Saturday, June 22, 2013

5 Tips for HomeBuyers

The economy is suffering. The cost of rent, especially for those who want to live downtown, is skyrocketing. What’s a single person to do? These days, a lot of savvy singles are opting to buy themselves a home. According to a recent study by Genworth Financial, a full quarter of homebuyers n 2011/2012 were single.

If you are single and are hoping to jump into the housing market, here are a few tips to help guide you through the process.

1. Stay. In. Your. Budget. Think about how much you can afford, and then lay down the law for yourself that you will stick to that limit. Remember that as an independent single, should you experience a disruption in your job, income, health, or anything else that might make it hard to make your mortgage payments, you will not have a partner to fall back on financially. So while your heart might be tugged irresistibly towards a home that is everything you dreamed of, make sure you don’t overextend yourself (or your wallet).
2. What will your chores list be? When you’re looking for a home, make sure to think through whether you can maintain the property yourself. Will you have time to cut that enormous lawn? Is a condo or townhouse a better fit for your busy life? If you decide to hire people to take care of jobs around the house, make sure you hire smart: do research to find trustworthy and skilled help, get multiple quotes for every job, get everything in writing, and make sure the job is done right.
3. Location, location, location! Make sure you feel safe in your new home! First, screen your potentials homes’ locations. Check your local crime rates and speak with realtors, neighbours, and town officials about the safety of your desired area. Once you’ve chosen a home, make sure you can return to it and enter it feeling safe and secure. After all, if you work away from home, your house will be empty for long periods of time. Install a good security system that will leave you sleeping peacefully at night.
4. Investment wisely. Should you ever decide to relocate, you want to have a home that will sell quickly and well on the market. Keep that in mind as you choose your home. Look for homes that have widespread appeal. This is something home sellers are taught when they are preparing their homes for potential buyers to visit: make sure your home is neutral enough that it could please a large audience and be changed to suit almost anyone’s tastes.
5. The future is now! If you’d like to keep your home for a long time, take some time to think about the future. Do you hope to have a family one day? Would it be a good idea to buy that home with the extra bedroom? Give yourself room to grow.

Don’t get discouraged or doubt yourself! Chances are, if you’re responsible (and brave) enough to be planning to buy your own home, by yourself, you are responsible enough to make wise and informed choices about this major investment. Don’t forget that you also have an arsenal of experts at your disposal, trained and ready for your questions and concerns: make use of the knowledge and guidance of realtors, mortgage brokers, financial planners, and other single homebuyers who have gone through the process before you. They are often willing to give out free advice and to share their vast wealth of knowledge with others. Finally, all the best with your house hunting! We know you’ll love your new home.

Dynamic puts in bid to revive Guild Inn

Scarborough Mirror
A Toronto company has put its offer for reviving the Guild Inn on the table.
Now, it’s for the city to decide if it wants Dynamic Hospitality and Entertainment Group as a partner or not.
The city, after closing the former Inn in 2001, tried and failed twice before to attract a private partner capable of restoring or replacing the historic building, once the centre of an artist colony and centrepiece of the 88-acre Guild Park.
This time, Dynamic was the only company that pre-qualified to submit a proposal to design, build, finance and operate a restaurant and perhaps also a banquet facility where the Inn now stands.
The deadline, extended a few additional weeks last month, was noon Monday, May 31.
Members of the city’s Government Management Committee had planned to discuss Dynamic’s bid at their June 17 meeting, in hopes of signing an agreement by Aug. 27.
The park property, which gave the Guildwood subdivision its name, was sold to the Toronto and Region Conservation Authority in 1978, and the city assumed responsibility for managing the land and buildings in 1993.
Dynamic operates restaurants, nightclubs and comedy clubs and an event theatre in Vaughan, Oakville and Toronto.

Tuesday, June 18, 2013

June 18th, 2013 Toronto Market Report

TORONTO, June 18, 2013 – Greater Toronto Area REALTORS® reported 4,620 sales through the TorontoMLS system during the first two weeks of June 2013. This result was up by 4.7 per cent compared to the first two weeks of June 2012. Year-over-year sales growth was driven by the regions/counties surrounding the City of Toronto. Home sales in the City were basically flat in comparison to last year. “The expectation was for an improvement in home sales in the second half of 2013. Early June results are in line with this outlook. Many households have adapted to stricter lending guidelines and have renewed their search for ownership housing,” said Toronto Real Estate Board President Ann Hannah. “It is also important to note that new listings were down over the same period. With sales up and new listings down, market conditions became tighter. This supports the moderate to strong rates of price growth reported for most major home types, including condominium apartments,” added Ms. Hannah.

The average selling price for the first fourteen days of June was $536,141 – up by 3.8 per cent compared to June 2012. “While price growth has been driven by low-rise home types this year, condominium apartment price growth has improved since March. Despite higher inventory levels, there have been enough buyers relative to available listings to support condo price appreciation,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

My Take on the rest of the Year

In summary I expect that sales in terms of number of units sold will be in line with last years numbers. Prices may flatten over the next few months as inventory levels rise which will make it easier for buyers who have been looking for homes. I expect the Average price will increase modestly by 2%-3% from now until the end of the year. Recently rates on the 5 year and 4 year products went up by 10-20 basis points. If you are a buyer looking to buy make sure you get a pre-approval done in order to lock in a rate. You may want to consider a 3 to 5 year fixed product as rates are low on these products now. 

To view current rates visit

If you have any questions on the market or are looking to buy, sell or invest in Real Estate feel welcome to contact me at 416-901-8777 or email me at