In Canada, interest rates on mortgages have been at very low levels for several years now. This has created a very bull market in the Toronto area. Prices have been steadily climbing for the past 12 years.
And for years, clients always ask me whether they should get long term financing - typically 5 year terms on a mortgage that would be amortized over 25-40 years OR should they investigate short term rates - as in a Variable Rate Open Mortgage. This mortgage would still be amortized over a long period of time but the interest rate would fluctuate as the Prime Lending Rate set by the Bank of Canada changed.
I am going to go out on a limb here: buying real estate in Toronto and especially in areas like Leslieville and Riverdale where I work is a very expensive proposition. I can see why people might choose a fixed rate and know for certain that their mortgage payments will not fluctuate! But here's the rub - did you know that on average - people move every 3 to 4 years? What happens when you move before the end of your five year term - PENALTIES! Your hard earned money - GONE! There is no way the bank will let you get out of this obligation unless you are moving up to another house and a bigger mortgage!
While Open Mortgages with Variable Rates might scare some people, for me personally they are the best option. And in the long run, it has been proven they save you money!
Earlier this year, I had to renegotiate my mortgage. I had previously been locked into a long term commitment but this time, I decided to take out an open variable rate mortgage. Turns out, I am moving in 3 weeks. Wasn't planned - but sure beats having to deal hefty fees payable to the BIG BANK!
For more information contact Sue Pimento - the Mortgage Coach at suepimento@invis.ca
Tuesday, November 6, 2007
Friday, October 26, 2007
Phantom Offers in the Toronto Reat Estate Market
As a realtor who works with buyers in a HOT Toronto real estate market, Multiple offers, well, it's just a normal part of doing business. All too often, agents will underprice a property to generate numerous offers and hope someone comes up with a big number.
In a recent article in the Toronto Star, some consumers have complained of phantom offers. These consumers were making offers on properties that had been on the market for an extended period of time. Suddenly, when their offer was registered, another offer just happened to be registered as well. Coincidence........no one knows. In my opinion, the Toronto Real Estate Board should establish clearer guidelines on how multiple offers should be handled. The process of handling multiple offers is not very transparent. As a buyers' agent, you have no real way of knowing if there is another offer in fact.
My brokers, Ken McLachlan and Debra Bain of REMAX Hallmark Realty Ltd, who head one of the larger brokerages in Toronto, once again have decided to lead the way and establish a new policy around multiple offers.
The policy of REMAX Hallmark Realty Ltd regarding multiple offers is as follows:
In Offer situations when RE/MAX Hallmark Realty Ltd. is representing the seller in multiple offer scenarios, it will be the company wide policy of RE/MAX Hallmark Realtors to disclose the name and company of all Realtors (in writing), who have registered an offer on the property to any participating co-operating broker when requested.
When requested, this information will be provided to any co-operating broker either in writing before Offers are being presented of after completing of transaction.
Check out my broker's blog to see other related stories
Sam Soukas
REMAX Hallmark Realty Ltd
Sales Representative
www.AgentSam.ca
In a recent article in the Toronto Star, some consumers have complained of phantom offers. These consumers were making offers on properties that had been on the market for an extended period of time. Suddenly, when their offer was registered, another offer just happened to be registered as well. Coincidence........no one knows. In my opinion, the Toronto Real Estate Board should establish clearer guidelines on how multiple offers should be handled. The process of handling multiple offers is not very transparent. As a buyers' agent, you have no real way of knowing if there is another offer in fact.
My brokers, Ken McLachlan and Debra Bain of REMAX Hallmark Realty Ltd, who head one of the larger brokerages in Toronto, once again have decided to lead the way and establish a new policy around multiple offers.
The policy of REMAX Hallmark Realty Ltd regarding multiple offers is as follows:
In Offer situations when RE/MAX Hallmark Realty Ltd. is representing the seller in multiple offer scenarios, it will be the company wide policy of RE/MAX Hallmark Realtors to disclose the name and company of all Realtors (in writing), who have registered an offer on the property to any participating co-operating broker when requested.
When requested, this information will be provided to any co-operating broker either in writing before Offers are being presented of after completing of transaction.
Check out my broker's blog to see other related stories
Sam Soukas
REMAX Hallmark Realty Ltd
Sales Representative
www.AgentSam.ca
Tuesday, October 9, 2007
Staging your home - is it really worth the effort?
First of all, let me apologize to my clients who have sold their homes recently. You finally find your next home and now its time to sell. I arrive with a pad of paper and pencil and we start to make the list!
Preparing your home for the market is no small order. The list could include painting entire rooms, minor repairs, packing up all the toys and on and on and on!
Last month, it was my turn! We had finally found our next home and now it was time to get our home ready to sell. So I thought that I should do exactly what I make my clients do. We started at the front of the house and went from sidewalk to front door and through every room making a detailed list of all the things that need doing!
While this in and of itself was a monumental task - I can't beleive how much stuff we have/had - we also decided to remove the remaining knob and tube wiring to improve the saleability of our home. This involved gutting the basement to allow the electrician access to the old wiring. Not only did we have to demolish the basement but the electrician had to poke numerous holes in the old plaster walls on the main floor of our bungalow to ensure all the old wires were gone! WHAT A MESS!
So on top of packing up a lot of possessions, we undertook this renovation and all of it in 3 weeks. Time was of the essence as we had a closing date on our purchase and I wanted to ensure that we were on the market before Thanksgiving weekend. In the end, it took 4 weeks but the results were nothing short of amazing.
Once all the dust had been removed and all the holes patched and repainted and the basement renovation completed - it was time to stage! This part of the fun part - when the pictures go back on the walls, the furniture gets re-arranged and the fresh flowers go out on the table....
While I knew the process of preparing to sell was a challenge, I have a new appreciation of what I put my clients through. Was it worth it - YES! We set a record for our street and I think my clients would concur that their homes have sold for more than they thought might be possible!
To see some of my listings - go to www.AgentSam.ca for an inside look at some of the homes (including my own) that I have staged!
Sam Soukas
Sales Representative
REMAX Hallmark Realty Ltd
Toronto, Ontario
Canada
Saturday, July 14, 2007
Land Transfer Tax and Mayor David Miller
I am sure that most of you have heard of the impending new tax grab proposed by Mayor David Miller. And if you havn't - and you don't currently own real estate and are thinking of buying or if you own real estate and are thinking of moving - well you might think twice before you proceed.
