succulent family. Also known as stonecrop, sedums have fleshy leaves that retain water.
In a fresh bid to green the Red Rocket, the TTC has carpeted the roof of its Eglinton West station with an 835-square-metre garden.
The new strip of green offers transit users and motorists a more pastoral view at the Eglinton end of the Allen Expressway.
But the mix of flowering, drought-resistant plants called sedums comes with some invisible benefits too, says Toronto Transit Commission chair Adam Giambrone.
The green roof, the first of many planned for the transit system, will reduce stormwater runoff, improve air quality and extend the roof life of the station because the garden protects it from weathering.
Eglinton West was selected for the TTC's first green roof because the station's leaky old lid needed replacement.
A green roof at Victoria Park station, currently under renovation, will be about three times the size of this one. Besides green roofs, solar panels and cool roofs, which reflect the sun, are being considered for the Dufferin station renovation and five new car houses the TTC is planning for its Transit City streetcar lines, Giambrone said.
Green roofs cost more to install but can double the life expectancy of the roof to 40-50 years, according to Jonathan Wilder, the TTC's roofing consultant.
The Eglinton West project, which cost about $850,000, includes about 5,000 plant trays laid out in evenly spaced rows of rectangles, framed by gravel walkways. Installation took five days.
A conventional roof replacement would have cost about $500,000, according to transit officials.
Sedum is a good choice for rooftops because it requires so little water, about 2.5 centimetres a month, and no mowing, said Kees Govers. His company, LiveRoof, supplied the plants, which are grown in modular trays that fit together to create the roof's parterre design.
The plants lower the temperature by several degrees for about a metre above the growth, helping to reduce the urban heat island effect, a dome of hot air that builds up over cities.
The plant mix used on the Eglinton West station roof is called the Carefree Evergreen Mix by LiveRoof, the company that supplied the TTC's greenery. The mix comprises eight varieties of sedum, a plant from the succulent family. Also known as stonecrop, sedums have fleshy leaves that retain water.
In a fresh bid to green the Red Rocket, the TTC has carpeted the roof of its Eglinton West station with an 835-square-metre garden.
The new strip of green offers transit users and motorists a more pastoral view at the Eglinton end of the Allen Expressway.
But the mix of flowering, drought-resistant plants called sedums comes with some invisible benefits too, says Toronto Transit Commission chair Adam Giambrone.
The green roof, the first of many planned for the transit system, will reduce stormwater runoff, improve air quality and extend the roof life of the station because the garden protects it from weathering.
Eglinton West was selected for the TTC's first green roof because the station's leaky old lid needed replacement.
A green roof at Victoria Park station, currently under renovation, will be about three times the size of this one. Besides green roofs, solar panels and cool roofs, which reflect the sun, are being considered for the Dufferin station renovation and five new car houses the TTC is planning for its Transit City streetcar lines, Giambrone said.
Green roofs cost more to install but can double the life expectancy of the roof to 40-50 years, according to Jonathan Wilder, the TTC's roofing consultant.
The Eglinton West project, which cost about $850,000, includes about 5,000 plant trays laid out in evenly spaced rows of rectangles, framed by gravel walkways. Installation took five days.
A conventional roof replacement would have cost about $500,000, according to transit officials.
Sedum is a good choice for rooftops because it requires so little water, about 2.5 centimetres a month, and no mowing, said Kees Govers. His company, LiveRoof, supplied the plants, which are grown in modular trays that fit together to create the roof's parterre design.
The plants lower the temperature by several degrees for about a metre above the growth, helping to reduce the urban heat island effect, a dome of hot air that builds up over cities.
Commercial Green Retrofits to attract new tenants -TORONTO
The Toronto-Dominion Centre is undergoing a makeover, but there's more to it than renovated foyers and a spruced-up outdoor courtyard.
The real story is behind the walls of the iconic black towers, where owner Cadillac Fairview Corp. is investing in systems that will help to reduce energy consumption and operating costs - and make the six-building office complex in downtown Toronto more attractive to tenants.
Cadillac Fairview is typical of Toronto landlords who are investing in green retrofits, hoping that upgrades to older buildings will make them more competitive in a market where the office vacancy rate is rising and millions of square feet of newly constructed, LEED-certified space will be delivered over the next several months.
There is more retrofitting going on in Toronto than in other parts of Canada because of the huge amount of older office space that will open up as tenants jump from these buildings into five new towers going up in the downtown core, says Robert Armstrong, managing director of leasing services for commercial property broker Avison Young in Toronto.
Tenants are working with tight budgets and they're looking everywhere for savings. "What they're asking for right now is how to reduce costs, whether it's getting into a building that is more efficient than the one they're in, or how to make the space they're occupying more efficient," Mr. Armstrong says.
While the economy has put the kibosh on new commercial construction, the retrofitting trend is taking hold.
The real story is behind the walls of the iconic black towers, where owner Cadillac Fairview Corp. is investing in systems that will help to reduce energy consumption and operating costs - and make the six-building office complex in downtown Toronto more attractive to tenants.
Cadillac Fairview is typical of Toronto landlords who are investing in green retrofits, hoping that upgrades to older buildings will make them more competitive in a market where the office vacancy rate is rising and millions of square feet of newly constructed, LEED-certified space will be delivered over the next several months.
There is more retrofitting going on in Toronto than in other parts of Canada because of the huge amount of older office space that will open up as tenants jump from these buildings into five new towers going up in the downtown core, says Robert Armstrong, managing director of leasing services for commercial property broker Avison Young in Toronto.
Tenants are working with tight budgets and they're looking everywhere for savings. "What they're asking for right now is how to reduce costs, whether it's getting into a building that is more efficient than the one they're in, or how to make the space they're occupying more efficient," Mr. Armstrong says.
While the economy has put the kibosh on new commercial construction, the retrofitting trend is taking hold.
CANADA- ONTARIO REALTY CORP. in Toronto
LATEST NEWS Green Building
August 2009
More than 400,000 square feet of office space will be created when the conversion of the former Sears head office is completed.
Ontario Realty Corporation to spend $100 million on green office conversion
The Ontario Realty Corp.(ORC) is poised to start work this fall on a $100 million greening of a 40-year-old building in downtown Toronto. The retrofit is believed to be one of the largest of its kind in North America.
To be undertaken at the former Sears Canada head office on Jarvis Street, the project will create 455,000 square feet of state-of-the art green office space. A construction manager is expected to be hired by the end of this month.
Toronto’s WZMH Architects has been retained to help design the green workplace.
Schematic design is currently under way.
LEED Gold is being targeted. The project is scheduled to be completed by spring 2010.
The retrofit is the first project in the Toronto Accommodation Plan, a provincial initiative to green and retrofit a number of Ontario government buildings in the city. The nine-storey building has 250 sub-grade parking spaces and two surface parking lots.
In a statement, the Ministry of Energy and Infrastructure said the project provides opportunities for various energy-efficient design initiatives such as construction of a green roof, use of solar energy and incorporation of state-of-the-art IT infrastructure.
Other measures could include a reduction in parking spaces and provision of bicycle storage facilities to encourage green commuting, the ministry said.
The project is being undertaken by ORC on behalf of the ministry.
“This project presents a unique opportunity to renovate a 40-year old building and create a greener, more efficient workplace that will be used as a model for retrofits across the province,” said ORC president and CEO Dave Glass
August 2009
More than 400,000 square feet of office space will be created when the conversion of the former Sears head office is completed.
Ontario Realty Corporation to spend $100 million on green office conversion
The Ontario Realty Corp.(ORC) is poised to start work this fall on a $100 million greening of a 40-year-old building in downtown Toronto. The retrofit is believed to be one of the largest of its kind in North America.
To be undertaken at the former Sears Canada head office on Jarvis Street, the project will create 455,000 square feet of state-of-the art green office space. A construction manager is expected to be hired by the end of this month.
Toronto’s WZMH Architects has been retained to help design the green workplace.
Schematic design is currently under way.
LEED Gold is being targeted. The project is scheduled to be completed by spring 2010.
The retrofit is the first project in the Toronto Accommodation Plan, a provincial initiative to green and retrofit a number of Ontario government buildings in the city. The nine-storey building has 250 sub-grade parking spaces and two surface parking lots.
In a statement, the Ministry of Energy and Infrastructure said the project provides opportunities for various energy-efficient design initiatives such as construction of a green roof, use of solar energy and incorporation of state-of-the-art IT infrastructure.
Other measures could include a reduction in parking spaces and provision of bicycle storage facilities to encourage green commuting, the ministry said.
The project is being undertaken by ORC on behalf of the ministry.
“This project presents a unique opportunity to renovate a 40-year old building and create a greener, more efficient workplace that will be used as a model for retrofits across the province,” said ORC president and CEO Dave Glass
Bentall LP Launches ForeverGreen Purchasing Program
TORONTO, Aug.- More than 10,000 suppliers and 600 commercial
real estate properties in North America will be involved in a new
Environmentally Preferable Purchasing (EPP) initiative. To help further reduce
the environmental impact of the buildings they manage, Bentall announces its
ForeverGreen Purchasing program.
EPP is the sourcing and procurement of products and services that meet
conventional technical performance standards while minimizing environmental
impact.
The development of ForeverGreen Purchasing, a formal EPP program,
reinforces Bentall's commitment to strategically develop and continually
improve environmental best practices with regard to their managed properties
and the impact they have on the communities in which they do business.
Created in collaboration with Five Winds International, the program aims to leverage
the scale of Bentall's purchasing power to encourage and influence markets for
more environmentally preferable products and services.
real estate properties in North America will be involved in a new
Environmentally Preferable Purchasing (EPP) initiative. To help further reduce
the environmental impact of the buildings they manage, Bentall announces its
ForeverGreen Purchasing program.
EPP is the sourcing and procurement of products and services that meet
conventional technical performance standards while minimizing environmental
impact.
The development of ForeverGreen Purchasing, a formal EPP program,
reinforces Bentall's commitment to strategically develop and continually
improve environmental best practices with regard to their managed properties
and the impact they have on the communities in which they do business.
Created in collaboration with Five Winds International, the program aims to leverage
the scale of Bentall's purchasing power to encourage and influence markets for
more environmentally preferable products and services.
Increased Optimism Fuels Retail Sales
Retail sales data released this week showed a 1.2% jump in sales for
the month.
Gains were spread across most sectors with autos
leading the way with a 3.1% increase, while building supplies —
spurred on by Federal renovation tax credits — furniture, and food
and beverages posted positive results as well.
the month.
Gains were spread across most sectors with autos
leading the way with a 3.1% increase, while building supplies —
spurred on by Federal renovation tax credits — furniture, and food
and beverages posted positive results as well.
Bank of Canada - Aug 2009
The Bank of Canada predicted on Thursday
that the recession has ended, with the Canadian economy
expected to expand by an annualized 1.3% in the current
quarter. Financial results for companies with the S&P 500 seem to confirm this assessment,
that the recession has ended, with the Canadian economy
expected to expand by an annualized 1.3% in the current
quarter. Financial results for companies with the S&P 500 seem to confirm this assessment,
Lead Paint Renovation Rule Compliance Guide
This compliance guide provides information for REALTORS® on the EPA's new Renovation, Repair and Painting Rule. The guide describes the new lead-based paint safety practices established by the rule, and what steps real estate agents, brokers, and property managers need to take to comply with the new procedures.
The guide includes a short introduction, two narrated presentations, and two sets of frequently asked questions (FAQ) answered by EPA officials and regulatory experts—one video each for real estate agents and brokers, and property managers. View the introduction, then select the appropriate presentation below. Links to additional resources and information on lead-based paint regulations and compliance can also be found with PeterTarshisRealtor@gmail.com
The guide includes a short introduction, two narrated presentations, and two sets of frequently asked questions (FAQ) answered by EPA officials and regulatory experts—one video each for real estate agents and brokers, and property managers. View the introduction, then select the appropriate presentation below. Links to additional resources and information on lead-based paint regulations and compliance can also be found with PeterTarshisRealtor@gmail.com
Monday, August 24, 2009
Torontonians are crazy for condos.
Last month there were 2,361 condominium sales in the GTA, an increase of 25 per cent from the previous July.
While sales of all housing types have been robust throughout the past couple of months, condominium transactions are making a stronger contribution to the big picture than ever before.
In little more than a decade, condo sales have gone from comprising a quarter of all GTA resale transactions to accounting for almost one in every three homes that changes hands. In central Toronto condominiums now represent 60 per cent of resale transactions.
As a result of the condo boom the population of downtown Toronto grew by 10 per cent in the last five-year census period, representing the largest five-year population increase in the core throughout the last 30 years.
And there’s more to come. According to the Canada Mortgage and Housing Corporation the seasonally adjusted annual rate of housing starts rose in the Toronto area by 10 per cent in June from the previous month to 24,000 units. This can mainly be attributed to condominiums as multi-family developments were up 15 per cent from the prior month.
The popularity of condominiums has skyrocketed because they appeal to people from so many different walks of life. Toronto welcomes nearly 100,000 newcomers to Canada each year from countries like India and China, where high-rise living is the norm. As such, Toronto’s condo market is a natural fit.
Well-educated young adults who are on a career path also see condo living as an affordable and convenient option, given its proximity to business and city life. Indeed many from the twenty and thirty something age choose developments that reflect their personality.
Whether you’re a media buff, into retro chic or have a penchant for fine art, there’s a Toronto condo designed specifically with your needs in mind.
Empty nesters and those who purchase property around the globe are also drawn to Toronto condos, given their spectacular architecture and luxurious features.
A recent report by Urbanation substantiates their wide appeal; indicating that in the second quarter of this year Toronto’s new condo sales increased 223 per cent from Q1, to 2,963 units.
Even if you’re not drawn to this housing type, our new vertical city has an economic benefit to all GTA residents.
It obviously benefits housing industry related professions, but it also has a positive impact on a number of other sectors. In fact, according to a study by the Canadian Real Estate Association, one out of every 100 jobs depends on spending associated with resale housing transactions, on things like renovations, furniture and appliances. This study also found that the average resale housing transaction in Ontario generates more than $47,000 in economic spinoffs. Even the smallest businesses benefit from condominium communities, which provide a steady stream of clientele to their ground floor shops.
