tag:blogger.com,1999:blog-4434997388989462992024-03-13T01:23:48.177-07:00Emerging T.O.David Coffeyhttp://www.blogger.com/profile/05030251619537409705noreply@blogger.comBlogger199125tag:blogger.com,1999:blog-443499738898946299.post-15785376408135713602016-01-15T05:45:00.001-08:002016-01-15T05:45:35.817-08:00A TURBULENT WORLD AND TORONTO REAL ESTATE<div class="separator" style="clear: both; text-align: center;">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiIi_0aCQjXNdd-4VCuJwHUzayHszCKWSACYt1kKhlO6micBkrbqHtV1bzEz3PJj06Loz0I_uXan7WoaguDShx1kFI3rIMU8tW_0M81L3xQtmpAlVlAIt7Jyv5fFhe84IhL4YcpchHsclE/s1600/turbulence-alert.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiIi_0aCQjXNdd-4VCuJwHUzayHszCKWSACYt1kKhlO6micBkrbqHtV1bzEz3PJj06Loz0I_uXan7WoaguDShx1kFI3rIMU8tW_0M81L3xQtmpAlVlAIt7Jyv5fFhe84IhL4YcpchHsclE/s1600/turbulence-alert.png" /></a></div>
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2016 seems to be off to a turbulent
start for economies around the world. Canada is no exception. I'm sure there
are empty outlet store parking lots as far as the eye can see are all over
Buffalo, New York right now because of our falling dollar. China's shaky
stockmarket threatens put a drag on other economies, and oil prices keep on
slip sliding away. It's not a coming apocalypse, but these are some significant
events to monitor.<o:p></o:p></div>
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In terms of stock investments, I'll
leave that to the experts, but I will add my two cents when it comes to how
this early start to 2016 could effect housing market here in Toronto. So, let's
talk Chinese stock markets first. I can say wholeheartedly that I have very
little insight into what may happen in China's plunging stock and how the world
will be pulled in. Some have suggested that our interconnected economies will
lead to an economic crisis in China that may reverberate to other countries
around the world, like the U.S. housing market meltdown did in 2008.<span style="mso-spacerun: yes;"> </span>Others say as Frankie says: Relax.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
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What I can tell you, as far as Toronto
real estate is concerned, the Chinese stockmarket may put more pressure on the
Chinese to seek out more stable investments outside of stocks like Toronto real
estate. A very similar thing happened here in Canada and the U.S. when tech
stocks tanked in the early 2000's. Many people turned to real estate as a
safer, long-term investment. This did not turn out so well for some Americans,
but this is what people do when they are losing money in stocks. They put it
somewhere else. I don't think Toronto would be the top city worldwide where the
Chinese would invest, but there is a significant amount of Chinese investment
here<span style="mso-spacerun: yes;"> </span>already (and Vancouver). So,
chances are we could see more of it this year because of the stockmarket in
China. <o:p></o:p></div>
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You know what else is going to lead to
more foreign investment in Toronto and other Canadian real estate? The low
Canadian dollar. And our dollar does not seem to have finished its slip. It all
has happened so fast. Alberta, once the proudest bird in the chicken house is
not looking so healthy these days.<span style="mso-spacerun: yes;"> </span>Oil
and other commodities are less in demand as they were in previous years. A lot
of Canada's economic kick came from these sectors, especially in the Prairies
and Newfoundland.<span style="mso-spacerun: yes;"> </span>Along with the sinking
oil prices goes our dollar.<o:p></o:p></div>
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Our low dollar<span style="mso-spacerun: yes;"> </span>this year may make us think twice about
visiting L.A. or Miami or Aunt Minnie's trailer home in Upper State New York
because it will be expensive to travel to the United States whose economy is
showing increasing strength. <o:p></o:p></div>
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On the flip side, I would suspect we
will see more Americans coming here, not only to visit and dance in the streets
at Caribana, but to buy property. And who can blame them?<span style="mso-spacerun: yes;"> </span>Remember, they just received a 30% discount
on our real estate from not-too-long-ago. <o:p></o:p></div>
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This may appeal more to the sellers of
Toronto who will see more buyers coming from the U.S., but there may be a
silver lining for buyers as well. <o:p></o:p></div>
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This slowdown in our economy will
likely lead to an interest rate cut or two. This, in turn, will make rates even more
appealing than they are right now for buyers. And you may qualify for an even
better rate and possibly more money. <o:p></o:p></div>
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Also, it may take time, but the lower
dollar could assist Ontario with its manufacturing exports once again. It
doesn't seem to have happened yet, but we are a much cheaper place to
manufacture things now. And hopefully we will finally learn not to depend too
heavily on oil, and diversify our economy even more. <o:p></o:p></div>
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Overall,<span style="mso-spacerun: yes;"> </span>I think Toronto real estate will have a
decent year. We may see more foreign interest in our city due to our weak
dollar discount.<span style="mso-spacerun: yes;"> </span>I don't think we are
going to see an overwhelming push of investment from the U.S. or the Chinese to
the point where Canadian buyers should be worried en mass, but it does give us
some perspective on just how many variables, even outside of the country, can
influence Toronto real estate.<o:p></o:p></div>
David Coffeyhttp://www.blogger.com/profile/05030251619537409705noreply@blogger.com0tag:blogger.com,1999:blog-443499738898946299.post-55327820249227200902016-01-07T05:00:00.003-08:002016-01-07T05:00:41.157-08:002016 - Should We Bother With Real Estate Predictions Anymore?<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
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<br />
<br />
People don't like to be wrong. And when it comes to real estate predictions, wrong is what most people are. It doesn't matter if you're a crazy troll making comments on how dumb all Canadians are for buying real estate in the past ten years, or if you are from an analyst from a think tank with all the real estate data and economic algorithms at your finger tips to make predictions. It's not an easy game.<br />
<br />
For the 2016 real estate predictions, I think the predictors are becoming aware of how wrong they have been in the past. So, the sky-is-falling predictions seem to be less common this year. I'm seeing a lot more levelled, even non-commital predictions. CMHC, for example, says the housing market in Canada will barely keep up to inflation until 2017. This basically tells us, according to them, that house prices will not rise by leaps and bounds like it has for the past few years, and it tells us that it won't sink either. Not too extreme one way or the other.<br />
<br />
In 2015, no one was right on their predictions, not even the very optimistic real estate brokerages of Canada. Everyone called for less gains than 2014, and for some, there were certainties that some kind of correction would occur. Everyone complained about affordability and the number of condos in the Toronto real estate market. What really happened? A better year for price appreciation in 2015 than 2014, one of the stronger years for condos in a long time, and all of those new condo units still seem to have been absorbed in 2015.<br />
<br />
It's not just 2015. It's 2014, 2013, 2012, 2011, 2010 and the list goes on. Each year there are predictions on where the real estate market goes, and each year, it's wrong. It's not to say there there could never be a correction or a temporary price slip. Of course there can be. When or if that will happen in 2016 cannot be guaranteed by anyone.<br />
<br />
So, instead of offering my 2016 predictions as a whole, let's look at what I think are important factors that could effect the real estate market in 2016.<br />
<br />
1. <b>House Supply </b>I'm sure some of you are tired of hearing me say this, but I am saying it again because it is an important point: There is a limited supply of houses in Toronto. This will not change. As the city grows, very few houses are built. So, demand goes up. You are still going to see news stories about how dumpy house in an established hood sold for a million dollars this year in my opinion.<br />
<br />
2. <b>Condos Are The New Sponge </b>Condos will absorb more people than ever before. I think over the past five years we are seeing more families with kids in condos. This includes families who prefer to live in condos in central neighbourhoods and those who do not like their options for houses in Toronto. We'll also see a lot more boomers selling their houses for the easier-to-maintain condo. Overall, we still see reasonable demand on condos. In turn, we'll see more demand for community centres and places that would benefit kids in condo neighbourhoods. Condos will not be for retirees, those who hate yard work and young folks exclusively. It will be for everyone.<br />
<br />
3<b>. Poor Economic News </b>This may bring some of the air out of the real estate tires as news of a poor Canadian economy over the next year will make Canadians feel less inclined to buy property. It may instill enough fear to disrupt the steam engines of Toronto and Vancouver real estate. Of course, the flip side of this: Ontario and British Columbia will benefit from the low dollar. Alberta, you may be out of luck until oil rebounds.<br />
<br />
4. <b>Greater Investment In Toronto Infrastructure</b> This is a good one to look at for investors or for those who would like property with better appreciation. With Trudeau in, we should see a lot more money coming for improvement of our infrastructure. At long last! So, keep an eye out for improved transit lines or even a few new ones.<br />
<br />
5. <b>Size Adjustment </b>This is a hard pill to swallow, but Torontonians will have to learn to live with less space. There are a lots of benefits to living in the city. Space is not one of them. The good news is that there will be less to clean. Living in Toronto, like many big cities in the world, will be for the spatially challenged. More so than ever.<br />
<br />
6. <b>More Investors </b>Though there are much more foreign investors going to the improving U.S. market, our lower dollar sure makes our higher prices seem lower to others, particularly Americans who will start to see our property as a kind of bargain as the Canadian dollar slips.<br />
<br />
7.<b> Interest Rates </b> They won't budge. I could be wrong here. There will be inflation, but I suspect the government won't increase interest rates if they feel the GDP won't grow all that much in 2016, and projections are on the lower side.<br />
<br />
8. <b>Conversions, Low Rise and Boutique Condos</b> No matter where the market, houses will still be king. Low rise condos, conversion lofts and townhomes will also do well. This year giant condos may do well depending on their location and the fitness of their reserve fund.<br />
<br />
I think that covers most of the broad strokes. Now if I dare to generalize a little, even though I said I wouldn't, I don't think we'll see the wild increases we saw in 2015, but that's exactly what I said after a very strong showing for real estate one year ago. I was wrong then. Maybe I'll be wrong again.<br />
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David Coffeyhttp://www.blogger.com/profile/05030251619537409705noreply@blogger.com0tag:blogger.com,1999:blog-443499738898946299.post-17276561111945457712015-12-31T10:12:00.000-08:002015-12-31T10:12:00.139-08:00Year in Review: 2015 in Toronto Real Estate<div class="MsoNormal">
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<!--StartFragment-->
<br />
<div class="MsoNormal">
<span style="color: #2a2f3c; font-family: Helvetica; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">Though not as
apocalyptic as the Toronto real estate prediction of 2014, predictions at the
start of 2015 were mostly on the gloomy side. Most so
called experts were not very sunny with their forecasts, but some were not
willing to be wrong for another year, and did not commit to a strong opinion.
You see, for the past ten years or so, the real estate forecasters have started
off on a gloomy note, and each time they have were off the mark. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="color: #2a2f3c; font-family: Helvetica; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">In her book <i>When The
Bubble Bursts</i>, Hilliard MacBeth says we were heading for trouble in 2015. She
claimed there would be a real estate correction in the Canadian housing market
that would correct up to 50%. Yikes!<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="color: #2a2f3c; font-family: Helvetica; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">For those not trying to
sell a book with a doomsday headline,
there were still some real estate predictions from reputable places that
also called for some price dops. RBC, for example, had predicted a tempered 15% correction in 2015. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="color: #2a2f3c; font-family: Helvetica; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">My own prediction,
completely unscientific and based on my experience, knowledge and gut feelings,
was that the market would improve, but I certainly did not expect the market to
improve as much as it did. <o:p></o:p></span></div>
<div class="MsoNormal">
<span style="color: #2a2f3c; font-family: Helvetica; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;"><br /></span></div>
<div class="MsoNormal">
<span style="color: #2a2f3c; font-family: Helvetica; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">Needless to say,
whether you're RBC, Hilliard MacBeth, or lil' ole me, real estate predictions for
2015 have not proved to be the terrain of those in the know. As every year
passes, I become more convinced that real estate is a tough thing to predict,
even among those who have amassed enough data to venture a confident
prediction. There are just too many variables. And 2015, like many years
before, proved that Toronto real estate has risen in value year over year more
than any one had predicted. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="color: #2a2f3c; font-family: Helvetica; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">It seems that we have
experienced, once again, some very strong gains in the housing and some healthy
gains in most of the condo sector as well. As the city grows and houses are no
longer built, there is more and more demand placed on them. So, their value
really has risen the most in 2015.
Houses were king again. Double digits in many neighbourhoods especially
if you had a detached house. I found the Fall a little more tame than the
Spring, but still very competitive. Many bidding wars and happy sellers. Some
frustrated buyers too.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="color: #2a2f3c; font-family: Helvetica; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">This past year, we saw
more bidding wars and competition in condo townhomes, boutique condos and
converted lofts. I really noticed a change in converted lofts where prices seem
to have risen in the better conversions in high demand neighbourhoods. It seems
we have fewer warehouses and churches to convert. So, we are seeing more competition
in another part of the housing sector that has dwindling supply.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="color: #2a2f3c; font-family: Helvetica; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">This year, real estate
success has not been the same all throughout the country. Alberta's oil woes
have cooled prices there, but Vancouver and Toronto keep on gaining in value.
Our government has tried to temper the markets, but with a gesture that will
have little impact in my opinion. Perhaps an interest rate hike would cool the
market, but that didn't happen in 2015, and may not be in the cards for 2016. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="color: #2a2f3c; font-family: Helvetica; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">For 2015, another interesting
development was the success of the U.S. real estate market, which is finally
rebounding from its real estate pile up of 2008. I wouldn't say every thing is
coming back in all parts of the States, but there is an excitement there among
investors that this is a good time to buy because it appears that they have
started the upswing from the bottom of their market. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="color: #2a2f3c; font-family: Helvetica; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">But what does the gains
the U.S. mean for us in Toronto? Well, a few things, it may draw away some of the
foreign investment away from Toronto to U.S. cities. This may be a way to cool
some of the prices. On the other hand, I should point out that the Canadian
dollar has slipped considerably this year, and this makes our real estate a
little more discounted for foreign investors from the U.S. <o:p></o:p></span></div>
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<br /></div>
<!--EndFragment--><br />
<div class="MsoNormal">
<span style="color: #2a2f3c; font-family: Helvetica; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">With 2016 just around
the corner, what will be expected for the Toronto real estate market? Well,
this will be subject of my first blog of 2016. I can't promise I will be right
in my educated guesses! As we have learned from the past years, real estate
predictions is more art than science.</span><o:p></o:p></div>
</div>
David Coffeyhttp://www.blogger.com/profile/05030251619537409705noreply@blogger.com0tag:blogger.com,1999:blog-443499738898946299.post-84327244896668399112015-12-17T08:58:00.002-08:002015-12-17T09:04:36.245-08:00The Toronto Real Estate Reboot<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEggyfvcdqhpTRJvqpXZvZbSBS4DLCXrg6zT8qfzKufkYJk2DDMuzAxmQ3cdGY3JLBT4_cZUZkg7l_pHO9xLqZtdwNEcvYmoZmqBMh4BY8XwMUq6GlMxpKsUx_ljaFLB-vOM2-BbLHNWCvA/s1600/reboot.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="153" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEggyfvcdqhpTRJvqpXZvZbSBS4DLCXrg6zT8qfzKufkYJk2DDMuzAxmQ3cdGY3JLBT4_cZUZkg7l_pHO9xLqZtdwNEcvYmoZmqBMh4BY8XwMUq6GlMxpKsUx_ljaFLB-vOM2-BbLHNWCvA/s320/reboot.jpg" width="320" /></a></div>
<br />
<br />
<div class="MsoNoteLevel1CxSpFirst" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
Let me be clear: Real estate happens
24 hours a day and 365 days a week in a city like Toronto. Yes, even on
Christmas, Thanksgiving and your birthday. But there are certain points
throughout a calendar year that are more pivotal than others.<o:p></o:p></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
<br /></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
In my experience there are two slow
down months that are followed by a reboot. Why should you find this
interesting? Because during a reboot, there is a greater chance of significant
change in the real estate market. There is a less predicability. The market
could pick up stronger than the previous season or the market could come back
with the same zeal or no zeal at all. During these two times of the year, you
will see buyers and sellers alike waiting in anticipation to see how the market
will start up again.<o:p></o:p></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
<br /></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
Let me explain a little more. There
are two months where real estate really slows down. It doesn't completely stop,
but the pace of the market is so slow, it is in a kind of dormant state. I find
that August and December are those dormant months. Again, there are
transactions and new listings, but far fewer than during other times of the
year.<o:p></o:p></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
<br /></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
The first dormant state is quite
predictable. Once Labour Day is cleared in early September, the market starts
up again full swing the very next day. These listings continue to come out in
larger numbers for the rest of September and October and then taper off in
November before hitting the second dormant period of December.<o:p></o:p></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
<br /></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
The reboot for December is not as
predictable as the Fall reboot. It could happen in January or February.
