Toronto population stats

"With 2.6 million residents, Toronto is the 5th largest city in North America. One-quarter of Canada’s population is located within 160 km (100 mi.) of the city and more than 60% of the population of the USA is within a 90-minute flight."

IF IT IS SUCH A GREAT DEAL, THEN WHY DON'T YOU BUY IT?

Here is one of the things I say back to the person who asked me this question. I ask the person to imagine that he/she works at Dunkin Doughnuts. It is their main source to make a living. It is like asking that person the same question.

IF IT IS SUCH A GREAT DOUGHNUT, THEN WHY DON'T YOU EAT IT?

This person would be unable to eat every doughnut because it would be very unhealthy and the human body can only take so much fat. The same is true for real estate. I wish I could take advantage of every deal that comes across my desk. However, I am limited as is every person. I simply explain to the other person that my main profession is real estate. My job is to find investors such as yourself deals to purchase. I make money when the deal closes. Do I take advantage of SOME deals? Yes, I do. I just picked up a great fix and flip deal that closed this week. However, I am unable to take advantage of every deal. I could if I was the CANADA Government. However, it is just me at this time.

Toronto Home & Condo Sales up 84% from last November

November 24, 2009 -- Winter may be fast approaching but there is certainly no cooling trend when it comes to the Greater Toronto Area resale housing market.

In the first two weeks of November, Greater Toronto REALTORS® reported 3,666 sales, an 84 per cent increase compared to the same period a year ago. The average price of GTA homes sold during this timeframe also grew, by 10 per cent, to $415,066. Condominium activity throughout the GTA was even more extraordinary. Sales of this housing type increased 90 per cent to 959 transactions, with an average price of $296,664, up 15 per cent year over year.

There’s More to us than MLS

November 13, 2009 -- If you are one of the thousands of GTA residents who has made a move to a home more suited to your lifestyle this year, chances are you used the services of a REALTOR® to help you do so.

On the surface it may seem that a REALTOR’S® access to the Multiple Listing Service is the most significant reason for working with a real estate professional.

While REALTORS® can use the MLS® to match your housing preferences with available properties and help you establish realistic expectations if you’re selling, it is just one of several tools they use to offer you professional advice.

They can also for example, access the Municipal Property Assessment Corporation’s database to provide you with valuable insight into current taxes on individual properties, ownership histories and lot size specifics.

Using Teranet’s GeoWarehouse, they can retrieve even more information that is useful in the decision-making process like streetscape imagery, mapped neighbourhood sales, and average local incomes.

As well, if you’re considering a newly constructed home, your Greater Toronto REALTOR® has your needs covered through their access to RealNet Canada’s database of new home listings.

RealNet reports on 99 per cent of all developments greater than 15 units in size in the GTA. Its database includes more than 35,000 current records, which are updated on a monthly basis. A search of the RealNet database can be conducted by housing type, location, price range and number of bedrooms. Searches can produce an array of details including builder names, lot sizes, condo fees, and quantity of available units.

This information can help you measure your preferred builder’s value proposition and more carefully weigh your decision with respect to choosing new versus resale housing.

Your REALTOR® can also advise you on government programs that will save you money. For example, if you’re considering a few fix-ups prior to listing, your REALTOR® can provide you with details of programs like the Home Renovation Tax Credit and the Energuide for Houses Retrofit Grant. If you’re wondering whether buying a home is within reach, your REALTOR® can tell you about a program that, with only five per cent down, allows you to apply for mortgage insurance that can facilitate your purchase. As well, if you are a first-time homebuyer, your REALTOR® can advise you of a program that allows you and your partner to each withdraw up to $25,000 from your RRSPs to put towards your purchase.

Greater Toronto REALTORS® also work tirelessly to advocate your interests on important issues like property taxes, sales tax harmonization and the Toronto land transfer tax. They make direct contributions to GTA communities as well, helping to feed 1900 children in 11 local schools every week through the Children’s Breakfast Program and providing grants to 20 shelter-related charitable organizations this year alone.

These are just a few of the many ways that there’s more to Greater Toronto REALTORS® than MLS®.

