Toronto Condo and Real Estate Blog

Toronto’s Harbourfront district was created from landfill in the early 1800’s. It quickly developed into a tangled web of industry that included shipping facilities, warehouses, railway tracks, grain silos, and factories, all dotting the shoreline. Unfortunately, these physical barriers cut Harbourfront off from the rest of Toronto.

It wasn’t until 1972, with the creation of the federally sponsored Harbourfront Corporation, that Toronto citizens began to reclaim their waterfront.

Harbourfront has been undergoing a renaissance ever since.

A shining example of Harbourfront’s transformation is the Queens Quay Terminal. This building was one of the largest warehouses in North America when it opened in 1927. The Terminal was remodelled in 1980, and today includes a successful mix of high end residential, commercial, and retail space all under one roof.

The Harbourfront neighbourhood incorporates a unique blend of residential, cultural, recreational, and commercial uses, all within the same community.

Harbourfront also serves as Toronto’s playground by the lake. It is enjoyed by all Toronto residents, as well as being a popular destination point for tourists.

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Contact the Jeffrey Team for more information - 416-388-1960

Like other professionals, a real estate agent is as good as the information at his or her disposal.

The Multiple Listing Service is a co-operative system used by members of Canada’s real estate boards. It is different than the consumer website, which offers a brief description of most properties listed on MLS systems.

The Toronto Real Estate Board’s Multiple Listing Service provides an ongoing inventory of available properties and other related information. With training, experience and access to this database, a real estate agent can provide invaluable assistance in buying or selling your next resale home.

For sellers, a real estate agent can use the system to determine a fair listing price by performing a comparative market analysis. This analysis focuses on the geographical location of your property and describes it as accurately as possible. The database can then be searched to reveal comparable sold, active and expired properties, retrieving information such as sold price, list price and average time on the market to help determine a range of fair listing prices. For buyers, a real estate agent can match your very specific needs to all properties listed.

Your real estate agent can create a profile outlining your desired price range, location and specific details like the number of bathrooms, bedrooms and fireplaces. For buyers who are geographically focused, your real estate agent can even search all active listings on a particular street and retrieve all relevant information including property description, a photograph, and assessed value. The system updates nightly, listing all potential properties that meet your particular needs and automatically emailing them to you. In helping you to determine an offer, your real estate agent can also search specific properties’ historical data such as previous selling prices.

As well, the MLS allows real estate agents to monitor monthly sold statistics to ensure property prices reflect current market conditions. Whether you are a buyer or a seller, the MLS system supports your real estate agent in helping you make informed decisions that lead to successful transactions.

Make the right move. Consult a Toronto Real Estate Board Realtor.

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Contact the Jeffrey Team for more information - 416-388-1960

The Toronto real estate market has shown steady growth for nearly 10 years, resulting in positive outcomes for consumers, the real estate business and the economy as a whole. However, this period of growth has also led to a number of misconceptions about the business.

Perhaps the most common misconception is that in a hot market, properties “sell themselves” and the real estate agent has less work to do in order to earn commissions. Many consumers are not aware of how the commission structure works, and given the significant amount of money changing hands in a real estate transaction it is natural for them to want to know where their money is going. Let’s take a brief look at how commissions work.

When a consumer decides to sell their home, they often agree to pay their chosen salesperson (actually the brokerage) a certain percentage of the selling price of their home upon completion of the sale. This rate is generally specified in the Listing Agreement that is signed by the homeowner and the listing salesperson. As in any business transaction, prior to signing an agreement the consumer should firmly establish the level of service they will be receiving and the fees they will be required to pay.

When a home sells, commission is initially paid to the real estate brokerage that employs the listing salesperson. In most cases a portion of this money is immediately forwarded to the company working on behalf of the buyer for services provided in bringing the transaction to fruition. The remaining funds, meanwhile, may be distributed in a number of ways depending on the business model of the listing brokerage.

Some brokerages retain a portion of the listing salesperson’s commission for operational costs like company management, rent, office staff, employee training, franchise fees and so on. Other companies may forward all of the commission to the salesperson but charge a significant monthly fee.

A good portion of the commission earned goes toward maintaining the business operation and, of course, marketing and selling the home. Keep in mind that almost all real estate agents earn their living on commission. Their livelihood relies on the level of service they provide their customers and clients.

It is also important to understand that as the real estate market grows, so too does competition for commissions. An active real estate market typically brings in a large influx of new registrants that reduce market share for each individual. For example, the total number of sales in 2006 was 23% higher than in 2001, the beginning of the most recent “hot market.” By comparison, the number of Toronto Real Estate Board Members during that time increased by 50%, to almost 26,000 active Members. The 7,000 transactions, on average, that take place each month are divided among these Members.

Using a real estate agent is likely to leave substantially more money in your pocket even after commissions are paid. That is why the vast majority of all home transactions include the use of a real estate agent.

Make the Right Move. Consult a Toronto Real Estate Board Realtor.

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Contact the Jeffrey Team for more information - 416-388-1960