Sometimes the increase in market activity is based on the weather, and
sometimes it is based on other factors like buyer fatigue, lack of inventory,
or a change in mortgage rates.<o:p></o:p></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
<br /></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
Again, I am not saying you should not
buy or sell a property in August or December. If there's no inventory and
buyers are active, it could be an opportune time to list. There may be far
fewer buyers, but there is also far less competition with other sellers. I have
had some of my busiest open houses in January when buyers are done with the
Holidays and ready to get out there and look again.<o:p></o:p></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
<br /></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
The two reboot periods can be exciting
times of the years for real estate enthusiasts with big stakes. For sellers, it
can be a bit of a nail biter since you do not know if you will have the same
interest or more interest as before the reboot. For buyers, it's the same
thing. You may come back stronger than ever, or have even more competition in
the new year.<o:p></o:p></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
<br /></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
You rarely see a market shift outside
of these reboot periods unless there is some external factor that would
significantly influence the market - a stock market crash, lowering of interest
rates, or shocking job reports. For the most part, however, if you have a
strong April, you will like have a strong May. Alternatively, if you have a
weak September, October will likely be another version of September. There is
more predictability there.<o:p></o:p></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
<br /></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
Our next reboot will take place in
January and February of 2016. Coming up to that point in time, there will be
some real estate changes under way from the Federal Government. As of February
2016, the Feds will require a minimum 10 % down payment of any purchase above
$500,000. So, a buyer could pay 5% under $500,000, but once that buyer clears
the $500 000 mark, they must pay a minimum of 10% on the portion above
$500,000. As before, anything above one million will require 20% down since it
does not qualify for CMHC insurance.<o:p></o:p></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
<br /></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
Personally, I think this will have
little impact on the real estate market, and it feels like a gesture from the
government to address the robust real estate market in Vancouver and Toronto.
Bigger influencers are still in place. Demand for houses and converted lofts
will likely be very strong because both are in limited supply in a growing city
with a diversified economy.<o:p></o:p></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
<br /></div>
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<div class="MsoNoteLevel1CxSpLast" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
So,<span style="mso-spacerun: yes;">
</span>I would say the reboot for early 2016 will look a lot like the reboot to
the Fall of 2015 -<span style="mso-spacerun: yes;"> </span>strong demand with
little effect from the Federal changes to mortgage qualification. Like 2015, we
will should start with many transactions and more price appreciation.<o:p></o:p></div>
David Coffeyhttp://www.blogger.com/profile/05030251619537409705noreply@blogger.com0tag:blogger.com,1999:blog-443499738898946299.post-27731707719831261852015-12-10T06:45:00.000-08:002015-12-10T06:45:38.588-08:00WHY THE FEDS WON'T RAISE INTEREST RATES<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhZBfernN52TQEuSdmqTCEHzirRVwnx3Sn2l9LNDmjsVlbEYYIcbczUJNi8Wax5cqIilJLnE6CplwKUG4guszr0YVjJVY3APMXp4XIiOtfjZfW3RXqFIRrO44m4Cz0vHvbUWire-HUnDJI/s1600/golden+age.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="231" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhZBfernN52TQEuSdmqTCEHzirRVwnx3Sn2l9LNDmjsVlbEYYIcbczUJNi8Wax5cqIilJLnE6CplwKUG4guszr0YVjJVY3APMXp4XIiOtfjZfW3RXqFIRrO44m4Cz0vHvbUWire-HUnDJI/s320/golden+age.jpg" width="320" /></a></div>
<span style="font-family: "helvetica neue" , "arial" , "helvetica" , sans-serif;"><br /></span>
<br />
<div class="MsoNoteLevel1CxSpFirst" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
Let's face it. Interest rates have a
lot to do with the cost of homes right now, in Toronto and most of the country.
We live in the golden age of low interest rates. Ask anyone who owned a house
in the 1980s, and they will not hesitate to remind you that interest rates were
once in the double digits. This story will often be told as a cautionary tale
warning today's homeowners that interest rates can rise again. <o:p></o:p></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
<br /></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
...And I'm sure they will some day. I
doubt we will see double digits any time soon or a great number of people would
lose their homes, and the economy would be in a whole lot of trouble. Not a
great move by the government. <o:p></o:p></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
<br /></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
Still, I don't need to remind most
people that these low interest rates have never been so low. Buyers often
qualify for larger mortgages at a lower interest rates. Because of that, they
are able to spend more money on a new property,<span style="mso-spacerun: yes;">
</span>and there is more competition at higher price points.<o:p></o:p></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
<br /></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
Recently, the Federal government has
been under some pressure to tame the stubbornly buoyant Toronto and Vancouver
housing markets. If the markets in these cities won't cool themselves, then the
Federal government believes it should step in and help, or as some people see
it, interfere.<o:p></o:p></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
<br /></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
For many of the past five years,
condos in Toronto and Vancouver used to be the housing villain. They were the
poster boys of a housing market on the brink of a collapse. Constant fodder for
real estate doomsayers and cranky anonymous blog commenters. They were
apparently in oversupply and at risk of taking the Canadian economy south - and
I don't mean for a nice winter vacation. <o:p></o:p></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
<br /></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
These days, condos don't seem to be
the bad guys any more. They have had reasonable gains in Toronto and Vancouver.
The new villains seem to be detached houses that have been on a tear for the
past decade often rising in the double digits each year. Right now, the average
detached Toronto home is at roughly a million dollars. In Vancouver, it is
closer to $1.6 million. So, we're not seeing a lot of starter homes here.<o:p></o:p></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
<br /></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
Some see this as a new reality in
these cities, which have become international cities, and for better or for
worse, have had much more investment from overseas that may have contributed to
the higher prices, particularly in Vancouver. <o:p></o:p></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
<br /></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
An easy way for governments to control
the housing market would be to raise interest rates. Of course, interest rates
are not just here to influence the housing sector, but the entire Canadian
economy. So, the government has to take into account if a higher interest rate
would positively influence the oil sector, or the manufacturing sector or
exports in general. There is a lot to consider beside the real estate
market.<span style="mso-spacerun: yes;"> </span>With oil prices falling, the
government may be inclined to lower interest rates again, even into negative
territory, to prop up the economy.<o:p></o:p></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
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<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
Also, the housing market is not
exactly performing the same all over the country. In fact, property prices are
dropping in Calgary and Edmonton, and flatlining in many other cities. So, an
interest rate hike may send prices even further down in these cities adding
stress to an already lacklustre or faltering local economy. <o:p></o:p></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
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<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
Yes, it appears that the rising home
prices and high cost of living in Toronto and Vancouver have led to a dilemma
for the Federal Government. Raising interest rates to tame the markets in
Toronto and Vancouver would certainly not benefit the country as a whole. <o:p></o:p></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
<br /></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
Of course, that doesn't stop the
government from creating other obstacles for buyers in an attempt to tame the
wild beasts of Toronto and Vancouver. Right now, they are considering raising
the minimum down payment on insured mortgages from 5% to 10 %. Personally, I
don't think this will change much in the Toronto and Vancouver markets, but at
least the government could say they are doing something. <o:p></o:p></div>
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<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
Some other countries like New Zealand
are going much further to contain their runaway real estate prices. Their
government has proposed a 30% minimum down payment only for the city of Aukland
and only on properties that are investments. The New Zealand governor who has
forwarded this idea states; ""The objective of this policy is to
promote financial stability by reducing the rate of increase in Auckland house
prices, and to improve the resilience of the banking system to a potential
downturn in the Auckland housing market."<o:p></o:p></div>
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It's an interesting idea. Instead of
focusing on the country as a whole, New Zealand is proposing tougher mortgage
qualifications for one major city, not the entire country. Furthermore, it only
targets investors. Unlike Canada, New Zealand keeps track of overseas
investors, and according to their statistics, there are many overseas investors
who buy up properties in Auckland because it is a stable economy and sound
investment. Unfortunately, this means more competition and higher prices.<span style="mso-spacerun: yes;"> </span>So, the government is trying to target
investors, domestic and foreign alike, to keep prices more reasonable. <o:p></o:p></div>
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<div class="MsoNoteLevel1CxSpLast" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
I'm not saying I agree with such a
proposal or that the government should get involved with the housing market,
but I do think there is something smart here. It may be wise to create policies
specific to certain cities or local economies. Real estate at a national level
is very hard to navigate. One policy could possibly tame the property process
for boom towns while really causing damages in more vulnerable markets.<o:p></o:p></div>
<br />
<br />David Coffeyhttp://www.blogger.com/profile/05030251619537409705noreply@blogger.com0tag:blogger.com,1999:blog-443499738898946299.post-87609311880572363672015-12-04T05:07:00.000-08:002015-12-04T05:07:42.480-08:00The Three Kinds of Real Estate Agents<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgcTVdwX6-PF61T7PxuS1pY0Yr03ts9A9ci0qPtYO6OSOCk1UZP3EW3RqnMBV5NU_G-NdkqGkmCf9v70FUEC7pnt-VvBKfwGtBzBKtxXduvuIkXxZgaByVP4oBOGACiu04pUwn4zQzC2nA/s1600/meerkats_three_family_animals_29586_2048x1152.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="180" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgcTVdwX6-PF61T7PxuS1pY0Yr03ts9A9ci0qPtYO6OSOCk1UZP3EW3RqnMBV5NU_G-NdkqGkmCf9v70FUEC7pnt-VvBKfwGtBzBKtxXduvuIkXxZgaByVP4oBOGACiu04pUwn4zQzC2nA/s320/meerkats_three_family_animals_29586_2048x1152.jpg" width="320" /></a></div>
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<div class="MsoNoteLevel1CxSpFirst" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
Real estate salespeople may seem all
the same to some, but in my experience, we are not all made equal. It's one job
where your skills, knowledge and abilities can vary so widely. It can be a
little surprising. This may be true for other career choices as well - lawyers,
doctors, waiters, and über car drivers all become more skilled with experience.
As a real estate salesperson, I have come across some very impressive
salespersons who have clever market strategies, thorough knowledge of a given
neighbourhood, and good results for their clients. Then there are those who are
slippery as a wet banana, out-of-touch or have lack in experience, and put
their clients best interests at risk.<o:p></o:p></div>
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Over years of working in real estate,
I often place my fellow colleagues into three categories. There may be many
more ways to do this, but I thought I would make it simple. In the world
according to me, the three kinds of real estate salespeople are the
non-transactional agent,<span style="mso-spacerun: yes;"> </span>the
transactional agent and the referral agent. Let me tell you a little about each
and which one would be your best bet.<o:p></o:p></div>
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1. TRANSACTIONAL AGENT<o:p></o:p></div>
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<span style="mso-spacerun: yes;"> </span>The title for these agents sounds impressive -
transactional agents! And often their experience at turning over transactions
make them very skilled at the rules and regulations. They often try to turn
over as many transactions as possible. Many work in teams because it is tough
for one person to turn over the number of transactions required to be the top
producer at the end of the year. This creates a lot of .01% agents who do a lot
of marketing with tens of thousands of mailouts. Their goal is to turn around
as many transactions as he/she/they can. The reason?<span style="mso-spacerun: yes;"> </span>It's good for them: They make a lot of money
quickly. The reason that's bad: They don't necessarily build relationships and
show their worth. So they rely on a constant stream of<span style="mso-spacerun: yes;"> </span>new clients. The focus is on making money,
turning transactions quickly and finding new clients.<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
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2. THE NON-TRANSACTIONAL AGENT<o:p></o:p></div>
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The landscape of real estate agents
has changed remarkably over the past five years in Toronto. For starters, there
are A LOT of real estate agents in this city. Now to be fair, every one has to
start somewhere and learn their business. I admire those who are taking a stab
at working as a salesperson in real estate. It's a competitive market,
especially in Toronto and Vancouver. In Toronto, for example, 70% of new agents
will drop out in the first two years. Many will not make a sale at all. Then
there are the part-timers - the firemen, the nurses, and teachers who try to do
real estate on the side. The thing is when you turn over one or two transactions
a year (or less), you really don't have a chance to hone in on the important
skills like pricing a property correctly, developing marketing strategies and
negotiating. Even something as basic as filling out an offer are full of
problems because the person has so little experience. As I said, everyone has
to start somewhere, and deserve to learn, but as a consumer, do you want to be
the test pilot for an inexperienced agent or one that has worked five years in
the business, but have only sold or bought five to ten properties? <o:p></o:p></div>
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REFERRAL AGENT<o:p></o:p></div>
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This is the kind of agent you want to
have. These agents have experience and focus on doing a great job so that
clients will recommend them to their friends and family. Through their results,
these agents create raving fans, and subsequently grow their business. It's not
that they are selfless angles<span style="mso-spacerun: yes;"> </span>who want
to make their clients happy. They work hard and making their clients happy
because they make more money from it. Both sides win. For the real estate
salesperson, it can take more time to cultivate these kind of relationships,
but they do pay off in the long run. <o:p></o:p></div>
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<span style="font-family: "times new roman"; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: "MS 明朝"; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-fareast;">It's like many other
professions. If I want a good massage therapist, you often ask a friend for a
good referral. Same goes for a good restaurant, a good dentist, a good cleaning
person and a good dog walker. The good ones are worth finding.</span><!--EndFragment-->David Coffeyhttp://www.blogger.com/profile/05030251619537409705noreply@blogger.com0tag:blogger.com,1999:blog-443499738898946299.post-29917738932888704282015-11-26T04:27:00.001-08:002015-11-26T04:27:37.379-08:00Supply and Demand, Toronto Style<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjaBz-NLNBf7OOKouFa6CYUc3TKngXj9EgmebHk2S9lmDncWrwvhBPaXNhxv_KWyy1nC1fPL4jOT8aO1bbl-yFtDUumbQ1sK05pgrzY_4CsrpG4sOTqAH0DxPA0V8eeEtQPjnBMSrT592E/s1600/Supply-demand-equilibrium.svg.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjaBz-NLNBf7OOKouFa6CYUc3TKngXj9EgmebHk2S9lmDncWrwvhBPaXNhxv_KWyy1nC1fPL4jOT8aO1bbl-yFtDUumbQ1sK05pgrzY_4CsrpG4sOTqAH0DxPA0V8eeEtQPjnBMSrT592E/s320/Supply-demand-equilibrium.svg.png" width="320" /></a></div>
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Back in the day, some of us may have
taken an Economics 101 course that first brought to our attention the theory of
supply and demand. The rules are pretty simple. If supply goes up too much,
demand falls and prices fall. Flip that around and you have the same theory in
reverse. When supply is low, demand increases and so do prices.<span style="mso-spacerun: yes;"> </span>This relationship between supply and demand
could be applied to the fur trade three hundred years ago or to blueberries in
the supermarket right now (more expensive out of season when supply is down).<o:p></o:p></div>
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When people are looking at real
estate, they like to look at factors like interest rates and the Canadian
economy. And these are very important macro factors to consider. Still, I
really think you need to look at the local economy to see what is happening.
It's the smaller local supply and demand factors that often sway real estate
prices. This is why prices are still going up in Toronto and Vancouver and not
in the rest of Canada. This is why New York, Oregon and Texas didn't suffer the
recession like Florida, Nevada and California. Local factors of supply and
demand make a difference.<o:p></o:p></div>
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As far as Toronto is concerned, supply
and demand can explain a lot about prices and where they will go.<span style="mso-spacerun: yes;"> </span>The most obvious example of supply and demand
in Toronto has to do with houses. As I've mentioned in many blogs before,
houses are rarely built any longer. It is not cost effective for a builder to
construct a house when that builder could build a condo and make a better
return on his or her money. Plus, as Toronto matures, there are fewer locations
to build a house. Houses would need to be built in the outer suburbs which
would be a far drive away and a very different lifestyle than the city offers.
Even the inner suburbs don't have the space for many more houses, and we see
much more condos under construction. So, houses go up in price because the city
is growing and demand is growing, but supply is limited.<o:p></o:p></div>
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Of course, in Toronto, houses are not
the only thing in short supply. Low rise condos also are in limited supply and
therefore perform better than their bigger high rise condo cousins. Conversion lofts
are another great example. These are now in shorter supply than they were
before, but this is a recent phenomenon. Not too long ago, there were a lot of
conversion lofts hitting the market. Nowadays, there are not many old
factories, warehouses and churches that have not already been converted. So, I'm
seeing a greater demand on these kinds of condos as new supply stops coming to
market and the demand increases.<o:p></o:p></div>
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Now, all this talk make seem to
suggest that large condos are a lousy investment because they are in greater
supply. And to a certain extent, this is true. Since there is more of a large
condo supply, prices are kept reasonable because there are less competition for
those units and more options added to the supply all the time. This is where
most of Toronto's construction takes place - in the high rise condo sector.
They may not appreciate in value the same way as houses or conversion lofts or
even low rise condos in Toronto, but they are more affordable.<span style="mso-spacerun: yes;"> </span>For some, big condos are a great starting
point. I would not discourage someone from buying in a big condo, but I would say
you need to pick the right big condo with a healthy reserve fund, a good
location and a little character.<o:p></o:p></div>
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Supply and demand is a funny thing.
