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How staging helps

What a space can look like when staged professionally

I was asked recently whether or not it is necessary to stage a home in order to sell it.  Okay, here is the good news – no it is not necessary.  You don’t have to do it.  There is no requirement for staging.

But, that said, you still might want to stage it anyway!  Making your home look its best will ensure your home sells and sells for a price that is higher than what it would otherwise sell for.  What are we talking about when we say staging? 

It really is the process of converting your home from the place you currently live in into a desirable place that is attractive for someone else to want to buy. 

It starts with throughly cleaning your home from top to bottom, especially the kitchen and bathrooms, until they sparkle.  It involves putting away many of the things we would normally have on display in our home: The family pictures; religious symbols; weapons; fridge magnets; magazines; and the accumulated piles of stuff we seem to accumulate.

Could this be done better?

Could this be done better, so the passage from one room to the next is not blocked?

The next level involves reducing the number of furniture pieces in the home and rearranging them to give the sense of  space and to create ”flow”.  Do you have natural pathways blocked by furniture?  Do you have the best assets of a home as the focal points?  Often I see furniture pieces in the wrong rooms.  Each room should only have the pieces that make sense to be there.  Bedrooms are for bedroom furniture.  Living rooms are for living room furniture.   The purpose of each room should be evident.  These people are buying the space after all, not your furniture!

The next level involves adding the right accents and accessories that create mood and feeling to really attract and interest home buyers.

While some of this you can do on your own, it often makes sense to bring in a professional stager who is capable of taking the staging process well beyond what you ever imagined was possible.  The eyes of an outsider can be tremendously beneficial to suggest approaches we cannot visualize ourselves.  While they will mostly work with the things you already hav in your home, they can also bring in the additional pices to make the space even better.  Staging doesn’t have  to be expensive, and when done right will actually earn your more money than not having bothered.

So, before you just sell your home looking exactly like how you live in it every day, consider the value of staging your home.  And don’t forget the landscaping – that’s outdoor staging!

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Canada Mortgage and Housing has just released their first quarter report on the Canadian housing market.  They are looking for a shift to a stable balanced market in 2012, from the strong seller’s market of the past year.  They anticipate modest price apreciation, in line with the inflation rate.  Toronto rental market remaining tight, despite some 18,000 condo completions coming into the market this year.

Follow this link to get the complete
CMHC Housing Market Outlook Report

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Looking for homes to buy in Pickering, Ajax, Whitby, Oshawa or Courtice …

Whitby 3 Bedroom Detached home

Whitby 3 Bedroom Detached home

 

 Here is an example of a home on Longueuil Place in Whitby.

While this home is no longer for sale, Ralph would be happy to share with you the many opportunities to purchase excellent homes at reasonable prices in Durham region.

Home buyers look to the communities immediately to the east of Toronto to seek out the most economical housing opportunities close to the city.

A similar home will become increasing more affordable as you move through each community.  Pickering being closest to Toronto tends to be the most expensive, with Ajax next followed by Whitby and then Oshawa and Courtice.   Properties are vastly more affordable than what can be purchased in the City of Toronto, as well as being newer.

Many newer home choices are available in Durham, with everything from brand-new to 20-year old homes on offer.  This region saw tremendous population growth from the 1980′s.  Some traditional older neighbourhoods can be found, but most homes are situated in modern subdivision clusters.  Along with the population boom of the past decade or two, comes more modern infrastructure of schools, community centres and shopping opportunities.

The communities of Pickering, Ajax, Whitby, Oshawa and Courtice are well served by the Lakeshore GO Train service into downtown Toronto.  It runs all day long, with more frequent rush-hour service.

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I had the opportunity to sit down with Karen Pivnick this morning for a chat.  She’s the owner of Topcat Relocation Transition Solutions.  Much of what she does revolves around assisting seniors to understand their possible housing choices, and to get them through the whole process of downsizing and moving.  She helps people to edit their belongings and find the right places to sell or donate the things that aren’t being taken with them.  She can step in to help, when family members don’t have the time, expertise or patience to assist.
 
As a real estate agent, I know the real work of moving is just beginning when I help someone to sell their current home and find their future home.  Figuring out how much furniture there will be space for, deciding which possessions to take, dealing with the myriad of personal possessions we accumulate in our lifetime.  Karen can customize the right services to fit the needs of each of her clients.  

She may also suggest ways to rearrange your existing home to make it better fit you needs and help with a makeover to improve the function of your existing space.

Her business is a perfect fit for people in the process of making a move!  Beyond just helping seniors, Topcat Relocation Transition Solutions has helped boomers and empty-nesters with downsizing transitions.  She described herself as a project manager for moving, planning and overseeing the whole process for you:

• Packing your special treasures
• Unpacking and setup of your new home
• Home staging prior to sale
• Reorganize your existing home

You can reach Karen through her website at http://www.topcatrts.com/ or at 416 534-3078

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Lets assume you’ve bought a brand new condo from the developer. You’ve bought it pre-construction from plans, or at some point during the construction process. Now you are looking to sell the suite. Maybe you’ll want to consider a condo assignment sale.  What are your choices..

Is a condo assignment the right thing to do?After Closing
The first point at which you are really able to sell the condo suite is after the final closing.  Closing is the moment at which you provde the rest of the purchase amount to the developer and the ownership of the suite is transferred to you. The balance of the money might be coming from you or you may have taken out a mortgage.  Once it is yours and you own it, you are freely able to sell it.  You may wish to sell it a day after closing, a week after closing or 10-years after closing.  The timing doesn’t matter at this point, the suite is yours to sell if you so wish.

