October 2009 – TREB Reports Strong Growth in October MLS Transactions

In October 2009, Greater Toronto REALTORS® reported 8,476 sales, up 64 per cent from October 2008. The average price for October transactions was $423,559 – up by 20 per cent compared to the same month last year.

“Strong sales growth has occurred across many property classes – from price ranges that would attract first-time buyers to luxury properties selling for over one million dollars,” said TREB President Tom Lebour.

“The highest rate of sales growth in October was experienced for properties selling for over $750,000 dollars. In contrast, luxury home sales declined at an above-average rate last year.”

Year-to-date sales, at 74,721, were up nine per cent compared to the first ten months of 2008. Average price, at $392,264 was up by almost three per cent.

“After a short dip in the winter, the average home price in the GTA has rebounded because sales have been high relative to listings,” according to Jason Mercer, TREB’s Senior Manager
of Market Analysis. “Watch for listings to rebound in 2010 as home owners react to the strong sales and price growth experienced in the latter half of this year.”

Median Price

In October, the median price was $357,000, from the $312,000 recorded during October of 2008.

Kirby Chan
Sales Representative
Forest Hill Real Estate
info@kirbychan.com
www.KirbyChan.com
416.305.8008

By the way… I’m never too busy for your referrals.

So you want to live in Summerhill?

In my next few blogs I will be introducing the neighbourhoods surrounding my Forest Hill Real Estate offices, ending with Forest Hill as the last featured neighbourhood. Today we’ll be looking at Summerhill, just south-west of Forest Hill.

Summerhill is located at Yonge Street and south of St. Clair Avenue. It is one of the premier neighbourhoods in Toronto to live in. It’s so close to downtown Toronto but still retains its original charm.

If you are planning to explore the neighbourhood, I suggest going for lunch on the weekend. You can park on the street at Balmoral Avenue or Farnham Avenue. My favourite restaurant in the area is Terroni – Traditional Southern Italian Food located at 1 Balmoral Avenue. Try the Pizza or Pasta, you can’t go wrong here.

After lunch, work off the great food by walking south along Yonge Street and browse the various furniture  stores. You can also stroll over to the LCBO, which was originally the North Toronto Railway Station.

As of October 1st:

Rowhouses in the area start at $750,000.

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Detached 3-storey Dwelling starts at $850,000 and goes up to $2,700,000.

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Triplex starts at $940,000.

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15-year old, over 3300 sq.ft. starts at $1,290,000

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Condos at Rosehill Avenue starts at $480,000.

Condos at 1 Balmoral Avenue starts at $1,100,000.

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For a list of current listings in the Summerhill Area, please contact me.

Kirby Chan
Sales Representative
Forest Hill Real Estate
info@kirbychan.com
www.KirbyChan.com
416.305.8008

By the way… I’m never too busy for your referrals.

Blogging From The Iphone

Just installed the wordpress app for my iPhone and testing it out.

Right now I’m in one of the Times Condominium. Here is a photo of the Richmond Hill skyline.

I’m going to try blogging on the iPhone this month. Please leave comments and let me know what you think of them.

Recond Sales In July

In July 2009, Greater Toronto REALTORS® reported a record 9,967 sales, up 28 per cent from July 2008. The average price for July transactions was $395,414 – up by six per cent compared to the same month last year.

“Households confident in their positioning within the current economic environment have taken advantage of housing affordability in the GTA,” said TREB President Tom Lebour. “The real estate sector has been one of the sectors making a positive contribution to economic growth in the GTA, not to mention Ontario and Canada more broadly.”

Year-to-date sales, at 50,632 are down 1.2 per cent compared to the first seven months of 2008. Average price, at $385,808 is down by less than one-half of one per cent.

“The steep drop-off in sales experienced at the beginning of the year has all but dissipated,” explained Jason Mercer, TREB’s Senior Manager of Market Analysis.

“With five months left to go in the year, it is probable that total existing home sales in 2009 will be at or above last year’s level.”

Median Price

In July the median price was $339,900, from the $325,000 recorded during July of 2008.

Source: TREB

Sales are high, supply is low. What more can I say, it’s a sellers market.

