Luxurious Bathrooms & Closets

As a Realtor in the Greater Toronto Area, I have the privilege to be privy to some of the most luxurious homes on the market for sale.  I get to peak.

I am often marveled by the sheer opulence and wealth of the homes themselves.  As I examine the craftsmanship, the detail and the sheer size of individual rooms themselves, I close my eyes and sigh that my Powerball hasn't come in.  Until that day arrives,  I settle with the perk of being allowed to show, sell and walk through some of the most gorgeous homes that the average person only gets to drive by.


I thought I'd let you have a look at what a few bathrooms and closets in the $2 million to $7 million Homes for Sale look like.

How is that for for beauty?  There's smaller apartments in NYC that rent for thousands of dollars and these, well, they're just bathrooms.  Now I don't know about you, but I'd certainly spend alot of time living in here alone; never mind the rest of the house.

If you're like me, closets are a Big Deal.  I admit I have somewhat of a shoe fetish, okay, purses too, and am often enamored of a well put togethor walk in, but these next few closets, well, they're the dream closets I didn't even know I wanted, until now.

It would certainly be one hell of a shopping spree to fill these beauties wouldn't it?  One day my Black Amex will arrive.  Surely it will.

Finally, life wouldn't be complete without this;

Because if you're going to dream big, there'd better be wine!

These homes are all currently on the Market in the GTA ranging from $2 000 000.00 to $7 000 000.00 and I can certainly state with confidence that the remainder of the rooms in each of these properties are as beautiful and unreal as their bathrooms and closets.

If you'd like to make an appointment, let me know; Pre Qualified Buyers can book showings on these properties by calling me direct at 416-388-7384 or email nicole@gtalisted.com.  As a proud Realtor of Sutton West Realty, I'd be happy serve.

Nicole Kreutzberg

Sutton West Realty Inc.,Brokerage
5415 Dundas St W, Ste 300, To Ont M9B 1B5
Office: 416-236-6000

This blog is the writers personal opinion and is not written to take place of legal, financial or other advice.  Be further noted that it is also not intended to solicit Buyers or Clients already under Agency Agreement or Contact.

Toronto Vs. Mississauga... Apples to Apples

A map of the Greater Toronto Area with the City of Toronto and the four surrounding regional municipalities. (Photo credit: Wikipedia)

According to recent statistics, the average price of the Canadian home is now a whopping $640 000.00  -- bordering if not surpassing on the unaffordable for the average family; yet the markets remain hot, hot, hot.

In the GTA, clients are often adamant on location, location, location - never considering what their dollar will get them if they peak outside the box for just a moment.  Often, I've client's give me amazing wish lists, price ceiling and they finish their dreams with one word: Toronto, not considering the possibilities of a Mississauga home or any where else for that matter.

Apples to Apples. 

Let's compare.  I've picked 2 properties in the same price category (under $640k) both a minimum 3 bedroom, with drive and both within 10 minutes of a Go Station (easy downtown access) and both within  about 15 minutes of each other.

First Property:

Location:  Alderwood, Toronto

Cost; $639 900.00

Type: Semi Detached, 2 Story

Bedrooms: 3

Bathrooms: 3

Basement: Finished

Drive: Private

Lot Size; 25 x 120

Taxes: $2942

Down payment:

$127 980.00  -- 20% to avoid CMHC Mtg Insurance OR

If you choose to only put down 5% the down payment in conjunction with new legislative requirements will be: $38 990.00 - which is 5% of the 1st $500 000.00 and 10% of the balance over $500 000.00

Second Property:

Location: Cooksville, Mississauga

Cost: $614 900.00

Type: Semi Detached, 2 Story

Bedrooms: 3 + 1

Bathrooms: 3

Basement: Finished with Kitchen and Separate Entrance

Drive; Private

Lot Size: 30 x 120

Taxes: $3636

Down payment:

$122 980.00 -- 20% to avoid CMHC Mtg Insurance OR

If you choose to only put down 5% the down payment in conjunction with new legislative requirements will be; $36 490.00 - which is 5 % of the 1st $500 000.00 and 10% of the balance over $500 000.00.