HST will raise cost of living, buying homes

November 13, 2009 -- Starting July 1, 2010 Ontarians can expect to pay a harmonized sales tax (HST) rate of 13% on a long list goods and services that were previously exempt from the 8% Provincial Sales Tax (PST). While the impact of the tax will be felt by all Ontarians, the province’s 3 million homeowners and the thousands who buy and sell a home every year will be hit particularly hard by this latest tax grab.

As real estate professionals, REALTORS® know how important the dream of homeownership is to Ontario families. Unfortunately, thanks to the forthcoming HST, that dream is going to become much more expensive. After July 1, 2010, every residential real estate transaction in Ontario will face a significant tax increase. Specifically, home buyers and sellers can expect to pay 8% more on legal fees, appraisals, real estate commissions, home inspection fees, moving costs and the provincial government’s forthcoming system of mandatory home energy audits. According to the Ontario Real Estate Association (OREA) Ontarians will pay, on average, an additional $1,449 in new taxes on their next residential real estate transaction.

If it’s not bad enough that the new tax will increase the cost of buying a home, then consider the impact on the costs of owning and living in that home after it’s been purchased. Specifically, a HST will add hundreds, potentially thousands of dollars in additional tax on utility bills, such as gas, electricity and home heating fuel, on home renovation labour, the cost of lawn upkeep or landscaping and the cost of snow removal. Moreover, a HST will increase the cost of living with 8% more tax on gasoline, personal and professional services, meals under $4, dry cleaning, cab fares, magazine subscriptions, plane tickets, vitamins and cell phone charges.

When added together, the impact of a HST on Ontario family’s disposable income will be considerable. In short, a HST will reduce the people of Ontario’s quality of life by taking more of their hard earned money.

While the Government of Ontario plans to compensate homeowners by offering sales tax transition cheques and modest income tax reductions, these measures will in no way offset this new tax. A onetime payment of $1000 (for a family of four) and a modest $368 reduction in income taxes will do very little to offset the burden of an 8% tax increase on a litany of items in perpetuity.

Certain basic needs, like groceries, prescription drugs, and children’s clothing, would be exempt from the new tax. Unfortunately, the provincial government is not proposing to provide a similar exemption for home purchasing costs. Having a roof over one’s head is about as basic as needs get, and the government should recognize this by ensuring that the costs associated with purchasing a home are exempt from the new tax.

Help oppose this latest tax grab. Write to your MPP and tell them that Ontarians do not need higher taxes on homeownership.

Real Estate News Toronto

November 13, 2009 -- Despite the fact that the holiday season is fast approaching, the Greater Toronto Area resale housing market continues to thrive. After a brief but marked decline, activity has been very strong since May. Given the profound impact that real estate has on the greater economy, we have experienced an incredibly fortuitous turn of events. With each passing month, this remarkably speedy recovery has taken hold and I’m happy to report that the outlook for the GTA resale housing market is very promising.

I recently attended a Canada Mortgage and Housing Corporation conference aptly titled Road to Recovery, which offered countless reasons as to why the market outlook is bright.

Special guest speaker Joe Berridge, a founding partner in the planning and urban design firm Urban Strategies, made one of the most noteworthy points, indicating that Toronto is now considered a global city, ranking amongst the top 15 Alpha cities in the world. He pointed to several of our city’s most positive characteristics including Toronto’s cultural diversity, acclaimed universities and international airport.

Given that property in the GTA is much more affordable than in the western world’s other high ranking Alpha cities like New York, London and Paris, the opportunity to invest in luxury homes and condominiums here is very appealing to off-shore buyers.

Of course, local buyers also recognize our city’s excellent investment opportunities and in recent years, many have bought condominiums at the pre-construction stage. As these units begin to reach completion within the next year, some investors may choose to list them for sale immediately, which will help to balance the market.

This effect should not be any reason for concern though, given that GTA demographics support a strong outlook for the condominium market. Between the 2001 and 2006 Censuses, the largest population growth was seen for couples without children and one-person households – groups that generally support an increase in condominium construction.