From the buyer side, it is easier to buy a larger condo because there is so
much supply. It is more affordable and there is less competition. Easy Peasy
for a buyer. When it comes time to sell, you may not have the price
appreciation you would see elsewhere in Toronto. In many neighbourhoods,
conversion lofts, lowrise condos and houses are tougher to buy sometimes but as
an investment, your chances of appreciation are greater. You'll have a harder
time buying, but a easier time selling.<o:p></o:p></div>
David Coffeyhttp://www.blogger.com/profile/05030251619537409705noreply@blogger.com0tag:blogger.com,1999:blog-443499738898946299.post-5142858728467777692015-11-19T06:21:00.003-08:002015-11-20T06:36:47.111-08:00Why Are There So Many Rental Apartments Under Construction?<div class="separator" style="clear: both; text-align: center;">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-uEkXE3Yym_1LsqfU-Ah1WrU4hTmY6m18FO6AAbA__9Ie3CWyV0MPz5BjWnSdoOw9cosQALbW3SDhVkEMuZL9Bw5tsKO-iQsvzIdTCOR2EFexL_yo2PfhCMAcMW8Z9AbprQNlv3XOBAw/s1600/monopoly+pieces+2.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-uEkXE3Yym_1LsqfU-Ah1WrU4hTmY6m18FO6AAbA__9Ie3CWyV0MPz5BjWnSdoOw9cosQALbW3SDhVkEMuZL9Bw5tsKO-iQsvzIdTCOR2EFexL_yo2PfhCMAcMW8Z9AbprQNlv3XOBAw/s1600/monopoly+pieces+2.jpg" /></a></div>
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It was not too long ago that Toronto
could not build their condos fast enough. For several years in a row, Toronto
had the rare distinction of building more condo units than any other city in
North America, even cities four to five times larger like New York and Mexico
City.<span style="mso-spacerun: yes;"> </span>Torontonians didn't know whether
to be proud or afraid. For some, this explosive growth of condos revealed a
worrying trend toward an oversupply of condo units. This oversupply, it was believed,
would lead to a larger number of units than buyers, and subsequently a market
correction.<o:p></o:p></div>
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The thing is, we are no longer number
one. Though the Toronto condo market still has many new units coming up, plans
for new buildings have subsided some, and many developers who had once built
condos have now put their focus on something quite different. Rental
properties.<o:p></o:p></div>
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In fact, one Toronto developer in
particular, switched mid-construction from condo building to rental building,
even after some of the units had been pre-sold. Earlier this year, Urbancorp
cancelled its Kingsclub condo complex for plans to build three rental towers
instead. Some buyers who bought pre-construction were a little miffed that they
were not going to have the condo unit they bought come to fruition. And who
could blame them? After months or even years of waiting for their dream condo,
all those who had invested in Kingsclub condo received were their deposits
back. Not exactly worth the wait...<o:p></o:p></div>
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This swich from condo to rental apartments
is a small portion of the rental construction boom under way. There are rentals
also under construction all over the city. The number of new rental apartments
under construction across the the GTA is at a 25 year high. We have not seen
any rental construction since the early 1990s. So, why all this focus on
rentals? Is there a fear from developers that building condos are not a good
investment at the moment? Are they worried about a coming condo crash?<o:p></o:p></div>
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In some ways, developers are concerned
over condo oversupply. Because of the explosion of condo construction in the
past, it is not surprising that we would need to slow down. And at the moment,
the condo supply seems to be healthy because the developers have pulled back a
little plus the demand for them stays strong. Still, I think the real reason
developers are going into rentals has more to do with their bottom line: Money.
Simply put, rentals, these days, are profitable. They are catching on to what a
lot of condo investors have been doing for many years now. They are cashing in
on Toronto's impressive rental market.<o:p></o:p></div>
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It seems there has been a lot of water
cooler conversations about the rise in condo prices, but rents have also been
on the rise along with condo prices. As a renter, you are paying much more for
rent in Toronto that you would have five years ago. Currently, the average 743
square foot unit rents for $1870/ month.<o:p></o:p></div>
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So, why would developers not get in
the game? I'm sure they can see an opportunity when they see one. Instead of
receiving a one time payout from a condo purchaser who buys a unit once, the
developer just rents out the unit and had continuous cash flow paid out each
month. It's the same thing condo investors have been doing for decades.<o:p></o:p></div>
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The rental market is very appealing.
The vacancy rate is still relatively low in this city. Despite all the new
condo owners who rent out their units, the vacancy rate in the downtown core
still come in just below 2%. For the developers who focus on apartment
buildings that are just for renting, the vacancy rate for these comes in at
around 0.6%. Those are pretty good numbers for a developer.<o:p></o:p></div>
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But<span style="mso-spacerun: yes;">
</span>why are these rentals being gobbled up? It appears there are more
renters these days because more people spend a longer time in the rental phase.
They need to build up more equity to buy, or maybe they find purchasing too
much of a drain on their finances. The desire to live downtown burns strong for
many and house prices rise keep home ownership out of reach for some.<o:p></o:p></div>
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<span style="mso-spacerun: yes;"> </span>But renters are not just priced out or
preparing homebuyers. There is a motherland of renters coming in the years
ahead. The baby boomers will want to rent and live off the equity of their sold
homes they lived in for decades.<o:p></o:p></div>
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<div class="MsoNoteLevel1CxSpLast" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
The rental market may have had little
appeal for a long time, but it's back in a big way. Developers are finally
understanding what many small time condo investors have known for a while:
Rents are strong and consistent in Toronto and renting has a big future ahead
of it for Toronto.<o:p></o:p></div>
<div class="text combinedtext parbase section" style="border: 0px; clear: none; font-family: Georgia, 'Times New Roman', Times, serif; font-size: 14px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">
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David Coffeyhttp://www.blogger.com/profile/05030251619537409705noreply@blogger.com0tag:blogger.com,1999:blog-443499738898946299.post-58888170395274418382015-10-22T05:45:00.001-07:002015-10-22T05:45:31.317-07:00Things Sellers Say<div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhTKy0yna6rWAWH99sG4EWTxHDo0XG9Uch9Ufdj5h4Cv3YJsVJ6CuTAGyXMw99WHoxx_QtkYaFbXjaXiYgj6w1IVsSpH1S43zTt0Vth2Sj487utiMhi8lA33fYhRt61hFXE0sjLVl2LFYQ/s1600/IconOtherAdvice250.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhTKy0yna6rWAWH99sG4EWTxHDo0XG9Uch9Ufdj5h4Cv3YJsVJ6CuTAGyXMw99WHoxx_QtkYaFbXjaXiYgj6w1IVsSpH1S43zTt0Vth2Sj487utiMhi8lA33fYhRt61hFXE0sjLVl2LFYQ/s1600/IconOtherAdvice250.png" /></a></div>
<span style="font-family: 'Helvetica Neue', Arial, Helvetica, sans-serif;"><br /></span>
</div>
<blockquote class="gmail_quote" style="border-left-color: rgb(204, 204, 204); border-left-style: solid; border-left-width: 1px; margin: 0px 0px 0px 0.8ex; padding-left: 1ex;">
<div dir="ltr">
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><span style="color: #2a2f3c;">There are those out
there who believe that selling your home is easy. All you have to do is dump
your property on the MLS, and it will sell itself at the best price.</span><span style="color: #2a2f3c;"> </span><span style="color: #2a2f3c;">I think these people are nuts or lucky like a
lottery, but I am a real estate salesperson who would be very biased on the
value of my services. So, let me put my experience
aside and offer some insights from actual sellers who have sold their
homes.</span><span style="color: #2a2f3c;"> </span><span style="color: #2a2f3c;">Below are tips and advice from
real people who were my clients and who have sold a property. I thought it
would be interesting to check in with recent clients from a few months ago as
well as clients from years ago to get an idea of what they think of their
selling process, what worked best for them, what needed more attention, and, most importantly, what advice they could offer to sellers who are planning to sell in the future.
<o:p></o:p></span></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica Neue, Arial, Helvetica, sans-serif; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">I have asked five basic
questions. Sometimes I have had similar responses. Other times the responses
varied widely.<span style="mso-spacerun: yes;"> </span>I believe I have targeted
a good cross-section of sellers. They consist of house owners, condo owners,
first-time sellers, last-time sellers, empty nesters, singles, new parents,
workaholics, nine-to-fivers, entrepreneurs, hipsters, and button down folks. <o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica Neue, Arial, Helvetica, sans-serif; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">I did not included
every response I received, but I thought I would feature some of the more
interesting and/or recurrent ones for each of my five questions. Please note
that<span style="mso-spacerun: yes;"> </span>many respondents wrote some nice
compliments of me in their responses.<span style="mso-spacerun: yes;"> </span>I
did not include them all, but I did include a few. I like to think I receive
these endorsements because I did a good job, but I will also acknowledge that
clients who are willing to respond to a small survey are usually ones the happiest of your clients. <o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica Neue, Arial, Helvetica, sans-serif; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">So, without further
ado, here are the responses from a collection of some of my sellers from
not-too-long ago. Thanks sellers for your participation!<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica Neue, Arial, Helvetica, sans-serif; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;"><b><span style="font-size: large;">1. WHAT IS THE MOST
CHALLENGING EXPERIENCE YOU HAD DURING THE TIME YOU WERE PREPARING YOUR HOME FOR
SALE AND SELLING YOUR HOME?</span></b><o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica Neue, Arial, Helvetica, sans-serif; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">"Our second
child.<span style="mso-spacerun: yes;"> </span>Lukas decided to arrive 2 weeks
early, right in the middle of trying to get the house into sellable shape was
the biggest challenge for sure!"<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica Neue, Arial, Helvetica, sans-serif; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">"Time it took to
sort through everything and purge in order to make the house presentable.
Moving all the excess stuff out. Finding somewhere to stay during the week it
was on the market. Conversations about what amount to list it at."<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica Neue, Arial, Helvetica, sans-serif; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">"The most
challenging part was making sure our condo was clean, uncluttered and looking
amazing every time we left. This includes when you are heading to work in a
rush in the morning! You just never know when someone will book a viewing. So,
you have to be ready."<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica Neue, Arial, Helvetica, sans-serif; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">"As it was a
shared office space, one of the biggest challenges was in confirming when all
of us were prepared to move, and sorting out the furniture and other items
between us."<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica Neue, Arial, Helvetica, sans-serif; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">"We had a tight
timeline - we wanted to get our place ready and put on the market in 5
weeks.<span style="mso-spacerun: yes;"> </span>David prepared a schedule down to
every fine detail - home tidying and decluttering, professional cleaning, home
staging, photography and marketing- and somehow he<span style="mso-spacerun: yes;"> </span>managed to keep us on track.<span style="mso-spacerun: yes;"> </span>Also, there were quite a bit of legal and
financial preparations involved which we knew very little about.<span style="mso-spacerun: yes;"> </span>David taught us everything, and when an offer
came in, we were ready to accept."<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica Neue, Arial, Helvetica, sans-serif; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;"><b><span style="font-size: large;">2. WHAT WAS THE BEST
EXPERIENCE YOU HAD SELLING YOUR HOME?</span></b><o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica Neue, Arial, Helvetica, sans-serif; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">"It was having an
agent we both liked and could trust.<span style="mso-spacerun: yes;"> </span>We
didn't realize how important this was until things got really busy.<span style="mso-spacerun: yes;"> </span>You spend a lot of time with your realtor
(planning, organizing, coordinating, managing schedules) and it is so important
that you all get along and can communicate openly.<span style="mso-spacerun: yes;"> </span>We juggled everything and learned a
lot."<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica Neue, Arial, Helvetica, sans-serif; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">"The best part was
getting $40,000 over asking!"<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica Neue, Arial, Helvetica, sans-serif; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">"It sold
quickly!"<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica Neue, Arial, Helvetica, sans-serif; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;"><span style="mso-spacerun: yes;"> </span>"It was fairly easy, I thought. And thus,
a good experience."<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica Neue, Arial, Helvetica, sans-serif; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">"The service from
David - he gave us great confidence and managed everything that came up calmly
and efficiently. The stager of our house made everything work very
efficiently."<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica Neue, Arial, Helvetica, sans-serif; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;"><b><span style="font-size: large;">3. WHAT PART OF THE
MARKETING OF YOUR HOME DO YOU FEEL HAD THE MOST IMPACT ON GENERATING INTEREST
IN YOUR PROPERTY?</span></b><o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica Neue, Arial, Helvetica, sans-serif; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">"The staging and
then the resulting professional photos allowed our MLS listing to shine."<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica Neue, Arial, Helvetica, sans-serif; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">"It was an
advantage to work with a real estate agent who was familiar with the building
and its sales, and who had existing contacts whom he knew were looking for a
unit in that building."<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica Neue, Arial, Helvetica, sans-serif; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">"Given the
cookie-cutter nature of condos in the building, I think that it was more the
marketing of the building rather than the marketing of the unit that was
important."<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica Neue, Arial, Helvetica, sans-serif; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">"Definitely the
staging.<span style="mso-spacerun: yes;"> </span>Our home showed beautifully
after the make-over and it attracted a lot of walk-ins to our open house."<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica Neue, Arial, Helvetica, sans-serif; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">"The video! And the
neighbourhood flyers."<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica Neue, Arial, Helvetica, sans-serif; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;"><span style="font-size: large;"><b>4. WHAT WOULD YOU DO
DIFFERENTLY ABOUT SELLING A HOUSE IF YOU HAD TO DO IT AGAIN?</b></span><o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica Neue, Arial, Helvetica, sans-serif; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">"Get in touch with
a realtor early.<span style="mso-spacerun: yes;"> </span>When putting a house on
the market, timing is one of the most important things.<span style="mso-spacerun: yes;"> </span>Creating a strategy and a realistic timeline
with your realtor will relieve a lot of the anxiety and stress."<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica Neue, Arial, Helvetica, sans-serif; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">"I would tell
myself not to be so nervous!"<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica Neue, Arial, Helvetica, sans-serif; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">"Nothing."<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica Neue, Arial, Helvetica, sans-serif; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">"I'd start
preparing the house a lot earlier, at least 6 months before selling if
possible."<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica Neue, Arial, Helvetica, sans-serif; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;"><b><span style="font-size: large;">5. ANY ADVICE FOR SELLERS
SELLING THEIR HOME NOW?</span></b><o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica Neue, Arial, Helvetica, sans-serif; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">"Trust your
realtor. If he or she says to declutter, to take down personal photos, get a
new bedspread, do it! As much as buyers say they can see past how an owner has
designed or decorated their place, it is tough to do. Making your property
appeal to a wide base and look great is very important."<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica Neue, Arial, Helvetica, sans-serif; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">"Find the right
person to help you. We did our homework and researched a number of top realtors
in Toronto. it was hard to decide based on reviews along. So, we decided to
meet with our top picks. David's approach to his work, his ideas and insights,
and his years of experience and knowledge put his immediately at ease and we
knew he was the right one for the job."<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica Neue, Arial, Helvetica, sans-serif; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">"Check to ensure
that the agent you engage has experience with sales in the area that you are
selling in.<span style="mso-spacerun: yes;"> </span>I went online and looked at
which real estate agents had recently sold the properties in the building I was
in. I believe that I benefitted from the experience and knowledge of the agent
that I used (It was someone David had known that was looking in the building
who bought my condo)."<o:p></o:p></span></div>
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David Coffeyhttp://www.blogger.com/profile/05030251619537409705noreply@blogger.com0tag:blogger.com,1999:blog-443499738898946299.post-18105358222999327092015-10-14T05:54:00.003-07:002015-10-14T05:54:42.255-07:00Deteriorating Affordability in Toronto: What to Do<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh_5ObDwgoTTIxzij9eyQn0AJ7If1o0DZ00gaYeJus2woyzK5xfJQSMNytCbHHigHWZzD9J4QjnDWXYzFFO5i2VGIpwL-wMmyuoWdn9DkbBuLrtmliYQ6wLedPTaOx6_z_KTP_cN8Rwq9o/s1600/funny+girl+face.gif" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="180" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh_5ObDwgoTTIxzij9eyQn0AJ7If1o0DZ00gaYeJus2woyzK5xfJQSMNytCbHHigHWZzD9J4QjnDWXYzFFO5i2VGIpwL-wMmyuoWdn9DkbBuLrtmliYQ6wLedPTaOx6_z_KTP_cN8Rwq9o/s320/funny+girl+face.gif" width="320" /></a></div>
<br />
<br />
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Arial, Helvetica, sans-serif; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">The figures are out
again, and one more time Toronto real estate<span style="mso-spacerun: yes;">
</span>receives a gold star in September with houses selling over 10% higher
from September 2014 to September 2015. This kind of news used to be incredibly exciting
for me as a first time buyer over ten years ago. I would pull out my calculator
and guesstimate just how much my current home, at the time, may have
appreciated. But after getting that gold star year after year, you come to
expect it, even though you know it can't last forever.<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Arial, Helvetica, sans-serif; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">And despite all the
condo crash talk of the past few years, they are also on the rise in most condo
buildings. Condos are performing better than they have in years. Steady and
healthy at the moment - rarely two words assigned to condos since 2010.<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span style="color: #2a2f3c; font-family: Helvetica; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">For sellers or those
who have purchased over a year or more ago, you can breath easy. Buying is even
tougher now if you're <o:p></o:p></span><span style="color: #2a2f3c;">still looking.</span></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Arial, Helvetica, sans-serif; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">For first time buyer or
for those who are keen to buy another property, it may feel like your pace of
saving cannot match the rise in prices, especially if you want the very coveted
detached house, the golden standard of a dream home in this city. It may feel
downright depressing to know your friend who bought three years ago lives in a
neighbourhood that you could not afford to buy in now.<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Arial, Helvetica, sans-serif; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">This whole thing really
does lead to two possibilities:<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Arial, Helvetica, sans-serif; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">1. There is a new
reality in this city. We are on the cusp of affordablility for housing being
completely out of reach for many first time buyers or those without a serious
familial investor on their side. The new reality is that houses in the city
will be for the wealthier or the second time buyer. First time buyers will be
sent to the surburbs or will need to start in a condo. There is something very
true about this scenario. There is a shortage of houses in this city, and the
city is growing. It's an unavoidable reality.<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Arial, Helvetica, sans-serif; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">2. There is a real
estate bubble in Toronto. If this is the case, I suspect it is largely because
of interest rates. Once they move, that may cool down prices. For me, however,
this does not change the fact that there is an increasing demand to live in the
city and the city is growing without the proper transit system to move people.