Estimated Closing Costs on Both Properties:

Toronto Home

Ontario Land Transfer Tax: $9273.00

Toronto Land Transfer Tax: $8523.00

Legal Fee's & Disbursements: $6000.00 (roughly)

Needed to close:  $23 796 -- plus your Down Payment

Mississauga Home

Ontario Land Transfer Tax: $9353.00

Legal Fee's & Disbursements $6000.00 (roughly)

Needed to close: $15 353 -- plus your Down Payment

Is there a difference?  The finances required to close a Toronto Property vs. a Mississauga Property is a cost differential of $8443.00.  Does that make a difference to you?  For most, $8443.00 is a lot of money and if you take into account that these properties are both within 10 minutes of a Go Train station and both within 15 minutes of each other, it can be a huge savings.  

Yes location makes a difference, I absolutely agree.  The wrong street, the wrong block, the wrong area -- all effect the value of a home but Apples to Apples, Buyers should always consider all of their options before they close their minds because one street, one block or one City abutting another, can result in a huge savings.  

My goal, as a Realtor, is to get you the MOST amount of home for your money with as many, if not all aspects of your 'Wants' and 'Needs', certain conditions apply of course as I am not a magician, all I ask is that you open your mind to the possibility that in the GTA, having the word 'Toronto' in your home address, also comes with a price which can mean the difference between entering the market now or waiting even longer.  

As always, I am here to serve.  

If you have any questions, please feel free to contact me any time via email: nicole@gtalisted.com or phone/text: 416-388-7384 and I'll be happy to chat with you.  

As of March 31, 2016 both of these properties remain actively on the market and I am available to show these properties to Prospective Buyers at any time.  Please do not hesitate to contact me to schedule an appointment.

Nicole Kreutzberg

Realtor

Sutton West Realty Inc,

Email: nicole@gtalisted.com

Website; www.gtalisted.com

Phone; 416-388-7384

The information written on this blog is meant for explanatory and illustrative purposes only and are rough estimations not necessarily reflective of actual costs which are all subject to factors not necessarily reflected here.  This Blog is also not meant to solicit Buyers or Persons already under contract.

Before You Renovate

Ah the February Freeze is on.  When Winter seems like it's never going to end, the days are a touch longer, teasing us with sunshine that lies about the warmth outside.  

It's usually right around this time of year homeowners begin discussing and considering major Home changes.  Whether it's selling (Is now the right time?  Can I continue to maintain my property? Do I want to downsize? Is it time to upgrade) - those kinds of thoughts, or, they look around and think, it's time to renovate.  

Where oh where to begin?

Begin by asking yourself, what about your home do you like the least?  What would you like to add to your home the most?  What's the most dated and could use upgrading?  That's your game plan.

Maybe you want to add an addition, an extra family room.  Perhaps it's time to give the tired outdated shag rug and wood panelled walls in the basement the demo and create a new space you'll actually use.  Or maybe, the kitchen has cooked it's last family function and its time to WANT to ask the family over again in style.  Whatever the case may be, it's only for you to decide.

There are two general reasons to renovate.  One is to sell.  If that's where you are going, decide which features of your home are going to get you the greatest amount of return on investment.  Two words: Kitchens and Bathrooms.  Don't go all upgraded crazy.  Don't put in a $5000 sink in a middle income area and expect that you'll see that back.  Keep it realistic, simple yet elegant and modern.  Go visit an open house or two in your area or an area similar to yours and see who's done what.  That will give you an idea of where to start and proceed from there.

Second reason to renovate, to stay.  This upgrade in your life is not necessarily about return on investment (though always keep in mind somewhere down the road you may want to sell and may not get all your funds back on renovations that are custom or personally modified to suit your own personal taste).

Whatever the case may be, before you hire, consider the following:

