Featured Rental of the Week 

Asking $1,895 per month + hydro

This spacious two bedroom apartment is in fantastic condition and is ready for immediate occupancy. Large eat-in kitchen with sliding doors to a large balcony. Ensuite laundry for your convenience included in the rent. Parking for one car in garage may be available if needed.

Very conveniently located in the Dufferin and Davenport area of Toronto,  close to public transportation, schools and shops.

Click photos above for more details.


GTA REALTORS® Report Monthly Resale Housing Figures

TORONTO, January 5th, 2017 - Toronto Real Estate Board President Larry Cerqua announced that 2016 was a second consecutive record year for home sales. Greater Toronto Area REALTORS® reported 113,133 home sales through TREB’s MLS® System – up by 11.8 per cent compared to 2015. The calendar year 2016 result included 5,338 sales in December – an annual increase of 8.6 per cent.

The strongest annual rate of sales growth in 2016 was experienced for condominium apartments followed by detached homes.

“A relatively strong regional economy, low unemployment and very low borrowing costs kept the demand for ownership housing strong in the GTA, as the region’s population continued to grow in 2016,” said Mr. Cerqua.

“It is important to point out that the strong demand that we experienced in 2016 was very much domestic in nature. TREB recently commissioned Ipsos to survey its Members with regard to the level and type of foreign buying activity within the Greater Toronto Area. The results of the Ipsos survey suggest that the level of foreign buying activity is low in the GTA. Only an estimated 4.9 per cent of GTA transactions, in which TREB Members acted on behalf of a buyer, involved a foreign purchaser. In the City of Toronto, the share of foreign buyers was five per cent,” continued Mr. Cerqua.

The methodology of the Ipsos research involved an online survey of the TREB Membership hosted on the Ipsos platform. A total of 3,518 surveys were completed between October 6 and October 21, 2016. The margin of error is ±2 percentage points 19 times out of 20. TREB will be releasing the full results of the Ipsos survey dealing with foreign buyers on January 31, 2017, in conjunction with its Market Year in Review and Outlook Report and related media event.

The annual rate of growth for the MLS® Home Price Index (HPI) in the TREB market area accelerated throughout 2016 – from 10.7 per cent in January 2016 to 21 per cent in December 2016. The overall average selling price for calendar year 2016 was $729,922 – up 17.3 per cent compared to 2015. The pace of the annual rate of growth for the average selling price also picked up throughout the year, including a climb of 20 per cent in December.

“Price growth accelerated throughout 2016 as the supply of listings remained very constrained. Active listings at the end of December were at their lowest point in a decade.

Source: Toronto Real Estate Board

Please feel free to contact me for a complete copy of the Market Watch Report.


GTA Commercial REALTORS® Report Commercial Market Figures

TORONTO, January 5th, 2017 - Toronto Real Estate Board President Larry Cerqua announced that the total amount of leased space reported through TREB’s MLS® System by TREB Commercial Network Members in the fourth quarter of 2016 was down on a year-over-year basis. There was a combined 5,849,174 square feet of industrial, commercial/retail and office space leased – down by 5.1 per cent compared to the fourth quarter of 2015.

Industrial space accounted for the great majority of leasing activity reported through TREB’s MLS® System, with more than three-quarters of total space leased accounted for by the industrial segment. The average industrial lease rate on a per square foot net basis, for transactions with pricing disclosed, was up by 2.1 per cent to $6.23 compared to $6.10 in Q4 2015. The average commercial/retail lease rate was up on a year-over-year basis, while the office lease rate was down compared to last year.

“The demand for commercial real estate has a lot to do with businesses’ outlooks on the future of the economy, in general, and the direction of their particular economic sector. Growth in the economy was somewhat volatile in 2016. On top of this, there may remain some uncertainty with regard to the impact of the US elections going forward. It is likely that many GTA firms have taken a wait and see attitude towards property investment until the trajectory of the Canadian economy becomes more certain,” said Mr. Cerqua.

The number of combined industrial, commercial/retail and office property transactions was down in Q4 2016 compared to a year earlier, with 253 properties changing hands versus 337 properties in Q4 2015.

Average selling prices on a per square foot basis, for transactions where pricing was disclosed, were up for the industrial and commercial/retail market segments. The large increase in the average commercial/retail selling price had more to do with a greater number of large properties trading in more expensive locations in Q4 2016 compared to Q4 2015. The average selling price for office properties was down on a year-over-year basis. While market factors may have played a role, this dip was more related to a compositional shift in the type and location of properties sold this year versus last.

Source: Toronto Real Estate Board

Please feel free to contact me for a complete copy of the Market Watch Report.


New down payment rules in effect as of February 15th, 2016

Canada's Finance Minister Bill Morneau has announced the new down payment requirements which will come into effect on February 15th, 2016.

The minimum down payment for new insured mortgages will increase from 5% to 10% for the portion of the house or condo price above $500,000. Currently if you are buying a home for $650,000, the minimum down payment required is $32,500, effective February 15th, you would need an additional $7,500 for a total down payment of $40,000. 

This measure will see home buyers going into a home with a little bit more equity.


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In over 80 countries, the RE/MAX network has thousands of offices and agents, ready to help your family find the home that's right for you. Whether its your first home, second home, retirement home or investment home. On global.remax.com, search for properties in your language and in your currency.


It's a Great Time to Buy!!!

This is truly a great time to buy, after all, interest rates are at an all time low. You are either going to be paying your Landlord's mortgage or you will be paying your own mortgage. Call me today for a no obligation meeting.


Great News for First Time Home Buyers

December 13, 2007

ONTARIO EXPANDS LAND TRANSFER TAX REFUND PROGRAM

First-time buyers of resale homes to benefit from new tax measure

The Provincial government is giving all first-time homebuyers a break on land transfer tax by proposing to expand the Land Transfer Tax Refund Program to include purchases of resale homes, Finance Minister Dwight Duncan announced today.

"Expanding this Land Transfer Tax refund is an important part of our government's commitment to helping Ontarians buying their first home," Duncan said.

Effective midnight tonight, first-time buyers of resale homes, as well as newly constructed homes, would be eligible for a refund from the provincial government of up to $2,000 of the Land Transfer Tax paid.

For more information please click here: Land Transfer Tax Refund Program


 

Is your home "Fit to Sell?" Click here for video

 


If you are thinking of SELLING or BUYING Residential or Commercial Real Estate in the Greater Toronto Area (Toronto, Mississauga, Brampton, Caledon, Georgetown, Milton, Oakville and surrounding areas), I would be please to work with you.

Please feel free to browse through my site and if you have any further questions regarding the Selling or Buying process or if you would like more information on my services, please give me a call or simply send me an email.

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