Early Occupancy
In the days leading up to early occupancy you will perform the pre-delivery inspection.  At the point of early occupancy you may be making an additional deposit to the developer and getting the keys to the suite.  The suite is fit for occupancy and you are able to move-in, if you wish.    You are going to be paying a monthly occupancy charge to the builder to cover the operating costs of the building and the property taxes.  However, the ownership is still with the developer.  So, you can’t really sell the suite yet.

Condo Assignment Sales
It is possible to sell your suite before you own it too!  Technically, you are not selling the suite. Instead, you are selling (or re-assigning) your interest in the agreement of purchase and sale to someone else.  That means that rather than you being the buyer from the developer, you are transferring the existing contract to someone else, who the developer will then work with.  Selling your interest in the agreement is called an assignment. 

Some investors look to get out early on through assignment sales. For others it is simply that their housing needs have changed since the time when they first planned this purchase. Perhaps they have gotten married, un-married or had a job transfer to another city.

Whatever the reason, it is only possible with the permission of the Developer to do so. Generally the basic contract you signed with the developer will state it is not possible, but with an additional payment in the range of $2,000 to $5,000 the developer  will include the right of assignment in your agreement.

If you have any expectation of needing this, it is safest to obtain this right.

Let me know if you have a condo you’d like to sell.  Whether it is an existing suite you already own or an assignment sale, I’m here to help.

Let me know if you want to find out more about selling your condo suite

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Learn how Ralph Evans uses the REMAX approach to assist you in getting your home sold. This REMAX video explains some key areas of the home to focus on, when preparing your home for sale.

These are the key areas that are most important to home buyers.

- The curb appeal
- Grabbing buyers attention
- Flow
- Remove excess furniture
- Attractive bathrooms and kitchens
- Warm welcoming master bedroom
- Up-to-date flooring

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Here is an informative video produced by RE/MAX that covers a number of key topics that need to be considered when getting your home ready to sell.

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With so much demand for pre-construction condos, it can really pay to get advance access to the developer’s sales centre, before it gets opened to the public.  This gives you the best choice of suites available and the lowest prices.  Once these advance sales are over, the developer typically raises prices and sells the remaining suites to the public.  By that time, the choice suites are already taken.  The ones best for investment and the nicest for living in.
Ralph Evans has been given VIP access on Saturday February 4th, to introduce buyers interested in acquiring pre-construction condos at the project “1 Thousand Bay St”.  It will be comprised of a 32-story north tower and a 14 Story South tower.

Located at 1000 Bay St, puts this project adjacent to the corner of Wellesley St and Bay St., in downtown Toronto.  It is being built by long time Toronto developer Cresford.  This midtown -downtown location puts it walking distance to the Toronto financial district and easily accessible to both the Wellesley subway station and the Bay St. subway station.  It is close to the Queens Park Government Offices, University of Toronto and the Hospitals on University Ave.

This building is anticipated to be ready for occupancy in May of 2015.

1 Thousand Bay – Building Features:

  • Sculptural glass tower designed by Peter Clewes / architectsAlliance
  • 24-hour concierge service
  • Floor-to-ceiling windows
  • Outdoor Pool
  • Natural stone/Quartz countertops
  • Fitness room
  • Indoor/outdoor yoga area
  • Media room
  • Large outdoor terrace with BBQ facilities
  • Two Guest suites
  • 9-foot ceilings in all suites
  • Open concept kitchens
  • Choice of natural stone or quartz countertops
  • Euro-style kitchens with stainless-steel appliances
  • Visitor bicycle parking

Resources:
          1 Thousand Bay condo brochure
          1 Thousand Bay condo floor plans  – available on request

Register here to be invited to the VIP Event on February 4, 2012

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Ralph Evans is writing a guide to buying pre-construction condos in Toronto.  Here is a preview…

It is a good idea to be aware of where in the whole process the developer is at. Has the project gotten all necessary approvals?  Is this early in the sales process, perhaps construction will not even begin for a year or more.  maybe  construction is already underway or nearly complete.

 The level of certainty of completion increases as time goes along and each milestone is completed.  Expect the developer to have to sell 75% to 80% of the units in the building before they have the financial backing to fund the project.  This could take longer to complete in a slow market. 

 Some condo projects fail before they start.  The developer will have the right to cancel the project, with buyers getting their deposits refunded.  This might not be so good for the buyer, if they have had their money tied-up with a project in a rising market, where having to buy a replacement suite in a different condo project will now cost substantially more.

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Welcome to the Town and Country Condo!  This is a modestly upscale building in a terrific location.  These two buildings located at 1 Lomond Dr and 2 Aberfoyle are tucked in directly behind the Sun Life Centre at Islington and Bloor St in the west-end of Toronto, known as Etobicoke.  The first building was completed in 1999 and the second one in 2001.  It has a relatively high number of owner-occupied suites, resulting in a strong pride of ownership, which is immediately evident as you walk into the building.

At 12-stories each, the two buildings are modest in size and keeps with their gentle and unassuming charm.  With the onsite management and a the watchful eyes of the 24-hour concierge, these buildings are kept in top condition.