1. Perfection:  Don't expect it.  Many aspects of your renovation are done by hand.  Either bricklaying, painting, installing floors.  Contractors, even the experts are human.  I'm not suggesting you settle for mistakes, but there's a way to deal with them and a way not to.
2. Budget:  Set one.  Don't try to figure it out as you go.  Costs of everything add up really quick.  On a kitchen reno for instance, you could break the bank if you're not careful because small items like cabinet handles, faucets, accessories like soap dispensers and backsplashes can add up really quick.  Know your finances, set a budget and keep an eye on the over all picture.
3. Lowest Bidder:  They are not necessarily the best for the job, even if they claim the price is low.  There's a reason for a high bid and a reason for the lowest bid.  Consider for a moment what those reasons could be.  Is that who you want to trust your home, your single largest financial investment to?  Here's an idea.  Start with the best of the best.  Get them to give you a written estimate - a cost break down of YOUR project and then use that as a template when interviewing other contractors.  Recreate it in your computer but leave the costs out and ask who you are interviewing to fill it out.  It's a great starting point.
4. Licensing:  Don't assume the Contractor before you has one.  Ask to see it.  Ask to see their Liability Insurance and Workers Comp, info.  Why get sued by a trade hired by your Contractor based on an assumption.  That assumption could be costly and could cost you your home.  A reputable Contractor will be glad to show it to you.  An indignant one, well, there's a huge chance they don't have one.  He's not the guy for you.
5. Time:  It seems like a no brainer doesn't it?  How long could ripping out walls, hanging some drywall and putting in some floor actually take?  Longer than you think.  It's not the work that takes the time usually, it's the supplies.  Waiting for the dump bins to arrive in order to begin demo.  Waiting for the various trades to come in to complete their tasks.  The guy who does your drywall is probably not the same guy doing your floor.  Schedules happen.  Material takes time to order and arrive.  Be patient and factor in about 6-9 months on average for a small addition or kitchen job, from start to finish.  Don't forget - you need permits and those permits mean you require inspections and those inspections require waiting.  Its the nature of the beast so make peace with it.
6. Be Open To Ideas:  I'm not suggesting you completely change your design plan based on the tile guy telling you a fireplace would look great in your bathroom.  But, be open.  Sometimes the trades and your contractor have finished jobs where they've added a great design, storage or layout that they think would look great in your space.  Listen.  Think it through.  Just be open.  You don't have to change a thing, it's still your home and they still work for you.
7. References:  The Contractor is going to give you some.  Find your own.  Absolutely they will provide you with their BEST jobs.  Maybe those clients are family, friends or part owners of the business.  Google them.  Social media can really help you here so see if you find anything that is suspect.  Not every one is happy with everyone's work and a good General Contractor may have a complaint, but, the question is, did they try to fix it?  Did they take the money and run?  Ask some important questions about timing, budget, quality.  Society today reports everything on the net, take a look and see what you find.
8. Contracts:  Saying it out loud is great.  Doing business like your Grandpa did back "in the day" based on a gentleman's handshake - realistically - a thing of the past and while it potentially could hold up in court, you know what holds better?  A contract.  It details payment schedules, price, costs, timelines, who's responsible for what, insurance and licensing info.  If it's not in writing, assume it doesn't exist.  Do you really want to hand over a wad of your hard earned money to someone who could just disappear and claim they have no idea what you are talking about?  It could happen and it does.  Don't let it happen to you.

Keep this in mind before you begin your project.  Renovations can be such an emotional rollercoaster which starts off exciting, flows into - Why Am I Doing This?, with occaissional meltdown and eventually you head in to the "I just want it done" stage and finally, it is.  Stay the course, have a plan and know what and how much you are spending and you'll do just fine.

For any real estate questions, please, as always, feel free to text 416-388-7384 email: nicole@gtalisted.com or visit our website at:  www.gtalisted.com

My partner Laszlo Koos & I are always here to help!

Nicole Kreutzberg

Realtor

Sutton West Realty Inc.

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You're Fired!

It’s probably odd to think that a Real Estate Agent will headline their blog with ‘You’re Fired’ and expect to be taken seriously, but I am.  Actually, since I work with a partner, I should say, rather, ‘Fire Us’.

Did you know you could?  Fire your real estate agent?  It’s not something we advertise – though I don’t know why not because you can and you should be told.  It’s that simple. 

Realtors talk talk talk so much, so fast and slide contracts in there and by the time a listing presentation is done, there’s a signature on the bottom line and a confused Seller who may or may not be happy with who they've just committed to and the Realtor walks away happy with your commitment and a listing but you, perhaps not so much.  Do you see what’s wrong with this picture?

Isn’t it YOUR home? Your Money? Your Dream?  Shouldn’t it be the other way around – Me Committed To You?

