Downtown Toronto Taxes are highest in Country!

Downtown Toronto Taxes are highest in Country!

Even before Toronto announced its latest property tax hikes yesterday, Toronto took the dubious honour for having the highest property taxes in Canada, according to a detailed report issued by the city of Edmonton. Together with Ottawa, Brampton, Hamilton and London, Ontario municipalities take five of the top six spots on the list. This is something most homeowners in these cities know intuitively every time they pay their tax bill. Now they have it confirmed by an objective report that compared more than 30 municipalities across Canada.

Toronto ranked first with the highest taxes paid at $3,912, followed by Brampton at $3,826. Ottawa was third at $3,532; Hamilton and London were fifth and sixth at $3,305 and $3,078 respectively. St. John's, Newfoundland, deserves credit for taking last place with the lowest average tax at $1,540, and Surrey, BC was second last at $1,814.

This sad but helpful property tax news is timely as city councils across Ontario prepare their budgets. As well, Premier McGuinty's freeze on assessments for homes expired at the beginning of 2008. Not only will tax rates be going up, but for the first time in a few years homeowners will take a second hit if their home value reassessment shows an increase above the average increase. Assessment changes will take effect for 2009 property tax rates.

What is especially helpful about the Edmonton report is that it compares property taxes in a dollar value instead of as a percentage. Some mayors, like Toronto's Mayor Miller, try to defend high property taxes by hiding behind what appears to be a lower rate than other cities. This is hiding because the average value of a home is high in Toronto so the total taxes paid for a Toronto homeowner are higher. When paying taxes one cares less about the rate paid or the details of the complicated formula used. Instead, one cares about how much money is being taken year over year. That is the only comparison relevant to a taxpayer, not whether the rate is 0.82 in one city versus 1.15 in another city.

The main reason for high and growing property taxes in Ontario is that municipal spending is out of control. Municipalities have a spending problem, not a revenue problem. While mayors continue to clamour for more and more money from many sources, their appetites for spending grow unchecked.

Data from Statistics Canada shows that municipal revenue across Ontario has been running at three times the rate of inflation. In 2006 municipal revenue was up 6.3% while inflation was only at 2.0%; in 2005 revenue was up 7.2% and inflation was only 2.2%. Despite Ontario municipal revenues ballooning from higher taxes, more transfers from other levels of government, higher user fees and new taxes in Toronto; mayors continue to complain that they don't have enough.

It is interesting how mayors can work together cooperatively when it comes to demanding transfers from other levels of government or getting new taxing authority from the province. If that same energy were transferred to creating efficiencies and reducing costs, the report out of Edmonton might show a different -and welcome -conclusion.

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GTA Resale Market Shows Record Sales from CMHC

CMHC reports GTA Resale Market Shows Record Sales

Demand for existing homes in 2007 reached record levels in the GTA. Existing home sales exceeded previous records and ended the year at 95,164 – an increase of almost 11 per cent over 2006. A resurgence in first-time buyer activity was a key factor leading to the jump in sales.

According to CMHC’s 2007 Renovation and Home Purchase Survey undertaken in the Spring, 60 per cent of people who had already purchased or were intending on purchasing a home last year were first-time buyers. These households were confident in their ability to purchase and pay for a home over the long-term, due to continued job and income growth, low mortgage rates and a greater diversity of mortgage products.

Similar to the new home market, condominium apartments accounted for a growing proportion of total existing home sales, with sales above the 20,000 mark for the first time. On average, existing condominium apartments have the lowest price point in the GTA, making this housing type a popular entry point into the ownership market for first-time buyers.

While resales jumped to a new record, new listings remained relatively flat. This meant that choice diminished and stronger seller’s market conditions resulted. Less choice translated into more aggressive offers on some homes, pushing the average price up seven per cent to $377,000.

This growth rate was well above the average of 4.8 per cent experienced in 2006. Condominium apartments led the way in terms of price growth, with the average price growing 10.6 per cent to $265,940 – further testament to the growing popularity of this housing type among first-time buyers.

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FEBRUARY GTA Real Estate Report - Strength in central Toronto drives the market to a healthy start!

FEBRUARY GTA Real Estate Report - Strong performance in central Toronto drives the market to a healthy start!

New Year Off To Good Start

February 5, 2008 -- A strong performance within TREB's Central districts drove the Toronto area real estate market to a healthy 5,073 sales in January, off just two per cent from last year's record performance, President Maureen O'Neill announced today.

"While sales were strong, price increases remained modest, with the average rising six per cent to $374,449," said Ms. O'Neill. "There is clearly still a place for the first-time buyer in today's resale market."

NEIGHBOURHOOD CORNER Mississauga

There were 647 sales in Mississauga this January, a decline of three per cent over the first month of 2007. The average price came in at $339,655, a one per cent increase over the same time-frame last year. Of these sales, 196 were of detached homes which averaged $516,190, up eight per cent over January '07.

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GTA Strong performance for Resale Housing Market Solid January!

TREB just announced:

February 5, 2008 -- January's Greater Toronto Area resale housing market came within two per cent of a record performance for the month, Toronto Real Estate Board President Maureen O'Neill announced today.

A total of 5,073 properties changed hands last month, compared to the record 5,173 sales that took place in January 2007.

"This is a very positive start to the year but we will be watching closely to see how the City of Toronto's new land transfer tax and a proposed property tax increase affect the market," said Ms. O'Neill.

The average price, which currently stands at $374,449, rose six per cent compared to January 2007.

The strongest activity last month took place in Toronto's Central and East districts.

The Danforth (E03) experienced a 30 per cent increase in transactions compared to last January, driven by strong sales in all housing types.

In West Agincourt (E05) 32 per cent more homes changed hands, primarily as a result of a surge in condominium apartment sales.

Strong condominium apartment sales also lead the Downtown Core (C01) to a 19 per cent overall increase in transactions compared to a year ago.

North York Willowdale (C07) also saw a 19 per cent increase in sales, due in large part to condominium apartment transactions as well.