From this location, you have immediate access to the offices and stores of the Sun Life Centre, previously known as the Shipp Centre and it is located right by the Islington Subway system, giving residents quick access to the TTC network.  This makes it an ideal location to get downtown easily!  The shops of the Kingsway are a short walk to the east, along Bloor St.  And generally the many services of Etobicoke are all nearby.

Suites on the east side of the building are most coveted, for their tremendous views of the valley and parkland below.

The Town and Country condo is one of the many Etobicoke Condos Ralph Evans is familiar with and would be pleased to help you with.  If you are thinking of buying a suite here, and want to find out more about the area, he’d be happy to give you a tour of some of the suites currently for sale.  If you currently own a suite at 1 Lomond or 2 Aberfoyle and are considering a move, Ralph would be happy to meet with you to explain how he assists condo owners to sell their suites.

Let Ralph know how he can help you…

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The Ontario Government recently introduced legislation that proposes to constrain the allowable rent increases landlords can legally charge.  Its a short bill, just an amendment to the existing act. 

By August of each year, the Ontario Govenrment publishes the maximum allowable rent increase for residential leases, for the following calendar year.  This new legislation will put parameters around what the most and the least that published rate will be.  It says “The guideline for a calendar year shall be not less than 1 per cent and not more than 2.5 per cent.”

Now, should a landlord find that the costs of operating their rental suites increase more than the allowed amount,  they can apply to the Landlord and Tenant Board for permission to increase it more, additionally, a landlord can reset the rent charged on a suite, when it goes vacant between tenants.

Here is where you will find the allowable Ontario rent increase for 2012.

Can’t say I really see the point of this.  It basically puts cuffs on the government.  There are no limits on the increases in the costs to landlords may incur.  Should the province one day experience the high rates of inflation we’ve seen in the past of say 6% to 10% inflation, the Government would have to repeal this to get a higher increase put through.

But here is something that is not very well known…

Rental apartments in buildings constructed after Nov 1, 1991 are totally exempt from this maximum rent rule.  Yup, that right exempt!  So, if you are the landlord of a condo suite you rent out in one of those recently built Toronto condo’s, you could increase the rent by as much as you’d like.  You can increase it from $1,000 to $1,500, to $3,000 or to $5,000 – but I’d recommend staying away from unreasonably large jumps.  The Landlord and Tenant Board could rule against you for acting in bad faith.

More:

          About the 2012 Ontario Rent Increase Guideline

          First Time Buyers Guide – 2012

 

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One of the premier condos of Etobicoke is found at Marina Del Rey, overlooking Humber Bay.  Marina Del Rey is a cluster of three residential condo buildings, plus the Malibu Health Club facility.  It is situated on a large tract of land directly over looking the lake and a marina full of beautiful boats!

The three buildings are:

  • 2261 Lake Shore Blvd – Marina Del Rey Phase 1
  • 2267 Lake Shore Blvd – Marina Del Rey Phase 2
  • 2269 Lake Shore Blvd – Marina Del Rey Phase 3

Residents find the grounds to be a peaceful and relaxed setting.  Marina Del Rey is situated further away from the Gardiner Expressway than a number of other Humber Bay condo buildings, making it a quieter place to live. 

At your doorstep is the extensive parkland of Humber Bay for you to explore.  Then there is the Martin Goodman Trail System popular with people who enjoy walking, running, roller blades and cycling.  It stretches from downtown Toronto to Mississauga and beyond.

The buildings were developed by Camrost Felcorp and were completed around 1990.  Condos of this era benefit from large room sizes and comfortable living spaces.  Suites here can easily support full-sized furniture pieces.  Most desirable suites look out over the marina or the lake.  Given that these suites are over 20-years old, many of them have been modernized and are quite up-to-date.  Others may still be in a more “original condition” and be in need of a quick makeover. 

Marina Del Rey is one of the many Etobicoke Condos at Humber Bay that Ralph Evans is familiar with and would be pleased to help you with.  If you are thinking of buying a suite here, and want to find out more about the area, he’d be happy to give you a tour of some of the suites currently for sale.  If you currently own a suite at Marina Del Rey and are considering a move, Ralph would be happy to meet with you to explain how he assists condo owners to sell their suites.

Let Ralph know how he can help you…

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I have just finished writing my my Buyer’s Guide to Real Estate and I’d like you to have a copy!  

 The 2012 edition provides you with an easy to follow explaination of many of the things you’ll need to know about when you purchase a house or condominium. Ralph Evans has written this resource to help you navigate your way forward. If you are going to be a first time home buyer, this is an essential book you will refer to over and over throughout the buying process! For those people that have purchased a home before, this guide offers many useful chapters on the current rules and practices found in real estate today.

email:

Free BookIncludes:

  • 8 Steps to Home Ownership
  • Hiring your Agent
  • Why buy with RE/MAX
  • Financing and Budgeting
  • All about Mortgages
  • Ontario Land Transfer Tax Formulas
  • Toronto Land Transfer Tax Formulas
  • CMHC Mortgage Insurance
  • Buyer Incentive Programs
  • How to Win a Bidding War
  • Home Inspections
  • Free Coupons
  • and More!

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The final statistics are in for the Toronto Real Estate market for the year ending December 2011. Across all of the GTA, the Toronto Real Estate Board reported that there were 89,347 properties that changed hands during the year. That’s an increase of 4% over the number of homes sold in all of 2010.

