Blog Toronto Real Estate Market ForecastWhat's in Store for Toronto's Real Estate Market in 2021? We Take A Look Back At 2020 And Predict The 2021 Sale Numbers, Price Forecasts, Pre-Constuction Market & Rental Market.2021-01-07T17:42:00Zbe5ce79a-74b4-4fda-9166-f7d0aad858a5 Condo Market Report November-December 2020October showed 10,500 sales on TRREB. This was down about 5% from September but still up 25% from October a year ago.2020-11-16T16:26:00Zf0c42f55-c3d8-4564-af9f-4b0bb4620fc6 Condo Market Report-October-November 2020The big news is that September sales on TRREB, at just over 11,000 units, was a record for the month.2020-10-19T17:14:00Z938c0672-01ce-40ac-9843-c2a1441c9085 Condo Market Report September-October 2020August sales on TRREB were 10,775. This represented a 40% increase over August of last year.2020-09-14T17:30:00Z28743b21-03de-4f21-9569-f6d2fe5f1e0b Condo Market Report August-September 2020July was the biggest sales month of 2020 but also the biggest sales month ever for a July according to TRREB. 2020-08-17T13:28:00Zbc53e089-c63a-452a-8600-68d93c54c1ef Condo Market Report July-August 2020The real estate market returned to some normalcy in June.2020-07-13T18:16:00Z7a72bb3d-8af1-4fae-a448-9be90597643a Condo Market Report June-July 2020On the surface, sales declined 53% this May from May of 2019 to 4606 units.2020-06-18T18:44:00Z8c52a038-8b0d-4f94-a37f-557500bd6578 Impact of COVID-19 on Real Estate SalesThere’s no doubt that COVID-19 has had a big impact on our real estate market.2020-05-27T23:14:00Z074ba883-0f38-4b49-821c-681d8b80feb2 Condo Market Report May-June 2020So how bad were sales on the Toronto Real Estate Board in April? 2020-05-21T15:36:00Z30442784-beaf-4351-8950-085605326978 Condo Market Report April-May 2020Sales for the first two weeks of March were excellent for that time of year. Then the shut down and social distancing was put into place. The Weekly Sales for the GTA from March 1st to April 11 (six weeks). From the peak to the most recent week, the decline is 85%. 2020-04-16T17:19:00Za1db334a-9c49-43f1-9a6b-354d20c16623 Real Estate Market UpdateWhat's Toronto's Real Estate Market Looking Like in the Midst of the Covid-19 Pandemic?2020-04-08T17:26:00Z1c319785-1b09-46e4-bfbd-3cd13d90714d Toronto Condo Market Report March-April 2020The real question is not how strong the current real estate market is; but what will be the impact of the Coronavirus (Covid-19) versus the impact of lower mortgage rates and a lower stress test going forward. 2020-03-16T15:34:00Z0ab2dfd6-6fe2-44ef-8e4b-a3561798b6d7 Advantages of DocuSign Transaction RoomsIf you are a Real Estate Agent today, you use esignatures. It saves time for the agent and clients love not having to drive.2020-03-11T19:52:00Z3bfe4207-4577-4632-b8a0-dba50b88edbf Real Estate Pricing Forecast 2020We're Predicting Huge Price Increases in Our 2020 Real Estate Pricing Forecast for the GTA.2020-02-26T20:25:00Zd8b3f4ef-cbe7-4586-98b8-f57ad9225453 Condo Market Report February-March 2020 Sales results from January confirm that this will be a strong real estate year – not just in sales but for prices too. In January, sales were up by 15% over January of last year. But to put this in perspective, they matched January sales from 2016!2020-02-25T16:05:00Zfab4cf78-6464-410c-82b6-2e374af951e0 Incorporation v.s. Real Estate Personal Service Corporations One of the hottest topics within the Real Estate Community is Agent Incorporation. With the introduction of the new 'Trust in Real Estate Act', many agents think that this will be their answer to their tax problems. 2020-02-03T21:05:00Z0a092e68-a1e8-4e17-a606-5b0f7f749d83 Condo Market Report November-December 2019October sale numbers from TREB provides two continuing trends. With 8491 sales (up 14% from October of 2018), this is the best October (with the exception of 2016) for the last six years. Yes, the resale market is back to normal levels.2019-11-19T16:07:00Z3da56c96-a355-46b6-98df-126bc67abbc4 Benefits of Real Estate Agent Incorporationall successful agents want to build teams, making teams the fastest growing segment. The long-term success of teams is really focused on Agent Incorporation. A leader should incorporate to take advantage of the following benefits.2019-11-12T16:18:00Z6ec1922d-b95a-4cd5-9818-b182133b9080 makes a Great Real Estate Sales PersonWhat makes for a great real estate sales person. It's the way they are wired. Tom Peters, a business guru, explains it this way, "most people think and act in a logical fashion, just like firing a gun. Ready, Aim, Fire." 2019-11-05T17:26:00Zc0a3ed9c-ac24-4f68-8bea-6fea237ad648's First Time Home Buyer Incentive ProgramThe new First-Time Home Buyer Incentive allows eligible first-time homebuyers, who have the minimum downpayment for an insured mortgage, to apply to finance a portion of their home purchase through a form of shared equity mortgage with the Government of Canada.2019-10-28T18:57:00Z7f84d8a5-3b61-4616-9f61-a49d8f46d356 Condo Market Report October-November 2019September was another solid month for sales, which clearly confirmed the upward market direction of this market. Sales were 22% higher than for September of last year. But this number is also slightly below the peak September years of 2016 and 2015.2019-10-17T16:45:00Zb7af8031-19b7-4eb6-8bd6-d05d2916e219's Real Estate BubbleDo you know what a real estate bubble is? Can you predict one? Several so called experts have written books on the subject. All predicting the coming crash. 2019-10-03T15:39:00Z751fc7c4-b711-4de5-9f3d-d04e73d9b8db Condo Market Report September-October 2019TREB reported 7,711 sales for August. We would describe this number as a return to more ‘normalized’ sales levels. While sales were lower than July, this is in-line with seasonal sales figures. We would also expect that September sales would be slightly lower again, before an uptick in October. 2019-09-19T18:19:00Zf5f143e3-cc81-45f4-a815-8b4fb245764b Tips For Buying a House in TorontoThere are Tons of Articles That Offer Advice and Tips for Purchasing a Home. All Completely Useless When You're Looking In The Toronto Market. So, Here are our Personal Tips for Buying a House in Downtown Toronto from those who have actually been in the trenches.2019-09-04T15:29:00Z9c794b48-8123-45f9-9524-ceaac18a12ac Future of Canadian Interest RatesDid you know that the entire yield curve in Switzerland is at negative interest rates? What does that mean for Canada and Canadian real estate?2019-08-27T19:37:00Z8b255efb-e9e8-47f8-9a8c-650b70d868d6 Condo Market Report August-September 2019TREB sales for July at 8595 units were 24% higher than July of 2018, and 46% higher than in July of 2017. Sounds impressive but July sales in 2016 and 2015 were actually 15% higher than in 2019! The real takeaway is that the summer/seasonal drop in sales from June to July was only 3% in 2019. That is the lowest drop in the last five years and a strong indicator that the Toronto real estate market is on solid ground 2019-08-20T16:28:00Z822f81bc-3fc4-4ee0-95f4-32f4cb16bf58 to Look Out For When Selling a Tenanted PropertyDon't Sell Your Tenanted Property Without Knowing This First! For investors selling a property with a Tenant can be dangerous. It can also be expensive. Let us explain...2019-08-07T19:08:00Z180ba980-44ed-4295-ac0c-18ac60065af2 Does Irrevocable Mean?Irrevocable means just that, when you make an offer, it's out there, until the time it expires.2019-07-23T17:17:00Z89286f9a-3875-455c-b5ed-7fe2d0f9055c Market Report July-August 2019June sales on TREB were 8860 units. Even though they were 10% higher than June of last year, we now know how this year will unfold. May will be the peak sales month this year, and we will finish the year with 84,000 sales – 8% higher than 2018 and slightly less than 2010!2019-07-17T14:42:00Za972d5c9-f966-4f48-952a-343f6db76175 Time is Critical in Real Estate'Time is of the essence' rules most of our lives, but it is critical when it comes to real estate. In fact, this exact clause appears as part of the agreement of purchase of sale. 2019-07-10T18:39:00Zefb79a6c-d77c-401d-8092-a727a43edd27 Condo Renovations Are Worth it?It's reno season! So, we thought we would take a look at what home improvements will have the biggest impact, if any, on your selling price down the road.2019-06-26T15:24:00Z91bfa91f-62cc-4385-83fa-69def1e766b9 Market Report June-July 2019Sales for May on TREB reached 9,989 units (we predicted 10,000 earlier in May). That is 19% higher than May of 2018. But before anyone thinks we are back to a ‘boom’ market, realize that the average over the last ten years for sales in May was 10,300 units2019-06-05T20:25:00Z6c93b411-cb26-4a20-b7a4-b31e6fdf2be4 to Determine a Buyers' or Sellers' MarketDetermining Whether it is Currently a Buyers' or Sellers' Market in Real Estate is More Than Just Guessing. There is a More Accurate Measure, It's Called the Sales-To-New Listings Ratio.2019-05-29T15:22:00Z0cd04155-c156-4017-ab38-dccdb32c5753 Market Report May-June 2019he head line from TREB’s Report was over 9,000 sales in April – up 17% over April of last year. This was the biggest sales month since May of 2017.2019-05-14T19:14:00Z7bdb6d6a-5a7e-41e3-af52-c3544668850e Trends in Real Estate: iBuyer BrokeragesNew trends in almost every industry start in the U.S. For real estate, the hottest trend now is iBuyer brokerages. The iBuyer model allows owners to sell their own property immediately. They will get an all cash offer and they don't need an agent, or to even fix up the property2019-05-09T15:43:00Z3928b4e5-c4f0-4571-b110-b4936155783f Market Report April-May 2019Sales for March at 7200 units matched those of March of last year. What does that mean? If you had expected a bounce back from last year’s sales numbers, then you would be disappointed. Year-to-date, 2019 is dead even with 2018.2019-04-16T16:42:00Z9877f233-adfb-4873-a83e-839d0fe04703 Real Estate BrokeragesIn the last few months we've seen the emergence of several discount brokerages. We take a look at where these savings are coming from, and where they're cutting costs.2019-03-28T15:34:00Z90bb099b-9efb-4230-a9f6-6d4fd9748ddb Market Report April-March 2019 The Most up-to-date info on Toronto's Real Estate Market. February sales as reported by the Toronto Real Estate Board were Disappointing, Lower than February of Last Year. This was Not the Start that Most People Were Expecting.2019-03-19T18:08:00Zd9eddd09-9c10-485e-a44e-3f6e515d7cb7 In Real EstateArtificial Intelligence is sweeping across most industries, and that also includes Real Estate. How will the future of A.I. effect the Real Estate Market?2019-03-05T21:22:00Zc8a436f3-9350-40d7-941a-f8290fcddd26 Assignment Sales are Making a ComebackAssignment sales were a hot subject just a few years ago. Assignment sales, usually for new condos, take place when a Buyer sells their interest in a property BEFORE they take title through registration. They were popular until Revenue Canada stepped in to rule that these sales were not subject to Capital Gains but instead should be taxed as income. So, why are Assignment Sales making a comeback? 2019-02-25T18:21:00Z8b85258d-3506-4bb2-9ccf-cf60b96227e2 Market Report February-March 2019Sales for January of this year, started out very similar to those of January in 2018. Our Forecast last month said that ‘what you saw in 2018 is what you will get in 2019’ and the first numbers seem to support that. Sales and ‘active’ listings on TREB were unchanged from those of a year ago. While real estate sales are seasonal, we have also made the case that sales are ‘weather dependent’.2019-02-14T18:04:00Ze1238ae6-28e9-432f-996d-713e0933c5ae Pricing Predictions for Toronto Real Estate Looking at the GTA we broke down our forecast of price by changes in geography, property type, and price range. Here's our look at what you can expect for prices in 2019 in the GTA, starting from the strongest to weakest markets.2019-01-24T20:36:00Zf91ac233-7285-4e68-80de-6a7f879cc332 Really Pays the Commission?When you go to sell your property, who really pays the commission? Most owners think they pay the commission. That's why the first thing they do when they meet an agent to list their property, is to negotiate the commission as low as possible.2018-12-11T19:54:00Z3d9dd2ee-4d75-4b0f-af1d-c153033288f7 Allistair: Marijuana Use in Rental PropertiesWhat does the legalization of marijuana mean for Ontario tenants and landlords? We asked an expert on whether or not tenants can smoke in their units and the legality behind Landlords filing for eviction.2018-11-21T17:07:00Z687d657d-d812-437b-9b64-eb9ea556c769 Market Report November-December 2018Sales on the Toronto Real Estate board for October were better than expected. At 7500 units, it was 6% higher than October of last year, and 16 % higher than September. While October is usually the busiest month of the fall market, we recorded 9700 sales in October of 2016.2018-11-16T16:35:00Zfcc506cb-b24d-48aa-9813-ba6dfd318a06 Time AgentsAs of October 4th, Winnipeg Realtors can now have another job aside from selling real estate after members of WinnipegRealtors approved an amendment to a longstanding bylaw.2018-11-09T19:42:00Z15983f90-fe0f-438b-86db-6eb284889e30 Importance of Pricing Your PropertyFor the past few years the list price strategy for most agents was to underprice a property. That did not take much skill, the further under market it was listed, the more it went over the list price. Any agent can do that .Today, potential buyers have grown tired of looking at unrealistic prices and competing with multiple buyers.2018-11-01T20:09:00Z05b873b1-f862-4c2d-9825-5c5dd2643804 Sold Data Change the Real Estate Market?what's the big deal with making sold data available to the public? For years, good real estate agents supplied their clients with this information in making any real estate transaction. In the US, solds have been available to the public for several years.2018-10-16T18:54:00Z7197e251-4e92-4a08-8651-a3f26de63d8f Market Report October-November 2018September sales on the Toronto Real estate Board were 6500 units, up 1.9% compared to September of last year. This is not as positive a sign as it appears. September sales were down 5% from August (very unusual). When you compare to last year, September sales were 1% higher than in August. The reality is that sales volumes will be mired at these levels until something fundamentally changes. 