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.

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

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.

Ultima at Broadway – 4968 Yonge Street / 4978 Yonge Street

4968 / 4978 Yonge Street

Ultima at Broadway is located on the West side of Yonge Street in between Sheppard Subway Station and North York Subway Station. There is an underground pathway to the subway station.

I lived in this building when it was brand new and i had no complaints. My wife and I moved out after a year because we quickly outgrew our cozy 540 sq. ft. one bedroom unit.

Amenities include an indoor swimming pool, sauna, fitness centre, aerobics room, billiards room, outdoor terrace, party room and meeting room. 2 Guest suites are available for visiting guests.

Ultima at Broadway Condo Prices

One Bedroom units start at $226,900 for sale and $1,300 for lease.

One Bedroom + Den units start at $269,000 for sale and $1,400 for lease.

Two Bedroom units start at $320,000 for sale and $1,650 for lease.

Two Bedroom + Den units start at $379,900 for sale and $2,000 for lease.

Please contact me to obtain the MLS listings or to view any of the units at Ultima Condos for sale or for lease.

If you prefer a to buy a new construction, I’ll be covering Menkes Savvy Condominiums in a future post.

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.

LTD Condos – Bathurst Street / Lake Shore Boulevard

LTD Condos

LTD built by Malibu Investments, is located north of Malibu Condos near the intersection of Bathurst Street and Lake Shore Boulevard. Construction has not begun so the builder is still selling at pre-construction prices.

The builder describes the building as having the edge of industrial warehouse chic, mixed in with a dose of contemporary glass, planted with a lot of greens resulting in a cool, casual living space combined with an urban attitude.

LTD will be 15-storeys high with 187 suites. All units will have balconies or terraces so you can always take a step outside and take a breath of fresh air. Ground level units are live/work 2-storey units and come in 1-bedroom plus den or 2-bedroom layouts.

Amenities include a fitness centre, party room, billiards room, private screening room and a lounge with kitchen, dining table and bar. Guest suites and vistors parking provides convenience to your guests.

Suites finishes include stainless steel appliances, granite kitchen countertops with tiled backsplash, stone vanity tops and wood veneer floors, 9-foot ceilings and balconies.

Studio units start at $185,900.

1-bedroom units start at $215,900.

1-bedroom + den units start at $237,900.

2-bedroom units start at $348,900.

2-bedroom + den units start at $441,900.

Live/Work units start at $346,900.

Parking spaces – $29,000

Lockers – $5,000

Projected Occupancy – May 31st 2011

The Builder is offering me limited time incentives. Please contact me for more information on incentives, floor plans and pricing.

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.

600 Fleet Street – Malibu at Harbour Front Condominiums

Malibu Condos

Malibu at Harbour Front Condominiums is located at 600 Fleet Street at the intersection of Bathurst and Lake Shore Boulevard. It is composed of a 30-storey tower with 339 suites. A 11-storey podium is attached to the tower and provides a 12th floor beach-style terrace. Roomy 2-storey lofts with 16-foot ceilings are available as well as studios, one and two bedroom suites. Suites have floor to ceiling windows. Suites can appreciate the Lake Views on the Balcony. The 3-storey Malibu Club Spa has a pool, sundeck, whirlpool, fitness centre, and beach lounge. A party room is outfitted with a kitchen and bar. Furnished guest suites and visitors parking provide comfort and entertainment to your guests. Security features include a 24-hour concierge and a live-in Superintendent.

Malibu Condo Prices

Studio units start at $149,900 for sale and $910 for lease.

One Bedroom units start at $219,900 for sale and $1,250 for lease.

One Bedroom + Den units start at $249,900 for sale and $1,400 for lease.

Two Bedroom units start at $284,900 for sale and $1,600 for lease.

Two Bedroom Penthouses start at $448,900 for sale with none for lease.

Please contact me to obtain the MLS listings or to view any of the units at Malibu Condos for sale or for lease.

If you prefer a to buy a new construction, please take a look at my LTD Condominiums post.

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) March Resale Housing Results Bring Positive News

Market Watch – March 2009

In March 2009, Greater Toronto REALTORS® reported 6,171 sales –
down seven per cent from March 2008, representing the smallest year-over-year decline in the last five months. The average price for March transactions was $362,052 – down less than five per cent from the same month last year.

“The Greater Toronto housing market has stood up very well given the challenging economic times the world has experienced in recent months,” commented TREB President Maureen O’Neill. “In fact, over the past two months, the situation in the housing market has improved.”

The seasonally-adjusted annual rate of sales increased to 65,600 in March – up 36 per cent from the ten-year low reached in January.

“Sales in March increased at a rate over and above what would be expected from the normal spring-time bump,” said Jason Mercer TREB’s Senior Manager of Market Analysis. “A greater number of households have taken advantage of increased affordability in the housing marketplace.”

The median price in March was $317,500 from the $326,000 recorded in March of 2008. The median price in March was $317,500 from $312,900 in February 2009.

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.

Power of Sale listings for Toronto, Richmond Hill and Markham – April 9

After a 2-day snow storm, the sun has returned. The market interest is certainly picking up, with our office registering 900 showings this week. 50% of the analyst would say it is going to get worse. 50% of the analyst would say it is the bottom now and the housing market will rebound. To be honest with you, who really knows. These people are just guessing, and what I know is 50% of them are going to get it right and be labeled as experts. The other 50% will have to try their luck again. I like to look at the stats and I will provide the March housing statistics in the next post. In summary for the month of March, 2009 vs. 2008, we are down 7% in sales transaction and down 5% in average price. When compared to the month of January and February the housing market is improving at a steady rate. It seems it is not as bad as the media portrays it to be.

Let us move on to this week’s list of power of sales.

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 / Uxbridge/ Stouffville) – There are very few Power of Sale listings for the towns in York Region, so I have lumped them together.

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.

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