The average selling price for 2011 was $465,412 – up 7.9% year-over-year.

 

Key factors influencing the market this year:

Interest Rates
Exceptionally low interest rates throughout the year have boosted buyers’ buying power, Making it possible to afford significant mortgages. Looking ahead, the only place for rates to go will be up. At some point the Canadian economy will strengthen along with other leading countries, allowing the Bank of Canada to restore a more normal level of interest rates. The first jump will likely lead to a consumer rush into real estate, to lock-in a home mortgage before it is too late. Subsequent increases by the Bank of Canada will tend to have a dampening effect on consumer confidence.

Supply
Despite strong buyer demand to purchase properties, there has been a shortage of home sellers in 2011. This led to an imbalance in the market, in which multiple offers and bidding wars were common. Too many buyers were all competing to purchase the homes that did come to market in the year. This supply shortage helped to push prices higher.

Let Ralph Evans know if you’d like to have a more detailed look at the Toronto Real Estate Market statistics or to get a better understanding of what they mean for your particular situation.

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Here are some maps to help you navigate  the boundaries of the real estate districts of Toronto.  The Toronto Real Estate Board recently updated the whole approach to defining the real estate districts.  If you are familiar with the previous numbered zones, like W01, E13, C10 and so on, well it is slightly different now and some of the boundaries have moved.

Here are the three maps for Toronto as printable pdf documents…

1.  West Toronto Map – Etobicoke, Swansea, Bloor West Village, High Park, Weston Village

2.  Central Toronto – Downtown, Rosedale, Moore Park, Leaside, Forest Hill, Don Mills, Bayview Village, Yonge-Eglinton

3.  East Toronto – Danforth, Riverdale, East York, The Beach, Scarborough

Alternatively, you can click on each of the maps below, but they are not formatted for printing.

Etobicoke and Toronto West Map   Central Toronto Map     Toronto East Map

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Here we are into the first week of 2012.  Let’s start by wishing you all the very best for the year ahead!  In early January, many of us are planning and setting goals for everything we want to do and achieve in the year to come.  While many people think of spring as the primetime home buying season, the Toronto real estate market will be very active through the winter months.  It presents a terrific opportunity for both buyers and sellers to make that move happen.  You could even be settled into your next home before warmer months arrive!  If buying a house is on your “to do” list this year, now is also the time to begin preparing.

There are so many things to get in order– it can be confusing deciding where to begin! So, even if you plan to move later on in the spring, January is a good time to get ready. Here are some tips to help you get on track to reach your 2012 home buying resolution:

  • Create your “must-haves” and “nice-to-haves” list: Easier said than done, right?  But it’s next to impossible to find a first home with everything.  You’ll need to think about your lifestyle needs and prioritize the non-negotiable home accommodations, such as a bedroom for each family member, over items you may want, but not need, such as a large master suite. Everyone’s list is different, but knowing your “must-haves” in advance will help you stay focused.
  • Determine your budget: Be realistic about what is affordable. Toronto has a wide variety of home choices available.  I can help you find properties in any price range to fit anyone’s budget.  You’ll want to make contact with a lender or mortgage broker to get pre-approved for a mortgage. Doing this prior to house hunting will let you know how much money you qualify for, and how much you can afford. You’ll also be able to figure out which mortgage type is best for you.  Let me know if you’d like a referral to one of my trusted advisors.
  • Identify the perfect “location, location, location”: Everyone has heard this phrase before, and while the surrounding neighborhood and home itself may improve over time, the physical location will remain the same. Determine in advance how close you would like to live to work, schools or extended family. A short commute to work, proximity to family or having easy access to highways and mass transit will often be items for your “must-haves” list.
  • Selling Too?: People tend to be more focused on where they are going to be moving to, what their next home will be.  In order to get there, you may need to sell your current home first.  Your home is going to sell more at a higher price and with greater ease if it is looking its best.  There are probably a few nagging maintenance items you’ve been putting off.  Now is the time to get them all done!  Ralph would be happy to walk through your home with you to give you a sense of what the little things are that will bring the most return to you.

More questions?  I’m here to help!  Let me help you to get your home buying plans off to a good start.

Ralph Evans is a Modern Professional Sales Representative with RE/MAX Professionals Inc., Brokerage.

More:

Working with a Mortgage Broker

RE/MAX 2012 Market Outlook Report

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Here are a set of very comprehensive market statistics covering the Toronto, Etobicoke and Mississauga regions, to the end of November 2011.  This can be useful information, if you are thinking of making a move in the coming months.  Let me know if I can make sense of this for your particular neighbourhood and for your home.

 

1.  Real Estate Market Statistics – Central Toronto Districts – November 2011

2.  Real Estate Market Statistics – West Toronto and Etobicoke – November 20111

3.  Real Estate Market Statistics – Peel, Halton, Mississauga – November 2011

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A part of every real estate transaction is the deposit money.  Let’s take a look at the details inside the deposit money in more detail.

Purpose
The deposit money is offered by the buyer to the seller as a show of good faith or sincerity, hence the deposit is sometimes called the “earnest money”.  There is no reason why a real estate offer could not proceed without any deposit at all, but it would be demonstrating that the buyer has very little financial commitment to the purchase.  A seller will look poorly on an offer in which the buyer is not committing themselves to.