"While we are optimistic that the market will remain healthy throughout 2008, we recognize there are threats such as a U.S. economic slowdown and a land transfer tax in the City Toronto," said Ms. O'Neill. "Like other levels of government, municipalities should be considering options to help off-set these risks. TREB plans to be a strong voice for REALTORS® and homebuyers as GTA municipalities, particularly the City of Toronto, debate their budgets."

Toronto REALTORS® are passionate about their work. They adhere to a strict code of ethics and share a state-of-the-art Multiple Listing Service designed exclusively for REALTORS®. Serving more than 24,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada's largest real estate board.

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Healthy December 2007 Sales equals Best Year Ever

Healthy December Sales = Best Year Ever

January 7, 2008 -- A healthy 4,646 sales in December propelled 2007 sales to a record setting 93,193 sales, TREB President Maureen O'Neill announced today. "Year-end sales are up 12 per cent over last year and up 11 per cent over the 84,145 recorded during 2005, the Toronto market's previous best-ever annual performance."

On a year-over-year basis, prices rose seven per cent to $376,236 from last year's $351,941. The annual time-on-market figure stood at 32 days versus 2006's figure of 34 days, meaning that over the course of the past two years it has taken homes within the GTA barely a month to sell on average.

Breaking down the total, 1,756 sales were reported in TREB's 28 West districts and averaged $357,711; 1,057 sales were reported in the 14 Central districts and averaged $531,366; 771 sales were reported in the 23 North districts and averaged $420,508; and 1,062 sales were reported in TREB's 21 East districts and averaged $302,113.

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GST Reduction Information - Transition from 6% to 5% January 1st 2008

GST Reduction Information - Transition from 6% to 5% January 1st 2008

A reduction in the GST from 6 per cent to 5 per cent was announced by the federal government on October 30, 2007. With regard to the purchase price of residential properties, GST only applies to sales of newly constructed and substantially renovated homes.

GST is not applied to the purchase price of resale homes, but it does apply to REALTOR® commissions. The reduced rate will become effective on January 1, 2008; however, the reduced rate will apply to the purchase price of new homes immediately, subject to transitional rules.

GST Reduction Information

read all about it at this page

For more information, please contact the Canada Revenue Agency (GST Inquiries) at 1-800-959-8287

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Toronto Real Estate Board reports that GTA is on Track for a Record-Breaking Year!

Toronto Real Estate Board on Track for a Record-Breaking Year!

December 5, 2007 -- Last month became the best November on record with 7,313 resale home transactions in the Greater Toronto Area, Toronto Real Estate Board President Maureen O'Neill announced today.

"I recently reported that 2007 became the best year ever for resale transactions in the Greater Toronto Area with six weeks left to go," said Ms. O'Neill. Even more astonishing though, is the fact that eight of the 11 months so far this year set new monthly records. No other year has shown as many record-breaking monthly performances."

Sales were up 16 per cent in November compared to the same timeframe last year.

At $393,757, November's average price increased 11 per cent as compared to a year ago and remained in line with the previous month.

Some of the most significant activity in November took place in the 416 area code.

Based on strong sales in all housing types, Riverdale (E01) saw a 56 per cent increase in transactions compared to November 2006.

In the Islington/Kingsway (W08), sales rose 55 per cent over last November, driven primarily by an increase in detached home sales.

In Willowdale (C07), transactions nearly doubled compared to the same timeframe a year ago, driven by strong condominium apartment and detached home sales.

In the West part of Markham (N01), strong detached home sales led to an overall increase of 86 per cent compared to November 2006.

"We expect 2007 to be the first year ever to exceed 90,000 transactions, said Ms O'Neill. These numbers reflect the fact that people who live in the Greater Toronto Area see real estate as an excellent long-term investment."

Read more about Toronto Real Estate Board on Track for a Record-Breaking Year!

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TREB Toronto Real Estate Board reports that November was BestEver, Best Year Ever!

TREB Reports that this was the Best November Ever, Best Year Ever!

December 5, 2007 -- A record-breaking November saw 7,313 sales, driving year-to-date totals to 88,695 sales, TREB President Maureen O'Neill announced today. "We have already exceeded the 84,145 sales recorded during 2005, which was our previous record," said the President. "By the end of December we will have crossed the 90,000 sales mark for the very first time. As 2007 winds down, the GTA resale home market is looking as healthy as it has ever been."

Prices were almost unchanged in November, with the average at $393,747, down marginally from the $394,646 recorded in the previous month. It was up 11 per cent over the $355,727 recorded during November 2006. Meanwhile, days-on-market came in at 32, and the list-to-sale price ratio was 98 per cent.

Breaking down the total, 2,725 sales were reported in TREB's 28 West districts and averaged $362,272; 1,529 sales were reported in the 14 Central districts and averaged $519,841; 1,354 sales were reported in the 23 North districts and averaged $417,967; and 1,705 sales were reported in TREB's 21 East districts and averaged $311,738.

Read more about sales and stats and see a price graph

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A. Mark Argentino
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Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
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Our Housing Market Continues to Boom in spite of Recent Economic and Financial Developments

Our Housing Market Continues to Boom under Recent Economic and Financial Developments

In late October the Bank of Canada published its Monetary Policy Report. It was noted, in that document, growth in the Canadian economy has been stronger than projected, supported by the robust global economic expansion and strong commodity prices. Canada's economy is now operating further above its production potential than had been previously expected.

With the economy moving back towards balance, and with the direct effect of the stronger Canadian dollar on consumer prices, core inflation is projected to gradually decline to 2 per cent in the second half of 2008. Total CPI inflation is expected to peak at about 3 per cent later this year and then move back down to the 2 per cent target in the second half of 2008.

But there are a number of upside and downside risks to the Bank's inflation projection. The main upside risk is that excess demand in the Canadian economy could persist longer than projected. The main downside risk is that output and inflation could be lower if the average level of the Canadian dollar were to be persistently higher than the 98 cents U.S. level that was assumed in the Report, for reasons not associated with demand for Canadian products. Given recent information, both the upside and downside risks appear to be greater than they were when we completed the Report.

In the Report, it was stated that after considering all factors, a judgment was made that the risks to the Bank's inflation projection are roughly balanced, with perhaps a slight tilt to the downside. And, that the current level of the target for the overnight rate is consistent with achieving the inflation target over the medium term.

