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Top Performers in the GTA and Toronto Real Estate Market

Houses to Rent in Toronto Suburbs – Real Estate Toronto

Toronto Real Estate Market Feb 2016 — Top Performing Areas

View The GTA’s top performing housing markets in a full screen map

Toronto’s Suburbs are becoming increasingly popular–and with good reason!

It was another record-breaking month for the Toronto Real Estate Market and the rest of the GTA. With conditions being as tight as they are in the city, it’s not surprising that properties in the suburbs are going fast–and fetching a pretty penny too! We ranked areas in the GTA according to their price increase, highest selling prices, largest sales increase, and least expensive.

Biggest Price Increase

  1. Whitchurch-Stouffville
    Avg. Price 2015: $789,730
    Avg. Price 2014:$658,358
    Year-Over-Year % Change: 20
  2. Newmarket
    Avg. Price 2015: $618,498
    Avg. Price 2014: $531,376
    Year-Over-Year % Change: 16.4
  3. Richmond Hill
    Avg. Price 2015: $886,773
    Avg. Price 2014: $762,219
    Year-Over-Year % Change: 16.4

Largest Sales Increase

  1. Burlington
    Avg. Price 2015: $596,379
    Total Sales 2015: 2,038
    Total Sales 2014: 1,570
    Year-Over-Year % Change: 23
  2. Aurora
    Avg. Price 2015: $746,715
    Total Sales 2015: 1,087
    Total Sales 2014: 927
    Year-Over-Year % Change: 14.7
  3. Georgina
    Avg. Price 2015: $410,915
    Total Sales 2015: 1,043
    Total Sales 2014: 897
    Year-Over-Year % Change: 14

Fastest Selling Homes

  1. Ajax
    Avg. Price 2015: $491,035
    Avg. DOM 2015: 13
  2. Whitby
    Avg. Price 2015: $488,304
    Avg. DOM 2015: 15
  3. Newmarket
    Avg. Price 2015: $618,498
    Avg. DOM 2015: 17

Most Expensive Homes

  1. King
    Avg. Price 2015: $1,006,701
  2. Richmond Hill
    Avg. Price 2015: $886,773
  3. Oakville
    Avg. Price 2015: $831,088

Least Expensive Homes

  1. Oshawa
    Avg. Price 2015: $349,797
  2. Clarington
    Avg. Price 2015: $392,101
  3. Georgina
    Avg. Price 2015: $410,915

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What Sellers Need to Know About the Spring | Houses for Sale in Toronto

Houses for Sale in Toronto go Quickly in the Spring

Why is Spring 2016 the Best Time to Sell a House in Toronto? Just take a look at historical Toronto Housing Prices for this time of year.

It’s hard to believe that February is already over and Spring will be here in just three weeks. Like many Torontonians, Realtors love this time of year, not only because of rising temperatures but because it’s the best time to sell a home. Any seasoned Toronto Real Estate Agent will agree that certain seasons are more favourable to sell a house than others. Oftentimes, the transition between cold months to warmer months sparks something in buyers, and with the current condition of the Toronto Real Estate Market, this couldn’t be truer. In fact, it’s in the Spring when Toronto housing prices increase and homes sell at or above asking price. Furthermore, the amount of time they on the market is significantly short when compared to other seasons. We’re still in a seller’s market, and the pent-up demand from buyers is exceeding the supply of Houses for Sale in the Toronto. While warmer temperatures do have an impact on home sales, but there are a few other reasons people want to shell out a few extra dollars for a house in the Spring.

  1. Most families prefer to purchase a home in the Spring because that leaves them with ample time to register their kids in new schools. When it’s time to close, it will be relatively early in the summer, you most likely won’t have to deal with a heat wave when packing moving boxes.
  2. Spring is a great time to showcase your home as well. With the snow finally gone, lawns are visible and houses just appear to be more attractive in the spring. There are no sub-zero temperatures or icy driveways to deter buyers from venturing outside of their homes. By the end of March, some annual flowers will be in fresh bloom and trees will begin to bud, and a feeling of a new beginning will be in the air.
  3. With holiday debts and bills finally paid off, buyers are in higher spirits and aren’t as stressed about making a big purchase. Additionally, most buyers will have the benefit of a tax return in the Spring–this is especially helpful for first-time buyers who are feeling the impact of the increase in the minimum down payment. Remember, many people are entering the market for the first time, so be ready for people who are on the hunt for condos for sale in Toronto.
  4. Competition among buyers is very stiff, and they’re willing to bid to the very end. Bidding wars occur most frequently in the Spring than at any other time of year because home buyers want the perfect move-in date. Use this to your advantage to ensure you make the most of your home sale.

mls toronto spring stats 2016

Although Spring isn’t officially here until the Equinox on March 20, it’s definitely sprung early for buyers in the Greater Toronto Area. If you’re planning on selling your house, now is the perfect time to consult your GTA Real Estate Agent. The window of opportunity is wide open, so take advantage of it before other sellers start adding to the mix. While the market conditions will guarantee your house will sell, you want to get the best dollar for it.

