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.

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.

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.

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.

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.

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.

3,681 TRANSACTIONS IN FIRST HALF OF APRIL

Greater Toronto REALTORS® reported 3,681 transactions in the first half of April, down seven per cent compared to 3,955 during the same period last year. “In lock-step with the favorable March results, resale housing market conditions in the first half of April were markedly improved compared to the winter time,” said TREB President Maureen O’Neill.

“Households that were on the sidelines at the beginning of the year are now taking advantage of lower interest rates and lower home prices.” The average price for MLS® sales was $383,161, down four per cent from $399,117 last year.

“The average home price in the GTA stabilized as resale market conditions tightened over the past two months,” according to Jason Mercer, TREB’s Senior Manager of Market Analysis. “Existing home sales increased relative to new listings.”

April Mid-Month Stats

Source: Toronto Real Estate Board

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.