2018-10-11T15:09:00Z07a8b1b6-7d3c-400a-987b-16da284d5209 to Retire in CanadaIn a high tax country like Canada, it is almost impossible to save enough to retire. The way we see it, you have three choices to make enough to retire. 2018-10-03T14:08:00Z0dc2683e-7bb6-41ad-bfc7-8ceb448cca83 Market Report September-October 2018August sales on TREB were 6,800 units, an increase of 8.5% over August of 2017. Sales were also level with those in July which is normal in terms of seasonality. In terms of sales, we have definitely passed the bottom but of most concern is what does the fall market look like? ‘New’ listings in August were 6% higher than August of last year (more supply). 2018-09-19T19:53:00Z70b0bb4e-b8c7-4d2f-87d0-f90ea4212a9c Pays Commission When a Deal Doesn't CloseMaking recent news is a Brokerage who is suing for commission from a Seller on a deal that did not close. Agents work on commission but that does not mean that they work for free. For Sellers, when you sign a listing agreement it states that you owe a commission on the successful completion of your sale. What happens if the Seller accepts an offer and the sale does not complete and close?2018-09-13T19:53:00Z8842e8ad-f099-4d23-99b4-25663ef1f636 Have all the First-Time Buyers Gone?We keep focusing on the biggest challenge with our current real estate market: a lack of first time buyers. Where did they go, and why?2018-08-30T19:19:00Z2c85e3aa-66a0-499f-8155-62a8951f197d to Generate Big Returns when Buying Pre-ConstructionCan you generate big returns from buying Pre-construction Condos? Yes, but you need to follow these three simple rules. 2018-08-22T17:58:00Z3eb4526c-c74a-4753-8f34-e0311e89b29a Market Report August-September 2018July sales on the Toronto Real Estate Board produced mixed signals. Sales at 6900+ units are 18% higher than July of last year. However, this is 13% lower than from June (not unexpected) but the normal average for July is 9,000 units.2018-08-14T16:23:00Z489ff00e-ce4e-4c03-b530-92510d388e34 vs WaiversAmendments to offers are a crucial part of the bargaining process. Many agents attempt to use an amendment as a substitute for waiving a condition, usually in favour of the buyer2018-08-09T16:42:00Zf362a6e2-c6d3-4a6f-83b4-835a2ed20afc You Should Know About the Real Estate DepositOne of the most misunderstood issues in real estate is the deposit. The primary problem is our own real estate forms.2018-07-31T19:22:00Z028ea2b5-5f95-4ec8-a4d2-b38c315f61d4 is the Role of a Real Estate Agent When Rentinghe biggest problems in real estate today seem to center around leasing. That's because Landlords and Tenants forget, or don't know the role of the real estate agent.2018-07-26T16:46:00Z50f3026a-da6b-49e7-858b-25e19f880f5b to Afford to Live and Own in Downtown TorontoLiving and owning in downtown Toronto has its challenges. Prices are high. Bank of Canada Governor Poloz did not help matters recently by telling millennials to just buy a cheaper house. If they cannot afford 400 sq.ft. downtown, how much smaller do you think these people should go Mr. Poloz?2018-07-17T19:58:00Z749e8784-24c9-47b1-ad0d-90998272e408 Market Report July-August 2018Sales on the Toronto Real Estate Board were 8,082 units in June. That was up 2.4% over June of last year (the first time this year) and more importantly up 4.3% from May. Remember we were expecting sales to be lower in June. The market turned upward again in the last 10 days of June. At the same time, ‘new’ listings in June were 19% lower than for June of last year and ‘active’ listings are now only 6% higher than a year ago at this time.2018-07-16T17:02:00Zdb8c3369-2999-49e7-9d34-e3db4c8e0f71 Real Estate is a Better Investment than RRSPsFirst buy your principle residence as soon as you can. Selling your principle residence is the only tax-free investment you can ever make in this country. But, if you buy an RRSP, lets say $10,000 a year for 30 years at 5%, will get you $725,000. Which translates to a pension of $36,000 a year, and you pay tax on that, and you start to get this money in 30 years.2018-06-26T18:01:00Z81f763f0-da6b-401e-b71f-8664519bbf40 Simple Rules for Investing in Real EstateReal Estate is not a short term investment. That's where investors lose money. Real Estate is a long term investment, over 5 years. If you go shorter, you're just gambling. So, here are my 3 simple rules.2018-06-20T17:22:00Z28907c0e-82ca-4db4-96db-da211a181c6f Market Report June-July 2018Sales on the Toronto Real Estate Board were 7800+ units in May. In our last Report, we were forecasting 8900 units. So where did we go wrong? In a normal year, May and June are usually the largest sale months of the year and that was our expectation.2018-06-14T17:58:00Z8bb98396-7f96-46dc-8b3f-8334571f4a91 are Sales Lower in Toronto in 2018?Why are sales so much lower in Toronto in 2018? The challenge is getting first time buyers into the market. First time buyers are the start of the chain. They create move up buyers, and in the end, a more robust real estate market.2018-05-31T17:32:00Z9716278d-a332-4824-91b3-bbbdd27c93d5 Do You Find Out How Many Offers There were on a Property You Bid OnDealing with multiple offers can create additional stress and paperwork, for not only the buyers, but the agents as well. Those people who are not successful have to start the search process all over again. And for the buyer who has won, they often wonder if there were other offers besides theirs. That's why with every offer today, the listing agent asks for form 801.2018-05-25T18:43:00Zd06d4644-aaa9-4845-bb4f-76e23d8dbbe5 Market Report May-June 2018April Sales in Toronto were not much better than in march. New lending rules are having an impact, especially on the rental market which is on fire!2018-05-17T18:25:00Zaa0d8d0e-4c2c-4d36-ac28-c24cefea0ed3 Small Condos are the Hottest in Toronto Real Estate Right NowWhy are small condos the hottest segment of our Toronto real estate market today? Prices are now at $1000 per sq.ft. At the same time, bigger units can be had for about $800 per sq.ft. 2018-05-08T19:59:00Zabd91e1d-3aec-42df-be94-a7c8c56dbac4 You Still Need an Agent with the New Standard Lease?The new standard lease for rentals has come into effect for Ontario on April 30th. You might ask yourself, "Do I still need an agent"?2018-05-02T19:36:00Z827a7089-dcac-474f-9c6c-1b6edfc370c5 Market Report April-May 2018Yes, sales on the Toronto Real Estate Board for March were down 39% from March of 2017. Last month we said to: ‘get used to it for the next couple of months’. 2018-04-17T18:22:00Zeab6ff5d-b9a0-4523-8462-c1d32716705b Importance of Choosing the Right RealtorIn the first 4 months of 2017, Sellers could pick just about any agent and their property would sell. There was no need to stage the property, no need for pictures or videos, just list at any price. So, any agent would do. 2018-04-12T19:37:00Z7405c5ce-2346-47d3-b7ce-b9c306598c80 Assignment SalesFor whatever the reason, some people who buy a pre-construction condo do not want to close, but instead, sell it, to another buyer as an assignment2018-04-05T16:54:00Zf6191ff4-d7e0-4e72-8491-65b87252af13 Market Report March-April 2018The Toronto Real Estate Board reported February sales were down 35% from February of last year. Get use to it: we will be reporting the same story for at least the next couple of months.2018-03-19T18:51:00Ze90f507f-f8e0-4071-9be2-00a4c29cc7b2 Market Report February-March 2018Trying to compare this January’s sale results (down 22%) to those of last year makes little sense. The market was crazy last year- and irrational too. Far better to look at TREB sales for January in 2016 and 2015. When you compare; 2018 sales were 13% lower than 2016 (the record sales year for TREB) and 7% lower than 2015 2018-02-16T16:01:00Z84228449-4c01-425b-a4ec-f30639e423e7 Unexpected Consequences of Rent ControlRent controls have created two markets. For Tenants who stay put, they'll pay below market rents. For new tenants, they can expect to pay even more because of a shortage of rental units2018-02-07T20:35:00Z0cfdde0b-07a1-49c2-8f54-51cae5f62549's Why Real Estate Prices will be Higher in 2018t's pretty obvious that two groups of people are trying to forecast the 2018 real estate market in Toronto. The first group are those pouring over data, far removed from the actual market. The second group, are street people, like our agents!2018-01-26T20:12:00Z16f99204-e3e4-47b7-8be5-01423aa2cb65 Toronto's New Airbnb Rules will Impact the Rental MarketOn December 7th, the City of Toronto passed new changes to reduce the number of Airbnb rental units and force owners to rent them out as long-term rentals. The rules will go into effect July 1st. The focus, of course, is on investor condos downtown. This is just a PR and vote-appeasing move that will have little impacto n the condo rental market downtown2018-01-10T20:28:00Zca9e88ac-e200-41e5-94a5-f9795186dd02 Real Estate Market ForecastWhat does 2018 have in store for Toronto's Real Estate Market? This is a difficult year to forecast with all the mortgage and tax changes made in 2017, but we belive the market will continue to be driven by the influx of people to the GTA.2018-01-03T16:11:00Ze3189f57-fc17-4224-b01e-d90ae8cce607 Predictions for Toronto Real Estate in 2018What's in store for the Toronto Real Estate Market in 2018? We Give our Predictions for the New Year.2017-12-20T16:51:00Z25c3965e-f8a1-4576-b2f6-c9284eb07626 from Experience, Avoiding Rental ScamsWhen you want to lease a home in Toronto there are many reasons why hiring your own agent (A Licensed Realtor©) is important. The main reason is to avoid being scammed and ensure you are working with a professional who will represent your interests. 2017-12-18T15:39:00Z71805a14-76cc-466b-a5c0-7905c970fd6f Tips: Protecting Your Buyer When the Seller Wants No ConditionsWhen doing an offer, the main focus is usually about what conditions to include, that's important. But sometimes you cannot get an offer accepted with conditions. Not just in a multiple offer scenario, but at times when a seller wants a quick sale and wants the buyer to take the property 'as is'2017-12-06T18:57:00Zf67e81bc-7374-4094-b930-fff9314d6daf Tips for Finding the Best Real Estate AgentI get more calls asking for "Who is your best agent?" from potential clients, looking for someone to help them and from other agents wanting to refer a client to an agent. Unfortunately, there's no such thing as a "best" agent.2017-11-30T21:06:00Z41bb80ab-41f6-4621-9676-71d886021e1b Market Report November-December 2017October sales on the Toronto Real Estate Board were down 26% from October of last year but were 12% higher than in September. Are we still in a sales decline or is this the first sign of a rebound? 2017-11-20T16:51:00Z17866a6b-37bb-45a0-b941-f81e1a9d8d11 New Mortgage Rule Changes Starting January 2018OSFI (The Office of the Superintendent of Financial Institutions) has implemented 3 new mortgage rule changes starting January 1, 20182017-11-01T20:12:00Zc576d343-85ad-469e-9301-22ba3445ce17 the Peak in the Real Estate MarketEveryone wants to know when is the peak or the bottom of a market. That's when you sell or buy and supposedly make the most money. For years, investment companies have been touting how they can pick the top and bottom of the stock market, and no one has succeeded. This has not stopped people who think they can predict the top and the bottom of the real estate market. Twitter is full of these self-appointed experts. Here's what I do know.2017-10-26T17:58:00Z186d5bc7-1427-40a4-940e-70bda5422356 Market Report October-November 2017September sale results on the Toronto Real Estate Board produced mixed results. For the ‘bears’, their focus was on the decline in sales from September a year ago – down 35% to 6379 units. A normal September should have produced sales in the 8,000 range. While ‘new’ listings for the month were up by 9%, ‘active’ listings were at 19,000 units at month end which represents about a 2.5 month’s supply on an annual basis. That is certainly higher than the last year but is well within a balanced market.2017-10-18T19:52:00Z82b086fe-7f25-40f2-8e11-40524a66e6d2 Price: The Worst Statistic in Real EstateOne of the worst statistics in Real is average prices. First, there is no such thing as an average house or property. Secondly, there is no such thing as an average location. Average prices also have another major problem. It assumes that the mix of sales is the same over time, and that never happens. 