Toronto real estate information
With over 4 million residents, on over 7125 km2 of Greater Toronto Area real estate, there is always a diverse collection of Toronto homes for sale. Luxury Toronto real estate, in the Bridle Path neighborhood, include listings priced for as much as $15 million. While on Toronto Island, set on publicly owned lots, home for sale go for around $200,000. The average price for a Toronto real estate transaction in October 2009 was $423,559, according to figures published in November 2009 by the Toronto Real Estate Board. This average price does not paint a complete picture of the range of Toronto real estate listings that exist on the market. Toronto real estate values vary greatly depending on a number of factors. With one of the world's most used transit systems, a listings' proximity to a Toronto Transit Commission (TTC) station will greatly impact the value of a Toronto home for sale. From thousands of new condos for sale in the downtown core to the East End's Victorian-era listings, the city offers a broad range of real estate choices.

Within the Toronto real estate market, listing transactions are taxed through both a provincial land transfer tax and a second Municipal land transfer tax. To find out more about Toronto real estate taxation please refer to the Ontario fact sheet: http://ping.fm/xBARm and the City of Toronto's information guide: http://ping.fm/qQF6I Also be sure to consult your Realtor. Zoocasa is excited to get you going with your search for a perfect Toronto real estate listing. Our interactive map, neighbourhood walk-scores and the ability to see important points of interest (ie. Transit Stations) while you search, make sifting through the Toronto real estate market a breeze.

TORONTO CONDO MARKET REPORT March 2010

Sales Commentary
January sales on the Toronto Real Estate Board at 4986 units were up by 87% over 2009. Condo sales, performed even better, with an increase of over 100%. But that is not the real story. The numbers were expected. More importantly sales matched those of 2007 and 2008 for January. Hence we have established a bench mark for this market. Why some naysayers still see sales retreating to levels of five years ago makes little sense. Looking forward, we are forecasting February sales at 7600 units which will be an 'all time' record for the month of February!

But there are some factors which give pause to this euphoria. In the downtown condo market, the sale-to-list ratio was 44% in January, down from over 80% at the end of last year and the number of new listings in February is accelerating. While multiple offers are common on well priced units in the popular price range ($300-450,000), more and more listings that are not priced right will sit in this market. We also know that time is running out for sellers. The HST, coming July 1st, does not apply to resale housing but it will impact new sales coming after that date. The immediate impact is that consumers will be paying more for a lot of items not previously taxed such as utilities and maintenance contracts imbedded in condo fees, legal fees and realtor commissions. This, together with any increase in mortgage interest rates, will reduce the number of buyers who can qualify in the second half of the year. As we said in our forecast, 2010 will be the reverse of 2009 - strong first half, and lower second half! In total, we expect sales to match the record breaking year of 2007. (If you want to see our comments on the new mortgage qualification rules go to www.bloggingforcondos.com)

In this issue, we examined sales at New Times Square - 109 Front Street E. in the St. Lawrence Market area. Prices in this building tend to be lower than others in the area. The first unit we looked at was a one-bedroom, 780sf, 2 level loft with parking and locker. The last sale was in August of 2009 at $332,000 (107% of list). It previously sold in 2006 for $245,000 and in 2003 for $215,000. The current price is $425 per sf and the unit has appreciated by 55% over 6 years or just under 9% per year. A second unit we looked at was a two-bedroom, two bath unit with parking and locker. At just over 900sf it sold at the end of 2009 for $450,000 (again 107% of list). It also sold in 2003 and 2001 for $295,000 each time. The current price of $490 per sf supports what we told you two years ago, that while smaller units were more expensive on a per sf basis, larger units would generate higher prices in the future and we are now seeing that changeover, as condo buyers start to move up and demand bigger units. The problem is that developers are building fewer big units over 1,000sf and that will be where the price premium will kick in as we go forward in this market.


Rental Commentary
The rental market in January picked up. Downtown, 20 studios, 197 one-bedroom, 75 two-bedroom, and 5 three-bedroom units were leased in January. Leasing activity has picked up about 20% from the end of last year. Rental prices are also holding steady with studios going for $1250, and one-bedroom units ranging from $1450 with no parking to $1650 for parking and a den. Two-bedroom units ranged from $2000 to $2500 for parking and a den. Three-bedroom units averaged $4500. Units are leasing for 100% of list price, on average and there has been the occasional 'multiple offer' situation as the vacancy rate for rental condos is still under 1%.

Get Unplugged

When you're not using your coffee maker, microwave or VCR, unplug them.

(Who cares if the clock is perpetually blinking 12:00?)

Any appliance with an LED display or battery charger draws electrical power, even when it is off.


Even small items such as cell phones and MP3 chargers draw electricity when they're plugged in.

February record sales activity jumps 74 per cent in Toronto

| Monday, 22 February 2010

The Greater Toronto Realtors reported a 74 per cent increase in sales for the first two weeks of February compared to last year, when the recession hit hardest.

There were 3,555 sales through MLS during the first half of this month, compared to 2,0044 during the same period in 2009. This month's activity was even 7.7 per cent higher than the previous record in 2006.

"Home ownership demand remains strong in the GTA, as households remain confident that economic recovery is at hand and that ownership housing will continue to be a quality long-term investment," says Tom Lebour, president of the Toronto Real Estate Board.

Accordingly, the increased activity has led to higher prices as well. The average price for February mid-month transactions was $429,997, up 18 per cent from 2009. That's also drawn more sellers out hoping to cash in. New listings with the Toronto Real Estate Board's boundaries were up 15 per cent to 6,212.

The board's senior market analyst Jason Mercer says double-digit price increases wil continue through the first quarter of the year.

"However, as new listings continue to increase, creating a better supplied market, we will see the annual rate of price growth moderate into the single digits," says Mercer.

Learn How to Sell a House Fast & Profitably

Selling

It is arguably the real estate market will slow during the holiday season. This is good for real estate agents and property investors who have worked very hard to help clients buy and sell houses but not so good for buyers and sellers.

If you’re in the market to buy a house in December and January can be a good time to take a bargain on a house because there are not many buyers. It can also cause a problem for home buyers because the number of homes available is generally lower during the holidays as home sellers do not want to travel during this time.
The cold also affected the property market.

The colder it is outside the home buyers are at least buying a new house greater and the lower number of open houses real estate agents have. During the months when the weather is hot, the number of houses for sale increases as the number of homes sold each month.

Does this mean you should wait to sell your house before spring? Well, if you can wait it might be a good idea too, but many homeowners must sell their house now.

The truth, that’s life happens and there are many reasons a home you expect to stay in seven to ten years suddenly becomes a home you can stay in two or three years.
Homeowners who must sell their home fast are usually one of the following reasons: foreclosure, job transfer, divorce, relocation, family illness, selling, etc. There are many homeowners have reasons to sell a house, but if you experience any of the issues mentioned above you are more likely to need to sell quickly.

The problem with need to sell a house quickly in today’s market, real estate is many homeowners have no equity and so selling a home can be very difficult. If you owe more for your mortgage than your house is worth may seem impossible to sell your home. The truth is that you still have options of selling a house. You can have a real estate professional or investor completes a short sale, the option of renting your house until the market rise, or you can rent your home until the market rises and selling then.

It is important that if you’re interested in selling a home, you discuss all your options with a real estate professional. Real estate can be a difficult thing to handle especially when you have an emotional attachment to the house. All options of your discussion with someone who is an expert and has no emotional attachment can help facilitate the process of selling a house.

A Different Kind of Bank ~ Canada

When Bailout-phobie Earns You 30% in Eight Months…


Canada exports mainly commodities and automobile parts. The world’s second-largest country (by geographical landmass) is also home to the best hockey talent, the best maple syrup and — since 2007 — the best banking model.

Aside from Japan, which already went through a crippling deflation of its banking system in the 1990s, Canada is the only G-7 country that doesn’t require a bank bailout. No Canadian bank has failed since August 2007 and most have not even suffered a losing quarter.

Canada has largely escaped the wrath of toxic mortgage-backed securities and sharply declining real estate loans. That’s because the Canadian banking system, though not immune to global volatility, is far more regulated than its U.S. and international counterparts.