New housing units also put additional funds into the City’s coffers through property taxes. And intensification offers the opportunity to improve, rather than disperse, city services like transit, waste removal and recreation facilities.
As the fifth most populous urban centre in North America behind Mexico City, New York City, Los Angeles and Chicago, Toronto is growing up, both literally and figuratively as it matures into a world-class city.
While sales of all housing types have been robust throughout the past couple of months, condominium transactions are making a stronger contribution to the big picture than ever before.
In little more than a decade, condo sales have gone from comprising a quarter of all GTA resale transactions to accounting for almost one in every three homes that changes hands. In central Toronto condominiums now represent 60 per cent of resale transactions.
As a result of the condo boom the population of downtown Toronto grew by 10 per cent in the last five-year census period, representing the largest five-year population increase in the core throughout the last 30 years.
And there’s more to come. According to the Canada Mortgage and Housing Corporation the seasonally adjusted annual rate of housing starts rose in the Toronto area by 10 per cent in June from the previous month to 24,000 units. This can mainly be attributed to condominiums as multi-family developments were up 15 per cent from the prior month.
The popularity of condominiums has skyrocketed because they appeal to people from so many different walks of life. Toronto welcomes nearly 100,000 newcomers to Canada each year from countries like India and China, where high-rise living is the norm. As such, Toronto’s condo market is a natural fit.
Well-educated young adults who are on a career path also see condo living as an affordable and convenient option, given its proximity to business and city life. Indeed many from the twenty and thirty something age choose developments that reflect their personality.
Whether you’re a media buff, into retro chic or have a penchant for fine art, there’s a Toronto condo designed specifically with your needs in mind.
Empty nesters and those who purchase property around the globe are also drawn to Toronto condos, given their spectacular architecture and luxurious features.
A recent report by Urbanation substantiates their wide appeal; indicating that in the second quarter of this year Toronto’s new condo sales increased 223 per cent from Q1, to 2,963 units.
Even if you’re not drawn to this housing type, our new vertical city has an economic benefit to all GTA residents.
It obviously benefits housing industry related professions, but it also has a positive impact on a number of other sectors. In fact, according to a study by the Canadian Real Estate Association, one out of every 100 jobs depends on spending associated with resale housing transactions, on things like renovations, furniture and appliances. This study also found that the average resale housing transaction in Ontario generates more than $47,000 in economic spinoffs. Even the smallest businesses benefit from condominium communities, which provide a steady stream of clientele to their ground floor shops.
New housing units also put additional funds into the City’s coffers through property taxes. And intensification offers the opportunity to improve, rather than disperse, city services like transit, waste removal and recreation facilities.
As the fifth most populous urban centre in North America behind Mexico City, New York City, Los Angeles and Chicago, Toronto is growing up, both literally and figuratively as it matures into a world-class city.
Thursday, August 20, 2009
Lofts in Toronto
Looking to buy, sell, or rent a loft in Toronto?
This is the place!
Toronto has developed some beautiful loft space. Whether you are interested in creative space, personal living space, a space to relax, live/work space, space for entertaining, we’ve got the knowledge and expertise to help you find the right loft space for you.
And if you’re looking move to a new environment, we’ve got the marketing know-how to find the right buyer for your space—we’re ready to serve you with your unique request.
Call or e-mail me to search current listings, find detailed descriptions and photos of listings that interest you, send us your request to me, today!
Looking forward to helping you find your space in the city,
This is the place!
Toronto has developed some beautiful loft space. Whether you are interested in creative space, personal living space, a space to relax, live/work space, space for entertaining, we’ve got the knowledge and expertise to help you find the right loft space for you.
And if you’re looking move to a new environment, we’ve got the marketing know-how to find the right buyer for your space—we’re ready to serve you with your unique request.
Call or e-mail me to search current listings, find detailed descriptions and photos of listings that interest you, send us your request to me, today!
Looking forward to helping you find your space in the city,
August 2009 Real Estate Outlook
Approaching “normal”?
In these dog days of summer, there are positive signs for
both the housing market and the economy.
Pending sales rose for a fifth consecutive month, home sales rose for a third month in a row, and inventory levels have declined.
The economy, too, is showing some signs of improvement.
But are we on the road back to “normal”?
In these dog days of summer, there are positive signs for
both the housing market and the economy.
Pending sales rose for a fifth consecutive month, home sales rose for a third month in a row, and inventory levels have declined.
The economy, too, is showing some signs of improvement.
But are we on the road back to “normal”?
Torontoians' Passion for Real Estate has been Ignited!
A new way to hunt for homes. Industry data now available through your REALTOR®.
August 14, 2009 -- Torontonians’ passion for property has been re-ignited.
Nearly 10,000 Greater Toronto Area homeowners made the decision to move to their next residence in July, which represents a record for that month. Specifically, 9,967 homes changed hands, an increase of 28 per cent from July 2008.
After making a decision to move, many of these buyers likely began a preliminary search for their next home by using the Canadian Real Estate Association’s public website REALTOR.ca.
Unlike the Multiple Listing Service®, which is a sophisticated computer database of sold, expired and active listings accessed only by REALTORS®, CREA’s REALTOR.ca website advertises general information about resale homes available on the market.
With respect to newly built homes, an equivalent marketing vehicle doesn’t exist, prompting some buyers to approach their search of this segment of the market by compiling newspaper clippings, website addresses and trade magazine advertisements.
Searching for a new home using this strategy though means that many options are left unidentified.
Fortunately, there is a simple and comprehensive alternative to searching for newly constructed homes. Greater Toronto REALTORS® have access to a database of new home listings through RealNet Canada Inc. Founded in 1995, RealNet provides coverage in both the commercial real estate investment and residential development markets.
In the Greater Toronto Area, RealNet reports on 99 per cent of all developments greater than 15 units in size. Its database includes more than 35,000 current records, which are updated on a monthly basis.
This means that regardless of whether you’re looking for a detached home in the suburbs, a high rise condo unit in the city, or anything in between, your REALTOR® can provide you with complete details on all of your new home construction options.
Like a typical MLS® inquiry, a search of the RealNet database can be conducted by housing type, location and price range. Once you have refined your criteria, even more information can be found like builder names, number of bedrooms, lot sizes and quantity of available units. You’ll be able to learn about condo fees, occupancy dates, and the availability of parking and storage lockers as well.
Even if you already have a specific development in mind, your REALTOR’s® access to RealNet information can help you measure your preferred builder’s value proposition by offering a broader perspective of all available options. It will also help you to carefully weigh your decision with respect to choosing new versus resale housing.
As well, REALTORS® can obtain detailed statistical reports on the new home market through RealNet. Key information is highlighted including the number of product offerings, the previous month's sales, remaining inventory, average size, average price and average 12-month absorption by housing type.
Regardless of whether you’re searching for a home with the latest design features or old-world charm, be sure to identify all of your options by talking to a REALTOR®. They can advise you on government programs for homebuyers, provide information on local amenities and negotiate a solid agreement on your behalf.
For more information about buying or selling a home, updates on the market and neighbourhood profiles ; call/email PeterTarshisRealtor@gmail.com.
August 14, 2009 -- Torontonians’ passion for property has been re-ignited.
Nearly 10,000 Greater Toronto Area homeowners made the decision to move to their next residence in July, which represents a record for that month. Specifically, 9,967 homes changed hands, an increase of 28 per cent from July 2008.
After making a decision to move, many of these buyers likely began a preliminary search for their next home by using the Canadian Real Estate Association’s public website REALTOR.ca.
Unlike the Multiple Listing Service®, which is a sophisticated computer database of sold, expired and active listings accessed only by REALTORS®, CREA’s REALTOR.ca website advertises general information about resale homes available on the market.
With respect to newly built homes, an equivalent marketing vehicle doesn’t exist, prompting some buyers to approach their search of this segment of the market by compiling newspaper clippings, website addresses and trade magazine advertisements.
Searching for a new home using this strategy though means that many options are left unidentified.
Fortunately, there is a simple and comprehensive alternative to searching for newly constructed homes. Greater Toronto REALTORS® have access to a database of new home listings through RealNet Canada Inc. Founded in 1995, RealNet provides coverage in both the commercial real estate investment and residential development markets.
In the Greater Toronto Area, RealNet reports on 99 per cent of all developments greater than 15 units in size. Its database includes more than 35,000 current records, which are updated on a monthly basis.
This means that regardless of whether you’re looking for a detached home in the suburbs, a high rise condo unit in the city, or anything in between, your REALTOR® can provide you with complete details on all of your new home construction options.
Like a typical MLS® inquiry, a search of the RealNet database can be conducted by housing type, location and price range. Once you have refined your criteria, even more information can be found like builder names, number of bedrooms, lot sizes and quantity of available units. You’ll be able to learn about condo fees, occupancy dates, and the availability of parking and storage lockers as well.
Even if you already have a specific development in mind, your REALTOR’s® access to RealNet information can help you measure your preferred builder’s value proposition by offering a broader perspective of all available options. It will also help you to carefully weigh your decision with respect to choosing new versus resale housing.
As well, REALTORS® can obtain detailed statistical reports on the new home market through RealNet. Key information is highlighted including the number of product offerings, the previous month's sales, remaining inventory, average size, average price and average 12-month absorption by housing type.
Regardless of whether you’re searching for a home with the latest design features or old-world charm, be sure to identify all of your options by talking to a REALTOR®. They can advise you on government programs for homebuyers, provide information on local amenities and negotiate a solid agreement on your behalf.
For more information about buying or selling a home, updates on the market and neighbourhood profiles ; call/email PeterTarshisRealtor@gmail.com.
Tuesday, August 18, 2009
Toronto - August 2009 - up 27% - 1st. 2 weeks -
TORONTO, August 18, 2009 – In the first two weeks of August, Greater Toronto REALTORS® reported 3,832 sales – up 27 per cent compared to the first two weeks of August 2008. The average price for these transactions was up three per cent year-over-year to $383,796.
“The results for the first half of August indicate that many households in the GTA remain confident in their ability to purchase and pay for a home over the long term,” said TREB President Tom Lebour.
Year-to-date sales, at 54,303 are up slightly compared to 54,138 in 2008. Average price, at $385,603 is down by less than one half of one per cent.
“Strong resale housing demand will contribute to broader economic recovery as each transaction results in substantial spin-off benefits to other sectors of the
economy,” explained Jason Mercer, TREB’s Senior Manager of Market Analysis
“The results for the first half of August indicate that many households in the GTA remain confident in their ability to purchase and pay for a home over the long term,” said TREB President Tom Lebour.
Year-to-date sales, at 54,303 are up slightly compared to 54,138 in 2008. Average price, at $385,603 is down by less than one half of one per cent.
“Strong resale housing demand will contribute to broader economic recovery as each transaction results in substantial spin-off benefits to other sectors of the
economy,” explained Jason Mercer, TREB’s Senior Manager of Market Analysis
The Homely Costs of Energy Conservation
The Homely Costs of Energy Conservation A Environmental Pioneer Raises the Bar on a Green-Energy Experiment, but Can His Latest Innovations Help the Rest of Us?
A quarter-century ago, in the wake of America's first energy crisis, a young scientist named Amory Lovins came to the Rocky Mountains and built himself a radical house based on a radical idea. The country could save both energy and money, he believed, by combining common sense and unconventional technology.
Mr. Lovins did achieve substantial energy savings, and many of his innovations, from better insulation to multiple-pane windows to more-efficient refrigerators, eventually became familiar fixtures in American homes.
But on the second part of Mr. Lovins's ambition -- saving money -- the calculus has been more complicated. The advances that allowed him to create a roomy home with a tiny carbon footprint came with a hefty upfront cost.
Lovins's Floorplan
View Interactive
.See some of the house's features and some of the expensive gadgets installed during a recent renovation.
Journal Community
Vote: How energy efficient is your home?
.Now, Mr. Lovins has completed a renovation that he hopes will demonstrate how much more energy-efficient houses can become. But the project also serves as a reminder of the still-enormous gulf between what is technologically possible and what society is able or willing to pay for.
The 4,000-square-foot structure Mr. Lovins and his then-wife completed in 1984 looked part-cave and part-spaceship. Its 16-inch-thick stone walls kept the interior temperature fairly constant. A book-lined interior was dimly lighted with electricity from solar panels on the roof. The greenhouse that formed the central living room let in light, and it stored heat in a small jungle of plants, from guavas to coffee to bananas.
The house, which Mr. Lovins dubbed the "Banana Farm," used one-tenth the energy of a typical U.S. house of its size. Lower utility bills quickly offset the higher construction costs, saving money on heating and cooling within a year.
Since then, Mr. Lovins has become perhaps the world's most famous apostle of energy efficiency. The recipient of a MacArthur Foundation "genius grant," he co-founded the Rocky Mountain Institute, an energy and environmental think tank that has consulted with companies including Wal-Mart Stores and Ford Motor.
Energy Expert Tinkers Up An Ultra-Green Home
2:54
Energy efficiency expert Amory Lovin is putting the finishing touches on a state-of-the-art green home that produces more energy than it consumes. Jeffrey Ball reports from Aspen, Colorado.
.Having seen many features the Banana Farm helped pioneer trickle down to the consumer market, the 61-year-old Mr. Lovins hopes his latest efficiency moves eventually will find widespread acceptance as well.
Most studies suggest energy efficiency is the cheapest way to start meaningfully limiting pollution by curbing growth in fossil-fuel use -- far cheaper than generating more wind or solar power.
A report last month by McKinsey & Co. concluded that the U.S. could cut its energy use 23% below the projected U.S. demand level in 2020 by boosting efficiency, and save $1.2 trillion in energy costs. But that would require immediately making expensive investments in new equipment. Other countries have subsidized and mandated those steps, and the U.S. is beginning to follow suit. But a recession is a tough time to make big changes.
Mr. Lovins is "pushing the envelope of what's possible," but "that's probably a step too far for what's practical," says Scott Nyquist, head of the global energy practice at McKinsey, which has worked with Mr. Lovins on research projects.
Mr. Nyquist is renovating his own 1930s-era house in Houston, in part to test what energy-efficiency goals are feasible and affordable. He decided that some features championed by Mr. Lovins, such as light-emitting-diode lights, remain far too expensive. "I'm being disciplined," Mr. Nyquist says. "I'm trying a different approach than Amory is."
