October 2019 Real Estate Market Stats

October 2019 Real Estate Market Stats Stay up-to-date with the real estate market with our monthly market update. Read below for last month’s market update and scroll down for previous month’s stats. Market Updates from Past Months July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 August 2019 September 2019 Archive: July 2019 Market Stats Archive: June 2019 Market Stats Archive: May 2019 Market Stats Archive: April 2019 Market Stats Archive: March 2019 Market Stats Archive: February 2019 Market Stats Archive: January 2019 Market Stats Archive: August 2019 Market Stats Archive: September 2019 Market Stats

Trees Bylaws in the City

Trees are an important part of city life. Especially in a concrete jungle like Toronto, trees bring a breath of fresh air to the city. What some people might not know is that trees have a certain level or protection and laws protecting them. Here are some things to know regarding trees, based on where they are located.  Private Property If a tree has a diameter of 30cm (12”) or more and is located on private property, a permit is required to remove, cut down or in any other way injure a tree. The measurement of the diameter must be taken at 1.4 m (4.5 feet) above ground level. This rule applies to trees on all land use types including, […]

September 2019 Real Estate Market Stats

September 2019 Real Estate Market Stats Stay up-to-date with the real estate market with our monthly market update. Read below for last month’s market update and scroll down for previous month’s stats. Market Updates from Past Months July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 August 2019 Archive: July 2019 Market Stats Archive: June 2019 Market Stats Archive: May 2019 Market Stats Archive: April 2019 Market Stats Archive: March 2019 Market Stats Archive: February 2019 Market Stats Archive: January 2019 Market Stats Archive: August 2019 Market Stats

August 2019 Real Estate Market Stats

August 2019 Real Estate Market Stats Stay up-to-date with the real estate market with our monthly market update. Read below for last month’s market update and scroll down for previous month’s stats. Market Updates from Past Months July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 Archive: July 2019 Market Stats Archive: June 2019 Market Stats Archive: May 2019 Market Stats Archive: April 2019 Market Stats Archive: March 2019 Market Stats Archive: February 2019 Market Stats Archive: January 2019 Market Stats

DIY Staging Tips

Staging is very important in the sale of a home. Many clients of ours are ready to buy a home before even seeing it because of good staging. Here are some photos of a previous listing of ours without staging: Here are some photos of the same listing with staging: You might feel that by looking at the images of the empty room that you are trying to imagine how you would set the rooms up and paying little to no mind on how you might live there. In the second set of photos, you might be finding yourself able to start picture yourself living there and how you would use each room. People will look at the pictures online […]

Toronto Real Estate

Should I Buy or Sell First? What’s Less Stressful?

Buy or Sell First? What's Less Stressful? This is one of the most common issues our clients have and it plagues them with unanswered questions and sleep loss. “If I Buy first, I’ll have to have sell my home by a certain date.” “If I Sell first, I’ll feel forced to buy a house.” There isn’t a magic answer, however, there is a formula for making the right choice for you. Let’s break down the 4 major steps involved in buying/selling, so we can pinpoint the main stresses, and sift out all the other “annoyances”. Stage 1 – Education and Preparation This is the stage where you prepare your home for sale and get accustomed to the market you’re buying […]

Condo Insurance Explained

We once had a client who had a washer/dryer malfunction that caused damage to their unit and 14 units below them. Because they did not have insurance and it was an issue in their unit, it was their responsibility to cover the cost of these damages. Your condominium corporation has insurance, but only for the building’s common elements. Most would strongly suggest insurance for your individual unit. Most condo insurance policies cover: Your personal liability for property damage or bodily damage you unintentionally cause to others (if a fire or flood starts in your unit). Your personal property (appliances, furniture, clothing, electronics, and items in your locker). Additional living expenses in the event you are relocated during the condo’s restoration. […]

Credit Matters!