2017-10-12T17:01:00Z639b6420-f54d-45bd-85a9-be795952d15c Double Ending Deals be Banned?The biggest concern among agents is, the Government thinking about eliminating the double-ending of sales in real estate. Double-ending occurs when the same agent lists and then sells the property to a buyer. On the surface, it seems to make sense, but in reality, it does not work.2017-10-04T16:59:00Z885c6d48-2a7a-4eb1-8621-1e360d5aea76 Luxury Condo MarketSince April, the hottest real estate market in Toronto has been luxury condo sales. In 2016, the highest price for a condo was 6.5 million. This year, the highest priced condo was 11 million. Did you know, sales over 1 million dollars for condos are 86% higher in 2017 than for the same period last year. In contrast, the overall market is down by 16%. So why the sudden interest?2017-09-29T16:57:00Zac724eaa-8628-42c4-89f4-eb8412a0fd20 Market Report September-October 2017A lot of people seem concerned about our real estate market – especially my agents! Yes, the market has been slow since April, and yes prices have backed off in the house but not the condo market. That’s because house prices had an unsustainable run up – not just this spring but over the last three years where we had double digit price increases.2017-09-19T16:28:00Z3bbe62c6-9e46-4f39-90cc-f9d4d9b9f8eb Millennials Can't Afford to Buy Real EstateMore and more young people cannot afford or qualify to buy a home today, and it's not because of real estate prices.2017-09-07T18:32:00Ze324e1bf-0877-49dc-aad2-5b7d3160501e Rent Controls Actually Hurt TenantsIt's the first week of September which means it's a busy time for renting. Unlike past years, we now have rent controls. So how will this impact Toronto renters? This is not a panacea for Tenants, in fact, rent controls can cause a big problem for Tenants, for the short, and long term. 2017-08-31T17:55:00Z107bb3ff-8fec-4658-b078-7949ba5fdd51 Market Report August-September 2017Sales Commentary The market continued its sales decline for the fourth straight month. Sales on TREB were 5,921 units in July, down 40% from last year’s number of 9,929. Historically, sales should be in the nine thousand range. Are we concerned? No – in fact we prefer this market to that of February and March. Back then, the market was driven by irrational behavior which was unsustainable. The current slowdown is psychological. Sellers still want March prices and buyers expect a price correction of 25%. The reality is neither will happen. Prices are down by 15% from their peak but are still 15% higher than a year ago. The question is: who will outwait the other? Our bet is on sellers! Unlike buying groceries that cannot be postponed, buying real estate can be deferred but only for so long. Real estate is not dominated by speculators and foreign buyers but ... Read More 2017-08-09T18:35:00Z716a49d4-2df1-4f7a-9162-f600cdcfccbc a Condo with Kitec PlumbingKitec is a brand of plastic piping used in residential construction between 1995 to 2007. That means most condo buildings built during that time frame have used it. Kitec is vulnerable to premature failure and many buildings and condo owners have elected to replace it before it causes severe water damage. So what should you do? When you discover the existence in a status certificate, I would not reject buying the condo outright. You may never find the right property for you. If it is just in the condo unit, the cost to replace it is between $5,000-$10,000. So why not do an amendment to reduce the purchase price by that amount. If Kitec is in the common condo areas, to replace that would require a special assessment of each condo owner of about $3,000-$5,000. Again, why not do an amendment to reduce the purchase price by that amount ... 2017-08-02T15:21:00Za292d45c-7caa-4ed4-aa8d-e4a87b404bb9 Insights-Listing PriceRecently I had a potential seller phone to say that an agent from our Brokerage suggested a List Price that was too low and he would not be listing with us. Why would any agent suggest a list price at all? The role of the agent is to gather market information (solds and current listings) and explain the differences in these properties to the subject property. Interpreting the data is the agent expertise – not setting a list price. So, ask the seller what he would like to list at? Most sellers pick an agent based on list price and commission price versus value. Don’t eliminate yourself because of list price. If the seller wants a list price that is too high, simply say: I guess you are not in a hurry to sell. The seller will ask why? 2017-08-01T15:42:00Z29e51fdf-017e-4358-96d2-8ce32cee751f Problem with Posted ListingsToday I want to talk about posted listings. Posted listings are those where a Seller wants to list their property on MLS. They pay a Broker a minimum fee to put it up then other brokers have to deal directly with the Seller. RECO says that this is all right. It used to be that when you listed a property, a REALTOR® had numerous obligations to the Seller and was liable for the information posted on MLS. Not anymore with posted listings. It's the wild, wild west! Deal with the Seller direct and try and figure out what they're selling. Many agents avoid posted listings altogether. It's too much work trying to educate the Seller. Those agents who attempt it, have to do both sides of the transaction. Represent your Buyer then do all the paperwork for a non-existent listing Brokerage i.e.: double the work for half the commission. 2017-07-26T21:55:00Z2effd2c3-7e62-40da-b817-c8c0812e37b5 Market Report July-August 2017June marked the third month in a row where sales declined from the previous month. 2017-07-21T19:40:00Zdc1a35bd-4810-4326-8fec-8998617ea5f9's Rocky Rental MarketMost of our blogs deal with Real Estate sales. That's our primary business. Today I want to talk about the rental market. Currently for every sale, there are 1.5 rentals being done downtown market. While the market is 50% bigger, I feel sorry for tenants. They need to get used to multiple offers. Rent controls won't help, they will only make the market worse. Landlords will even be more selective when choosing tenants. It's not just your income, but your lifestyle that will be scrutinized as well. In a sale, the one that offers the highest price is usually the winner. With tenants, you can offer the highest rent and still not get selected. So if you think the market is tight now, it will get even tighter down the road. Less new construction of condos and fewer condo buyers who want to rent their units out. 2017-07-13T22:08:00Zb2f1f6ee-c12d-48a2-bdeb-e6095fdc0e2c's Changing Real Estate MarketEveryone knows that our real estate market has changed, except for Buyers and Sellers. Sellers think the prices of March and April are still happening today, wrong. Buyers think that prices are still going to drop by another $100,000, wrong again! So, what happens when Buyers and Sellers can't agree on a price? No sales. In fact, in June Sales have dropped by over 50%. In most markets, prices drop until demand and supply, (Buyers and Sellers) come into line. That is what economists forecast in every market, but not real estate. Sellers are speaking by not lowering their price, but canceling their listing and saying that they will come back next year. Buyers can wait and hope for further price drops, or they have an opportunity without multiple offers, to negotiate hard for their preferred property, today. So, even today some properties will sit on the market for months ... Read More 2017-07-06T22:13:00Zf050b7df-d0fd-4c13-829d-981774b4bd87 Market Report June-July 2017he big or new story with this market is the shrinking sales numbers – lower sales have been recorded every month since March. 2017-06-26T19:38:00Z62314555-9115-44fb-9dbd-5f07dd9858f3 You Walk Away from a Real Estate Deal?With the sudden change in the market, some buyers who bought at the end of March and early April are thinking they might have paid too much. Should they just walk away from the deal and lose their deposits? Bad Idea! Walking away is the most expensive thing you can do. A Seller will then resell the property, probably for less money because you the Buyer will cover the losses. The Buyer will also pay for the extra legal fees, carrying costs of the property, extra costs for where the Seller is moving to, and so on. You get the picture, big bucks! Close now. We don't care what it costs you. The market will bounce back in September and prices will be back to March and April prices by this time next year. Remember, real estate is a long-term investment, think short-term and you can loose. 2017-06-13T22:19:00Zb9ec2d26-fa88-4cb6-aa26-ab2a985388fc Problem with 'Double Ending' Part TwoWelcome to Part Two of Double Ending, or Dual Agency. In Part One we concluded that problems only arrive with Dual Agency when we have multiple offers on a property. This is a Toronto problem. In smaller communities all across Ontario, most top agents double end over 50% of their sales, without any problem. Banning Dual Agency is a bad idea. The solution, as I've said before is to change the act. Listen to me RECO, on all multiple offers, let all buyers and their agents see all offers. Right now, all we can disclose is how many offers and who the buyer agents are. Make everyone see all the offers. Right now, only the listing agents see them, and what an advantage that is if they have their own offer. That's where all the complaints come from too. 2017-06-06T22:26:00Z6d2e3bce-f757-40f3-a5e9-d1b306b2d8a1 Problem with 'Double Ending''Double ending' seems to be a bad term in the real estate industry today. Do you know there is no legal term for 'double ending', but rather it is called Dual Agency? That occurs when both the buyer and the seller are given agency service and represented by the same agent. The problem is the agent is defined as the brokerage company, and not a salesperson. Consider a brokerage/company with 1000 sales people. If one salesperson represents a seller and a second sales person, in the same company, represents the buyer (he may not even know the second salesperson), you then have Dual Agency. Most people think that 'double ending' is the same salesperson working both ends of the same transaction. Funny, people only object when the same salesperson is involved on both sides when there are multiple offers. 2017-05-31T22:42:00Z12549915-1439-4e92-b2dd-4f5b912c59d4 Market Report May-June 2017We have delayed this Report to wait for mid-month May sale numbers from TREB.2017-05-24T19:39:00Zc483f715-e9c8-4b72-9de7-ff94cbcba0fd Real Story Behind Rent Controls in OntarioThe Ontario Government has introduced new rent controls effective April 20th, expanding rent controls to include units built after 1991. So why the rush? A CBC reporter published a story on how her landlord had doubled her rent overnight from $1,600 to $3,200 per month and she was now forced to live on a friend's living room couch. Now I know you can rent a studio for just $1,600, so I contacted her to ask why the landlord would do that to her. There are only two reasons, 1. The Tenant isn't paying rent, or 2. The Landlord wants to sell the unit vacant. She said that she always paid her rent, but her landlord still wanted to sell. If you know anything about tenants, when a landlord wants to sell, they do two things to thwart the sale. 2017-05-18T22:49:00Z73886547-abd3-49e7-aacc-8d8fc0ab73bb Properties to Fuel Bidding WarsOne of our biggest complaints is the list price set by real estate agents in today's market. We understand that given the rapid rise in real estate prices, properties can sell for $50,000 or $100,000 over the listing price, but some real estate agents have taken the practice to an extreme. It seems to be a badge of honor to go $300,000 or $500,000 over asking. These agents start by taking the market value of the property and then they list it at $200,000 or $300,000 below the market price. This attracts the attention of buyers who see the property as a great deal but then drives a bidding war frenzy. Underpricing a property does nothing for buyers and sellers. How would the same agent feel if they walked into a clothing store and saw a designer jacket for $99? They would jump on it! 2017-05-04T22:55:00Z9fdcc574-bdcb-47f0-9fc8-33616bdcc79a Fair or 'Vote Getting" House PlanThe dust is now settling from Premier Wynne's photo op on the 16 point Fair Housing Plan from last Thursday, April 20th. We call it a 'vote getting plan' for the next election. In reality, there are only two points that impact the real estate market today. The First is the 15% non-resident buyer tax and the second is rent controls. We don't believe the non-residential buyer's tax is a big factor in our market. We have far fewer non-resident buyers than Vancouver. When you look at Vancouver, sales and prices did drop initially, but today, prices are back to last year and sales are picking up. In Toronto, we expected a similar, but smaller 'pause' in the market. We expected some price softening, then prices to regain their upward momentum. This is because Toronto has lots of buyers and very little product. 