Mayor Miller will be going before Toronto City Council to propose among other tax grabs - a new Land Transfer Tax on top of the existing Land Transfer Tax that our provincial government collects.
There is still time to take action! I called my councillor months ago and he is opposed!! Apparently the vote is going to be a close one!!
So call or email your councillor today. Go to the City of Toronto website - you can contact your councillor from there.
Take action today!
To find out more about this tax and what it may cost you, click here.
Mayor Miller will be going before Toronto City Council to propose among other tax grabs - a new Land Transfer Tax on top of the existing Land Transfer Tax that our provincial government collects.
There is still time to take action! I called my councillor months ago and he is opposed!! Apparently the vote is going to be a close one!!
So call or email your councillor today. Go to the City of Toronto website - you can contact your councillor from there.
Take action today!
To find out more about this tax and what it may cost you, click here.
"Sicko"
I went to see the Michael Moore documentary recently called "Sicko" - all I can say is that I am very happy to be a Canadian! If you have a chance - go see it!
Sunday, June 17, 2007
Impending Crash?
Here we go again.............suddenly the real estate market in Toronto is going to crash! With all the doom and gloom that has been printed lately, you would think that we are headed for disaster.
Interest rates for long term mortgages (5 years +) have increased in the last few weeks, several times and I think this has caught a lot of people by surprise. A few weeks ago, you could have locked into a 5 year term for 5.09% but now you can count on at least 6%!
On a $300,000 mortgage, that would mean an increase of $159 a month!
Not a huge amount but it could be the difference between someone entering the real esatate market or not.
Will rising interest rates have an immediate impact on Toronto's housing boom - probably but not as significant an impact as some would suggest. Remember, tomorrow there could be an announcement that mortgage rates have come down. That being said.......Toronto's real estate market is overheated and could use a bit of cooling. Especially for those buyers who are always in bidding wars - they might find less competition!
So what's likely to occur is lower year over year increases in homes as long as interests are rising. Rates could stay at these levels and we'll see what the impact is.
In the fall of 2005 - a 5 year mortgage was at 4.3%. Shortly afterwards, rates rose making a 5 year mortgage hover around 5% and the same drama unfolded then as it is now. We survived then as I am sure we will survive now!
So let's all take a deep breath - impending crash? Well not anytime soon!
Sam
Interest rates for long term mortgages (5 years +) have increased in the last few weeks, several times and I think this has caught a lot of people by surprise. A few weeks ago, you could have locked into a 5 year term for 5.09% but now you can count on at least 6%!
On a $300,000 mortgage, that would mean an increase of $159 a month!
Not a huge amount but it could be the difference between someone entering the real esatate market or not.
Will rising interest rates have an immediate impact on Toronto's housing boom - probably but not as significant an impact as some would suggest. Remember, tomorrow there could be an announcement that mortgage rates have come down. That being said.......Toronto's real estate market is overheated and could use a bit of cooling. Especially for those buyers who are always in bidding wars - they might find less competition!
So what's likely to occur is lower year over year increases in homes as long as interests are rising. Rates could stay at these levels and we'll see what the impact is.
In the fall of 2005 - a 5 year mortgage was at 4.3%. Shortly afterwards, rates rose making a 5 year mortgage hover around 5% and the same drama unfolded then as it is now. We survived then as I am sure we will survive now!
So let's all take a deep breath - impending crash? Well not anytime soon!
Sam
Wednesday, June 13, 2007
location location location
This is one of my favourite real estate subjects.
It's the first rule of real estate buying! And I'm sure everyone has heard it before. The second rule of real estate reads: See Rule #1
Recently, I was attending to family matters and this means I have to travel to Windsor, Ontario. This is where I grew up and many members of my extended family and some of my immediate family live there still.
And of course, everyone wants to talk about real estate when I visit. They all want to know about the Toronto market, as do you. When I first started working in this business - I was always being asked - can prices keep going higher? What about a real estate bubble? That was four years ago.
Well prices have continued to climb while interest rates have remained quite constant. This cannot be said for Windsor. Same country - but different economy.
Windsor's economy is so directly connected to the automotive industry, that when that sector is in decline, so is Windsor. Recent comments by Buzz Hargrove have only made things worse there.
One story I heard this weekend was about how families are going to their banks with keys in hand and walking away from their homes as they can no longer afford them. Wives' tale? It seems that for every buyer in Windsor - there are probably 10 homes to choose from.
My dad sold his home about 3 years ago. Since then, the person who bought the home had to sell it and did so for a loss of $10K.
So what keeps Toronto's market moving upward? It's probably the constant influx of new residents. Most of Canada's immigrants come to Toronto and as long as this continues, the demand for housing and thus increased prices will keep moving forward.
If you would like an appraisal of your home, contact me at samsoukas@rogers.com
Our homes are typically our single largest asset, and you should have appraisals done annually so that you always know the value.
Enjoy that hot summer weather!
Sam
It's the first rule of real estate buying! And I'm sure everyone has heard it before. The second rule of real estate reads: See Rule #1
Recently, I was attending to family matters and this means I have to travel to Windsor, Ontario. This is where I grew up and many members of my extended family and some of my immediate family live there still.
And of course, everyone wants to talk about real estate when I visit. They all want to know about the Toronto market, as do you. When I first started working in this business - I was always being asked - can prices keep going higher? What about a real estate bubble? That was four years ago.
Well prices have continued to climb while interest rates have remained quite constant. This cannot be said for Windsor. Same country - but different economy.
Windsor's economy is so directly connected to the automotive industry, that when that sector is in decline, so is Windsor. Recent comments by Buzz Hargrove have only made things worse there.
One story I heard this weekend was about how families are going to their banks with keys in hand and walking away from their homes as they can no longer afford them. Wives' tale? It seems that for every buyer in Windsor - there are probably 10 homes to choose from.
My dad sold his home about 3 years ago. Since then, the person who bought the home had to sell it and did so for a loss of $10K.
So what keeps Toronto's market moving upward? It's probably the constant influx of new residents. Most of Canada's immigrants come to Toronto and as long as this continues, the demand for housing and thus increased prices will keep moving forward.