That’s my commitment.  Fire me, sorry, Fire Us.  If you don’t like our service, our commitment, what WE are doing for YOU, then hand us that Trump moment.  We've never had it happen and I won’t say yet, because if the day ever comes when I anticipate being fired because I have not stepped up to my commitment to my client, I’ll find a new career because Real Estate would no longer fit.

So what CAN I do for you?

Let’s start with:

• Exclusive Home Value Audits.  No obligation.  Whether you are curious or serious. 
• Customized Multi-Level Marketing Strategy for Your Home – a plan of action detailing what we are committed to doing and where we’ll be doing it. 
• Platinum Home Buyers Program – the listings will appear in your inbox before they’ve hit the public market.

Call me now to discuss how I can commit to you, your needs and your home (416) 388-7384.  If it’s easier, you can reach me by text or email to nicole@gtalisted.com.

No pressure. No obligation. No tactics. Just a conversation.

Nicole Kreutzberg & Laszlo Koos

Realtors with Sutton West Realty Inc.

Serving the Real Estate needs of: Toronto & the GTA in Ontario, Cda.

Email: nicole@gtalisted.com

Website: www.gtalisted.com

Facebook: https://www.facebook.com/suttonwestrealty

Twitter: https://twitter.com/GTAListed

This blog is not intended to solicit anyone under Agency Agreement (Buyer or Seller) & is not be considered legal advice but is the writers opinion.

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GTA Real Estate: Bubble, Bust or Buy?

With the amount of information circulating it's hard to predict just what our Real Estate market here in the GTA is going to do or how we're going to end up.  Many of my clients say that it feels like a scary time in real estate.  Do I sell? Do I rent? Do I buy? Can I even get a mortgage with the new rules in place?  

The best time to make a decision is when you are informed, prepared and have a plan.  Here's some information...

Take a look at this as reported CBC:

The Organization for Economic Co-operation and Development ranks Canadian real estate the third most overvalued of the 34 developed countries assessed by the group, based on two metrics tracking what homes cost compared to incomes and rents.The Paris-based OECD, which monitors and compares wealthy nations, recently released a report that ranks its 34 member countries based on two broad housing measures:

• The price of the average home compared to what it could be rented for.

• What the home costs compared to the average salary.

• Check out our interactive map tracking house prices across Canada  http://www.cbc.ca/news/interactives/housing-canada/

According to that analysis, Canada has the third most overvalued real estate in the developed world, just behind Belgium and Norway, which are deemed to have the frothiest real estate market under the OECD's terms.

Based on rents, Canadian real estate is overvalued by as much as 60 per cent, the OECD says. In terms of prices to incomes, Canada fares a little bit better, but the OECD suggests the country's real estate is still as much as 30 per cent overvalued.On the opposite end of the spectrum, the OECD says real estate in Japan, Germany, South Korea, Ireland and Portugal is undervalued. In almost all those cases, home prices should be higher than they are, considering rents and income levels.Based on the numbers, the OECD places Canada in the fifth of five baskets — one where real estate seems overvalued but prices continue to increase.

"This is the case in Canada, Norway, New Zealand and, to a lesser extent, Sweden," the OECD says. "Economies in this category are most vulnerable to the risk of a price correction – especially if borrowing costs were to rise or income growth were to slow."The latest data from the Canadian Real Estate Association indicates the average Canadian home was worth $380,588 in April — 1.3 per cent higher than it was in the same month a year earlier.

As reported by the Financial Post:

TORONTO — It’s looking like an unsettling spring in Canadian housing, a market that has proven far more even-keeled and less scary for investors in recent years than in the United States.In what is traditionally the best season of the year for real estate agents, Toronto agent Ecko Jay says the industry is seeing far fewer buyers, a result of tighter lending rules, high prices and fear of a bubble. In Toronto alone, sales dropped 40% in the first quarter from a year earlier, making homeowners and investors jumpy.

“Some people want to cash in and pull out now,” said Jay, a 26-year veteran of the Toronto housing market, noting some are spooked by worst-case predictions of a 20 percent drop in prices from current levels.