So, even if there is a correction, we will return to this same situation where
houses are not being built any longer, traffic is lousy, and commuter trains
could be a whole lot better set up and intergrated throughout the region with
more frequent GO trains that extend further out.<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Arial, Helvetica, sans-serif; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">So, if you are planning
on buying in the next few years, what would be the best approach? Here are 5
options:<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Arial, Helvetica, sans-serif; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;"><span style="mso-spacerun: yes;"> </span>1. Wait. If you think the market is sure to
correct, then wait. You may have prices come down, and you can buy when the
market bottoms out before heading back up. Of course, you do run the risk of
waiting and watching prices rise even more. There are many people who have been
waiting five or even ten years for a price correction, and now they have been
seriously left behind.<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Arial, Helvetica, sans-serif; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">2. Buy A Condo - Condo
prices have not been on a tear the same way houses have. They are affordable, and
usually have predictable costs ahead of them. Condos, to a large extent, are
the majority housing option in most big cities. Density and condos go hand in
hand.<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
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<span style="color: #2a2f3c; font-family: Arial, Helvetica, sans-serif; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">3. Get Out of Toronto -
I don't think you should go just anywhere. Not all areas connected to Toronto
by the GO Train are the same. I still believe Hamilton is Toronto-like without
the same house prices. Yes, it's a long commute, but it's cheap
right now. Some areas are sketchy for sure, but things are changing quickly.
Did I say cheap?<o:p></o:p></span></div>
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<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Arial, Helvetica, sans-serif; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">4. Get Creative - I had
clients recently purchase a bike shop. No they are not bike enthusiasts, but
with a little renovation, they were able to change a bike shop into a four
bedroom home for them and their three kids. It looks amazing. The main floor is
enormous. Yes, you will need a renovation budget, but sometimes these
storefront with apartment upstairs could be had for less than the houses in a
given area. Compared to the houses of the area, I would estimate they paid
around $200K less than an equivalent 4 bedroom house.<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
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<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Arial, Helvetica, sans-serif; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">5. Stay A Step Ahead of
the Next Emerging Neighbourhood - There are still emerging neighbourhoods
in Toronto where first time buyers could by a house or a larger condo. They are
not as close to downtown as the used to be, but they exist. Think
neighbourhoods along the new Eglinton Crossway. Great place for appreciation.
In the east, consider homes near Danforth and Vic Park or even parts of
Scarborough.<o:p></o:p></span></div>
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<!--StartFragment-->
<!--EndFragment--><br />
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<span style="color: #2a2f3c; font-family: Arial, Helvetica, sans-serif; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">The reality is that we
are currently moving toward deteriorating affordability in this city. It won't
always be this way, but we are also a different city than we used to be ten
years ago. Neighbourhoods that were considered fringe then like Leslieville,
the Junction and Mimico are rarely the terrain of first time buyers any longer.
This won't change. Once neighbourhoods have all you need in walking distance,
it's very unlikely they will become cheap again in your lifetime.</span><o:p></o:p></div>
David Coffeyhttp://www.blogger.com/profile/05030251619537409705noreply@blogger.com0tag:blogger.com,1999:blog-443499738898946299.post-1869850914022227172015-10-01T05:49:00.001-07:002015-10-01T05:49:09.720-07:00Last Time Sellers: The Planned and the Unplanned<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhnKiqEbx3WQ2ka_UGdIMATOxIQRmQUTJterFFVYCeYId3ggvijdVlaGHdkm70rGo_CEqc1ISdFSqgV1j9Czz4e6TIoE4RgwpKOHvp8KZWTAYTs0a3tHm0N_6NlY0W6-r81IffI2QPEpTk/s1600/Last+Time+Buyers.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="226" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhnKiqEbx3WQ2ka_UGdIMATOxIQRmQUTJterFFVYCeYId3ggvijdVlaGHdkm70rGo_CEqc1ISdFSqgV1j9Czz4e6TIoE4RgwpKOHvp8KZWTAYTs0a3tHm0N_6NlY0W6-r81IffI2QPEpTk/s320/Last+Time+Buyers.jpg" width="320" /></a></div>
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First time buyers get the lion's share
of media attention. Not terribly surprising as our culture does tend to obsess
over the young and what they'll do next, and a great number of first time
buyers are young or at least 10-15 years away from retiring. The term first
time buyers comes off as a bit exciting. They're getting on the train. They
have a full life ahead of them. They're growing and saving for the future. What
will they do next?<o:p></o:p></div>
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Today's blog, however, is all about
the last time seller, a person who's<span style="mso-spacerun: yes;">
</span>deciding to get off this property train. Perhaps this may not be where
you are just yet. In fact, it may not even be crossing your mind, but it will.
If not for you, then maybe a parent or a grandparent whose property you will
have some stake in.<o:p></o:p></div>
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Often last time sellers have owned a
property for a long time instead of changing it up every five to ten years.
They are likely retired or retiring or can no longer take care of their current
property. I find many Torontonians over 70 have owned their house for their
entire lives. They have not moved around as much as the under 70 crowd. When
last time sellers bought a home, they grew roots there. It was not just an
investment. In general, this generation is a trustworthy and loyal bunch as
long as they feel respected.<o:p></o:p></div>
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Like first time buyers, there is a
certain way to handle this last transaction to benefit you or your parents the
most. In my real estate experience, and my own personal experience, last time
sellers fall into two categories. The planned and the unplanned.<o:p></o:p></div>
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The unplanned do not look at the
future as something to be organized, but it is something that will happen to
them. However, this can be a stressful approach when a crisis hits and there is
no game plan. Some last time buyers can no longer take care of their home and
their health requires that they move. Even then, I often hear: "The only
way I'm leaving this house is if I'm carried out in a box."<span style="mso-spacerun: yes;"> </span>If something happens where an owner can no
longer manage their lives on the property, then families are left scrambling to
find appropriate housing and trying to figure out what to do with the family
house.<o:p></o:p></div>
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Then there are those who <i>decide</i> to be
last time sellers, the planned last time sellers. Some decide to get out of the
market and enjoy the money they have built up in the equity of their home. They
often rent instead of owning, freeing up their money for cruises, their kids,
their debts, their enhanced lifestyle, their rental unit,<span style="mso-spacerun: yes;"> </span>Shady Pines or whatever they like. It's their
money.<span style="mso-spacerun: yes;"> </span>The difference is that the fist
unplanned group waits for a crisis to occur before making the move. The second
prepares for the sale accordingly. It would not be hard to figure out that the
planned group does much better than the unplanned group financially when it
comes to the sale of their homes.<o:p></o:p></div>
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In some ways, last time sellers are
like first time buyers.<span style="mso-spacerun: yes;"> </span>Ideally, you
want to enter the market at a low point and sell at a high point. Of course,
life doesn't happen that way. You can't wait around for twenty years for a
correction to occur. As always, it's very tricky to predict the top.<o:p></o:p></div>
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The big difference between first time
buyers and last time buyers - first time buyers can wait it out. So, let's say
a first time buyer bought his or her first property in 1989 at $500,000 in
Toronto's Cabbagetown neighbourhood.<span style="mso-spacerun: yes;">
</span>Because that was the height of the market, the first time buyer would
have lost money if he or she tried to sell it in say 1995 where values where
much lower. By around 2001, the prices have come back to 1989 levels. By 2015,
they would have surpassed those 1989 selling prices significantly. So, if the
first time buyer, even in the unluckiest 1989 market, does have time on their
side. This past example is the most extreme one of the past fifty years, but it
does make the point that waiting will bring the prices back. Even if the market
corrects, most first time buyers, if they hold their property long enough, will
experience a strong real estate market again, hopefully sooner rather than
later.<o:p></o:p></div>
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Now last time buyers don't often have
time on their side as much. If you are near the retirement age or are planning
on using the value of your home to fund your retirement, you have a tough
decision to make. You may not want to wait around for twenty years if their is
a market correction. You will want top dollar for your property now or at least
soon. You don't want to sell too soon. You may miss out on a lot of
appreciation, but you don't want to wait too long so that you will have to
accept your property value at less if there is a change in the market.<o:p></o:p></div>
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I'm not going to offer timing advice
here. The timing has to be right for you . Make sure it's the right time for
you or your parent on a personal level first. If you are tired of shovelling
and cutting grass or all your friends or your Mom's friend have moved into the
retirement community down the street, then it may be time.<o:p></o:p></div>
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For last time sellers, I would make
the following suggestions though:<o:p></o:p></div>
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1. Staging Matters. When it comes time
to sell you home or condo, or your parent's property, know your buying
demographic. You may have to appeal to them for top price.<o:p></o:p></div>
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2. Have a Clear Will - Make sure you
have every thing in writing in a will. Know who will look after your affairs if
you our your parent cannot.<o:p></o:p></div>
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3. Kids - If you are helping your
parents move to the next step or if you have kids of your own, lean on them.
They owe you! You have supported them your entire life. They can help you
organize and prepare your home along with your agent.<o:p></o:p></div>
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4. Know where you are going. Make sure
the next place is the right fit for you or your parent, whether you are renting
an apartment down the street, moving to an assisted living organization or
sailing off in a yacht around the world. Make sure you put the time into research
and testing.<o:p></o:p></div>
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<div class="MsoNoteLevel1CxSpLast" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
5. The Long Good-Bye - For some people
it can too tough to leave a place they have been a long time. Some people have
built a lot of memories in their home whether it's a parent you're helping or
it's you. I say let yourself be sad. Mourn the loss of your condo or house, but
allow yourself to be a little excited about the next chapter. I find with a
fresh start and an easier and pared back lifestyle, many last time sellers have
the freedom to do more and be more social.<span style="mso-spacerun: yes;">
</span>With that said, you have to be ruthless with all of the stuff that has
accumulated over decades. Chances are, you won't be using 90% of it again. Know
what's important and know that you will never use that fondue set again from
1983, even though it still works.<o:p></o:p></div>
David Coffeyhttp://www.blogger.com/profile/05030251619537409705noreply@blogger.com0tag:blogger.com,1999:blog-443499738898946299.post-25482110573618395892015-09-24T09:10:00.000-07:002015-09-24T09:10:17.718-07:00The Brooklyn Effect<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiy_lC-Rp-mjqbKVJSrVSuzyTk9c5DaflTlg7hGeasMv8BPOcIYwZ48liYmNEbEcKG6IEKf7_EyAqaIMidXcB6BZ5aN-P8wJse7cY8x9JY5KqnPDEha6b-deGEF2oMfOMNJPlLqP6pRtpM/s1600/Brooklyn.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="217" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiy_lC-Rp-mjqbKVJSrVSuzyTk9c5DaflTlg7hGeasMv8BPOcIYwZ48liYmNEbEcKG6IEKf7_EyAqaIMidXcB6BZ5aN-P8wJse7cY8x9JY5KqnPDEha6b-deGEF2oMfOMNJPlLqP6pRtpM/s320/Brooklyn.jpg" width="320" /></a></div>
<br />
<br />
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">The Brooklyn effect.
It's a term I hear thrown around more and more. It seems that in this day and age the brand
of "Brooklyn" really does stir up some excitement in people. In
fact, there is a store now open in one of the exclusive shopping centres of
Paris called, you got it, "Brooklyn". It has t-shirts, artisanal jams
and wool hats - things you would apparently find in Brooklyn with ease. The
funny thing is, the Brooklyn effect, whether you live in Brooklyn or not,<span style="mso-spacerun: yes;"> </span>has become synonomous with living in a
hipster neighbourhood with funky artist spaces, experimental restaurants and
stylized general stores. I'm sure there are hundreds of neighbourhoods in the
Western world who have taken this track. I've heard this term used to describe
a number of neighbourhoods in Toronto from The Junction, the Junction Triangle,
Leslieville, Kensington Market, and Trinity Bellwoods. The Brooklyn Effect
encapsulates a neighbourhood that has risen from humble or scrappy beginnings
to become a centre of cool with distinctive independent businesses
all around. Loosely defined, you could say the Brooklyn Effect takes place
anywhere there is a migration of younger to middle aged professionals priced
out of other pockets of the city. It brings creative bohemians, sometimes with money, to an
urban area.<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">But to really
understand this phenomenon, let's look at Brooklyn's recent history. Back in
the 80s, to say you were from Brooklyn would make you cool in a<span style="mso-spacerun: yes;"> </span>kind of don't-mess-with-me Lether Tuscadero way. You might
come off with a little more street cred. Then Manhattan became full. Too
expensive for most New Yorkers. So, many set their eyes on Brooklyn, right
across the bridge. And wow, the change was swift. So swift that Brooklyn itself
may have eclipsed Manhattan as the centre of cool in New York.<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">Some may see this as a
simple form of gentrification. And in some ways, that's all it is. Still, I
think there is a certain hipster factor when people talk about the Brooklyn
effect. It attracts a certain creativity, an independent spirit to form some
kind of community based on experimental small businesses, galleries, and
artists mixed with Yuppies. There is an open attitude here.<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">New York is a good
reference point when talking about real estate trends.<span style="mso-spacerun: yes;"> </span>People use New York neighbourhoods as
reference points because everyone knows them, and in many cases, the trend
setting starts in places like New York.<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">I still see the term
Manhattanization thrown around a little too. This suggests something much less
charming and much more wealthy. It is a high density, high demand neighbourhood.
Not just some cool restaurants but a dense, human filled place. It's a much
more extreme gentrification. Most of downtown Toronto could be seen as
undergoing a certain Manhattanization with the density that has been building
over the past twenty years.<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">So, what if you don't
want to live in the Manhattan or Brooklyn of Toronto? What if the idea of
living around too much hipness makes you roll your eyes to the back of your
head. Well, there are plenty of options here in Toronto. The old suburbs of
Etobicoke and Scarborough could offer more space and privacy but with more of a
car culture vibe and often (but not always) not many main streets around for
walkable shopping. Perhaps the established neighbourhoods of the Beach, the Annex and Leaside are your speed.<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">In the end, you have to
pick a Toronto neighhourood based on what kind of life you want to lead. In my
opinion, those Toronto neighbourhoods that do have the Brooklyn Effect will be
fantastic investments.<span style="mso-spacerun: yes;"> </span>If space is your
thing, then the old inner suburbs of Toronto could be your destination.<o:p></o:p></span></div>
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afford the currently Brooklynizing hoods, then you could gamble on the next
Brooklyns: The Toronto neighbourhoods of Weston, Danforth Village, Little India
or parts of Hamilton like Gage Park. It's very early days for some of these Brooklyns though.</span><o:p></o:p></div>
David Coffeyhttp://www.blogger.com/profile/05030251619537409705noreply@blogger.com0tag:blogger.com,1999:blog-443499738898946299.post-67192726943113639362015-09-16T05:37:00.000-07:002015-09-16T05:37:32.040-07:00The Trail of Failed Real Estate Predictions<div class="separator" style="clear: both; text-align: center;">
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<div class="MsoNoteLevel1CxSpFirst" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
I'm feeling a little nostalgic lately.
Maybe it's the <i>Star Wars </i>trailers I've been watching. Maybe its the Back to
School blitz I have been seeing everywhere. But it also has to do with the Fall
market in real estate. Yes my nostalgia does, not surprisingly, extend into
real estate. <o:p></o:p></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
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<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
So, I did a little journey back in
time to see what a few naysayers were claiming to know about Toronto and
Canadian real estate from the past ten years. In many cases, the naysayers were
claiming to be very certain that the real estate market was going to crash in
Toronto and even in Canada. All their indicators are going off like alarm
bells. And yes, their arguments seem very convincing. <o:p></o:p></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
<br /></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
And I'm not here as a cheery real
estate salesperson to tell you that a market will never correct itself. It
might. As I aways say, I'm not a fortune teller. I did not anticipate the rise
in prices we have seen in the past year.
