I returned to Toronto on Sunday in anticipation of a busy week.
I had clients who had been readying their homes for the market. Easter weekend was ending; March breaks were over with - so now we could get on with the business of selling real estate. While the nights are still sub zero - daytime temperatures have been pleasant.
Its finally starting to feel like Spring!
The market definately got busy this week. There was a large increase in supply this week. Hopefully this is a sign of a strong spring market. There are still a lot of buyers out there who have to compete in bidding wars.....so with more inventory, we could anticipate that there might be less of this than in the past while
Sam
Friday, March 28, 2008
Thursday, March 20, 2008
the Spring Market
I am going to Windsor, Ontario this weekend. This is where I grew up and could not not wait to leave some 25 years ago. It is however, always great to see my family no matter the circumstances. One of my brothers is flying in from Boston and the other lives there. Unfortunately my Dad's brother passed away on Tuesday so we are there to attend his funeral. He will be missed!
Windsor is an interesting city with its proximity to Detroit. It is heavily reliant on the automotive industry to supply jobs for the community, unlike Toronto which has a variety of industries and businesses where people work. So as goes the automotive industry, so does the real estate market in Windsor.
A cousin of mine, called me several months to see if I could help him sell his home in Windsor. He was looking for find exposure somehow in Toronto but the Multiple Listing System doesn't quite work that way.
We are fortunate in Toronto to be in a city where the economy seems to be thriving and with the daily influx of new immigrants, the demand for housing remains strong. Interest rates are quite low and perhaps heading lower. So as the spring market begins today, I will keep you posted on my point of view on how its unfolding.
Sam
Windsor is an interesting city with its proximity to Detroit. It is heavily reliant on the automotive industry to supply jobs for the community, unlike Toronto which has a variety of industries and businesses where people work. So as goes the automotive industry, so does the real estate market in Windsor.
A cousin of mine, called me several months to see if I could help him sell his home in Windsor. He was looking for find exposure somehow in Toronto but the Multiple Listing System doesn't quite work that way.
We are fortunate in Toronto to be in a city where the economy seems to be thriving and with the daily influx of new immigrants, the demand for housing remains strong. Interest rates are quite low and perhaps heading lower. So as the spring market begins today, I will keep you posted on my point of view on how its unfolding.
Sam
Sunday, March 16, 2008
Real Estate Bubble?
I am sure many of you have been hearing nothing but doom and gloom about the impending crash in the Toronto Real Estate Market. From my point of view, these rumours are highly exaggerated.
Yesterday, I was showing a client a townhouse in the north part of the city. There was no offer date and there didn't seem to be any sense of urgency that the property would sell immediately. I called the listing agent this morning and he told me that they received an offer last night and that it was sold! This property was on the market for 5 days!
Two weeks ago, I showed a cute house in Toronto's East End (Woodbine and Danforth) - a typical 3 bedroom semi-detached property - renovated kitchen, new flooring - it was quite nice - but not - well - nothing to write home to mother about! Oh yes, and it had NO parking! Just parking on the street in the middle of this brutal winter.
My analysis of the property and the neighbourhood suggested that at $400,000 that it was a fair price for the area. I recommended that a price higher than that would be foolish for this neighbourhood.
In the end, the property sold for $60,000 over the asking price - CRAZY if you ask me for a home in this location. There were 4 offers.
So in the dead of winter - Toronto's Real Estate Market is still thriving. Imagine when the warm weather comes, all those buyers who have been hibernating will be coming out of the woodwork!!
From where I sit - its going to be a crazy spring market!!
Sam
www.AgentSam.ca
Yesterday, I was showing a client a townhouse in the north part of the city. There was no offer date and there didn't seem to be any sense of urgency that the property would sell immediately. I called the listing agent this morning and he told me that they received an offer last night and that it was sold! This property was on the market for 5 days!
Two weeks ago, I showed a cute house in Toronto's East End (Woodbine and Danforth) - a typical 3 bedroom semi-detached property - renovated kitchen, new flooring - it was quite nice - but not - well - nothing to write home to mother about! Oh yes, and it had NO parking! Just parking on the street in the middle of this brutal winter.
My analysis of the property and the neighbourhood suggested that at $400,000 that it was a fair price for the area. I recommended that a price higher than that would be foolish for this neighbourhood.
In the end, the property sold for $60,000 over the asking price - CRAZY if you ask me for a home in this location. There were 4 offers.
So in the dead of winter - Toronto's Real Estate Market is still thriving. Imagine when the warm weather comes, all those buyers who have been hibernating will be coming out of the woodwork!!
From where I sit - its going to be a crazy spring market!!
Sam
www.AgentSam.ca
Tuesday, March 4, 2008
JAZZ FM
Some of you may know this already but I am a huge fan of jazz music. Most of the time, I am listening to JAZZ FM when I am driving around getting to appointments.
Twice a year - JAZZ FM - has a fundraising campaign since they are only allowed to have a maximum of four minutes advertising per hour. I am a regular donor to the station but last autumn, I decided to make a contribution that would entitle me to join one of the hosts on a "Jazz Safari"!
Well last Saturday, we got on the Magic Bus and visited five jazz clubs in all - from The Dominion on Queen to the Pantages Hotel to Momo's in Etobicoke!
The music was awesome and our host - Jaymz Bee - was fantastic and so knowledgeable about the jazz scene in Toronto.
If you're interested in taking part in a Jazz Safari go to JAZZ FM and find out more.
Twice a year - JAZZ FM - has a fundraising campaign since they are only allowed to have a maximum of four minutes advertising per hour. I am a regular donor to the station but last autumn, I decided to make a contribution that would entitle me to join one of the hosts on a "Jazz Safari"!
Well last Saturday, we got on the Magic Bus and visited five jazz clubs in all - from The Dominion on Queen to the Pantages Hotel to Momo's in Etobicoke!
The music was awesome and our host - Jaymz Bee - was fantastic and so knowledgeable about the jazz scene in Toronto.
If you're interested in taking part in a Jazz Safari go to JAZZ FM and find out more.
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