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Toronto Real Estate Market Update - Week 4, 2012
Quite simply we are having a fantastic start to 2012 Toronto Real Estate Market.
Yes The Toronto Real Estate Market is hot and we are not in a bubble as some have been predicting. Even the major banks have come out saying that today!
As a Seller: It is a fantastic time to sell. Don't wait until the spring market when you will be in more competition. Especially the average looking homes.
As a Buyer: you are not as fortunate in regards to selection. There are still deals to be had though but the market is really tight especially with homes under $600K price range.
The best part is that you can get 5 year mortgage for less than 3% and 10 years at 4%. You can lock in for 10 years with piece of mind!
Team Jagpal: Sellers, we want to earn your listings and will give you $1000 if we don't sell your home within 60 days! No questions asked. That is how confident I am with Team Jagpal's marketing plan. Call us and get us working for you!
Jas Jagpal, Broker FREE SELLER CONSULTATION & CMA - Click Here
Remax Dynasty Realty Inc. Brokerage.
RE/MAX Dynasty Realty Inc. 8 Shadlock St. Markham O: 905-471-0002
Houses: www.TeamJagpal.com Condos: TorontoCondoRealEstate.ca
© 2012 Jas Jagpal, BROKER, BSc. York University
Week 2 - Toronto Real Estate Market Update 2012
Jas Jagpal's Toronto Real Estate Weekly Market Update 2012
Jas discusses the following topics:
1. The Mortgage News by BMO. BMO reduces their 5 year fixed mortgage rates by 0.5%. Why did this occur? TD and RBC follow with cuts to their 4 year rate.
2. Should you stay with your variable rate or maybe fix in a 3, 4, 5, year mortgage rate?
3. What is the market outlook for 2012? Are prices going up or down?
4. Why it is a great opportunity for Buyers and Sellers to buy and sell now.
5. Is the market going to dive in 2012? Jas doesn't think so if the first two weeks have been indicative to what we can expect. Jas has noticed a lot of action in the market. Lower rates are only going to further boost the buying market.
6. Scarborough Town Centre- Centro Condo Update - should you lease or sell your unit? What are they worth? Are the prices going to go up? When is the best time to sell.
7. New Condo Buying Tip! - Clause you need in your Agreement of Purchase and Sale to save your thousands on taxes. Also for new homes.
So you have buying, selling or investing questions? Call and book your no-obligation, in-office consultation and get all your questions answered.
FREE SELLER CONSULTATION & CMA - Click Here
RE/MAX Dynasty Realty Inc. 8 Shadlock St. Markham, On L3S 3K9 O: 905-471-0002
Houses: www.TeamJagpal.com Pre-Construction Condos: www.TorontoCondoRealEstate.ca
© 2012 Jas Jagpal, BROKER, BSc. York University
Week 1 - Toronto Real Estate Weekly Market Update 2012
2012 - Jas Jagpal Toronto Real Estate Weekly Update. This update will feature GTA trends and statistics, news of the day, condo & mortgage updates and will answer any questions buyers and sellers e-mail to me. Below is a text-summary of the video.
<Summary of Video>
Hi Everyone, it's Jas Jagpal from RE/MAX. This year I want to do something different. I want to try to give you weekly market updates so this is week 1 and just in from TREB last year's numbers from December and wow did we have an amazing year.
In December 2011 compared to December 2010 there was 4718 new sales compared to 4286 in December 2010. The average price also increased to $451,436K in December compared to $433,523 in December 2010.
In addition we had a lot more listings compared to 2010. An increase of nearly 14%. What is this going to do? Hopefully help stabilize the market with the increased number of homes which will provide greater competition.
I also want to talk to you about the affordability factor. It has gone up a bit around 32% and is at the threshold where banks lend. If interest rates do go up higher by a percent or so it will make it difficult for those at the border of affordability to get their loans approved.
Everyone looking at the charts this year, compared to 2010, the average price has increased.
The statistics tell us that starting in May we had more sales in 2011 then that of last year. We also noticed prices have increased this year. This may mean that people are cashing out on the higher prices since there was also an increase in listings starting in July 2011 compared to July 2010.
The prime mortgage rate is still at 3%. Banks aren't giving discounted variable rates. Their encouraging fixed rate mortgages which are hovering around 3.25%. Some brokers can get your variable rates around prime - 0.15%. Some people might want to consider fixing their mortgage if they want the peace of mind knowing what their payment will be for the next 5 years. Fixed rates are at historical lows.
On the condo front, there are excellent opportunities, especially at Centro Condos and Solaris Condos. Centro is offering 1BR + D units around $250. Solaris you can get a smaller 2BR, 2WR unit for around $270. So if you are interested give me a call and let the local expert help you.
So for 2012, the market is very strong. A lot of new activities, people calling and buying. This is a good time to buy. There are more listings, better bargains... don't wait for the spring rush. Remember anytime the interest rates goes up 1% it will affect your purchasing power by 10%. So if something is worth 200K... it will be like buying it for $210K.
That is your weekly market update. Let me know what you thought. Please send me an email and if there are anything else you want to know, let me know so that I can answer them for next week.
Thank you very much and God Bless.
Jas Jagpal
First-Time Buyers Report 2011 - RE/MAX - Great Read & Stats.