Indeed, Canada had limited exposure to toxic mortgage assets and its banks have already written-off these securities: housing markets are indeed declining since late last year but continue to require a 25% down-payment — something that was unheard of in the United States or the United Kingdom until recently.

Canadian banks, however, did suffer approximately C$32 billion ($25 billion) in losses tied to short-term asset-backed commercial paper markets starting in mid-2007. Though not completely resolved, Canadian regulators are working to address these losses by restructuring the terms of outstanding commercial paper.

Approximately a third of these losses have already been written off by the country’s banks. As asset markets improve, banks hope to cap these losses.

Still, despite a severe recession south of the border, most Canadian banks are not overly exposed to U.S. commercial real estate. Instead, they are actually sitting on the sidelines, seeking to expand their portfolios of distressed American property in 2010.

Some of the Last Banks Standing
Royal Bank of Canada (RBC) and Toronto-Dominion Bank (TD) are among only seven banks worldwide that still carry a Moody’s AAA credit rating. None of the five largest Canadian banks has cut its dividend since WWII. And despite plunging more than 35% collectively since peaking in 2007, Canadian banks have outperformed essentially insolvent international banks like Citigroup and Lloyds by 30% or more.

Canada’s banking system has received kudos from global governments and regulators alike. It also served as a regulatory framework at the April G-20 meeting in London. Indeed, the industrialized world looks to Canada for a model of successful bank supervision, after the total collapse of intermediary relationships sparked by the 2007 subprime fiasco.

The Toronto-listed iShares Canadian Corporate Bond Index or XCB holds 54% of its assets in senior Canadian bank debt, and it’s a great way to get some exposure to this opportunity.

In addition to holding 54% in Canadian bank debt, XCB also holds 12% in energy, 12% in infrastructure and another 20% in communications, securitization and industrial bonds. All bonds are rated investment-grade securities by Moody’s and Standard & Poor’s.

The iShares Canadian Corporate Bond Index holds 262 issues and pays a weighted average yield to maturity of 5.23%. The weighted average duration, which measures interest rate sensitivity, is only 4.8 years — a conservative duration. The ETF’s total expense ratio, which includes all fees, is just 0.40% with $485 million in assets.

The ETF’s biggest holdings include Toronto-Dominion Bank, Bank of Nova Scotia, Royal Bank of Canada, Canadian Imperial Bank of Commerce and The Bank of Montreal.

Another plus: the Canadian dollar has plunged by a third against the U.S. dollar since last July along with other currencies amid a massive de-leveraging process.

This safe-money play has delivered a return of roughly 30% since it was added to our Sovereign Individual portfolio this past May. It’s a big winner not just in terms of capital appreciation, but currency diversification as well (since it’s denominated in Canadian dollars). At present, this play is more of a “hold” since the Canadian dollar is near par with the USD. But a little more short-term strength from the dollar could once again make Canadian bank debt a stellar play.



Eric Roseman, Investment Director for The Sovereign Individual

Finding the right real estate agency is key

Peter Tarshis has the experience
to maximize the value of real estate transactions
for homeowners and investors alike.

We're ready and available to make a full-time commitment to you and your needs.
Our experience in the market gives you the negotiating edge.
Work with an agency that embraces modern technology without losing the personal touch.

Let's get together and talk about your plans

Canadian Realtor's Code of Ethics

CREA’s Code of Ethics and Standards of Business Practice has been the measure of professionalism in organized real estate for over 40 years.

The first code was approved in 1913 at the convention of the National Association of Real Estate Boards held in Winnipeg. The first Code of Ethics specifically prepared for members of The Canadian Real Estate Association was approved by members in 1959.

The Code establishes a standard of conduct, which in many respects exceeds basic legal requirements. This standard ensures that that the rights and interests of consumers of real estate services are protected. As a condition of membership, all REALTORS® agree to abide by the Code.

Some of the requirements of the Code include:

REALTORS® must disclose in writing whom they are representing as an agent in the transaction. Parties to a transaction must be told what their agency relationship is to the REALTOR®.

Definitions, terminology and presumed agency relationships vary from province to province. Most jurisdictions have their own forms for complying with disclosure requirements, which have been drafted to accommodate agency relationships as they exist in your province or territory.

All financial arrangements between REALTORS® and others (e.g. referral fees, compensation from more than one party, rebates or profits on expenditures) must be fully disclosed to clients;

REALTORS® cannot acquire an interest in property (either directly or indirectly) without disclosing the fact that they are real estate professionals;

REALTORS® cannot use the terms of an agreement of purchase and sale to negotiate commission.
While the Code of Ethics establishes obligations that may be higher than those mandated by law, in any instance where the Code of Ethics and the law conflict, the obligations of the law must take precedence.

A REALTOR®’s ethical obligations are based on moral integrity, competent service to clients and customers, and dedication to the interest and welfare of the public. The Code has been amended many times to reflect changes in the real estate marketplace, the needs of property owners and the perceptions and values of society. For more than forty years, through a variety of updates, the CREA Code of Ethics is unchanged in demanding high standards of professional conduct to protect the interests of clients and customers and safeguard the rights of consumers of real estate services.

Little Improvements in Getting Your Home Ready for Sale = Big Returns

By Peter Tarshis Toronto Realtor


Little Improvements = Big Returns | Toronto Real Estate

It’s always a good idea to spruce up the exterior and interior of your home before listing it for sale.
But that doesn’t mean you have to undertake major and/or expensive project.

Just a little effort will greatly increase the perceived value of your home. After all, if you wanted to undertake a large-scale project, you probably wouldn’t be selling!

Here are some simple steps you can take to increase the perceived value of your home and make a great first impression.

Exterior Appearance
Keep lawns cut
Trim hedges and shrubs
Weed and edge gardens
Clear driveway and clean up oil spills
Clean out garage
Power wash
Touch up paint
Plant colorful, inexpensive flowers in pots if necessary.
At the Front Door
Clean porch and foyer
Ensure door bell works
Repair any broken screens
Fresh paint or varnish front door
Repair door locks and key access

Create a Buying Mood
Make sure your home smells fresh and clean
Turn on lights
Turn on air conditioner/heater
Open the drapes
Light the fireplace
Create Space
Clear halls and stairs of clutter
Store surplus furniture
Clear kitchen counter and stove top
Clear closets of unnecessary clothing and stuff
Remove empty boxes and containers
Put away personal photos so buyers can envision the house as theirs.

Maintenance
Repair leaking taps and toilets
Clean furnace and filters
Tighten door knobs and latches
Repair cracked plaster
Apply fresh coat of paint or touch up where necessary
Clean and repair windows
Repair seals around tubs and basins
Replace defective light bulbs
Oil squeaking doors
Repair squeaking floor boards.
Squeaky Clean
Clean and freshen bathrooms
Clean fridge and stove (in and out)
Clean around heating vents
Clean washer and dryer
Clean carpets, drapes and window blinds
Eliminate pet odors and stains

Guides in Buying a Toronto Commercial Property

Commercial Property

Toronto is not only a well-known holiday resort for tourists, but also the business capital of the country.

It is a place where business opportunities are waiting for the entrepreneurs who want to start their own businesses.

To select the desired profit and success in your chosen business area, it is important that your own Toronto commercial real estate.

Here are some of the important factors that you need to determine to need the right commercial property for your business.

It is not easy to set up your own business. It is important that you think the kind of business that you want to start. They must ensure that the right kind of business you have to pursue. You have to think all over again and decide for yourself whether you can manage the right skills that have particular company.

And besides, it is important to check out the nature of the business, so you have to buy the idea of what kind of commercial real estate space that you need.

When purchasing a Toronto commercial real estate, it is important to check in every possible place where you want to find for your business. It is important that the site accessible to your target audience and is also available for all types of vehicles.
This is to ensure that your company easy access of the people.
Whatever you buy, it is important to have an idea of how much it will cost. It is important to examine your budget before rushing out looking for the right property. You need the amount of money you can safely assign the property to prevent that is to your budget for the operation of the company to be determined.