Banana Farm 2.0, as Mr. Lovins calls his updated digs, was renovated largely with equipment donated by individuals and companies eager to be associated with the project. Mr. Lovins says he doesn't know what the two-year renovation would have cost had he had to pay the full tab. But just a few of the major items would put the retail cost of the project well beyond $150,000.
On a recent afternoon, Mr. Lovins climbed up onto his home's flat roof, an easy task because the back of the house is built into the side of a hill to take advantage of the earth's insulating power.
Laid across the roof are devices designed to capture solar energy: photovoltaic panels that convert sunlight into electricity, thermal panels that use the sun's warmth to heat water, and clear plastic tubes that funnel sunlight down into the house, where it illuminates the central hallway.
Jeffrey Ball/The Wall Street Journal
Amory Lovins in his greenhouse.
.A bank of new photovoltaic panels nearly doubles the amount of solar electricity the house produces, to 9.7 kilowatts, enough for the house's needs. The panels, which were donated to Mr. Lovins, retail for about $30,000, not including installation, though tax breaks cut that price significantly.
"We are making no economic claims for Banana Farm 2.0," he says. "We deliberately brought in a bunch of cutting-edge, even bleeding-edge, stuff." Instead, he thinks that with the right government policies to spur market demand, even the most advanced green modifications could make economic sense. His role, as he sees it, is to push the limits of technology.
"Demand is the sum of a lot of negligible individual actions," he says. "When there are a lot of individuals, it isn't negligible. It adds up."
Banana Farm 2.0 isn't combustion-free. A wood-burning stove still sits near Mr. Lovins' office -- a backup heat source he hopes to abandon if the house works as planned this winter. But the new solar panels have allowed him to get rid of two devices that burned gas: a stove and a water heater.
Some of his proudest advances stem from mundane changes. He installed an electric stove made by a Swiss company that is 60% more efficient than other models he found. The savings stem partly from pots designed specifically for the stove. The pots eliminate warping that typically occurs with copper cookware, wasting heat.
He also has shaved energy use by insisting on an unconventional plumbing design. Typically, residential pipes that carry water would be ½-inch wide and turn at right angles. But that builds up friction, requiring electric pumps to work harder to propel the water. So Mr. Lovins had ¾-inch-wide pipes installed that run diagonally across ceilings and walls to minimize friction.
"If it looks pretty," he says, "it probably doesn't save energy."
For now, Banana Farm 2.0 is a showcase of what is technologically possible. Adopting some of the house's innovations on a wide scale would require huge investment and sweeping changes to governmental policy.
Still, Mr. Lovins knows that some of the most effective ways to reduce fossil-fuel use don't require groundbreaking science. As he headed out to dinner in his hybrid car on a recent evening, the Banana Farm's owner did something decidedly low-tech: He turned off the lights.
A quarter-century ago, in the wake of America's first energy crisis, a young scientist named Amory Lovins came to the Rocky Mountains and built himself a radical house based on a radical idea. The country could save both energy and money, he believed, by combining common sense and unconventional technology.
Mr. Lovins did achieve substantial energy savings, and many of his innovations, from better insulation to multiple-pane windows to more-efficient refrigerators, eventually became familiar fixtures in American homes.
But on the second part of Mr. Lovins's ambition -- saving money -- the calculus has been more complicated. The advances that allowed him to create a roomy home with a tiny carbon footprint came with a hefty upfront cost.
Lovins's Floorplan
View Interactive
.See some of the house's features and some of the expensive gadgets installed during a recent renovation.
Journal Community
Vote: How energy efficient is your home?
.Now, Mr. Lovins has completed a renovation that he hopes will demonstrate how much more energy-efficient houses can become. But the project also serves as a reminder of the still-enormous gulf between what is technologically possible and what society is able or willing to pay for.
The 4,000-square-foot structure Mr. Lovins and his then-wife completed in 1984 looked part-cave and part-spaceship. Its 16-inch-thick stone walls kept the interior temperature fairly constant. A book-lined interior was dimly lighted with electricity from solar panels on the roof. The greenhouse that formed the central living room let in light, and it stored heat in a small jungle of plants, from guavas to coffee to bananas.
The house, which Mr. Lovins dubbed the "Banana Farm," used one-tenth the energy of a typical U.S. house of its size. Lower utility bills quickly offset the higher construction costs, saving money on heating and cooling within a year.
Since then, Mr. Lovins has become perhaps the world's most famous apostle of energy efficiency. The recipient of a MacArthur Foundation "genius grant," he co-founded the Rocky Mountain Institute, an energy and environmental think tank that has consulted with companies including Wal-Mart Stores and Ford Motor.
Energy Expert Tinkers Up An Ultra-Green Home
2:54
Energy efficiency expert Amory Lovin is putting the finishing touches on a state-of-the-art green home that produces more energy than it consumes. Jeffrey Ball reports from Aspen, Colorado.
.Having seen many features the Banana Farm helped pioneer trickle down to the consumer market, the 61-year-old Mr. Lovins hopes his latest efficiency moves eventually will find widespread acceptance as well.
Most studies suggest energy efficiency is the cheapest way to start meaningfully limiting pollution by curbing growth in fossil-fuel use -- far cheaper than generating more wind or solar power.
A report last month by McKinsey & Co. concluded that the U.S. could cut its energy use 23% below the projected U.S. demand level in 2020 by boosting efficiency, and save $1.2 trillion in energy costs. But that would require immediately making expensive investments in new equipment. Other countries have subsidized and mandated those steps, and the U.S. is beginning to follow suit. But a recession is a tough time to make big changes.
Mr. Lovins is "pushing the envelope of what's possible," but "that's probably a step too far for what's practical," says Scott Nyquist, head of the global energy practice at McKinsey, which has worked with Mr. Lovins on research projects.
Mr. Nyquist is renovating his own 1930s-era house in Houston, in part to test what energy-efficiency goals are feasible and affordable. He decided that some features championed by Mr. Lovins, such as light-emitting-diode lights, remain far too expensive. "I'm being disciplined," Mr. Nyquist says. "I'm trying a different approach than Amory is."
Banana Farm 2.0, as Mr. Lovins calls his updated digs, was renovated largely with equipment donated by individuals and companies eager to be associated with the project. Mr. Lovins says he doesn't know what the two-year renovation would have cost had he had to pay the full tab. But just a few of the major items would put the retail cost of the project well beyond $150,000.
On a recent afternoon, Mr. Lovins climbed up onto his home's flat roof, an easy task because the back of the house is built into the side of a hill to take advantage of the earth's insulating power.
Laid across the roof are devices designed to capture solar energy: photovoltaic panels that convert sunlight into electricity, thermal panels that use the sun's warmth to heat water, and clear plastic tubes that funnel sunlight down into the house, where it illuminates the central hallway.
Jeffrey Ball/The Wall Street Journal
Amory Lovins in his greenhouse.
.A bank of new photovoltaic panels nearly doubles the amount of solar electricity the house produces, to 9.7 kilowatts, enough for the house's needs. The panels, which were donated to Mr. Lovins, retail for about $30,000, not including installation, though tax breaks cut that price significantly.
"We are making no economic claims for Banana Farm 2.0," he says. "We deliberately brought in a bunch of cutting-edge, even bleeding-edge, stuff." Instead, he thinks that with the right government policies to spur market demand, even the most advanced green modifications could make economic sense. His role, as he sees it, is to push the limits of technology.
"Demand is the sum of a lot of negligible individual actions," he says. "When there are a lot of individuals, it isn't negligible. It adds up."
Banana Farm 2.0 isn't combustion-free. A wood-burning stove still sits near Mr. Lovins' office -- a backup heat source he hopes to abandon if the house works as planned this winter. But the new solar panels have allowed him to get rid of two devices that burned gas: a stove and a water heater.
Some of his proudest advances stem from mundane changes. He installed an electric stove made by a Swiss company that is 60% more efficient than other models he found. The savings stem partly from pots designed specifically for the stove. The pots eliminate warping that typically occurs with copper cookware, wasting heat.
He also has shaved energy use by insisting on an unconventional plumbing design. Typically, residential pipes that carry water would be ½-inch wide and turn at right angles. But that builds up friction, requiring electric pumps to work harder to propel the water. So Mr. Lovins had ¾-inch-wide pipes installed that run diagonally across ceilings and walls to minimize friction.
"If it looks pretty," he says, "it probably doesn't save energy."
For now, Banana Farm 2.0 is a showcase of what is technologically possible. Adopting some of the house's innovations on a wide scale would require huge investment and sweeping changes to governmental policy.
Still, Mr. Lovins knows that some of the most effective ways to reduce fossil-fuel use don't require groundbreaking science. As he headed out to dinner in his hybrid car on a recent evening, the Banana Farm's owner did something decidedly low-tech: He turned off the lights.
Friday, August 14, 2009
Stillness can take you to a place where you find answers to unsolvable questions, where previously unconcealed walls -- disappear.
1. The Practice of Stillness: Take a bit of time each week to reboot your system. Find a quiet space, breathe deep, listen to a Stillness CD Allow the energy of stillness emanating through the music and the words to assist you in connecting to your true nature. Feel the power of the moment... of pure peace... and bring it with you into your day.
2. Recommit: When you fall down, get up, don't beat yourself up, get clear on what you want and recommit to it again. What will you no longer do? When you know - write down your commitment - to what you will do. Add to your daily regime whatever gives you greater health and well-being - start with a week, then make it two, then three. Too many restrictions will strangle you. Find what works, and then expand on it once you have tackled it with ease.
3. Slow It Down & Step Away: Sometimes old patterns try to rob us of our happiness. When someone comes at you in anger -- or fear and worry over a situation makes you want what isn't good for you -- slow it down & step away. Imagine everything moving in slow motion and step away from the situation. (If with someone, let them know you will return) Give yourself breathing room to see clearly -- and you will.
4. Contemplate: We can create our lives to be more in balance and one that we really enjoy when we see what it is we value. If you're unhappy -- ask yourself -- what do I really want? Based on how you want to feel in the long run, will guide you to knowing what it will take to get there, starting now. Step 1 helps find the answers; step 2 brings them to life.
5. Daily Intention: Create an intention to guide you and set the tone for the day. Here is one I enjoy:
Today is a new day... doors close... and doors open. Today I can create more ways to bring Stillness into my life. I can live with more peace in my heart, more love and compassion for those who can't see it, can't touch it, don't know it exists. Today, walls will crumble... and new ones will be built. Today is a great day...
2. Recommit: When you fall down, get up, don't beat yourself up, get clear on what you want and recommit to it again. What will you no longer do? When you know - write down your commitment - to what you will do. Add to your daily regime whatever gives you greater health and well-being - start with a week, then make it two, then three. Too many restrictions will strangle you. Find what works, and then expand on it once you have tackled it with ease.
3. Slow It Down & Step Away: Sometimes old patterns try to rob us of our happiness. When someone comes at you in anger -- or fear and worry over a situation makes you want what isn't good for you -- slow it down & step away. Imagine everything moving in slow motion and step away from the situation. (If with someone, let them know you will return) Give yourself breathing room to see clearly -- and you will.
4. Contemplate: We can create our lives to be more in balance and one that we really enjoy when we see what it is we value. If you're unhappy -- ask yourself -- what do I really want? Based on how you want to feel in the long run, will guide you to knowing what it will take to get there, starting now. Step 1 helps find the answers; step 2 brings them to life.
5. Daily Intention: Create an intention to guide you and set the tone for the day. Here is one I enjoy:
Today is a new day... doors close... and doors open. Today I can create more ways to bring Stillness into my life. I can live with more peace in my heart, more love and compassion for those who can't see it, can't touch it, don't know it exists. Today, walls will crumble... and new ones will be built. Today is a great day...
Small buildings fill a need -for buyers and developers -while the market settles
Let's get intimate
Consider, for a moment, a toe dipped into a frigid pool.
For Toronto developers, the new-condo market at the beginning of the year might have been that inhospitable body of water. Given those conditions, jumping in just to make a splash might not have been the best thing to do. While massive master-planned condo communities are under construction all over the city, market conditions since the beginning of the year have kept many developers from going ahead with plans in 2009 for anything but the smallest of sites.
Which means that, even as the market changes, those small buildings still reign. They'll test the temperature for the bigger projects expected to return by next year.
"You're going to see some big land deals happen," says broker Brad Lamb, of Brad J. Lamb Realty. "But there won't be big projects this year -- it takes too long to start them up."
Even that is a shift in perspective, though. Just a couple of months ago, Mr. Lamb didn't expect anything but the smallest of buildings to hit the market. Now, Mr. Lamb, who is also a developer, has plans underway for some big projects of his own for 2010. He also still has a small building on the market, too: Lamb Development Corp., in partnership with Harhay Construction Management and Niche Development, is in the middle of the 104-unit project, Parc, at King West and Strachan.
But the new-condo market is almost back to 2006 levels now, Mr. Lamb says. That means developers are feeling more confident that the market might be able to handle more volume. It will just take some time to see those changes result in new projects, so, in the meantime, buyers should expect to see small buildings; buildings that have represented less risk to developers and given them the chance to test those waters.
After all, for developers, smaller buildings mean there are fewer suites to sell to get to their all-important sales numbers, requiring what's generally about 70% of units to be sold pre-construction to put financing in place. For buyers, that means less of a wait for construction to start. Some, as well, simply prefer the smaller, more intimate environment that a mid-rise building offers.
"The good thing about small buildings is -- in order to get your presales -- 70% of 54 units is a lot easier to achieve than
70% of 500 units," says Jeanhy Shim, sales and marketing consultant for boutique developer Streetcar Developments. "Definitely from that perspective, it's better. You don't have the pressure to have to sell 300 units in six months. And from the construction loan perspective -- with the global financial crisis and the credit crunch -- certainly the smaller buildings are interesting because the size of the construction budget is a lot smaller."
Streetcar specializes in smaller buildings, and while it will release fewer projects this year than its norm, it will be introducing the 53-unit 2 Gladstone, at Queen Street West, in addition to continuing with its Corktown District site, both in partnership with Dundee Realty Corp.