The Canadian and U.S. economies remain highly integrated, and there is every indication that our economic ties will remain strong. But developments in the global economy and the growing prominence of emerging economies have important implications for policy-makers on both sides of the border.

It is important that policy-makers heighten their focus on the need to promote and enhance flexibility. Our economies must be able to adjust to changing circumstances. If we are successful in this effort, not only will both the Canadian and U.S. economies be able to deal with economic shocks, but we will also be able to sustain strong economic performance in North America. And that is the best outcome for Canadians and Americans alike.

Read more about GTA and Ontario Price Trends

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Buyer pays US$25,391,021 for a Penthouse Suite at 1 Bloor St. E. in Toronto

This could be the most expensive condo in Canada! The buyer paid a whopping $25,391,021.73 US or only $25,000,000 Canadian dollars at November 22nd conversion rates! :-)) at the new building going up at 1 Bloor Street East.

'If you open your eyes underwater, you get a view of the city'
ROY VARACALLI, architect, on the unique infinity pool that sold a Hong Kong businessman on a $25 million suite

A Hong Kong businessman is Canada's newest King of the Castle – and he didn't even have to stand in line to buy his $25 million penthouse suite.

The unidentified buyer set a new benchmark for the country's priciest slice of downtown residential real estate this week when he bought the 7,500-square-foot suite at One Bloor East.

Toronto's newest fashionable address was the site of real estate mayhem when more than 100 brokers lined up, or hired others to stand in line for them, in the cold for more than a week for a chance to buy suites scheduled to open in 2011.

The building's 592 units were such a hot commodity that shoving matches broke out between irate brokers wanting to be first through the sales room door.

Architect Roy Varacalli says the penthouse takes up the entire 80th floor of the $450 million skyscraper, giving its owner an "absolutely spectacular" 360-degree view of the city.

If the buyer closes the deal within the prescribed 10 days, he'll trump Toronto billionaire Alex Shnaider, who revealed in August he plans to keep what he thought was Canada's priciest condo – valued at $20 million – in the Trump International Hotel & Tower he's helping finance.

But Shnaider said at the time his mansion-in-the-sky could be as big as 14,000 square feet, dwarfing the One Bloor East penthouse.

Varacalli said the One Bloor East buyer was sold when he heard the unit will have a 12-foot-by-20-foot indoor infinity or "vanishing edge" pool. The pool's infinity edge runs right up to a floor-to-ceiling plate glass wall at one side of the building.

"If you open your eyes underwater, you get a view of the city," Varacalli added. "The buyer got wind of it and he wanted it."

When the building opens, slated for 2011, the sky-high suite will be loaded with high-end features including an elevator that opens right into the penthouse foyer and a private outdoor garden.

It is also to have five outdoor terraces, with in-floor radiant heat to melt snow. The kitchen is the last word in ultra luxury, with a Cambrian stone top island, six-burner in-line gas stove, champagne pantry, steam ovens, under-counter crispers and a walk-in wine cellar. For party time, there is a separate caterer's kitchen.

The suite has three bedrooms, a library, music room, family room, nanny's quarters, floors made of wood, marble and limestone and 12-foot ceilings. It even has a cold room for fur storage.

And no close quarters at the bathroom sink here: the suite sports his-and-hers ensuite master baths.

Hers has a steam shower with heated floors and walls, a fireplace, wine fridge, lounge area and Agape soaker tub from Italy, made of stone and Corian, that fronts a solid glass wall.

"It's placed in front of a window so you can sit in it and look down on the rest of us plebs," Varacalli laughed. "It's pure opulence."

It will be One Bloor East's biggest, but not its only, penthouse.

The top three floors are set aside for top-of-the-heap suites. The two penthouses on the 79th floor have been the subject of $9.5 million offers.

Down on the 78th floor, three penthouses are still on offer for a mere $5.5 million to $6.5 million.

Interiors will be by Andrea Kantelberg, Toronto's top eco-designer, and feature sustainable green materials throughout.

The exterior, which has distinctive "wings" at the top, is designed with a unique sliding balcony-door system that reflects light and changes the appearance of the building depending on how the owners position them.

"What is interesting is that this puts the residents in charge of the design," Varacalli said.

Trump Tower currently claims to have the tallest condo spire on the drawing board, at 281.88 metres spread over 57 storeys. One Bloor East is to have the same number of stories in a slightly smaller package at 276 metres.

Aura, another condo project that was launched yesterday, is forecast to reach 243 metresVaracalli does nothing to tone down the edifice complex when he notes the Trump Tower gets some height from "that silly antenna on top."

He then jokes he'll extend the wings at his tower so it hits 282 metres.

One Bloor East's developer, Bazis International of Kazakhstan, has held back about 100 of the building's apartment suites for sale next weekend.

Apartments start at 585 square feet. The first three storeys are to feature retail space, with floors above that to include common areas and hotel rooms.

When the lineups started two weeks ago, suites were listed on a billboard at prices from $300,000 to $2 million.

By the time the sales office officially opened Wednesday, a new sign showed prices had inflated to $500,000 to $8 million.

The $25 million super suite was not among those put on offer to the queuing public.

While the price may seem crazy to many, Toronto isn't world class when it comes to superluxury condos.

Four 20,000-square-foot units at One Hyde Park in London, England, are rumoured to be up for grabs at $160 million each. There is talk that one has already sold.

Forbes.com reports that financier Martin Zweig owns the most expensive condo in the U.S., a $70 million penthouse perched atop New York City's landmark Pierre Hotel, overlooking Central Park.

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RE/MAX

Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987
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Best October ever pushes 2007 toward a strong finish

October Sets New Record for TREB Real Estate

Best October ever pushes 2007 toward a strong finish

TORONTO, November 5, 2007 --Greater Toronto Area resale housing activity set a new record for the month of October TREB President Maureen O'Neill reported today.

With 7,915 transactions, activity was up 10 per cent over the previous best for the month, set in 2003. Sales were also up 15 per cent over last October.

October's strong performance has pushed year-to-date activity 12 per cent ahead of last year.