If you are just a beginner in investing in Toronto Commercial Real Estate, it is better to seek the help of a broker.

You need the services of estate agents, succeeded in is to ask the acquisition process. In this way you are sure that you will be succeed in buying the right commercial property that will cater your business’ needs.

Real Estate Investing

Investing

There are many people who always dream of investing on something to earn money that they can use to enjoy life.

Some people invest in stocks to do this. Others put up businesses in areas they are familiar with or areas where they are good at. Others invest in real estate. Investing in real estate is something that can potentially give you what you are aiming for. However, a lot are afraid of it thinking that it is really very difficult to do. Here are some basic things that you must learn to help you decide whether or not you will go into it.

First you must know what investing in real estate is.

Real estate investing involves committing a good amount of money to a property with the intention of generating income from it. Usually investing in real estate is a long term investment. You cannot expect to generate income early on in the game. Unless of course your idea of investment is by buying a property, renovating it a bit and selling at a higher price. This is what actually what some do.

However, what you will earn from this is only limited to that mark up you put when you offer it in the market. After selling, you will need to look for a new property again to develop and sell.

How can a Pre-Listing Inspection Help You Sell Your Home?

Here's a Few Ideas!
Pre-Listing Inspection? What's the Point?

Occasionally I get asked about pre-listing inspections, and I've been recommending them more and more lately. A pre-listing inspection is in fact a home inspection done by the seller prior to listing their home.

Now why would you inspect your house before you have a buyer? That I have many good answers for!

1. If there's a large problem with the home that you were unaware of, you can then decide whether you can price accordingly or whether you might be able to move at all. Much better to find this out now than when you're in the middle of selling with a buyer on the hook and possibly involved in your next property as well. I have had a buyer inspection discover something so severe that there was no way the seller could fix the home and still afford to sell.

2. It gives you a chance to fix items on the list at your own time and leisure, meaning that you can shop for repair bids or get it done yourself. When a buyer finds it at their inspection, you may only have a week to get items done before closing and they may ask for specific contractors, which could easily cost you more than the inspection would in the beginning.

3. Fixing items before listing helps your home show better as it will appear obviously well maintained and there will be less items that buyers and their agents will notice. Therefore they are more likely to give their best or better offers than if they saw unrepaired items from the get-go.

4. Being able to market your home as pre-inspected gives a nice warm, fuzzy confidence to a buyer that there shouldn't be any big surprises lurking down the path. You can easily provide the home inspection and evidence of repairs, which again should lead to better and higher offers. Lots of offers hedge against the unknowns that may be found at inspection time.

5. Already having an inspection and repairs done, the buyer's own home inspection contingency should be a breeze. There may be minor discrepancies between what everyone finds, as inspectors are human and each may miss or catch something the other doesn't, but anything of big concern should already be known. Since many contracts fall apart at inspection time, having already been through an inspection means that you're much much more likely to keep your deal together and get to closing.

6. Even if you're not making any repairs from the inspection, being able to provide this report up front should still mean better offers as buyers see what they are up against. Many buyers who purchase as-is or TLC properties come in quite low because they don't know the extent of the problems until inspection time.

I know, I know! Inspections can run you hundreds depending on the size of your home. But it may be better for you to spend a few hundred now than to lose a few thousand on the offer side of things. And the peace of mind from knowing exactly what you're up against is great. Selling a home is nerve-wracking enough just trying to find a buyer and wondering why all those other ones didn't like your house. With a pre-inspection, you can negotiate with your buyer in the confidence that you know what's going on with your home and with a higher likelihood that the deal will stay together and close!

For a list of registered home inspectors in our area and to discuss how it may affect your particular situation, feel free to contact me!

Canadian Mortgage changes to tighten approvals


Canadian Real Estate Association


OTTAWA - Finance Minister Jim Flaherty tightened mortgage rules this week and, in doing so, may have taken some steam out of a housing market that has seen prices and sales activity rise rapidly over the last year.

For most consumers, the changes are unlikely to make it more difficult to get a mortgage, but it could reduce the size of that mortgage.

Mr. Flaherty's changes apply to any mortgage backed by Canada Mortgage and Housing Corp. (CMHC).

But Craig Alexander, deputy chief economist at TDBank Financial Group, said the practical effect of changes to CMHC-backed mortgages is that lenders tend to extend at least some of those provisions to all mortgages.

In his view, that means those who qualified for a mortgage under the old rules should still be able to get one, but may not be able to borrow as much and, as a result, might have to look at buying slightly less expensive properties.

That trend - forcing consumers to look at less expensive properties - could end up softening the sharp year-over-year price increases that have been characteristic in many cities recently. The Canadian Real Estate Association says that, in December, the average selling price of a home in Canada was a little more than $337,000, a jump of nearly 20% from the same month a year earlier.

The change most likely to affect most borrowers will be a new credit test for any CMHC-backed mortgage.

Previously, a lender wanted to ensure a borrower could make the monthly payments on a three-year fixed-rate mortgage. Now, they will want to see that a borrower can afford a five-year fixed-rate mortgage - even if the borrower plans to take out a mortgage with different terms that could result in a lower monthly payment.

Those refinancing a mortgage can borrow up to 90% of the asessed value of their home, down from 95%. The intent is to prevent a homeowner from carrying a mortgage worth more than the home itself.

Investors will now have to put up 20% of the purchase price instead of 5% to get a government-backed mortgage to buy any property that is not his own residence.

Rules go into effect April 19, but lenders are likely to begin enforcing most of these measures immediately.

Canadian Mortgage changes to tighten approvals

Mortgage changes to tighten approvals

There is NO housing bubble and resale prices have NOT increased 20%

There is NO housing bubble and resale prices have NOT increased 20%

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CANADA’S REAL ESTATE MARKET EXPECTED TO CONTINUE STRONG GAINS INTO THE FIRST HALF OF

TORONTO, 2010 – Canada’s residential real estate market is forecast to remain unusually strong through the first half of 2010 as economic conditions across the country improve and the stimulus impact of low interest rates continues to stoke demand, according to today’s Royal LePage House Price Survey and Market Survey Forecast. As confidence in the recovery builds in early 2010, increases in average house price levels and overall market activity are expected to continue. The gradual erosion of affordability driven by higher house prices and the expected late-year modest upward movement of interest rates, together with an improvement in listings supply as confidence improves, are expected to bring the market back into balance in the second half of the year, when home price increases are expected to moderate.

“The Canadian real estate market enters 2010 with considerable momentum from a unusually strong finish to the previous year, said Phil Soper, president and chief executive, Royal LePage Real Estate Services. “The stimulus effect of low borrowing costs has contributed to a sharp rise in demand that has driven activity levels to new highs. This demand, coupled with a typical seasonal undersupply of homes for sale, should cause home prices to continue to appreciate significantly during the early months of the year. Improving supply as the year unfolds and easing demand as the cost of home ownership rises should moderate home price increases in the second half of 2010.”

In contrast to the difficult months during the worst of the recession, house prices appreciated during the later part of 2009, with fourth quarter price averages surpassing averages from the fourth quarter 2008. The average price of detached bungalows rose to $315,055 (up 6.0%), the price of standard two-storey homes rose to $353,026 (up 5.2%), and the price of a standard condominium rose to $205, 756 (up 6.4%). The first two quarters of 2009 saw significant year-over-year price declines across the housing types surveyed and the third quarter provided the first signs saw a strong rebound in Canadian home values.

Regions that saw the strongest declines during the recession are now showing marked gains. Those regions include Toronto and the Lower Mainland, B.C. Vancouver in particular experienced a robust quarter, with home prices rising across all housing types surveyed.


The Toronto market saw year-over-year price increases across the housing types surveyed in the fourth quarter. Of particular interest is the increase in sales of higher-priced units, which were hit hard by the recession over the previous 12 months. There was a surge of first-time buyers active in the market last year, depleting the inventory of entry-level units. They are expected to be joined by move-up, executive, and luxury buyers in the coming year, resulting in additional price appreciation.