2017-04-24T23:09:00Z78374acd-ad30-4c8f-a7b7-967423e5f5fe's Expansion on Rent Control Why the Government’s sudden preoccupation with rent controls? The media has reported two cases where the landlord doubled the rent from $1600 to get rid of a tenant. The current rules of the Rental Tribunal make it very difficult to evict a tenant for non-payment of rent or for carrying out illegal activities. This is the only resort for landlords to get a speedy resolution. In both instances, the landlord needed to sell the unit as vacant. We can tell you that landlords value good tenants and want to keep them. By keeping a good tenant, you avoid vacancy costs and you save on leasing commissions. Good tenants can usually get rents below market for these reasons. But there are more tenant voters than landlords. Hence, we have rent controls which will not be good for tenants in the long term. 2017-04-21T23:37:00Z6ac4c77a-caf4-490b-88e7-747053172f02 Report April-May 2017Paranoia seems to have set in with the rapid rise in real estate prices over the past year – almost 30% year over year. 2017-04-21T19:36:00Z207d691a-fd42-4237-bbd1-0287669ad7a8 'Coming Soon' Signs Hurt Sellers?"Coming soon", what is that suppose to mean?! I've heard of "for sale" and "sold" and even "sold conditionally", but "coming soon"? Coming Soon means a listing has been signed, it's coming to MLS, but no one can do anything but look at the sign. Does this work for the Listing Agent? Absolutely, they're hoping for sign calls. The Agent wants to line up potential buyers, maybe even take them through the property when no one else can. Does this help the Seller; after all, this is what it's all about? Not really. Do you think potential Buyers will see the "coming soon" sign and stop looking at other properties? Not likely. If I was a Seller, I would get it on the market right away, or I would get my ducks in a row and make a big splash putting my property on MLS. 2017-04-11T23:43:00Zdd908bda-3fd6-4d02-b297-66af1d08b515 244: The Solution to Bully OffersIn a hot real estate market, Bully Offers are the biggest problem, not just for Buyers, but for Agents too. In every listing primed for multiple offers the Broker remarks say, "no offers until 7pm on such-and-such a date" then… guess what? A Bully Offer arrives 10 days early and the Seller wants to consider it. Now the Listing Agent has to race around to phone every other Agent who has booked an appointment to tell them the good news, or the bad news. We feel that if a property is primed for multiple offers, then that is the way it should be sold. Listing Agents complain that they did not want to entertain Bully Offers, but the Seller changed their mind. However, there is now a specific OREA form to solve the problem. It's called Form 244: A Sellers Direction in Property Offers. 2017-04-04T23:51:00Z02dcf0df-7483-48e0-9a44-704c8d40e3b9 Condo Market Report March-April 2017ebruary sales on the Toronto Real Estate Board were up by 5.7% over February of last year – a slower increase than any month in almost a year. 2017-03-22T19:34:00Z5c8512fb-9a66-40a4-9be7-5761be77e83a Clauses when Buying a PropertyEvery offer usually has some sort of conditions and they're all written for the benefit of the buyer. Take financing for instance, why is it written as "financing satisfactory to the buyer"? What does that mean, a 0% interest rate or 100% financing? No, the clause should state what type of financing is being arranged, not a clause that's open ended for the buyer to change their mind and walk away. What about a status certificate? It usually reads "to be approved by the sole option of the Lawyer". You know, most Lawyers can't even read a Status Certificate. I had one Lawyer tell me that he did not want his client to buy a condo, so he would not waive it. Once again, the clause is not to be used as an 'out clause', but rather to insure that the Condo Corporation can meet its financial obligations. 2017-03-15T14:14:00Z12a6855a-e890-43e9-be7d-609ee835cef4's In Store for Toronto's Crazy Real Estate Market?Everyone is talking about our crazy real estate market, and in particular prices, they're up 20% in just 4 months. You know I've been in this business for over 30 years (can't you tell) and I've never seen anything like this. But, I'm not alarmed about the level of today's prices, rather the rate of increase. Toronto prices are not out of line with other major cities in the world. Will prices level off? Yes, they always do. Will prices fall? No. The only time prices fall are when people are forced to sell when they can't afford their mortgage and mortgage rates are not rising anytime soon. If you think individuals have a problem with their debt levels, just look at our Governments, they're in even worse shape. We live in a high tax country.2017-03-06T15:59:00Z032f3a3b-1dae-408a-815b-6f2f89973997 to Compete and Win in a Bidding WarToday's market is dominated with multiple offer sales. Many people have to make 6-8 offers to finally land that property. So, how do you compete and win in this market. Here are 5 easy steps to follow. 1.Market Analysis First, realize that many properties are under priced to attract multiple offers. You should first do a market analysis to determine the market price of the property. 2. No Conditions Secondly, you need to go in with no conditions. Get a home inspection or status certificate ahead of time. Make sure you have financing for the price you want to pay. 3. Big Deposit Come in with a big deposit. The norm is 5% so come with 10%. 4. Save Some for Round Two Usually there will be two rounds of bidding. Save something for the second round. 5. Pick a Maximum Number Pick a maximum number you will pay for ... Read More 2017-02-27T16:02:00Z67fbd6ae-2abb-48c4-bbe3-77e4a5bf2711 Report February-March 2017The Toronto Real Estate Board no longer publishes mid-month sales numbers hence we are forced to guess the market going forward, based only on January results.2017-02-22T19:33:00Z9448949a-20cb-4c03-af63-41dbfd8c2e6c & Selling AssignmentsThe Assignment market for condos is making a big come back. There are two reasons for this: First, there is a lack of resale condos to buy, forcing many people to look at the assignment market. Secondly, with tougher mortgage qualifications, many investors who bought pre-construction condos 3 to 4 years ago may not be able to close and will want to sell. While the opportunities are great and you can probably avoid the multiple offer scenario, the market is hard to track. Assignments are not usually found on MLS but are exclusive and the contracts can be difficult. Assignments are not really selling a property, it may look like that, but really it's just selling the paper. The paper is, the right to buy an option to close on a sale with a developer made 3 or 4 years earlier. 2017-02-10T16:04:00Zedd8422e-c5fd-421f-9742-ddd2e7fb932c You Believe How Few Sales Most Agents Do?When the public tries to negotiate the commission down or tries to get a buyer rebate, their assumption is that all agents are the same. If all Agents were the same, then picking the agent who agreed to your request would net you the most money, but they are not! Did you know in 2016, there were 48,000 agents in the Toronto Real Estate Board? Did you know almost 13,000 agents did not do even a single sales end? And, there are two sales ends to ever sale, a list end and a buyer end. Did you know 25,000 agents, or over half the members of the Toronto Real Estate Board, did two sale ends or less in 2016? These are the agents that will offer you the type of deals you're looking for. 2017-01-30T16:09:00Z31dd90ab-baad-47b6-80c4-7f3b7dbf7215 Perfect Market for that Less than Perfect CondoNever have I seen a market with such little market inventory - properties for sale. Many owners, myself included, have said 'If you don't need to sell, sit on it", the market is still rising. But, this is also the best time to unload what I call, 'less desirable properties' and put them up for sale. In a normal market, these properties are difficult to sell and they sell at a discount. However, in today's market, they will sell at full value and quickly. So what do I mean by less desirable properties? Sell that condo on the second floor overlooking the garbage bins. Sell that condo on the fifth floor that sits beside the Gardiner with windows that are never allowed to open, and sell that condo gets no sunlight. You know what I'm talking about. 2017-01-23T16:09:00Z3ff0802f-3702-45a5-b5eb-dc3230ae73c7 Toronto Real Estate Market Forecast Share of Total Condo Apartment Sales By Bedroom Type (All Areas) Source: Toronto Real Estate Board Q3 Many forecasters or pundits get bogged down in irrelevant statistics. Past experience has shown that the view from ‘the street’ has been more accurate than the ‘view from the executive floor’. In real estate, lower sales do not automatically translate into lower prices. And the average price to average income ratio for valuing property prices over a number of years is also of little value when you consider the impact of immigrants, non-residents, and self- employed buyers in today’s market. If you want further proof, just read our 2016 Forecast versus what actually happened in 2016 on our website. GTA Year Over Year Summary 2016 2015 % Change Sales 113,133 101,213 11.8% Average Price $729,922 $622,121 17.3% Average DOM 17 22 -22.7% New Lisitngs 154,266 160,520 -3.8% FACTORS AT PLAY ... Read More 2017-01-10T16:16:00Za02d2256-57a6-441f-8257-916dcebd2141 Predictions for Toronto Real Estate in 2017With 2016 drawing to a close, everyone wants to talk about the Toronto market for 2017. So here are my preliminary thoughts; Lower Sales than in 2016 We predict lower sales than we've seen in 2016. Why? There is no product available and listings are way down. Secondly, the new mortgage rules will make it harder to qualify for everyone. For first-time Buyers, many will not even qualify at all, which will put a drag on the move-up market as well. Prices will not be falling No, prices will not be falling, but don't expect price increases of 20% for houses and 12% for condos that we saw this year. Rather, 10% and 5% will be more the norm. Increase in Housing Demand. 2016-12-19T16:47:00Z152daa90-f7bd-4be8-b7ce-ff78c83c6066 Trump Effect (On Toronto Real Estate)With the election of Donald Trump in the U.S. people are asking me about the Trump effect on Toronto Real Estate. First, don't expect any Americans to move here, that was just celebrity talk. Do expect more people to move here from other parts of the world. That's all thanks to the Donald, who has made the U.S. less hospitable to immigrants. The other impact from this election is a jump in interest rates. Bond rates, which impact Mortgage rates are 1% higher today than the market low in the summer. However, they are still below rates in 2014. The primary reason for the rise is investors are worried about inflation and massive Government deficits from Trump's plan for massive infrastructure spending. My take? Not all the spending will take place, and there is still too much cheap money in the world. 2016-12-13T16:50:00Zb575c69c-2011-442c-b857-866f59ad8e6a Problem with Dual AgencyDual Agency seems to be today's hot topic. Most people think it occurs when a Sales Person represents both Buyer and Seller. In realty it occurs when one or more different Sales People from the same Brokerage represent the Buyer and the Seller. When there are different Sales People from the same Brokerage involved, we should really rename this, Designated Agency. This is where RECO, The Real Estate Council of Ontario, should step in and introduce new rules to cover each case. The other problem is that a Sales Person acting in Dual Agency knows all of the offers submitted. Under the Real Estate and Business Broker's Act, you could only disclose the number of the offers and who are the Sales People presenting these offers. Why not change the rules? 2016-11-30T16:52:00Z60c97d33-7a70-4a0d-a60f-29744ba95f13 Regulates Realtors®?Recently, the media has pointed the finger at unscrupulous Realtors® in terms of self-dealing and unethical behavior. They want change and they point the finger at self-regulation. RECO, The Real Estate Council of Ontario was established to enforce the real estate and business brokers act and to deal with consumer complaints. It was set up by the Ontario government supposedly to provide self-regulation. In reality the government just out-sourced the cost of regulation onto the shoulders of salespeople and brokerages. Today, 6 out of 9 directors are appointed by the Government. Realtors® elect only 3. All RECO employees are government employees. Realtors® have no say on hires and Realtors have to say on introducing new regulations. So, if the public wants change, don't blame realtors, blame the Ontario Government for inaction. Read More 2016-11-16T16:54:00Z54c863c9-6e99-45af-b412-5d26b94750d4 Market Report October-November 2016September sales followed a similar pattern to previous months. Sales were 21% higher than in September of 2015. 2016-11-10T19:32:00Z6191f3f2-91f6-4db4-a8b4-b58fab3dc403 of Canada's New Mortgage RulesOn October 3rd, a firestorm hit the real estate market when the minister of finance announced two changes to mortgage rules. Last week we discussed what those mortgage rule changes where. This week we want to take a look at what the implications will be of the new mortgage rules, especially those of people having to qualify for the posted rate as opposed to the actual rate for their mortgage. Will Prices Fall? First off, with buyers having less money to purchase, will prices fall? The answer is no. In real estate, if the Sellers don't get their price, that is what the last property sold for, they just take the property off the market. They do not reduce their price. What About First Time Buyers? First time Buyers will have two choices going forward, buy smaller, not low rise but condos, or continue to rent. For those trying ... Read More 2016-10-17T16:55:00Z1b427b01-5538-44c0-a13a-87d1feb83d57 Mortgage RulesOn October 3rd, a firestorm hit the real estate market when the minister of finance announced two changes to mortgage rules. Closing the Loophole The first rule was to remove the principal residence exemption for non residents. But think about it, how can a non-resident have a principal residence in Canada, Impossible! But now we're closing that tax loophole and that will have little impact on the real estate market. 