"There is every indication that 2007 will be a banner year for resale housing activity in the Greater Toronto Area," said Ms. O'Neill. "The effects of the City of Toronto's new land transfer tax will definitely be felt in 2008 but we are also confident that consumers will continue to see the value of real estate as a solid long-term investment."

Prices also rose in October to an average of $394,646, a four per cent increase over the previous month.

In Pickering (E13), overall activity was up 34 per cent, led by strong detached sales and a doubling of condominium apartment transactions.

Willowdale (C07) experienced the same combination of strong detached sales and sizeable condominium apartment transactions, which led to a 67 per cent increase in overall sales.

Condominium apartment sales also pushed the South Humber area (W07) to a 60 per cent overall increase in activity.

In Central Richmond Hill (N04), a combination of detached sales and attached/row-house sales, contributed to an overall increase of 54 per cent..

Toronto REALTORS® are passionate about their work. They adhere to a strict code of ethics and share a state-of-the-art Multiple Listing Service. Serving more than 26,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada's largest real estate board. Greater Toronto Area open house listings are available on www.TorontoRealEstateBoard.com.

See the graph showing the latest Price Trends

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A. Mark Argentino
P. Eng. Broker
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Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX

Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987
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Toronto Land Transfer Tax - Slight adjustment in calculation

The Toronto Land Transfer Tax rate was adjusted down, slightly. See the new calcuation at this page of my site.

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A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987
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TREB REALTORS® Disappointed that Public Opinion on Land Transfer Tax Ignored

REALTORS® Disappointed that Public Opinion on Land Transfer Tax Ignored

TORONTO, ONTARIO--(Marketwire - Oct. 24, 2007) - Toronto's REALTORS® are concerned about the potential impact of the City of Toronto's recently approved second land transfer tax and disappointed that the public's opinion of this tax was ignored.

"REALTORS® have been working hard to provide the facts about this unfair idea and the public responded with action. An overwhelming majority of Torontonians believe that this tax is a bad idea," said Maureen O'Neill, President of the Toronto Real Estate Board (TREB). "The public made their voices heard loud and clear but, unfortunately, they were ignored."

A poll conducted by the Environics Research Group, commissioned in part by TREB, showed that 62 per cent of Torontonians think that a land transfer tax is an unfair solution to the City's financial challenge and that 61 per cent of Torontonians wanted their Councillor to vote against it.

"Torontonians deserve to be treated fairly. A second land transfer tax is an extremely unfair way to address the City's financial challenges. It forces a relatively small group, home buyers, to pay for services for everyone. That, simply, is unfair," added O'Neill.

TREB also raised concerns about the potential impact of a second land transfer tax.

"Home ownership is something that the City should be trying to encourage, not discourage. The second land transfer tax will make it more difficult for people to achieve that dream and it could hurt property values for some current home owners," said O'Neill. "It could also have far-reaching impacts on the City's whole economy by reducing the amount of money that home buyers have to spend on things like furniture, renovations, and energy-efficiency upgrades."

TREB is disappointed that the City is choosing new taxes instead of more prudent solutions. Specifically, TREB believes that the City should have waited for the Mayor's panel to report on alternative options. The Environics poll showed that 78 per cent of Torontonians think that City Council should have waited until the Mayor's panel finished its work before deciding on new taxes.

"This is a classic example of putting the cart before the horse: tax now, save later. That, simply, doesn't make sense," said O'Neill. "The Mayor appointed a panel to look for savings and other options and we applaud him for that. The panel is something that TREB, and the public, called for, but they should have been allowed to finish their work so that fair options could have been considered instead of a land transfer tax."

TREB has consistently supported fair options for dealing with the City's financial challenges, including a more fair deal with senior levels of government, and continues to support City efforts in this regard.

"Unfortunately, we disagree with the City on the land transfer tax, and we will continue to oppose it. We continue to believe that it is not fair," said O'Neill. "Let's not forget that this tax doesn't solve the City's financial challenge. We look forward to working with the City towards fair solutions. We will continue to push for a fair deal for Toronto from senior levels of government, as we always have."

Toronto REALTORS® are passionate about their work. They adhere to a strict code of ethics and share a state-of-the-art Multiple Listing Service. Serving more than 26,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada's largest real estate board. Greater Toronto Area open house listings are available on http://www.torontorealestateboard.com/.

Read more about the New Toronto Land Transfer Tax

Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website.

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987
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Maybe it's time to move to Mississauga as New Toronto Land Transfer Tax takes effect

Maybe it's time to move to Mississauga as New Toronto Land Transfer Tax takes effect

Highlights:

• The new tax is 0.5 per cent of the first $55,000 of a home's value, 1 per cent on the next $345,000 and 2 per cent on any portion over $400,000. But first-time buyers pay nothing on the first $400,000.
• You have until Dec. 31, 2007 to buy, and Feb. 1, 2008 to close
• The tax affects only the purchase (not the seller) of real estate in Metro Toronto, not Mississauga
• Maybe it's time you thought about moving to Mississauga!

If the average price of a home is about $400,000 the new tax in Toronto will add about 4475 to the purchase price. This means if you purchase the same home in Mississauga you will save nearly $5000!

Some scramble to close deals in 'bit of panic' over new tax; others wonder if prices will fall

Oct 24, 2007 04:30 AM Joanna Smith Staff Reporter Toronto Star

Suren Mahadevan felt forced into a snap decision.

As confused as any first-time buyer, Mahadevan was thinking carefully about whether to buy one big house where his retired parents could live with him or two condos, one for them and one for him.

But when his real estate broker told him the city of Toronto's land transfer tax was probably on its way, he made his move.

"It just made me jump on it a little bit sooner," said the 33-year-old real-estate appraiser who spent $170,000 on one condo on Monday, even before he knew whether there would be rebates for first-time buyers. "... you just pull the trigger and get one as quickly as possible."

Under the new tax approved by Toronto city council Monday night, potential homeowners have until Dec. 31 to buy, and Feb. 1, 2008 to close on their new home, to avoid paying up to 2 per cent in taxes.