Demand and supply finding balance in the second half of the year

Slow Canada ~ reining in the Housing market

CANADA has had an easier time than most during the recent global recession, in part because of a conservative and well-regulated banking system. But dangers still lurk. According to data compiled by the Canadian Real Estate Association, average house prices rose by almost 20% in 2009, propelled by low interest rates and generous government incentives. House prices look overvalued on The Economist’s price-to-rents ratio, which stands roughly 20% above its long-run average.

Jim Flaherty, the finance minister, dismisses talk of a bubble. But egged on by a chorus of bankers, economists and commentators, he is still letting some air out of the market. On February 16th, in what he called a preventive move, the finance minister announced rules that make it more expensive to buy an investment property, raise the financial bar that mortgage borrowers must meet, and reduce the amount that existing homeowners can borrow against equity in their home.

A year ago the federal government was busily encouraging more people to enter the housing market, with a tax credit for first-time homebuyers and an increase in the amount they could borrow from their registered retirement-savings plan. It also indirectly encouraged home-equity loans through a tax credit for home renovations.

Now that fears of recession are dissipating, Mr Flaherty says he wants “to discourage the tendency some people have to use a home as an ATM, or buy three or four condos on speculation.” When the new rules come into effect in April, buyers of investment properties will need to stump up a deposit of 20%, not the 5% minimum required for residential properties. Homeowners who refinance their mortgages will be limited to taking out 90% of the equity in their property, down from 95% now.

Raising interest rates would have been another, much blunter solution to the problem of an overheating housing market. But the Bank of Canada is sticking to its promise to keep its overnight rate at a record low of 0.25% until July, inflation permitting, arguing that an increase “would be dousing the entire Canadian economy with cold water”.

That makes sense. Economic recovery is not yet entrenched. The new rules are more targeted, and can be tightened further if need be. And they are designed to discourage households from increasing their already-record debts rather than to puncture a housing bubble. In particular Mr Flaherty worries that homeowners are taking on more debt than they will be able to handle when interest rates eventually rise. The measures will also require applicants for short-term mortgages at today’s low rates to meet the higher income standards needed for a five-year, fixed-rate loan.

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Canadian Federal Government changes mortgage rules ~ Feb. 2010

-- The federal government has announced changes to the rules for government-backed insured mortgages (less than 20 percent down payment) as follows:
All borrowers will be required to meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter terms.

Reduced maximum amount that can be withdrawn in refinancing a government-backed insured mortgage to 90 per cent from 95 per cent of the value of the home.

Require a minimum down payment of 20 per cent for government-backed mortgage insurance on non-owner occupied properties purchased for speculation.
Borrowers purchasing owner-occupied residential properties will still be able to access government-backed mortgage insurance with a 5 per cent down payment.

Toronto Market Update February 2010

TORONTO, ONTARIO -- 02/18/10 --

Greater Toronto REALTORS reported 3,555 sales through the Multiple Listing Service during the first two weeks of February.

This represented a 74 per cent increase compared to the 2,044 sales recorded during the same period in 2009 when resale transactions had dipped due to the recession. The February mid-month sales total was also 7.7 per cent above the previous high set in 2006.

"Home ownership demand remains strong in the GTA, as households remain confident that economic recovery is at hand and that ownership housing will continue to be a quality long-term investment," said Toronto Real Estate Board President Tom Lebour.

The average price for February mid-month transactions was $429,997 - an 18 per cent increase over 2009. New Listings within the Toronto Real Estate Board boundaries were up 15 per cent to 6,212.

"Double-digit price increases will persist through the first quarter of the year," said Jason Mercer, TREB's Senior Manager of Market Analysis. "However, as new listings continue to increase creating a better supplied market, we will see the annual rate of price growth moderate into the single digits."

Summary Of February Sales And Average Price -------------------------------------------------------------------------- -------------------------------------------------------------------------- February 2010 2009 ------------------------------------------------- Sales Average Price Sales Average Price City of Toronto ("416") 1,430 $471,958 816 $400,067 Rest of GTA ("905") 2,125 $401,760 1,228 $341,013 GTA 3,555 $429,997 2,044 $364,748

Read more: http://www.earthtimes.org/articles/show/gta-realtorsr-report-mid-february-resale-housing-market-figures,1170095.shtml#ixzz0fudreqiy

Five Reasons to Hold an Open House

Not all real estate practitioners are enthusiastic about the effectiveness of open houses, but here are five good reasons to consider holding one:

The odds are low but sometimes open houses lead to a sale.

Home sellers like them. They like seeing their real estate professional working hard for them.

Visitor feedback is good for sellers.

Other real estate practitioners tour open houses and they sometimes produce sales.

Open houses engage people, including friends and neighbors who might bring in a buyer.

House hunting in Toronto ~ International Real Estate

A TWO-BEDROOM TWO-AND-A-HALF-BATH APARTMENT IN DOWNTOWN TORONTO

A Duplex in Toronto’s Financial District


Steve Payne for The New York Times
Queen Street West, a shopping strip with boutiques, is a block away.
1,175,000 CANADIAN DOLLARS (ABOUT $1,110,000)

This duplex apartment is on the top of a 14-story building just west of Toronto’s Financial District. One of 12 units in the building, it has floor-to-ceiling windows. The patio and several rooms have expansive views of the Toronto skyline, including the well-known CN Tower.

The entrance to the apartment is on the lower level, where there is a windowless den, the bedrooms and a washer/dryer closet. The master bedroom has a gas fireplace surrounded by built-in shelves, a walk-in closet and an en-suite marble-and-travertine bathroom. Each bedroom has a Juliet balcony with a sliding glass door.

Upstairs is an open kitchen with an island and appliances from the Frigidaire Gallery Collection. (There is also a half bathroom off the kitchen.) The other half of the floor is dedicated to an open living area, which has a gas fireplace and built-in shelving, along with a 42-inch Panasonic flat-screen plasma television that comes with the property.

Running the length of the apartment are windows and sliding doors leading to a 30-by-10-foot patio. It has a gas hook-up for grilling, as well as rocky landscaping designed to evoke the Canadian shield, the swath of rock that stretches northward from the Toronto area to Hudson Bay and beyond.

The building, called District Lofts, offers residents use of a fitness center and a meeting room. Queen Street West, a shopping strip with boutiques, is a block away; King Street West, which has evolved into a kind of restaurant row, is a few blocks south. The building is on the border of two neighborhoods, the fashion and entertainment districts. Streetcars run along Spadina Avenue; the subway stop at Osgoode Hall is less than half a mile away.

MARKET OVERVIEW

In stark contrast to the sagging residential markets of most major international cities, the Toronto skyline is a gallery of giant cranes in action. Buildings are going up left and right, and prices are rising accordingly.

“It’s the first time in my career where I’m starting to not recognize addresses because of the pace of development,” said Steven Fudge, the sales agent for the property featured here, who has worked in Toronto real estate for 20 years. “It’s absolutely phenomenal.”

In 2008, in the middle of the economic downturn, many Canadians chose not to put their properties on the market, which prevented housing prices from dropping significantly. In addition, Canadian banks lowered interest rates. Soon afterward, the market began its revival.

“Now that everyone thinks we’re out of the woods, coupled with historically low interest rates, there is a furor to get into the market,” said Paul Johnston, a downtown Toronto-based agent with Right at Home Realty.

At present, Mr. Johnston said, apartments in Toronto resell for around 428,000 Canadian dollars (about $400,000), an increase of 17 percent over the same period last year. That’s around 500 to 700 Canadian dollars ($475 to $660) a square foot, Mr. Fudge said. They can reach as much as 1,500 Canadian dollars ($1,400) a square foot at new luxury properties from developers like Donald Trump, whose penthouses can run into eight figures.

Central Toronto has single-family homes in addition to its budding collection of condo towers. Three-bedroom houses with parking in established downtown neighborhoods start around 600,000 Canadian dollars ($560,000) and head into the millions.

Over all, the national average home price in Canada is expected to increase another 5.4 percent in 2010, the Canadian Real Estate Association said this month. But despite the price increases, buyers are lining up, agents say.

“I don’t think there’s a deal I’ve been on in the last year where I haven’t been in competition with someone else,” said Todd Sloan, an agent with Sutton Group-Associates Realty in Toronto, referring to bidding wars that he says are taking place throughout the city.