'Stress Test' on Insured Mortgages The Second change is more serious. Now, both high ratio and conventional mortgages insured under CMHC and two other companies must be qualified under the posted rate, and not the actual rate. Remember, for people who took out 5 year mortgages, they used to be able to qualify at the actual rate. The bad news is that the posted rate is about 2% higher than the five year rate. 2016-10-07T21:08:00Z712eee52-03d9-41fd-8c87-dc7de1ddb4fc of the Union When it Comes to New Mortgage Changes The Federal Government continues to tinker with mortgage rules that it can control in an attempt to slow down real estate markets, particularly in Vancouver and Toronto. The first change, to remove the Principal Residence Exemption, for non-residents described as closing a tax loop hole is a nothing. Revenue Canada has never defined a Principal Residence and so non-residents claimed it. Think, how can a non-residenct have a principal residence in Canada? Impossible! But that is what you get from bureaucracy. Almost all non-residents buying property in Canada never considered this a factor in buying. Neither should you when advising clients. The second change, making BOTH high ratio and conventional (under 80% loan to value) borrowers qualify under the Posted Rate instead of the fixed five year rate of their mortgage will reduce the amount of money that people can borrow. 2016-10-05T21:20:00Z88e80787-f76e-4dff-a860-6752c56b958a Report September-October 2016August sales on the Toronto Real Estate Board were up by 23% over August of last year.2016-10-05T19:29:00Zc60321a2-76d5-4277-96c3-7e84191fbe17 FSBOs and Mere PostingsSince it's becoming a bit more common, this week we wanted to tackle how REALTORS® should navigate FSBOs and Mere Postings. Mere Listings are MLS Listings in which the Realtor has agreed not to provide services to the Seller other than submitting the listing to MLS, whereas FSBO stands for "For Sale By Owner." Getting Started One of the first things to consider when you get a new Buyer Client is creating two BRA (Buyer Representation Agreement) contracts, one for MLS Listings and one for Mere Postings and FSBOs. Each contract can state their own commission and this will actually create a dialogue with your buyer regarding various buying scenarios, agency relationships, buyer commission obligations and procedural and document handling. There are steps that you are going to have to follow when dealing with these types of transactions ,but first it starts with the Buyer showing interest. 2016-09-26T21:32:00Z704de1a9-189d-4965-a64f-0884f82392c7 Report September-October 2016Sales Commentary August sales on the Toronto Real Estate Board were up by 23% over August of last year. But to make an even bigger statement, August sales were only 1% lower than July. Last year the August to July drop was 19%! Also August sales in 2016 are higher than for sales in any Fall month for 2015. However, there is a double edge sword. Active Listings in August were 37% lower than for the same month last year, and new listings for August were down by 1%. This can only mean continued rising prices in the short term; and if things don’t change, then for a considerably longer period. With prices for low rise housing in Toronto becoming unaffordable for many, the shift to more affordable condo housing, which we have predicted for the last two years, is now starting to snow ball! 2016-09-20T21:34:00Z747eb6dc-6b47-41b3-ba1e-408f44f3bd86 Saving Tips: Which Signatures are Required to Bind a Mutual Release?It is a common misunderstanding that a Mutual Release must be signed by the Broker Manager or Broker of Record to have a binding Mutual Release and to release held funds. For a Mutual Release to be binding it only requires the signature of both the buying and selling parties. The standard OREA Form 122 confusingly has a signature section for the Broker Manager or Broker of Record which is preceded by the following preprint: "The Brokerage hereby releases all parties from any claim that the Brokerage may have had for commission or other remuneration in the above transaction, except as may be hereinbefore specifically provided." In the eyes of RECO, the transaction is between the Buyer and the Seller. Therefore, the Brokerage is obligated to release the funds should both parties mutual want out. 2016-09-09T21:45:00Z9762e136-3a69-40d2-acb7-ad5ebeb89a02 of NegotiationsMost of you have heard the phrase, “The one who speaks first loses.” Does this mean an equally matched negotiation results in two salespeople locked in a room staring at each other for hours on end? There is truth to silence as an ally but there is more to consider than this alone. So, what is the most important factor in negotiations? Communication can either be verbal or nonverbal. There has to be a statement of terms in any negotiation. Choice of words, pace, tone, medium and non-verbal clues such as body language all help deliver those terms. It’s important to focus on what you want to communicate and stay focused on objectives. Start by discovering, understanding and differentiating between your client’s needs versus their wants. If you are going to use technology to communicate, you must understand how to use it. 2016-09-09T21:41:00Zb8e31c43-9bb1-427c-9795-334acd42faf1 out of a Deal: Conditions Are Not Escape ClausesMany Realtors incorrectly advise their clients that a condition can be used as an escape clause. For example, there is a conditional offer on Financing between a Buyer and a Seller. The Buyer wants out of the deal. The Realtor had advised the Buyer that it shouldn’t be a problem because the clause wording states: "This Offer is conditional upon the Buyer arranging, [..]a new […]Mortgage satisfactory to the Buyer in the Buyer's sole and absolute discretion.[…]" In this scenario, the Buyer’s Realtor communicates with the Seller’s Realtor that financing fell through and submits a mutual release. On the surface, it appears that a reason is not required. However, the Seller can then take legal action if they suspect that foul play is at hand. The guiding principle in contract law is good faith. Meaning, that both parties have to reasonably make good effort to fulfill their contractual obligations. 2016-08-31T21:55:00Zb29e431e-d18b-444a-a442-f51153ac83e1 in Toronto: A Word of AdviceIt's rental season in Toronto so it seems fitting to bring it up in this weeks video. 15 years ago leasing was just a small part of the overall market. Today, the market for renting condos is two times bigger than for condo sales. Now, that is good for young people who want to live downtown, but it 's bad for our industry when it is only inexperienced or new agents who represent tenants. In the past week, for example, we have had two REALTORS® drop off deposits on a rental condo before the offer was even accepted. So what do we do with a cheque that we receive? We deposit it of course because we are responsible for the money. 24 hours later, when the offer isn't accepted, the potential tenant or the newbie agent wants the cheque back, but guess what, there is afive-dayy hold. That's the bank's ... Read More 2016-08-23T21:57:00Z7779bbd2-3180-4734-9ea6-ceaffdfb2d43 Market Report August-September 2016Sales Commentary July sales on the Toronto Real Estate Board were just under 10,000 units, which was 2% higher than July of last year. However, these sale numbers were 22% lower than for June and about the same as in March of this year. This suggests a slowing market due to seasonality and also a market taking a breather. But the real drag to the market continues to be a lack of listings. ‘Active’ listings are 31% lower than in July of last year and ‘new’ listings in July were down by 7% over July of last year which just continues the problem. In terms of the condo market, the same trends are evident. Downtown condos showed a sales increase of 19% over July of 2015 but a decrease of 17% from June of this year. 2016-08-22T21:59:00Ze135126c-9dbd-48ed-ab7c-518e299a671b a Condo: The Three Biggest Questions to Consider.Buying a condo, or any property, is a big decision. Especially if you are a first-time buyer about to make the plunge into the real estate world. Yes, there are plenty of things to consider before you even make the decision to buy, but when you're ready to go out and choose your new home, here are the three questions you should make sure to ask yourself first. Space How Much Space Do You Need? In the Toronto market, you can get a giant detached home or an itty bitty condo. Before you start looking make sure you have an idea of what you're looking for. How many bedrooms do you need? Do you require a certain amount of square footage? 2016-08-17T23:18:00Z9b5031b7-c8c4-4b6a-ac06-d4f639c13269 Problems with the Foreign Buyers TaxA few weeks ago, we talked about the 15% sales tax on non-residents buying property in B.C. We said it would not have much of an impact on the property market but it was a great P.R. move. However, just the opposite is happening. Bad P.R. And real estate deals falling through. The B.C. Government announced this policy change on July 25th, effective August 2nd. This was probably not the smartest move. They made the changes effective closings when it should have been effective on the offer date. What is happening now is that you have residents, those are B.C. Voters who sold their house in July, closing in August to a non-resident and the deal will fall through because the deposit is less than the 15% tax. In this situation, it is just cheaper to walk away from the deal. 2016-08-15T23:22:00Z17a09c0e-4e59-4535-a04b-71077183a332 Best Condo Reno's for Increasing Property ValueIn our last blog post we discussed the real cost of flipping a property. We mainly focused on the costs that most Flippers tend to overlook, such as closing costs, land transfer costs and commission. Today, we thought we would take a look at what home improvements will have the biggest impact, if any, on your selling price down the road. Not all projects will give you a 100% return on your investment (in fact, very few do). However, upgrades can always help sell your property faster and give your property that "love it, have to have it" quality that can help your home stand out. What renovations stand out the most to Buyers? According to the REALTORS® surveyed, a new kitchen, bathroom or wood floors make the biggest impact. 2016-08-12T23:28:00Z5838ec40-2b8f-4b35-8906-9f21d5afd641 Cost of Flipping PropertiesFlipping properties is becoming a hobby for more and more people and that is a scary thought. So what do we mean by flipping? You buy a property, do some minor or major renovations and sell it 6-12 months later. Sounds simple enough, but here is the reality, flipping properties only works in a rising real estate market. When prices cease to increase by 10% per year, it will end and fail badly for the inexperienced. Here is why; A flipper has to buy first, there are legal and land transfer costs. Next, they have to carry a property at a cost of 1% per month. Then, when they sell it at the end, they have more closing costs and commissions. Now let's say you spent $50,000 in renovations. Do you really think someone is going to pay you $100,000 for the same renovations? 2016-08-05T23:31:00Z61b25f94-f68d-4c2a-9ec7-3823a429c7d3 Will Vancouver's New Foreign Home-Buyers Tax Affect the Real Estate Market? The BC Government has announced a 15% tax on buying properties for non-residents in Vancouver effective August 1st. The big question is, will this new tax curb property prices in Vancouver?2016-07-27T16:42:00Zbf18609c-7b27-4ba0-937f-bf06c6c90ba6 You Should Know About Witnessing a SignatureWitnessing a signature can sometimes be a problem with newer agents and first time buyers who don't understand the significance.2016-06-22T16:01:00Zbd21f95b-06e6-4004-837c-c23e4c065a74 Real Estate BubbleEveryone is talking about real estate bubble in the Toronto real estate market. The trouble is, no one knows what a bubble is.2016-06-15T16:10:00Z26f7e3d7-5f8a-4695-98e1-b37d1d9152cd Buyers can Learn from the Urbancorp Collapse?This week we want to comment on the failure of Urbancorp as a significant condo developer in Toronto and it being forced into Receivership.2016-05-25T16:16:00Z3499c45e-e9d6-4925-bf0e-fa729b70d812 with a Realtor: Client vs CustomerEvery time you meet an agent today you have to sign a Working with a Realtor brochure, and then you have to choose whether you want to receive Customer or Client service. Many Buyers choose Customer Service. They want to be a free agent with no commitment to any one Realtor. So what’s the problem?2016-05-18T16:19:00Z51d6bde8-36ea-4bc7-8b11-a75e426a9d78 Competition Bureau RulingMany of you already know that the Courts found in favour of the Competition Bureau in a limited fashion against TREB. What does the Competition Bureau ruling mean for the public and for Realtors? The simple answer is not much! Let me explain.2016-05-11T16:26:00Z638757bb-1dd9-45e8-a308-ac191e49d82a Time Real Estate AgentsPart Time Real Estate Agents, they exist in our industry but how do we define them?2016-05-04T16:38:00Z13bc4444-ac76-43fd-a0cb-9d4550361832 vs Common Law in Real EstateEveryone thinks that married legal spouses and common law spouses have the same rights. Not so in real estate.2016-04-27T16:57:00Z19ddfdc1-6720-41f8-a1f6-9d8292119abb Price: The Worst Statustic in Real EstateThe worst statistic most often quoted in Real Estate is the average sale price. Did you know