Many buyers have purchased condo's that are currently under construction. Some of the units, even sold as late as 2006, have delayed completion till 2010. The Buyer's realities of their choices have made them reevaluate their changed situations. Singles now have spouses. Couples are now families and that One plus one does not fill their needs. The other factor that is intangible is FUD, Fear Uncertainty and Doubt.I receive many calls from people with a contract, who have discussed with their lawyer and the developer's sales people what choices they have.Contracts vary but we will try in layman's terms to explain the options; If your contract (Agreement of Purchase and Sale) contains an ASSIGNMENT CLAUSE you may find a buyer to take over your exact contract at whatever price you agree to... 01/19/2009

Its time to get the family out for a skate or play some shinny with your friends.  Here is the link to find out when and where. http://cityrinks.ca/wiki/wiki.php?n=ButtonwoodRink.FrontPage 01/07/2009

Study Says Land Transfer Tax Unfair and WastefulThe City of Toronto's Land Transfer Tax (LTT), introduced last year, "has had punishing effects on the Toronto housing market, reducing transactions and lowering average prices," says a study by the C.D. Howe Institute. It also says that there's no advantage to using an LTT instead of simply raising property taxes, but there is plenty of downside to this type of tax.In Sand in the Gears: Evaluating the Effects of Toronto's Land Transfer Tax authors Benjamin Dachis, Gilles Duranton and Matthew A. Turner say the Toronto LTT caused a 16 per cent decline in the number of single-family homes sold after January 2008 and a 1.5 per cent reduction in house values (an average of $6,400 per house). The Toronto Real Estate Board (TREB), which lobbied ... 01/07/2009

Don't hold you breath for the Investors Condo sell-off.Buy to Rent Market is a bubble about to burst. There's no question about it - mortgage costs are rising, lenders are slashing their loan books and all those greedy landlords are about to get it in the neck.This is the typical view of many outside the property world and quite a few with a good deal of insight into bricks and mortar - but I'm not so sure.The theory is that with house price falls starting to register, Listings and Assignment of Purchase Agreements will start selling/posting up en masse, and one of Canada's most loved and hated get-rich quick bubbles will go pop.Too many landlords chased capital growth, speculating on easy profits, is the bears' theory. And when these misguided hopefuls can no longer justify subsidising... 12/21/2008

How will the GTA Toronto resale market perform in 2009?What is the Direction of the GTA New Home Market?What are the Key trends in Condominium Apartment Market?Topics include; Employment Growth Wages Mortgage Rates Home Buying Intentions Increased Choices in Home Buying What is the Ratio of Tenants to Home Owners Will Prices Fall Should you Hold or Sell? All these and many other questions are answered in this report.December 1st 2008, I attended this presentation by Canada Mortgage and Housing. It is a good read filled with charts and past historical data.CAUTION This is not the material you read in the media.The site will email you the CMHC Housing Market Outlook instantly with your Name, Address and Phone and a valid email address.Get factual and informative data instantly. 12/18/2008

    November Sales Stats What you need to know to make the right decision for you!Home Sales are Down 50%In the 416 area, 1,523 transactions took place last month, from 3,426 sales recorded in November 2007. From a year-to-date perspective, there have been 28,806 sales in the 416 area this year, from 36,804 transactions a year ago. Home prices are down 10%In the 416 area, last month's average price was $390,225, from $433,859 noted in November 2007. Its Taking Longer to sell and theres Lots to buy from!The average number of days a home currently remains on the market in the GTA is 41, from an average of 32 days last November. There are currently 27,037 homes listed on the Toronto MLS system compared to 18,309 available properties in November 2007. Whether you have to sell or are trading... 12/05/2008

The City of Etobicoke is Toronto's neighbour to the west and is in turn the neighbour of Mississauga to the east. Starting at Lake Ontario, Etobicoke stretches north to Steeles Avenue and north to the City of Vaughn. The actual area of Etobicoke is quite large and is home to number of great neighbourhoods. These neighbourhoods have great contrast in terms of price and offer a little bit of everything for everybody. Starting down near Lake Ontario, prospective renters can find few smaller neighbourhoods that tend to be a little more expensive depending on the neighbourhood's proximity to the lake. New Toronto, which is located in the southern region of Etobicoke, is an interesting little community that really has an old fashioned feel to it. This area contains a wide range of prices and... 11/30/2008