WHO BUYS IN TORONTO

As of late, Mr. Johnston said, many foreign buyers in Toronto are from South Asia and Hong Kong, with smaller numbers coming from Europe, Britain and Russia in search of investment properties. Developers have been conducting direct-marketing campaigns in places like Hong Kong and China, Mr. Fudge said.

BUYING BASICS

There are no restrictions on foreign buyers, said Randolph Pendrith, a Toronto-based lawyer who specializes in real estate.

But foreigners are subject to two taxes. One is the Ontario land-transfer tax, a graduated system that levies about 6,400 Canadian dollars ($6,200) a year on a property costing 495,000 Canadian dollars ($475,000). The other is the Toronto land-transfer tax, which is 5,683 Canadian dollars ($5,450) a year at the same price point.

Legal advice is recommended on all real estate transactions, said John Filice, a Toronto mortgage agent with Invis, a Canadian mortgage brokerage; the service usually costs 1,100 to 2,100 Canadian dollars ($1,000 to $2,000). Those shopping for homes should also be aware that Canadian banks typically require documentation of three to four months of a buyer’s savings history; with that in mind, buyers should acquire those documents before they come to Canada, Mr. Filice said.

USEFUL WEB SITES

Toronto tourism: seetorontonow.com

Citizenship and Immigration Canada: cic.gc.ca

Toronto’s Entertainment District: torontoed.com

Land transfer tax calculator: torontorealestateboard.com/LTT_splash/ltt_calculator.htm

LANGUAGES AND CURRENCY

English; Canadian dollar (1 Canadian dollar = $1.06)

TAXES AND FEES

Property taxes are 7,915 Canadian dollars ($7,475) a year; maintenance is 820 Canadian dollars ($774) a month.

Canada tightens mortgage lending rules

Canada is tightening mortgage lending rules as historic low rates are raising fears of a potential housing bubble.

Finance Minister Jim Flaherty said Tuesday there is no compelling evidence of a bubble but says the government is taking proactive measures to prevent one.

To qualify for a government-insured mortgage, borrowers will have to meet the standards for a five-year fixed-rate mortgage — up from the current standard for three years.

Flaherty also says if Canadians want to purchase a property where they will not be living, they will have to come up with a 20 percent down payment.

Prospective homeowners will also be limited to borrowing 90 percent of the value of their home instead of 95 percent to get government insurance.

How to Help Your Child Cope with Moving Anxiety

Moving can be stressful for every member of the family—children included. Depending on the age of children, their fears about a move vary from child to child, but most children approach the idea of moving with some hesitation.

One out of five Canadian families move into a new home each year. Some families experience a stressful time two weeks before and two weeks after a move. For many families, the actual move is a time when everyone pitches in and works together. Reality starts to sink in about a month later. People then begin to realize how much they miss friends and places they left behind. Confusion, frustration, and anger are common emotions at this time. Even if you are upgrading to a bigger house in a nicer neighbourhood, adjusting can be very difficult.

If the move is coupled with financial problems, a death or divorce, this can makes the problem worse, stretching children's coping skills to the limit. Short-term counseling may help children through this challenging time. It often takes as long as two years before children begin to feel comfortable in their new home.

No matter what the reason for a move, coping is especially tough for kids. Small children thrive on predictability and their sense of security is closely tied to familiar faces, places and activities. Older children will feel the social impact of a move the most. They miss old friends and worry about making new ones. For pre-teens and teens, fitting in is of the utmost importance and having to re-establish themselves in a new and possibly very different social environment is a scary prospect.

Fortunately, there are several things you can do to make the move easier on your kids.

1. Share the news
As soon as a decision has been made to move, share it with your children. Encourage your child to discuss the future transition by asking questions such as, "What have you been thinking about the new place?" Make a list of your child's concerns and together try to find answers to the questions. When speaking about the move, be enthusiastic and upbeat so that your children will view moving as an exciting adventure.

2. Encourage your child to participate in the moving decisions and preparations
Consult with your child about the décor of his or her new room. Let your child pick the paint colour, the fabric for curtains and bedspread, and choose posters for the walls. Younger children typically resist change of any kind. If this is the case with your child, it may help to replicate the décor and furniture arrangement of his or her old room as closely as possible.

3. Move during the right time of year
Sometimes, holding off your move can be difficult, especially when it comes to job situations. The start of the school year is often the ideal time to schedule a move since it will offer your children the most exposure to neighbourhood kids. Chances are that there will be more than one "new kid" in school. If your child does not want any added attention, this will help him or her blend in with the rest of the student body. It is also best to avoid switching in the middle of the year, as this can have a huge affect on your child's grades.

4. Allow your children ample time to say goodbye to their friends before your move
Although the days leading up to the move will certainly be a bit hectic, a going away party can really help your child cope with moving. One of the main objectives to coping with any type of situation is finding closure. Saying goodbye to friends is very important if you want to help your child to better cope with moving. Encourage children to exchange addresses and telephone numbers so that they can keep in touch after the move. Remember, your children's friends will feel a loss after the move too.

5. Make meeting new friends easier for your child
The best way to help your child cope with moving is to make meeting new friends easier. Allowing and even encouraging your child to invite friends over to the house is a great way help your child make new friends. If you move during the summer, you may want to help your child find new friends. Whether your child meets other children from the new neighbourhood, the park, the public swimming pool or anywhere else, you will be able to feel comfort knowing that your child has made some new friends—which is a major step in coping with a move.

6. Let your child know it is natural to feel apprehensive
He or she may be fearful of not being accepted by peers. Share childhood memories of times when you were worried about a new situation. Relate the good things that happened like how you met your best friend or that your new teacher was one of your favourites. Keep the days leading up to the transition as positive as possible.

7. Encourage your child to participate in after school activities
It is believed that children who participate in after school activities feel as though they fit in better, mainly because they feel as though they "belong". Encouraging your child to join a group, club or organization of his or her choice is a great idea. It just may be one of the best ways for your child to find new friends or experience some sense of belonging. After school activities may be one of the main keys for a child to cope with a move.

8. Invite your child to express his or her emotions
Even when a concern seems minor to you, be respectful and know that it can be a major crisis to your child. Try to put yourself in his or her place and understand the feelings expressed. Ask open ended questions like, "How's it going?" or make comments like, "You seem sad". Then listen carefully and avoid giving advice unless your child asks for it.

9. Help your child explore ways to cope with concerns
Try to always be available for further discussion. Be ready to problem-solve with him or her. You may want to role play a situation that is causing anxiety.

10. Allow your child to call or visit old friends
Allowing your child to visit, or converse with, old friends is a very important step to coping with the move. Whether it is during the weekend or during a week in the summer, if you move far away, visits with old friends may be necessary. There are going to be some instances in which your child may want someone to confide in about the move. It is also important to keep in mind that your child's new friends will never replace his or her old friends. Overall, it is definitely safe to say that allowing visits with old friends can be a very important step in coping with moving.

11. Monitor your child's progress
It is important to keep in mind that there is only so much that you can do in order to encourage your child to cope with moving. Monitoring your child's progress of coping can be very important. If you notice that your child experiences behavioural changes, does not seem to make friends after you have been settled for awhile, is unwilling to participate in after school activities and seems a bit depressed, then there just may be cause for alarm. If your child does not seem to be coping well with moving, visiting a therapist may be a good idea.

In general, younger children will adjust more quickly to a move than older children. Babies and toddlers may feel a bit out of sorts in a new environment, but they will adapt very quickly. Preschoolers have established comfortable routines and usually have a few favourite places, such as the park or the local zoo. If they express worries about missing these places, assure them that there will be plenty of fun things to do near the new house too. School aged children often have very specific concerns about living in a new place and may have questions such as, "Where will I keep my toys?" and "Will my new teacher be nice?" Remind them about times that they have had similar worries in the past, such as when they first started school and how everything turned out just fine. Saying things like, "Remember when you were scared that you wouldn't like your teacher this year? Now you love Mrs. Brown. I'm sure that you will do just fine at your new school too."