If you would like an appraisal of your home, contact me at samsoukas@rogers.com
Our homes are typically our single largest asset, and you should have appraisals done annually so that you always know the value.
Enjoy that hot summer weather!
Sam
Wednesday, May 30, 2007
Open Doors Toronto
I've lived in Toronto for over 20 years now. Every year goes by and I notice a line up in front of the Flatiron Building at the corners of Church, Wellington and Front Streets. And I think to myself - what's going on? Only to find out - too late - that the annual event known as Open Doors Toronto was taking place and I missed it again.
This year was different - a couple of weeks before the event there was an article in the Toronto Star outlining the different venues and finally - I took advantage and went to a couple of the buildings on tour.
This year my focus is on building a second storey onto my 1939 bungalow in East York. And we are looking for some "green" solutions to heating and electricity use. I discovered that there were several buildings in the Open Doors list that were "green" buildings - so we went to see 2 of them.
One of them was on Queen East where they were using a Geo Thermal system for heating.
For me the most interesting location was called the Ravina Project - 2 people have taken their home and made it into a science experiment to study how efficient some of the newest heating and hydro systems are.
Click on this link and go to page 12 of this the Green Guide to Open Doors
This year was different - a couple of weeks before the event there was an article in the Toronto Star outlining the different venues and finally - I took advantage and went to a couple of the buildings on tour.
This year my focus is on building a second storey onto my 1939 bungalow in East York. And we are looking for some "green" solutions to heating and electricity use. I discovered that there were several buildings in the Open Doors list that were "green" buildings - so we went to see 2 of them.
One of them was on Queen East where they were using a Geo Thermal system for heating.
For me the most interesting location was called the Ravina Project - 2 people have taken their home and made it into a science experiment to study how efficient some of the newest heating and hydro systems are.
Click on this link and go to page 12 of this the Green Guide to Open Doors
Sunday, May 13, 2007
What makes Toronto a great place to live?
A few weeks ago, we went to a concert put on by a young Canadian artist who won the Canadian Idol Contest last year. I know - you're thinking - really???? But this young lady - Eva Avila is an amazing artist. Vocally she has great pipes and really knows how to interpret a song.
Reminds of Celine Dion before she went off the deep end!
Getting back to the point.
The concert took place at the Music Hall on the Danforth. This concert hall has gone through a revival recently when an entrepreneur bought the theatre and starting improving it. We had gone a number of years ago to see a show at the Music Hall and we were amazed at how run down it had become. It has improved a lot but still needs work.
So in the heart of Toronto, is this great old theatre in the middle of a very residential neighbourhood - Riverdale. And I think what keeps Toronto vibrant is that it is not a city where people work downtown and live in the suburbs. Downtown Toronto, especially with the development of so many condominiums has become more and more the place to be.
Queen West - with the advent of the Drake Hotel and the Gladstone Hotel - keeps developing further and further west - and soon enough this will have an impact on Parkdale.
Queen East - Leslieville - has really developed into a great area to live. When we lived there about 15 years ago - we kept hoping that it would become what it has become today. Lots of cool shopping and wonderful restaurants. Starbucks even decided to open shop here - and you know they don't open locations lightly!
This is what makes Toronto a great place to live - people out on the street - walking safely - sitting in cafes - going about their lives - an amazing place to live!
Reminds of Celine Dion before she went off the deep end!
Getting back to the point.
The concert took place at the Music Hall on the Danforth. This concert hall has gone through a revival recently when an entrepreneur bought the theatre and starting improving it. We had gone a number of years ago to see a show at the Music Hall and we were amazed at how run down it had become. It has improved a lot but still needs work.
So in the heart of Toronto, is this great old theatre in the middle of a very residential neighbourhood - Riverdale. And I think what keeps Toronto vibrant is that it is not a city where people work downtown and live in the suburbs. Downtown Toronto, especially with the development of so many condominiums has become more and more the place to be.
Queen West - with the advent of the Drake Hotel and the Gladstone Hotel - keeps developing further and further west - and soon enough this will have an impact on Parkdale.
Queen East - Leslieville - has really developed into a great area to live. When we lived there about 15 years ago - we kept hoping that it would become what it has become today. Lots of cool shopping and wonderful restaurants. Starbucks even decided to open shop here - and you know they don't open locations lightly!
This is what makes Toronto a great place to live - people out on the street - walking safely - sitting in cafes - going about their lives - an amazing place to live!
Thursday, May 3, 2007
the Living Green Show
A few weeks ago, I had gone to the REMAX sponsored National Home Show to see if there would be anything new and exciting that was being offered.
And as mundane as it sounds, the best demonstration had to do with spray foam insulation. A demonstration was setup in clear plactic boxes. Each box was being heated from below like a gas furnace heats a home. At the top of the box, insulation was placed to demonstrate 3 types insulation; fiberglass, cellulose and the latest spray foam.
What the demonstration was trying to illustrate is how well each type of insulation works. As you may or may not know, if you measure the temperature of the heat coming out of vent, it is much hotter than the temperature you are trying to heat the room to. Often 20-25 degrees hotter thant the temperature set at the thermostat. It takes a lot of heat to make your home feel like 80F (20C).
What was stunning in fact was how much heat was escaping out of the roofs of the "demo homes" with fibre glass and cellulose with R factors of 30. The temperature the fibre glass chimney and cellulose chimney ranged from 98F to 103F while the spray foam insulation with an R factor of only 13 was consistantly 15 degrees cooler! This was a very powerful demo and in fact, we plan to use this material to insulate our home when we add are second floor addition.
Now getting back to the Living Green Show! I wondered how they could fill that huge space with vendors - but they did.
Every automaker who sold Hybrid Cars had a model on display.
There was a food section with suppliers of all sorts of organic foods.
Clothing made from hemp.
And of course many vendors who were selling greener ways to heat and build your home.
Since we are in the early stages of planning for a renovation, we were looking for different ideas on how the make our home as green as possible.
Our most exciting discovery was a roofing product with a 50 year guarantee transferable to subsequent owners!!!!! The shingles were made of recycled rubber tires. They came in different colours and design and in fact, we were told that the shingles would proably last in upwards of 100 years! WOW! Plus - these "shingles" were great insulators as well!
Hope you made it there this past weekend......it was worth going to.
