Year over year stats can be misleading especially this year with Covid-19. Covid-19 delayed what would have been an extremely busy spring. Our spring market this year started in mid-June and continued through July and I am sure to some extent will continue into August. Traditionally July and August are slower months compared to other months for the real estate market. These current sales stats will show year over year sales have had a big swing but it’s all relative to what the market does normally for this time of year. Important info here is home prices are still climbing even though there is a large volume of leases available. To date, this has not affected the housing market with particular focus on condominiums. Investors are taking short term pain hoping for long term gain. Will this change when mortgage deferrals end?
Author Archives for Stephen Pryce
but, Real Estate data can point us in the right direction. Covid-19 really made a mess of people’s plans to buy and sell property during the spring market. The spring market is the busiest time of year for Real Estate. Now that Toronto is slowly reopening, the Real Estate Market is picking up steam! Overall listings year over year are down for freehold houses and condos. What happens when you have less supply on the market? There is more demand for the properties that are on the market! June stats show year over year prices have escalated. Has Covid-19 affected the Real Estate market? It has in a big way and the entire reality of Covid-19 has not been fully played out. The alarming part of these stats are lease listings. As I write this newsletter there are over 5700 condo units... View Article
Any renovation you do needs to answer a few basic questions. Why do you want to renovate? Are you maximizing your space? Is there value in the renovation? If you honestly answer these questions you will know right away if you are wasting your time and money. I have seen many basement reno’s that kinda suck. The only reason they suck is they didn’t maximize their space and throwing money at a bad idea is like flushing money down the toilet because the reno did not add value to your property. This is how I answered my basement reno questions. 1. To add a guest bedroom and entertainment area in the basement. 2. The floor plan has utilized every inch of space. 3. This basement renovation adds real value to this 2 bedroom home by adding a 3rd bedroom and... View Article
This video is focused on the redevelopment of Toronto’s east end waterfront. Toronto’s growth in 2018 was over 77,000 people. This population growth explains why Toronto has over 120 cranes in the air. Queen’s Quay East is seeing and will see massive change. The redevelopment of this area is well thought out and has brought the biggest property developer’s in Canada to build new condominiums to satisfy the future growth of Toronto. Toronto is now North America’s 4th largest city! This city has a lot to offer and a high standard of living.
The First-Time Home Buyer Incentive is ready to go for September 02, 2019. The first closing on properties will take effect on November 01, 2019. What’s a “closing”? This is when the property title is transferred to your name making your property purchase official. Do you qualify? Maximum property purchase price is $565,000 You must be a first-time home buyer. This program will require a buyer having a minimum of 5% down to a maximum of 20% down for a property under $500k and a buyer having a minimum 10% down to a maximum of 20% down for a property over $500k. The household’s income must be under $120,000 and the mortgage and incentive amount together can’t be more than four times the household income. Your mortgage will need to have mortgage insurance through 1 of the 3 mortgage insurers in... View Article
As with a lot of Toronto, Galleria shopping Centre is on the way out and a huge development called Galleria on the Park is on the way in. Included in the development by Elad and Freed will be Wallace Emerson park and community centre. This is a 12 acre development that will start building later this year. The development is aiming for a 2030 finish date. When finished there will be nearly 3000 residential units. Over 300,000 sqft of retail space and 21,000 sqft of office space. Over half of the 12 acres will be park space with a new community centre. There will be a new road that will run diagonally from Dupont to Dufferin split the park from the proposed condos. This will give the park the needed access to breath new life into it. All the buildings... View Article
Over the last few years City council has been working on laneway suites. Now property owners are starting to pay attention to the advantages of having a rental property that is not in their principal property. Laneway suites can come in different styles and layouts but there are lots of rules that govern laneway suites. Most of the rules revolve around property rights and safety. What’s the advantage for renters? This is a condo alternative. Not everyone likes condo buildings. With this unit there’s no waiting for an elevator. Laneway Suites will help reduce the need for rental housing and will enhance neighbourhoods with large lots. This is a great idea and I am sure all will benefit from this idea.
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(in a historical kinda way). The opening of the Selby apartments and the former hotel Selby now Maison Selby is a turning point for Upper Sherbourne. It started with the James Cooper condos about 8 years ago and how they incorporated the James Cooper Mansion into the condo building. Upper Sherbourne is not finished with blending old with new. Two proposed buildings across from the Selby apartments will also keep original buildings while blending in new structures!
When buying real estate in Toronto there are two land transfer taxes, one city and the other province. On a $500,000 property the taxes together are just under $13,000. There are rebates of around $8000 for first time home buyers. The good: taxes help run the city and province. The bad: these two governments might be too dependant on this tax income. The ugly: these taxes are warping the housing market. Many home owners are staying where they are because they do not want to go through the added expense of paying land transfer taxes on a future property. Land Transfer Taxes on a property of $1,500,000 is about $52,950. This is reducing the amount of homes for sale and driving up prices because of a lack of supply. Land Transfer Taxes are the golden egg for the government but a rotten egg for... View Article