Power of Sale listings for Toronto and GTA – May 21

The number of power of sale listings has decreased by about half since the last Power of Sale post. Taking the Mid-May report into account, it appears that we are in an equilibrium with a balanced supply of buyers and sellers. This is a great time to buy and/or sell.

Let’s take a look at the current power of sale listings.

Power of Sale Listings for Central/North Toronto

Freehold/Condominium properties please - click here -

Power of Sale Listings for East Toronto

Freehold/Condominium properties please - click here -

Power of Sale Listings for West Toronto

Freehold/Condominium properties please - click here -

York Region (Richmond Hill / Markham / Vaughan / Aurora) – There are very few Power of Sale listings for the towns in York Region, so I have grouped them together.

Freehold/Condominium properties please - click here -

Mississauga & Oakville

Freehold/Condominium properties please - click here -

For other areas in the GTA, please request it by emailing me and I will email the listings to you.

Please contact me to discuss any of the power of sale listings.
Please contact me to list your property for sale.

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.

Toronto Real EstateKirby ChanToronto Power of Sale

Greater Toronto Resale Housing Sales Up in First Half of May

Greater Toronto REALTORS® reported 4,561 transactions in the first half of May – an increase of three per cent compared to May 2008.

“Members reported a rise in buying activity this month,” said TREB President Maureen O’Neill.
“Many home buyers who were undecided about purchasing a home during the winter months are now proceeding with confidence as a result of the GTA housing market’s affordability.”

The average price for MLS® sales was in line with last year, down by less than one-half of one per cent at $399,811.
“More sales and fewer listings resulted in tighter market conditions which pushed the average selling price back up to last year’s level,” according to Jason Mercer, TREB’s Senior Manager of Market Analysis. “Look for new listings to increase as home owners react to the positive news surrounding home sales and prices.”

In this Mid-May report, we see more positive news for the first half of May. The important point is the increase in number of transactions and a slight decrease in average price. In my office we are seeing multiple offers biding for our listings.

First Time Home Buyer’s Guide

What are the benefits of home ownership?

Pride of Ownership

Pride of ownership is the number one reason why Canadians desire their own home. There is no landlord looking over your shoulder. You are able to make improvements knowing that any appreciation that results, will be to your benefit. Home ownership gives you and your family a sense of stability and security. It’s making an investment in your future.

Appreciation

In Canada, especially in the last few years, homes have appreciated considerably and in doing so have added substantially to owners net worth. Unlike stocks and bonds, you get to live in your investment. Also, in Canada your principal residence is exempt from capital gains taxes.

Mortgage Reduction Builds Equity

Each month, part of your monthly payment is applied to the principal balance of your loan, which builds your equity. You can borrow against a home’s equity for a variety of reasons such as home improvement, sending your kids to university or college, or starting a new business. Why pay-off your landlord’s property when you can own your own?

Homeowners accumulate wealth for the future while enjoying the benefits of a shelter that they have can use, improve and sell. Their home is a safe haven for investment.

Are You Ready to Buy a Home?

First – do you have the financial resources? You should have at least five percent of the purchase price of a home for the down payment, but ideally should be more than 5%. Are there other priorities in your life e.g. starting a new business, which require your savings? If not, buying a home should be on your radar.

Second – do you expect to stay in your new home for some time? Moving can be expensive and you will want to build some equity before having to relocate. Your job and home life should be stable.

What Can You Afford?

If you haven’t already gone through the mortgage pre-qualification process, you will need to meet with a lender or mortgage broker. They will establish how much of a mortgage you will qualify for. Mortgage rates vary considerably and it is paramount that you shop around for the best rate, terms and options.

First time homebuyers may want to take advantage of the federal government’s Home Buyers’ Plan. Under this plan, you may use up to $25,000 of your RRSP towards the purchase of a home. The money is tax-free as long as you pay it back in the next 15 years.