The deposit is simply a part of the total purchase price paid by the buyer.  In addition to the deposit, the buyer agrees to pay the balance of the purchase price, subject to adjustments, on closing.  The balance can be made up of both the buyer’s own money and from mortgage financing.  The deposit will be a portion of the buyer’s down payment, but does not need to be the entire down payment.

How Much Money?
Sellers always like the deposit to be as big as possible!  While there is no set amount that the deposit has to be, in Toronto, sellers expect a significant deposit to be made with an offer.  It will likely come in at between 5% to 10% of the purchase price.  A more sizable deposit is an easy way to make an offer look better, without impacting the actual purchase price.  Beyond that level, it doesn’t really matter.  The seller isn’t going to end up with this money, should the conditions in the offer not be completed.

Who Holds the Deposit
The agreement of purchase and sale will specify when the deposit money needs to be paid and who is going to hold on to it.  It is unwise to give the money directly to the seller.  The seller doesn’t get to receive the money until the whole transaction really closes.  The seller may not be entirely trustworthy, or may not be good at handling large sums of money.  We sure wouldn’t want the seller to disappear with the deposit money, or be in a position where they are unable to return the deposit money should the transaction not proceed.  So, usually the deposit money is held in a trust account belonging to the real estate brokerage representing the seller.  There are specific rules that govern this trust account and the way the funds are handled, to ensure this money is held separately from all other affairs of the brokerage and always available to be paid out.  Occasionally the deposit will be held by another third party, such as a law firm representing the seller.

In a bidding war, buyers often include a certified cheque for the deposit along with their offer as a technique to make their offer stronger than a competing offer that will bring the money later.  In general, the deposit money needs to be received by the seller’s real estate brokerage within 24-hours of the time of acceptance.  So potential buyers need to be sure this money is available to them, from a bank account they can access quickly.  Sellers have been known to cancel transactions when the deposit money arrives late!  If the buyer needs additional time to deliver the deposit, such as over a weekend or they need an additional day, that needs to be specified in the agreement.

Is the Money Really at Risk
The money is held in a trust account and can only be paid towards the closing of the real estate transaction.  Should the sale not complete, the money will continue to be held by the listing brokerage.  The money will be returned to the buyer once all the parties sign a “Mutual Release” absolving each other of any further liability.  Any conditions in the offer will be accompanied by a promise to “return the deposit to the buyer in full, without interest or deduction” should the condition not be completed successfully.  If the transaction does not close for some other reason, the seller can only receive the deposit by suing the buyer for damages.

If you have more questions about the deposit in a real estate transaction, please let me know.

Ralph Evans is a Modern Professional Sales Representative with RE/MAX Professionals Inc., Brokerage. 

More:
How Ralph Evans can help you
Eight Steps to Home Ownership

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Burnhamthorpe Gardens is known as one of the in-demand neighbourhoods of central Etobicoke! This part of Etobicoke was populated with simple bungalows and story-and-a-half homes in the mid 1950′s. The original, post second world war homes were modest in size and appearance. Built on what was at the time the edge of Toronto during the height of the baby-boom. Jump forward 60-years Toronto has grown and expanded! The land these homes are sitting on has become more valuable than the structures. Typically, we find detached homes on 40 and 50 foot wide lots with depths ranging from 110 feet to 140 feet. Walking distance to the Kipling subway station and surrounded by upscale shopping and services, this area is in-demand by homeowners and developers.

Who Will the Buyer Be?
Given the generous lot sizes, this is a very favourable area to replace the original homes with larger modern homes. If the home has been really well maintained and is considered “up-to-date”, it will more likely be purchased by a homeowner to move in to. Still, they need to be able to adapt their lifestyle to fit into these homes. The closet space is limited, the rooms are small and the walls may not be insulated. Home that have not been modernized will more likely be snatched-up by a builder. These small builders generally work on spec. They purchase the property and will spend an additional $300,000 to $500,000 to substantially renovate or to rebuild and then market the finished product.  Regardless of the condition of the home, all homes sell rapidly in this neighbourhood, as long as they are properly priced.

Prices
In the past year many of the original homes on 50-foot lots have sold in the $600,000 range while the newly rebuilt homes have sold for $1.1-Million to $1.4-Million – depending on location, size, features and the quality of workmanship and materials.

Increasing Affluence
While it is sad to see the history of the neighbourhood taken away, there is really no significant architectural qualities that would warrant saving the older homes. The new homes are built to match the needs of today’s families, larger master bedrooms with walk-in closets and ensuite bathrooms, family rooms and large kitchens. Built to today’s building standards they are properly insulated and have the modern conveniences buyers are looking for. This renewed housing stock is leading to an increasing affluence in the area.

Boundaries
The borders of the neighbourhood are Burnhamthorpe at the top, Bloor Street at the bottom, Kipling Ave on the east and The East Mall to the west. Streets closer to Kipling and particularly with closer access to the Kipling subway are most coveted.

Streets
Streets east of Shaver Ave are Fairlin Dr, Mervyn Ave, Charleston Rd, Burnelm Dr, Botfield Ave, Jopling Ave, Prennan Ave, Goswell Rd, Burnhamhall Court, Lochway Court, Mattice Ave, Wedgewood Dr, Martin Grove Rd, Ashbourne Ave, Tonwell Court, Swan Ave, Wedgewood Dr, Rockfield Dr, Gaylord Ave, Leagate Rd and Tyre Rd.