Thinking of selling? Nobody knows how long this will last so take advantage of this and give me a call to sell your property for top dollar.

Kirby Chan
Sales Representative
Forest Hill Real Estate
info@kirbychan.com
www.KirbyChan.com
416.305.8008

By the way… I’m never too busy for your referrals.

2009 Property Tax Rates for GTA

I found it troublesome looking for the tax rates of several municipalities. So, here it is in a convenient chart.

The tax rate and the assessed value of your property are used to calculate your property tax.

If you have any questions than please email your favourite neighbourhood Realtor, Kirby and I will send you the relevant MPAC literature.

Kirby Chan
Sales Representative
Forest Hill Real Estate
info@kirbychan.com
www.KirbyChan.com
416.305.8008

By the way… I’m never too busy for your referrals.

P & G Procter and Gamble Warehouse Sale – NEW DATE AUG 29th

* UPDATE – NEW DATE ADDED AUG 29th. This is a charity sale, with proceeds going to the united way. I will be there volunteering. See you all there!

To my valued clients, here it is. The long awaited P & G Warehouse sale. It’s a new location this year so please take note it’s now in Pickering.

Please refer me when your friends and family are looking for a real estate agent. Providing outstanding service is my top priority to my clients.

Now go get some good deals!

Kirby Chan
Sales Representative
Forest Hill Real Estate
info@kirbychan.com
www.KirbyChan.com
416.305.8008

Parkview Towers – 37 & 39 Galleria Parkway

Parkview Towers is located just south of Highway 7 in between Leslie Street and Bayview Avenue. Easy access to Viva Bus Line on Highway 7 and minutes to Highway 404 and Highway 407 by car.

Sizes range from 589 sq.ft. one bedrooms to over 1,300 sq.ft.  penthouse units.

At the moment I have a large one bedroom with one bathroom unit for sale.

Large One Bedroom 613 Sq.ft. + 55 Sq.ft. Balcony

It has unobstructed southern views overlooking future park. Open concept modern kitchen with granite counters, centre island and stainless steel appliances. It is a bright and spacious unit with 24 Hrs Concierge, Indoor Pool, Billiards Room, Sauna and Exercise Room.

1 Parking / 1 Locker

Asking Price – $230,000 – SOLD – 2 days on the market. $223,500.

Please contact me to view the unit.

Please contact me if you would like to sell your unit.

Kirby Chan
Sales Representative
Forest Hill Real Estate
info@kirbychan.com
www.KirbyChan.com
416.305.8008

By the way… I’m never too busy for your referrals.

Best June on Record

This past June has been an amazing and frustrating month. Sales went through the roof with an increase in average sales price and number of homes sales. Multiple offers are back and buyers are pushing for new highs in a few key areas.

The chart to the left is the Single Family Residential Breakdown. It shows an increase of sales, a reduction in supply and less time to sell a house.

In June 2009, Greater Toronto REALTORS® reported a record 10,955 sales, up 27 per cent from June 2008. The seasonally adjusted annual rate of sales in June was 100,700.

“The record result in June is testament to the fundamentally sound housing market in the GTA,” said TREB President Tom Lebour. “An increasing number of households have been confident in purchasing a home in the region’s affordable and diverse resale housing market.”

The average price for June transactions was $403,972 – up by two per cent compared to the same month last year.

“The re-emergence of seller’s market conditions has exerted upward pressure on home prices,” explained Jason Mercer, TREB’s Senior Manager of Market Analysis. “Look for sales to remain high relative to listings in the second half of  the year. This will keep home prices growing.”

Median Price

In June the median price was $345,000, from the $335,250 recorded  during June of 2008.

Source:  TREB

Have you been thinking of selling your home? Do you know how much your home is worth? Give me a call and we can discuss how I can help you get the most out of your home.

Kirby Chan
Sales Representative
Forest Hill Real Estate
info@kirbychan.com
www.KirbyChan.com
416.305.8008

By the way… I’m never too busy for your referrals.

Buying a Home in Today’s Market.