The new levy will add thousands of dollars to the price of most houses in the city. If enough buyers feel the pressure, then sellers will continue to rule the market until the end of the year. Some realtors predict the market will slow down once the tax comes into effect.

"I think there will be (an increase in sales) in the next couple of months but after that it will slow down more than it would have normally," said real estate broker Darshan Sivanandarajah, who advised Mahadevan, who is now looking for a second condo, to buy now.

"I told them, `If you're going to buy for sure, you might as well do it before the land transfer tax," said Sivanandarajah, who works for Re/Max Crossroads Realty Inc., noting one young couple decided to buy their first home several months ahead of their wedding.

Another realtor, Sandra Rinomato, said that there might be "a bit of a panic" among buyers rushing to close the deal before the deadline.

"I don't know how that will necessarily affect the market compared to what it would have been and that's something that nobody will know," said Rinomato, who is also the host of the reality-television show Property Virgins. "Unless sales skyrocket, we won't ever be able to measure it effectively."

Like many other realtors, Rinomato said she is more concerned with any effects the new tax will have on sellers. She said a homeowner wanting to sell for $415,000, for example, "will have a very hard time getting over $399,999, because that's the cap for the land-transfer tax rebate for first-time buyers."

The new tax is 0.5 per cent of the first $55,000 of a home's value, 1 per cent on the next $345,000 and 2 per cent on any portion over $400,000. But first-time buyers pay nothing on the first $400,000.

Real estate broker Rachel O'Hearn said the market might see "a little flurry effect" because buyers were waiting on the new tax.

"I think now that the decision has been made, it's going to throw people into action to get it done before the end of the year," said O'Hearn, who works for Leslie Benczik Team-Re/Max All-Stars Realty Inc. in the downtown area. "And then we'll see what kind of effect it has on the market after that."

Scott Kavanagh was planning to wait until spring to buy a home in Toronto. "I'll definitely start looking more aggressively now," said Kavanagh, a 28-year-old events producer who owns a house in Stouffville. "I think it's significant enough to push me to move before the end of the year."



Some realtors are concerned sellers on the outer edges of Toronto will be adversely affected, because buyers may opt to buy elsewhere in the GTA, where there's no new tax.

Kavanagh said it has crossed his mind that if the market does slow down he might actually get a better deal in 2008 – especially if there's a spike in sales now.

"I think that's a question that will be on everyone's shoulders," he said. "There are so many variables that come into play now."

Read more about the new Toronto Land Transfer Tax

Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website.

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
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Multiple Offers - do the other offers really exist? Prove it!

There has been much ink lately on the procedure and truth in multiple offers on properties in the GTA. I for one agree with a registry system that would help to guarantee that there really is one or more other offers on a particular property. There is too much opportunity to 'fabricate' the existence of another offer on a property. Just my 2 cents. The article below is from the Toronto Star and brings up some very good points about the 'phantom bids' in the GTA real estate marketplace.

Let's hope that TREB and RECO helps resolves this problem for us,

Mark

The secret's out on phantom bids

Speak Out: Tell us your storiesBidding and bitternessCheaper ways to sell gaining groundThe secret's out on phantom bids'(The phantom bid) is one of the oldest tricks in the book'
MIKE DONIA, veteran Toronto realtor Registry, open bidding needed to stamp out phony offer scams, some realtors say

Sep 15, 2007 04:30 AM Tony Wong Gail Swainson Staff Reporters

The incoming head of the Toronto Real Estate Board has come out swinging against phantom bidding tactics after denying they even existed when she ran for the job three months ago.

"It's dirty realty, it really is," Maureen O'Neill said of agents who fabricate offers during bidding wars. She is now calling on the Real Estate Council of Ontario (RECO) to yank the licences of agents convicted of using phony bids.

"Boot them out, we don't need them in the business," O'Neill said. "I don't think these people should be allowed to sell real estate."

Phantom bids can be used by selling agents to spark extra rounds of bidding or to spook potential buyers into rushing or raising offers. The practice is considered a breach of ethics under the Real Estate and Business Brokers' Act of Ontario – administered by the Ontario council – and realtors who are caught can face hefty fines.

There are more than 52,000 real estate agents in Ontario (26,000 in Toronto) and last year they sold 194,793 existing homes in Ontario (84,872 in the Toronto market).

An informal poll of 30 Toronto-area agents taken yesterday by the Star suggests that virtually all believe that some form of phantom bidding exists in the market. More than two-thirds said some kind of structural reform in the way bids were handled was needed to address the problem.

However, more than half the agents said the problem is being caused by "a few bad apples."

One prominent broker, who handles one of the city's largest brokerages, calls the problem "rampant."

"This is a major problem and it's causing a black eye for the real estate community," said the broker, who did not wish to be named. "You end up with one man at an auction bidding against himself – it's plain fraudulent." The broker says he gets an average of one complaint per day from his agents about potential phantom bidding.

He said he has complained for three years to directors at the Toronto Real Estate Board who "really don't have the stomach for this. They don't want to deal with the issue."

O'Neill made her comments after learning the Star had received documents proving the Real Estate Council of Ontario has been called upon to deal with complaints about bidding war tactics.

Until this week, she steadfastly refused to acknowledge made-up bids occur, saying the Ontario council's CEO Tom Wright and registrar Allan Johnson assured the Toronto body's 18-member board on July 19 that no complaints had ever been received.

But the Ontario council's spokesperson Sandra Gibney said yesterday that Wright and Johnson made no such statements and "RECO does not know why Maureen O'Neill is claiming otherwise.

"If Ms O'Neill had contacted RECO prior to responding to questions about RECO's complaints statistics, RECO would have provided the same information that you received," Gibney added in an emailed statement.

In response, an angry O'Neill said she "will certainly be calling (RECO) and asking what the hell is the problem. Certainly they have strained this relationship."

O'Neill doesn't think the answer lies in a formal registry and open bid process, something Michael Manley, the owner of Prudential Properties in the Beach, advocates.

"If a buyer doesn't like the process, they can always walk," O'Neill said. "I think that in a free marketplace, everyone wins."

Manley, who ruffled feathers by raising the phantom bid issue during the real estate board's elections, is glad to hear O'Neill has come around. "I don't know where she's been. It's incredible that anyone as experienced as her could not have heard about this," he said.