“They say, ‘Before it gets low, let’s sell,’” Jay added. “And some of my clients want to sell and rent, hoping that when it goes down they will pick up something at a better price. Nobody has a crystal ball.”But then there are Canadian policymakers, economists and market watchers who have the next best thing to a crystal ball. Their data and analysis point not to a bursting of the bubble like in the United States in 2007-08, when prices from peak to trough dropped 35$, but rather a gentle easing in Canadian housing prices, or perhaps just a momentary pause.

Naysayers believe Canada may be too optimistic and relying heavily on that old saw that Canada is not nearly as reckless as the United States. After all, the debt-to-income ratio of Canadians is at a record high, close to the levels experienced in the United States before its market crashed, and home ownership is at nearly 70$, also a record and five points more than its neighbours to the south.

But Canada does have some things going for it, most notably a move by the government to tighten mortgage lending rules four times in five years, most recently in July 2012, which has taken some buyers out of the market, dampening demand.“If you look at the developments over the last year in Canada and compare them to the situation in the U.S. before the crisis, there is a clear difference,” said Julien Reynaud, an economist at the International Monetary Fund who follows Canada.“It is not just a question of housing supply and demand; it is rather a difference in the system of mortgage finance.”Canadians have more equity in their homes than Americans did, the default rate is lower, the sub-prime market is tiny, and mortgage interest is not tax-deductible, so there’s no incentive to build up debt.

Finally, mortgages are structured as recourse loans in which assets other than the house are held as collateral. That makes Canadian homeowners less likely to walk away than their American cousins.

“What makes Canadian housing different makes it stronger,” says Tom Lewandowski, who analyses Canadian banks for Edward Jones in St. Louis.

And finally this from TREB (Toronto Real Estate Board):

June 18, 2013 -- Greater Toronto Area REALTORS® reported 4,620 sales through the TorontoMLS system during the first two weeks of June 2013.  This result was up by 4.7 per cent compared to the first two weeks of June 2012.  Year-over-year sales growth was driven by the regions/counties surrounding the City of Toronto.  Home sales in the City were basically flat in comparison to last year.
 “The expectation was for an improvement in home sales in the second half of 2013.  Early June results are in line with this outlook.  Many households have adapted to stricter lending guidelines and have renewed their search for ownership housing,” said Toronto Real Estate Board President Ann Hannah. “It is also important to note that new listings were down over the same period.  With sales up and new listings down, market conditions became tighter.  This supports the moderate to strong rates of price growth reported for most major home types, including condominium apartments,” added Ms. Hannah. The average selling price for the first fourteen days of June was $536,141 – up by 3.8 per cent compared to June 2012. “While price growth has been driven by low-rise home types this year, condominium apartment price growth has improved since March.  Despite higher inventory levels, there have been enough buyers relative to available listings to support condo price appreciation,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

What's my opinion?  I think we are in the midst of a very cautious market where both Buyers and Sellers are nervous.  Nervous to Buy, Nervous to Sell.  Sellers obviously want the maximum dollar for their homes while Buyers want the best deal possible.  That statement will remain true no matter what the market does and as a Realtor, I will always adhere to getting the best value, best dollar and best deal to the best of my abilities no matter where we are in the cycle.

Do I trust the Condo market? Not so much.  It's the one area, based on my expertise that here in the GTA I can honestly say I see as a tinderbox just waiting for ignition.  I believe it will ignite and drop.  But in the same breath - if you own a Condo doesn't mean you need to sell it, it just means that if you plan on selling it, my opinion is to make that happen sooner rather than later.  

I personally believe it's time for a correction.  With values soaring almost out of reach of most pocketbooks, at some point, something is going to give and over the course of the past year we've seen a slowing.  What I sold in 2 days with multiple bids last year is taking much longer with less interest.  

In the long run, there will always be buying and selling.  There will always be people in need of homes and people with reason to sell them.  As your Realtors, its up to us to make sure that we use every tool we've got to serve our clients to the best of our abilities.  

If you ever have any questions regarding real estate buying, selling, home preparation or any type of real estate concern, please, as always, email nicole@gtalisted.com or visit the website at www.gtalisted.com

Nicole Kreutzberg
Realtor
Sutton-West Realty Inc.

Scrap the Toronto LTT not Cap the Toronto LTT

TORONTO, March 20, 2013 -- In light of a proposal to cap the Toronto Land Transfer Tax, being considered by the City of Toronto’s Executive Committee today, the Toronto Real Estate Board (TREB) is restating its strong belief that this tax should be phased-out.