Toronto has never had more choice in location or greater numbers on the marketWith stock markets, commodity prices and even the dollar bouncing around like numbered balls in a bingo caller's cage, the question has to be asked: What will happen to luxury condominiums in the GTA?Toronto has never had more choice in location or greater numbers on the market. but can all those suites find eager buyers at a time when rrsps and other investments have shrunk like popsicles in the August sun?The consensus among the men and women who build, market and sell these luxury condos is that it is a bit too soon for definitive predictions. if past history is a guide then those projects offering suites at the very top end of the market may only be marginally affected, if at all.The ones at risk are most ... 11/21/2008

Things have noticeably slowed down in the past year, with home buyers hitting some invisible wall about mid September, but many Real Estate Buyer's fear today's prices will seem way too high tomorrow, so they're sitting on the sidelines.People simply will stop buying, When the difference between what buyers want to pay and what sellers wanted to receive widens dramatically.. and then some homes couldn't find any buyers at all.Buyer's strikes aren't one-day phenomenon, but neither do they stretch on for months. The strike ends when buyer's think they again know what homes are worth and stop sitting on their hands in fear that any price they pay today will seem like way too much tomorrow.This one will work itself out over the next couple of months as houses, jobs lay offs, stocks, bailout... 11/20/2008

TORONTO, November 19, 2008 - Greater Toronto REALTORS® recorded 1,991 resale transactions during the first half of November 2008 from 3,544 sales recorded during the same period a year ago, Toronto Real Estate Board President Maureen O'Neill announced today.The Greater Toronto Area year-to-date figures show 70,474 sales in 2008 from 84,994 recorded during the same period in 2007. The year-to-date average price was recorded at $380,470 in 2008 from $374,678 in 2007.In the 416 area, 830 homes changed hands in the first two weeks of November from 1,643 transactions recorded during the same time frame a year ago. The year-to-date figures show 28,126 compared to 35,045 recorded in 2007. In the 905 Region there were 1,161 sales during the first half of the month from the 1,901 transactions re... 11/19/2008

Ever more creative marketers are finding ways to attract customers;Car Dealer has a Two for One SaleEmpson said: "It was amazing. We had been trying to sell those cars online at half price for nearly a month and they were selling, but it was nothing special. But when we made the deal two-for-one, we got 22,000 customers. It's the power of marketing, I suppose. The very first call I had was from a father who was going to buy the two cars, have one himself and give the other to his son."His company, a partner with the BBC's Top Gear magazine, is negotiating the same offer with two more mainstream manufacturers, but declined to name which ones. "If you've got the money there has never been a better time to buy a car," he said.This is not a new program. One builder in the California was loo... 11/19/2008

The day Adele moved into her $192,000 townhouse in Brampton in May, she was "under water."That's because she had a 100 per cent mortgage - not a penny for a down payment - and a 40-year amortization that had to be insured. In the end, she owed $199,000 for the three-bedroom house.Under water.Negative equity.These terms strike fear in the hearts of homeowners who have been merrily calculating their net worth based on rising housing prices in Toronto and the GTA. Read the rest of this article.In a market where there is a slow or low appreciation in property prices ie. 3 - 5% annually, it is possible to be underwater or negative equity on your mortgage for years.This is further compounded by people making 5% down or zero down purchases where the cash back option is taken. Let's say for exa... 11/16/2008

Today, I received a prospect telephone inquiry from my website. Great !A prospect phone call! We engaged in a meaning full conversation about the First Time Buyers Grant of $10,000 that's available from the Federal government. This program is individually administered by the cities.Toronto's application of the funds is available only for Buyers who choose Regent Park and may not be suitable to those in the west end of Toronto. The Region of Peel has left the choice open for any house in either Mississauga or Brampton resale or new, freehold or condo ownership.There are funds available from the First Time Buyers rebate of Land Transfer Tax both from the Ontario and Toronto Governments based on declarations of being a first time buyer and some income / budget restrictions.In addition, the... 10/31/2008