Manley said the solution to phantom bidding is a registry system where every bid on every house is officially registered on the Multiple Listing Service. He is marketing an Internet program that would allow sellers to put a check mark on their listing to signal they are open to registered bids in an open process.

While no statistics are kept specifically involving phantom bids, the Real Estate Council of Ontario documents – obtained after a request by the Star – show the council received 60 complaints about bidding processes in the year ending March 31, 2007.

The Real Estate Council of Ontario, which regulates the activities of agents and brokers in Ontario, said in a statement that complaints about bidding "generally arise in a hot real estate market and are more common in highly desirable areas."

In July, Kingston Re/Max broker Bill Batson had his November 2006 conviction for "misrepresenting the existence of an offer to another member" upheld on appeal by the council's disciplinary panel. He was fined $10,000. The panel heard Batson suggested to a buyer's agent that another, non-existent offer might be coming in on his listing, priced at $449,000.

This sparked a $450,000 offer from the buyers, which was accepted. The buyers were originally preparing to offer about $400,000.

When reached at his Kingston office Thursday, Batson said he preferred not to comment.

"It's over and done with," Batson said. "I've paid the fine. RECO didn't believe the truth."

Under Section 26 of the provincial code of ethics, an agent or broker is required to disclose the number of competing offers to every buyer. But the agent is prohibited from disclosing the substance – or price – of competing offers, unless the seller agrees.

In more than two decades of selling homes, veteran Toronto realtor Mike Donia has seen more than a few deals that looked so questionable that he encouraged clients to walk away. The phantom bid, says the ReMax agent, is "one of the oldest tricks in the book – it's been out there forever and a day."

The problem is proving it.

"You've got people out there creating an illusion to pump up their profit," says Donia. "My advice to clients is not to get caught up in the bidding wars and make a decision on the spot, especially if you're not sure there really is another bid."

Heather Sherman, an associate manager at Sutton Group Admiral Realty who has served on various committees at the Toronto Real Estate Board, says phantom offers could be avoided if agents presented their offers the old-fashioned way: Show up in person.

Some vendors will only take faxed offers, which is a less transparent process and leaves potential buyers wandering if there really was a person on the other end of the phone line, said Sherman.

David Blair of Oakville put an offer on a house that was "conveniently" exceeded by $1,000 from the listing agent's own client. "I'm positive the agent told his own client what our offer was. I was a victim of an agent in a double-ended deal."

Even though the practice is not allowed under the provincial act, Blair's agent didn't file a complaint.

"She's developing a network right now and doesn't want to make any enemies in the industry," Blair said.

Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website.

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2 FAX 905-828-2829 ÈCELL 416-520-1577
› E-MAIL : mark@mississauga4sale.com
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August Sets New Record, Breaks 8,000 Sales

August Sets New Record, Breaks 8,000 Sales

TORONTO - Thursday, September 6, 2007 -- August 2007 became the fifth record-setting month in a row, with 8,059 sales reported by TREB Members throughout the Greater Toronto Area, TREB President Donald Bentley announced today. "This figure is up 15 per cent over August of last year, and up seven per cent over the 7,498 sales recorded during the same month in 2005, which was the previous "best ever" performance for the month of August," said the President. "Summer of 2007 has been hands-down the most active holiday season for the resale market in the history of the Toronto Real Estate Board."

While sales roared ahead, prices remained affordable in August, with a recorded average of $361,890. This figure is up seven per cent over the $338,192 recorded during August of 2006. "While the last decade has seen five record breaking years, and a good possibility of a sixth in 2007, year-over-year prices increases have remained in the single digits. This kind of activity is sustainable for a long time."

Breaking down the total, 3,057sales were reported in TREB's 28 West districts and averaged $343,493; 1,444 sales were reported in the 14 Central districts and averaged $453,718; 1,653 sales were reported in the 23 North districts and averaged $403,539; and 1,905 sales were reported in TREB's 21 East districts and averaged $285,665.

Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website.

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2 FAX 905-828-2829 ÈCELL 416-520-1577
› E-MAIL : mark@mississauga4sale.com
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August sets the stage for a strong autumn market

August sets the stage for a strong autumn market

September 6, 2007 -- More people in the Greater Toronto Area bought resale homes last month than in any August before, Toronto Real Estate Board President Donald Bentley announced today.

The 8,059 sales reported last month exceeded the previous best performance for August, set in 2005, by seven per cent.

August also brought year-to-date figures up 13 per cent over the same period last year. So far this year 67,146 homes have sold as compared to 59,488 at this time in 2006. The pace is also 13 per cent ahead of the same timeframe in 2005, which became the best year on record.

"With five consecutive record-breaking months, spring and summer activity was unprecedented and given the strong economic fundamentals that remain in place, we have tremendous confidence in the autumn housing market," said Mr. Bentley.

The Greater Toronto Area's strongest sales activity in August took place in widely diverse neighbourhoods.

In West Agincourt (E05) a jump in the sale of detached homes and condo apartments resulted in a 34 per cent overall increase compared to last August.

An increase in the sale of detached homes and condo apartments also resulted in an overall increase of 52 per cent in High Park (W02).

In Toronto's Davisville (C10) the sale of semi-detached homes and condo apartments pushed overall activity in the district to a 58 per cent increase over August 2006.

Richmond Hill South (N03) showed a 43 per cent increase, led by condo apartment and detached home sales.

"Prices moderated in August, down approximately one per cent from the previous month, meaning that there will be many opportunities within reach during this autumn market," said Mr. Bentley.

Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website.

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2 FAX 905-828-2829 ÈCELL 416-520-1577
› E-MAIL : mark@mississauga4sale.com
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Where is the market heading? In light of increased mortgage interest rates.

I received another email question today and thought I would post my long-winded answer below and share my thoughts with you too.

Enjoy! Mark

The question was:

Just wondering what is happening in the market after interest rates went
up.

Is there a lot of Townhomes on the market and are prices coming down.
Just wandering if is a good time to invest again.

Thanks

A.