Some of my clients are looking to buy a home in this market where nobody knows if the market is going up or down. What I sense is that the supply at the moment is quite low. So I tell my clients that if they find the house that they like than just put in their best offer. Everytime I work with my clients on an offer I ask them, “‘If someone buys the house for $10,000 more than you, how would you feel.” This is one of the ways I can find the maximum amount my clients are really willing to pay for a particular property.

Many of my clients are worried about multiple offers and having to bid higher for the homes. That is where the news media are really being trouble makers. Remember when property prices dropped slightly, the media said it was the lowest in 20 years. And just recently the market recovered slightly and the media made it out like there was a buying frenzy and concentrated on a sale that had 20 offers. Do not be affected by the media and do not be affected with people saying, “There’s been 20 showings on so and so property on the first day of showing”. Hype is generally just hype. I had one client that was not going to put in an offer because of that. My advice was to put in an offer with an amount and conditions that they were satisfied with. I said, “Maybe someone outbids you and maybe not. If you don’t try, you can’t buy.” In the end we put in an offer and it was eventually sold to someone else that paid in my opinion way above market value.

If you know anyone that you think will benefit from my services, please either send them my contact information or contact me about your referral.

Kirby Chan
Sales Representative
Forest Hill Real Estate
info@kirbychan.com
www.KirbyChan.com
416.305.8008

By the way… I’m never too busy for your referrals.

Are Condos Right For You?

Should I Buy a Condo?

As single family home prices have risen, many consumers have been looking to condominiums as an alternative. First time buyers like the lower prices, which makes entry into the real estate ownership market easier. Seniors like the low maintenance aspect and the ability to be in a community catering to their lifestyle. Others like the security advantages that the building provides, especially for those who travel frequently.

Condo Concept
When you purchase a condominium, you purchase and have title to your individual unit in a multi-unit property, and share in the ownership of the land and other common property with all the other unit owners.  The type of common property varies depending on the type of condominium – high rise or townhouse for example – and would include hallways, elevators, heating system, parking structures, landscaped areas, recreation areas etc.

A condominium is a specific form of ownership and does not describe a type of building.

One of the great advantages to owning a condominium is that in most cases, it is owner-occupied and owner run.  Owners ensure their investment is maintained and regard improvements as an investment which increases the value of their individual unit.

Advantages and Disadvantages of Condo Ownership

If a winter holiday is part of your lifestyle, you can leave with your mind at ease, without the worry of a driveway to clear. In the summer the grass will be cut, you won’t have any exterior painting projects or fence repairs to look after.

Condo projects are now part of most communities which means being able to stay in the same location where you were a homeowner.  Some condo projects are more successful than others in terms of capital appreciation and length of time to sell. Here are some of the advantages and disadvantages of condo ownership:

Advantages

• protection from rent increases
• monthly cost of owning is often less than renting
• easy financing
• wide range of property types, prices, locations, sizes and amenities available
• availability of amenities such as swimming pool, tennis courts, hot tubs, saunas, whirlpools, exercise facilities, health spas, sun decks, community rooms (the cost of which may otherwise not be affordable)
• you are investing in your own home and build equity
• appreciation of capital value
• pride of ownership
• freedom to make interior changes and enhancements to your unit
• enhanced security availability and peace of mind when leaving unit unattended
• maintenance and upkeep is kept down or eliminated
• security of tenure and permanent occupancy
• cost is often less than single family home due to efficient use of land and economies of scale
• very marketable
• wide range of prices depending on features, luxury and location
• sense of community due to permanence of residents and resulting social activity
• developments available geared to a specific lifestyle (restrictions on age, pets, children etc.)
• participation of owners in operation of development including budgeting, decision making, determination of rules and by-laws.

Disadvantages

• some loss of freedom may be experienced due to rules and by-laws e.g. type of pets allowed, right to rent unit etc.
• due to a larger concentration of people you may experience problems with the “5  p’s”, pets, parties, parking, personality and people.
• money is tied up in equity
• you may be paying for some amenities you never use
• boards of directors vary in terms of skill and effectiveness

I can help you decide if you are a right fit for living in a condominium. Contact me and I will help you assess your needs and concerns.

Kirby Chan
Sales Representative
Forest Hill Real Estate
info@kirbychan.com
www.KirbyChan.com
416.305.8008

By the way… I’m never too busy for your referrals.