Key Issues / Questions To Ask When Assessing Home Features

• Do you need several bedrooms, more than one bathroom, space for a home office, a two-car garage?
• Do you want air conditioning, storage or hobby space, a fireplace, a swimming pool? Do you have family members with special needs?
• Do you plan to have children? Downtown or suburbs? Proximity to recreation or work.
• Do you need a substantial backyard? Pets?
• Is there adequate storage space?
• Will any remodeling be required to make the home move-in ready for you?
• What service providers (cable, Internet, telephone, Satelite) are available in the area, and is the house completely wired for each? 
• How good is the cell phone reception?
• How much are the yearly property taxes?
• How much do utilities run each month? Does the house use gas or electric for the furnace, water heater, and appliances?
• How old are the major appliances, and which are included with the house?
• Have there been any major repairs to the house, and if so, when were they completed? For example, how old is the roof? Has water ever damaged the basement or foundation?
• Ever had problems with insects, such as termites and spiders, or rodents?
• Older homes need to be carefully examined – Windows may need caulking or new sashes, bathroom tiles may need grouting, home may need rewiring (planning on a hot tub or sauna?), a new hot water heater, or a new furnace.

Location, Location, Location

• How far will you be commuting and what is the traffic like? Factor in cost of fuel.
• Where will your children attend school and how will they commute?
• Are there recreational facilities and parks close by?
• Are you close to family and friends?
• Is safety or high crime an issue?
• Is the property close to an obstacle or negative influence? (i.e. an apartment building, shopping centre, school, radio tower, power lines, LRT or railroad track, highway, airport or commercial project).
• Access to schools, work, recreation, shopping centres, public transportation, cultural attractions, libraries, churches and hospitals.
• Adjacent undeveloped land – what is proposed for this or other green space?
• Heavy traffic can be noise nuisance and hazard for children.
• Distance from the unit to amenities, parking, walkways, roads, public transit.
• Does the neighborhood reflect positively on the value of the condo and your lifestyle choice?
• Does this neighborhood, for any reason, have a poor reputation?
• Is the future economic climate for the area good? Are businesses moving in? Is there government investment?
• Are people moving in or out of the neighborhood? What is their age, income level, family size?
• Are there plans for this neighborhood that you may be unaware of (i.e. a future highway, a commercial development or a new housing development) that will provide competition on resale?

Noise and Privacy

• Proximity to highways, driveways, parking lots, playgrounds, trains.
• Proximity to elevators, garbage disposal, fire exits, heating and air conditioners.
• How well is the building soundproofed?
• Visit at different times/weekends to check noise levels and activity.

Too many questions to answer by yourself? That is where my expertise can benefit you. If you are looking to buy your first home, let me guide you through this exciting process.

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.

Toronto (GTA) Sales Break 8,000 in April

In April 2009, Greater Toronto REALTORS® reported 8,107 sales – down seven per cent from April 2008. While April sales remained lower than last year, the housing market gained momentum on a month-over-month basis. The  seasonally adjusted annual rate of sales in April, at 80,900, was up 26 per cent from March and up two-thirds compared to January’s ten-year low.

“Conditions in the resale housing market have improved markedly this Spring,” according to TREB President Maureen O’Neill. “Home purchases have increased as households have taken advantage of low interest rates and slightly lower home prices.”

The average price for April transactions was $385,641 – down three per cent from last year.

“The rate of average price decline continued to diminish last month. This is due in large part to a tightening in the resale market,” stated Jason Mercer, TREB’s Senior Manager of Market Analysis. “The level of sales relative to new listings increased in April.”

Median Price

The median price in April was $330,000 from the $334,950 recorded in April of 2008.

Source:  TREB

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.

Icovia Room Planner

Ever wondered if your furniture fits in your new home. With the easy to use Icovia Room Planner, you don’t have to guess anymore.

- Click here to start Icovia Room Planner -

Select one of their existing room plan or custom make a new plan.

Select the furniture most similar to your own. Click and drag at the lower right hand corner to adjust the size of the furniture. Click on the lower left hand corner to rotate the furniture. Now play around with it like you are a professional interior design.

Enjoy!