I don't know when or if the housing market of Toronto will undergo a
correction. Real estate prices are cyclical. Prices rise and then fall or level
out temporarily before rising even higher the next time. Not at regular
intervals, because that would make things too predictable.<o:p></o:p></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
<br /></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
So, I'm always amazed at how many people are
so certain. Usually it's to sell a book.
Almost every publication has had predictions from <i>Toronto Life</i> to the<i>
Toronto Star</i>. From German banks to those
guys who comment on the end of any real estate article. My favourite is Garth Turner. I don't think
he's such bad guy, really. He does make some good points, but he has been
calling for the fall of Toronto for a long time. Check out this clip back from
2008: <a href="http://tvo.org/video/programs/allan-gregg/the-rise-and-fall-of-canadas-real-estate-market" style="background-color: white; font-family: Arial, Helvetica, sans-serif; line-height: 20.299999237060547px;">Garth 2008</a>. I think there was a
climate of fear here because in 2008, the Great Recession was underway. It
would be easy to be fearful in this time. And let's face it. I have the
advantage of hindsight. Hindsight is always 20/20, right?<o:p></o:p></div>
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<br /></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
Still, if you did follow Garth's
advice here, you may have sold your home and seen the market run ahead of you.
It may have seemed wise to sell your place. It may have looked like you were
going to be the smart one who avoided losing their shirt buying real estate.
What you really would have done, by 2015 standards, is sold your 2008 home and
lost a lot of appreciation that would have happened between 2008 and 2015,
particularly if you bought a house. You may have also priced yourself out of
the market.<o:p></o:p></div>
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<br /></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
My point here is that it's hard to
predict a downturn in a market. If it was easy, a lot more of us would be very
rich. In the U.S., those who said the U.S. market was going to tank in 2008
took full credit when it did happen. Guys like Nouriel Roubini. Smart guy. He
had some very valuable things to say. I wonder though, if his guru-like status
was just a bit too much. Personally, I think many of the gurus who predicted
the crash in the U.S. were lucky with
their timing or they just said it long enough that finally, they had to be
right. The truth is, there are signs of an overheated market now in Canada.
There were signs of an overheated market in 2008 for Canada. But there is no way to know when a market
will change. It appeared in 2008 that Toronto was destined for a correction. It
didn't look good. Price were slipping. The world was panicking, and people were
losing their jobs. But the market didn't crash. It did the opposite. Logic did
not apply, though Canada was much better set up with safeguards in the real estate market to protect itself in ways other countries had not. <o:p></o:p></div>
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<br /></div>
<div class="MsoNoteLevel1CxSpLast" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
With all this said, my advice would
be: Don't let fear be your guide. If you are planning of flipping a house in a
short period of time, that is always risky. I<span style="text-indent: 0cm;">f you want to play it safe, buy a house you can carry
financially now and for awhile keeping in mind that interest rates can
change.</span><span style="text-indent: 0cm;"> </span><span style="text-indent: 0cm;">If the worst thing happens and
your house falls in value, you'll still be able to carry it. And if you hold on
long enough, prices will recover and start heading back up again. This may
sound like a prediction, but really, it is my thoughts based on what has happened
over the last one hundred years.</span></div>
<div class="MsoNoteLevel1CxSpLast" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
<o:p></o:p></div>
<!--EndFragment--><span style="background-color: white; font-family: Arial, Helvetica, sans-serif;"><span style="line-height: 20.2999992370605px;"><br /></span></span>David Coffeyhttp://www.blogger.com/profile/05030251619537409705noreply@blogger.com0tag:blogger.com,1999:blog-443499738898946299.post-59342557514324727902015-09-03T05:33:00.000-07:002015-09-03T05:33:32.972-07:00What To Expect in the Real Estate Market in the Fall of 2015<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgdFSZEW2ML2ZbYN-6FiZrUm2c51H6IiBsMxAwztSR2x0KqH0II_qRUxrEBr5Xv2Xb3b2HK-wLxkmHLaB__7eYG8UpMG0OzgiQp1eIF4xWK9u_s3-BM5JmVt6IUb8tmEdtX-lmwuoRT-gg/s1600/turkey_closeup.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="309" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgdFSZEW2ML2ZbYN-6FiZrUm2c51H6IiBsMxAwztSR2x0KqH0II_qRUxrEBr5Xv2Xb3b2HK-wLxkmHLaB__7eYG8UpMG0OzgiQp1eIF4xWK9u_s3-BM5JmVt6IUb8tmEdtX-lmwuoRT-gg/s320/turkey_closeup.jpg" width="320" /></a></div>
<br />
<br />
<div class="MsoNoteLevel1CxSpFirst" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
The Fall market is different than the
Spring market. The Spring market has a roaming starting point. Some years it
can start as early as early February. Other years, it will hold off until well
into March. The Fall Market is different. It goes off like a shotgun. Once we
clear Labour Day, the number of new listings coming to market explode out of
the starting gates. It`s not like there are no sales any other time of year. I
have completed transactions in the laziest days of August and over the
Christmas Holidays. During the busier times of Spring and Fall, however,<span style="mso-spacerun: yes;"> </span>there just seems to be more choice, more
buyers, more sellers and more activity.<o:p></o:p></div>
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<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
So, let`s look at what we should
expect this Fall once Labour Day clears, nights become cooler and teachers
return from their cottages to go back to school. To understand the Fall, I
think we need to look back at the summer.<o:p></o:p></div>
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<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
As I mentioned, the summer is usually
slow, especially August. There are times when the Spring market can trail off
well into July. This August was a little bit more active than usual despite the
PanAm Games and the fears of traffic chaos.This may have to do with the Bank of
Canada lowering it's overnight lending rate from 0.75 to 0.5 per cent. Because
the major banks followed suit, the buyers were stimulated out of their lazy
August haze to come out and keep the sales activity fairly strong for an August
across the GTA.<o:p></o:p></div>
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<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
In August, there were still some buyers out there. More listings than the usual August, but the buyers did outnumber the
sellers by my estimations. In competitive neighbourghoods and condo buildings,
August proved pretty good from a seller`s perspective and pretty competitive from
a buyer`s one.<o:p></o:p></div>
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<br /></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
For the Fall, we should expect that
pent up demand of the buyers in August to carry over to the Fall.<span style="mso-spacerun: yes;"> </span>Rates are still very low, and the demand is
still there. Bidding wars will be common in high demand neighbourhoods. I think
we`ll see a similar performance this Fall to the Spring despite some
instability with the Chinese markets and a few recession news stories.<o:p></o:p></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
<br /></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
I`m going to sound a like a broken
record here because I keep saying the same thing, but here I go again: Houses
will perform better than condos. Emerging neighbourhoods will be the best place
from an investment perspective. For houses, analysts like to say that the
housing, as opposed to the condo market, is `runaway`. So, if you buy into that
kind of wording. Then the prices will continue to run away as far as house are
concerned, especailly of the detached variety.<o:p></o:p></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
<br /></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
For condos, it will be more like a
leisurely stroll. The average condo downtown was $460,000 last month. It was
$440,000 this time last year. It's not an outrageous burst of an appreciation,
but its respectable and moving in the right direction as far as condo owners
are concerned.<o:p></o:p></div>
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<div class="MsoNoteLevel1CxSpLast" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
So, this is basically a brief report
to say that we will be having the Spring Part II, at least for the first part
of the Fall.<span style="mso-spacerun: yes;"> </span>I may be right. I may be
crazy.<o:p></o:p></div>
<br />
<br />David Coffeyhttp://www.blogger.com/profile/05030251619537409705noreply@blogger.com0tag:blogger.com,1999:blog-443499738898946299.post-18218730796873379112015-08-27T05:45:00.001-07:002015-08-27T05:45:19.689-07:00Ranking Toronto: Does It Have an Impact?<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiKufQQYeq3i4Nh5kxyOXmR-vgu_ijqQljbysO7aIP7eYEVvv9EhyphenhyphenXLs5tgl2SfpK6UvGYC1HfuNJqhdRAVTKoi8D_YDgSg_NYm8Tetlzpr1UoGna6nbF6Id_-ysQf3F-TdzCRe1h58xQg/s1600/Ranking.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="158" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiKufQQYeq3i4Nh5kxyOXmR-vgu_ijqQljbysO7aIP7eYEVvv9EhyphenhyphenXLs5tgl2SfpK6UvGYC1HfuNJqhdRAVTKoi8D_YDgSg_NYm8Tetlzpr1UoGna6nbF6Id_-ysQf3F-TdzCRe1h58xQg/s320/Ranking.jpg" width="320" /></a></div>
<span id="goog_1541150562"></span><span id="goog_1541150563"></span><br />
<br />
<div class="MsoNoteLevel1CxSpFirst" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
Is it just me or has Toronto been
ranked a lot lately? It seems that despite our serious transit misgivings and
our back-from-the-brink city government, Toronto is a coveted city of sorts in
international rankings. This year, it is also having a bit of a mini-moment
with the PanAm Games and all of the infrastructure projects that were triggered
from these Games. Sure, it's not as beautiful as San Francisco, and yes, it's
not as centre-of-the-universe as New York, but damn, it sure is a livable
place. <o:p></o:p></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
<br /></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
Don't believe me? Well, maybe you will
believe<i> The Economist</i> that ranked Toronto #4 out of 140 cities for 2015. Such
livability was based on stability, healthcare, culture & environment, and
infrastructure. Of course, Canadian cities tend to do well in these liveable
city<span style="mso-spacerun: yes;"> </span>rankings. Vancouver was #3 and
Calgary was #5.<o:p></o:p></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
<br /></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
If you don't like being #4, then you
would be very proud that Toronto had finished #1 in the most livable cities in
the world for 2015 according to the architecture and design trade publication
<i>Metropolis Magazine</i>. This came from a team of so called urban experts who
determine the ranking based on the best cities to live, work and play in.<o:p></o:p></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
<br /></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
Liveability is not the only ranking
for Toronto in 2015. It ranks 8th out of 50 cities for safety. It ranks 20 out
of 400 for cities with the best universities.<o:p></o:p></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
<br /></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
Back in 2014, we were #1 out of 50
cities as the most resilient city. Also back in 2014, Toronto was ranked as #10
for the world's most influential cities. In other words, Toronto, kills it when
it comes to good governance, access to resources and its ability to change and
cope with adverse issues.<span style="mso-spacerun: yes;"> </span>It's not
always number one, but we do seem to rise to the top when we stand beside other
cities.<o:p></o:p></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
<br /></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
So, if you live in Toronto, this may
make you feel a little proud, maybe even a little smug. All of this attention certainly reminds us that many people view this as one of the best cities in the
world despite our winter, our ability to elect Rob Ford, and some poorly
planned areas of the city.<span style="mso-spacerun: yes;"> </span>Since this is
primarily a real estate blog, these top rankings for Toronto do reflect on the
real estate prices. If you live in a well ranked city, then it is going to be
more expensive than ones that don't rank as well. These rankings do reflect a
certain health of a city, and more importantly, the desirability to be here.<o:p></o:p></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
<br /></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
In the very simplest of terms, it says
that people want to live here. It's not as desirable (or as expensive) as
London, Paris, New York and San Francisco, but a city that scores so high on
liveability is going to attract people, and make its neighbourhoods more
competitive to buy property.<span style="mso-spacerun: yes;"> </span>People want
to live in liveable, safe, resilient cities. Cities like this make for diverse
job options, creative economies and it makes a city more interesting - world
renown film festivals, new restaurants opening daily, entertainment of many
varieties, dessert festivals, Woofstock, gay sports leagues, Shakespeare in the
Park, and the many, many languages spoken here.<o:p></o:p></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
<br /></div>
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<div class="MsoNoteLevel1CxSpLast" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
It's not a perfect city by any
stretch, and there is a long list of improvements that can be made including
transit, affordable housing, better infrastructure and better governance. There
is still a lot to do.<span style="mso-spacerun: yes;"> </span>So, these
rankings speak a little to Toronto's future. We are well set up. We are not the
next Detroit, Athens or Moscow. Whether the future holds a recession or a price
correction or none of these, Toronto will remain a desirable place to live for
the immediate future, and this should make you sleep well at night if you live
here.<o:p></o:p></div>
David Coffeyhttp://www.blogger.com/profile/05030251619537409705noreply@blogger.com0tag:blogger.com,1999:blog-443499738898946299.post-80969757634828663122015-08-20T05:39:00.000-07:002015-08-20T05:39:12.372-07:00Why Condos Are Back<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgGkFvCfZjkxGSLE4JRmSsDk6FjavrPsvOLxZW_dG8eg4Vd-KXVR_6YoIeeJEJC-lUfrFsa9ygc_lat7-fyYJguq7AuWT1Tfu2IYXQC_oAQqCcXIGyo4xfvuLw-WuMO-79SkhJTUxYvtqI/s1600/BACK.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="215" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgGkFvCfZjkxGSLE4JRmSsDk6FjavrPsvOLxZW_dG8eg4Vd-KXVR_6YoIeeJEJC-lUfrFsa9ygc_lat7-fyYJguq7AuWT1Tfu2IYXQC_oAQqCcXIGyo4xfvuLw-WuMO-79SkhJTUxYvtqI/s320/BACK.jpg" width="320" /></a></div>
<br />
<br />
<div class="MsoNoteLevel1CxSpFirst" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
I often go on about how great I think
houses are as an investment in Toronto. They are in limited supply in a growing
city, and there are very few builders planning to build any more. Condos, on
the other hand, are in great supply, particularly high rise condos. Many have
even set off the alarm bells that they are in oversupply.<o:p></o:p></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
<br /></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
I am not here today to prattle on
about how many condos are in Toronto. You can easily lift your head up downtown
and take a 360 degree look around the city. It's changed. No doubt about that.
Still, I am here today in praise of condos. At this particular moment in time,
condos are not looking so bad - at least if their windows are not falling to
the street below.<o:p></o:p></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
<br /></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
So, why now? What has changed?<o:p></o:p></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
Well, here's a few reasons.<o:p></o:p></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
<br /></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
1. There's less condo inventory than
you think.<span style="mso-spacerun: yes;"> </span>For years now, everyone has
been worried about the unsold condo units in Toronto and the pace of new condo
units added to the existing inventory. It's a pretty fair concern to have. A
growing number of unsold units could indicate that there is too much supply and
not enough demand. The truth is, according to Urbanization Inc., the number of
unsold condos in Toronto have dropped 13% in the second quarter of this year
compared to a year ago. Simply put, more condos were sold this year than last
year. The number of unsold units sits at around 17,700 this year compared to
the 20,800 unsold units from last year. This may be a sign that this worrisome
clump of unsold condo units are actually being absorbed. Should we break out
the party hats and uncork the champagne? That may be a bit hasty, but some may
consider this a sign that the condo market has come back from the brink of
oversupply. 2013 and 2014 where the two years to watch in terms of the most new
condos hitting the market. We have passed those two years. From 2015 onwards
there will be fewer new condos coming to market.<o:p></o:p></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
<br /></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
2. Affordability. Some may be
wondering why there are so many people buying condos. Well, a lot of this would
have to do with affordability. In other words, houses of all sorts and even
lowrise condos have been performing incredibly well in terms of
appreciation.<span style="mso-spacerun: yes;"> </span>In the last few years,
some of these have seem double digit increases making them more and more unaffordable
to a larger number of people. So where do they turn? To high rise condos that
are more affordable and have not been increasing in price the same way in the
past five to seven years as their smaller cousins. <o:p></o:p></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
<br /></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
3. There are still investors out
there. Though I do believe many of Toronto buyers are largely those who plan to
live in their condo units, there are those investors out there who buy up our
city's condo units. And in case you have not noticed, the Canadian dollar has
been slip sliding away. It was not too long ago that we were on par with the
U.S. Now that we're hovering around 75 cents to the U.S. dollar. U.S. investors
appear more keen to buy here now for the simple fact that it has become a whole
lot cheaper for them. <o:p></o:p></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
<br /></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
4. Condos are in awesome
neighbourhoods.<span style="mso-spacerun: yes;"> </span>For those who truly
embrace downtown life, then condos are a reasonable option. A house in a
central and established areas would most often clear a million dollars provided
it didn't need to be gutted. For some, an affordable house is too far away.