Consider, for a moment, a toe dipped into a frigid pool.
For Toronto developers, the new-condo market at the beginning of the year might have been that inhospitable body of water. Given those conditions, jumping in just to make a splash might not have been the best thing to do. While massive master-planned condo communities are under construction all over the city, market conditions since the beginning of the year have kept many developers from going ahead with plans in 2009 for anything but the smallest of sites.
Which means that, even as the market changes, those small buildings still reign. They'll test the temperature for the bigger projects expected to return by next year.
"You're going to see some big land deals happen," says broker Brad Lamb, of Brad J. Lamb Realty. "But there won't be big projects this year -- it takes too long to start them up."
Even that is a shift in perspective, though. Just a couple of months ago, Mr. Lamb didn't expect anything but the smallest of buildings to hit the market. Now, Mr. Lamb, who is also a developer, has plans underway for some big projects of his own for 2010. He also still has a small building on the market, too: Lamb Development Corp., in partnership with Harhay Construction Management and Niche Development, is in the middle of the 104-unit project, Parc, at King West and Strachan.
But the new-condo market is almost back to 2006 levels now, Mr. Lamb says. That means developers are feeling more confident that the market might be able to handle more volume. It will just take some time to see those changes result in new projects, so, in the meantime, buyers should expect to see small buildings; buildings that have represented less risk to developers and given them the chance to test those waters.
After all, for developers, smaller buildings mean there are fewer suites to sell to get to their all-important sales numbers, requiring what's generally about 70% of units to be sold pre-construction to put financing in place. For buyers, that means less of a wait for construction to start. Some, as well, simply prefer the smaller, more intimate environment that a mid-rise building offers.
"The good thing about small buildings is -- in order to get your presales -- 70% of 54 units is a lot easier to achieve than
70% of 500 units," says Jeanhy Shim, sales and marketing consultant for boutique developer Streetcar Developments. "Definitely from that perspective, it's better. You don't have the pressure to have to sell 300 units in six months. And from the construction loan perspective -- with the global financial crisis and the credit crunch -- certainly the smaller buildings are interesting because the size of the construction budget is a lot smaller."
Streetcar specializes in smaller buildings, and while it will release fewer projects this year than its norm, it will be introducing the 53-unit 2 Gladstone, at Queen Street West, in addition to continuing with its Corktown District site, both in partnership with Dundee Realty Corp.
Canadian Retails Hot Item- Commercial -Reatail for Lease/Sale
U.S. firm that bought The Bay is scouting out new investments here
The New York private equity firm that bought Canada's oldest retailer last year says it's on the lookout for more opportunities to invest in Canada.
"Canada has performed better than anywhere in the world," said Richard Baker, chief executive officer of NRDC Equity Partners, which owns the Hudson's Bay Company.
"We are very bullish on Canada," Baker said in a telephone interview. "We are highly interested in an additional investment in Canada."
Baker declined to be more specific, saying there was nothing he could disclose at the moment.
It has been just over a year since NRDC bought Hudson's Bay from the family of the late Jerry Zucker, the South Carolina industrialist who died suddenly two years after buying the retailer and taking it private. In that time, the new owners have managed to find $300 million in savings, representing 14 per cent of HBC's budget, and there's room for more, Baker said.
HBC's department store chain, The Bay, is on track to double its profits in Canada this year and is outperforming other department store retailers, Baker said. He did not disclose sales figures.
Part of The Bay's success is due to Canada's relatively strong economy and the fact that its performance had been "subpar" before NRDC bought the firm, he said. "I think we had more room than other people to improve."
The Bay had previously been operated as a monopoly because it saw no direct rival in the department store category, but in fact it faces stiff competition from specialty stores, Baker said.
HBC's discount merchandiser Zellers continues to face challenges and has performed slightly below NRDC's expectations. The retailer spent most of the second quarter renovating stores and modifying the offering, Baker said. He expects it will perform better in the second half of the year. Zellers faces a tough competitor in Wal-Mart, the world leader in discount merchandise.
Earlier this week, the NRDC group spun out a special purpose acquisition company to invest in basic-needs retailers, such as supermarkets and drugstores, in the U.S. The move would have no impact on Canada, Baker said.
The New York private equity firm that bought Canada's oldest retailer last year says it's on the lookout for more opportunities to invest in Canada.
"Canada has performed better than anywhere in the world," said Richard Baker, chief executive officer of NRDC Equity Partners, which owns the Hudson's Bay Company.
"We are very bullish on Canada," Baker said in a telephone interview. "We are highly interested in an additional investment in Canada."
Baker declined to be more specific, saying there was nothing he could disclose at the moment.
It has been just over a year since NRDC bought Hudson's Bay from the family of the late Jerry Zucker, the South Carolina industrialist who died suddenly two years after buying the retailer and taking it private. In that time, the new owners have managed to find $300 million in savings, representing 14 per cent of HBC's budget, and there's room for more, Baker said.
HBC's department store chain, The Bay, is on track to double its profits in Canada this year and is outperforming other department store retailers, Baker said. He did not disclose sales figures.
Part of The Bay's success is due to Canada's relatively strong economy and the fact that its performance had been "subpar" before NRDC bought the firm, he said. "I think we had more room than other people to improve."
The Bay had previously been operated as a monopoly because it saw no direct rival in the department store category, but in fact it faces stiff competition from specialty stores, Baker said.
HBC's discount merchandiser Zellers continues to face challenges and has performed slightly below NRDC's expectations. The retailer spent most of the second quarter renovating stores and modifying the offering, Baker said. He expects it will perform better in the second half of the year. Zellers faces a tough competitor in Wal-Mart, the world leader in discount merchandise.
Earlier this week, the NRDC group spun out a special purpose acquisition company to invest in basic-needs retailers, such as supermarkets and drugstores, in the U.S. The move would have no impact on Canada, Baker said.
Thursday, August 13, 2009
Green Eco - Cities
Eco-Cities
As the world increasingly embraces green living, eco-friendly design and architecture is becoming more innovative. Existing structures worth a look for their creative design incorporating green elements include Shanghai Tower, the Madrid International Convention Centre, Lindal Cedar Homes and Seawater Vertical Farm.
For a look at some more futuristic designs around the world, check out Tianjin Eco-City, Zira Zero Island and Gwanggyo Power Center.
As the world increasingly embraces green living, eco-friendly design and architecture is becoming more innovative. Existing structures worth a look for their creative design incorporating green elements include Shanghai Tower, the Madrid International Convention Centre, Lindal Cedar Homes and Seawater Vertical Farm.
For a look at some more futuristic designs around the world, check out Tianjin Eco-City, Zira Zero Island and Gwanggyo Power Center.
5 Signs that Real Estate - Toronto / Canada is on the Rise !
1) Housing starts are expected to rise
While the seasonally adjusted annual rate of housing starts decreased to 132,000 units in July from 137,000 units in June, Canada Mortgage and Housing Corp. says starts statistics - which mark the actual, shovel-in-the-ground beginning of construction - are expected to improve throughout 2009.
The reason?
"Over the next several years, housing starts will gradually become more closely aligned to demographic demand, which is currently estimated at about 175,000 units per year," CMHC said.
How solid is this foundation? Economists' opinions are mixed.
BMO economist Robert Kavcic said July results indicate a rain delay, rather than a reversal. Unseasonably soggy weather caused "a puddle on the road to recovery," he said.
However, Toronto-Dominion Bank economist Pascal Gauthier noted that the July results, which were dragged down by fewer starts in the condominium sector, were below expectations.
"The latest data for July is yet another warning that extrapolating the bounce back from [the earlier] extreme lows further out can be overly optimistic," Mr. Gauthier wrote.
2) Building permits have bounced higher
This indicator of builder confidence and construction plans has made steady gains.
"Building permits not only held on to the big bounce in May, they were revised higher (to 15.5 per cent) and they rose again in June (up 1 per cent) in another sign that construction is recovering from the extreme lows earlier this year," the Bank of Montreal said in a research note.
In June, the value of building permits was $5.2-billion, 1 per cent higher than the revised $5.1-billion measured for May. Residential permits rose 0.5 per cent to $2.7-billion, marking the fourth month in a row for an improvement. The increase in permits for single-family homes outweighed the decline in permits for multi-family buildings such as condos.
"While a recent strong uptick in the issuance of building permits suggest some near-term upside to housing starts, activity remains on track with our forecast, which calls for a protracted period of weakness extending to the end of this year, with national starts struggling to break through the 150,000 units level," TD's Mr. Gauthier said.
3) Existing home sales soar
Nowhere has the turnaround been more apparent than in July sales of existing homes in Canada's biggest cities, BMO reports.
"For instance, sales in Greater Vancouver were up a massive 89 per cent year-over-year, a world away from a 70-per-cent drop last November. Toronto is a little less frenetic, but managed to post a 28 per cent year-over-year gain in July."
Edmonton also reported a 28 per cent increase in the number of homes that changed hands year-over-year and, in Calgary, the level of resale activity was up 22 per cent year-over-year.
The Canadian Real Estate Association (CREA) is expected to report further gains in national home resale activity later this week.
4) It's still a buyers' market, but prices are firming up
Economists expect that when CREA reports on the national picture Friday, the statistics will show that the prices are up about 4 per cent year over year - skewed upwards by sales in the higher-priced markets.
Real estate agents are sleeping with their pagers again with the return of bidding wars in some local markets.
Toronto-based Royal LePage realtor Samantha Hewit, who specializes in condominiums and starter homes for first-time buyers, said four of her listings in the past two months have resulted in bidding wars, and prices are back to last summer's levels.
"We had a super cute condo, a two-story loft...we were asking $269,000. We had 49 appointments in five days and they got $277,000," Ms. Hewit said in an interview.
BMO reports that new home prices "are a bit slower to turn, and we believe Wednesday's report on that front will show a 3.2 per cent year-over-year decline for June."
5) Affordable mortgages
"Nowhere is the benefit of record-low [interest] rates more apparent than in the housing market, where results have jumped 57 per cent in the past five months and look solid again in July," BMO economist Sal Guatieri said this week.
"The sharp drop in mortgage rates has almost single-handedly returned housing affordability to its long-term norm from the worst levels in 17 years," Mr. Guatieri said.
Royal LePage's Ms. Hewit agreed that affordability has made a big impact.
"We have a couple of clients right now that have a 3.6 per cent interest rate locked in to the end of September, and they want to buy and close by the end of September," she said. "They are the ones that are driving the market."
While the seasonally adjusted annual rate of housing starts decreased to 132,000 units in July from 137,000 units in June, Canada Mortgage and Housing Corp. says starts statistics - which mark the actual, shovel-in-the-ground beginning of construction - are expected to improve throughout 2009.
The reason?
"Over the next several years, housing starts will gradually become more closely aligned to demographic demand, which is currently estimated at about 175,000 units per year," CMHC said.
How solid is this foundation? Economists' opinions are mixed.
BMO economist Robert Kavcic said July results indicate a rain delay, rather than a reversal. Unseasonably soggy weather caused "a puddle on the road to recovery," he said.
However, Toronto-Dominion Bank economist Pascal Gauthier noted that the July results, which were dragged down by fewer starts in the condominium sector, were below expectations.
"The latest data for July is yet another warning that extrapolating the bounce back from [the earlier] extreme lows further out can be overly optimistic," Mr. Gauthier wrote.
2) Building permits have bounced higher
This indicator of builder confidence and construction plans has made steady gains.
"Building permits not only held on to the big bounce in May, they were revised higher (to 15.5 per cent) and they rose again in June (up 1 per cent) in another sign that construction is recovering from the extreme lows earlier this year," the Bank of Montreal said in a research note.
In June, the value of building permits was $5.2-billion, 1 per cent higher than the revised $5.1-billion measured for May. Residential permits rose 0.5 per cent to $2.7-billion, marking the fourth month in a row for an improvement. The increase in permits for single-family homes outweighed the decline in permits for multi-family buildings such as condos.
"While a recent strong uptick in the issuance of building permits suggest some near-term upside to housing starts, activity remains on track with our forecast, which calls for a protracted period of weakness extending to the end of this year, with national starts struggling to break through the 150,000 units level," TD's Mr. Gauthier said.
3) Existing home sales soar
Nowhere has the turnaround been more apparent than in July sales of existing homes in Canada's biggest cities, BMO reports.
"For instance, sales in Greater Vancouver were up a massive 89 per cent year-over-year, a world away from a 70-per-cent drop last November. Toronto is a little less frenetic, but managed to post a 28 per cent year-over-year gain in July."
Edmonton also reported a 28 per cent increase in the number of homes that changed hands year-over-year and, in Calgary, the level of resale activity was up 22 per cent year-over-year.
The Canadian Real Estate Association (CREA) is expected to report further gains in national home resale activity later this week.
4) It's still a buyers' market, but prices are firming up
Economists expect that when CREA reports on the national picture Friday, the statistics will show that the prices are up about 4 per cent year over year - skewed upwards by sales in the higher-priced markets.
Real estate agents are sleeping with their pagers again with the return of bidding wars in some local markets.
Toronto-based Royal LePage realtor Samantha Hewit, who specializes in condominiums and starter homes for first-time buyers, said four of her listings in the past two months have resulted in bidding wars, and prices are back to last summer's levels.
"We had a super cute condo, a two-story loft...we were asking $269,000. We had 49 appointments in five days and they got $277,000," Ms. Hewit said in an interview.
BMO reports that new home prices "are a bit slower to turn, and we believe Wednesday's report on that front will show a 3.2 per cent year-over-year decline for June."
5) Affordable mortgages
"Nowhere is the benefit of record-low [interest] rates more apparent than in the housing market, where results have jumped 57 per cent in the past five months and look solid again in July," BMO economist Sal Guatieri said this week.
"The sharp drop in mortgage rates has almost single-handedly returned housing affordability to its long-term norm from the worst levels in 17 years," Mr. Guatieri said.
Royal LePage's Ms. Hewit agreed that affordability has made a big impact.
"We have a couple of clients right now that have a 3.6 per cent interest rate locked in to the end of September, and they want to buy and close by the end of September," she said. "They are the ones that are driving the market."
Dear Peter-is-a-NewFound-Lover
It's that time of year when preparations are being made for getting our children back to school. With it, comes the anxieties and concerns every parent shares.