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Unattractive Investment Property

The Ugly Duckling — Transforming an Unattractive Investment Property into a Beautiful Swan

from shabby to chic investment property

If you’ve been itching to purchase an investment property in Toronto, then you probably know that pickings have been pretty slim lately. Move-in ready houses with curb appeal are often the subject of bidding wars and come with a hefty price tag. The thought of owning a property that will generate immediate rental income is ideal, however, after weighing the pros and cons, and taking price into consideration is it really worth it?

Enter the ugly duckling: The legal triplex that is in need of some TLC. It’s in a fantastic neighbourhood, however, it contains a unit that smells like several unappetizing meals were cooked in it and has carpet that dates back to the early eighties. Overall, it’s not a pretty sight, and you’re uninterested. These are signs of poor property management. Before you move on to the next house, consider this: The property wasn’t built with a smell reminiscent of burnt dinners past, and at one point, that carpet was new. The point is, if you ask anyone involved in property management, we can tell you about some of the most luxurious spaces that have been destroyed in a matter of months due to one bad tenant — we can also tell you have quickly we’ve cleaned them up and made them move-in ready by the next month.

If you’re willing to look past the cosmetic issues and focus on numbers, taking on a property that was poorly managed isn’t such a bad idea. This can often save you money on the initial investment, and after hiring a reputable property management to turn it around, you will then be able to increase the rent and earn a profit.

Signs Poor Property Management

1. Units Not Prepared For Renting – If the state of a unit makes you ask yourself “Who would want to live here?” after viewing it, then you know it’s been poorly managed.
2. Not taking accountability – If the previous managers blame the condition of the property on a bad area or bad tenants, they’re trying to draw your attention away from the real problem – bad management.
3. Vacancy – if there are six units, and two of them have been vacant for months, that’s never a good sign.
4. High Turnover – If the previous landlord couldn’t keep tenants because a) they were unhappy with the living conditions or b) they weren’t paying their rent, then those are both signs of bad property management.

As an investor, signs of bad management can mean dollar signs in the future. Unfortunately, you can’t change the location of a building or a property’s layout without major renovation. You can, however, change your property management company. It should be common sense to anyone that apartments should be clean, painted and livable by decent people’s standards if you want to rent them to decent people.

Returns on property investments shouldn’t require rocket science. Simplified, well-maintained properties yield great results. This includes responsible tenants who are properly screened, which results in higher rents, no vacancies and low-turnover. By hiring a reputable Toronto property management company, you can turn an ugly duckling into a beautiful swan, and attract the type of tenants you want to rent to. Toronto is a huge metropolitan city, and although there may not be thousands of investment properties to choose from, there are thousands of responsible, income-generating tenants to choose from. Sometimes the best returns are the ones that come from the most unexpected sources.

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Unexpected Figures Entering Fall — TREB MLS® Market Watch September 2015

toronto real estate mls fall 2015

In recent news, you may have heard rumours that buyers were “treading more cautiously” as they entered the fall market. The opposite couldn’t be truer in Toronto. This morning, Toronto Real Estate Board President Mark McLean announced that Greater Toronto Area REALTORS® reported a record number of transactions for the month of September through TREB’s MLS® System. There were a combined 8,200 home sales reported for September 2015. This result was a 2.5 per cent increase compared to September 2014.
For the first nine months of 2015 TREB MLS® sales amounted to 80,331 — a record year-to-date figure. Furthermore, there was a 9.5 per cent increase compared to the first three quarters of 2014.

“We are on track for record home sales reported through TREB’s MLS® System this year. Barring a drastic shift in the economy over the next three months, total transactions reported by TREB Members in 2015 are expected to be at or near the 100,000 mark. This is a testament to the importance that GTA households put on home ownership as a long-term investment,” said Mr. McLean.

The MLS® Home Price Index (HPI) Composite Benchmark Price was up by 10.5 per cent year over year. The average selling price for all home types combined was also up by 9.2 per cent annually to $627,395. Growth in the MLS® HPI Composite Benchmark and the average price was driven by the low-rise market segments, including detached and semi-detached houses and townhouses. (October 5, 2015 –TREB)

If you’re looking to enter the housing market and waiting for a drastic drop in home prices, don’t hold your breath. Sales have never been so strong and price growth remain on a steady pace for the rest of 2015 and well into 2016. For those looking for a nest egg or perhaps a new property to add to their portfolio, strike while the iron is hot—September was the second month where there was a growth in new listings, so supply is available. Don’t expect competition to ease, however, as homebuyers who have been patiently waiting for availability to loosen, finally have a window of opportunity. With the number of families growing, and both migrants from other cities in Canada as well as international immigrants flocking to the city, there is no telling how long this window will remain open.Source: Toronto Real Estate Board, October 5, 2015mls toronto september real estate 2015 02mls toronto september real estate 2015 03 01Read more

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