that the average sale price of an area can change when there are no actual changes in prices of any real estate? This is because the mix of sales always changes over time.2016-04-20T16:59:00Z8d9fdfd8-594a-40f1-ab4b-e9899c34c773 Do You Know When the Market has Peaked?How do you know when the market has peaked? That is the magic question that everyone wants the answer to.2016-03-30T17:02:00Za89d97a8-5fbf-47be-8ddc-fcc7d75eaf8e Your PropertyThis week Inside the Real Estate Market we want to talk about the strategy in setting the right list price for your property. Most sellers set a price too high or above the market value. The rational is that they can just reduce it over time and maybe they can get lucky2016-03-16T17:05:00Zb68170c2-1147-4a69-b4e6-c77d4c0d6361 OffersIt’s not uncommon for a Listing Agent in this Toronto real estate market to list a property at a lower price to get multiple offers. The Listing will usually include a notice that all offers will be presented at a set time 4 or 5 days hence. Then one buyer, through their Agent, decides to jump the Que2016-02-24T17:16:00Z576a4f46-e1ed-4c62-a1f1-23c1b4562c0e for Second Time Home BuyersThere is a lot of information out there for first time buyers, but not a lot for second time, or move up buyers. This is because after going through the process once, what else do you need to know? At this point you're a buying expert, right?2016-02-17T17:19:00Z1e7fb6e0-05be-434b-b60e-145141cfcba8 with In Trust OffersIn Strong real estate markets, we tend to see more ‘in trust’ offers. What is an ‘in trust’ offer? In trust offers occur when one person buys a property ‘in trust’ for someone else. It sounds simple enough but there are a few problems that can arise2016-01-27T17:23:00Z6d29ce25-17d9-42c0-b7b9-2a5a0a12cb26 65 Cent DollarHow will the Canadian Dollar affect the Toronto Real Estate Market? As you recall, last year we predicted a 65 cent Canadian dollar for 2016. Now, a 65 cent dollar is not bad for everyone. In fact, it’s pretty good when it comes to real estate, and particularly for foreign investors.2016-01-13T17:26:00Z35ab02b0-7b68-4d29-81b2-63b0c334a209 to Avoid One of the Biggest Buyer Complaints in Real EstateThe biggest complaint we hear from buyers is that the newly purchased property is a mess on the final pre-closing visit. The buyer then goes back and re-reads his offer to purchase and sees that his agent has included a clause that the property will be left in ‘broom swept’ condition. 2015-12-30T17:30:00Z201d710e-498f-4271-976b-41b88b463d4f Seasonal Rental MarketRenting an apartment or a condo used to be a seasonal activity. In Montreal, most people moved on May 1st. In Toronto the market is at its busiest in May and June, then of course for September 1st which is the start of the school year2015-12-16T17:31:00Zf4640b17-615b-4ad4-aefd-2fb8ee72537a PropertiesFlipping properties happens when you buy a property and sell it before you actually take title or own the property. 2015-11-25T17:34:00Zd7aa6b55-0193-447c-b454-b3bc2d723bea Outlook on Canadian Mortgage RatesThe U.S. Federal Reserve Bank has indicated that they will be raising their lending rate in December. A number of experts are telling the public that this is the start of a climb back to significantly higher interest rates.2015-11-11T17:36:00Z94622fab-c09f-462c-8a10-fe0e010cb19c Guarantees for New Condo DevelopmThis week Inside the Real Estate Market I want to talk about rental guarantees for new condo developments. This is the latest trend offered by developers. Usually how it works is a developer will pay the buyer somewhere around 6% per year of the purchase price for a period of two years2015-11-04T17:38:00Za2e8274d-2259-41c9-93f9-700707bb511e Your Company Brand ImportantAll agents seem to think that the key to success lies in ‘personal branding’. Forgotten is the importance of your Company’s brand. 2015-11-02T18:31:00Z3158c9eb-f6b4-4935-ab98-d20db2b3b3cd Condos are Better for the Small InvestorWhile most of our blog posts center on buying a place to live in, this week we want to talk about investing in real estate instead, specifically, why condos are better for the small investor than a detached house. 2015-10-28T19:05:00Z9964c6fb-ae8c-4b94-846f-ecb7281d1a23 Will a Liberal Government Affect the Toronto Real Estate Market?t has been a week since the election and everyone is asking “What will be the impact on the Toronto Real Estate market with a Liberal government majority?”2015-10-28T18:35:00Zbf73ab18-923f-4542-bf1e-1f852d979ce3 is Fueling the Toronto Real Estate MarketThe number one question we are always asked is why is the Toronto real estate market continuing to roll along and be so strong? 2015-09-30T19:29:00Zbd81cba0-2f3e-4f4a-8586-3daee5c2903d AgreementsWhat you sign for is what you get In a strong real estate market there can be situations with multiple offers and pressures for both parties to respond quickly. While verbal agreements can be binding to parties in most industries, they are not valid or legally binding in real estate2015-09-16T19:59:00Z7d3d1912-2dfc-4c38-9ddb-f926199ff53e't be a Secret Agent: Why Social Media is IMportant in Real EstateThis week, Inside the Real Estate Market, I want to discuss social media in real estate. Not how to do it, there are plenty of trainers and programs for that, but why?2015-09-16T19:56:00Z658bee0c-d392-45b5-904e-1bc3a70bd1fe Estate DepositsWhen writing or accepting an offer, one thing that can often go unnoticed is the deposit, more specifically, when the deposit is due. 2015-09-09T20:03:00Z78b38fd4-4bb6-4f61-8c0f-782b1f7b1f6d are Low Mortgage Rates Affecting Buyers?As you know mortgage rates have fallen as low as 0.5 per cent. As lending rates have decreased, lending criteria and documentation has become tougher from our lenders. 2015-08-26T20:05:00Z73e5e232-7c45-4426-a03c-c5f426d8d53b Numbers and the Real Estate MarketThis week I want to veer slightly off Real Estate and talk about the relevance of government statistics and how it should not impact our real estate decisions. 2015-08-19T20:07:00Z2a288a0f-43ad-4430-bbe9-82ea313e9ba3 is Form 801Starting July 1st, Real estate agents are required to keep all offers on properties they list for sale for a period of one year, that’s Bill 55. Next the Ontario Real Estate Association decided to introduce the form 801 to make things easier for all agents.2015-07-29T13:40:00Z0ad6e962-1496-45b6-8ab0-3c7df336b236 the Pan Am Village Impact the Condo MarketToday everyone is talking about the Pan Am Games, but I want to talk about the Pan Am Village and how these condos will impact the overall condo market. 2015-07-15T15:12:00Zed390e59-ad45-4a0c-900d-4cceec16ab64 the Toronto Condo Market Slow Down?More and more people keep asking me, “When will the Toronto real estate market slow down? Will we have a price correction?” If you are Garth Turner, a correction has been about to happen for the last few years. If you bet on that horse, you would still be renting. 2015-07-01T15:16:00Z95908fb9-0011-42df-a896-15b60de41dae SignaturesAs of July 1st, electronic signatures are now legal on all agreements of purchase and sale and agreements to lease. 2015-06-24T15:27:00Z06fa52d2-b83b-44cf-aed9-e569d34b9ef1 55 And What It Means for BuyersBill 55 is coming to Ontario on July 1st, 2015. Bill 55 states that when a REALTOR® is representing a seller, they cannot indicate that they have received an offer unless they have actually received a valid, signed, written offer.2015-06-17T15:30:00Zd54fa041-4df0-4d29-bc2d-c2422aa7b9b7's Million Dollar HousesToronto's Million Dollar Homes (And What it Means) It's official, the average price of a detached house in the City of Toronto is now over One million dollars!2015-06-03T15:34:00Z5bc2f78a-5b51-4787-8fbe-3a3dcb3a9dd6 Mutual Release: What You Should KnowThis week we wanted to take a look at the Mutual Release. A Mutual Release is the piece of paper you need to sign when a deal that has been agreed to will not be closing due to the buyer or the seller not satisfying a condition. 2015-05-27T15:37:00Zadb5bf93-23f8-4926-993c-e20de3056d83 Much Do Realtors Really MakeEveryone wants to be a Real Estate Agent today. Why? When people think Real Estate they think big commissions and easy work. 2015-05-20T15:42:00Zeaeba59b-248a-4432-9b9c-076f7e364174 vs Resale CondosBoth condo investors and agents always ask me whether they should buy pre-construction or a resale condo and the answer is always, "it depends".2015-05-13T15:47:00Z210e0829-bcf8-4cfa-8dfb-63352cdcdedf Used to high Real Estate Pricest looks like Real Estate prices in Toronto are not going lower any time soon. We broke it down into 4 key reasons why you should get used to high Real Estate prices.2015-04-29T16:00:00Z58160883-4ccc-4fe4-a3ba-3c400e9ea096 FeesOne of the reasons why people are hesitant to buy a condo is because of the condo fees. This is a legitimate concern for people who don’t understand what costs are involved. We want to take this opportunity to break down the cost of Condo Fees and show you what you're actually paying for. With condo fees there are three types of costs.2015-04-22T16:05:00Z4df7802b-c67a-48e8-a0c8-5960b791d428 the Real Estate MarketExperts tell you that you can't time the stock market. Those same experts will also tell you that you CAN time the Real Estate Market. So how can you do that?2015-03-11T16:17:00Z5869d89e-3f09-4f74-a701-a7def0f921c2 BrokersToday's saying is "Buy through me, and list for free!" My pet peeve today is Discount Brokers. Today's saying is "Buy through me, and list for free". That sounds like two for one pizza to me!2015-03-11T16:14:00Z098d87ea-c0fa-4b12-a349-600d63f65d01 Generation"To most agents, the 'hot button' in real estate is not Client Satisfaction but Lead Generation" Now I find that no one wants to do it but everyone wants to receive the results! Gone are the days of door knocking and cold calling – 2015-02-25T16:23:00Z8c41ba19-e2f0-48e3-8f25-b35d63af32ef Real Estate AgentsToday I want to talk about rating Real Estate Agents. Rating sites have been around for a number of years, and not just for restaurants, movies and travel. Now you can go online and check out doctors, lawyers and other professions, but not Real Estate Agents2015-02-11T16:26:00Zdf1cd305-63ba-416c-8c8f-0d364ae90616 Debt vs Bad DebtToday I want to talk about Good Debt versus Bad Debt. What does that have to do with Real Estate? Well, all the experts are predicting a fall in real estate prices based on the per capita ratio of total consumer debt to personal disposable income. But, they failed to look at good debt versus bad debt.2015-02-04T16:31:00Z39545080-439c-4ed0-b5a9-e606a5104bb0 Low Mortgage Rates are a Good ThingBank Economists keep telling us that low rates are a bad thing! Why?2015-01-28T16:38:00Z327fb9c3-dc12-464e-b9f5-48b1255a66cd Commentary on House PricesToday I want to talk about the bank of Canada and their irresponsible comments that house prices are 10% to 30% over valued in Canada. As an economist by training, I did read the whole 57 page report on how they arrived at these numbers.2015-01-21T16:49:00Z149938c1-91f3-40ce-bc13-f4f20adae9aa Reasons Why You Need a Realtor to Buy a New CondoRecently the price differential between new and re-sale condos has narrowed and the pre-construction market has become more popular. Unfortunately many choose to buy pre-construction condos directly through the sales office. Today I want to talk about the five reasons why you need a Realtor to buy a new condo.2014-12-31T18:59:00Zbe29a3fc-12dd-42b5-a87b-b1ba4a6f412a Pre-Construction Condos This week I want to talk to you about why the future of the downtown Toronto Condo Market is very bullish. Previously I talked about the statistics, but today I want to talk to those people who are not number crunchers.2014-12-24T19:09:00Z17fced49-97cc-4612-85ea-4455bfc378d1 Future of the Downtown Condo MarketThis week I want to talk to you about why the future of the downtown Toronto Condo Market is very bullish. Previously I talked about the statistics, but today I want to talk to those people who are not number crunchers.2014-11-19T19:11:00Z9cdd9a74-33f6-457e-901e-5f59664a6c0e Your PropertyThis week I want to talk about picking a listing price for your property. As a seller, the list price is the most important decision you will make. It’s even more important than picking a sales person. Why?2014-11-19T14:54:00Ze2768df8-8922-4ff6-8716-742a9817f051 To Track The Toronto Condo MarketLast week we talked about how you can track and forecast the condo market. We said all you need to do is look at three statistics. 2014-10-29T14:57:00Z64396462-486b-4482-8fc5-aa9b23585461 Saleshis week I’d like to talk about assignment sales. That’s a big part of the downtown condo market. An assignment is the sale of a condo before it is registered. 