In light of these statistics, high-density land purchases have been on the rise throughout the GTA, particularly in York Region. Between 2006 and 2008, 40 per cent of the GTA’s high-density land purchases were made in the City of Toronto, with York Region following closely behind at 32 per cent, while 13 per cent were made in Peel Region.

Low-rise housing has also recovered from the very bleak period in the last quarter of 2008 and the early part of this year, and immigration has continued to play an important role. Drawn by our city’s cultural mix, diverse employment opportunities and range of housing stock, nearly 100,000 immigrants move to the GTA each year. Given that the majority of these newcomers buy a home within 10 years, the demand for low-rise housing will most certainly continue as well.

Sales of newly constructed low-rise housing have also increased in recent months, which will result in greater housing starts next year. In the long term though, land supply and infrastructure constraints will limit the potential for low-rise development in many areas like York Region.

In its presentation, CMHC also identified several Toronto neighbourhoods that are ripe for gentrification like W06 on the lakeshore, as well as E06 and E04 in the East and North-East Danforth area. These areas contain single detached homes selling for at least 10 per cent less than the GTA average, and are adjacent to districts with above-average selling prices. There’s no doubt that regardless of whether your clients opt for a low-rise or high-density dwelling, a successful purchase always comes down to that old adage: location, location, location.

Given this year’s strong resurgence, we can expect homeowners who have taken note of this activity to boost listings in 2010. As I mentioned at the outset of this message, all of this activity is good news for the broader economy because increased sales translate to increased spending on renovations and professional services, both prior to, and subsequent to each transaction.

TORONTO REAL ESTATE MARKET SOARING

GTA real estate market soaring


November 9, 2009 -- It has been a red-hot autumn in the Greater Toronto Area resale housing market.

In the first two weeks of October, Greater Toronto REALTORS® reported 3,631 sales, a 34 per cent increase compared to the same period a year ago. The average price of GTA homes sold during this timeframe also grew, by 17 per cent, to $414,479. Condominium sales increased 23 per cent to 857 transactions, with an average price of $292,439, up 12 per cent year over year.

The average price increased most significantly in the City of Toronto while the 905 Region experienced the strongest sales volumes.

In the City of Toronto the average price climbed to $455,001, a 21 per cent increase from mid-October last year. The number of sales was up 31 per cent compared to the same period, reaching a total of 1,489 transactions. Condominium sales in Toronto increased 17 per cent from a year ago, to 589 transactions. They sold at an average price of $318,356, up 15 per cent from a year ago.

In the 905 Region sales activity soared to a 37 per cent increase over the first half of October 2008, totaling 2,142 transactions. The average price of a 905 Region home was $386,311, up 14 per cent from a year ago. Condominium transactions increased 40 per cent from a year ago in the 905 Region to 268 sales. They fetched an average price of $235,480, up eight per cent from mid-October last year.

Year-to-date sales throughout the GTA have increased six per cent over last year, to a total of 69,964 transactions, putting 2009 on track to finish with some of the best years on record. The average GTA house price has also increased two per cent year-to-date, to $389,697.

Given that a global recession resulted in a significant decline in sales activity at this time a year ago, it’s reasonable for this autumn’s sales to be strong by comparison. Substantial price gains though, are particularly noteworthy.

I discussed this characteristic of the market with the Toronto Real Estate Board’s Senior Manager of Market Analysis Jason Mercer, who pointed to the factors of supply and demand.

“Encouraged by record low interest rates and improved economic outlooks, households in the GTA have become increasingly confident in the home ownership market since the spring. With demand for resale homes rising and listings actually trending lower, it has not been surprising to see an accelerating rate of home price appreciation on average.”

According to Mercer, the outlook for the spring housing market is also favourable.

“Homeowners will react to the strong price increases experienced in the second half of 2009 and we will see the number of listings increase in 2010. I expect to see the average resale price continue to grow at a sustainable rate next year as well.”