Teenagers often have the most difficulty in adjusting, especially if the move means that they will be too far away to see their current friends. A teenager's world revolves largely around their friendships, and breaking those bonds can be traumatic. Most teens are able to make the adjustment, but expect the transition to take a while—six months to a year is typical.

Moving is stressful for everyone. But it is particularly stressful for children because they don't know as many ways to cope with a new situation. Trying some of these tried-and-true methods, may ease up your child’s apprehension and help him/her cope better with the stress of the new move.

Prospects for the 2010 Housing Market

The rebound that occurred in the Canadian housing market in 2009 was nothing short of incredible. Having started the year a dismal 47% off 2008 levels, sales steadily clawed back. Purchasers who held off in the final quarter of 2008 and the first quarter of 2009 quickly acclimatized to new market realities and moved to take advantage of favourable lending rates. Yet, inventory levels proved a significant impediment, as supply struggled to meet demand—down considerably for much of the year.

Consumer confidence started to return in the second quarter and the real estate market was the first place in the country to show signs of the recovery.

Housing proved to be a safe harbour for much of the year. Rock bottom rates fueled much of the activity, but the value that Canadians placed on owning a home was equally important.

How long are the low interest rates expected to remain?
Since we talk of returning to normal, we can’t expect the low interest rates to remain forever. Yet, forecasts for growth suggest the Bank of Canada has no plans to raise interest rates in the foreseeable future.

In its recent announcement, the Bank of Canada stated that “conditional on the outlook for inflation, the target overnight rate can be expected to remain at its current level until the end of the second quarter of 2010.” The Bank also forecasts that the Canadian economy will grow by 2.9% in 2010 and 3.5% in 2011, after contracting by 2.5% in 2009.

It is likely in 2010 we will see an end to quantitative easing and efforts to reduce fiscal deficit. Both of these will keep pressure on the Bank to maintain low interest rates.

Certainly the low interest rates have done wonders for avoiding repossessions and in stimulating the market. However, when the economy returns to normal growth and interest rates rise to around 6.5%, many who have been hanging on may suddenly start to struggle.


Overall Outlook
The momentum for the market across the country should position real estate for greater acceleration in 2010; the average price of a Canadian home will top $325,000. The number of national home sales will edge close to half a million in 2010.

Recovery will continue from coast to coast. Sales will increase in 83% of the markets by year-end, and 91% of the markets will see prices rise.

The implementation of the Harmonized Sales Tax (HST) in Ontario is expected to cause a run up in housing activity during the spring market, as purchasers move to avoid additional expenses. In the longer term, new construction is expected to be impacted much more extensively, shifting some buyer demand to the resale sector—at least until buyers adjust to the new normal.

Given the momentum that currently exists and the fact that all segments are now working in tandem, further increases in sales and average prices are forecasted for 2010.

The outlook moving forward is bright; balanced market condition should prevail in 2010. Inventory as always will be the wild card.

The worst is behind us, however there may be some bumps along the road. Real estate will continue to be a solid investment both financially and emotionally. As the market move onward and upward, the last recession will register as little more than a blip in most places.

15 Tips for Hiring a Toronto Remodeling Contractor

15 Tips for Hiring a Remodeling Contractor
Finding a qualified contractor for your home remodeling project can be daunting and confusing but it's not a difficult task. You can easily search the web or look in the yellow pages and find many home remodeling contractors listed in your area. But the questions are: Which one do you hire for your home remodeling project? Which one will perform quality work, charge a fair price, and get the job done on time?

By following these tips you will make the selection process easier and be better prepared to make an informed decision that best suites your needs.

1. To reduce the risk of hiring the wrong home contractor you should first do a little preparation yourself for the home remodeling project. Sketch out and write down what you want to get done. Provide a copy of this information to the prospective home remodeling contractor as this will help to minimize misunderstandings of requirements.

2. Visit home improvement centres such as The Home Depot, and look at materials expected to be used on your project. Make note of their costs for you to compare material costs proposed by prospective contractors.

3. When you start to call prospective contractors ask for references and previous work that you can visit.

4. Employ a contractor with an established business in your area. Local firms can be checked through references from past customers in your community. Local contractors are compelled to perform satisfactory work for their business to survive.

5. Contact your local licensing agencies to ensure the contractor meets all requirements.

6. Check the contractor with the government's Consumer Affairs Office and the Better Business Bureau to ensure there is no adverse file on record.

7. Ask to see a copy of the contractor's certificate of insurance to ensure the contractor meets all specifications.

8. Make sure the contractor's insurance coverage meets all the minimum requirements.

9. Be sure that the contract between you and the contractor states exactly what is to be done and how change orders will be handled.

10. Make as small a down payment as possible so you won’t lose a large sum of money if the contractor fails to complete the job.

11. Be sure that the contract states when the work will be finished and what action you can take if it isn’t. Also remember that in many instances you can cancel a contract within three business days of signing it.

12. Ask if the contractor’s workers will do the entire job or whether subcontractors will be hired.

13. Be sure that the contract specifies that the contractor will clean up after the job and be responsible for any damage.

14. Guarantee that materials used meet your specifications.

15. Don’t make the final payment until you’re satisfied with the finished job.

Whether you’re planning an addition to your home for a growing family or simply getting new storm windows, finding a reliable contractor is the first step to a successful and satisfying home improvement project.

Finding a good contractor, someone you can trust to do a good job for a fair price and stand behind his or her work could be hard. If you do your homework and follow these tips, you will improve the odds of getting a contractor you will be happy with.

Market Watch - February 2010 - Toronto Sales Start Off Strong in 2010

The Canadian housing market has rebounded well from the lows in sales experienced at the beginning of 2009. Sales climbed back to healthy levels across the country because the cost of home ownership remained affordable in most areas.

Compared to last January, the market has returned to balance. Increasingly confident consumers moved to take advantage of the affordability created by lower interest rates.

“Expect strong annual growth rates for existing home sales and average price through the first quarter as we continue to make comparisons to the weak market conditions at the beginning of 2009,” said Jason Mercer, Toronto Real Estate Board’s (TREB) Senior Manager of Market Analysis. “The rate of sales and price growth will be lower in the second half of 2010.”

Ontario - Sales start off strong in 2010

Toronto, February 3, 2010 - Greater Toronto REALTORS® reported 4,986 transactions through the Multiple Listing Service (MLS®) in January 2010. This result represented a large increase over the 2,670 sales in January 2009 when home sales were in a recessionary trough. Last month’s sales were slightly higher than the January average in the five years preceding 2009.

“The GTA housing market has rebounded well from the lows in sales experienced at the beginning of 2009. Sales climbed back to healthy levels across the GTA because the cost of home ownership remained affordable in the Toronto area,” said TREB President Tom Lebour. “Increasingly confident consumers moved to take advantage of affordable home ownership.”

The average home selling price in January 2010 climbed 19% to $409,058, compared to 343,632 in the same month last year

Resale strength to hold in 2010

There were 4,986 sales in the Toronto Real Estate Board (TREB) market area last month, compared with 2,670 in January 2009,

Resale strength to hold in 2010

Flaherty moves to toughen mortgage rules

following up earlier emails the first ( fingers crossed maybe last as well ) set of changes has been set by the government

the amortizations ( 35 yr )
and advance(95% ) remains the same for now

changes are to rental properties 80 % max ( even with CMHC )

tightened income qualifications

maximum refinance is now 90%

Flaherty moves to toughen mortgage rules
Last Updated: Tuesday, February 16, 2010 | 9:25 AM ET
CBC News Finance Minister Jim Flaherty announced new rules Tuesday aimed at preventing homebuyers from getting into financial difficulty when mortgage rates rise.
After consulting with major Canadian lenders, Flaherty outlined the latest weapons at Ottawa's disposal aimed at removing some of the speculative froth in the housing market.

Finance Minister Jim Flaherty announced new rules aimed at preventing homebuyers from getting in over their heads with mortgage debt. (Fred Chartrand/Canadian Press)
"There is no evidence of a housing bubble, but we're taking prudent steps today to prevent one," he said at a news conference in Ottawa.
Broadly speaking, the plan unveiled has three components.
First, Ottawa will require that all borrowers meet the standards for a five-year fixed-rate mortgage, even if they choose a variable mortgage with a lower rate or a shorter term.