On the west side of Shaver Ave we find Belgrove Dr, Smithwood Dr, Lorene Dr, Maydolph Rd, Northampton Dr, Laurel Ave, Hamlyn Cres, Cronin Dr, Laurel Gate, Bloorlea Cres, Nipissing Dr, Oregon Trail, Lomar Dr, Blaketon Rd, and Friendly Dr. There is also an attractive neighbourhood of townhomes at 385 The East Mall, originally built by Tridel.

Around the Area
There are four schools in the area – Wedgewood Junior Public School (JK to grade-5) and Bloorlea Middle School (Grades 6 to 8), Our Lady of Peace Catholic School and Olivet Day School. There is a major Loblaws store at Burnhamthorpe and The East Mall. Numerous bus routes pass by the area as they converge on the Kipling subway station to the south. There is the Eatonville Public Library, and outdoor tennis, swimming and skating rink at Wedgewood Park. A Shoppers Drug Mart, Starbucks and an excellent fruit and vegetable store can be found at nearby Six Points Plaza, along with a number of other local retail businesses.

Favourite restaurants of the area include Apache Burger, Milano’s Pizza, Bloor Street Diner, Mcnies Fish and Chips and a Tim Horton’s at Dundas and Auckland Rd, with more elegant dining a few blocks away.

The closest area mall is Cloverdale Mall on The East Mall, with a 24-hour Metro store, a Winners store and a soon to arrive Target store. Sherway is the closest major regional mall with The Bay, Sears, Holt Renfrew, Apple and Sporting Life as the major anchor tenants.

Have a look around the neighbourhood yourself with Google Streetview…

View Larger Map

Other Etobicoke Neighbourhoods

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Canadian residential real estate defied conventional logic and outperformed expectations in 2011, posting another solid year of housing activity virtually across the board. The trend is expected to carry forward into 2012 as Canadians continue to demonstrate their faith in homeownership, despite concerns over the European debt crisis and its impact on the global economy, according to this report issued by RE/MAX today.

The RE/MAX Housing Market Outlook 2012 examined trends and developments in 26 major markets across the country. Eighty-eight per cent (23/26) anticipated average price increases by year-end 2011 – with percentage hikes ranging from one to 16 per cent. The forecast for 2012 shows the upward trend moderating, but still ahead of 2011 figures. Overall home sales are expected to remain on par or ahead of last year’s levels in 85 per cent (22/26) of markets in 2011 – including Saskatoon with a year-over-year percentage increase of 13 per cent and an eight per cent uptick in Calgary, Winnipeg, Hamilton-Burlington and Sudbury. Almost half of Canadian markets will match the 2011 performance, while the remainder should post increases ranging from one to five per cent next year.

For Toronto, RE/MAX is anticipating that the tight inventory levels of homes for sale in Toronto and Etobicoke along with low interest rates and unrelenting buyer demand will further buoy housing values.  The average price is forecast to climb by a further 5%.  The condo market will continue is strong upward trajectory, partly supported by investor demand and a tight rental market.

Ask Ralph to show you what all this means for your personal situation.  If you are thinking of moving to another part of the country, Ralph can also connect you to leading real estate agents in the community you are interested in.

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The thing to do this week in Toronto has been to visit the Loblaws store that has been built inside Maple Leaf Gardens.  Yes, the city’s hockey shrine has been taken over for the purpose of groceries!  This store has been in various discussion and planning stages for years and years.  It was great to know that the owners of the building, MLSE and the Weston Corporation were able to pull this off.

So, there I am walking along Carlton street, a walk I remember from my childhood.  The memories come back.  The jostling crowd, the street vendors, the scalpers shouting “Who needs a pair?”  The building looks the same as always from the outside, plus some parking garage added on the west side.  All the parking lots in the area have long since become condo sites.

My anticipation builds as I step into the Loblaws store.  I want to see what elements of the building have been preserved.  Maybe the big arching ceiling with the staircases and catwalks, the gondola hanging down.  But all I see is a grocery store.  They managed to obliterate almost all traces of the old building. The grocery store has an industrial look, with its own new ceiling. There are going to be more levels above this for Ryerson University’s athletics facilities opening in 2012.  The Loblaws space is of course a stunning grocery store!  Arranged like a market, with well defined sections and stores within the store.  It feels great to be back inside The Gardens, where the Leafs played their last game.  There are pictures of some of the special historical moments that happened here: An Elvis concert; Muhammad Ali; The Beatles; Some hockey pictures.  Oh well, they saved the building from the wreckers ball and repurposed the interior.

Then, as I wander through the store, I arrive at centre ice!  Yes, tucked away amongst the tins of food in isle-25 a red circle on the floor marks centre ice. No special signs. As I take a picture of the floor someone asks me “Is that centre ice?” Fortunately I had already known where to look for it.

Toronto Life did a nice review with lots of pictures of the store. If you want to see more of what a grocery store looks like check this out.

If you are looking for parking, Loblaws added an underground parking garage.  You get 1-hour free with a purchase of $18 or more in their store.  The parking garage entrance is at the west end of the building from Carlton St.

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This client has recently completed the purchase of a home with Ralph’s assistance.  He toured dozens of homes during a search spanning about 14-months.  In this time several suitable homes were located.  Encountering numerous bidding wars for popular Etobicoke homes, offers were made on 5-homes, before being successful in buying the right home at a competitive price.  This client will be looking to extensively renovate and modernize the older home they purchased.