2014-08-27T15:05:00Z8ea845a1-8175-4dda-b5ee-afcfdc1a9767's The Biggest Challenge Facing the New Condo Market in TorontoWhen people say that we are building too many condos because of all the cranes downtown, then you know that these people know very little about the real estate market. The fact is that we need some 20-25 thousand new condo units each year (added together with new low rise construction) just to keep up with the population growth in the GTA.2014-05-28T15:07:00Zc56c7bb5-6f9b-45d8-9163-dd45fb8cdeec Loss Selling for Toronto Condos an OptionTax Loss Selling in the stock market has been common place over the years. People, who have made profits selling stocks over the year, often sell stocks they know will never make money at year end and use the losses from these sales to offset the profits and taxes payable from the winners2014-04-30T15:10:00Z70339843-fec6-444b-b29f-e2395ae7b8c6 One Number Counts in the New Condo MarketUnlike the Toronto MLS, statistics for new condo sales are tracked by four major research companies. In no particular order they are: Barry Lyons & Associates, RealNet Canada, Urbanation, and Housing Lab Toronto2014-03-26T15:13:00Z598ada79-9545-4b83-aab1-ae50cd41cfd0 are the Multiple Offers in the Toronto Market?The media tends to sensationalize multiple offers – especially when the sale price goes a hundred thousand over list. The truth is, very few properties experience a bidding war, except for one particular property type.2013-12-25T15:19:00Z6a05a479-04fa-4d85-9f38-d6f6ad49bb15 Four Basic Rules for Investing in Real EstateReal estate investing does not need to be complicated. If you just follow these four basic rules, you can become financially secure.2013-11-20T15:23:00Z399e01cb-9a11-4071-81e3-4f8f3211d187 Second or City Land Transfer Tax Impacting Sellers not BuyersThere is no doubt that the real estate market within Toronto (416) has been slowed – sales noticeably lower than those in the 905 area.2013-10-23T15:28:00Zb8f6d8f5-eb11-48b4-bf15-9a03f5f835f5 Agent is Known by the Car They DriveEveryone knows that a person will make a decision NOT to deal with you within the first twenty seconds. First impressions are not just important but critical! That also applies to the car you drive!2013-09-25T15:30:00Za632a60e-7ced-44d4-80ac-b1ae705849ee Buyers Want from RealtorsAs Realtors focus on listings, they are constantly improving their Listing Presentation Package. Many have even gone to a Pre-Listing Package, delivered to the seller before the Presentation itself2013-07-31T15:33:00Zed36c5f9-24e1-49c9-a239-62be1455fb62 to Tell if Real Estate Prices are Too High?All the experts – read the OECD, The Economist, and several U.S. Hedge Funds believe that there is a fixed relationship between average family income and residential real estate prices. That’s why they believe that Canadian real estate and in particular the Toronto Condo Market is way over priced!2013-07-24T15:35:00Z2b010117-55a9-4a18-9b60-6920740d9f0f Toronto Property Owners Need to Understand about Real Estate TaxesToronto is the only municipality in Canada with TWO Land Transfer Taxes. That means buyers are paying a disproportionate tax load to operate City services. Who benefits? 2013-06-19T15:37:00Z1ace7f3e-9c16-4dae-8f1c-27981d11b1a5 Real Estate Sales Numbers are IrrelevantWhy is the media, and hence the public and eventually the real estate industry so focused on monthly sale numbers? We know that the media needs regular news and reports to sell advertising. But real estate sales are not neatly packaged in one month intervals2013-04-17T15:39:00Z99494b4c-d7c6-4282-a2ce-ebd96c3d95dc Residential Sales can only go HigherMost experts have been preaching that Toronto has enjoyed a real estate boom for over a decade and that the only direction for the market to go is straight down. Sales for the residential real estate market are primarily driven by population.2013-03-20T15:41:00Z971254a2-916b-4e92-9479-8f241f9082ad Insiders View of the Toronto Condo Market for 2013First, there are a lot of buyers for condos right now. We know that because most of our agents are working with at least five clients who are pre-qualified. But these numbers don’t show up anywhere in the market place.2013-02-13T15:48:00Zf6576b32-d37b-457f-a075-0e76c429ae4d to Spot a Real Estate Market Turn Around in 2013 Real estate sales are very seasonal – we have the spring and fall markets, winter can be slow and then there are the summer doldrums. In fact sales from the slowest to highest month can vary by 250% in a single year. 2013-01-30T15:50:00Z108a1112-e39a-45d9-b492-3d7af5f47e05 CMHC Rules Changes Will Impact the Toronto Real Estate Market The MostThe Media and Governments all want pre-construction or new condos geared to End Users. For some reason, Investors are blamed for all the perceived shortcomings of today`s market place. Investors buy condos for rental income and capital appreciation. So here are the facts2012-12-19T15:52:00Z9e1066dd-0904-4942-b2e8-c9abd9f50c00 Toronto Condo Rental marketThe first part of our Blog pointed out the key difference between Good Debt and Bad. Good debt is that which produces an income or is used to purchase an asset that will appreciate over time. For example: borrowing money to invest in stocks, a business, and real estate.2012-11-28T15:55:00Zd6f6b6f5-4779-484f-b99b-cc869c4762cd Debt VS Bad DebtThe current focus of both Mr. Carney and Mr. Flaherty of our Federal Government seems to be: the ratio of consumer debt to disposable income: now sitting at 162%. This is at an all time high and both seem convinced that this will lead to a major housing correction and consumer bankruptcies.2012-11-21T15:59:00Z23929e32-0a7e-4350-9791-581e3f406f7f's Not Panic About Today's Condo MarketMany of you are concerned about the slowdown in our market – particularly condos. Those who have been in the business for a considerable period of time would describe this as a pause! For those who have been with us for over a decade, you can recall a number of pauses – this market has not been going up unstopped for the last twelve years. 2012-10-31T16:01:00Z9eafc052-a999-428d-a7f2-d0a5aef8ebb3 They Don't Tell you About Getting a Mortgage for a New Rental CondoEveryone gets excited when they buy a new condo from a developer on day one. Over the next few years it appreciates nicely. Now you are ready to close and rent it out. You apply for a mortgage and then the fun begins!2012-10-24T16:39:00Zfff53019-df70-4e1b-968d-eb598c705864 Debt VS Bad Dept. Part ll: The Fallicy of 162The first part of our Blog pointed out the key difference between Good Debt and Bad. Good debt is that which produces an income or is used to purchase an asset that will appreciate over time. For example: borrowing money to invest in stocks, a business, and real estate2012-10-24T15:57:00Z405b9ec0-d6ab-4029-b269-2edeb72f1015 is it Hard to Find a 3-Bedroom Condo in Downtown Toronto?The problem in finding a three bedroom condo for owners starts at the pre-construction development stage. The lead time in Toronto, from pre-construction sales, through actually building the condo project, to Occupancy, and finally Registration with a mortgage is four years!2012-10-10T16:40:00Zbeff55cd-12bf-40ea-b16d-da8c480457c4 VS Renting: What the Media Does Not Tell YouThe Property: a junior one- bedroom with locker and no parking on Bay St. It sold for $270,000 in July of 2012; or it can be rented for $1600. Buyer puts 5% down ($13,500) and has a five year fixed rate mortgage of $256,500 at 3.09% So why do the experts recommend renting over buying right now?2012-09-19T16:03:00Zc546f7f0-4024-464f-85e8-4074b8c1f93b Land Transfer Tax-Not as Bad as it AppearsThe experts, led by the Bank of Canada, have been telling the public that when interest rates rise by 2or 3%, we will all be losing our real estate properties. But before we jump off that bridge we need to look at what the interest rate market is telling us about future rates.2012-07-18T16:08:00Z326cbebe-fd5c-4b90-8e30-aa526c688d18's Wrong with the Toronto Condo Market? The Rents are too LowWhile it is true that sales are slightly lower in 2012 than in 2011 and that condo prices have levelled off since January; this is not a signal that the condo market is about to come to an end. The key point to make is that people still want to live downtown and the numbers will only grow over time. 2012-07-18T16:05:00Zbd6b4892-a3ea-4dbc-8271-d99ae9cb6a9e the City of Toronto Land Transfer Tax is a Problem Part llIn our previous Blog we pointed out that the City of Toronto Land Transfer Tax was really a pre-payment of property taxes. Residential taxes in Toronto are anywhere from 20 t0 40% lower than taxes in 905 for a similar priced property.2012-07-11T16:07:00Zc47f7f16-7b31-45c1-b03e-86047f1d9377 the Fear About Rising Mortgage RatesThe experts, led by the Bank of Canada, have been telling the public that when interest rates rise by 2or 3%, we will all be losing our real estate properties. But before we jump off that bridge we need to look at what the interest rate market is telling us about future rates.2012-06-20T16:10:00Ze94f0625-0df8-4d03-8055-1aea00254170's A Lot to Like About the Condo Resale Market in Toronto Long term our condo resale market is in great shape. Granted the pre-construction market will have to reinvent itself but that’s another story for another day. First off, transportation problems are great for our market.2012-05-23T16:11:00Zefcb344c-2994-4f6f-b0d5-c62a36f4facb Toronto Condo Market Still Poised for Long Term GrowthMost experts are worried about the long term condo market in downtown Toronto. They see all the cranes and ask where are all the buyers coming from?  And they think that everyone is buying with 5% down and that the first increase in interest rates will cause the market to tumble.2012-04-18T16:22:00Z4fe02d25-9209-4836-a6c3-9fa70b9efaa0 the Coming Changes to the Toronto Condo MarketThere are big changes underway in the downtown Toronto Condo market: not just in the number of cranes that dot the sky, but in the underlying economics. This will be the last year of the pre-construction boom in condo sales! The developers know it!2012-03-21T16:24:00Z125b3d9f-4d56-44d2-aa4e-3374b07457ef VS RRSP'sWith the RRSP deadline days away, it is time to contribute again. Year after year we do the same thing – and we get the same result. People cannot save enough to retire and if you do not have a defined benefit plan – read government and teachers – you are screwed!!2012-02-22T16:26:00Z1dcd57a2-23ff-4905-adac-dc9bc6a991b9 About New Year's Resolutions-Focus on Five Keys to Grow your Business1) How good is your Contact Management System? You need a 100 people – not names but people who you have qualified that have used you or will use you in the future! TO HELP: Two FREE options: you can use TREB2012-01-18T16:33:00Z92a262f9-9317-44cb-ac5e-5386dbaf9976 Do Developers Charge $800/sf For Pre-Construction Condos In TorontoThe simple answer is because they can and there are enough people who will blindly pay it. But do the math – from both potential buyers (just investors) and the developers’ point of view. For investors, when they buy at $800 they are betting or guessing that resale prices will be at that level in four years.2012-01-18T16:31:00Z2d973c31-fc7e-4b38-a0b9-f98d6fb8cd0d Cares About Real Estate Forecasts?Everyone wants to be a real estate expert. In order to be classified as an expert, you have to be able to make a real estate forecast. Many of the experts keep changing or updating their forecasts to ensure that they are never or rarely wrong. Hence annual forecasts start in January and we get weekly updates.2012-01-11T16:35:00Z53af40a6-2a8a-4bce-81f1-f66f95f012ab a Home is Like Buying GroceriesEveryone gets excited when they buy a new condo from a developer on day one. Over the next few years it appreciates nicely. Now you are ready to close and rent it out. You apply for a mortgage and then the fun begins!2011-12-21T16:37:00Z7f57628e-ee97-448a-9412-797a91b52951 High can Toronto Condo Prices Go?As many of you know, we have long extolled the strength of the Toronto Condo Market. On many occasions we have criticized the logic of those calling for a major price correction over the past five to ten years. However, while we see no prospect of a major price drop, we do have the feeling that we are reaching the top of the mountain and there will be a levelling off of prices for 12-24 months2011-09-28T16:42:00Z57e1d6c0-5c8f-4d2c-af6b-c72b136e8015 in Simplifying House Market ForecastsThis week the Globe and Mail published another article from Capital Economics saying that the House Market was bound to collapse with house prices falling by 25%. I feel sorry for people who have to read this overly simplistic view and hope that they do not follow Mr. Madani’s advice and run for the hills.2011-09-07T16:44:00Z0ab6ba73-411f-4beb-b6c1-95739ae141f5 Rise in Toronto Condo Market-Not ReallyOur Company has been selling condos for over a decade in Toronto. Looking back, everyone believes that the condo market has gone straight up and the good times just rolled on – uninterrupted. However nothing could be further from the truth!2011-07-27T16:46:00Z971e864e-1723-4cec-bf76-e45afc66fa1a's the Price of Gold got to do with Toronto Real Estate?Everyone keeps talking about the Toronto Real Estate Market in terms of a real estate bubble and a price correction. Nobody talks about a gold bubble and a possible price correction for gold. Why not?2011-07-20T16:48:00Za751338e-93eb-4075-86a1-e82017c69f2b to Forecast a Drop or Price Correction in Real EstateBefore we get to the ‘how’, we are always surprised at ‘why’ so many people keep calling for a price correction for the real estate market. Most forecasters know that calling for more of the same – stable to rising markets does not sell newspapers, books, and speaking engagements. All the press goes to those who forecast the end of the world.2011-06-08T16:50:00Z4330786d-900d-4054-be4a-821da7feb1d2 Condos Still the Best Buy for the FutureMost experts and economists continue to forecast a market correction with condos being the most vulnerable. But when you weigh the factors, condos keep coming out on top! People have less money to spend with rising gas prices taking even money out of consumers’ pockets.2011-06-07T16:52:00Zc87e781a-43a2-4626-85b6-10bb35cc1c8f the Toronto Real Estate MarketSince the so called experts keep missing on the market, and the main stream media keeps publishing these errors, we decided that the only way to deal with these misconceptions is with humour.2011-03-16T16:55:00Z8ca3c854-2d95-401f-8fea-4b7bc256c6d9 Some People Mistakenly Think the Toronto Condo Market Will FailFirst, negative news always sells. No one in the media wants to publish good news because it does not sell. That’s why anyone who forecasts that the ‘end is near’ will always get the headlines. When you try to tell the story that things are moving along well or doing well, it just gets passed over.2011-03-09T16:57:00Zc6f4281c-edd3-40ca-ab0d-e624e2f365c2 Consumer Debt Concerns Should Not be Directed at the Real Estate MarketWe are the first to agree that current levels of consumer debt are too high and need to be curbed. However it seems that the Government is focusing solely on the Mortgage Market. 