Sam
And as mundane as it sounds, the best demonstration had to do with spray foam insulation. A demonstration was setup in clear plactic boxes. Each box was being heated from below like a gas furnace heats a home. At the top of the box, insulation was placed to demonstrate 3 types insulation; fiberglass, cellulose and the latest spray foam.
What the demonstration was trying to illustrate is how well each type of insulation works. As you may or may not know, if you measure the temperature of the heat coming out of vent, it is much hotter than the temperature you are trying to heat the room to. Often 20-25 degrees hotter thant the temperature set at the thermostat. It takes a lot of heat to make your home feel like 80F (20C).
What was stunning in fact was how much heat was escaping out of the roofs of the "demo homes" with fibre glass and cellulose with R factors of 30. The temperature the fibre glass chimney and cellulose chimney ranged from 98F to 103F while the spray foam insulation with an R factor of only 13 was consistantly 15 degrees cooler! This was a very powerful demo and in fact, we plan to use this material to insulate our home when we add are second floor addition.
Now getting back to the Living Green Show! I wondered how they could fill that huge space with vendors - but they did.
Every automaker who sold Hybrid Cars had a model on display.
There was a food section with suppliers of all sorts of organic foods.
Clothing made from hemp.
And of course many vendors who were selling greener ways to heat and build your home.
Since we are in the early stages of planning for a renovation, we were looking for different ideas on how the make our home as green as possible.
Our most exciting discovery was a roofing product with a 50 year guarantee transferable to subsequent owners!!!!! The shingles were made of recycled rubber tires. They came in different colours and design and in fact, we were told that the shingles would proably last in upwards of 100 years! WOW! Plus - these "shingles" were great insulators as well!
Hope you made it there this past weekend......it was worth going to.
Sam
Friday, April 13, 2007
Toronto's Waterfront
I recently found myself travelling to Etobicoke for work and later that day to neighbouring Mississauga. Last year, I had a client working out this way as well and while driving around, I discovered that there are some amazing waterfront parks!
In fact, there are no high rises along the waterfront in this part of Toronto and into Mississauga. Just some quiet, established neighbourhoods with lots of trees.
The first of these parks is the Marie Curtis Park . This is the last park along the Toronto waterfront before you head into Mississauga.
I grew up in Windsor, Ontario and the waterfront in Windsor is fantastic. It's pretty much one long park and I remember riding my bike along the trail during those muggy summer afternoons Windsor is famous for. When I moved to Toronto, I didn't feel that the waterfront here had the same feel. Sure we have the boardwalk in the Beaches and Ashbridge's Bay and Sunnyside Beach and the park at Humber Bay but my point is that to get to these parks, you have to cross some very busy streets. Not very friendly towards pedestrians and cyclists.
What I noticed about the waterfront in the far west end of Toronto and into Missiassauga is that the parks are just part of the neighbourhoods. Easy to access.
In fact, the Mississauga waterfront stretches for 15 miles starting from Marie Curtis Park and the Etobicoke Creek all the way to the Oakville Border - Joshua Creek.
So if you want to get away from the crowds, take a drive west and find some of the smaller waterfront parks in Mississauga and enjoy the beauty of Lake Ontario.
In fact, there are no high rises along the waterfront in this part of Toronto and into Mississauga. Just some quiet, established neighbourhoods with lots of trees.
The first of these parks is the Marie Curtis Park . This is the last park along the Toronto waterfront before you head into Mississauga.
I grew up in Windsor, Ontario and the waterfront in Windsor is fantastic. It's pretty much one long park and I remember riding my bike along the trail during those muggy summer afternoons Windsor is famous for. When I moved to Toronto, I didn't feel that the waterfront here had the same feel. Sure we have the boardwalk in the Beaches and Ashbridge's Bay and Sunnyside Beach and the park at Humber Bay but my point is that to get to these parks, you have to cross some very busy streets. Not very friendly towards pedestrians and cyclists.
What I noticed about the waterfront in the far west end of Toronto and into Missiassauga is that the parks are just part of the neighbourhoods. Easy to access.
In fact, the Mississauga waterfront stretches for 15 miles starting from Marie Curtis Park and the Etobicoke Creek all the way to the Oakville Border - Joshua Creek.
So if you want to get away from the crowds, take a drive west and find some of the smaller waterfront parks in Mississauga and enjoy the beauty of Lake Ontario.
Tuesday, April 3, 2007
Renovations
A few posts ago, I talked about the spring market. Spring also means that people start thinking about renovation projects both big and small!
Unfortunately, you can never count on getting your money back - dollar for dollar.
Oddly enough, you get the best bang for your buck just by painting! It's estimated that you could get up to 200% back just by painting your home. And the absolute worst renovation is the addition of a pool!
If you want more information about renovations and what they return, visit the website for "Ontario Contractors"
This brings me to the RE/MAX National Home Show being held at the National Trade Centre starting on April 13 and ending April 22. This is a great place to learn about the latest in everything.
My partner and I have started the process of adding a second floor to our East York Bungalow so we are going to be there this year looking for new ideas on newer more efficient heating systems to the latest in flooring ideas.
Maybe I will see you there.........
Unfortunately, you can never count on getting your money back - dollar for dollar.
Oddly enough, you get the best bang for your buck just by painting! It's estimated that you could get up to 200% back just by painting your home. And the absolute worst renovation is the addition of a pool!
If you want more information about renovations and what they return, visit the website for "Ontario Contractors"
This brings me to the RE/MAX National Home Show being held at the National Trade Centre starting on April 13 and ending April 22. This is a great place to learn about the latest in everything.
My partner and I have started the process of adding a second floor to our East York Bungalow so we are going to be there this year looking for new ideas on newer more efficient heating systems to the latest in flooring ideas.
Maybe I will see you there.........
Wednesday, March 28, 2007
Location Location Location
Well some things never change!
I still think that buying real estate in the right location is critical.
Earlier this year, I got a call to sell a property that had been forclosed. A Power of Sale! This condominium townhouse was located in Scarborough. Now I know Scarborough gets a bad rap and there are some parts of Scarborough that are awesome - The Bluffs, The Guild, Wexford Village - but, this townhouse is not there.
When I started my research - I was totally taken aback to see that there was still real estate for sale in Toronto for around $100,000. I got so many calls on this property it was unbelievable!
Well the property sold in spite of its location and today I spoke with someone who had called me about this power of sale because they were thinking about buying it to fix and flip. Did I forget to mention that the townhouse "needed work"?