Here is a thought-provoking movie that shows how any parent can find the best ways to bring out the greatness in each of their children. Kelly Harris, a Parent said it best ...
"When I viewed your movie, The Power of Connection, it brought tears to my eyes.
Wow! I had so many light bulb moments as I was watching it. I am a 45 year old mom of two girls.
My oldest daughter is 16, and I can see where I have not been connecting with her, and can hardly wait for her to come home from her band camp to start connecting. My baby is just 18 months old, and I can see where I have already started the same sad way of reacting to things.
But now I am certain I can change that too.
This movie shows exactly how anyone can positively impact any intense situation in less than 30 seconds, by Connecting with Compassionate Attention."
So take 3 minutes to enjoy it today at:
www.ConnectionMovie.com
- I hope it gives you several new "a-ha's" about adolescence! We welcome you to pay it forward by sharing this email with family and friends. To what matters most...
Here is a thought-provoking movie that shows how any parent can find the best ways to bring out the greatness in each of their children. Kelly Harris, a Parent said it best ...
"When I viewed your movie, The Power of Connection, it brought tears to my eyes.
Wow! I had so many light bulb moments as I was watching it. I am a 45 year old mom of two girls.
My oldest daughter is 16, and I can see where I have not been connecting with her, and can hardly wait for her to come home from her band camp to start connecting. My baby is just 18 months old, and I can see where I have already started the same sad way of reacting to things.
But now I am certain I can change that too.
This movie shows exactly how anyone can positively impact any intense situation in less than 30 seconds, by Connecting with Compassionate Attention."
So take 3 minutes to enjoy it today at:
www.ConnectionMovie.com
- I hope it gives you several new "a-ha's" about adolescence! We welcome you to pay it forward by sharing this email with family and friends. To what matters most...
Wednesday, August 12, 2009
New Ideas for housing starts in Vancouver
Mini-apartments give B.C. renters a new option
Vancouver city council clears way for architect's plan to strengthen affordable housing by adding lock-off suites to existing apartments.
A city architect is about to test the Vancouver public's appetite for a new form of housing, informally called lock-off suites and nicknamed by some as “mortgage helpers in the sky.”
They're rentable mini-apartments inside apartments, a concept that was pioneered at a housing development at Simon Fraser University in Burnaby several years ago, and recently approved by city council.
Oliver Lang is planning to unveil this week the first project in Vancouver under the new bylaws, a small four-unit block in Kitsilano – a west-side neighbourhood close to beaches that has traditionally been home to a wide mix of residents and housing types. Three of the units will be built with separate suites.
“We did this because we're looking at how to making urban living really desirable and give people a house-like feeling in the middle of the city,” he said. Mr. Lang, who was until recently also an architecture professor at the University of British Columbia, won a Governor-General's medal last year for an innovative apartment complex he designed that is built around an interior courtyard.
Like in that complex, Mr. Lang plans to build units that have windows the width of the entire lot and daylight on both sides of each unit by using an interior courtyard – a configuration that makes it easier to build in a lock-off rental suite as well. The design aims to accomplish the goals of a recent city housing initiative: to create more types of affordable housing in this ultra-expensive city and giving buyers more flexibility with their space.
“There are lots of apartments in this area, but they're all one-bedroom,” said Mr. Lang. “The moment people have children, they have to move.” The units he's planning will allow owners to rent out the locked-off suite until they need the extra bedroom, at which point they can convert it back to being part of the apartment, just like people in single-family houses can do with basement suites.
City Councillor Andrea Reimer said council jumped on the idea during a recent round of discussions on its Short-Term Incentives for Rental initiative.
“This is a practical, contemporary example that had a lot of merit.”
Ms. Reimer said the city bylaw doesn't actually create any more living space in the city, unlike another recently passed housing initiative that will allow people to build or convert garages into small laneway houses.
But it does two other things that help with affordable housing. It gives the buyers proof of a legal stream of income that can help them get a mortgage, which is especially important for young buyers. And it gives both owners and tenants the protection of the Residential Tenancy Act, which does not cover people who rent rooms in a shared house.
The city specified that the suites had to be a minimum size of 280 square feet, with the possibility of going down to 205 square feet under special conditions, including access to a garden space.
While Mr. Lang's project is the first to go up for sale, Vancouver could see a proliferation of lock-off suites in coming years. They will be permitted in the areas to be developed around the Olympic village, which has room for a couple of thousand units. And they have already been included in the zoning for a new development on the Fraser River, East Fraserlands, which has been going through city planning processes for several years.
Michael Geller, who came up with the idea of creating lock-off suites when he was overseeing the development of SFU land for housing, says he got the idea from students who were complaining about the university's housing plans.
“They were complaining that they didn't like it because they'd never be able to live there. Then I realized we could create the equivalent of basement suites, but in apartments and townhouses.”
Vancouver city council clears way for architect's plan to strengthen affordable housing by adding lock-off suites to existing apartments.
A city architect is about to test the Vancouver public's appetite for a new form of housing, informally called lock-off suites and nicknamed by some as “mortgage helpers in the sky.”
They're rentable mini-apartments inside apartments, a concept that was pioneered at a housing development at Simon Fraser University in Burnaby several years ago, and recently approved by city council.
Oliver Lang is planning to unveil this week the first project in Vancouver under the new bylaws, a small four-unit block in Kitsilano – a west-side neighbourhood close to beaches that has traditionally been home to a wide mix of residents and housing types. Three of the units will be built with separate suites.
“We did this because we're looking at how to making urban living really desirable and give people a house-like feeling in the middle of the city,” he said. Mr. Lang, who was until recently also an architecture professor at the University of British Columbia, won a Governor-General's medal last year for an innovative apartment complex he designed that is built around an interior courtyard.
Like in that complex, Mr. Lang plans to build units that have windows the width of the entire lot and daylight on both sides of each unit by using an interior courtyard – a configuration that makes it easier to build in a lock-off rental suite as well. The design aims to accomplish the goals of a recent city housing initiative: to create more types of affordable housing in this ultra-expensive city and giving buyers more flexibility with their space.
“There are lots of apartments in this area, but they're all one-bedroom,” said Mr. Lang. “The moment people have children, they have to move.” The units he's planning will allow owners to rent out the locked-off suite until they need the extra bedroom, at which point they can convert it back to being part of the apartment, just like people in single-family houses can do with basement suites.
City Councillor Andrea Reimer said council jumped on the idea during a recent round of discussions on its Short-Term Incentives for Rental initiative.
“This is a practical, contemporary example that had a lot of merit.”
Ms. Reimer said the city bylaw doesn't actually create any more living space in the city, unlike another recently passed housing initiative that will allow people to build or convert garages into small laneway houses.
But it does two other things that help with affordable housing. It gives the buyers proof of a legal stream of income that can help them get a mortgage, which is especially important for young buyers. And it gives both owners and tenants the protection of the Residential Tenancy Act, which does not cover people who rent rooms in a shared house.
The city specified that the suites had to be a minimum size of 280 square feet, with the possibility of going down to 205 square feet under special conditions, including access to a garden space.
While Mr. Lang's project is the first to go up for sale, Vancouver could see a proliferation of lock-off suites in coming years. They will be permitted in the areas to be developed around the Olympic village, which has room for a couple of thousand units. And they have already been included in the zoning for a new development on the Fraser River, East Fraserlands, which has been going through city planning processes for several years.
Michael Geller, who came up with the idea of creating lock-off suites when he was overseeing the development of SFU land for housing, says he got the idea from students who were complaining about the university's housing plans.
“They were complaining that they didn't like it because they'd never be able to live there. Then I realized we could create the equivalent of basement suites, but in apartments and townhouses.”
Canadians -away - Your Home Away from Home
Home Away from Home
August 7, 2009 --
Statistics show that Greater Toronto Area residents are excited about real estate again. July’s 9,967 sales set a best monthly record, up 28 per cent year over year.
The previous month also set a record for June, up 27 per cent from the year prior.We’re even seeing signs of life in the United States resale housing market. In July, the National Association of REALTORS® reported that pending home sales rose for the fourth consecutive month. Existing home sales also increased, for the third consecutive month, with available inventory easing and prices remaining low.
This means that if you’re comfortable with your residence here at home, now is an opportune time to invest in a vacation property south of the border.Florida alone welcomes hundreds of thousands of Canadians each year, with many snowbirds taking advantage of United States government provisions that allow us to spend up to six months a year there without having to fulfill visa requirements.
That’s plenty of time to enjoy homeownership in a warmer climate.While current market conditions are favourable to making a foreign investment, a number of other factors should also be taken into consideration.
The exchange rate is another important detail. The value of the Canadian dollar against other currencies changes daily. Whether you’re planning to buy in the United States or further abroad, look for places where the currency is weak or on par with our dollar to achieve optimal purchasing power.Healthcare is also a consideration. If you stay away longer than six months you could lose access to medical coverage here at home.
As well, our healthcare system will only cover part of out-of-country expenses for accidents and illness. Short-term travel insurance is inexpensive but long-term coverage can be costly.Depending on the structure of your home, property insurance could also be less accessible, which is a significant issue given that some locales routinely experience severe weather.
In certain places abroad, property can come with inherited debt, so it’s important to ensure that you clearly understand all agreements, particularly if they are in a foreign language. Be aware as well, that depending on where you choose to buy, you may pay higher property taxes than local residents. These are just two examples of why it’s important to research the regulatory aspects of the region in which you choose to buy. It’s important to build a team of professionals to guide you through the process, beginning with a REALTOR®.
A Greater Toronto REALTOR® can help you begin the process by providing a referral to a local expert. It’s also important to enlist the services of a lawyer and a surveyor, to be clear on your property rights, and a tax expert, to take full advantage of government programs for homebuyers.Establishing these important contacts will also help you to gauge other key characteristics like the cost of living, attitude toward foreigners and the crime rate.
Once your transaction is complete, be sure to set up automatic withdrawal processes in your foreign bank account so that oversights don’t jeopardize your home ownership. Despite the financial planning and awareness of regulatory issues required, buying a vacation property abroad has its share of rewards.Even taking into account the capital gains tax that is payable when you sell your home away from home, buying a foreign property can bring a healthy return on investment and years of enjoyment to your life.
To find out more, talk to a REALTOR® and visit www.TorontoRealEstateBoard.com.
August 7, 2009 --
Statistics show that Greater Toronto Area residents are excited about real estate again. July’s 9,967 sales set a best monthly record, up 28 per cent year over year.
The previous month also set a record for June, up 27 per cent from the year prior.We’re even seeing signs of life in the United States resale housing market. In July, the National Association of REALTORS® reported that pending home sales rose for the fourth consecutive month. Existing home sales also increased, for the third consecutive month, with available inventory easing and prices remaining low.
This means that if you’re comfortable with your residence here at home, now is an opportune time to invest in a vacation property south of the border.Florida alone welcomes hundreds of thousands of Canadians each year, with many snowbirds taking advantage of United States government provisions that allow us to spend up to six months a year there without having to fulfill visa requirements.
That’s plenty of time to enjoy homeownership in a warmer climate.While current market conditions are favourable to making a foreign investment, a number of other factors should also be taken into consideration.
The exchange rate is another important detail. The value of the Canadian dollar against other currencies changes daily. Whether you’re planning to buy in the United States or further abroad, look for places where the currency is weak or on par with our dollar to achieve optimal purchasing power.Healthcare is also a consideration. If you stay away longer than six months you could lose access to medical coverage here at home.
As well, our healthcare system will only cover part of out-of-country expenses for accidents and illness. Short-term travel insurance is inexpensive but long-term coverage can be costly.Depending on the structure of your home, property insurance could also be less accessible, which is a significant issue given that some locales routinely experience severe weather.
In certain places abroad, property can come with inherited debt, so it’s important to ensure that you clearly understand all agreements, particularly if they are in a foreign language. Be aware as well, that depending on where you choose to buy, you may pay higher property taxes than local residents. These are just two examples of why it’s important to research the regulatory aspects of the region in which you choose to buy. It’s important to build a team of professionals to guide you through the process, beginning with a REALTOR®.
A Greater Toronto REALTOR® can help you begin the process by providing a referral to a local expert. It’s also important to enlist the services of a lawyer and a surveyor, to be clear on your property rights, and a tax expert, to take full advantage of government programs for homebuyers.Establishing these important contacts will also help you to gauge other key characteristics like the cost of living, attitude toward foreigners and the crime rate.
Once your transaction is complete, be sure to set up automatic withdrawal processes in your foreign bank account so that oversights don’t jeopardize your home ownership. Despite the financial planning and awareness of regulatory issues required, buying a vacation property abroad has its share of rewards.Even taking into account the capital gains tax that is payable when you sell your home away from home, buying a foreign property can bring a healthy return on investment and years of enjoyment to your life.
To find out more, talk to a REALTOR® and visit www.TorontoRealEstateBoard.com.
Toronto New Home Construction
Release Date: August 11, 2009 Canada Mortgage and Housing Corporation (CMHC)
Canadian Housing Starts, July 2009
Canadian housing starts declined in July, in comparison to both June (on a seasonally-adjusted basis) and July 2008.
Similarly, builders in the Toronto CMA started construction on fewer homes in July. In the Toronto area, the decline in starts was driven by the high-rise segment of the market.
There are indicators that support this view. The resale market in the GTA and many other centres across the country has tightened up, with sales rising relative to listings. Generally, when this happens, traffic increases at new home sales centres.
According to figures provided by RealNet Canada Inc., which TREB members have access to, new home sales activity has picked up in recent months, including a year-over-year increase in June.
While housing starts remained on the downward trend, both Canada-wide and in the GTA, CMHC suggested that residential construction activity will increase in the second half of this year.
Canadian Housing Starts, July 2009
Canadian housing starts declined in July, in comparison to both June (on a seasonally-adjusted basis) and July 2008.
Similarly, builders in the Toronto CMA started construction on fewer homes in July. In the Toronto area, the decline in starts was driven by the high-rise segment of the market.
There are indicators that support this view. The resale market in the GTA and many other centres across the country has tightened up, with sales rising relative to listings. Generally, when this happens, traffic increases at new home sales centres.