2011-02-16T16:59:00Zfdc6704f-adcc-4f09-a3bd-27deae074a1d of the New CMHC Mortgage Lending Rules on Condo MarketMore changes have been made by the Federal Government  to CMHC lending practices. Note that these rules do not apply to mortgages that are conventional (under 80%). The first change is to mortgage refinancing. Now existing owners can only refinance to 85% from 90% previously.2011-01-19T17:01:00Z1bf51316-02ae-4244-ad68-9c706846c04e the Toronto Housing and Condo MarketMost experts try to analyze the Toronto housing and condo markets on the basis of interest rates, affordability (incomes), and listing inventory. But they miss the key factor driving the Toronto market.2010-12-29T17:03:00Z121d409d-a1fe-4e9c-9740-7950aa5068f0 Estate Surveys on the Condo Market-Can You Rely on Them? In the past month, I have been asked by a research company, a big five accounting firm, and an economics group to participate in real estate surveys. Each survey was 20 minutes long. Two would be over the phone and one was an email questionnaire2010-12-22T17:07:00Zf8b8f204-a24b-4e57-92b8-ced8f3e1acc2 the Canadian Real Estate Market In the past month, I have been asked by a research company, a big five accounting firm, and an economics group to participate in real estate surveys. Each survey was 20 minutes long. Two would be over the phone and one was an email questionnaire.2010-12-15T17:05:00Z578feec8-0481-4f51-84f9-16344c8d13b0 Condo Prices are Rising TodayThe Bank of Canada and most experts are blaming low mortgage interest rates for the stampede to the market by buyers which has seen condo (and most Toronto area markets) experience prices rising by more than 1% per month.2010-10-20T20:27:00Zfa967699-c4d9-4b71-9795-d6710ea78477 and Real Estate Markets Defy ExpertsWe have been tracking sales since July – the month that Armageddon was supposed to hit the real estate market. Sure sales volumes dropped significantly from June.2010-10-06T17:08:00Zb0b7b59a-dbe1-4aed-b473-807a6fd69936 Condos Versus Resale Condos, Which is Better to Buy?The whole focus of media today is whether buying a condo is a good investment or not. Since real estate investment has outperformed the stock market in the last ten years, investment gurus have been desperate to down play real estate (vested interest?) and try to outdo each other with predictions of a real estate bubble.2010-09-23T17:12:00Zb68c6fa0-af99-44f4-b758-6fe632f4b1a3 and Cons of Selling AssignmentsROS AND CONS TO SELLING BEFORE REGISTRATION - ASSIGNMENT: 1. The 'first buyer' will save the Land Transfer Tax with a transfer of their 'interest'. 2. The 'first buyer' will usually have to pay either an admin or transfer fee to the developer for the right to transfer their 'interest'. 2010-09-19T19:52:00Z2e03b9e4-6121-4d88-a400-1ffc64bb66cb Condo Market is Changing in Toronto  While new condo developments continue to sell out, the buyer mix is changing. Developers think they know their buyers but they don’t! Most buyers for new projects are brought in by real estate agents – they don’t just show up at the new sales centre.2010-09-14T17:14:00Z706b473c-344f-4548-a544-69bc2010d8b2 Reasons Why Economists Can't Forecast the Real Estate MarketTHERE IS NO SUCH THING AS A ‘NATIONAL’ REAL ESTATE MARKET Economists like to talk about a national market because it makes good media copy. Unfortunately, the last time we checked, housing is not a moveable product. And people don’t move across Canada much either2010-09-10T19:57:00Za99e6e50-19cf-45b4-8511-b40ad513eace You Want to Lose Money In Real Estate, Follow Baby Boomer Media!On Monday we were saturated in the newspapers and on TV by forecasts of a 10% decline in real estate values which would then be followed by a stagnant real estate market for the next few years. This delivered from the mouths of bank economists.2010-09-09T19:59:00Z3fb9d815-ec74-43f1-bcf9-33096a18785a are We Not Surprised That The Real Estate Market is Slowing? emember when the economy was growing nicely in the first quarter of the year and everyone was excited? Now the economy has stalled and we have net job losses in July! What’s the problem you ask?2010-08-25T20:01:00Ze5d365a7-b0a8-474f-9c84-01aefe8e28ad Sales is a Twelve Month a Year BusinessThis market is a hard one to read. What we do know is that there are a lot of listings on the Toronto Real Estate Board and the biggest surplus sits in the downtown condo market! We also know that there are a lot of buyers sitting on the sidelines – waiting for the good deals to appear2010-08-18T20:03:00Z46d7d3a0-fbe2-4843-9f4e-92dd713199b6 Real Estate Markets-How Can We CompareThe Scotiabank Group has just released a study on housing markets around the world for the First Quarter of 2010. While I personally hate average prices and price changes by country (I am a much more of a micro type – condos in particular), 2010-05-26T20:05:00Zc4d637ef-a704-460e-850c-ce21ede6764f is the Condo Market HeadingEveryone thinks the condo and Toronto real estate markets will end come July 1st. Not so! The market is already changing now – ahead of July 1st2010-05-12T20:07:00Z27215caa-8cdc-4195-bb26-ee1bfa3dd68f Banks Want to Slow Down the Real Estate/Condo MarketWhile most people place the blame, or credit, for CMHC changes to lending practices scheduled for April 19 with the Finance Dept., it was really the banks who lobbied for tighter rules. Making buyers qualify at the posted five year mortgage rate seemed straight forward (buyers were already being qualified at the three year rate previously)2010-04-14T20:14:00Z337d84c6-14b6-4a5b-a9db-e12de4b21bb6 Condos are Best for PensionsPensions are becoming a hot item as baby boomers start to retire and soon figure out that they have not saved or accumulated enough assets to retire. The real problem is that people cannot save enough to retire and if you do not have a defined benefit plan – read government and teachers – you are screwed!! 2010-04-14T20:08:00Z56bab255-c358-437d-90e9-39cb2ebff253 Real Estate and Condo Prices Really Fall by 20%Just read the article in the Saturday Star where an economist predicted that prices could fall by up to 20% later this year. I am embarrassed to admit that I am also an economist by training but a Realtor by profession2010-04-07T20:09:00Z8fac5959-fb06-4d25-8329-436d10faf5de Condo Prices Sustainable?Whenever a market is performing well, there are always people ready to downplay the results. Last weekend the Toronto Star ran an article showing how cheap Florida real estate was in comparison to the Toronto market.2010-03-31T20:16:00Zcabc9851-35f1-4ac2-b9c1-d6d65d41ec3d Trying to Put a Fork in the Real Estate MarketMy last rant – I mean blog on mortgages pointed out the fact that the Federal Government had introduced new rules for CMHC Mortgages. One of the new rules coming into force for April 19 was that borrowers had to qualify at the five year mortgage rate, regardless of the term of the mortgage for which they were applying. But no one knew which five year rate to use. 2010-03-17T20:17:00Z39c639f1-8dd0-4a96-8e29-3e50750eacee You Want to Lead or Follow the Real Estate MarketI have just read another article by so called economists who present themselves as real estate experts. Now they are telling us that 'seasonally adjusted' real estate sales were lower in January across Canada.2010-03-03T20:18:00Zd3a78c0e-5d43-44c8-b0a9-79eaeedda762 Announce Changes to Mortgage RulesChanges announced by the Federal Finance Dept. are intended to ensure that the real estate market does not experience a crash because they fear that the public has overextended themselves in terms of their mortgage commitments.2010-02-24T20:19:00Zdf93462f-bf29-42e7-a160-2c68d015abbc Bureau Gets Into Real EstateThe Competition Bureau has decided that real estate needs more competition and lower fees. They have not said if that will affect service but they are sure that is what consumers want. The proof will be sometime in the future2010-02-09T20:21:00Zc78b6765-4d16-425e-b436-cc6f02ab87ed New Option for Condo BuyersWith a lack of condo listings, potential buyers are often forced into 'multiple offer' scenarios. And who can blame them for not liking the situation. Another option is looking at the Assignment Market. 2010-01-27T20:23:00Z5ca476d5-9e16-4c83-8691-9cbe829e2b65 with a Discount Real Estate BrokerThis month our Company completed our first deal with a discount broker from out of town. They were members of the Toronto Real Estate Board and so had listed a condo townhouse for sale that one of my salespeople showed to her client. 2009-12-30T20:25:00Z401a0666-3f50-4971-8578-9ab2f6b4434d Real Estate Sales up 20%, Can it Last?Now that 2009 sales have beat the experts again, these same experts are now telling us 'it cannot last'! Remember they missed the bottom of the market in February ( we called it in early April), then the spring market was simply deemed the 'false up' and the fall market would just drop back2009-10-14T20:28:00Zbfd7be30-86ec-4447-99a4-de4eec9cbfb9 Bloor Condo UncertaintyWill One Bloor be built or not? Who cares, except for investors who believe this will be the definitive condo in Toronto. Now that 15-20 floors are to be lopped off, if it is ever built, the project is fast losing its luster.2009-09-30T21:00:00Z12b38761-16ac-43e9-be01-a9dbd69c2382 Toronto Condo Market Support New York Prices?A recent report by Prudential Douglas Elliman looked at Manhattan studio (bachelor) prices from 2002-2011. It found that in the Upper East Side, the average size was 478 square feet and the average price was $739 per square foot.2009-09-11T16:27:00Z7aa2a7b1-b0c5-49e5-b6d7-eb8fa1f600fa Market Looks Good for AllAugust numbers are out from the Toronto Real Estate Board. Sales were just over 8,000 units -27% higher than August '08. For September, we are forecasting 7,500+ units. Compare that to 6400 units in September '08 and 6,900 units in September '07 ( the record sales year on TREB).2009-09-09T20:34:00Z03e65353-9e4f-488c-8aba-6250eca33abb Comparing Real Estate Market to 2007 and not 2008!All year we have been looking at sales statistics in comparison to last year - 2008. With July sales 28% higher than the same month last year, and year-to date- sales almost dead even, it is a certainty that this year's sales will outperform 2008 by year end. Last year the market started to collapse by the end of September and the signs were already telling by that time. We had 26,000 active listings and we added 15,000 new listings that July.2009-08-11T20:59:00Z23c031ac-7648-47d6-aac5-ea074a04ebed does VIX Index have to do with Condo Sales?The answer is nothing! The stock market has become a game and has little to do with investing in public companies anymore. Instead of buying/investing, you can 'short', buy derivatives, and just about any index2009-07-21T21:16:00Z3d54ed64-7991-4e0b-b63f-c5c1dd7f325b Drive GTA and Condo SalesA recent study by Scotiabank says that new immigrants will be an important driver of the housing industry, particularly in cities such as Toronto. The study was based on information from the MOST RECENT CENSUS in 2006 which is just now getting released! And it is now appearing in newspapers.2009-07-15T21:18:00Z3e487905-2989-45f1-bb07-5b445111bc2c will this Condo Market Slow Down?June will be a record month for sales this year. Multiple Offers on just about every single listing under $400,000 is the norm! When will it slow down?2009-06-11T21:20:00Z7200f253-e4e5-47bb-af6b-de23c6b36b20 Market is Strong but is this the 'False Up'?As condo sales start to accelerate, doubters can no longer deny that the market is crashing. Instead the doom and gloomers are now calling this just a 'false up'. In other words, they want you to believe that this is just a temporary recovery before the market heads down again. What do they use to prove their point of view? Just that there is a world wide economic recession and the fact that it is time for real estate to decline after an eight year run.2009-06-03T21:26:00Z7cdb3262-272b-45c5-bd54-0b7fa4653a49 Condo Market Showing LifeThe First Quarter of the year was nothing less than a disaster for new condo sales in Toronto. But this past week, our Company is suddenly doing sales for our clients with developers again. And on one development, Realtors actually lined up like the old days!2009-05-20T21:28:00Z4d3d41af-073c-4494-b3d8-57920684ea8e Home Sales ImprovingWhile our primary focus has been on the Toronto market, and particularly condo sales, the U.S. market is also starting to improve as well. The National Association of Realtors in the U.S. reported that new sales (pending) increased 3.2% in March over February (less seasonality then Canada) and were up 1% over the same month - March of 2008.2008-05-28T21:31:00Z