The long and short of it is, I had to tell them that if they were venturing on such an endeavour to make money, they had better be very cautious - location is paramount - and if they had taken on this project, I could almost guarantee they would have lost money.
So thankfully some things never change and the golden rule of real estate makes still works today!
Sam
I still think that buying real estate in the right location is critical.
Earlier this year, I got a call to sell a property that had been forclosed. A Power of Sale! This condominium townhouse was located in Scarborough. Now I know Scarborough gets a bad rap and there are some parts of Scarborough that are awesome - The Bluffs, The Guild, Wexford Village - but, this townhouse is not there.
When I started my research - I was totally taken aback to see that there was still real estate for sale in Toronto for around $100,000. I got so many calls on this property it was unbelievable!
Well the property sold in spite of its location and today I spoke with someone who had called me about this power of sale because they were thinking about buying it to fix and flip. Did I forget to mention that the townhouse "needed work"?
The long and short of it is, I had to tell them that if they were venturing on such an endeavour to make money, they had better be very cautious - location is paramount - and if they had taken on this project, I could almost guarantee they would have lost money.
So thankfully some things never change and the golden rule of real estate makes still works today!
Sam
Friday, March 23, 2007
Spring! (And the Spring Market)
Well it seems to me that winter has finally left us and spring-like temperatures are here to stay!
A question that is commonly asked me is, "when is the best time to sell a property?" And more often than not, my answer always surprises people.
When we are in the deep freeze of January and February - and not surprisingly, few people are thinking about selling their homes. It's cold; there's snow on the ground; it's messy! What a hassle! BUT there are buyers out there all the time and if someone is willing to see your home in the worst of weather conditions, you have to know that they are serious!
So few people consider selling at this time of year that your listing has no others to compete with. Remember those rules of supply and demand? Interest rates are still low - lots of buyers still out there - lots of demand - and yours is the ONLY listing on your street equals NO supply!!
When I explain this scenario, people get it. But their first reaction is always, "I thought Spring was the best time to sell?"
And that's what so many people think...........
And here is where there is opportunity for buyers.........more supply means less competition and that you would be less likely to be in a bidding war and have a chance to "steal" a property!
Enjoy the spring weather this weekend!
Sam
A question that is commonly asked me is, "when is the best time to sell a property?" And more often than not, my answer always surprises people.
When we are in the deep freeze of January and February - and not surprisingly, few people are thinking about selling their homes. It's cold; there's snow on the ground; it's messy! What a hassle! BUT there are buyers out there all the time and if someone is willing to see your home in the worst of weather conditions, you have to know that they are serious!
So few people consider selling at this time of year that your listing has no others to compete with. Remember those rules of supply and demand? Interest rates are still low - lots of buyers still out there - lots of demand - and yours is the ONLY listing on your street equals NO supply!!
When I explain this scenario, people get it. But their first reaction is always, "I thought Spring was the best time to sell?"
And that's what so many people think...........
And here is where there is opportunity for buyers.........more supply means less competition and that you would be less likely to be in a bidding war and have a chance to "steal" a property!
Enjoy the spring weather this weekend!
Sam
Wednesday, March 21, 2007
What a weekend!
This past weekend, my partner and I went to Boston and our plane landed just as the storm was starting to hit!! My brother and his wife live there now and in January, they became the proud parents of a new baby girl - Gemma Elizabeth. 
So off we went to Boston to meet our niece and reconnect with our nephew - Samuel Alexander who will be two years old soon.....
Well if you have had children, at two and half months, they are not too interactive except with their moms. But my nephew, what a whirlwind of energy! I showed him my juggling skills and he tried his hardest! We played "Marching Band" and "Chase" which is Marching Band without the instruments and slower. And the boy loves to read......
Time just flew and after a day with children - well we were exhausted! Needless to say, we didn't explore too much of Boston but what we did see was amazing.
My brother and his wife live in the Back Bay area of Boston on Comm Ave.
Here is some information from Wikpedia about the Back Bay area.
"The neighborhood gained its name because the area was, in fact, before it was filled in literally the "Back Bay" for Boston. To the west of the Shawmut Peninsula, on the far side from Boston Harbor, a wide bay opened between Boston and Cambridge, with the Charles River entering at the west side. As with all of the New England coast, the bay was tidal, with water rising and falling several feet over the course of the day. At low water, part of the bottom of the bay was exposed.
In 1814, the Boston and Roxbury Mill Corporation was chartered to construct a mill dam, which would also serve as a toll road connecting Boston to Watertown, bypassing Boston Neck. The dam was later buried under present-day Beacon Street.[1]
The Back Bay neighborhood was created when the parcel of land was created by filling the tidewater flats of the Charles River. This massive project was begun in 1857. The filling of present-day Back Bay was completed by 1882; filling reached Kenmore Square in 1890, and finished in the Fens in 1900. The project was the largest of a number of land reclamation projects, beginning in 1820, which over the course of time more than doubled the size of the original Boston peninsula. It is frequently observed that this would have been impossible under modern environmental regulations."
So since this blog is about real estate, I thought I should write about what I saw.
The brownstones in Back Bay are gorgeous! These four and five storey buildings used to be single family homes - "city homes" - back when they were built. The architecture is beautiful and its been preserved! Many of them have been converted to condominium apartments without changing the facades. And if my brother's apartment is any indication - I can only say - WOW.....
I think the Toronto Historical Society is great for Toronto, but it would seem to me that we started thinking preservation far too late..... If you are interested in learning more about historical Toronto, you might consider going on a walking tour - just google - Toronto Walking Tours - and host of options appears for you to choose from.
Sam
So off we went to Boston to meet our niece and reconnect with our nephew - Samuel Alexander who will be two years old soon.....
Well if you have had children, at two and half months, they are not too interactive except with their moms. But my nephew, what a whirlwind of energy! I showed him my juggling skills and he tried his hardest! We played "Marching Band" and "Chase" which is Marching Band without the instruments and slower. And the boy loves to read......
Time just flew and after a day with children - well we were exhausted! Needless to say, we didn't explore too much of Boston but what we did see was amazing.
My brother and his wife live in the Back Bay area of Boston on Comm Ave.
Here is some information from Wikpedia about the Back Bay area.