"This will guard against higher rates in the future," Flaherty said.
Second, the proposed rules would lower the maximum Canadians can withdraw when refinancing their mortgages to 90 per cent of the value of their home, from 95 per cent.

And finally, Ottawa will now require a minimum 20 per cent down payment to qualify for CMHC insurance for non-owner-occupied properties purchased as an investment.
The last rule is aimed at reining in would-be real estate speculators who own multiple properties beyond their primary residence.
"We want to discourage the tendency some people have to use a home as an ATM, or buy three or four condos on speculation," Flaherty said.

Minimum down payment unchanged

There had been speculation the Department of Finance might implement legislation raising the minimum down payment from five to 10 per cent of a home's value, or reduce the maximum amortization period from 35 years to 30 years.

Those measures were not part of Flaherty's announcement on Tuesday, but all options are still on the table should circumstances change, Flaherty said.

The new rules are not likely to revolutionize the industry. Indeed, a number of large Canadian lenders already practise the first peg of Flaherty's plan; after Tuesday's announcement, Bank of Montreal noted that it requires its high ratio borrowers to be able to qualify using the five-year rate.

"While we do not believe that Canada faces a housing bubble, we fully support the minister's actions," the bank said in a release. "Given the prospect of higher interest rates and the recent run-up in housing prices in some markets across Canada, the measures announced today are prudent."


Read more: http://www.cbc.ca/politics/story/2010/02/16/mortgage-flaherty.html#ixzz0fi5UxWNt

SYNC LOFTS Toronto

Another boutique condo/loft building by Streetcar Developments is coming to Queen Street East:

Sync Lofts

Contact me for info on the upcoming VIP sales event. The Riverside neighbourhood (Queen and Broadview) will be one to watch over the next 5 years. This small pocket has the real potential to become the next King and Bathurst – one of the hottest areas downtown right now. It has all the ingredients of a neighbourhood that is about to ‘pop’: furniture shops, restaurants, coffee houses, historical buildings, excellent transit, and plenty of hipsters. Riverside is good, but not great right now – there is still time to ‘get in’ before this area is fully gentrified.

The building will be 8 storeys and house 97 units. Unique selling features will include built-in iPod docking station with pre-wired speakers, and built-in wifi connectivity – hence the name ‘Sync’.

Units at Streetcar’s recently completed EDGE Lofts across the street from where Sync will be are currently selling in the resale market for approximately $500 Per Square Foot.

There will be a VIP sales opportunity for this project – contact me for more info.

Chinese investors eye Canadian housing boom

.Forget about competing with the family up the street the next time you bid on a new home – the real competition may be sitting at a computer in Shanghai.

With their government worried about a domestic housing bubble, more mainland Chinese investors are looking toward Canada's booming housing market as a haven for their dollars.

“The world continues to get smaller and smaller,” said Don Lawby, president of Century 21 Canada Ltd. “There's investment coming from all over the world, but especially from countries that have any sort of restriction on ownership.”

Chinese officials – alarmed by housing prices that increased by 7.8 per cent in the country's 70 biggest cities in 2009 – imposed a sales tax late last year on homes sold within five years of their purchase, in a bid to dampen speculation.

This has investors casting their eyes out of the country, with some Chinese entrepreneurs offering tours in the United States so investors can see properties in person.

“Most of us have realized that traditional manufacturing industries no longer bring us more profits, so many who used to run factories are switching to stock markets or real estate,” Zhou Dewen, head of a Wenzhou business association, recently told Associated Press when asked why he was organizing out-of-country tours for investors.

While Chinese residents have long looked to Canada as a site for their capital, and while they have been buying steadily in the Vancouver and Toronto real estate markets for years, the combination of a clampdown at home and a blazing hot market in this country is spurring even more interest.

Canada's real estate market rebounded strongly in 2009, with sales improving 7.7 per cent over 2008, and the national average price moving 5-per-cent higher. Low interest rates and a backlog of demand have been cited as reasons for the surge, and many analysts are calling for the market to cool down as domestic demand fades.

The prospect of any sort of slowdown makes a pool of potential overseas buyers that much more attractive to the country's real estate industry.

To tap into the demand, Century 21 will unveil a new Chinese version of its website this week, the first major real estate company to do so in Canada. The site is the cornerstone of a strategy that will see the company increasingly marketing properties directly to consumers in mainland China.

“Right now, our focus is on serving Chinese clients in Canada,” said Mr. Lawby, who is also president of Century 21 Asia Pacific.

“However, a byproduct is that Canadian listings will be more visible to buyers from around the world … there's always a need for a safe haven to place money and invest.”

Vancouver agent William Nip estimates he sells 40 properties to Chinese nationals each year, a number that has increased every year since he started dealing in property 17 years ago.

So far this year, most of his clients are looking to spend up to $2-million on premium properties.

“The bubble in China is already very big, so the government is encouraging them to take their money and spend somewhere else,” said Mr. Nip, who works at Sutton Group West Coast Realty.

While there's no doubt the Chinese are looking abroad, Patrick Chovanec, a business professor at Beijing's Tsinghua University, cautioned that many would-be buyers aren't in a position to actually spend outside the country's borders despite their interest.

“Only Chinese citizens who already have found a way to get some money offshore are actually in the position to invest in real estate in Canada or the U.S. It's not an insignificant

Toronto Real Estate Reports in February 2010

There are 12,052 properties avail. today in the Toronto GTA.

MLS listings are expected to climb as homeowners react to the recent months’ market strength.

More competition means that house prices will likely stabilize however;

increased activity will also necessitate quick decision-making.

difference between good and great, Here's a warning: Once you watch this 3 minute movie, it'll be hard to forget! http://ping.fm/PRCp9

The Berczy - St. Lawrence Market - Toronto

Coming soon to the St Lawrence Market neighbourhood by Concert Properties:

The Berczy.

Yet another boutique building designed to be both modern yet keeping in line with it’s surrounding buildings, The Berczy will no doubt be a very welcome addition to the St Lawrence area. I am predicting prices around $575-$600 PSF for this project. London on the Esplanade is currently selling in the $550 PSF range. Concert Properties is a very active developer outside Ontario, but this is their first solo project I am aware of in Toronto.

When I meet with a buyer for the first time and ask them what neighbourhoods are highest on their wishlist, inevitably the St Lawrence Market area is in the top-3. Don’t look now but the St Lawrence market area is one of the hottest and most desirable downtown. In some ways the area is now starting to realize the potential it has had for the last 200 years to be one of Toronto’s truly great neighbourhoods. For the better part of the last 25 years the area has been mostly known as a tourist destination and unfortunately, as a home to several low-income and co-operative housing buildings. With the addition of London on the Esplanade, L-Tower, and now the Berczy, things are looking up for the St Lawrence Market.

The somewhat odd name is presumably from the name of the park which will be directly across the street from the building and directly west of the famous Flat Iron building.

For more information on The Berczy and to find out how you can buy before the public at any upcoming VIP sales events, please me at 416-705-1181

The Man In The Glass

Anonymous

When you get what you want in your struggle for self
And the world makes you king for a day,
Just go to the mirror and look at yourself
And see what that man has to say.

For it isn’t your father or mother or wife
Whose judgment upon you must pass.
The fellow whose verdict counts most in you life
Is the one staring back from the glass.

You may be like Jack Horner and chisel a plum
And think you’re a wonderful guy.
But the man in the glass says you’re only a bum
If you can’t look him straight in the eye.

He’s the fellow to please-never mind all the rest,
For he’s with you clear to the end.
And you’ve passed your most dangerous, difficult test
If the man in the glass is your friend.

You may fool the whole world down the pathway of years
And get pats on the back as you pass.
But your final reward will be heartache and tears
If you’ve cheated the man in the glass.

Could You be Happier Retiring in Canada?

Canada ticks an awful lot of boxes in terms of its appeal with would-be emigrants from the UK – but in this report we examine what it’s like as a potential candidate for those who want to retire to live in Canada….