These days, if you like to walk to work and to the gym and be near a subway,
condos are the best bet. <o:p></o:p></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
<br /></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
5. Lifestyles are a changing'. Travel
seems to be a high priority for a lot of people these days, especially those
who don't have kids or your kids have grown up and left the nest. These folks
want to be able to leave on a European or Pan-Asian adventure for months at a
time or spend several weeks up at the cottage. Houses are too much work and
maintenance. Condos supply the security and the lock-it-and-leave-it option for
extended periods of time.<o:p></o:p></div>
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<div class="MsoNoteLevel1CxSpLast" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
Now, to be clear, I don't want to
suggest that there is nothing that could throw the price appreciation on condos off
their course. There are. Rates could go up by leaps and bounds. There could be
external factors - another world financial crisis, for example. There could be
an element of fear that comes into the Toronto market as a whole that could
bring prices down. My point here is to say that the oversupply argument that so
many have been using for the reason that condos will crash does not seem to be
taking hold. The panic over the oversupply of condos may not hold as much bite
as many have anticipated. Once again, the art of predicting when a real estate
market will change has proved to be tough to do.<o:p></o:p></div>
David Coffeyhttp://www.blogger.com/profile/05030251619537409705noreply@blogger.com0tag:blogger.com,1999:blog-443499738898946299.post-49194666623668802832015-07-30T06:21:00.001-07:002015-08-11T14:39:24.016-07:00For Real Real Estate Stats<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjjCLv08YH89oeTOP3QhOFqxeFB730d2y_IADL7OyFtcMxVx0DZZGaKgEZ-7ZbOdf7CEKxg5VkU9vQjHVaeXwTRj2Byfb160ylnn2hw6uK8lBS32wGBsbiHDqY2MGDajHAnivLt5kB9g_I/s1600/I+heart+stats.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="274" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjjCLv08YH89oeTOP3QhOFqxeFB730d2y_IADL7OyFtcMxVx0DZZGaKgEZ-7ZbOdf7CEKxg5VkU9vQjHVaeXwTRj2Byfb160ylnn2hw6uK8lBS32wGBsbiHDqY2MGDajHAnivLt5kB9g_I/s320/I+heart+stats.png" width="320" /></a></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">This time I'm not going
to give you my opinion on its own, but instead I'm going to offer up some
interesting real estate facts brought to you mostly by the folks at the Toronto
Real Estate Board and the Canadian Real Estate Board. Then I may sprinkle my
opinion around these facts. <o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">There's been a lot of
chatter about Toronto's rising prices. So, let's a have a good look at those
numbers. I do realize that statistics can be as interpretive as any thing else,
but this does offer us some perspective. <o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">1. APPLES AND ORANGES
COMBINED<o:p></o:p></span></div>
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<span style="color: #2a2f3c; font-family: Helvetica; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">Prices vary widely form
neighbourhood to neighbourhood, even house to house on the same street.<span style="mso-spacerun: yes;"> </span>It really does appear that Toronto has two
different markets occurring at the same time. The market for houses and the
market for condos. Still, for all types of property combined, including condos
and houses alike, there<span style="mso-spacerun: yes;"> </span>has been a 9.34%
increase in the value of all properties from June 2014 to June 2015 in Toronto.
A year ago in June, the average property was $618,526. In June of 2015, it was
up to $682,264. If we break down these statistics by housing type, Toronto
detached houses in June of 2014 would cost on average $921,005 compared to June
2015, which would average $1,051,912. That means detached homes were up 12. 44%
from June to June. Condo apartments, by comparison, were 6.56% from June 2014
to June 2015, one of the better condo performances of the past few years.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">2. THE RANGE OF HOODS<o:p></o:p></span></div>
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<span style="color: #2a2f3c; font-family: Helvetica; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">In the 2nd quarter of
2015, the Toronto neighbourhood Mount Dennis around Eglinton and Keele was
averaging a price of $326,677 for all property types including condos and
houses sold, though this area is mostly houses. On the other side of the
spectrum, Forrest Hill South was averaging $1,978,424. This will give you some
idea of the range of price points between Toronto neighbourhoods. I'm sure it's
not a shock to most people who knows this city that neighbourhood stats can
vary widely. This is especially true in Toronto neighbourhoods that consist
overwhelmingly of condos. Take, for example, Toronto's most condo laden
neighbourhood, Waterfront Communites, where the average price lands at<span style="mso-spacerun: yes;"> </span>$474,741 for a property in June 2015. The
giant Donald Trump style mansions in Forrest Hill compared to 450 sq ft condos
in the Waterfront Communities hardly seems like a fair comparison. <o:p></o:p></span></div>
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<br /></div>
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<span style="color: #2a2f3c; font-family: Helvetica; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">3.THE BEST PERFORMERS<o:p></o:p></span></div>
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<span style="color: #2a2f3c; font-family: Helvetica; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">Like all stats, you
need a large pool of data to find accurate results. So, take these stats withs
a dash of skepticism. Most neighbourhoods don't have enough sales to offer
consistent results. Also, some neighbourhoods have a culture of listing low to
trigger a bidding war. With that said, here are the top neighbourhood
performers with reg</span>ard to the best sale price to list price for the second
quarter of 2015:</div>
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<span style="color: #2a2f3c; font-family: Helvetica; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;"> 1. Player Estates with
108.9% of list price to sales price <o:p></o:p></span></div>
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East York 108.5% of list price to sales price <o:p></o:p></span></div>
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<span style="color: #2a2f3c; font-family: Helvetica; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;"> 3. Oakwood Vaughan
108.2% of list price to sales price <o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">4. THE BIG, CANADIAN
PICTURE<o:p></o:p></span></div>
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<span style="color: #2a2f3c; font-family: Helvetica; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;"><span style="mso-spacerun: yes;"> </span>The national average for home prices rose 9.6%
from year over year in real estate. Seems impressive, but as we all know, not
all cities are firing off in the same way. If you take out Vancouver and
Toronto from these stats, the national price average would be up 3.1%.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">5. IF YOU THINK TORONTO
IS EXPENSIVE<o:p></o:p></span></div>
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<span style="color: #2a2f3c; font-family: Helvetica; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">I agree. Toronto is an
expensive place to buy real estate. But let's not think that Toronto and
Vancouver are working with the same price points. As mentioned above, the
average price for a detached home in Toronto is just over a million. Wow, I
know! Still, that would seem like a bargain out west. The average detached
house within the city of Vancouver as of May 2015<span style="mso-spacerun: yes;"> </span>averages 2.23 million.<o:p></o:p></span></div>
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<span style="color: #2a2f3c; font-family: Helvetica; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">Should we expect these
kind of results forever so that first-time buyers can never afford anything,
and any one who bought a house 10 years ago will be a multi-millionaire? No.
That would be nuts. Let's not confuse a good year for the norm. Still, Toronto
is morphing into something quite different than it has ever been. So, the same
real estate rules of the past won't always apply. Neighbourhoods will
transform, and space will be at at premium.</span><o:p></o:p></div>
David Coffeyhttp://www.blogger.com/profile/05030251619537409705noreply@blogger.com0tag:blogger.com,1999:blog-443499738898946299.post-87922356134707740312015-07-22T05:42:00.000-07:002015-07-30T12:58:45.453-07:00Is 2015 the last year for real estate growth in Toronto?<div class="separator" style="clear: both; text-align: center;">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiJAfQiITJ13c3S1JpFiT9j0zvxxr5ejkxnRr43IyIb2CwRPHGp-l83YV9Z-T13m8bUYNypurGBROJgiUXKycQAIZjOl2ZxtjeDg1xwYDbg7q_gkXWUlVr64AxNwGczvf2DrlOrMLlnOHw/s1600/keep-calm-its-the-last-year-3.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiJAfQiITJ13c3S1JpFiT9j0zvxxr5ejkxnRr43IyIb2CwRPHGp-l83YV9Z-T13m8bUYNypurGBROJgiUXKycQAIZjOl2ZxtjeDg1xwYDbg7q_gkXWUlVr64AxNwGczvf2DrlOrMLlnOHw/s320/keep-calm-its-the-last-year-3.png" width="274" /></a></div>
<br />
<span style="text-indent: 0cm;">I've just read it again. The
"this is the last year" thing.</span><span style="text-indent: 0cm;">
</span><span style="text-indent: 0cm;">This time I read it in the <i>Toronto Star,</i> but it could have come from
anywhere, beit a national newspaper or that guy at the water cooler who thinks
he's smarter than every one else.</span><span style="text-indent: 0cm;"> </span><span style="text-indent: 0cm;">If you
are not familiar with this phrase and how it pertains to real estate, then let
me explain.</span><span style="text-indent: 0cm;"> </span><span style="text-indent: 0cm;">"This is the last
year" goes something like this: Home prices will continue to rise for 2015
but will stabilize in 2016. 2015 will be the last year of significant price
growth in real estate. Fair enough. That seems reasonable to me. The housing
market may very well unfold this way.</span><span style="text-indent: 0cm;"> </span><span style="text-indent: 0cm;">It
would make sense that after a sustained period of growth, prices would
stabilize, or as some may believe, plummet from the sky like a plane with too
many birds in its propellers.</span><br />
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The thing about the "last
year" thing, it's been something I have been hearing every year for over
ten years. When I bought my first place in 2004, I read in the <i>Globe and Mail
</i>that that would be the last year of the Toronto's great real estate run. At the
time, it made sense. Interest rates were going up. It looked like I bought at
the top of the market. I didn't lose any sleep over it, but it worried me.
Then, as you know, the next year prices still went up. My sister bought her
first place in 2006. I remember my brother-in-law and his father, two great
guys who are deeply plugged in to the world of finance telling my sister to
hold off on her Toronto home purchase. Homes were at their all time high and
interest rates will not go any lower. They could not believe that houses cost
$450K. Outrageous! My sister still needed a house. She was about to get married
and have a kid. There was no waiting. Again, there was no real estate change
the next year, prices went up.<o:p></o:p></div>
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In 2008, this had to be the year of
the collapse. The sky looked like it was truly falling, but after short blip of
a downturn, the market was going up again. Much of the rest of the world
certainly saw prices fall in real estate, but not Canada. Perhaps it was
delayed here. In 2009, 2010, basically
every year up to and including 2015, I have heard or read that real estate
prices would stabilize or collapse in Toronto in the next year from <i>Maclean's
Magazine</i>, <i>Toronto Life</i>, the IMF, German Banks, American think tanks, Garth
Turner, and crabby people who comment at the end of real estate articles. But
it didn't. I'm not saying in can't, but it didn't happen every time these so
called experts declared it would.<o:p></o:p></div>
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Here is my take on this "last
year" approach: It's an easy thing to say. In fact, I think I may have
said it myself a a few times. It becomes hard to believe that prices will
continue to go up year over year because it does not seem sustainable. If you
look a year ahead, you would assume it would slow down. <o:p></o:p></div>
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<br /></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
The truth is that no one really knows
when the real estate market will slow down. It's not a science. There is also
the possibility that there has been a fundamental shift in Toronto with how we
spend our money on real estate. It's true that low interest rates have made
prices much higher, but there is a change in Toronto. We see much more foreign
investment who prefer to buy in a "stable" real estate market. This
sends prices up. We see a growing city that does not build any more houses
making houses a very desirable commodity. We see that people desire to live in
a city centre and not the suburbs any
more. The opposite was true 20-30 years ago. Now, the city is more and more
appealing, but there's no room to expand.<o:p></o:p></div>
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<br /></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
I don't believe Toronto home prices
can continue their huge climb as they have been for the past several years,
particularly houses, because condos are more reasonably priced and have seen
smaller increases. Still, I do think
there's has been a shift in how we live in this city. People pay more for less
space. This is why the parks are now overflowing with people.<o:p></o:p></div>
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<br /></div>
<div class="MsoNoteLevel1CxSpLast" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
Will 2015 be the last year of growth
for Toronto properties? Maybe, maybe not. But I guarantee if it isn't, the all
the real estate predictors will be telling us that 2016 will be the very last
year for growth until 2017 comes along.<o:p></o:p></div>
<!--EndFragment-->David Coffeyhttp://www.blogger.com/profile/05030251619537409705noreply@blogger.com0tag:blogger.com,1999:blog-443499738898946299.post-21629407473976822482015-07-16T05:45:00.001-07:002015-07-16T05:45:08.048-07:00Could This Recession Lead to Higher Home Prices in Toronto?<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjzUB87qD5qsoHUZHFIFTab3nPncAickoHH5RLCcIu2iwohnHdaB_-Okct2BcK2g4hzUq2633UI08yJouPvlvawzhvB129YnBjXssWSzhkUz22Y_G0UN-2ROjNH4sN_B14x1DeFKK_Ly4k/s1600/austinpowers.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjzUB87qD5qsoHUZHFIFTab3nPncAickoHH5RLCcIu2iwohnHdaB_-Okct2BcK2g4hzUq2633UI08yJouPvlvawzhvB129YnBjXssWSzhkUz22Y_G0UN-2ROjNH4sN_B14x1DeFKK_Ly4k/s320/austinpowers.jpg" width="300" /></a></div>
<br />
<br />
<br />
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">Technically speaking,
Canada is in a mild recession. We're not talking 2008 here. The money
systems of the world are not at stake. It's more of an embarrassing surprise,
like discovering you had your fly open all day. You may not have been truly aware
that something was happening until someone presents the data.<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">To believe that Canada
is in a recession right now, may make you a traditionalist of sorts. If you
define a recession as two consecutive quarters of negative growth, then yes, we
are in a recession. Some consider a recession to be a pronounced negative
change in the economy for a sustained period of time. And if you accept that
definition of a recession, then we're likely not it one since the change we are
seeing is not so pronounced. So, for the sake of argument, let's define it the
first, traditional way - a recession is two consecutive quarters of negative
growth. I think this may be how the Federal Government is looking at it.<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">Usually, when the word
"recession" is talked about, mediated and printed enough times, home
prices start to fall. People may lose their jobs or fear they will lose their
jobs. Consumer spending slows down, unemployment goes up, and Canadians feel
they need to be more careful with their money.<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">I don't think that's
going to be the case in this so called recession from the perspective of
Toronto. In fact, this recession may cause home prices in Toronto to go up even
more.<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">How you ask? Doesn't this
defy the logic of what recessions do? Well, I think there are some good reasons
why this recession would put upward pressure on property prices, instead of
downward.<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">1.<span style="mso-spacerun: yes;"> </span>LOWER INTEREST RATES: When the fear of a
recession starts, and folks start to feel more careful with their money, the
government tries to stimulate their desire to buy. The Canadian government has lowered interest rates yet again to help boost us out of
the recession. So, for those buyers who are looking now, they will be paying
less in interest, and they will be able to afford even more.<span style="mso-spacerun: yes;"> </span>This leads to more buying and more
competition with buying houses.<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">2. THE CAUSE OF THE
RECESSION IN NOT IN ONTARIO<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">Alberta and its
abundant resources seems to be the biggest reason why we're heading into a
recession. And prices of homes have fallen there. Oil and other resources in
Alberta and in other provinces like Saskatchewan and Newfoundland are not as
successful as its been in the past few years. Though there is a good possibility
that Alberta will come roaring back to life, Ontario does not seem to be as
damaged by the resource slump. If Alberta continues to slump, there is a good
chance we may see some net migration out of Alberta to Ontario just like in
1986 to 1988. Back then, when the oil prices fell, many Albertans moved to
Ontario to send home prices higher here in central Canada. If Albertans return
again, we'll see more competition with new migrants from the prairies competing
for our housing stock.<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<br /></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">3. A LOW DOLLAR IS NOT
BAD FOR ONTARIO<o:p></o:p></span></div>
<div class="MsoNormal" style="mso-layout-grid-align: none; mso-pagination: none; text-autospace: none;">
<span style="color: #2a2f3c; font-family: Helvetica;">Lastly, the falling
dollar caused largely by falling oil prices in 2015 have made
manufacturing-loving Ontario a lot more appealing. Now, businesses in Ontario
and BC could sell their products abroad more cheaply. Now that the Feds have lowered our interest rates, the dollar will go down in value again. It makes for a
more expensive trip to Hawaii or New York, but it makes the Ontario economy
happy. It will also make foreign investors more interested in buying real
estate in Canada while the dollar is so cheap.<o:p></o:p></span></div>
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<!--StartFragment-->
<!--EndFragment--><br />
<div class="MsoNormal">
<span style="color: #2a2f3c; font-family: Helvetica; mso-bidi-font-family: Helvetica; mso-effects-shadow-align: topleft; mso-effects-shadow-alpha: 40.0%; mso-effects-shadow-angledirection: 2700000; mso-effects-shadow-anglekx: 0; mso-effects-shadow-angleky: 0; mso-effects-shadow-color: black; mso-effects-shadow-dpidistance: 3.0pt; mso-effects-shadow-dpiradius: 4.0pt; mso-effects-shadow-pctsx: 100.0%; mso-effects-shadow-pctsy: 100.0%; mso-fareast-language: JA;">So yes, we may be
technically in a recession, but this recession is different from the last one.
If you live in Toronto and most of Ontario, it will trigger more demand for
housing and higher prices instead of the usual sad slip in prices. This may be
a good or a bad thing, depending on how you look at it. Some feel consumer debt
is already too high in this country. Adding to it could only put more stress on
the debt levels of Canadians. If you are a buyer, it's both a good and bad thing.