“The Toronto Land Transfer Tax should be scrapped, not capped.  We are encouraged that the Executive Committee is considering action on the Land Transfer Tax, but, not only is capping not enough to correct the problems that this tax is creating for our City, it could make this bad tax even worse,” said Ann Hannah, President of the Toronto Real Estate Board.

In a letter to the Executive Committee, TREB has pointed out that, based on reported details, the proposed capping scheme could create considerable uncertainty for home buyers, if, as proposed, surpluses in Land Transfer Tax revenue are dedicated for reducing the tax in the subsequent year.  Under this scenario, home buyers could be artificially encouraged to delay home purchases, thus interfering with the natural operation of the real estate market.  This concern has also been articulated by renowned municipal finance expert, Enid Slack of the University of Toronto, who was recently quoted by the media as saying “If you want to reduce the land transfer tax, why would you not just reduce the tax rate, and say the tax rates are going down, so there is some certainty for taxpayers going forward? With this method (capping), they’re not going to know what the tax rate is next year.”

“The best approach is a phased elimination of this tax.  The only way to truly solve the problems that this tax is creating for our City is to get rid of it; and with a predictable phase-out strategy, home buyers could make informed decisions and City Council could set a reasonable schedule, which would make market distortions unlikely, ” said Von Palmer, TREB’s Chief Government and Public Affairs Officer.

Research has proven that municipal land transfer taxes have a negative impact on home sales. The C.D. Howe Institute recently released an analysis of the Toronto Land Transfer Tax, which shows that this tax has hurt Toronto’s economy by dampening home sales by 16 per cent.  This is supported by a recent poll conducted by Ipsos Reid, which found that 77 per cent of GTA residents planning to purchase a home in the next two years are more likely to purchase outside Toronto specifically to avoid paying the Toronto Land Transfer Tax.  This poll also found that nearly seven in ten Torontonians, 68 per cent, support plans to eliminate the Toronto Land Transfer Tax.  

“Capping equals keeping. That’s not good enough for our City and it’s not what Torontonians want. The public has repeatedly made it clear that they want the Land Transfer Tax scrapped,” said Palmer.

(News Release originally posted by Toronto Real Estate Board) 

If you have any questions regarding this or any real estate questions, please contact me directly at nicole@gtalisted or visit our web page at www.gtalisted.com.

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Slow and Steady... There Will Be No Surprises this Spring!

I've been calling this for a while now folks, despite some interesting yet skewed TREB statistics reporting increases in sales over the Christmas period.

Flaherty has achieved his wish and that was to slow the market.  Sounds bad, but really, overall, it's a good thing.  His goal, which really has major economic impact, is to keep Canadians from over extending themselves and buying homes they cannot afford by tightening the lending rules.  By tightening the rules he is aiming to keep people out of homes they cannot not afford long term.  Overall, the impact is to bring down the over priced home and improve the qualified buyer and to keep Canada from digging the same debt ridden hole the Americans had.

As reported by T.Perkins of the Globe and Mail:

"Sales of existing homes in the greater Toronto area were 15-per-cent lower in February than a year ago, the local real estate board said Tuesday.

There were 5,759 sales during the month, down from 6,809 in the same month during 2012. However, the Toronto Real Estate Board, which represents the city’s realtors, noted that 2012 was a leap year and had one extra day in February. Adjusting to compare a 28-day-period last year to a 28-day-period this year results in a sales decline of 10.5 per cent, it said.

Either way it’s clear that the market has not rebounded from the steep slowdown in sales that occurred during the second half of last year. Finance Minister Jim Flaherty tightened the mortgage insurance rules nationwide last summer in a bid to stem the growth of consumer debt levels and house prices, amid fears the market was growing too hot.
The real estate board’s MLS Home Price Index Composite Benchmark price, which seeks to compare apples to apples by accounting for any changes in the size or types of homes that are selling, has risen by more than 3 per cent in the past year, the board said.

It added that fewer luxury homes sold this month. The average, unadjusted, selling price in February was $510,580, up two per cent from a year ago.