"The neighborhood gained its name because the area was, in fact, before it was filled in literally the "Back Bay" for Boston. To the west of the Shawmut Peninsula, on the far side from Boston Harbor, a wide bay opened between Boston and Cambridge, with the Charles River entering at the west side. As with all of the New England coast, the bay was tidal, with water rising and falling several feet over the course of the day. At low water, part of the bottom of the bay was exposed.
In 1814, the Boston and Roxbury Mill Corporation was chartered to construct a mill dam, which would also serve as a toll road connecting Boston to Watertown, bypassing Boston Neck. The dam was later buried under present-day Beacon Street.[1]
The Back Bay neighborhood was created when the parcel of land was created by filling the tidewater flats of the Charles River. This massive project was begun in 1857. The filling of present-day Back Bay was completed by 1882; filling reached Kenmore Square in 1890, and finished in the Fens in 1900. The project was the largest of a number of land reclamation projects, beginning in 1820, which over the course of time more than doubled the size of the original Boston peninsula. It is frequently observed that this would have been impossible under modern environmental regulations."
So since this blog is about real estate, I thought I should write about what I saw.
The brownstones in Back Bay are gorgeous! These four and five storey buildings used to be single family homes - "city homes" - back when they were built. The architecture is beautiful and its been preserved! Many of them have been converted to condominium apartments without changing the facades. And if my brother's apartment is any indication - I can only say - WOW.....
I think the Toronto Historical Society is great for Toronto, but it would seem to me that we started thinking preservation far too late..... If you are interested in learning more about historical Toronto, you might consider going on a walking tour - just google - Toronto Walking Tours - and host of options appears for you to choose from.
Sam
Wednesday, March 14, 2007
Toronto's Trees
Have you ever noticed how green Toronto is? Have you ever taken a bicycle along all the bike trails in the ravines only to feel like you have escaped from the busy-ness of the city?
Well all of this green is at risk!
Many of Toronto's trees were planted at the beginning of the 1900s. Unfortunately, they are coming to the end of their life expectancies. The recent ice storm gave a clear indiciation that we need to do more as individuals to keep Toronto green.
In my front yard, I have a century old Norway Maple Tree. It didn't fare to well during the ice storm. Two huge branches came crashing down during the middle of the night. Luckily no one was injured and no property was damaged.
This was not the first time either. Last fall during more crazy weather - winds over 100 km per hour - more branches strewn all over the yard.
A few years ago, this grand tree was host to a colony of carpenter ants and several of the branches were weakened as a result. So whenever some wild weather hits the city, my aged tree suffers.
Unfortunately after the recent ice storm, the City of Toronto Forestry Department has decided that it must come down.
Now, we all know that some of Toronto's favourite neighbourhoods and most desirable streets are tree-lined and have these amazing shady canopies. Think of High Park, Bloor West Village, and Riverdale - the trees are part of what makes these neighbourhoods so desirable.
So while I am saddened that our grand old Norway maple will be soon be gone, my partner and I are already researching what will go there in its place. To find out more about the Tree Advocacy Program in Toronto go to Tree Advocacy Planting Program.
And if you want to do some of your own research or visit the best Garden Centre in the GTA - Humber Nurseries is head and shoulders above the rest.
Well all of this green is at risk!
Many of Toronto's trees were planted at the beginning of the 1900s. Unfortunately, they are coming to the end of their life expectancies. The recent ice storm gave a clear indiciation that we need to do more as individuals to keep Toronto green.
In my front yard, I have a century old Norway Maple Tree. It didn't fare to well during the ice storm. Two huge branches came crashing down during the middle of the night. Luckily no one was injured and no property was damaged.
This was not the first time either. Last fall during more crazy weather - winds over 100 km per hour - more branches strewn all over the yard.
A few years ago, this grand tree was host to a colony of carpenter ants and several of the branches were weakened as a result. So whenever some wild weather hits the city, my aged tree suffers.
Unfortunately after the recent ice storm, the City of Toronto Forestry Department has decided that it must come down.
Now, we all know that some of Toronto's favourite neighbourhoods and most desirable streets are tree-lined and have these amazing shady canopies. Think of High Park, Bloor West Village, and Riverdale - the trees are part of what makes these neighbourhoods so desirable.
So while I am saddened that our grand old Norway maple will be soon be gone, my partner and I are already researching what will go there in its place. To find out more about the Tree Advocacy Program in Toronto go to Tree Advocacy Planting Program.
And if you want to do some of your own research or visit the best Garden Centre in the GTA - Humber Nurseries is head and shoulders above the rest.
Friday, March 9, 2007
Staging Your Home - Getting Ready for the Market
March 9, 2007
Ever wonder if you should stage your home before you try and sell it?
I have had numerous clients who have followed my advice and properties that were deemed not to be saleable, sold within days! See what Wendy and Jeff have to say.
This week I met a new client who will be selling her home soon and she has a lovely home but it is decorated to suit her tastes. So we talked about staging and the importance of making the home for sale appeal to a broad spectrum of potential buyers.
My client is a big fan of the many home improvement shows and has seen shows like "Buy Me". Several years ago, I appeared on one of the early episodes of "Buy Me" as part of a larger cast whose job it was to pull this house together. The transformation was remarkable! One week of hard physical labour - hauling boxes of clothes and toys and who knows what else to Broadview Storage - we were all exhausted by week's end. In the end, that particular home sold over the asking in multiple offers!
I am hoping that my client will agree to let me film the transformation and podcast the transformation. Check back here in a few weeks and see how it goes!
Sam
Ever wonder if you should stage your home before you try and sell it?
I have had numerous clients who have followed my advice and properties that were deemed not to be saleable, sold within days! See what Wendy and Jeff have to say.
This week I met a new client who will be selling her home soon and she has a lovely home but it is decorated to suit her tastes. So we talked about staging and the importance of making the home for sale appeal to a broad spectrum of potential buyers.
My client is a big fan of the many home improvement shows and has seen shows like "Buy Me". Several years ago, I appeared on one of the early episodes of "Buy Me" as part of a larger cast whose job it was to pull this house together. The transformation was remarkable! One week of hard physical labour - hauling boxes of clothes and toys and who knows what else to Broadview Storage - we were all exhausted by week's end. In the end, that particular home sold over the asking in multiple offers!