According to figures provided by RealNet Canada Inc., which TREB members have access to, new home sales activity has picked up in recent months, including a year-over-year increase in June.
While housing starts remained on the downward trend, both Canada-wide and in the GTA, CMHC suggested that residential construction activity will increase in the second half of this year.
Toronto Real Estate Update 2009
August 12, 2009 -- From thunderstorms to our booming real estate market, it has been a dramatic summer in the Greater Toronto Area.In both June and July you helped set monthly records for resale housing activity in the GTA with 10,955 and 9,967 transactions respectively. The number of jobs in the GTA increased last month as well, while the unemployment rate decreased marginally. Positive numbers have also been reported with respect to the auto industry and the stock market, prompting our nation’s leaders to indicate that the worst of the economic lull is likely behind us.
Toronto Real Estate update - July2009
Toronto, August 6, 2009 – In July 2009, Greater Toronto REALTORS® reported a record 9,967 sales, up 28% from July 2008. The average price for July transactions was $395,414, up by 6% compared to the same month last year.
Year-to-date sales at 50,632 are down 1.2% compared to the first seven months of 2008. The average price at $385,808 is down by less than .05%.
“The steep drop-off in sales experienced at the beginning of the year has all but dissipated,” explained Jason Mercer, TREB’s Senior Manager of Market Analysis. “With five months left to go in the year, it is probable that total existing home sales in 2009 will be at or above last year’s level.”
Year-to-date sales at 50,632 are down 1.2% compared to the first seven months of 2008. The average price at $385,808 is down by less than .05%.
“The steep drop-off in sales experienced at the beginning of the year has all but dissipated,” explained Jason Mercer, TREB’s Senior Manager of Market Analysis. “With five months left to go in the year, it is probable that total existing home sales in 2009 will be at or above last year’s level.”
Six Things You Should Avoid Before Buying a Home
Buying a home is not an impulse buy. In most cases you will have a few months notice before you actually go through with the sale. Planning ahead is crucial particularly if you don't have extensive financial resources. Since mortgage lenders will be sizing up your finances carefully, don't give them any reason to reject your application.
You never know what effect today’s actions will have on your mortgage application in three or even six months. Even something as simple as transferring money from your savings to your chequing account can negatively impact the mortgage process. So here are some suggestions of things you should avoid before buying a home:
1. Do not make any major purchasesDon't invest in any major purchases. Cars, weddings, jewellery, furniture and electronics can all wait until you're settled in your new home. When you make a major purchase, you limit the amount of money available for your down payment, and decrease the amount of liquid capital in your name.If you do have to make a major purchase before buying a home, you might want to put it on a low-interest credit card until after your mortgage application is approved. Sometimes you can't control what life throws your way, but think carefully about your options before making a decision.
2. Don’t move money aroundWhen a lender reviews your loan application for approval, one of the things they are concerned about is the source of funds for your down payment and closing costs. To do so, they will request statements from all of your accounts that contain liquid assets.
Moving your money around, even if you are consolidating your funds to make it "easier," could make it more difficult for the lender to properly document and measure your finances. So leave your money where it is until after closing.
3. Do not make large investmentsIt is also not recommended to make investments just before buying a home; again, you're decreasing the liquidity of your assets. If you've come across a new stock in which you'd like to invest or if it's a great time to buy bonds, wait until after you've settled the finances on your home.Furthermore, you'll have to disclose all of your finances before buying a new home, which means accounting for every withdrawal and deposit in all of your accounts. This can get quite tedious, especially if you're trying to dig up cancelled cheques for the new home theatre or HDTV you just had to have three months ago.
4. Do not change your bank Changing banks is always a hectic ordeal, so don't do it before buying a home. You'll have to provide information about previous accounts that are now closed, and therefore inaccessible. And if you diversify your money too much in money market accounts, savings accounts, chequing accounts and other places, you'll have a harder time with the disclosure process.If you're frustrated with your bank and want to change, tough it out a little longer and switch after your mortgage is approved and you've set up shop in your new home. This will save you hours of headaches and frustration.
5. Do not apply for a new credit card or line of creditEven though the inquiry won’t hurt your credit too badly if you already have a good credit score, the additional credit card will cause the lender to question your financial stability for buying a home.
6. Do not change your job unless absolutely necessaryTry not to change jobs. Your employment is a key factor in the mortgage approval process, and if you can't show steady employment, you might be denied. Of course, you can't help matters if you've just been laid off or an opportunity presents itself that you can't pass up.
This could become more difficult if you become self employed. In most cases, lenders want to see at least two years of self-employment before they will approve you for a loan. So if you can, wait until after buying a home to become self-employed. For part-time workers, changing jobs creates unpredictability in the number of hours you will work so the lender cannot determine your gross income to qualify you for a loan.If you're going to change jobs before buying a home, wait another six months before going ahead with the real estate transaction. This gives you an opportunity to establish employment and to show a steady income from a single employer. This looks much better on a loan application than a long list of recent employers.
As mentioned above, there will be times when you can't avoid all of these things before buying a home, but know that it's in your best interests to wait until the dust settles. The goal should be to move into your new house with as few obstacles as possible.
You never know what effect today’s actions will have on your mortgage application in three or even six months. Even something as simple as transferring money from your savings to your chequing account can negatively impact the mortgage process. So here are some suggestions of things you should avoid before buying a home:
1. Do not make any major purchasesDon't invest in any major purchases. Cars, weddings, jewellery, furniture and electronics can all wait until you're settled in your new home. When you make a major purchase, you limit the amount of money available for your down payment, and decrease the amount of liquid capital in your name.If you do have to make a major purchase before buying a home, you might want to put it on a low-interest credit card until after your mortgage application is approved. Sometimes you can't control what life throws your way, but think carefully about your options before making a decision.
2. Don’t move money aroundWhen a lender reviews your loan application for approval, one of the things they are concerned about is the source of funds for your down payment and closing costs. To do so, they will request statements from all of your accounts that contain liquid assets.
Moving your money around, even if you are consolidating your funds to make it "easier," could make it more difficult for the lender to properly document and measure your finances. So leave your money where it is until after closing.
3. Do not make large investmentsIt is also not recommended to make investments just before buying a home; again, you're decreasing the liquidity of your assets. If you've come across a new stock in which you'd like to invest or if it's a great time to buy bonds, wait until after you've settled the finances on your home.Furthermore, you'll have to disclose all of your finances before buying a new home, which means accounting for every withdrawal and deposit in all of your accounts. This can get quite tedious, especially if you're trying to dig up cancelled cheques for the new home theatre or HDTV you just had to have three months ago.
4. Do not change your bank Changing banks is always a hectic ordeal, so don't do it before buying a home. You'll have to provide information about previous accounts that are now closed, and therefore inaccessible. And if you diversify your money too much in money market accounts, savings accounts, chequing accounts and other places, you'll have a harder time with the disclosure process.If you're frustrated with your bank and want to change, tough it out a little longer and switch after your mortgage is approved and you've set up shop in your new home. This will save you hours of headaches and frustration.
5. Do not apply for a new credit card or line of creditEven though the inquiry won’t hurt your credit too badly if you already have a good credit score, the additional credit card will cause the lender to question your financial stability for buying a home.
6. Do not change your job unless absolutely necessaryTry not to change jobs. Your employment is a key factor in the mortgage approval process, and if you can't show steady employment, you might be denied. Of course, you can't help matters if you've just been laid off or an opportunity presents itself that you can't pass up.
This could become more difficult if you become self employed. In most cases, lenders want to see at least two years of self-employment before they will approve you for a loan. So if you can, wait until after buying a home to become self-employed. For part-time workers, changing jobs creates unpredictability in the number of hours you will work so the lender cannot determine your gross income to qualify you for a loan.If you're going to change jobs before buying a home, wait another six months before going ahead with the real estate transaction. This gives you an opportunity to establish employment and to show a steady income from a single employer. This looks much better on a loan application than a long list of recent employers.
As mentioned above, there will be times when you can't avoid all of these things before buying a home, but know that it's in your best interests to wait until the dust settles. The goal should be to move into your new house with as few obstacles as possible.
Understanding Your Local Real Estate Market
Experts always say that real estate is a great investment because the value of homes is always going up.
To some extent, there's truth in that. But it's also a fact that the real estate market fluctuates.
Many people mistakenly rely on national trends when evaluating the real estate market, however, this could at times be misleading. The key is to focus on and understand your local market.Focusing on your local real estate market is the key to evaluating real estate deals. This however could be difficult to evaluate since there is often less information on particular areas versus the national situation. To understand your real estate market, here are a few factors to focus on.
Understand the market trend. Sometimes it's a buyer's market and sometimes it's a seller's market. And there are actually other times when the real estate market is in transition. A transitional real estate market poses certain issues for people who are buying and selling homes and you should be aware of them. This is especially true for anyone involved in real estate right now because the real estate market in many areas is either in transition or could be in transition shortly.
Supply and demand. Real estate is governed by the law of supply and demand. This rule is absolute and without exception. The appreciation of a market, the expectations of buyers and sellers, and the velocity of market sales are all dictated by the supply of, and the demand for, real estate for sale.
New construction is another area to consider when evaluating your market. In this case, we are focusing on supply and demand. The more homes available to buyers, the harder it will be for sellers to move properties. Most communities have some new construction, but the key is to determine if it is outpacing the demand.
Increased job growth and in-migration. Where there is strong growth, there are new workers. New workers need some place to live. A vast percentage of these people will be moving in from other areas and often are bringing money from a previous home. If job growth is strong, your real estate market should be stable and showing appreciation.Real estate doppler effect. Real estate is governed by the law of cause and effect. Positive situations cause positive outcomes, and vice versa. For example, a vibrant economic growth leads to a vibrant real estate market and strong appreciation of homes, while loss of jobs and a languishing economy produce exactly the opposite effect.
The conditions that make a good market can change literally overnight. All it takes is the entrance of a major employer or a little word of mouth and buyers looking for a bargain and seeing others take a chance, and before you know it, a neighbourhood has turned around. Homes that sat unsold are selling for high prices. Young people are moving in, making improvements, and making the area cool to live in.
A secret to evaluating your local real estate market is to look at people around you. One sign of a hot real estate market is the number of people who suddenly become real estate investors. These tend to be people using the equity in their primary home to make secondary purchases. There is no statistical analysis for this factor. Just keep an ear out for friends or neighbours who are suddenly investing in multiple properties.Understanding the real estate market requires various skills such as knowledge of land price, an insight for land in the future, the risk factors for a property, laws that apply for property, etc. Moreover, the real estate market has changed tremendously over the year. It takes much time and effort for an individual to understand it completely. The real estate market is an adventurous place to get in to, with the prices of property increasing as the time passes.
If you are thinking of buying or selling a property, consult with me a local real estate agent. I am equipped with the right tools and knowledge to insure your investment is a successful one.
To some extent, there's truth in that. But it's also a fact that the real estate market fluctuates.
Many people mistakenly rely on national trends when evaluating the real estate market, however, this could at times be misleading. The key is to focus on and understand your local market.Focusing on your local real estate market is the key to evaluating real estate deals. This however could be difficult to evaluate since there is often less information on particular areas versus the national situation. To understand your real estate market, here are a few factors to focus on.
Understand the market trend. Sometimes it's a buyer's market and sometimes it's a seller's market. And there are actually other times when the real estate market is in transition. A transitional real estate market poses certain issues for people who are buying and selling homes and you should be aware of them. This is especially true for anyone involved in real estate right now because the real estate market in many areas is either in transition or could be in transition shortly.
Supply and demand. Real estate is governed by the law of supply and demand. This rule is absolute and without exception. The appreciation of a market, the expectations of buyers and sellers, and the velocity of market sales are all dictated by the supply of, and the demand for, real estate for sale.
New construction is another area to consider when evaluating your market. In this case, we are focusing on supply and demand. The more homes available to buyers, the harder it will be for sellers to move properties. Most communities have some new construction, but the key is to determine if it is outpacing the demand.
Increased job growth and in-migration. Where there is strong growth, there are new workers. New workers need some place to live. A vast percentage of these people will be moving in from other areas and often are bringing money from a previous home. If job growth is strong, your real estate market should be stable and showing appreciation.Real estate doppler effect. Real estate is governed by the law of cause and effect. Positive situations cause positive outcomes, and vice versa. For example, a vibrant economic growth leads to a vibrant real estate market and strong appreciation of homes, while loss of jobs and a languishing economy produce exactly the opposite effect.
The conditions that make a good market can change literally overnight. All it takes is the entrance of a major employer or a little word of mouth and buyers looking for a bargain and seeing others take a chance, and before you know it, a neighbourhood has turned around. Homes that sat unsold are selling for high prices. Young people are moving in, making improvements, and making the area cool to live in.
A secret to evaluating your local real estate market is to look at people around you. One sign of a hot real estate market is the number of people who suddenly become real estate investors. These tend to be people using the equity in their primary home to make secondary purchases. There is no statistical analysis for this factor. Just keep an ear out for friends or neighbours who are suddenly investing in multiple properties.Understanding the real estate market requires various skills such as knowledge of land price, an insight for land in the future, the risk factors for a property, laws that apply for property, etc. Moreover, the real estate market has changed tremendously over the year. It takes much time and effort for an individual to understand it completely. The real estate market is an adventurous place to get in to, with the prices of property increasing as the time passes.
If you are thinking of buying or selling a property, consult with me a local real estate agent. I am equipped with the right tools and knowledge to insure your investment is a successful one.
Thursday, August 6, 2009
United States Housing Market Update
If you go strictly by the numbers, there's evidence that the great U.S. real estate crash may be over. But beyond the numbers, the scene is still grim.
Sales of new houses jumped 11 per cent in June - the most in eight years - and the number of unsold properties is finally edging down.
Housing starts rose in May and again in June. The scenario for existing homes is similar. And U.S. monthly home prices appear to be stabilizing, according to the Standard & Poor's Case-Shiller index of 20 major cities, which edged up in May for first time since mid-2006.
But the numbers don't impress Andrea Gaus, a real estate agent with Long & Foster Cos. in Gaithersburg, Md., a middle-class suburb of Washington.
"No, it's not better," she says bluntly of the housing market.