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I had the opportunity to sit down with a mortgage broker today, to get an update on how they are helping people buy their homes.  Here is what I found out: 

All about working with a mortgage broker in EtobicokeMortgage brokers see a lot of clients who find themselves in a panic to arrange financing for a home purchase.  Perhaps they thought they had their financing lined up. Perhaps they did have their financing lined up, when the lender suddenly backed-out.  Financing is not a sure thing until you actually have the money!  

Dealing directly with one of the major banks tends not to work well for people.  Unusual personal circumstances that take you outside of the basic simple application becomes a problem for the banks. Bank staff may turn you down rather than take the time to find out more details about your situation.  Further, banks are known for not offering anything close to their best rates, at least not at first.  Playing one lender off against another will help to improve your situation.  Having a mortgage broker who understands your personal situation in greater depth and then having them shop around on your behalf can be helpful too!  

But the challenge of really getting the financing that you appear to qualify for is where things get interesting.  Arranging a mortgage for someone new to Canada, someone with no-downpayment, a self-employed person, the waitress with a $20,000 income plus another $60,000 in un-reported cash tips, the person with $10,000 of outstanding credit card debt, the person that has problems in their credit report, the person who earns a low salary with a big bonus and so on.  Mortgage brokers are willing to take the time to work with and counsel these people and help them gather the right documents or to get their financial affairs structured properly.  Then the mortgage broker will present them to a lender in a way that will tend to be approved more often. 

Then there is a lot of work that needs to go into selecting the right terms of the mortgage.  Fixed term vs. Variable-rate, 1-year, 2-year, 5-year terms, accelerated payment options, exit penalties and more.  What the right choices are will depend on the consumer’s plans for the future, risk tolerance and market conditions.  Variable rate mortgages have been quite popular over the past few years, however with interest rates as low as they are right now, locking-in to a fixed rate at these levels has become increasingly attractive. 

Working with a mortgage broker doesn’t cost anything at all!  Well, they don’t work for free – they get paid by the lender that ultimately provides you with the mortgage. 

If you are looking to renew your mortgage or are in need of new mortgage financing for a home, ask Ralph Evans for a referral to the right mortgage broker to fit your needs.

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Each year the Ontario Government announces the maximum allowable rent increase for residential properties in the province.  For increases that take effect during the 2011 calendar year, the maximum increase is 0.7%.  For increases in 2012 that jumps to 3.1%.

 So, if your rent was $1,000, in can now go up by $31.00 a month for 2012.

But here is something that is not very well known…

What is the rent increase in 2012 for OntarioRental apartments in buildings constructed after Nov 1, 1991 are totally exempt from this maximum rent rule.  Yup, that right exempt!  So, if you are the landlord of a condo suite you rent out in one of those recently built Toronto condo’s, you could increase the rent by as much as you’d like.  You can increase it from $1,000 to $1,500, to $3,000 or to $5,000 – but I’d recommend staying away from unreasonably large jumps.  The Landlord and Tenant Board could rule against you for acting in bad faith.

 If you were trying to get an unwanted tenant to move out, by making a big jump in the rent, you might end up with a lengthy battle with the tenant over non-payment of rent and have no income from the suite for 6-months or more.

 Now increases can only be done once a year, the landlord must be sure to use the proper forms and provide the tenant with at least 90-days notice.  See more at the Landlord and Tenant Board site

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Toronto continues to see a booming business in new condo developments.  I am frequently asked whether it is better to buy a condo suite new directly from the builder or to buy a resale unit.  Let me offer these things to watch out for.

Buying from Plans

If you are buying a Toronto condo suite pre-construction, then you only have the sales office and suite plans to go by.  Make sure you understand what these plans are telling you.  Looking at the plans, try to imagine the space around you. Examine the compass points and get a sense of what might be out the window.  Be careful if there are less desirable and more desirable directions to face. Be aware of what the standard suite finishes are and what the upgrades you will be able to choose from.

How big is it really?

When the builder tells you it will be a 850 square foot suite, you won’t actually end up with that much space.  There are several ways to measure the space and the sales materials are usually from the middle of the bricks inside the walls. 

Watch out for Builder’s Agreements

The purchase agreement you enter into with the builder is weighted heavily in the builder’s favour.  You have to accept that.  They have lots of protections of their interests, to change your suite, the completion date and certain aspects of the building.  Once signed, you have a 10-day period in which to review the agreement.  It is best to take it to a lawyer for review.  Watch out especially for additional charges you will be responsible for on closing – like paying a share of the cost of the gym facilities, guest suites or other common elements.  Then there are the development charges they are passing on, extra levies, land transfer taxes and HST.

Condo Assignment

There could be 3 to 5 years between the time you sign the agreement to purchase a new condo suite and the actual closing.  Your personal situation very well could change over that time.  You might get married, un-married, have a larger family, smaller family, aging parent to care for, an employment change or a transfer to a different city.  While this suite was perfect for your situation when you signed-up for it, will it still be right years later?  Most builders are permitting you to re-sell your contract to purchase to someone else before the building is finished, but there may be a fee to pay up front and another fee to actually carry out the assignment.  You might be able to give it back to the builder or have them market it on your behalf.