If you’re thinking of buying or selling a home in the coming months I encourage you to talk to a REALTOR®. For more information, please visit www.TorontoRealEstateBoard.com

Housing Activity to Strengthen in 2010 Says CMHC

Housing starts have started to recover and are expected to continue to improve in the second half of 2009. Starts are expected to reach 141,900 for the year and will increase to 164,900 for 2010, according to the Canada Mortgage and Housing Corporation.

“We expect housing markets across Canada to strengthen leading into and over the course of 2010 as economic conditions improve”, said Bob Dugan, Chief Economist for CMHC.

“Demand for existing homes has rebounded since the beginning of the year. In addition, lower inventory levels characterize both the new and existing home markets. As a result, stronger housing demand will be reflected in higher levels of housing starts in 2010”, said Mr. Dugan.

The strong pace of MLS® sales seen in the second and third quarters of this year reflects, in part, activity that was delayed in the previous two quarters and is not likely to be sustained. The level of sales is expected to move back closer in line with anticipated economic conditions. As a result, existing home sales, as measured by the Multiple Listing Service (MLS®), will reach 441,300 units in 2009 and increase to 445,150 units in 2010. The average MLS® price is expected to be $312,950 in 2009 and $324,500 in 2010.

First-Time Home Buyers' Tax Credit

Home Buyers' Plan Withdrawal Limit

To provide first-time home buyers with additional access to their RRSP savings to purchase or build a home, Budget 2009 proposes to increase the Home Buyers' Plan (HBP) withdrawal limit to $25,000 from $20,000.

This is the first increase in the withdrawal limit since the HBP was introduced in 1992

To assist first-time home buyers with the costs related to the purchase of a home, Budget 2009 proposes to introduce a First-Time Home Buyers' Tax Credit. A 15-per-cent credit will be applied to a $5,000 amount, and will provide up to $750 in tax relief to reduce the costs associated with first home purchases completed after January 27, 2009.



You can find the complete article at the link bellow...

http://www.budget.gc.ca/2009/pamphlet-depliant/pamphlet-depliant2-eng.asp

The Home Renovation Tax Credit (HRTC)

Budget 2009 proposes to implement a temporary 15-per-cent Home Renovation Tax Credit (HRTC) to provide some $3 billion in tax relief to an estimated 4.6 million Canadian families. The HRTC will encourage investments in Canada's housing stock, provide employment for tradespeople and boost sales for those who make and sell building products.

The HRTC will apply to eligible home renovation expenditures for work performed, or goods acquired, after January 27, 2009 and before February 1, 2010, pursuant to agreements entered into after January 27, 2009.

The 15-per-cent credit may be claimed on the portion of eligible expenditures exceeding $1,000 but not more than $10,000, and will provide up to $1,350 in tax relief.

Mortgage Payments: What Can You Afford?

November, 2009


The first rule of affordability is that on a monthly basis you should not pay more than 32% of your gross household income on housing costs or P.I.T.H. (principal and interest, taxes, and heating expenses). These costs will also contain half of your monthly condominium fees and the entirety of any applicable leasehold tenure. Lenders will add up and determine the percentage of income your home will cost you, and form a ratio called GDS ratio (or Gross Debt Service ratio).

The second rule of affordability factors in how much your entire monthly debt takes up in your income. This is called your TDS or Total Debt Service ratio, and includes everything from credit payments to car loans and housing costs. This ratio should not take up more than 40% of your monthly income.

These ratios will let any lender know how much you can afford. Your lifestyle and home can be more affordable through keeping your debt ratios below the maximums listed above.

We Are What We Repeatedly Do...

"We are what we repeatedly do. Excellence, then, is not an act, but a habit." -Aristotle
......


It is only with the heart that one can see rightly, what is essential is invisible to the eye. -Antoine de Saint-Exupery

How to find good deals as the buyers market comes to an end

Every home buyer in America has at some point wondered, “is now the best time to buy a home?” In this 3-minute video, NBC’s The Today Show does a good job of answering the question.
The conclusion? Yes, but not if you’re going to overpay.
The buyers market is ending, we learn, as home prices rise across most of the country. However, there are still plenty of opportunities to snag a “good deal” for focused home buyers.
Some of the video’s tips include:
On what types of homes can you get the best prices
What you can learn from looking in a seller’s closet
How to identify a desperate seller

Although the piece reflects negatively on short sales - noting the amount of time required to buy is longer than a “traditional” purchase - it doesn’t mean they should be avoided. There are plenty of bargains there too.