Houses are taking months to sell. Many buyers are having trouble getting financing as lenders and appraisers struggle to figure out what houses are really worth in the wake of the collapse.
And aside from speculators and first-time buyers - lured by depressed prices and an $8,000 (U.S.) federal tax credit - the overall market remains very soft.
"Everything is hard work," says Ms. Gaus, who has taken a part-time job at a department store to earn extra cash.
And this is in the nation's capital, historically one of the most stable real estate markets in the United States.
The reason Ms. Gaus isn't seeing a turnaround is because the "freefall" in prices isn't over, said Dean Baker, co-director of the Center for Economic and Policy Research in Washington.
"It would be wrong to imagine that we have hit a turning point in the market," he said. "There is still an enormous oversupply of housing, which means that the direction of house prices will almost certainly continue to be downward."
Mr. Baker says the inventory of unsold houses - now at the equivalent of eight months' worth of supply - is misleading because the number of vacant rental units is going up. That suggests many owners have given up trying to sell their homes and have put them up for rent instead, he said.
If accurate, it's sobering news. The collapse of house prices in the United States helped trigger the global recession, and until the market recovers, U.S. consumers are unlikely to be a major force in the global economy.
Uncertainty is palpable. Buyers are staying on the sidelines because they don't know if they'll have jobs in a few months and, by then, prices could be even lower. Various government efforts to stoke the market - including foreclosure moratoriums and mortgage modification programs - have not been wildly successful.
Until the demand recovers, the housing slump is unlikely to end.
So what will it take for a solid recovery in real estate to take hold? Economist Ed Yardeni of Yardeni Research in New York said it all starts with unemployment, now at 9.5 per cent nationally, and widely expected to top 10 per cent by the end of the year.
He said home values closely follow the cost of house rentals, which in turn tracks the jobless rate, all of which points to a gradual recovery in housing. "Houses don't trade like stocks, which tend to make V-bottoms," Mr. Yardeni said. "Home prices tend to make L-bottoms."
A quick rebound in housing would require a return to the mortgage market of 2006, when lenders ignored swelling household debt levels and dodgy credit histories, said Timothy Duy, an assistant professor and director of the Oregon Economic Forum at the University of Oregon.
And that's unlikely, Prof. Duy said. "I can't see [a housing rebound] unless conditions revert back to the 'Let's give everyone one with a pulse a loan' era."
The impact of still-rising unemployment is also hitting foreclosures. The first wave of Americans losing homes occurred mainly in overheated real estate markets, such as California and Florida, where exotic variable-rate mortgages were sold to buyers with poor credit. The latest wave of foreclosures and forced sales is happening because homeowners are losing their jobs, leaving them unable to pay their mortgages.
Also holding back the recovery is the sheer magnitude of the housing implosion, which is shaping up as the worst on record. Moody's Economy.com is now projecting that the S&P/Case-Shiller Home Price Index - which has tracked values dating back to 1890 - will fall 40 per cent from its peak in 2006. It has declined roughly 30 per cent so far. Before this slump, the largest correction spanned the 1916-to-1932 period, when prices tumbled 37 per cent.
It will likely take a full decade for prices to regain the lofty levels of 2006, said Moody's Economy.com economist Celia Chen. She points out that Japan's property market lost half its value in the aftermath of the bursting of that bubble in the late 1980s and has shown few signs of recovery.
Ms. Chen said no U.S. region or state is escaping the slump. And the states where the boom-and-bust cycle is most pronounced will take the longest to recover. It could be 2011 before the housing markets bottom out in hard-hit states such as Florida, Arizona, California, Nevada and New York, she said.
Meanwhile, house prices are still falling - though the pace of the decline appears to be slowing, said David Blitzer, head of the index committee at Standard & Poor's, which compiles the Case-Shiller index. "There is a clear inflection point," he said.
But an inflection point isn't a turnaround. "Remember that on a year-over-year basis, home prices are still down 17 per cent on average across all metro areas," Mr. Blitzer said.
"So we likely do have a way to go before we see sustained home price appreciation."
******
Sales of new houses jumped 11 per cent in June - the most in eight years - and the number of unsold properties is finally edging down.
Housing starts rose in May and again in June. The scenario for existing homes is similar. And U.S. monthly home prices appear to be stabilizing, according to the Standard & Poor's Case-Shiller index of 20 major cities, which edged up in May for first time since mid-2006.
But the numbers don't impress Andrea Gaus, a real estate agent with Long & Foster Cos. in Gaithersburg, Md., a middle-class suburb of Washington.
"No, it's not better," she says bluntly of the housing market.
Houses are taking months to sell. Many buyers are having trouble getting financing as lenders and appraisers struggle to figure out what houses are really worth in the wake of the collapse.
And aside from speculators and first-time buyers - lured by depressed prices and an $8,000 (U.S.) federal tax credit - the overall market remains very soft.
"Everything is hard work," says Ms. Gaus, who has taken a part-time job at a department store to earn extra cash.
And this is in the nation's capital, historically one of the most stable real estate markets in the United States.
The reason Ms. Gaus isn't seeing a turnaround is because the "freefall" in prices isn't over, said Dean Baker, co-director of the Center for Economic and Policy Research in Washington.
"It would be wrong to imagine that we have hit a turning point in the market," he said. "There is still an enormous oversupply of housing, which means that the direction of house prices will almost certainly continue to be downward."
Mr. Baker says the inventory of unsold houses - now at the equivalent of eight months' worth of supply - is misleading because the number of vacant rental units is going up. That suggests many owners have given up trying to sell their homes and have put them up for rent instead, he said.
If accurate, it's sobering news. The collapse of house prices in the United States helped trigger the global recession, and until the market recovers, U.S. consumers are unlikely to be a major force in the global economy.
Uncertainty is palpable. Buyers are staying on the sidelines because they don't know if they'll have jobs in a few months and, by then, prices could be even lower. Various government efforts to stoke the market - including foreclosure moratoriums and mortgage modification programs - have not been wildly successful.
Until the demand recovers, the housing slump is unlikely to end.
So what will it take for a solid recovery in real estate to take hold? Economist Ed Yardeni of Yardeni Research in New York said it all starts with unemployment, now at 9.5 per cent nationally, and widely expected to top 10 per cent by the end of the year.
He said home values closely follow the cost of house rentals, which in turn tracks the jobless rate, all of which points to a gradual recovery in housing. "Houses don't trade like stocks, which tend to make V-bottoms," Mr. Yardeni said. "Home prices tend to make L-bottoms."
A quick rebound in housing would require a return to the mortgage market of 2006, when lenders ignored swelling household debt levels and dodgy credit histories, said Timothy Duy, an assistant professor and director of the Oregon Economic Forum at the University of Oregon.
And that's unlikely, Prof. Duy said. "I can't see [a housing rebound] unless conditions revert back to the 'Let's give everyone one with a pulse a loan' era."
The impact of still-rising unemployment is also hitting foreclosures. The first wave of Americans losing homes occurred mainly in overheated real estate markets, such as California and Florida, where exotic variable-rate mortgages were sold to buyers with poor credit. The latest wave of foreclosures and forced sales is happening because homeowners are losing their jobs, leaving them unable to pay their mortgages.
Also holding back the recovery is the sheer magnitude of the housing implosion, which is shaping up as the worst on record. Moody's Economy.com is now projecting that the S&P/Case-Shiller Home Price Index - which has tracked values dating back to 1890 - will fall 40 per cent from its peak in 2006. It has declined roughly 30 per cent so far. Before this slump, the largest correction spanned the 1916-to-1932 period, when prices tumbled 37 per cent.
It will likely take a full decade for prices to regain the lofty levels of 2006, said Moody's Economy.com economist Celia Chen. She points out that Japan's property market lost half its value in the aftermath of the bursting of that bubble in the late 1980s and has shown few signs of recovery.
Ms. Chen said no U.S. region or state is escaping the slump. And the states where the boom-and-bust cycle is most pronounced will take the longest to recover. It could be 2011 before the housing markets bottom out in hard-hit states such as Florida, Arizona, California, Nevada and New York, she said.
Meanwhile, house prices are still falling - though the pace of the decline appears to be slowing, said David Blitzer, head of the index committee at Standard & Poor's, which compiles the Case-Shiller index. "There is a clear inflection point," he said.
But an inflection point isn't a turnaround. "Remember that on a year-over-year basis, home prices are still down 17 per cent on average across all metro areas," Mr. Blitzer said.
"So we likely do have a way to go before we see sustained home price appreciation."
******
Wednesday, August 5, 2009
Investment Up-date
Any investment can be overpriced no matter how great its fundamental value or how secure its prospects.
In the absence of a more thorough analysis, it's reasonable to suspect that investments in a market that has been rising for a long time are overpriced.
In itself that guideline isn't a signal to sell, it is a signal to make a closer examination.
In the absence of a more thorough analysis, it's reasonable to suspect that investments in a market that has been rising for a long time are overpriced.
In itself that guideline isn't a signal to sell, it is a signal to make a closer examination.
Tuesday, August 4, 2009
Twitter - Blog - Who's Listening ?
A Chicago management company has sued a tenant for libel over a Twitter post complaining about a moldy apartment, according to court records and online reports.
On May 12, Exhibit A in the lawsuit shows, defendant Amanda Bonnen broadcast a message to a friend: "You should just come anyway. Who said sleeping in a moldy apartment was bad for you? Horizon realty thinks it's okay."
Horizon Group Management LLC, which manages the North Side apartment building along with at least 14 other properties in Chicago, now wants $50,000 from Ms. Bonnen.
Horizon discovered the "tweet" while conducting due diligence on a residential landlord and tenant ordinance lawsuit filed by Ms. Bonnen, the company said in a statement Tuesday.
Ms. Bonnen appears to have closed her Twitter account and didn't respond to requests for comment.
For what it is worth, one longtime resident of the building, Cori Munro, told The Wall Street Journal that she has never had problems with mold.
On May 12, Exhibit A in the lawsuit shows, defendant Amanda Bonnen broadcast a message to a friend: "You should just come anyway. Who said sleeping in a moldy apartment was bad for you? Horizon realty thinks it's okay."
Horizon Group Management LLC, which manages the North Side apartment building along with at least 14 other properties in Chicago, now wants $50,000 from Ms. Bonnen.
Horizon discovered the "tweet" while conducting due diligence on a residential landlord and tenant ordinance lawsuit filed by Ms. Bonnen, the company said in a statement Tuesday.
Ms. Bonnen appears to have closed her Twitter account and didn't respond to requests for comment.
For what it is worth, one longtime resident of the building, Cori Munro, told The Wall Street Journal that she has never had problems with mold.
On the Lighter Side of.....
On The Lighter Side.....
"A leader, once convinced that a particular course of action is the right one, must....be undaunted when the going gets tough." - Ronald Reagan
"Character is the result of two things: mental attitude and the way we spend our time." - Elbert Hubbard
"My philosophy of life is that if we make up our mind what we are going to make of our lives, then work hard toward that goal, we never lose - somehow we win out." - Ronald Reagan
"When you believe you can-you can!" - Maxwell Maltz
"When you have a number of disagreeable duties to perform, always do the most disagreeable first." - Josiah Quincy
"Never look down to test the ground before taking your next step; only he who keeps his eye fixed on the far horizon will find the right road." - Dag Hammarskjöld
"Holding on to anger is like grasping a hot coal with the intent of throwing it at someone else; you are the one who gets burned." - Buddha
"There are two ways to look at life and the world. We can see the good or the bad, the beautiful or the ugly. Both are there, and what we focus on and choose to see is what brings us feelings of joy or feelings of despair." - Lloyd Newell
"A leader, once convinced that a particular course of action is the right one, must....be undaunted when the going gets tough." - Ronald Reagan
"Character is the result of two things: mental attitude and the way we spend our time." - Elbert Hubbard
"My philosophy of life is that if we make up our mind what we are going to make of our lives, then work hard toward that goal, we never lose - somehow we win out." - Ronald Reagan
"When you believe you can-you can!" - Maxwell Maltz
"When you have a number of disagreeable duties to perform, always do the most disagreeable first." - Josiah Quincy
"Never look down to test the ground before taking your next step; only he who keeps his eye fixed on the far horizon will find the right road." - Dag Hammarskjöld
"Holding on to anger is like grasping a hot coal with the intent of throwing it at someone else; you are the one who gets burned." - Buddha
"There are two ways to look at life and the world. We can see the good or the bad, the beautiful or the ugly. Both are there, and what we focus on and choose to see is what brings us feelings of joy or feelings of despair." - Lloyd Newell
New found Passion
Dear peter-is-a-Newfoundlover,
Mary Kay Ash was loved by her people.
She was the founder of Mary Kay Cosmetics, and passed away recently at 83 years old.
I heard her speak about 20 years ago, adn at the end of her speech she was asked, "What is the key to success in business?"
She didn't hesitate when she said, "Make your people feel important."
She truly understand that recognition is a need we all crave; and that there are no exceptions.
Marcy Blochowiak understands this powerful principal as much as any leader I've ever met.
And, most importantly, it comes from her heart. She has built a team of thousands by using a secret weapon: "Hire more women, and love them like family."
feel free to forward this to friends and family
Mary Kay Ash was loved by her people.
She was the founder of Mary Kay Cosmetics, and passed away recently at 83 years old.
I heard her speak about 20 years ago, adn at the end of her speech she was asked, "What is the key to success in business?"
She didn't hesitate when she said, "Make your people feel important."
She truly understand that recognition is a need we all crave; and that there are no exceptions.
Marcy Blochowiak understands this powerful principal as much as any leader I've ever met.
And, most importantly, it comes from her heart. She has built a team of thousands by using a secret weapon: "Hire more women, and love them like family."
feel free to forward this to friends and family
The Eglington LRT - Toronto Transit Commision & Toronto
The Eglinton LRT Needs a Re-Think
August 4, 2009
With the preliminary planning completed, final details about how the Eglinton Crosstown LRT will operate are being solidified. Right of way, street level noise, and construction are just some of the issues that are keeping the project from completion. I have a strong feeling that this proposed route will cause a lot of controversial debate and anger in Toronto over the next few years.