I am hoping that my client will agree to let me film the transformation and podcast the transformation. Check back here in a few weeks and see how it goes!
Sam
Wednesday, March 7, 2007
No News is Good News!
March 7, 2007
Yesterday the Bank of Canada decided to keep the prime lending rate right where it's been sitting for the last year pretty much. For those of us who have mortgages that float with the prime (variable rate) - this was good news. And for those of us locked into fixed term mortgages - there is no real impact since mortgages with fixed terms move with the bond market.
What's really interesting about the discussion around interest rates is how they affect the economy generally and how they impact the housing market.
I always get asked, "What about the real estate bubble? When's it going to burst" I get asked this question often. I am not an economist but I do feel that market conditions are very stable. We are likely to see slower growth than say 4 or 5 years ago, but steady growth nonetheless. The Canadian Economy is stable; unemployment is low (relatively speaking), and interest rates are steady.
If the population of the GTA continues as forecast, then investing in real estate especially with the low cost of borrowing is a great idea!
So when it comes to interest rates - no news is good news - for now!
Sam
Yesterday the Bank of Canada decided to keep the prime lending rate right where it's been sitting for the last year pretty much. For those of us who have mortgages that float with the prime (variable rate) - this was good news. And for those of us locked into fixed term mortgages - there is no real impact since mortgages with fixed terms move with the bond market.
What's really interesting about the discussion around interest rates is how they affect the economy generally and how they impact the housing market.
I always get asked, "What about the real estate bubble? When's it going to burst" I get asked this question often. I am not an economist but I do feel that market conditions are very stable. We are likely to see slower growth than say 4 or 5 years ago, but steady growth nonetheless. The Canadian Economy is stable; unemployment is low (relatively speaking), and interest rates are steady.
If the population of the GTA continues as forecast, then investing in real estate especially with the low cost of borrowing is a great idea!
So when it comes to interest rates - no news is good news - for now!
Sam
Monday, March 5, 2007
INVESTING IN TORONTO REAL ESTATE
March 5 2007
For most of us, buying a home will be the single largest purchase in our lives. And how do you go about choosing a neighbourhood where to buy?
In a recent article in the Toronto Star, writer Tony Wong discussed Parkdale.
If you have ever driven through Parkdale, you will find some spectacular - huge - Victorian homes - not too far away from some large apartment buildings. The headline of this article reads, "Parkdale the hottest real estate play in city Home prices jumped 18% in some neighbourhoods in last year, survey says". Is Parkdale the new Leslieville?
When I first lived in Toronto, I lived above a store front on Queen West across from Woolfits Art Supply Store - if I had only known then what I know now - the Drake Hotel and the Gladstone Hotel have changed the face of this neighbourhood dramatically. Real estate prices have escalated! Parkdale is just a little west of the Gladstone.
My first home in Toronto was on Booth Avenue in South Riverdale now known as Leslieville. We lived across from Jimmie Simpson Park and we really enjoyed living there but always wondered when the neighbourhood would start to change. It was a little rough around the edges at the time.
At the bottom of the street at Queen and Booth there used to be a great store that sold all kinds of wicker imports. It was so much fun to shop there. Today, it is a great little restaurant called Joy Bistro. There are a ton of little restaurants in the neighbourhood now and the defining moment for the area was the arrival of a Starbucks at the corner of Queen East and Logan. You have to know that Starbucks does their homework! Real estate has become very pricy in Leslieville.
(If you are in the neighbourhood and want to have a coffee, you may want to try some of the other coffee shops in the area, check out "the Mercury Organic Espresso Bar" at 915 Queen St East or "Tango Palace" - an established Leslieville hangout way before Starbucks ever arrived!)
I have some clients who bought a home on Rushbrooke a few years ago - a cute street south of Queen - it was affordable a few years ago, but prices have almost doubled since they moved in.
I have other clients who live in a two level condo at King and Shaw - this neighbourhood has exploded over the last few years. There is a excellent new condominium at the corner called the DNA - Downtown's Next Address! And low and behold - Starbucks opened a location at that very corner about a year ago!
So how much longer will it be before they open an location in Parkdale - if you wait too long, who knows what real estate values will be like by then. So is Parkdale the new Leslieville? Check back with me in a few years!
For detailed statistical information about housing prices in Toronto - click on the following Toronto MLS in the left menu and the go to Market Watch Reports. The link below is a sample of the January 2007 issue.
http://samsellstorontorealestate.com/pdfMarketWatch/2007_01.pdf
Sam Sells Toronto Real Estate
For most of us, buying a home will be the single largest purchase in our lives. And how do you go about choosing a neighbourhood where to buy?
In a recent article in the Toronto Star, writer Tony Wong discussed Parkdale.
If you have ever driven through Parkdale, you will find some spectacular - huge - Victorian homes - not too far away from some large apartment buildings. The headline of this article reads, "Parkdale the hottest real estate play in city Home prices jumped 18% in some neighbourhoods in last year, survey says". Is Parkdale the new Leslieville?
When I first lived in Toronto, I lived above a store front on Queen West across from Woolfits Art Supply Store - if I had only known then what I know now - the Drake Hotel and the Gladstone Hotel have changed the face of this neighbourhood dramatically. Real estate prices have escalated! Parkdale is just a little west of the Gladstone.
My first home in Toronto was on Booth Avenue in South Riverdale now known as Leslieville. We lived across from Jimmie Simpson Park and we really enjoyed living there but always wondered when the neighbourhood would start to change. It was a little rough around the edges at the time.
At the bottom of the street at Queen and Booth there used to be a great store that sold all kinds of wicker imports. It was so much fun to shop there. Today, it is a great little restaurant called Joy Bistro. There are a ton of little restaurants in the neighbourhood now and the defining moment for the area was the arrival of a Starbucks at the corner of Queen East and Logan. You have to know that Starbucks does their homework! Real estate has become very pricy in Leslieville.
(If you are in the neighbourhood and want to have a coffee, you may want to try some of the other coffee shops in the area, check out "the Mercury Organic Espresso Bar" at 915 Queen St East or "Tango Palace" - an established Leslieville hangout way before Starbucks ever arrived!)
I have some clients who bought a home on Rushbrooke a few years ago - a cute street south of Queen - it was affordable a few years ago, but prices have almost doubled since they moved in.