Smoking Ban - Condo- Apartments

Peel considers smoking ban in mult-unit residential
Peel region is proposing drastic action to protect people from second-hand smoke. It wants to ban smoking inside all apartments and condos, and it's hoping Ontario enacts the ban province-wide. "We are talking about a toxic substance," said David Mowat, the region's medical officer of health. "

REALTOR Cares Foundation - Toronto

Last nite I was at a Wonderful inspiring nite at Toronto Real Estate Board-

"Gathering of Giving"- w/ a talk by Paul Godfey-

in celebration of giving to 20 needy charity's.

REALTOR Cares Foundation >

Charity's awarded grants by Toronto REALTORS

- Interval House, Red Door & the one I volunteer at www.seedsofhope.ca

+17others.Seeds of Hope Foundation

How to Buy Property at the Right Price

Many people dream of buying their dream property. When people are looking to buy a nice piece of property, it can often be confusing figuring out if they are getting a good price. Everyone wants to get a good deal on property, especially during these difficult economic times; however, there are many things to be aware of before signing a purchase agreement.

The following is a list of tips on how to buy property at the right price:

Research Property: Because of the development of the internet, it is now easy to research many properties in many locations. It is easy to compare properties to look for differences in prices. As well, you will find such details as pictures of the property, size of the property, and any unique features. Many real estate sites feature a variety of properties in the area that you are researching. As well, most of these real estate sites provide the prices of similar properties in the area that are for sale.

Property Sales Market Fluctuations: It is important to be aware that the real estate market goes through market fluctuations. You should check to make sure that the area you are interested in is not going through a period of high property sale prices. The price being offered may be the result of current economic conditions.

Negotiation: It is important not to accept the first price offered. In most cases, the seller is expecting to have to negotiate a sales price. Negotiation is a key tool to ensuring that your purchase becomes a wise investment. You should also be aware that sometimes sellers will raise their price a bit because they expect to have to lower it during the negotiation.

Reject Pressure to Purchase: If you feel you are being pressured to buy and you think the price is too high, it is important to walk away from the deal. You want a dream property, but you do not want to pay more than the property is worth.

Inspect Property: Never purchase property that you have not looked at. You want to make sure there are not any problems with the property such as poor drainage. You also want to be able to consider the potential of the property.

Real Estate Agent: It is always wise to enlist the services of a real estate agent. They are a valuable source of information such as the property values in the area and their asking price. They can also negotiate a fair price and locate property with features that you want.

Appraiser: If you are unsure about the asking price of a particular piece of property, you can always enlist the services of an appraiser. An appraiser will be able to assess the value of the property.

It is important to remember that property prices vary according to the area. As well, as the demand for properties change, the prices will also change. Make sure you have the right knowledge about asking prices and transacted prices from as far back as a year.

Because properties are constantly coming onto the market, it is not a serious mistake if you lose out on a particular property. It is better to lose out on a piece of property rather than make a bad investment. By doing your research and acquiring the right information, you will purchase the right property at the right price.

My Real Estate Volunteering in Toronto

Thank you Toronto REALTORS >

My Grant application for a Charity I am invoved in;

www.seedsofhope.ca & www.alanobroadview.ca

has been granted 10,000$ - via the REALTOR CARES Foundation.

The "Gathering for Giving" is tonite at the Toronto Real Estate Board to recognize 20 charity's - appox. 300 thousand $ is given to shelter based Charity's each year by Toronto REALTORS.

A requirement is this Toronto REALTOR be directly involved as a volunteer with that Charity.

How to Find A Real Estate Agent?

Don’t let the job of finding a real estate agent dishearten you from hiring one. Realtors are prepared, eager and able to assist you. They have the information you will require about preparing, pricing, listing, advertising, showing, and selling your property. Many offices will have multiple agents to choose from.