Let’s talk credit as it relates to real estate. A good credit score complimented with proven income are the main imputes required for a mortgage approval. It’s never too late to check, maintain and improve your score. Start at either of Canada’s main reporting agencies Equifax or Transunion. Long story short, a score of 700 basically implies you’re in the clear, and have maintained your credit facilities well enough for most lenders to be satisfied. Under 680 might imply more hurdles for you to jump through to satisfy a lender. Remember, your rating is based on many factors being reported and a statistical calculation of all those factors. So be proactive and aggressive, as a banking error might miss a payment or a […]

Downsizing to a Condo – The Lifestyle Transition

Living in a house is quite different from living in a condo. There are things to consider when making the transition from a house to a condo, including costs, living space and lifestyle. As the market continues to rise, houses may be less affordable and downsizing to a condo is becoming a popular option. Condo Living If you want to downsize from your family home, a condo is a more affordable option. The average cost of a condo in Toronto in 2018 was $552,423, compared to the average cost of a house, which was $1,009,535. Forget about mowing the lawn, shoveling the snow, and landscaping, that’s someone else’s job now. Even if you live on the second floor, you do […]

Be Nice To Your Concierge

If you live in a condo, there’s one person you probably see on a regular basis. That person is your concierge and they can have a big impact on your day-to-day condo living. There are many reasons to be kind to your concierge, if for no other reason than they literally know where you live. First of all, your concierge is a shift worker. When you see them, it is often at the beginning or the end of their day. If you’re nice to them as you’re coming and going, you have the chance to help your concierge start or end their day on a happy note. There’s a few things to keep in mind regarding your concierge. They handle […]

Condo Liens – Avoid Them At All Costs!

A client of ours, and current condo owner, had required work done for their unit, performed by the condo corp. They saw a $2,600 total charge for a $600 unpaid fee relating to this work. A misunderstanding escalated, the owner adamantly refused to make payment and ignored important notices regarding the charge. The condo’s property manager and board members were left with the only option of a placing a lien on the property, as permitted by the Condominium Act, 1998. The $2,000 in lawyer fees, lien registration fees and lien discharge fees could have been avoided if the owner was more informed.   Pay attention to your condominium notices. If you are in arrears for maintenance fees, a special charge […]

Knob and Tube Wiring

Knob & Tube wiring pops up during a real estate transaction. It occurs when a buyer discovers it during a home inspection, or a responsible seller discloses it.   What is it? Pictured above is the way houses were most commonly wired between 1880s and 1920s. Individual wires are suspended from white ceramic knobs and go through ceramic tubes where passing through joists. If a home was built in the 1930s or earlier, it was likely wired with Knob and Tube. Knob & Tube is actually still an approved and safe form of wiring by the ESA (Electrical Safety Authority). For the dry facts, read more info here. What’s the deal? The main source of headache is when buyers are […]

Real Estate Myths

1. Listing Price Doesn’t Matter You should not list over a fair market price or you won’t get the exposure your listing deserves in the Internet, MLS and marketing. You don’t want to be outside the market but in it. The listing price should be chosen very close to the date the listing is loaded, with an understanding of available comparable listings for sale and recent sold prices. 2. You Don’t Have To Fix Up Or Stage An Old House. You need to put every effort in presenting your home in the best possible light. You don’t want to distract in any way from the space, rooms, light, lot and details (even dated ones). We have often listed a home […]

Roles of a Realtor

Pre-Listing Activities Review pre-appointment questions Research all comparable currently listed properties Research sales activities for past 18 months from MLS and public records databases Download and review property tax roll information Prepare unique “Opinion of Value” to establish fair market value Research property’s ownership and deed type Research property’s public record information for lot size and dimensions Research and verify legal description Research property’s land use coding and deed restrictions, zoning, etc. Verify legal names of owner(s) in public property records Prepare listing presentation package Perform exterior “curb appeal assessment” of subject property and area Listing Presentation Give seller an overview of current market conditions and projections Review agent’s and company’s credentials and accomplishments in the market Present Opinion of […]

Aluminum Wiring

Aluminum Wiring In Your home is okay, but involves some Insurance “Fun”. Aluminum wiring is common in homes built in the Mid 1960s to Late 1970s and is still a completely acceptable form of wiring according to the Electrical Safety Authority (ESA). You still need to be informed, and if buying or selling a home with Aluminum wiring, you should be informed of the solutions and costs. Homes with Aluminum wiring can be perfectly safe, and insurable but you need to understand the safety issues and understand what insurance companies will want. There are still safety concerns with aluminum wiring: Creep Aluminum expands more than copper with the heat produced with electrical flowing. Constant expanding and contracting can cause the […]