“Stricter mortgage lending guidelines that precluded government backed mortgages on homes sold for over one million dollars and the City of Toronto’s additional upfront land transfer tax arguably played a role in the slower pace of luxury detached home sales,” stated Toronto Real Estate Board president Ann Hannah, who has been speaking out about both Mr. Flaherty’s tighter rules and the land transfer tax as sales have sunk.

Sales over the MLS of existing condos in the downtown area covered by the 416 area code dropped 20 per cent this month. And the sharp decrease in sales in recent months is now catching up to prices, which were 4.7 per cent lower in February than a year ago downtown. Condo sales in the 905 area code that covers the suburbs surrounding the city were also down about 20 per cent, but their prices continued to rise.
When he made the rule changes to tighten the market in July, Mr. Flaherty cited Toronto’s condo market as one of the areas in the country he was most concerned about.

Detached home sales were down 16.9 per cent in the 416 area and 15.8 per cent in the 905 area, with prices still up by 0.1 per cent and 3.4 per cent respectively.

New listings in the Greater Toronto area came in at 11,052 this month, down from 12,592 last February." Globe & Mail, 3/4/2013

Any questions, comments or concerns regarding this blog or anything real estate related, please email nicole@gtalisted.com or visit our website at www.gtalisted.com  

Nicole Kreutzberg is a Realtor for Sutton West Realty Inc. a Proudly Canadian Real Estate Brokerage!

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And the Forecast Is....

What's the forecast?

A fresh start to the year may be just what the softening Toronto housing market needed.

Mid-month figures for January put homes sales in Canada’s biggest city up 2.5% and prices up 4% compared with the same period in January 2012, the Toronto Real Estate Board said Wednesday.

Those figures appear to buck the softening trend the Toronto housing market has seen over the past year. Just a day ago, Canadian Real Estate Association numbers showed sales in the city sank 21.8% in December from a year ago, while prices climbed 6.0%.

While it may be too early to say if home sales in Toronto are poised to make a solid recovery, the figures are providing market watchers with a dose of cautious optimism.

“It will be important to watch sales trends closely as we move through the first quarter to see if some of the households who moved to the sidelines as a result of stricter lending guidelines are starting to renew their decision to purchase a home,” said Ann Hannah, president of the Toronto Real Estate Board in a statement.

Toronto’s housing market in the first half of January was buoyed by a strong performance in the semi-detached sector, where sales soared 12.2% and prices were up 11.5% compared with a year earlier. Meanwhile, condo sales continued to under perform, declining 4.4% in the first 14 days of the month, with prices down 3.3%.  (David George-Cosh) 

Ever since my first Stats class wayyyy back in University, it's been ingrained in me to look, question and consider all numbers and their source.  Who paid for the study?  What variables did they use to come up with these numbers?  In this case, what constitutes a sale?

It certainly appears that the Toronto Housing market is not softening and that we'll be okay, based on this article, but looking closer, two things strike me.  First, the figures are based on Semi Detached homes, semi detached homes generally indicate first time home Buyers.  Okay.  So those figures are strong, great.  But what does that mean for the Detached Sellers?  The article doesn't mention the fact that along with the new mortgage rules that came into effect in July 2012, the Banks and Mortgage companies had until December to fully comply thus, Buyers were still able to qualify and today, not so much.  If you live in a detached, where's those buyers?  

Second, what constitutes a sale?  Sounds simple enough but really, what constitutes a sale?  Are these offers being made and accepted in the beginning of January? Or, are these offers that were made and accepted in October and the properties are now closing in January, because really, who wants to move in December?  So while sales soared, did they really?

Figures aside, the new reality is this.  The GTA Real Estate Market is moving back to basics.  Over used terms like 'bidding war' have had their run and the focus will now be on realistically pricing homes without that line up of Buyers who are willing to bid high on uninspected for homes worth far less than the final sold figures.  Sounds like a sad day for Sellers doesn't it?  Not so.

While yes it would be great to sell high, have a line up of Agents and Buyers willing to pay big big money for that tiny little house you call home but the reality is, you'd be buying high as well.  Over pricing doesn't just trickle, it floods.  Sell High, Buy High.  If you are buying high, can you afford the new furnace or the cost of having to replace all the electrical when something goes awry after you've closed on a property you failed to inspect because the line up out the door to buy was long?  