Agents that advertise are no doubt thriving. Most agents are contractors and spend their own money to encourage themselves. There are many different realtors to choose from, but where do you look for their advertising? The Internet, newspapers, referrals, or simply walking into any real estate office will work. Let’s examine how each one of these ways can be highly effective.

Internet

Chance are if you have access to the Internet, that will be the first place you look to find a realtor of your choice. This is probably the easiest way to find a realtor. There are several websites you can visit, such as Realtor.com. You might prefer a specific real estate agency. All you have to do is visit one of these websites and you will be taken step-by-step on how to find the realtor for you.

Some agents even have their own websites. These sites can great sources for information about financing, buying and selling, trends, and real estate news. Often the websites are now linked with multiple listing services and you can browse properties for sale in your area.

Referrals

If someone you know worked with a particular realtor in the past and has nothing but great things to say about the experience, you should consider that referral. If that person was pleased with the service the realtor provided, there is a good chance you will be too. Referrals can come from anyone you know such as a friend, family member, or business associate. Another great source for a referral is neighbors. A real estate agent that has worked in your neighborhood will already be familiar with comparable sales, codes, and maybe even buyers. You can even check out real estate agents with listings in your area.

Newspapers or Magazines

Many times you might come across a realtor’s ad in newspaper or magazine. Depending on how the ad stands out, this might attract you to call that particular agent. If you see an agent is aggressively advertising and selling properties you might want to jump aboard their program.

Realtors want new business and are willing to help you. That is the reason why the realtor’s ad is in the newspaper or magazine in the first place. Knowing this information will motivate you to consider choosing a realtor with this method.

Walk-in

Real estate offices in your area are waiting for you to walk in. If you happen see a real estate office, don’t be uncertain to drop by. Talking to a realtor face-to-face can be highly effective. You can tell much about a person on the first meeting. Ask them for references and any information you need to choose an agent.

So what are you waiting for? Get going!

The HST or Hated Sales Tax- Stand up for your rights!

I just wanted to take the time for everyone to start Finally sitting up and taking notice about the new ontario HST (or as I call it the Hated Sales Tax!).

It seems to me that the vast majority of people are not sitting up and taking notice about what is being propsed here and are letting the cat out of the bag before they can tie it up. We, as a Province, have to take the time to educate us on what is and will become the Largest Tax Hike In The History Of Ontario.

Do we really want to sit back and wait until every single one of us being hit by an 8% tax increase on almost everything we buy?

We have to take action NOW! To stop this tax ruining our already fragile economy.

Now please let me explain that I am not against any tax increase, if you want your services to run well and to have more of what makes life good in the wonderful Province then each one of us must be willing to pay for our share.

My Issue is that this is a MASSIVE TAX HIKE and we can and should oppose such a massive increase on the cost of goods and services we all pay for daily.

I propose that we postpone this decission until we have a more robust ecnonomy that can withstand another massive hit, or cap the total HST at no more than 10%. This will still be a major hike in cost and drain on all of us but will still save each of us thousands a year in increased taxes.

Here is a small list of services currently only taxed at 5% going up to 13%.

Natural Gas bill
Internet bill
Water bill
Gas at the pumps- That is like 7 cents per L.
Hair cut
Massage therapy

Condo Maintenance Fees !

Commissions to Sell Your Home

Legal Fees

Home Inspections



Anything that requires labour around your house: plumber, electrician, painting, grass cutting ext.

Electricity bill- This is a good one.

Look at your electricity bill there is a charge on it for debt retirement charge. That is a charge for the huge debt the OPC ran up.

Only in Ontario would we pay tax on a debt, and only in Ontario would we increase this tax.

This is just a small list as there is so much more.

Stand up Ontario and tell him we cannot afford any more Mcguinty politics. No new taxes.

This is not the time to stay passive - Mcginty was voted in on the promise to "help families"!!! This couldn't do more to hurt families in these economic times. Put in the call Ontario - this tax will be pushed through before you know it!!!

Dalton McGuinty, Premier
Legislative Building
Queen's Park
Toronto ON M7A 1A1

Phone Number
(416) 325-1941