Welcome to week 9 of the stay at home, work from home, physical distancing marathon! I hope everyone has had some time to take a deep breath, adjust to the new routine and enjoy some time with your loved ones, a good book or perhaps some Netflix binging.
In less than two months, the real estate market in the GTA has gone from 100kph to about 25kph. Although there has been some recovery from the initial shock of the stay at home recommendations by the government, we have now had some time to look at some of the emerging trends in the marketplace. One thing is for sure, not even Canada's strongest real estate market (Toronto) is immune to the imapct of the Covid-19 pandemic. Sales are down nearly 63% and the average price dropped roughly 8%…
What a difference a few weeks make! From January to mid March, the Real Estate Industry in the GTA was experienceing bidding wars on hot pocket properties, increasing home prices, renewed enthusiasm from first time home buyers with low interest rates and all the other challenges and excitement that come with a strong Real Estate economy.
March 11th - The NBA cancelled the season and Trump announced travel restrictions on a number of European countries.
March 12th - The NHL announced it would suspend the season. MLB suspends spring training.
March 13th - the WHO announced that Europe was the new epicentre of the pandemic, Canada suspends parliament until April 20th and advises people to stock up on up to two weeks of groceries…
Average home price expected to rise by 3.7% next year
• Increased consumer confidence could be a key factor affecting the housing market in 2020
• 51% of Canadians are considering a home purchase in the next five years, up from 36% at the same time last year
• Only two in 10 Canadians say that the mortgage stress test negatively affected their ability to purchase a home in 2019
RE/MAX is calling for a leveling out of the highs and lows that characterized the Canadian housing market in 2019, particularly in Vancouver and Toronto, as we move into 2020. Healthy price increases are expected next year, with the RE/MAX 2020 Housing Market Outlook Report estimating a 3.7 per-cent increase in the average residential sale price.
With so many new developments popping up every year in the GTA it can be overwhelming knowing where to begin with real estate investment, especially if you haven't invested in real estate before. Becoming a landlord can also be challenging but it can also be rewarding! Whether your investing in a cash flow rental type property or for a long term equity appreciation type investment, knowing where to begin, where to look and what to expect are the most important challenges to consider in any investment.
Identify & Understand Your Goals
One of the first steps to investing wisely is to understand and define your goals. Whether you are investing for long term equity appreciation or positive cash flow returns, the importance of understanding and…
After two years on hold, new rules for short term rentals have been approved in Toronto. The Local Planning Appeal Tribunal said in a ruling released Monday that it has dismissed an appeal by several residents who objected to the rules that put limits on how people can rent out their properties. The city put the rules in place in part over concerns that short-term rentals like Airbnb were reducing the rental stock as the city deals with a housing crisis. In Toronto, it’s estimated that there are 21,000 Air BNB listings. They produce $214 million a year in short-term rental revenue and Toronto is Canada's largest market.
Under the new zoning bylaw amendments, short-term rentals will only be allowed in principal residences, which means landlords will…
Since 2013, 28 Acres of prime Etobcioke property, only steps to Lake Ontario, has been sitting vacant. The site of the former Mr. Christie factory that made one of the world’s favourite cookies for more than 60 years has moved from what might eventually become one of Toronto's top destinations. In mid-2019, City Council and the Local Planning Appeal Tribunal (LPAT) approved the conversion of the majority of the site at 2150 Lake Shore Blvd W. to a Regeneration Area, allowing for a mix of uses such as residential and retail, as well as land for employment uses. A Secondary Plan process has begun, and will be led by the City of Toronto. Over the last several years, Humber Bay (Park Lawn Lakeshore) has become one of Toronto’s fastest growing…
On October 21st, as Canadians head to the polls, many will be thinking about how this new government (or old one) is going to help their local real estate market. Local real estate market issues in places like Toronto & Vancouver have become hot button political topics. Affordability for home buyers in cities many major Canadian cities have become part of many of the political parties platforms. Interest rates, densification, transit & rural frustration with urban encroachment have all became part of the daily questions being peppered and federal leaders leading up to the election. We have seen the impact (or lack of impact) of the foreign buyers tax but many Canadians are more interested in seeing the federal government help reduce some of the red tape
The Floor Plans & Pricing have officially been released for the much anticipated Galleria On The Park Condos. Please contact me directly if you would like the price list and floor plans I have attached the links to the project brochure, community brochure & the investor piece. Only $5000.00 is required on signing the balance to 5% within 30 days, 5% in 150 days, 5% in 400 days & 5% on occupancy. Total 20% down.
The Purchase Process Will Be As Follows
Tuesday, September 10th - Worksheet submissions begin
Friday Sept, 13 - Initial signing appointments will be scheduled
Saturday Sept, 14 - First release signing begins - unallocated units will be released on first come first serve basis.
General Terms - Initial $5000 deposit in bank…
Spotlight returns to detached housing in the GTA as soaring sales pull up average price in the first half of 2019, says RE/MAX
While more than 50 per cent of TREB districts report upward momentum in average price, RE/MAX Heat Maps identify areas where opportunities exist
The bounce-back in single-detached home sales is contributing to an uptick in average price, with more than 50 per cent of neighbourhoods in the Greater Toronto Area reporting an increase in detached housing values the first half of 2019, according to a new report released by RE/MAX of Ontario-Atlantic Canada.
RE/MAX examined trends and developments in 65 Toronto Real Estate Board (TREB) districts, finding that detached home sales were up in almost 88 per…