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Sam's Story - Sacrifice ........ 1st Time Home Buyer - by Jas Jagpal - Morningside Heights, Toronto Real Estate
Markham Boxgrove Homes, Morningside Heights Homes, Scarborough Town Centre Condos Real Estate: http://www.JasJagpal.com
Sam, his wife and their young son- new migrants to Toronto from Mauritius called me as they were looking to buy a house. They had received my newsletter from their child's school back in November 2009 and felt comfortable calling me and knew of the community work I was doing in the Morningside Height's community including the Brookside soccer program I run. After consulting with them for two hours I left the meeting and thinking "WOW! What remarkable people they are!"
I saw parents leaving their homeland Mauritius, once again, to give their child(ren) more opportunities and hence a better life. Currently their top priority is to become home owners and they are so dedicated that they are sacrificing today's simple pleasures for tomorrows gains. I was reminded of my parent's time where my father would bag his lunch and tea to work to save his quarters... which all added up. If you consider today's lunch and coffee at about $10-$15 a day. That is easily $75 a week. Multiply by two people - $150 a week. Which is $600 a month. By sacrificing on many pleasures we take for granted Sam and his family in under a year have saved over 10K to put towards their dream house.
Jas Jagpal, Remax Sales Representative, jasjagpal@gmail.com ; 647-272-6629
Markham Boxgrove Homes, Morningside Heights Homes, Scarborough Town Centre Condos, Toronto Real Estate: www.JasJagpal.com
Posted on: www.1stoprealestate.ca : www.LinkToMorningside.com: www.MarkhamBoxgrove.com
Has The Tide Turned in Toronto's Real Estate Market?
Markham Boxgrove Homes, Morningside Heights Homes, Scarborough Town Centre Condos Real Estate: http://www.JasJagpal.com
Hi Everyone,
I thought knowing what is happening with your largest investment (your house) and the current real estate market might be helpful. If you are not interested please do not read any further and delete it. If you find this valuable please pass it on to your friends and family.During the past 6 months we've seen a classic case of what happens when FEAR and misinformation causes people to make buying and selling decisions. We started the year with a handful of homes for sale putting pressure on Buyers. Then add the governments changes to the mortgage rules and the hysteria created by misinformed real estate agents and the media on the effects of HST and we have a recipe for madness. We saw a buying frenzy with multiple offers and house prices rise 10-15% - peaking in May so Buyers would have enough time to close before July 1st (HST) Average Prices: Jan:$409K Feb:$431K Mar:$435K Apr. $438K May: $447K June: $435KSo what is happening in the housing market now? You see in a balanced market prices generally rise about 5% annually. So now we see the market correcting itself. Unfortunately homes today are more likely to sell for prices found in early February. Why?Well if you recall from my January/ February newsletter any decent home would sell within a few days and most within 2 weeks with multiple offers and above asking. Unfortunately home owners and most realtors are clueless to the market condition today since very few actually look at the statistics. If the houses were priced right for the current market, most homes would sell within 2-4 weeks because hundreds of homes are selling each day. But the current statistics show they are taking much longer. As of July 12th.Morningside Heights has 27 Listings (twice as many as in January/ February) The real kicker is that the "Average Days on the Market" today is 35 days for these 27 listings. Which is only going to get bigger.Markham East - Average Days on the Market is: 45 days for 11 listings.Markham Boxgrove - Average Days on the Market is: 39 days for 26 listings.This points to a further downward trend on house prices in the GTA to offset some of the huge price increases that occurred in the earlier months. We should still have a positive price increase for the year, but we are giving back some of the high gains.If you are currently listed, you might want to rethink your pricing structure. Statistics show overpriced properties end up selling for less than market price than properties that were listed at market price from the beginning. Top Realtors would tell you this information up front instead of promising you the moon and later under delivering. Unfortunately many Realtors use this under-handed practice to get your listing because they know they can convince you to reduce your price later by blaming the market, etc. and since you will feel that you are stuck in a contract with them and can't get out. That is not true.So if you are considering buying or selling... or know someone who is, I'd like the opportunity to help out. I give you an Unconditional Guarantee of Satisfaction. Which means if my work as your Real Estate agent does not leave you feeling completely satisfied at the conclusion of our business, I will return to you all of my commission or whatever part you feel should be forfeited, even if you did not pay the commission as a Buyer. My intention in making this offer is to assure you that I operate my business with your best interests at heart.It's a good life. Jas Jagpal. P.S. This email is not intended to solicit buyer or sellers under contract or be considered legal advice. This information is solely advisory. Jas Jagpal, BSc. York University. C: (647) 272-6629 Fax: 416-352-5711"Email me for VIP savings for investment condos and get a FREE complimentary Pin-Point Market Analysis when selling your home.
Markham Boxgrove Homes, Morningside Heights Homes, Scarborough Town Centre Condos, Toronto Real Estate:www.JasJagpal.com Posted on: www.1stoprealestate.ca : www.LinkToMorningside.com: www.MarkhamBoxgrove.com
July 2010- Toronto Real Estate Market Update
Markham Boxgrove Homes, Morningside Heights Homes, Scarborough Town Centre Condos Real Estate: http://www.JasJagpal.com
Markham Boxgrove Homes, Morningside Heights Homes, Scarborough Town Centre Condos, Toronto Real Estate: www.JasJagpal.com
Posted on: www.1stoprealestate.ca : www.LinkToMorningside.com: www.MarkhamBoxgrove.com
Second Suites in Toronto - Legal as long as they meet fire and building codes
Markham Boxgrove Homes, Morningside Heights Homes, Scarborough Town Centre Condos Real Estate: http://www.JasJagpal.com
From Toronto Real Estate Board Website
Second Suites in Toronto
In an effort to increase the supply of affordable housing, Toronto City Council passed a by-law last year that legalized second suites, also known as accessory apartments.
