Toronto Real Estate Stays Strong

Despite serious economic woes worldwide, Toronto real estate seems to “keep plowing ahead unscathed” as reported by Susan Pigg of the Toronto Star ( Nov. 16, 2011).

***At a recent real estate training course, a fellow realtor shared that a new listing in the Beach area drew in 170 visits in a weekend Open House.  Needless to say, the house sold quickly.

*** 16:  The number of bids on a detached home in Toronto’s Yonge-Davisville and sold 17% over asking price.

*** Prices in the GTA are up 8% over prices at the same time last year.

Putting all these into proper perspective, the stories just mentioned above represent pocket areas in the city that are experiencing high demand but the rest of the GTA tend to be on track along with the nationwide stats which show that prices have gone up by 5.5% over last year and the MLS system so far this year is up 1.8% over last year in the number of homes sold.

Realtors continue to see “cautiously optimistic” homebuyers who are encouraged to get into the market because of low interest rates and Canada’s resiliency through the global economic crisis.

Busy PM at Karma Condos Broker’s Preview

For more info, please contact us:

 

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”Happy Wife = Happy Life”?

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Conscientious people live longer.   Why?

 

1.        They tend to live healthier lifestyles, to not smoke or drink to excess, wear seat belts, follow doctor’s orders and take medication as prescribed.

 

 

2.       They tend to find themselves not only in healthier situations but also in healthier relationships:  happier marriages, better friendships, healthier work situations.

 

 

3.       Some people are biologically predisposed to be not only more conscientious but also healthier.  “Not only do they tend to avoid violent deaths and illnesses linked to smoking and drinking but they are also less prone to a whole host of diseases, not just those caused by dangerous habit”. Dr. Friedman, in his book the “Longevity Project” believes that the precise physiological explanation is unknown but seems to have to do with the levels of chemicals like serotonin in the brain. 

 

Other factors discussed are:

 

·         Exercise:  extreme exercise is not a predictable indicator of longevity

 

·         Stress:  spend time working on a job that you like

 

·         Marriage:  interesting to note that that it was the man’s happiness that was the better predictor of health and well-being  -  for both the husband and the wife.  Her own happiness mattered much less to her future well-being.  So NO TRUTH to the saying  “Happy Wife = Happy Life” but

“Happy Hubby =  Lovey Dovey”

 

AND THE SINGLE STRONGEST PREDICTOR OF A LONG LIFE?   A STRONG SOCIAL NETWORK AND WOMEN’S TEND TO BE STRONGER…

Bidding Wars Even in Rentals?

Today’s business section of the Toronto Star reports that despite all the building, condos are in short supply and bidding wars in the rental market are just as common as those in the resale housing market. Here are some facts that has been outlined in the article. 

 

While some 21,000 units are under construction in Toronto, only 5707 of  them are in the downtown core so demand for rental condos continues to outstrip supply, housing experts say. Demand is especially up for two- bedroom units as developers opt to build one-bedroom or studios which are cheaper and easier to rent. According to one real estate agent who’s been tracking the supply of condos – two years ago – there were an average of 1,300 condos for rent on the multiple listing system but present supply slipped to the 500 level.

 

We wonder as to what’s driving this shortage especially when people see so many construction cranes that tower our Toronto skyline.  Aside from the usual reasons like strong immigration to the GTA, low interest rates that allow the younger people get into the market earlier, etc.  - one factor that has been overlooked is the influx of foreign students brought about the new policy which allows them to work in Canada after graduation and eventually apply for permanent resident status.  

 

These are students who come from wealthier families (tuition is at least $25,000) and  are used to a certain standard of living .  They  prefer to live in condos which offer the amenities and lifestyle that they’re used to back home.  For example, we recently found clients a 2-bedroom condo in an upscale building, within walking distance to the university.  The parents refused to have their daughter stay in a dorm where showers were common for boys and girls.  

 

This craziness is certainly frustrating for would be renters and realtors alike but quite re-assuring for our investor clients.  In the end, we always hope for a more balanced market – both in resale and even rentals but it looks like Toronto still has a lot of room for growth.

 

Quick Tips for Boosting Credit

In today’s economic climate of tighter credit requirements, there’s no doubt that many people may not fit into the traditional banks’ financing boxes as easily as they may have just a couple years ago.

 

Your best solution is to consult your mortgage professional or lender to determine whether your situation can be quickly repaired or if you face a longer road to credit recovery. Either way, there are solutions to every problem.

 

Mortgage professionals who are experts in the credit repair niche can help credit challenged clients improve their situations via a number of routes. And if the situation is beyond the expertise of a mortgage professional, they can help you get in touch with other professionals, including credit counsellors and bankruptcy trustees.

 

Following are five steps you can use to help attain a speedy credit score boost:

 

1) Pay down credit cards. The number one way to increase your credit score is to pay down your credit cards. Revolving credit like credit cards seems to have a more significant impact on credit scores than car loans, lines of credit, and so on.

 

2) Limit the use of credit cards. Racking up a large amount and then paying it off in monthly instalments can hurt your credit score. If there is a balance at the end of the month, this affects

your score – credit formulas don’t take into account the fact that you may have paid the balance off the next month.   3) Check credit limits. If your lender is slower at reporting monthly transactions, this can have a significant impact on how other lenders may view your file. Ensure everything’s up to date as old bills that have been paid can come back to haunt you.   Some financial institutions don’t even report your maximum limits. As such, the credit bureau is left to only use the balance that’s on hand. The problem is, if you consistently charge the same amount each month – say $1,000 to $1,500 – it may appear to the credit-scoring agencies that you’re regularly maxing out your cards.  The best bet is to pay your balances down or off before your statement periods close.   4) Keep old cards. Older credit is better credit. If you stop using older credit cards, the issuers may stop updating your accounts. As such, the cards can lose their weight in the credit formula and, therefore, may not be as valuable – even though you have had the cards for a long time. You should use these cards periodically and then pay them off.   5) Don’t let mistakes build up. You should always dispute any mistakes or situations that may harm your score. If, for instance, a cell phone bill is incorrect and the company will not amend it, you can dispute this by making the credit bureau aware of the situation.

