Tag Archives: toronto real estate agent
Like all markets, real estate experiences fluctuations in activity. One constant in the Greater Toronto Area though, is the growing number of condominium transactions.
Combining affordability with carefree living and the latest amenities, condominiums are attracting more buyers than ever before. In June 2010 for example, condominiums comprised nearly 33 per cent of all sales. By contrast, at the same time a year ago they comprised nearly 29 per cent of transactions.
While many buyers retain the services of a real estate professional when buying a resale condominium, some aren’t aware that it is equally important to consult a real estate agent when considering new construction developments as well.
When choosing a new condominium suite there are a number of variables of which you should be aware, and your real estate agent can guide help you steer clear of any potential pitfalls.
Your purchase agreement may for example, allow your builder to substitute the gleaming stainless appliances you expect with black or white alternatives. It goes without saying that finishing features may not be the same as those displayed in the presentation office but you should also be aware that even room sizes and ceiling heights can be altered to make model suites more attractive. Even parking facilities might not be what you expect.
While every agreement should, of course, be reviewed by your legal counsel, your real estate agent can help you identify features that are most important to you, so that your agreement provides for those specifics.
If your priority is a spectacular view, your real estate agent can advise on zoning in the surrounding area that could affect sightlines in future.
Given that Realtors have many contacts in the community, they might even be able to give you insight into current owners’ experiences with your chosen developer.
Using their access to RealNet, a database that includes 99 per cent of all developments greater than 15 units in size in the GTA, your real estate agent can also help you compare a developer’s value proposition to others currently available in the market.
While a provision to withdraw an offer does not apply to resale condominium transactions, the purchase of a new condo allows, through legislation, for a 10-day cooling off period in which you are entitled to rescind your offer should you decide to explore other options.
Given that many new condominium purchases involve buying into nothing more than a concept and that emotions are heightened when the majority of your financial resources are involved, it’s wise to have a real estate agent on your side who is familiar with the many variables and can safeguard your interests throughout the process.
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Bill Johnston – Yourhome.ca
According to the most recent census, more Canadians are homeowners than ever before. While financial advisors may tout the gains offered through stocks and bonds, there’s only one investment in which you can live as it appreciates. One common denominator that both routes to wealth share is the advantage that can be gained by obtaining professional guidance along the way.
Regardless of whether you’re a first-timer or a seasoned homebuyer, by working with a realtor, you’ll gain important information and advice to help achieve an accepted offer at a reasonable price.
As a first step in the house-hunting process, you will be asked to sign a Buyer Agency Agreement. It outlines your realtor’s commitment to represent your best interests by working exclusively on your behalf for a designated period of time.
After obtaining a list of your must-haves, your realtor can begin searching for available properties on the Multiple Listing Service. Information on the MLS is displayed instantly, giving your realtor up-to-the minute access to data that can affect your decisions. You can also regularly receive email notifications of listings that match your criteria.
Using the MLS, your realtor can compare asking prices to recent sold prices in the area and explore a number of other variables as well, like the number of days a property has been on the market and any price changes that have been undertaken.
Greater Toronto realtors also have access to an important tool called the Buyer Registry Service (BRS), a password-protected database in which your realtor can register your housing criteria. As a privacy precaution, your personal information is only accessible to your realtor, whose name is displayed for making contact.
Realtors who represent sellers can check the BRS to determine whether buyers’ preferences match their clients’ properties. While you can still depend on a regular email of homes that match your criteria, communication between realtors using the BRS can occur even faster.
Be sure to visit www.BRAFirst.ca for more information on the Buyer Representation Agreement.
Given your realtor’s extensive network of contacts in the community, they may even be aware of a home’s availability prior to it being listed on MLS.
If you’re interested in exploring new home options, your realtor can also search RealNet Canada’s extensive database of construction developments by housing type, location, price range and many other specific criteria.
After these avenues have helped you identify a preferred property, your realtor can use his or her direct access to even more databases to help you arrive at an appropriate offer.
Teranet’s land registry system for example, offers key data like neighbourhood demographic profiles, aerial views and land surveys. It can even provide information on the sold prices of properties not listed on MLS.
The Municipal Property Assessment Corporation (MPAC) database also provides information, on a property’s value, square footage, year of construction and more.
Equipped with all of this information, sound advice and professional negotiating skills at your side, you’ll soon be placing they keys in the door of your perfect home.
For more information on the home buying process and regardless of whether you choose new or resale, every market is different be sure to contact a realtor. Their skills and expertise can give you a winning advantage.
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Greater Toronto real estate agents reported 8,442 sales through the Multiple Listing Service (MLS) in June. This represented a 23% decrease compared to the record 10,955 sales reported in June 2009. Sales for the second quarter of 2010 amounted to 28,810 – up one per cent annually. Year-to-date sales through June were up 23% to 50,455 compared to the first six months of 2009.
Comment: Wow, we might actually be on track to smash the 100,000 sales mark for the year! Who said things were slow this year?
“We experienced a record number of existing home sales during the first half of 2010, but these sales were weighted more towards the beginning of the year,” said Toronto Real Estate Board President Bill Johnston. “The pace of home sales has moderated from record levels over the past two months with the prospect of higher mortgage rates.”
Comment: Sure, it slowed a bit, but that is normal going into the summer. Also, people held back because they were worried about the impact of the HST. Once they see that it has almost no effect on resale real estate, buyers will get back out there. The fear of rate hikes has also been allayed, with the Bank of Canada raising rates by the bare minimum 0.25%. Thus rates are not going through the roof, which should give more confidence to buyers.
The average price for June transactions was $435,034 – up eight per cent compared to the average of $403,972 recorded for June 2009.
Comment: Yes, sales volume is down, but prices continue to rise. Those sitting on the sidelines waiting for a drop are going to be sorely disappointed. Prices are simply not going down folks. The rate of increase may slow, but even so, then we will be at 5% annually rather than 8%. That is still an upward slope.
“With more homes to choose from in the second quarter, many home buyers have been making less-aggressive offers. This has resulted in less upward pressure on the average selling price,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “The annual rate of average price growth in the second half of 2010 will be in the single digits.”
In June, the median price was $367,750, from the $345,000 recorded during June of 2009, an increase of 6.6%.
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