I have other clients who live in a two level condo at King and Shaw - this neighbourhood has exploded over the last few years. There is a excellent new condominium at the corner called the DNA - Downtown's Next Address! And low and behold - Starbucks opened a location at that very corner about a year ago!
So how much longer will it be before they open an location in Parkdale - if you wait too long, who knows what real estate values will be like by then. So is Parkdale the new Leslieville? Check back with me in a few years!
For detailed statistical information about housing prices in Toronto - click on the following Toronto MLS in the left menu and the go to Market Watch Reports. The link below is a sample of the January 2007 issue.
http://samsellstorontorealestate.com/pdfMarketWatch/2007_01.pdf
Sam Sells Toronto Real Estate
EXPLORING TORONTO AND BEYOND
March 3 2007
One of the best parts of my job is that I get to meet so many people and I never know where this will take me. I often get asked if I specialize in a certain neighbourhood but I just can't nor do I want to! I never know where my clients will want to live.
Last fall, I met a couple who thought they were looking for a home in Leslieville - formerly called South Riverdale when I used to live there. And after a few meetings and showing them several homes, it became evident that they were not looking for a home in Leslieville!
Part of my job as a realtor is to determine what is important to you when you are buying your home. Is it location? Is it the school district? Or does it have to be the "right" house whevever you find it? They currently live in a cool space in Parkdale and are starting to raise a family. So school districts were not immediately important. Their son will be one year old soon.
I took them through the exercise of understanding the costs associated with buying and selling real estate. And it became clear that if they bought in Leslieville and then wanted to move to Riverdale or Bloor West Village where schools are perceived to be better, there is a hefty price tag attached!
Over Christmas, they went home to Vancouver to visit family and while there, they realized that the home in the "good" school district could wait for now. What they wanted to explore was the possibility of finding a home outside of the city - where they could go to get away from the hustle of the city on the weekends.
We explored the Kawarthas, Rice Lake, Lake Scugog, Northumberland County and places in between! Thanks to MAPQUEST, we never got too lost!
Well today was our final visit before taking possession. We took a drive out to Warkworth in Northumberland County - the rolling hills on County Rd 24 are amazing. It's a great home on 5 acres - I am really looking forward to visiting them in the autumn to see the fall colours!
Sam Sells Toronto Real Estate
One of the best parts of my job is that I get to meet so many people and I never know where this will take me. I often get asked if I specialize in a certain neighbourhood but I just can't nor do I want to! I never know where my clients will want to live.
Last fall, I met a couple who thought they were looking for a home in Leslieville - formerly called South Riverdale when I used to live there. And after a few meetings and showing them several homes, it became evident that they were not looking for a home in Leslieville!
Part of my job as a realtor is to determine what is important to you when you are buying your home. Is it location? Is it the school district? Or does it have to be the "right" house whevever you find it? They currently live in a cool space in Parkdale and are starting to raise a family. So school districts were not immediately important. Their son will be one year old soon.
I took them through the exercise of understanding the costs associated with buying and selling real estate. And it became clear that if they bought in Leslieville and then wanted to move to Riverdale or Bloor West Village where schools are perceived to be better, there is a hefty price tag attached!
Over Christmas, they went home to Vancouver to visit family and while there, they realized that the home in the "good" school district could wait for now. What they wanted to explore was the possibility of finding a home outside of the city - where they could go to get away from the hustle of the city on the weekends.
We explored the Kawarthas, Rice Lake, Lake Scugog, Northumberland County and places in between! Thanks to MAPQUEST, we never got too lost!
Well today was our final visit before taking possession. We took a drive out to Warkworth in Northumberland County - the rolling hills on County Rd 24 are amazing. It's a great home on 5 acres - I am really looking forward to visiting them in the autumn to see the fall colours!
Sam Sells Toronto Real Estate
GIVING BACK TO THE COMMUNITY
March 1 2007
Recently I got a call from a colleague (Carolyn Griffiths) who began to tell me about a very sad situation in an East York school - Secord Public School to be exact. The morning breakfast program was on the brink of being cancelled due to lack of funding. Children who would normally be fed a healthy breakfast would now go without. Many of these children are from families with single parents with limited means. As a result of Carolyn's efforts, we have been able to restore the funding for the breakfast program. Many agents in my office have made financial contributions on an monthly basis. (To read more about this - check out the RE/MAX Hallmark Weblog and see the story dated Feb 17, 2007 - We need to do this....)
Many of the agents in my office not only make donations but also volunteer on a daily to help run the breakfast program. Yesterday, I volunteered to help prepare and serve breakfast for the first time. Every Wednesday at 7:30 am - that's my shift until the end of the school year! I am really looking forward to getting to know all the children.
Poverty still exists in Canada - very sad to say - and our governments seem paralyzed - unable to take action - in spite of promises to end poverty in Canada by a year that has long since passed. If you are interested in helping out by making a donation - please email me at samsoukas@rogers.com and I will let you know where to send your contribution.
If you are interested in learning more about what is being done in Canada to end poverty - check out Campaign 2000 - End Child Poverty in Canada
Sam Sells Toronto Real Estate
Recently I got a call from a colleague (Carolyn Griffiths) who began to tell me about a very sad situation in an East York school - Secord Public School to be exact. The morning breakfast program was on the brink of being cancelled due to lack of funding. Children who would normally be fed a healthy breakfast would now go without. Many of these children are from families with single parents with limited means. As a result of Carolyn's efforts, we have been able to restore the funding for the breakfast program. Many agents in my office have made financial contributions on an monthly basis. (To read more about this - check out the RE/MAX Hallmark Weblog and see the story dated Feb 17, 2007 - We need to do this....)
Many of the agents in my office not only make donations but also volunteer on a daily to help run the breakfast program. Yesterday, I volunteered to help prepare and serve breakfast for the first time. Every Wednesday at 7:30 am - that's my shift until the end of the school year! I am really looking forward to getting to know all the children.
Poverty still exists in Canada - very sad to say - and our governments seem paralyzed - unable to take action - in spite of promises to end poverty in Canada by a year that has long since passed. If you are interested in helping out by making a donation - please email me at samsoukas@rogers.com and I will let you know where to send your contribution.
If you are interested in learning more about what is being done in Canada to end poverty - check out Campaign 2000 - End Child Poverty in Canada
Sam Sells Toronto Real Estate
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