There's no doubt that the St. Clair LRT has caused many headaches over the last few years -- in terms of construction and implementation. So much so, that in 2005 construction was brought to a complete stand still. The issue was quickly resolved, but lasting effects among local businesses and residents still exists. Now that the St. Clair line is under control, the focus has shifted to Eglinton.
The solution? Instead of a vehicle making a left hand turn at a major intersection, motorists would make a right turn and temporarily head in the opposite direction. After having done so, there would be a section of road designed for them to make a U-turn to cross back through the same intersection in the proper direction. The TTC is designing these re-routes to accommodate vehicles up to the size of a delivery truck. Compared with the current U-turn implementation on St. Clair, this sounds like a marginal improvement to me.
Although this is only for the above ground sections, I can also imagine this will create more chaos than necessary. To accommodate the U-turns, traffic lights must be added north and south of the stops in question. Ten major intersections are to be affected on the outer east and west stops on the line. I used to, jokingly, think the TTC was making it difficult for motorists on purpose -- probably to get people out of their cars and onto the LRTs. But the more I think about it, the less absurd the notion seems.
Another problematic issue is the street noise and vibrations that will be created by the LRT. Many who live near current streetcar routes can attest to the sounds the trains make. This noise is usually attributed to streetcars grinding their tracks as they turn or stop. The TTC claims "the LRTs will run at about 68 dB, two decibels less than current busy street traffic sound levels." The Ministry of Environment and TTC are currently investigating residential areas in order to reduce the amount of noise pollution.
Over the past 50 years, Eglinton has always been proposed to provide faster transit. In the 1960s, a highway was to be built on the street but was scrapped over funding and usage problems. In the 1990s, construction began on a tunnel from Eglinton West station to extend the subway. This was immediately stopped when the new Premier of Ontario, Mike Harris took office. It seems that anytime a transit project arises on Eglinton, it gets shut down for one reason or another.
Although I'm sure there will be some headaches, I hope by the end of 2021 the Eglington LRT is fully functional.
August 4, 2009
With the preliminary planning completed, final details about how the Eglinton Crosstown LRT will operate are being solidified. Right of way, street level noise, and construction are just some of the issues that are keeping the project from completion. I have a strong feeling that this proposed route will cause a lot of controversial debate and anger in Toronto over the next few years.
There's no doubt that the St. Clair LRT has caused many headaches over the last few years -- in terms of construction and implementation. So much so, that in 2005 construction was brought to a complete stand still. The issue was quickly resolved, but lasting effects among local businesses and residents still exists. Now that the St. Clair line is under control, the focus has shifted to Eglinton.
The solution? Instead of a vehicle making a left hand turn at a major intersection, motorists would make a right turn and temporarily head in the opposite direction. After having done so, there would be a section of road designed for them to make a U-turn to cross back through the same intersection in the proper direction. The TTC is designing these re-routes to accommodate vehicles up to the size of a delivery truck. Compared with the current U-turn implementation on St. Clair, this sounds like a marginal improvement to me.
Although this is only for the above ground sections, I can also imagine this will create more chaos than necessary. To accommodate the U-turns, traffic lights must be added north and south of the stops in question. Ten major intersections are to be affected on the outer east and west stops on the line. I used to, jokingly, think the TTC was making it difficult for motorists on purpose -- probably to get people out of their cars and onto the LRTs. But the more I think about it, the less absurd the notion seems.
Another problematic issue is the street noise and vibrations that will be created by the LRT. Many who live near current streetcar routes can attest to the sounds the trains make. This noise is usually attributed to streetcars grinding their tracks as they turn or stop. The TTC claims "the LRTs will run at about 68 dB, two decibels less than current busy street traffic sound levels." The Ministry of Environment and TTC are currently investigating residential areas in order to reduce the amount of noise pollution.
Over the past 50 years, Eglinton has always been proposed to provide faster transit. In the 1960s, a highway was to be built on the street but was scrapped over funding and usage problems. In the 1990s, construction began on a tunnel from Eglinton West station to extend the subway. This was immediately stopped when the new Premier of Ontario, Mike Harris took office. It seems that anytime a transit project arises on Eglinton, it gets shut down for one reason or another.
Although I'm sure there will be some headaches, I hope by the end of 2021 the Eglington LRT is fully functional.
Real Estate Investment - Commercial & Residential
Daily Real Estate News August 4, 2009
6 Real Estate Investment Basics
Miami real estate investor Kenneth D. Rosen outlines his “Big Six” investing guidelines in his new book, Investing in Income Properties.
Here are his six principles in a nutshell. He says all of them need to be present to make a deal worth doing.
“If one’s not there, you stop and you don’t buy,” he says.
Location.
“A” locations are in areas where there is little land left to build on and the neighborhood has a certain prestige.
No-frills design with quality construction.
He looks for three or four parking spaces per 1,000 square feet, no more than 15 percent of space devoted to common areas, and simple but visually pleasing design.
Few or no vacancies. Buildings with lots of small offices are easier to keep full than those that rely on renting out entire floors to one tenant.
Potential for appreciation. Older buildings with lower rents have the most upside potential.
As leases expire, the new owner can raise the rent.
Available financing. Find a financial pro to help negotiate the right provisions.
Sale price based on existing income.
Avoid buying based on projected income.
6 Real Estate Investment Basics
Miami real estate investor Kenneth D. Rosen outlines his “Big Six” investing guidelines in his new book, Investing in Income Properties.
Here are his six principles in a nutshell. He says all of them need to be present to make a deal worth doing.
“If one’s not there, you stop and you don’t buy,” he says.
Location.
“A” locations are in areas where there is little land left to build on and the neighborhood has a certain prestige.
No-frills design with quality construction.
He looks for three or four parking spaces per 1,000 square feet, no more than 15 percent of space devoted to common areas, and simple but visually pleasing design.
Few or no vacancies. Buildings with lots of small offices are easier to keep full than those that rely on renting out entire floors to one tenant.
Potential for appreciation. Older buildings with lower rents have the most upside potential.
As leases expire, the new owner can raise the rent.
Available financing. Find a financial pro to help negotiate the right provisions.
Sale price based on existing income.
Avoid buying based on projected income.
Finance home improvements with a purchase plus improvement mortgage.
If you intend to buy a home that needs some immediate upgrades, a "purchase plus improvements" mortgage may be right for you.
This type of mortgage covers the purchase price of the home, plus any renovations that would increase the value of the property, such as finishing a basement or redoing the kitchen. For current homeowners, a "refinance with improvements" option may be available. I can guide you through the process:
Step 1: Mortgage pre-approval Arranging a pre-approved mortgage not only protects you if interest rates increase, it also gives you a clear price range for your new home.
Step 2: Obtain cost estimates for upgrades Once you have found a home, you need to get written quotes from licensed contractors on the renovations you plan. These quotes will be used as the estimate for renovation funds that will be forwarded to you after the projects are completed.
Step 3: Mortgage application When you are applying for the mortgage, your lender will add the estimated costs of the renovation into the lending agreement. For example, with a 5% down payment, your mortgage broker would apply to a lender for 95% of the "as improved" market value, which will be higher than the actual purchase price.
Step 4: Finalize purchase Your Realtor and Invis mortgage professional will walk you through this part of the process. The funds for renovations will be sent to your lawyer "in trust" when the mortgage closes.
Step 5: Complete upgrades The lender will "hold back" funds for the renovations until the work has been completed and inspected, at which time the contractor can be paid.
Interested in learning more about this innovative mortgage option?
I can tell you more about this and many other mortgage strategies.
If you intend to buy a home that needs some immediate upgrades, a "purchase plus improvements" mortgage may be right for you.
This type of mortgage covers the purchase price of the home, plus any renovations that would increase the value of the property, such as finishing a basement or redoing the kitchen. For current homeowners, a "refinance with improvements" option may be available. I can guide you through the process:
Step 1: Mortgage pre-approval Arranging a pre-approved mortgage not only protects you if interest rates increase, it also gives you a clear price range for your new home.
Step 2: Obtain cost estimates for upgrades Once you have found a home, you need to get written quotes from licensed contractors on the renovations you plan. These quotes will be used as the estimate for renovation funds that will be forwarded to you after the projects are completed.
Step 3: Mortgage application When you are applying for the mortgage, your lender will add the estimated costs of the renovation into the lending agreement. For example, with a 5% down payment, your mortgage broker would apply to a lender for 95% of the "as improved" market value, which will be higher than the actual purchase price.
Step 4: Finalize purchase Your Realtor and Invis mortgage professional will walk you through this part of the process. The funds for renovations will be sent to your lawyer "in trust" when the mortgage closes.
Step 5: Complete upgrades The lender will "hold back" funds for the renovations until the work has been completed and inspected, at which time the contractor can be paid.
Interested in learning more about this innovative mortgage option?
I can tell you more about this and many other mortgage strategies.
Sunday, August 2, 2009
The Ontario Cottage-Chalet Dream - Real Estate - The Great White North
The Canadian Dream
July 31, 2009 -- It's hard to believe that we are already nearing the busy fall period in the Greater Toronto Area's resale housing market.
In fact, due to current weather patterns, this season could go on record as the summer that wasn't. It's important to recognize though, that with every persistent cloud comes a silver lining.Some cottagers who normally make the trek North every Friday have tailored their plans according to the weather this year and in doing so, they may have also re-evaluated their need for a recreation property.
That's good news if you're thinking of buying a vacation home.There are however, a number of factors to consider if you're planning to own a cottage or chalet. Fortunately, financing may be easier than you think. Most financial institutions' mortgage approval criteria remain consistent for both primary and secondary residences.
You may for example, be able to finance 95 per cent of your purchase by qualifying for an insured loan. As well, if your primary residence is worth more than your outstanding mortgage, you may be able to leverage some of that equity to buy a recreation property. Making a purchase with family and friends is also an option but in this case, it's important to undertake a usage schedule and succession planning in advance.
While some buyers regard the property as a vacation getaway, others might see it as an investment with rental potential. Be sure that your goals are established at the outset, particularly if it's a joint venture Bear in mind that since your objectives may change, factors that affect resale value should always be considered. Driving distance is one such factor, as is accessibility. Getting there by water or an unsafe back-road could be less desirable and in the latter case, it's important to explore potential costs associated with maintaining the road. Identify your proximity to the nearest town and marina, whether the property has access to hydro and telephone lines, and whether you're within mobile phone reach.
Learning about garbage disposal and emergency services is also essential. In fact, many of the basics that we take for granted have to be considered. Learn whether the property has a septic system and if so, whether it is far enough away from tree roots to prevent blockage. If there is a well, be sure it is on higher ground than the septic system and if you'll be using lake water, be clear on treatment processes.
Your mortgage provider may require a potability test to ensure the water quality is safe.
Consider the property's physical aspects too, taking into consideration changing water levels and the potential for erosion, and whether you prefer sun exposure or a wooded lot. If you're planning to buy a waterfront property, investigate whether it's a sandy beach or a rock bottom and be sure to obtain a copy of the survey to determine whether others have access to your land.
Look into zoning as well, to be clear on the types of land and water uses permitted and to consider the effect of potential development in the future.While you're considering the long-term scenario, remember to set aside funds for upkeep to ensure the physical structure retains its value.
You'll also need to plan for property tax, insurance and utility costs.Although there are a number of factors to consider, flocking to recreation properties is a Canadian tradition because of the breathtaking scenery our country has to offer.
With proper planning and consulting your REALTOR®, you can own a piece of the Canadian dream and enjoy a healthy return on investment in the long-term.
For more information on the home buying process call peter tarshis realtor-416-705-1181 visit him at www.HomeLifeRealtyOne.com
The Canadian Dream
July 31, 2009 -- It's hard to believe that we are already nearing the busy fall period in the Greater Toronto Area's resale housing market.
In fact, due to current weather patterns, this season could go on record as the summer that wasn't. It's important to recognize though, that with every persistent cloud comes a silver lining.Some cottagers who normally make the trek North every Friday have tailored their plans according to the weather this year and in doing so, they may have also re-evaluated their need for a recreation property.
That's good news if you're thinking of buying a vacation home.There are however, a number of factors to consider if you're planning to own a cottage or chalet. Fortunately, financing may be easier than you think. Most financial institutions' mortgage approval criteria remain consistent for both primary and secondary residences.
You may for example, be able to finance 95 per cent of your purchase by qualifying for an insured loan. As well, if your primary residence is worth more than your outstanding mortgage, you may be able to leverage some of that equity to buy a recreation property. Making a purchase with family and friends is also an option but in this case, it's important to undertake a usage schedule and succession planning in advance.
While some buyers regard the property as a vacation getaway, others might see it as an investment with rental potential. Be sure that your goals are established at the outset, particularly if it's a joint venture Bear in mind that since your objectives may change, factors that affect resale value should always be considered. Driving distance is one such factor, as is accessibility. Getting there by water or an unsafe back-road could be less desirable and in the latter case, it's important to explore potential costs associated with maintaining the road. Identify your proximity to the nearest town and marina, whether the property has access to hydro and telephone lines, and whether you're within mobile phone reach.
Learning about garbage disposal and emergency services is also essential. In fact, many of the basics that we take for granted have to be considered. Learn whether the property has a septic system and if so, whether it is far enough away from tree roots to prevent blockage. If there is a well, be sure it is on higher ground than the septic system and if you'll be using lake water, be clear on treatment processes.
Your mortgage provider may require a potability test to ensure the water quality is safe.
Consider the property's physical aspects too, taking into consideration changing water levels and the potential for erosion, and whether you prefer sun exposure or a wooded lot. If you're planning to buy a waterfront property, investigate whether it's a sandy beach or a rock bottom and be sure to obtain a copy of the survey to determine whether others have access to your land.
Look into zoning as well, to be clear on the types of land and water uses permitted and to consider the effect of potential development in the future.While you're considering the long-term scenario, remember to set aside funds for upkeep to ensure the physical structure retains its value.
You'll also need to plan for property tax, insurance and utility costs.Although there are a number of factors to consider, flocking to recreation properties is a Canadian tradition because of the breathtaking scenery our country has to offer.
With proper planning and consulting your REALTOR®, you can own a piece of the Canadian dream and enjoy a healthy return on investment in the long-term.
For more information on the home buying process call peter tarshis realtor-416-705-1181 visit him at www.HomeLifeRealtyOne.com
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