You will have less interest on your mortgage and you may be able to qualify for
a higher amount, but home prices will be more competitive and higher. For
sellers and homeowners, it will be good. Sellers will have a better chance of
making more money off of their assets and homeowners will, once again, see
gains in the value of their home and their net worth.</span><o:p></o:p></div>
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<br />
<br />David Coffeyhttp://www.blogger.com/profile/05030251619537409705noreply@blogger.com0tag:blogger.com,1999:blog-443499738898946299.post-41103466089505541742015-07-10T07:41:00.000-07:002015-07-10T07:41:58.778-07:00COTTAGE DREAMING<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi6M9k1epmd60aH5wBN6B0YzAhAgoZoTi1Sr_xJlgLxV0byb8BlZP1y3w9xxnXibvFPH7lvq5X3piHNIkfJNwVbXYo2iFXZMVIDwX7ZVzcgknqYvAauNrVyhpCw6YMj82YrwGpDNfEyM8M/s1600/muskoka-chairs-john-bartosik.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="178" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi6M9k1epmd60aH5wBN6B0YzAhAgoZoTi1Sr_xJlgLxV0byb8BlZP1y3w9xxnXibvFPH7lvq5X3piHNIkfJNwVbXYo2iFXZMVIDwX7ZVzcgknqYvAauNrVyhpCw6YMj82YrwGpDNfEyM8M/s320/muskoka-chairs-john-bartosik.jpg" width="320" /></a></div>
<br />
<br />
This time of year really brings out the dreamer in me. Summer and the city could be a lot of fun. Lots of festivals, parades, and this year the Pan Am Games. Still, summer is the one season where I just want to give nature a big hug. So, as the temps start to top 20, I start dreaming of owning a cottage or as some call it, a cabin. Yes, I know these projects could be a lot of work, and yes, reality tells me that I don't have the summers off, but a guy can dare to dream of spending more time throwing sticks off the dock for my dog to go fetch.<br />
<br />
During a distracted moment, I often find myself on the MLS drifting away from Toronto properties to explore properties on a lake. I scribble down calculations on how to make the financing of this work. That's where it usually stops. At this point, I just can't see myself spending enough time there. Not yet any way.<br />
<br />
Still, if someone is looking for a cottage, seriously or not, there needs to be a reality check. Cottages are not the shacks you pick up for next to nothing because they are far from the city and there's no heating. It hasn't been like that for awhile. Also, with Canada's falling dollar, and our international reputation as a natural wonder, foreign investors are setting their sites on Canadian vacation property. In fact, a report from <i>Christie's</i> this year named Muskoka the second hottest luxury property in the world behind France's Cote D'Azur. I'm not so sure about that, but it's not hard to find multi-million dollar properties in Muskoka, especially with foreign vacationers coming in and buying up recreational properties with the dropping Canadian dollar.<br />
<br />
It's not just the Muskoka's though. The Kawartha's has seen the median value for a home go up 28% from last year. Cottage country is booming. And if you're not a multi-millionaire, buying one that is closer to a starter cottage may require you change your search strategy. <br />
<br />
Now this rant is not meant to squash your cottage dreams. If you happen to be part of the 1%, then you'll be in good company up in Muskoka. There is a reason it is so desirable. It's beautiful -deep, dark lakes, and dramatic, rocky cliffs.<br />
<br />
Of course, if you are part of the 99%, there are other options. Very trendy these days is Prince Edward County. Here you'll find wineries, star chefs and a growing number of millionaires. My suggestions: Buy here before the millionaires take over. It's only 2 hours away ( on a good traffic day). So, not that bad by Toronto cottage standards. You may find a cottage on Lake Ontario which can be chilly, but the perks are there including Sandbanks Provincial Park which looks like it's a stand in for Cape Cod.<br />
<br />
Still want cheaper? Then you're best bet in to head to Lake Erie where lakefront cottage drop in price. Lake Erie is cold too, and you won't find the hipster factor here ( for better or for worst) that you will in Prince Edward County. Still, if a private getaway is what your crave, then maybe start exploring this side of the province.<br />
<br />
If you really want affordable, then drive, baby, drive! Around Sudbury you'll find prices that will put a big smile on your face. The distance won't, but it's pretty and northern. The theory here is like finding a house in Toronto. Drive until you qualify. It's just on a much larger scale.<br />
<br />
If you don't want to drive too far and you want cheap, then you may have to give up the lake. You could find a nice farmhouse or even a property with lake access that is not on a lake for a fraction of the cost. It can often be half the price of lake front cottages.<br />
<br />
In the end, looking for a cottage is similar to looking for a condo or a house in the city. First, figure out what you can afford, but remember that banks do want 35% or more down to buy a vacation property, more than your first condo or house. Second, make a list of your must-haves. And lastly, know what you are able to give up. Could you drive further out? Do you need to be right on the water? Could you live somewhere less cool?<br />
<br />
If your answer is no to all of these, and you're not going up every weekend, my last suggestion would be to find someone with whom you could co-buy that snazzy, dream cottage on the lake. Just make sure they can afford it and they are as clean and cottage proud as you would be.<br />
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David Coffeyhttp://www.blogger.com/profile/05030251619537409705noreply@blogger.com0tag:blogger.com,1999:blog-443499738898946299.post-87738872783655895032015-06-25T05:44:00.001-07:002015-06-25T05:44:20.779-07:00The Right Way To Sell Your Home in A Bidding War<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqsNSlQhYhagYRQEuDLcjw6vAv1VZ1Cq9cCMUsFqbH7QWUuZo0_t1lAF05dE7oJ0stFA1vHiLRVVzsdun-JaUHgcyoUs_pMqSn_uE9olGBSqFJmNM-1Zh35g6OmHCoT_Us-OkZ4Azo_1U/s1600/bidding-war.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="106" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqsNSlQhYhagYRQEuDLcjw6vAv1VZ1Cq9cCMUsFqbH7QWUuZo0_t1lAF05dE7oJ0stFA1vHiLRVVzsdun-JaUHgcyoUs_pMqSn_uE9olGBSqFJmNM-1Zh35g6OmHCoT_Us-OkZ4Azo_1U/s320/bidding-war.jpg" width="320" /></a></div>
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<br />
<div class="MsoNormal">
<span style="background: #F6F7F8; color: #373e4d; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;">Once you own a property,
you are never the same again. You are invested. Not just in the obvious
financial way, but in a way that you couldn't quite wrap your head around
before you owned property. You are more curious about your neighbourhood. You become excited when a new restaurant or coffeeshop or baby gear store opens up
within walkable distance. You keenly pay attention to real estate articles,
blogs and gossip. Instead of feeling terror and disappointment at the rise of
property values, you most feel a little giddy, even proud of price
appreciations in your neighbourhood or condo building. </span></div>
<div class="MsoNormal">
<span style="background: #F6F7F8; color: #373e4d; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal">
<span style="background: #F6F7F8; color: #373e4d; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;">Of course, there will
come a time when the home owner or investor will choose to let go of their
beloved property. Sometimes you need more space. Sometimes you need less space
and less maintenance. Sometimes you meet someone with whom you would like to
share property. And sometimes you discover you may be better off on your own,
or maybe with someone else. Whatever the reason is, when it comes time to sell,
sellers want to receive the best price possible. </span></div>
<div class="MsoNormal">
<span style="background: #F6F7F8; color: #373e4d; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal">
<span style="background: #F6F7F8; color: #373e4d; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;">Though there are many
different strategies to arrive at the best price, many sellers these days would
like to see their property sell in a bidding war. And really, who could blame
them? What's not to like about buyers competing to buy your home? The thing to
remember, however, is that not all homes sell in multiples. Still, this selling
strategy has a lot of appeal to sellers right now. </span></div>
<div class="MsoNormal">
<span style="background: #F6F7F8; color: #373e4d; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal">
<span style="background: #F6F7F8; color: #373e4d; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;">During chats with neighbours
over fences, in elevators or while leafing through the paper on their own, most
sellers gravitate to those stories around bidding wars. Why? Well, because it's
a rush to know that a house could sell for way over the asking price. When
there are multiple offers on a home, it does lead to the best stories - drama,
suspense and possibly a little shock or disappointment. So, if you want to sell
your place, the question becomes: Is setting your property up to sell in a
bidding war the best way to sell your home? Do you need the drama? Does it
always work? </span></div>
<div class="MsoNormal">
<span style="background: #F6F7F8; color: #373e4d; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal">
<span style="background: #F6F7F8; color: #373e4d; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;">If you do feel like this may be the best route for you as as
seller, then you need to do your homework on your neighbourhood or building.
Receiving bidding wars on a property is no guarantee. If you are keen on
setting up your home for a bidding war, you may want to consider these things: </span></div>
<div class="MsoNormal">
<span style="background: #F6F7F8; color: #373e4d; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal">
<span style="background: #F6F7F8; color: #373e4d; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;">1. Get an agent who knows how to market your home. Don't go for someone who is just going to put your property on the
MLS .You need someone who will really market it. </span></div>
<div class="MsoNormal">
<span style="background: #F6F7F8; color: #373e4d; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal">
<span style="background: #F6F7F8; color: #373e4d; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;">2. Know thy competition - Know the other houses in
your area. Which one are receiving multiple offers? If it is the staged ones,
you will need to do some work to prep your place. If your home is nothing like
the properties receiving multiple offers, then you may want to reconsider. </span></div>
<div class="MsoNormal">
<span style="background: #F6F7F8; color: #373e4d; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal">
<span style="background: #F6F7F8; color: #373e4d; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;">3.
Look at the culture of your neighbourhood. Some condo buildings don't have bidding wars
at all. So, it may be weird if you try to buck the trend. Some neighbourhood
have bidding wars constantly. Some have very few. Know your building or
neighbourhood well. </span></div>
<div class="MsoNormal">
<span style="background: #F6F7F8; color: #373e4d; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal">
<span style="background: #F6F7F8; color: #373e4d; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;">Still feeling you want to try the bidding war option? There
are two different approaches to selling in a bidding war. One is that you list
your home lower than market value in order to drum up as many offers as
possible. With this method, you could potentially receive several offers that
would send the price of your home above market value. On the flip side, you could
receive no offers, and then your property looks like it can't even sell at the
low price. It can be risky. </span></div>
<div class="MsoNormal">
<span style="background: #F6F7F8; color: #373e4d; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal">
<span style="background: #F6F7F8; color: #373e4d; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;">The other, less risky, way is to list at market
value and hold back a week. This way the property will have a full week of
exposure for marketing. If you receive list price, then you're happy. If you
receive more, even better. </span></div>
<div class="MsoNormal">
<span style="background: #F6F7F8; color: #373e4d; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal">
<span style="background: #F6F7F8; color: #373e4d; font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;">Whether you are planning for multiples or not, you
need to prepare. What happened six months ago is not relevant. Bidding wars do
come in and out of favour. Buyer do go through periods of bidding war fatigue.
Remember, it may be exciting and story-worthy to sell in a bidding war, but at
the end of the day, you need to pick a strategy that will sell your home for
the best price reflective of the current housing market, whether that's in a
bidding war or not.</span><span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%;"><o:p></o:p></span></div>
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David Coffeyhttp://www.blogger.com/profile/05030251619537409705noreply@blogger.com0tag:blogger.com,1999:blog-443499738898946299.post-91701271956081762342015-06-17T06:01:00.000-07:002015-06-17T06:01:33.003-07:00How Canada Compares to Real Estate Markets Around the World Now<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-vlVKgtw_aX6oEvWMFldLD1qD-EesCxB9x5A4V5PnlYSQTV6SveS-w96RVPkpTENZGrMtkfWAGEZWLzSc4rzI3hAXaf7iJOZliFZJKuHThAbV9YnoboTDL3pd-9lFagRlizaZXzigtcM/s1600/map-of-canada.gif" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="170" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-vlVKgtw_aX6oEvWMFldLD1qD-EesCxB9x5A4V5PnlYSQTV6SveS-w96RVPkpTENZGrMtkfWAGEZWLzSc4rzI3hAXaf7iJOZliFZJKuHThAbV9YnoboTDL3pd-9lFagRlizaZXzigtcM/s320/map-of-canada.gif" width="320" /></a></div>
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Context. It sure can offer us some
perspective. It let's us see ourselves in relation to our surroundings,
sometimes with a whole new point of view. In some ways it tells us how we stack
up. So, to mix things up a little, I'm NOT going to focus on Toronto as a city
or a neighbourhood in Toronto or something about the culture and practices of
Toronto real estate. Today I'm going to look at Canada in the context of the
rest of the world to see how it compares in 2015 with regard to its real estate
market. I do believe that real estate does function primarily at a local level,
but if we look at the big picture, we can see how some ideas and misconceptions
about our country's real estate markets hold up.<o:p></o:p></div>
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In the past few years in this country,
there has been quite a bit of anxiety around foreign investment in Canada. In
some ways this fear stems for a sense of the unknown because the Canadian
government does not make a point of taking any records of foreign investment. I
think this has been a bit of a mistake, though there has been other companies
that have tracked foreign investment. Though there is nothing wrong with some
foreign investment per se, there is some concern that cities with a great deal
of foreign investment in the real estate sector can lead to higher prices for
those locals who live in a given city or lead to a crash in real estate prices if
foreign investors left all at once. Some argue that Asian money has caused
Vancouver prices, for example, to go beyond where they should go. Toronto's
foreign investment is much more diversified than Vancouver. It has investment
from Asia, but also the Middle East, the United States and Europe. In some
countries like Australia, there has been laws passed to curtail foreign
investment. In Miami, there is concern about a lot of foreign investment from
South America and Canada.<o:p></o:p></div>
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Now, Canada has no plans to curtail
its foreign investors at the moment like Australia has done. Yes, there are no
numbers available to tell us just how much foreign investment has officially
been conducted here, but if we put Canada in the context of countries like
Australia and cities like Miami, one thing becomes clear. We're a lot colder.
And yes, that means there is a lot less foreign investment. Why? Well, let me
put it this way: From a large country like Brazil, how many Brazilians do you
think would like to retire in Canada? Probably not too many. But, we can argue
that Canada is safe place for foreign investment because of our stable economy.
That's what really brings the investors here, particularly when many parts of
the world had very rocky real estate markets in the past ten years.<o:p></o:p></div>
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So, let's talk about those rocky real
estate markets because they do have a lot of draw for foreign buyers in 2015,
including foreign buyers from Canada. Since the recession in 2008, there has
been more foreign investment in Canada because it has been seen as a stable
real estate economy when few other countries were looking stable. In 2015, we
are still receiving interest from foreign buyers, but since our real estate
market didn't crash, our properties are not exactly bargain basement prices any
more. You know where it's cheaper? Cities that have had their real estate
markets crash in the double digits year after year since 2008 before
stabilizing. Think Dublin, Athens, Las Vegas or Barcelona. That's where the
foreign investors are now. They are seeking out deals in real estate markets
that are showing signs of recovery that have sunk to rock bottom prices. After
such a tumble from the top, what investors could resist this deal? Stable just
isn't as appealing as cheap. Yes, Canada is still seen as a stable place to
invest, but it hardly takes the lion's share of foreign investors in 2015.<o:p></o:p></div>
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In fact, in terms of real estate
appreciation over the last year, Canada is healthy but hardly at the head of
the pack. The top 5 go to Ireland, the UK, Peru, Sweden and Chile. Canada comes
in further down the list between Germany and Thailand. According a Global
Economics report, Canada and the United States remain steady performers with
single digit real house price increases to go along with their moderate growth.<o:p></o:p></div>
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Now, I'm always suspicious of trying
to group all the real estate of one country together. Canada is a broad sample.