Whilst Canada has certainly not been immune to the global financial crisis, it has weathered the storms on the real estate, economic and jobs front far better than either the UK or America…and this naturally has a knock on effect in terms of public feeling in the country. Proof of this has been delivered in the form of a survey conducted by the 6th largest bank in North America, which found that on the whole over 70% of those who have chosen to retire in Canada find that life is exactly how they planned it to be.

Monetary concerns are not uppermost in a retired Canadian’s mind it seems – and naturally enough, lack of such a significant worry can go a very long way towards happiness. So, could you be happier retiring in Canada?

If you’re looking for a decent standard of living for a fair price, a laid back yet sophisticated country, a place where you can grow old gracefully and with dignity, a nation with lively towns and cities and plenty of stunning natural attractions – then yes, Canada could be the right choice for you. In this report we explore all the things Canada has in its favour as an emigration destination for Britons.

The aforementioned survey into the wellbeing of Canada’s retirees and their attitude towards life in retirement revealed that the majority of retirees were able to afford their life in retirement; they were not forced to live beyond their means because the cost of living was within reach. What’s more, the fact that there is a government funded social health care scheme took away another potential stressor as Canadians realised that as a bottom line, they would always be looked after. The social system in Canada almost mirrors that in the UK – in that in times of trouble, there is a system available that will step in and step up and help you.

So, with all of these things in mind, a would-be British retiree thinking about settling down in Canada needs to ensure they will qualify for social assistance when they relocate so that they too have this bottom line covered. The good news is that if you emigrate to live in Canada and are perhaps sponsored by adult children living there already, you will qualify for the state healthcare system. The other way to move to live in Canada as you approach retirement is to invest via the Immigrant Investor Programme. A visa granted under this scheme also allows you access to state healthcare.

If you do want to invest to emigrate however, you will need to commit CAD 400,000 to the country for a period of about 5 years and 2 months, at which point you will get your capital back, minus any interest payment. You also have to have a net worth of CAD 800,000 that can be proven to have been legally sourced too! Your money is used to create opportunities in Canada, and in exchange, you’re granted a visa to live in Canada in retirement. To explore all the visa options, visit the Citizenship and Immigration Canada website.

The cost of living in Canada from the taxes to utilities, from every day groceries to eating out is slightly cheaper than in the UK on the whole. Real estate prices are also more favourable as long as you don’t decide to buy prime real estate in a major city! You can make your money go far further in Canada if you step off the beaten track and out of ‘commuterville.’

Canada is a popular choice with British expats of all ages…which means you’ll have instant access to potential friends and likeminded people who can help you settle in and make the most of your new life. Explore expat forums to find friends ahead of a move, and consider joining in with pre-planned social activities in your new community to enable you to build social contact and develop the friendship links which are so critical to us at every stage of life.

Remember that whilst the dream of living in a log cabin in the wilds of Canada may always have been your ideal, such a home may be inaccessible for large parts of the year – and certainly not ideal for a retiree who may find they need increased access to services and facilities in the towns and cities as they age! Perhaps such a dream can be lived out every year on holiday instead?

In terms of accessibility – Canada is regularly serviced with direct flights from the major airports in the UK. Flight prices are slashed outside of school and public holidays, and if you want to keep in close touch, become a frequent flyer with your favoured airline and collect bonuses and airmiles that should reduce the overall cost burden of your travel.

Whether you could be happier living in Canada is a very personal choice – the fact of the matter is however, it’s a country with a lot stacked in its favour. So, as a consideration, it’s certainly worthy of your research and perhaps an extended visit to see if you really could settle in and call it home.

Kitchen designs equal dollar signs

5 trends likely to impact resale appeal

If you want someone to buy your house, sell them the kitchen.

That was an oft-repeated message here recently at the International Builders Show, which is the annual convention of the National Association of Home Builders. The trade show featured literally hundreds of seminars on all aspects of housing, including numerous presentations on how to deck out a kitchen in order to make the whole house a more saleable thing.

The economy and just plain consumer fickleness have conspired to make kitchen "desirability" a moving target -- a slow-moving target, but moving, nonetheless, and consumers need to pay attention, because kitchen design trends translate into dollar signs, they said.

Five things homebuyers and home remodelers may need to keep in mind for kitchens that are likely to have resale appeal in the coming years:

1. Color, pattern, finish.
"Blue is the new green," said Connie Edwards, a kitchen designer from Winchester, Va., who was one of three panelists at a session on kitchen components that they said would make the entire home more valuable. Soft blues, in this case, are catching on with consumers who are seriously invested in the idea of home as refuge.

"(Blue, to consumers) is clean water, clean air, clean earth," Edwards said at a session called "Great Kitchens! Expert Ideas to Improve your Kitchen Designs." "It's about making the home calm, and in this down economy, right now, we want to be calm."

Edwards and her fellow panelists also said gray is an increasingly popular color choice, as well as pumpkin-orange as an accent color; the latter is particularly popular among younger consumers, she said.

And, now that you've endured steaming and scraping all the old wallpaper off the house … yes, they said, wallpaper is coming back. This time, it's favored in large-scale prints and seems to be showing up on accent walls, rather than throughout the room.

In the past couple of decades cabinets have gone through oak and maple phases: Now, they're turning up big time in painted white finishes.

"It's astonishing how much interest there is in white cabinets," said Eliot Nusbaum, executive editor at Better Homes & Gardens, at a separate session on consumer preferences. "When we put a white kitchen on the cover of the magazine, it sells."

2. Homes may be getting smaller, but pack in as much kitchen as you can.

The average newly built single-family home shrank from 2,520 square feet to 2,480 square feet in 2009, according to NAHB data released at the convention.

"Downsizing continues, but priorities are price, energy and organization," said Nusbaum. Very high on the list is kitchen space where the whole family can dine -- 67 percent said they wanted space for a table, as opposed to chairs at a counter, Nusbaum said. And 62 percent said they wanted a kitchen that functioned as a family gathering place.

Walk-in pantries are highly desirable, several presenters said. And the "family foyer" gets top marks, according to Edwards. That's not at the front of the house -- it's back by the garage entry, and has space for backpacks, coats and boots, and maybe a desk for kids' crafts and homework

"Put one in, and you're going to have a hit on your hands," she said.

3. They're paying very close attention to costs -- Nusbaum called it "cents and sensibility" -- so they'll be eyeing the costs of running those kitchen appliances.

These days, "green" buyers value energy-efficient appliances, high-efficiency insulation and high window efficiency, according to Paul Cardis, whose firm conducted yet another homebuyer preference survey for AVID Ratings in Madison, Wis.

He said consumer interest in big windows is waning because they view them as heat-losers. In addition, interest in recycled or synthetic materials is minimal now, he said.

4. Make the kitchen work for all ages and abilities.

Not only do kitchens these days have multiple cooks, they're increasingly likely to have a live-in grandparent helping out. Thus, pay particular attention to lighting so that everyone can see to work.

In addition, consider creating countertops at multiple heights for use by able-bodied adults, as well as kids and grandparents that may be working from a wheelchair, said MaryJo Camp, a kitchen designer from Brookfield, Conn., who commented during the "Great Kitchens!" seminar.

Camp said the same mindset should be at work in planning pantry shelf heights and appliances, such as side-by-side refrigerators and drawer-height dishwashers and microwaves (the latter, she said, should move away from the traditional spot over the stove because it's hard to reach).

5. Granite countertops are a given -- or are they?

Presenters at the show were of two minds on the continuing popularity of granite, which in the past decade has evolved into a design icon.

On a list of things that people who were planning to buy homes said were absolute "musts," granite has fallen off that list, according to Rose Quint, who handles surveys for the NAHB. She said various energy-saving features now claim the top spots.

Granite has become so ubiquitous, "it's almost a starter-home feature," Edwards said, explaining that high-end buyers are now more willing to entertain other surfaces, such as quartz composites.

But Nusbaum said granite isn't going anywhere. He cited a "splurge-and-save" mentality among his readers -- they'll make tradeoffs in order to afford granite or pricey soapstone, which might mean painting the cabinets instead of replacing them.