Real Estate Insights by Gerorge Carras

With the looming threat of a “double dip” recession,  George Carras, president of RealNet Canada points  out some Toronto real estate  facts and figures that gives us  hope that things are not at all that bad after all:

 

• Each year, the Greater Toronto Area sees an influx of 80,000-100,000 newcomers, the size of a city like Fredericton, New Brunswick
• Canada is seen as a country that is politically, economically and socially stable nation so we welcome 200,000 to 3000,000 people from around the world annually
• People have to live somewhere and over the next 20-25 years, the GTA will need to create some 900,000 to 1million housing units
• In order to keep up with this demand, we need approximately 40,000 housing units per year
• In June low-rise (detached homes, semis, townhouses) supplies were at a record low level of 6,819 units and shrinking
• Present supply of new low-rise homes in the GTA is at an all-time low, with just 4.6 months’ worth of inventory at current absorption rates
• Purpose-built rental buildings are almost non-existent
• GTA’s entire high-rise (condos) development industry has been working at full capacity over the last five years but have not been able to produce more than 15,789 units in a given year
• High-rise (condos) inventories have dropped to a record low level as well.  Adding up all available units in all the condo projects in the market and nothing new is introduced, we’d run out of inventories in just six months.

 

As George Carras says, the key to success in real estate is knowledge.  We hope that in our own little way, we are able to share some useful information with you so that you can make better decisions.

 

 

Avoid Overpricing Your Home

It’s essential that you price your home as accurately as possible in any market to help ensure it sells at a reasonable price within your desired timeframe.

 

Sellers can often be reluctant to price their home in line with the marketplace as they feel they may be giving away too much of their home equity. The reality is, however, that pricing your home correctly from the start will benefit any seller in the long run.

 

Here are some of the reasons why pricing your home at the current market value is extremely important:

 

• Potential buyers may not look at your home if they believe it’s out of their price range.

 

• Buyers comparison shop when considering a home purchase. When a buyer compares an overpriced home versus one that is priced at market value, it will likely convince them to place an offer on the well-priced property instead of yours.

 

• Properties that have been on the market for extended periods often come under scrutiny from buyers who question why the properties have yet to sell. Perception is a key factor in how a seller’s home is viewed by the average homebuyer.

 

• Real estate agents may skip over showing an over-priced home as they may believe the seller has little motivation to actually sell the property. Buyers’ agents are always keen on getting their clients through the doors of a well-priced home first in order to give their clients first crack at getting the home of their dreams.

 

• The longer a listing stagnates on the market, the more likely it will sell for less than had it been priced right in the first place.

 

The key to pricing your home to sell for the most amount of money in the shortest period of time is to work with a local real estate professional. We know how to do an accurate market comparison and arrive at an asking price that will offer some room for negotiation, but not scare off potential buyers.

 

As always, if you have any questions about buying or selling a home, your answers are just a phone call or e-mail away!

Happiness Investigator Martin Seligman Uncovers Something More

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Martin Seligman now thinks that happiness is overrated – quite intriguing especially coming from the author of a book entitled “Authentic Happiness”.  He began seeing certain limitations of the concept  like why do billionaires continue to seek more money and enrich themselves even though there was nothing they wanted to do with it?

 

Accomplishment  seems to be “human desiderata” – something wanted or needed.  The feeling of accomplishment contributes to what the agent Greeks called “Eudaimonia” – which roughly translates to “well-being” or “flourishing.”

 

“Well-being is a combination of feeling good as well as actually having meaning, good relationships, and accomplishments,” Dr. Seligman writes in his new book “Flourish.”

#Groupon Facts & Figures

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Groupon (a portmanteau derived from “group coupon”) is a deal-of-the-day website that features discounted gift certificates usable at local or national companies. Groupon was launched on November 2008, the first market for Groupon was Chicago, followed soon thereafter by Boston, New York City, and Toronto. As of October 2010^[update], Groupon serves more than 150 markets in North America and 100 markets in Europe, Asia and South America and has amassed 35 million registered users.^[ (from Wikipedia)

 

Driving down Yonge Street one morning, I see a long lineup at a Healthy Butcher store front and wondered what the commotion was all about.  It turned out to be coupon day for Groupon so I decided to check out the website.  Upon signing up by entering my e-mail address, I saw a couple of deals that caught my attention like a $45 Professional Photo Session valued at $179, saving you  $134 or a 75% discount – with 1 day, 6:42 left, 294 people from Toronto have signed up for the deal.

 

“The company shuns being thought of as a marketer or, worse, an ad agency promoting cheap pizza or sushi for anyone who wants to hire it.  The hope instead is that its users will eventually perceive it as an impartial guide to a city or a neighbourhood, somewhat in the manner of the local paper’s weekend section.” 

#FREE Movies In The Square: The Lincoln Lawyer at 9 PM today, July 27

Free movie night at the Maple Leaf Square/Air Canada Centre giant screen today at 9 PM.  Bring your chairs and blankets to Maple Leaf Square and enjoy a free movie night with your friends – 15 York St. -  outside Air Canada Centre…