As a result, second suites are now legal in the City of Toronto in all single family and semi-detached homes, providing they meet certain criteria, including fire and building codes (see below for details).
Following is a list of frequently asked questions regarding the legalization of existing second suites and the creation of new second suites in the City of Toronto. This background information was adapted from information provided by City of Toronto planning staff. For legal and zoning information on second suites in other Greater Toronto Area municipalities, please contact your local planning department.
FREQUENTLY ASKED QUESTIONS:
What is a second suite?
A second suite is a self-contained unit (rental or rent-free) in a single-detached or semi-detached house. Most second suites are basement apartments. They have also been called granny flats, in-law suites and accessory apartments.
Are second suites new?
No! In the past, second suites were permitted in some areas of the City (York, East York, and parts of former Etobicoke, North York and Toronto). Some parts of the City have had a long experience with this form of housing. As well, provincial legislation, in force between July 1994 and November 1995, allowed for the creation of second suites in all areas of the province.
Why has it taken a year for the City's second suites by-law to come into effect?
In July 1999, City Council adopted the second suites by-law. This by-law was appealed to the Ontario Municipal Board (OMB) by a number of residents' groups and individuals. The OMB held a hearing on the appeals in February 2000. The OMB issued a decision in April approving the City's by-law but directed that two amendments be made. The amendments dealt with: (1) parking provisions in some neighbourhoods in the former Toronto, and (2) building alterations.
The final by-law was approved by Order of the OMB on July 6, 2000. As a result of the Order, the second suites by-law (including the amendments) is now in effect.
Where are second suites permitted in the City?
The new by-law permits second suites in all single-detached and semi-detached homes throughout the new City of Toronto -- with certain conditions.
What are some of the conditions that apply to second suites?
Some of the conditions include:
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the second suite must be self-contained with its own kitchen and bathroom.
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the house, including any additions, must be at least 5 years old;
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the floor area of the second suite must be smaller than the remaining unit;
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in most cases, homes with a second suite must have at least 2 parking spaces and parking can be in tandem (one behind the other). There is an exception for parts of the former City of Toronto (R2, R3 and R4 districts) where only 1 parking space is required for a house with a second suite. Please contact the City of Toronto's Urban Planning and Development Services Department to determine if a property is located in a R2, R3, or R4 district.
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Before planning any changes to the outside appearance of a dwelling the homeowner should contact the City of Toronto's Urban Planning and Development Services Department; and
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all new second suites must comply with the Ontario Building Code and require a building permit. Existing second suites must comply with the Fire Code as well as zoning and property standards.
How can I find out if an existing second suite complies with the regulations?
The unit will have to be inspected by Fire Department staff. There is a fee for the inspection and you may be required to upgrade the suite to meet the code requirements and other standards. Contact the City's Urban Planning and Development Services Department for more information (see phone numbers below).
Does the City provide grants or loans to encourage the creation of second suites?
There is currently no grant or loan program for second suites. The City is discussing the potential for a program with senior levels of government. TREB's Government Relations staff is monitoring this initiative and will inform members if the City implements a program.
Will a second suite impact property taxes?
In most cases, there will be little impact on property taxes. A major exception would be where the second suite is created by constructing an addition, thereby significantly adding to the value of a house.
For specific zoning, property standards, or fire and building code questions please contact the City of Toronto's Urban Planning and Development Services Department:
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East York |
(416) 397-4591 |
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Etobicoke |
(416) 394-8055 |
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North York |
(416) 395-7000 |
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Scarborough |
(416) 396-7071 |
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Toronto |
(416) 392-7522 |
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York |
(416) 394-2535 |
For all your real estate needs call Jas Jagpal at: 647-272-6629 or email: jasjagpal@gmail.com
Markham Boxgrove Homes, Morningside Heights Homes, Scarborough Town Centre Condos
Toronto Real Estate – http://www.jasjagpal.comPosted on: www.1stoprealestate.ca, www.linktomorningside.com, www.markhamboxgrove.com
Toronto Real Estate Board
http://www.torontorealestateboard.com/consumer_info/gov_programs/suite_qa.htm
Toronto (GTA) Mid-May Resale Market Update
Markham Boxgrove Homes, Morningside Heights Homes, Scarborough Town Centre Condos Real Estate: http://www.JasJagpal.com
GTA REALTORS® Report Mid-Month Resale Housing Figures
TORONTO, May 19, 2010 - Greater Toronto REALTORS® reported 4,887 sales
through the Multiple Listing Service® (MLS®) during the first two weeks of May.
This represented a seven per cent increase compared to the 4,561 sales recorded
during the same period in 2009. New listings increased by 48 per cent annually to
10,059.
“The average household looking to purchase a home continued to benefit from
affordable opportunities in the first half of May,” said Toronto Real Estate Board
President Tom Lebour.
"The number of done deals will remain high for the remainder of 2010, but will dip from
record levels.”
The average price for May mid-month transactions was $448,641 – up 12 per cent
compared to the average of $399,811 recorded during the first 14 days of May 2009.
"The total number of homes currently listed in the GTA is now within a more normal
range. As buyers benefit from more choice in the second half of 2010, average selling
prices will grow at a slower pace," said Jason Mercer, TREB's Senior Manager of
Market Analysis.
For all your real estate needs call Jas Jagpal at: 647-272-6629 or email: jasjagpal@gmail.com Markham Boxgrove Homes, Morningside Heights Homes, Scarborough Town Centre Condos Posted on: www.1stoprealestate.ca, www.linktomorningside.com, www.markhamboxgrove.com
Toronto Real Estate – http://www.jasjagpal.com