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.

Six Tips When Buying a Home

Tip #1 – Get Pre-Qualified

Before looking for your next home take the time to get pre-qualified by the bank or mortgage broker you choose.  This can save you hours of searching for homes in the wrong price range or worse, purchasing a home and then finding out you don’t qualify for financing.  Pre-qualifying gives you peace of mind, helps narrow your search criteria and most importantly, gives me a negotiating edge by being able to alleviate the sellers concern over financing. The latter is especially important should a competing offer surface.

Tip #2.  Shop For Mortgage Terms

Rates are negotiable! Banks will sharpen their pencils to get your business especially if you have a good credit rating and bring other business to them e.g. RRSP’s, general account, savings etc. Posted rates should be viewed as a starting point. You need to know what the best rates are and this is usually done by getting competitive quotes. Also, ask whether the bank will cover appraisal fees, and about buy-out fees, penalties, payment options, portability etc.  The time spent can save you thousands of dollars over the life of the mortgage.

Tip #3.  Get Professional Inspections

Nobody wants to purchase a home only to find out later there are defects, latent or otherwise.  Ensure you obtain inspections where needed e.g. home inspection, structural engineer, insect, radon etc.  If the inspection identifies deficiencies you may be able to negotiate the purchase price to cover required repairs or make your satisfaction of the inspection subject to the homeowner remedying the problem. I can advise you on inspections you should consider.

Tip #4.  Contact Kirby Chan, Your Professional Sales Representative

Kirby Chan can help you make a purchase with the least amount of problems.  I can ensure the price you pay is never above market value.  I can offer expert advice on what to look for, conditions to include, negotiation strategy etc. After all, I work for you.

Tip #5.  Sell Before You Buy

If price is important you should always sell your present home before buying another.  It has the advantage in letting you know exactly how much money you will have available for your next purchase.  Selling your home first allows you to place fewer conditions on your purchase which makes your offer more attractive to a seller.  They often will demand more money to take a “subject to” offer which takes their home off the market.  The other advantage is if you find a terrific house, chances are others will also find it attractive and you stand to lose it if you can’t make an unconditional offer.

Tip #6.  Know The Full Cost Of Buying

Know all the costs associated with your purchase.  Consider the following costs:   legal fees, transfer tax, property taxes, new home landscaping, fencing, appliances and window coverings.

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.

Forest Hill Real Estate

Effective today, I will be working at Forest Hill Real Estate. I consider this a natural move forward, because of all the services Forest Hill Real Estate provides me and to my clients. I am at the point in my career where I either hire an assistant to help me or join a Full Service brokerage. It was an easy choice choosing whether to train and pay an assistant or joining an established service-first brokerage.

Other than having a prestigious name, let me tell you a little more about Forest Hill Real Estate.

Forest Hill Real Estate is Toronto’s premier independent full service real estate brokerage. With three strategically located offices, over 250 salespeople and over one billion dollars in annual sales, Forest Hill Real Estate Inc. prides itself on providing the finest level of service.

Over the past 20 years, Forest Hill Real Estate has enjoyed remarkable growth in market share and sales of residential, commercial and recreational properties in the Greater Toronto Area and surrounding communities.

Forest Hill Real Estate is a perfect fit for my clients who demand the ultimate in the total service experience.

I welcome the opportunity to demonstrate, Kirby Chan’s commitment to excellence combined with Forest Hill Real Estate’s level of experience, for a truly satisfying experience, whether you are buying or selling!

There are 3 convenient offices where I can serve you.

Forest Hill Real Estate has 3 location to serve you.

My main office:
BAYVIEW OFFICE (Bayview / Sheppard)
500 Sheppard Ave. East, Suite 201
Toronto, ONT
M2N 6H7

VILLAGE OFFICE (Spadina / St. Clair)
441 Spadina Rd.
Toronto ONT.
M5P 2W3

CENTRAL OFFICE (Avenue / Lawrence)
1688 Avenue Road
Toronto, ONT
M5M 3Y4

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.