For the past few months, we have been reporting on the introduction of the Harmonized Sales Tax and how it would affect home sales in Ontario. The results are in for July and Ontario home sales declined nearly 8% from June*. This fits our prediction as many home buyers accelerated their sales in earlier months to avoid the HST. The new tax also coincides...
Each month, the Toronto Real Estate Board (TREB) releases a MarketWatch Report. The following statistics were obtained from the July 2010 Report and makes comparisons to the same period one year ago. July was an interesting month as the HST was in full effect. We knew ahead of time that sales would be down given all the recent market shifts. Yet for Y...
Looking to buy or sell your home, but unsure whether now is the time to do so? The Canadian real estate market is expected to slow during the second half of 2010, but that doesn’t mean that you shouldn’t put your home on the market or stop looking for your dream property. What it does mean is that you will need a good agent to help you navigate the wor...
Back on February 16th, 2010, the Government of Canada announced changes to CMHC (Canadian Mortgage and Housing Corporation) guidelines, which took effect on April 19th, 2010. The changes on Government-backed insured mortgages are as follows: The Five-Year Fixed Qualification Rates With this new rule, borrowers will need to qualify using a five-year...
Got your attention, huh? It’s a real catchy headline. I am certainly not the author. It has been used by many, mostly by the press and the stock market industry. Catchy headlines sell papers (or attract web viewers). Negative predictions about the real estate market released by the stock market industry are intended to drive money back in to the money ma...
When deciding on a home purchase, there are two types of offers you can make: a conditional offer and an unconditional offer. Depending on the purchase, the buyers may opt for a conditional offer. These can be short term (waiting for mortgage financing or home inspection) or long term (waiting for the buyer’s current property to sell). Unfortunatel...
As the economy improves, luxury home sales are on the rise throughout Toronto. Of these sales, the Bridle Path proves to be one of Toronto’s hottest markets particularly among foreign investors.These investors are attracted to Canada by its supple economy and have shown great interest in neighbourhoods such as York Mills. Michael Polzler, Re/Max E...
A well-maintained garden is often much more important than many people realize. First impressions are crucial. They can be a determining factor in whether or not a would-be buyer makes an offer on a home. Aside from the obvious aesthetic appeal, gardens draw people in and welcome them into a home; whereas a poorly maintained yard can be a major deter...
It may come as a surprise to some, that as the country continues to recover from the global recession, luxury living is on the rise throughout Toronto. In the Greater Toronto Area, the price point for luxury homes currently sits at $1.5 million and in the first quarter of 2010, a total of 269 luxury homes were sold. This represents an increase of 263...
First impressions are crucial in real estate. Making your home look its best is a fundamental part of the selling process. Properly staging your home and removing unnecessary clutter can make all the difference: results often lead to a quick sale, with an opportunity to achieve a final sale price close to, or even over the asking price. Staging allow...
The ebb and flow of the Toronto real estate market is fascinating. Every transaction is its own “market” - a seller lists at a certain price and potential buyers can offer more, less, or the asking price. Once an offer has been made the negotiations begins. Each party may have certain opposing, or similar criteria, other than price, that they want me...
The new HST comes into effect in July of this year. While my previous blog entry (see below) dealt with the impact of the new Harmonized Sales Tax (HST) on resale homes, many people have commented to me that the situation is far different on new homes. This is true! In general terms, a “new” home is defined as a residence that has not been previously...
Home inspections are a natural part of the purchase of a home, and in some cases mandatory for a purchase with a mortgage. Interestingly, it is not just the buyer that orders the inspection: a seller may order a home inspection and provide it to the buyer in advance to accelerate the transactional process. The Canadian Mortgage and Housing Corporation...
This summer, the Harmonized Sales Tax (HST) will come into effect in Ontario. Simply put, instead of paying 5% GST and 8% PST, you will pay 13% HST. While the math looks easy, one has to keep in mind that before this, most services were only taxed at the 5% rate (i.e. GST only). Now, with the Harmonized Sales Tax, the rate of tax on services will increas...
Top 10 Lists seem to serve as the “best road taken” as their results generally are derived from both the positive and negative prior experiences of others. Taking a cue from David Letterman (fortunately without the humor) and counting down, here is my list. It should be noted that while this list counts down, the order of importance may vary given the se...