Let's face it, not many win in an over priced market and now, it's back to reality.  Priced right a home will always sell.  Today's market is no different.  It means your Realtor will have to put in some work.  Marketing, open houses, flyers, phone calls and develop a more solid relationship with you, their client.  It also means that the people who come through the door to look at your home will be qualified and able to purchase.  

It's a good day for real estate as far as I am concerned because let's face it, I too am a homeowner and what happens in the market not only affects my career, but my property as well.

If you have any questions, big or small, please don't hesitate to email me at any time.  It's better to have an answer than to guess!

Take care,

Nicole Kreutzberg, Realtor.  Email to nicole@gtalisted.com

Original Blog Post can be found at:

www.gtalisted.com

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• Toronto housing prices to flatline in 2013: report
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• Toronto home sales drop 16%

Seniors & Today's Real Estate Market

So much of the market is focused on the younger generation, the first time home buyer, the new family and the newly single.  But what about our Seniors?  In reality, you make up the largest market share of homeowners today and deserve the respect and deference that comes with longevity and the hard work it took to dedicate yourselves to raising your families.  Let’s consider some issues, questions you may be asking yourself and what you should be expecting of your Realtor.

You’ve owned your home for 30, 40 or maybe more years and are now thinking it may be time to move on.  Why?

Stairs have become difficult to navigate, mowing the lawn is now a chore you are just not wanting to deal with both physically and mentally, shoveling snow is too much of a burdeon, taking out the garbage and all that general home maintenance that used to be so easy to handle is just not so easy anymore.  Can you still manage your daily chores like going to the market and making meals, bathing (slip and falls in the bath are so common and scary), or even cleaning?  Perhaps your spouse has mobility issues, you are too far away from your grandchildren or you’d like to spend more time down South Snowbirding and wish to relocate to something smaller and more compatable with that lifestyle.

The Senior lifestyle today is much different than generations before.  We live longer, healthier and have far more active lifestyles than enjoyed in the days of old.  Maybe it’s as simple as wanting to be more active and involved with the community and different groups that living in your current home doesn’t help you explore that.  Perhaps living in your community prevents you from getting out with new friends and exploring new opportunities and making the move to a more manageable Condo closer your friends, transit and activities will enhance and add to your life while you finally get to enjoy time off from the daily grind!

Whatever the case may be a good Realtor will treat you with respect, help you explore your options and will develop a relationship with you based on respect, patience and trust.  We can help council you and your family about your options.  Take a look at your long term needs and finances.  We can put you in touch with Financial planners who can assist in figuring out how to best invest your money long term in order to support the lifestyle that choose and our support doesn’t stop there.

As Realtors, we can help with so many other issues.  The idea of moving, packing, changing or cancelling utilities is intimidating and overwhelming.  We can help you with the details.  Put you in touch with the movers, packers and cleaners.  We can help you stage (or rework your home) so that it shows its best for sale and we will take all the time you need in helping you find your new home, the right one, the one we sat down and discussed.  We won’t push you.  We won’t talk over you and we won’t disrespect your specific wants and needs.

Be wary of the Realtor who doesn’t listen.  Who doesn’t take the time to explain the entire contract to you and asks for your signature before you truly understand the document before you.  Ask your Realtor for the recent sale prices of homes in your immediate area and for the prices of current homes for sale.  Before you sign on any dotted line, ensure you trust and the person before you and ensure they value YOUR business and time.  That you’ve been heard.  That nothing is moving faster than you want it to.  Make sure you have your Realtors phone numbers and contact information (including cell phone numbers) and make sure they are committed to updated you regularily.

It doesn’t make a difference if you are 20 or 75, Buying and Selling homes is stressful.  The Realtor you choose must understand that, be mindful of the process and ensure that all of their clients are dealt with integrity, respect, honesty and trust.

A good Realtor will navigate you through the process and make sure you understand and are okay with each step and stage.

If you’d like further information on Buying or Selling real estate in the GTA, please contact me, Nicole Kreutzberg at 416-388-7384 or email direct to nicole@gtalisted.com and I`ll be happy to help!  Or visit our website, www.gtalisted.com to start taking a look at your available real estate options!

Original Blog Can Be Seen at:

Seniors & Today's Real Estate Market | Blog | Nicole Kreutzberg  & Laszlo Koos

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