Toronto and Vancouver are certainly outperforming the rest of the country,
especially in comparison to the oil producing provinces right now. Still, it does say something
that Canada is not an overheated mess with runaway prices full of foreign
investors who threaten to lead prices higher and potentially destabilize the
real estate market across Canada. At least that's the case right now.<o:p></o:p></div>
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Context. It does give perspective.<o:p></o:p></div>
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David Coffeyhttp://www.blogger.com/profile/05030251619537409705noreply@blogger.com2tag:blogger.com,1999:blog-443499738898946299.post-84529549629966530772015-06-10T05:44:00.000-07:002015-06-10T05:44:23.237-07:00The Art of The Bidding War<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh_zeLsFy3EWl9PwYL1z9J3LdRFwCYZiUvNYTspIcswmhkNFjBe0SZ1tZSCQR2gCLqMUhQuoRr3z_M9mIy49XdySpGW-IW_uOyb4Dl5LOZpNyHVWFV3aOjMg6ifDZLD0Ckrht4zYt6o7gA/s1600/sword+and+helmet.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="239" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh_zeLsFy3EWl9PwYL1z9J3LdRFwCYZiUvNYTspIcswmhkNFjBe0SZ1tZSCQR2gCLqMUhQuoRr3z_M9mIy49XdySpGW-IW_uOyb4Dl5LOZpNyHVWFV3aOjMg6ifDZLD0Ckrht4zYt6o7gA/s320/sword+and+helmet.jpg" width="320" /></a></div>
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With 66.15% of all freehold houses
selling at our above asking in May 2015, it's clear that bidding wars have
become a way of life for many folks in Toronto's downtown core, at least for
the time being. Bidding wars often make life better for sellers, but a little
tougher for buyers. But buyers, do not despair! It is possible to buy a house
that is not purchased in a bidding war. Yes, it does happen. Not all of the
time, but often enough. If, however, you are one of those buyers who is
consistently drawn to those homes that receive more than one offer, then here's
what you need to do:<o:p></o:p></div>
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1. KNOW THY LIMIT<span style="mso-spacerun: yes;"> </span><o:p></o:p></div>
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This is an obvious one, but it needs
to be emphasized. Don't make an offer without knowing exactly where your limits
lie with your lending institution. Make sure you talk to a mortgage broker or
bank and know what you can afford. Have a pre-approval ready before you jump
in. Don't<span style="mso-spacerun: yes;"> </span>get caught up in the rush of
winning and buy something without knowing your mortgage parameters and price
limits.<o:p></o:p></div>
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2. CONDITIONAL OFFERS RARELY SELL IN
MULTIPLE OFFER SITUATIONS <o:p></o:p></div>
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If you need to have a condition on
working out your financing or on doing a home or termite inspection with your
offer to purchase, then put that into the offer. However, if there is a number
of offers, the chances of landing your dream home would be slim or even slimmer
than slim. If the seller has a choice of many offers, he or she will likely
gravitate to the one that will be "clean". In other words,<span style="mso-spacerun: yes;"> </span>the seller will choose the offer that<span style="mso-spacerun: yes;"> </span>cannot fall through on a home inspection or
any other condition like financing, insurance, or you selling your current
home. Sellers will rarely choose an offer that could potentially fall apart on
a condition when they have several offers. If the deal falls through because a
buyer is not happy with one of his or her conditions, the seller has to go back
to the market after waiting several days for the conditions to be waived or
fulfilled. If the offer is "clean", the deal is firm and done that
night. Ideally, if you know you're going to be in competition, it is a good
idea to have your financing ironed out before you offer, and do your home
and/or termite inspections in advance so you have a good sense of what you are
buying.<o:p></o:p></div>
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3. THE OTHER OFFERS <o:p></o:p></div>
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You won't know the price that the
other buyers have bid on the same property as you. Real estate salespeople
cannot disclose the contents of the other offers. So, if you are among eight
people bidding on the same property, and you end up having the best offer according the the seller, you're first feeling will be overwhelming happiness
followed by your next feeling, the anxiety that you may have offered too much.
Don't worry. It's all natural. Those who didn't win, often wonder if they could
have offered a little more. At the end of the day, you should be comfortable
with the price you offer whether you win or lose.<o:p></o:p></div>
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4. THE TOUGH GAME <o:p></o:p></div>
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The toughest multiple offer situations
are not when there are ten offers on the same house, but when there is only one
other offer. Yes, your chances of winning are better with only one other offer
on the table, but with several offers, there usually is a pattern. When there
are ten offers, you know there will often be a few lowballs, a few decent
offers and a few that are exceptional. So, the price will likely land at the
high end of the spectrum of market value (or more). If there is one other
offer, it could be anything. A lowball offer, a way-over-asking offer. It's
hard to tell. A stronger pattern often kicks with the more offers that are put
forward.<o:p></o:p></div>
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5. IT USUALLY COMES DOWN TO PRICE <o:p></o:p></div>
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Most often, the top price takes the
property for sale in the end, but not always. Sometimes it comes down to the
sellers, and if they simply like the buyers. Perhaps they identify with them on
some level or feel their house needs to be given to the right person, in their
minds. Maybe the buyers are going to start a family like the sellers did. Maybe
the buyers are their cousin Al's good friend. Maybe the buyer wrote a corny
letter to say how they will love the new property as much as they can, more
than any other buyer. Don't laugh. This has happened and sadly worked! Of
course, it's not always emotional. Perhaps, the top buyer selects a more
convenient closing date, the offer is clean, or they put more money down on a
deposit that makes the seller feel more secure about the transaction. Price is
not always the deciding factor, but it often is.<o:p></o:p></div>
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6. BE AWARE OF THE SHORTFALL <o:p></o:p></div>
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A shorftall does happen in this day
and age thanks to your friends at the bank. Instead of trying to explain it,
let me give you an example of how a shortfall works. Let's say you buy a
property for $600,000. The bank agrees to give you a mortgage, but decides to
send out an appraiser to assess what he or she thinks your property is worth,
regardless of what you paid for it. The appraiser crunches some numbers and does
their calculation, and determines the property is worth $550,000. This means
the bank will only cover for a mortgage based on<span style="mso-spacerun: yes;"> </span>the $550,000 price tag the appraiser
determined. You would need to cover the $50,000 difference, or the shortfall ($600,000 - $550,000) on your own. Now, appraisers have been known for not always coming in at a
reasonable price in my experience. I have seen two different appraiser appraise
the same property a week apart with $100,000 difference in worth. They like to
think of their appraisals as a kind of science, but there is more subjectivity
than you think. Sometimes, if the bank is doing an appraisal, and you think the
appraiser is off, you could order<span style="mso-spacerun: yes;">
</span>another one. No promise it will be higher, but it may be worth a shot.
If you have less than 20% as a down payment, CHMC or Genworth does the
appraisal.<o:p></o:p></div>
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With that said, hopefully this advice
will make you feel better prepared for multiple offers on the same property.
Remember, you don't need to buy a house in a bidding war. It is possible to do
it without competing with others. However, if you are ready to put on your
helmets and pull out your swords to smite the competition, just make sure you
are ready for battle and you understand the rules of the battlefield.<o:p></o:p></div>
</div>
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David Coffeyhttp://www.blogger.com/profile/05030251619537409705noreply@blogger.com0tag:blogger.com,1999:blog-443499738898946299.post-41305483092005933332015-06-04T06:07:00.001-07:002015-06-04T06:07:29.864-07:00Can You Time the Real Estate Market?<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh2qdV23KkdE4ab2iaVp170duB-j2flSX8FL108OM8L1Qu5H6ISNwC54A0cbT-r5N1W-7I0249nndiNmW9BkUUXDBtELuRaHlnL43JyTas71KNKoxC6Ci14SNUczLKiT1IXmIomEu3ZRNc/s1600/timthumb.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="265" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh2qdV23KkdE4ab2iaVp170duB-j2flSX8FL108OM8L1Qu5H6ISNwC54A0cbT-r5N1W-7I0249nndiNmW9BkUUXDBtELuRaHlnL43JyTas71KNKoxC6Ci14SNUczLKiT1IXmIomEu3ZRNc/s400/timthumb.jpg" width="400" /></a></div>
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<br /></div>
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<div class="MsoNoteLevel1CxSpFirst" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
First of all, I'm not going to pretend
that I have aced timing as far as real estate goes. Yes, I'm a real estate
salesperson, and I have learned what not-so-good timing is and what better
timing can be, but any one who tells you that he or she can perfectly time the
real estate market to maximize your real estate investments is making an
educated guess at best or is the kind of person who could make you believe they
could levitate a table.<o:p></o:p></div>
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<div class="MsoNoteLevel1CxSpLast" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
Of course, it's not such complete
guesswork that no one can predict anything.<span style="mso-spacerun: yes;">
</span>We, as human beings, like to look for patterns to make sense of our
world. Here is one of the most common patterns referenced that attempts to show
real estate investors how to time the market.<o:p></o:p></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg9gbrIv1GkWUPBShCuPMQLb8wPce6GUb6Z8OxzkFUqJlZw_NEGo1lrxO5swkaKNJB864erPaOFq2KQTZunxX342Xq4aB8OoGEKPBWb_J0Iq8W1PwaQan9_D8riXqxeunMyQQ-iIO7H_tM/s1600/realestatecycle1.gif" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="236" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg9gbrIv1GkWUPBShCuPMQLb8wPce6GUb6Z8OxzkFUqJlZw_NEGo1lrxO5swkaKNJB864erPaOFq2KQTZunxX342Xq4aB8OoGEKPBWb_J0Iq8W1PwaQan9_D8riXqxeunMyQQ-iIO7H_tM/s320/realestatecycle1.gif" width="320" /></a></div>
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<div class="MsoNoteLevel1CxSpFirst" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
This graph follows the basic
principals given to real estate investors:<span style="mso-spacerun: yes;">
</span>Sell high and buy low. And generally speaking, this is not a bad place
to start. There is some truth to this. The problem is, if the whole world
worked this simply, many of us would be a lot richer by following a graph.<o:p></o:p></div>
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<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
Let me take my current house as an
example as to why this sell high and buy low thing can be tough to predict. I
bought this house in 2010. It has probably increased in value by around 35%
since then with some updates here and there, but no gut jobs or major overhauls.
When I met the sellers back in 2010, I asked them why they were selling. They
told me they were leaving their home because they believed the Toronto market
was at its peak (please see "boom market" above). In their minds, it
was time to to cash out. The rest of the world had falling house prices. We
must be next. Plus, in their minds, we were due for a correction after such a
sustained period of increasing home prices in Toronto. They planned to rent
until property prices dropped (see "recession" above). Then they
would buy cheap again and ride the increases to the top of the boom cycle.
Seems easy enough.<o:p></o:p></div>
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This was a pretty straight forward
approach by the sellers of my current house to time the market. They had strong
convictions that they were at the top of the boom cycle when they sold to me in
2010. According to their calculation, 2010 should have had the highest prices
in Toronto's history.<o:p></o:p></div>
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In the end, this couple did make some
good money on the sale. They received twice as much for the house than they
paid for it. Still, if they were renting and waiting for the market to crash,
they made a big mistake. To get back into the market<span style="mso-spacerun: yes;"> </span>now in 2015 with the money they made off the
house would net them a much smaller property.<o:p></o:p></div>
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<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
The moral of my story? You have it!
It's tough to time the market. No matter what you hear, it is difficult to know
where the tops and the bottoms of these cycles will actually occur, and to what
extent of time these peaks and valleys will occur. If you choose the right
spot, you come off looking pretty smart, though I suspect part of that has to
do with some luck.<o:p></o:p></div>
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<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
At the end of the day, I'm not sure
the real estate market consistently follows such a cycle as the graph
above.<span style="mso-spacerun: yes;"> </span>What<span style="mso-spacerun: yes;"> </span>happened in 2008 in Toronto? Did we have a
real recession that caused real estate prices to dip slightly for a very short
period or was that merely a temporary blip in the upswing caused by external
factors from other parts of the world?<o:p></o:p></div>
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<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
Aside from a small blip in 2008, our
last trough was in 1989. That is a very long time for sustained growth. It's
easy to see why the doom and gloomers are calling for a crash any day now if
they buy into the bust and boom cycle. We appear overdue for a crash. But we're
not crashing. And it is possible that it may be a very long time until there is
a price adjustment on real estate in Toronto. The truth is, there are so many
factors influencing a boom and bust cycle, it's difficult to make a realistic
prediction. Interest rates, housing supply, local economies, international
economies, public policy, mortgage restriction, migration and immigration
patterns, age demographics, and public transit are just some of the factors
that could influence real estate prices in a given city.<o:p></o:p></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
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<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
I think there is only one group of
people who should be open to cashing out their homes. And that is retirees. If
there is a dip in prices, they may not have the time to wait it out until their
investment improves, especially if they want to take advantage of the equity
they accumulated in their homes to enjoy their retirement. They can put their
money into easier assets that won't potentially slip in value and be safer. <o:p></o:p></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
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<div class="MsoNoteLevel1CxSpLast" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
For the rest to us, holding a property
long enough, even in a downturn, has historically led to a property values in
Toronto bouncing back and continuing their climb, even from 1989. You just have
to wait it out. This is not me trying to predict the future, but it is an
educated guess based on my human desire to look for patterns based on
historical data.<o:p></o:p></div>
</div>
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<img class="UMSRatingIcon" id="ums_img_tooltip" src="" style="display: none;" /></div>
David Coffeyhttp://www.blogger.com/profile/05030251619537409705noreply@blogger.com3tag:blogger.com,1999:blog-443499738898946299.post-47242446705840403432015-05-28T06:04:00.000-07:002015-06-01T13:45:44.035-07:00Toronto or New York - Who is the condo king this year?<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjWmQ2CW1z33qJ_30_qHIKCIpkHcGcEDE7bEiyxj6HCem7W16Ee-wCLqAnEuQyTGlNtcugtlNY8MYxA9Pz3LTJVP69ePQRm1ouBzLc6vBexIS1Usn2xZyt-ijvv3A-q5zrrcw0yia32-Cw/s1600/Toronto-New-York.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjWmQ2CW1z33qJ_30_qHIKCIpkHcGcEDE7bEiyxj6HCem7W16Ee-wCLqAnEuQyTGlNtcugtlNY8MYxA9Pz3LTJVP69ePQRm1ouBzLc6vBexIS1Usn2xZyt-ijvv3A-q5zrrcw0yia32-Cw/s1600/Toronto-New-York.jpg" /></a></div>
<br />
<div class="MsoNoteLevel1CxSpFirst" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
Some people like to compare Toronto
and New York. Some people get testy when you try to compare them. Like apple
and oranges or more like scrappy kitty and a cougar. New York is an
international city with well preserved historical architecture reflective of it's
powerful history as the centre of an empire. Toronto is an international city
too, but with a short time in the international spotlight with less of an
empire feel.<o:p></o:p></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
<br /></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
Still, there's no denying that Toronto
and New York have one thing in common. They are both centres of condo
development and architecture in North America. So, let's do a little New
York/Toronto comparison in a realm where they both share a great deal.<o:p></o:p></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
<br /></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
For many years, Toronto has been the
#1 when it comes to our city's reign over urban construction. It has had the
most residential condo units built in North America for several years. More
than any other city, larger or smaller. Some see this as a prideful thing for
our city - a quickly changing, impressive skyline, a sign that we have a
growing city, a growing economy and a great indication that people want to live
here. On the flip side, some see it as a sign that we are overbuilt and our
condos are in oversupply. So, for those on the flip side, I say
"relax". We are no longer #1 here in 2015. New York has edged us out
this year by 701 units. Toronto has 38,114 multi-family units under
construction. New York has 38,815.<o:p></o:p></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
<br /></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
Now this may not be very impressive
when you consider the size of both cities. Afterall, New York is much larger
than Toronto. Per capita, Toronto would lead New York by three times as many
condo units under construction.<o:p></o:p></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
<br /></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
Still, the underlying factors for the
change in the #1 spot has to do with city planning and the economy of the U.S.
Toronto's reign as the condo king for years had more to do with the real estate
crash in the U.S. following 2008. New York, LA, Chicago, Miami - everywhere in
the U.S. there was a slowdown, if not a sudden halt in condo construction, for
the last 8 years. It really wasn't very hard to take the condo construction
crown. Now that cities like New York are in full recovery mode, they are
building again.<o:p></o:p></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
<br /></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
It was not all about the U.S. though.
Toronto has made some very big changes to allow for more condos to be built.
The most impactful policy change had to do with the greenbelt policy now in
place for over 10 years. Basically, a policy was put in place where you cannot
build into the greenbelt around the GTA. The result: Developers were forced to
focus on brownfields and parking lots inside the greater Toronto area. And
Toronto has a lot of those, unlike New York, that has very little space for new
development. It was more profitable to build up than low density housing. So,
developers focused more on bigger condos, particularly in the downtown core
where developers were allowed to build bigger than outside the core.<o:p></o:p></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
<br /></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
The funny thing when you compare
Toronto and New York, has to do with the unit sizes. You would expect that
Toronto would have larger units than New York since prices are higher in New
York and space is more of a premium in the Big Apple. But you would be wrong.
Almost 40% of new condo units under construction in NYC have three bedrooms or
more. In Toronto, it is only 6% of condo units that have three bedrooms. I
think this has to do with two things:<o:p></o:p></div>
<div class="MsoNoteLevel1CxSpMiddle" style="margin-left: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: 0cm;">
</div>
<ol>
<li><span style="text-indent: 0cm;">New Yorkers are used to raising
families in high density buildings for over a hundred years. In Toronto, condos
are seen largely as a place for the single, the young family or the retired.
They have only really been a dominant property option in the last 20 years.</span></li>
<li><span style="text-indent: 0cm;">Houses in Toronto are more
affordable than New York. So, more families can afford to live in them. Sure,
it may be cheaper in Hamilton or Oshawa, but compared to an urban centre like
New York, Toronto is still affordable to more of its inhabitants to buy a
house.</span></li>
</ol>
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All in all, it may be a good idea for
Toronto to take a break from the top spot of condo unit producer. It's an
interesting title to have but maybe one that you don't want to hold on to for
too long. And so, we pass the crown to you, New York. Wear it with pride while
you have it.<o:p></o:p></div>
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David Coffeyhttp://www.blogger.com/profile/05030251619537409705noreply@blogger.com0