First-time purchasers, working in tandem with move-up buyers, have bolstered home-buying activity in the Greater Toronto Area so far this year. While the 10,518 sales recorded to date are 14 per cent off the 12,176 reported during the same period one year ago, the strength of the market overall has been hampered by limited inventory levels.
In February alone, new listings were off by nine per cent and active listings were down by one per cent. As a result, 14 key districts in the east, west, and centre core experienced sales to list ratios of 100 per cent or more.
Days on market have fallen to 27 in February, down from 36 one month earlier. Average price continues to climb, up five per cent in February, and five per cent year-to-date, now hovering at $442,978.
For buyers entering the market for the first time, freehold opportunities in the city are few and far between under the $300,000 price point, about two thirds of average price.
Condominiums have become the first step to homeownership in the GTA, with approximately 63 per cent (1,927 units) selling under the $300,000 threshold, compared to freehold properties at 37 per cent (1,128 units).
C01, bordered by Lake Ontario to the south, Yonge St. to the east, Dufferin St. to the west, and Bloor St. to the north, home to Toronto’s condominium boom, is the hub of new and resale activity in the GTA. Just 77 resale apartment and town house units are currently listed for sale under $275,000 in the district, which has prompted competitive offers in recent weeks.
King St. West and Liberty Village attract the lion’s share of first-time buyers, many of whom are young, single, and work in the downtown core. To the east, the Distillery District (Corktown) is gaining traction with entry-level purchasers who are drawn to product and price.
Buyers on a tighter budget can reduce the cost of owning a condominium apartment by foregoing the parking spot, which could add as much as $40,000 to the final price tag.
Young families seeking affordable freehold properties may find older homes in neighbourhoods like East York, Leslieville, parts of Scarborough, Humewood, Weston, New Toronto, Mimico, and Longbranch, starting at $400,000. Although greater value can be realized in the city’s suburban communities, some first-time purchasers are digging deep to live in central core neighbourhoods, especially those located on the subway line.
It appears that today’s real estate purchasers are prepared to make sacrifices to realize homeownership, much like previous generations.
Many now come to the table with a reasonable down payment —with a little help from their parents—and realistic expectations.
As such, recent changes to mortgage rules have not deterred purchasers in the GTA. Given an improving economic picture and the threat of higher interest rates, home-buying activity is expected to continue unabated throughout the remainder of the year.
If you would like the full report, for cities across Canada then contact us. If you are looking to buy or sell or know someone in the Greater Toronto who is, let us know and our team of professionals will help you throughout the buying and selling process. Refer us and you may win an IPAD2. See details below.
GET A FREE SELLER CONSULTATION & CMA - Click Here
Sign Up For Vip Savings with Jas. BUY • SELL • INVEST • Assign • Lease in the GTA.
Join my FACEBOOK FAN PAGE - "REAL ESTATE NUGGETS".
RE/MAX Dynasty Realty Inc. O: 905-471-0002 Cell: 647-272-6629
E: jasjagpal@rogers.com W: www.JasJagpal.com W: www.TheTorontoCondoRealEstate.com
© 2011 Jas Jagpal, Sales Representative, BSc. York University
A maximum of 2 draw tickets for every trade in real estate. (Referral ticket & Seller ticket ; Referral ticket & Buyer ticket). 1 draw ticket for every trade in real estate where there is no referrals. (Seller ticket or Buyer ticket). You have 1 in 4 chance of winning an ipad2. Draw tickets to be given to all Buyers, Sellers, Leasers, Assigners, Referrers that result in a trade of real estate starting March 21st, 2011 to Aug 31st, 2011. Draws will be held on Sept 4th, 2011. Winners will be notified by Newsletter, E-mail and by phone and agree to have their name published on Jas's print and web marketing material.
Toronto Real Estate Market Update- March 2011
“Continued improvement in the GTA economy, including growth in jobs and incomes and a declining unemployment rate, has kept the demand for ownership housing strong,” said Toronto Real Estate Board (TREB) President Bill Johnston.
February 2011 saw fewer homes sold than the record year we had in February 2010 but over 50% higher than 2009. More importantly the average price for February is up more than 5% from a year ago to $454,423 from $431,509.
“Market conditions remain quite tight in the GTA. There is enough competition between home buyers to promote continued price growth,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
What can we expect in the next few months?
I predict continued slow increase of price as Mortgage rules tighten and inventory increases heightening competition to sell.
If you are thinking of Selling in the next few months... I'd consider listing now before competition affects your homes ability to sell. You can demand top dollars when you are the lone ranger.
Need help selling... want to know how much your house / condo is worth. Contact Jas, and get the REAL answers you need to make an informed buying or selling decision.
Sign Up For Vip Savings with Jas. BUY • SELL • INVEST • Assign • Lease in the GTA.
Join my FACEBOOK FAN PAGE - "REAL ESTATE NUGGETS".
RE/MAX Dynasty Realty Inc. O: 905-471-0002 Cell: 647-272-6629
E: jasjagpal@rogers.com W: www.JasJagpal.com W: www.TheTorontoCondoRealEstate.com
© 2011 Jas Jagpal, Sales Representative, BSc. York University