Here's my answer:

Hi A.,

The market is quite fast these days. Normally, it slows down in the summer, but this summer has been quite active. Average prices are down a couple of percent which is typical for this time of year, but the volume of sales is hitting records. See the link below. Normally there are about 40-50 townhomes in Erin Mills for sale at any one time, but there are only 34 right now and many of them are conditionally sold.

Yes, this is a very good time to invest.

I realize the rates have increased but only marginally and it will likely only be short term. We are going short on all of our mortgages, time proves short term is by far the better option, see here, of course probably until I follow that method! :-))

There are not too many major scenarios that will cause real estate market to tank. One scenario is major global catastrophe or war or terrorist act. All could cause sudden and major drop in market, but the stock market would take a huge hit too. So would our entire economy, so all things being equal, anything major will affect everything, so real estate should still be a good long term investment. Time has proven real estate will recover and then some, so I am not worried, besides, it would just mean we get less rent, if we don't have to sell, all is fine, but more properties!

Another thing that could happen is that interest rates continue to climb. Once they reach 7 or 8 percent the economy will slow and then rates will stabilize and/or come down again. This may only last a year or two and then the economy will settle down again. Increasing rates certainly cut out the very bottom entry level buyers, but there seems to be enough buyers out there to sustain and continue to cause prices to rise and record sales month after month.

Another possibility is the US economy continues to be bad or gets worse. Although it used to be that "if the US got a sniffle Canada would get a cold or the flu", no longer seems to be the case. Our marketplace in the GTA, Ontario and Canada seems to have been insulated from events in the US since about 911 and seems to be able to sustain itself regardless of what happens to our friends south of the border.

Oil prices rise to $100 or more per barrel. Again, yes, this will have an impact on our marketplace, but maybe only short term. The demand for gasoline seems to be completely inelastic, regardless of how high gasoline and oil prices rise, we still drive large vehicles and conserve very little. We may complain like hell about the price at the pumps, but we pay it and keep driving.

US election years have almost always caused our market to slow, EXCEPT in 2004. Thus, it's your guess whether our market and economy slows next year or not.

Un-Employment rates rise, due to dollar, economy or overseas markets could cause our market to slow, people spend less money and the economy stalls, again, this would affect all markets, not just real estate.

Another scenario is that the baby boomers all get old in the next ten years and sell off their real estate and/or give it to their kids who cash out. Either way, if a flood of listings were to come on the market it could affect our prices in the short and long term. Personally, this does not worry me. There seems to be enough people out there to absorb any increase in inventory, but only time will tell on this one. I believe it will be much more gradual than people think. Fractional ownership worries me more than the boomers cashing out. I may be wrong on this and I've not researched the success or failure of fractional ownership in other parts of Canada or the world, but if time shares are any indication, I think that this may hurt more people than help them in the long run.

At any rate, these are some of the scenarios that the doomsayers are predicting and hopefully none of them will come to fruition and even if they do, I feel they will have less impact on our real estate market than some think.

There are other possible scenarios, I would like to hear your feelings and ideas, but these are some of the major reasons for large price swings in the market in the past and could be for the future too.

If history repeats itself again this fall, prices will likely escalate again in mid to late September until middle of November, see the graph here, so make your purchase soon or wait until December 10th to purchase and hope there are some listings on the market at that time that you like!

In summary, and I know it sounds corny, I still go by the old adage that the best time to buy real estate is yesterday.

Thanks,
Mark

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

TREB Real Estate Market Continues to set Fast Pace

August Report - More Records Broken
August 2, 2007 -- TREB Members reported 8,912 total sales in July, 26 percent ahead of the 7,082 sales recorded in July of 2006, and an all time record for the month.

Furthermore, July makes the fourth month in a row that sales have broken monthly records. "The local resale market is as healthy as it has ever been," said TREB President Donald Bentley. "Not only are we running 13 per cent ahead of last year's January - July total of 52,682, we are running 14 per cent ahead of the seven month total for 2005, which became our best year ever."

While sales have set a blistering pace, prices eased in July, down two per cent to $366,012 from June's average of $373,719. "This decline is seasonal in nature," said the President. "Prices tend to ease in July/August as potential homebuyers and sellers go on holiday." He went on to note that the year-to-date average, at $373,326, was up five per cent over the same time-frame in 2006.
See graphs of the average historic TREB prices

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Toronto Mansion sells for over $15million!

Mansion goes for a cool $15.8 million

In what is believed to be a record selling price for a residential property in Toronto, an opulent Forest Hill mansion has been purchased for $15.8 million.

The 16,000 square foot Dunvegan Rd. home has eight bedrooms, 13 washrooms and an indoor six-car garage.

The sale of the home in one of the city's toniest neighbourhoods demonstrates the strength of the luxury home market in Toronto, fuelled by stellar returns on Bay Street as the Toronto Stock Exchange hits record levels.

But a new high-water mark for homes has tongues wagging in real estate circles. How much further can we go?

The sale of the property this week comes on the heels of yesterday's Toronto Real Estate Board report that recorded 10,451 sales in June – the best such month ever, and up 20 per cent over June of 2006.

"It has been a good year," said Ilenna Tai, the listing agent who now holds the distinction of selling the most expensive home in Toronto. Tai says the sale is a city record according to Multiple Listing Service records. The listing service, however, does not include private sales, which are not on the public record.

Without irony, the agent calls the home a "great bargain" at the price, since a 2004 appraisal came up with a home replacement value of $14 million – without the land.

The sellers were Raymonde Sacklyn and Cecilia Ying Lee, who previously lived in Hong Kong. Sacklyn heads a financial information service in Hong Kong and has written extensively about the history of the Hong Kong stock exchange. The couple has also donated millions to local charities in Toronto.

The couple bought the home at the bottom of the market in 1997, when it was the former home of George Eaton, of Eaton's department store fame.

Sacklyn and his wife spent millions refurbishing the home, including almost a million dollars of Muskoka peach granite just for the driveway.

The house sits on two normal Forest Hill lots stretching 150 feet by 170 feet, and has a bar, a home theatre, gym, massage room and sauna. There are, of course, separate cellars for red and white wines. The eccentric owner has also placed some whimsical touches around the home, including bits of his poetry carved on the granite rocks in the garden, and parking spaces for visitors that say "For Rolls-Royces only."