New-new or Retrofit

New condos come with a government-backed insurance plan called TARION.   It ensures that the whole building is built appropriately and it covers the major elements in your suite.  It is good protection if really needed.  But, if you are buying a loft suite, converted from an industrial building of some sort, then it is not considered “NEW Construction” and there are no TARION warranties in place on these buildings. 

How’s Your Credit?

Buying a new condo requires you to make a down payment of 15% to 25% in installments in the first few months after signing the agreement.  You’ll need the cash for that.  The rest of the purchase can be done with a mortgage.  You’ll need to get pre-approved by the lender before you make your condo purchase.  But be mindful of changes to your employment situation and credit score during the years leading up to closing.  The lender will be re-evaluating your credit-worthiness just before lending you the money for your purchase.  If you have made major purchases on credit, like a car loan or lost your job you may not get the mortgage financing you were counting on.

Resale Condos

In resale condos, you know exactly what you are going to get.  The suite exists.  You can visit the unit and see the overall size, see the amount of cupboard space, counter space, living room space.  You can look out the window and see the view.  There will be no surprises about what you have purchased.  With closing dates ranging from 30-days to 90-days from when you sign the agreement of purchase and sale, there is less likelihood of major change in your person situation.  The real estate agreement for resale condos is standard across the province of Ontario.  To be acceptable to both parties, it is more balanced between protecting the interests of both the buyer and seller.  There are no additional surprise costs.  The same land transfer and legal fees apply to any condo you would choose.

No matter what type of property you are buying, always make sure you do so with your eyes open and you know exactly what you are getting into.  Ralph Evans can assist and represent your interests when you are planning on buying a new condo or when you are buying a resale condo.

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There are always a few condo suites up for sale here at the Loggia condo building in Etobicoke. While we think of this modern low-rise building just as the Loggia condo, it is actually made up of two separate condo corporations. The two sides ended up being registered separately, thus they are each separately managed. The two halves have gotten together and tried to share as many services as possible to keep things simple and manage costs.

As an Etobicoke real estate agent, this is one of the many buildings I regularly visit to assist buyers, sellers and investors. I’m always struck by the uniqueness of the bold architecture. The Loggia is a very modern and linear structure, unique in the west side of the city. One might expect to find such design forward condo’s in downtown Toronto.

From its location at 1040 The Queensway and 1050 The Queensway at the corner of Islington it is close to a number of things – The LCBO Store immediately to the west, The Queensway Cineplex movie theatre across the street, immediate access to the QEW highway to get downtown, to the airport or out of town rapidly. Then residents of the Loggia find themselves not to far from the Islington subway station, Sherway Mall, Queensway IKEA, and shopping districts like The Kingsway and Bloor West Village.

If you are thinking of buying, selling or investing here, let me know, I’d be happy to help! 

Fill out the form below and let me know how I can help you with this condo building.

 

 

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Here is a quick video update for the Toronto and Etobicoke real estate market…

Strong buyer demand and low interest rates are keeping us in a strong sellers market.  The spring market has finished and now we have entered the summer market for real estate…


 

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The month of June marks the end of the spring market for Toronto real estate. Typically the market peaks at this point in the year. The spring market from early January to the end of June sees the most number of sales. The summer months are less active with a resurgence of activity kicking off after Labour Day in September.

 

Toronto real estate average prices have risen by 9.5% over the last year, but dropped 1.9% from a month earlier, suggesting prices have peaked for the time being.With today’s very attractive interest rates buyer demand for homes is continuing to dominate. Toronto is seeing a strong Sellers market, with the best homes selling in one week or less, often with multiple offers and bidding wars.

The Toronto Real Estate Board publishes the following set of statistical metric charts to give a very good understanding of the current market. If you’d like to know what all this means for your particular situation, please let me know. I’d be happy to make sense of this for you!

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Following on the huge success of the Festival Tower Condo, Toronto condo builder Daniels is at it again! They are getting set for the release of the sister project – the “Cinema Tower Condo”. Ralph Evans has VIP Buyer access to get you in to this unique downtown Toronto condo development, as it gets released. Ralph’s VIP access can get qualified condo buyers in to the Sales Centre ahead of the general public. This is a great opportunity to gain access to the best suites at the lowest prices possible! VIP Access to Cinema Tower Condo in Downtown Toronto Starting on June 8th 2011 I will be able to accompany you to the sales office to make a purchase here.

Like the Festival Tower Condo, the Cineam Tower Condo also includes access to screenings at the Bell Lightbox, home of TIFF – The Toronto International Film Festival. This condo will be built in Toronto’s Entertainment District.

Let me know if you want to be an early buyer at this condo project, you want to find out more about buying pre-construction condo’s in Toronto or you’d like to learn about the downtown Toronto condo market in general.

YES! I'd like to be contacted in regards to the Cinema Tower Condo

My contact information is:

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This is a major decision people need to work out, when making a move. There is no single answer. Ralph Evans can help to discuss the alternatives here to help figure out the approach that will work best for you.

People are generally most concerned about where they will be living in the future. In order to realize those dreams and to be able to move forward with their lives they must sell their current home. This is likely the main source of funds for the future home purchase.

In this video, Ralph looks at this challenge and offers a few potential solutions.

Most people cannot afford to carry two properties for any significant length of time, so some careful planning is necessary to make this work. It will depend on how unique a home you want to move to, how ready your current home is to be sold and the current market conditions.

Bridge financing is available, when you do need to carry two homes, but lets try to avoid that or keep it to a minimum.

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