Commission Explained

Commission is a commonly misunderstood part of the home selling process. While most people understand that it involves a percentage paid to a realtor, many key aspects of this part of a transaction remain unclear to many. As this payment can add up to tens of thousands of dollars, you need to understand it in order to be a truly informed buyer or seller.   The Seller During a sale transaction, the Seller hires a Listing Agent to sell their property. The Seller and Listing Agent sign a listing agreement that will outline the terms and will show the commission rate, typically 5% (which is HST applicable). In this listing agreement, it will also show that there will be a […]

Tips For Renovating Your Condo

Whether you’ve just bought a condo that needs some love, or have been living in one for several years, you have probably been considering ways to spruce things up. While condo renovations are typically far less complicated and nuanced than house renos, there are some key ways to make your project as high-impact and low-stress as possible. Painting There’s perhaps no better way to feel like you’re in a new space than by adding a fresh coat of paint. But there are some important choices to make along the way. Here are some important considerations for any condo-painting project: Use bright colours (typically, the brighter the better in small spaces) Make your trim pop by using a different colour for […]

5 Common Questions From Sellers

1. What is going to happen to the real estate market? This is not easy to answer on general terms. We can share our thoughts on interest rates, employment rates, and housing starts, but they aren’t always the best indicators. It’s important to understand markets don’t all move in the same direction. We always look at neighbourhood stats to show you current market strength and trends over the years, to help you time your decision best.   2. What affects the sale… of a condo? – Location, Location, Location – View and exposure – Layout and square feet – Building/Amenities – Number of beds, baths and dens – And of course condition and renovation of the unit   of a […]

How To Negotiate – As A Seller

As mentioned previously, making sure you have the right price for your home is absolutely essential. It will give you the confidence you need to ensure the step we discuss today – how to negotiate as a seller – is a success. PAY ATTENTION AND KNOW YOUR ADVANTAGE You need to be active as a seller and read the market for your home. Look at the number of showing requests you’re getting and recognizing how much demand there truly is for your property. Remember that you have more information than the buyer. Buyers are working with a black box – they only know what they’ve seen. They don’t know how many other people have seen your property or the level of interest […]

Downsizing

Do you need convincing to downsize? Are you ready? Are you ready to downsize? Are you an empty nester or ready for a change? Condo living can present new opportunities, greater freedom and a simpler life. Maybe you want a more urban, stylish and pedestrian lifestyle. Maybe you want to minimize your possessions and have less home maintenance. Maybe your house really needs a renovation or you own a cottage where you spend a lot of your time. BUT… You are worried about living in a smaller space or choosing the right floor plan for your lifestyle. You might think it’s difficult to find the right condo in the right area. You are nervous about condo fees, reserve fund, condition […]

Finding The Right Listing Price

There are many key decisions for sellers to make on their way to a successful transaction. Perhaps the most important is setting a price that will yield a fair price in a reasonable time frame. Unfortunately, there are many pitfalls that can cause sellers to end up feeling like prisoners in their own home while their property languishes on the market for weeks or even months. It’s also common for sellers to second guess their listing price if their property sells quickly. Educate Yourself About the Market To prepare yourself for the market, you need to start by stacking your home up against others. Often the best way of teasing this out is by looking at the ten most comparable […]

Renovating? Get The Most Bang For Your Buck

Are you planning on renovating your home prior to selling? There are many renovations that could actually decrease the value of your home if not done properly. It is important to keep up with the trends for what people want and are looking for when buying a property. Below is a list of 10 renovation tips that will help you get the best return on investment when selling your property.   Paint Inexpensive and can completely change the look and feel of a room. Use a subtle paint colour to emphasize your home’s strengths and minimize weaknesses. You can also paint exterior wood windows, trim and decks for a fresh, updated look. Kitchen It’s the heart of the home so opt for […]

Selling a Condo Is Different Than Selling A House

Things to consider when selling a condo: 1. Your Condo Corporation Order a status certificate, check for the fiscal periods, updates you are not aware of if you have not been attending board meetings. You don’t want any surprises Is the reserve fund strong? Do you anticipate any special assessments or outstanding legal issues within the building? (A buyer and their lawyers would see this as a major negative) Are your maintenance fees going up ? Consider selling before they do Are there any renovations planned for your building? – lobby, roof, hallways, elevators (If one elevator is down, the showings will be affected) 2. Do You Have a Tenant? Get your tenants on board with selling the unit and allowing showings. Check it is presentable for showings […]