Balanced Market? Buyers Market? Sellers Market?http://watch.ctv.ca/news/latest/real-estate-reality/#clip106620The news reports says it will balance out.While out with buyers this last week, they had determined that they wanted to be within walking distance of the Bloor Islington Subway station and have an Executive Townhouse rather than the additional perceived expense of maintenance fees associated with high rise living.The additional criteria was that they were relocated and settled within the next sixty days.Their solution was to buy a new construction high rise at Sheppard and Yonge. Occupancy proposed for 2012, hence they will continue renting.Builders are offering excellent incentives to become engaged with their projects and all deposits are guaranteed. If you are considering a c... 10/28/2008

While out showing properties this month, I have been focused on working with an investor; who is viewing the condo market with great opportunity. Instead of evaluating the condo's on their sales literature and proposed amenities his evaluations are very pragmatic based on the square footage, maintenance costs and historic sales values as compared to square footage and the cash flow available from rentals. In the process of our analysis we can across a wonderfully improved three bedroom condo unit in Mississauga. Although the maintenance costs were higher, (twenty year old building) the lack of amenities outweighed the fees associated with ownership when one compared the square footage of almost 1600 square feet compared to the new condo's averaging 760 to 880 square feet. As a pure rent... 10/22/2008

Building a home of your own is always an exciting event for anyone, especially if the person is new in the venture. It is more likely, that you will be interested to live in such a home that can fulfill all your needs.While buying an already designed home, you may not get what you want whereas, if you design the home prior to construction, you can make the place your own heaven. It is not always possible for the builders to make unique homes for everyone, as different people have different choices.If you appoint any architect for designing your home, the professionals talk to you and realize your tastes and needs. Then they can design the plan accordingly, while taking care of your budget as well.Customizing your home can be anything, starting from the simple addition of a few square fe... 10/17/2008

Recently while surfing the Real estate bulletin boards, I found this...What's with the new MLS website?I regularly search Toronto properties on the MLS at mls.ca and have always used the simple interface to choose my region (W01,C01 etc), price, type of dwelling and the number of listings per page. Well, it seems I can't do that anymore.The site has changed to 'realtor.ca' and all of a sudden, there's this hard-to-use map interface that requires you to zoom in on an area (you can't really choose specifically - you have to vaguely zoom in and hope for the best; the map wobbles all over the place and zooms in and then way out again...it's a mess.Plus: viewing my selection, at my convenience, seems impossible now. Is this a deliberate attempt by realtors to make it hard for folks who want ... 10/15/2008

The British have an incredible sense of humour when it comes to almost everything; They are already making lite of the financial mess and turmoil the world markets are in. Only in England While this situation is nothing to laugh at, Life must be ok if we can laugh at things like this. As long as we have our health and our wits, any problem created by men can be resolved by men. 10/09/2008

With speculation about a slowing economy, everyone's searching for a little security. Here are [Toronto Life's] picks for crash-resistant neighbourhoodsThe most important consideration in buying crash-proof real estate is the overall vitality of a neighbourhood. Look for areas with thriving local businesses and well-maintained homes that are accessible by TTC. Districts with a diverse mix (detached, semis, towns, apartments and condos) at a variety of price points means you won't run the risk of living in a bust area if, say, townhouses go out of fashion (ultra-high-end condos, which tend to attract foreign investment, are the exception). Flexibility is another key; properties that are easily converted between single-family and rental units will ensure against a property value-lowering ... 10/09/2008

FUD is a sales and marketing acronym which stands for; fear, uncertainty and doubt.Are we currently suffering from FUD? With everyone taking a wait and see position, we will make every negative prediction a reality.I received this today...Over the last two weeks, I have never seen in my 22 years of lending, seen so much doubt and fear in our real estate market. Guest Contribution Lindsay Doke RBCHouses sitting longer on the market, in some cases having to find solutions when the homes don't sell, and we have approved a purchase mortgage for the client. Clients holding off buying as they don't want to cash out their RRSP's or investments as they have dropped more than 20%.The US in huge economic turmoil and on the brink of recession. Questions as to whether we, in Canada, could be victi... 10/08/2008