"The buyers were wowed by the grandeur of the home, the gardens, and the location," said buying agent Elli Davis.

So wowed, in fact, that it took the buyers, who wish to remain anonymous, only a week to make an offer after they initially viewed the property, said Davis.

The home was originally on the market for several months in 2004, at the unheard of price of $25 million. It was listed again in May of this year for $16 million.

"They weren't interested in it at $25 million, but certainly at $16 million they decided to take a look," said Davis. "So even at this level – price does matter."

Tai says the high Canadian dollar helped with the sale, since the Hong Kong dollar is pegged to the U.S. dollar. With the loonie closing in at par with the U.S. dollar, the vendors are getting roughly the return they expected back in 2004, said Tai.

Still, analysts have warned that any downturn in the fortunes of the TSX will have a big impact on the luxury market, since discretionary purchases are usually the first on the chopping block.

Bay Street financiers, flush with bonus money, have been spending on cars and homes.

It is believed that former Bank of Montreal CEO Tony Comper, for example, paid $15 million for a new, yet-to-be-occupied 8,500 square foot penthouse at One St. Thomas St. – the most yet for a condo in the city.

Meanwhile, a forecast by Royal LePage released this week estimates that the average Torontonian will see a much more moderate increase in house prices. Average resale homes by the end of 2007 will have increased by a moderate 5 per cent, according to the firm.

With the Bank of Canada poised to increase interest rates next week to cool inflationary pressures that include the heated real estate market, economists are calling for a slowdown in the second half of the year. Meanwhile, the new home owners, who are expected to close the sale this year, will likely escape a controversial real estate levy in Toronto that would double the provincial land transfer tax.

If the buyers had chosen to close on the deal next year, they would have had to pay an extra $312,000 in land transfer taxes.

Read more on Toronto Real Estate Prices




For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Toronto Housing Market for June 2007 - another blistering month!

June Report: Toronto Housing Market Reaches New Heights!

June 5, 2007 -- With an astonishing 11,146 sales in May, the Toronto Real Estate market put in its best performance since records have been kept, President Dorothy Mason announced today. "The Toronto Real Estate Board has been tracking the local housing market for over forty years, and there has never been a month that even approaches this level of activity," Ms. Mason stated. "May was up 18 per cent over April, our previous record month (9,452 sales), and also up 18 per cent over May of 2006 (9,434 sales), which now ranks as the third highest sales total recorded."

Ms. Mason further noted that, according to statistics compiled by the Canadian Real Estate Association, every home sale generates about $27,000 in economic activity (for renovations, furniture purchases, and so forth) over and above direct expenditures involved in the transaction. "This means that Realtors® and their clients have contributed over $300 million to the local economy in ancillary costs last month alone."

However, while sales sky-rocketed, price increases were restrained, with the average rising a mere five per cent to $382,787 from the $365,537 recorded during May of 2006.

Breaking down the totals,
4,175 sales were reported in TREB’s 28 West districts and averaged $356,836
2,038 sales were reported in the 14 Central districts and averaged $506,172
2,323 sales were reported in the 23 North districts and averaged $408,391
2,610 sales were reported in TREB’s 21 East districts and averaged $305,168

See district areas

NB: the average price rose 1% in May compared to April

See a graph of this month and previous months sale prices


For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Strong Start to Spring Real Estate Market in the GTA

Strong start to GTA real estate spring market

April 4, 2007 -- Strong resale housing activity in March got the spring market off to a healthy start, Toronto Real Estate Board President Dorothy Mason announced today. A total of 8,518 transactions took place in the month, nearly on par with the 8,707 sales reported last March.

“The market is in great shape, and we’re seeing very strong results on a consistent basis,” Mrs. Mason said. “So far 2007 is slightly ahead of last year’s sales pace, and we’re right on track for another solid year.”

In Scarborough’s West Hill neighbourhood (E10), strong sales of detached homes led to an overall sales increase of 27 per cent compared to March 2006.

Etobicoke’s Mimico / New Toronto neighbourhood (W06) saw transactions increase by 45 per cent compared to last March, fueled by strong detached home and condo apartment activity.

A jump in condominium activity in North York Centre (C14) helped overall sales to a 14 per cent increase compared to March of a year ago.

Overall sales in Thornhill (N02) increased by 16 per cent compared to last March, led by detached home sales.

“The GTA continues to have strong employment numbers and a healthy economy,” Mrs. Mason added.

“Housing activity is solid and prices are steadily on the rise, so it remains an excellent time to be in the market.”

Read more about the real estate market and see prices



For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Basement Apartment requirements and considerations

Basic requirement for legal basement apartment in Toronto

There is no single government authority, which provides written certification that any given basement apartment is legal. Smart real estate agents never list a house as having a legal basement apartment since they do not want to guarantee that the basement apartment complies fully with all the applicable fire codes, building codes, Electrical Safety Authority regulations and zoning and housing standards by-laws.

The Ontario Building Code which prescribes minimum requirements for the construction of buildings is a code that applies only when the house was built. The building code changes over the time but for the most part, it does not apply retroactively.

The fire code which prescribes construction and safety issues as they relate to how the building is required to perform should it catch fire, can apply retroactively.

Here are few basic requirements for a legal basement apartment in Toronto :

(1) The detached or semi detached house must be at least 5 years old.

(2) The front of the house cannot be significantly altered to change its appearance from that of a one unit building.

(3) Basement unit must be smaller than the other units.

(4) Minimum ceiling height is 6'5". Ceiling must be continuous. Suspended (T-bar type) ceilings and exposed joists are not acceptable. Furnace room ceiling must be dry walled or plastered too.

(5) Doors must be solid wood or metal and minimum thickness is 1.75". Exterior door must be at least 32"x78". The smallest dimension of the window is 18" and the opening must be at least 600sq in. Windows must be within 3' of ground, and if there is window well it must extend 3' from the house wall to allow room to crawl out.

(6) Bathrooms have to have either a window or fan

(7) In most areas an additional parking space is required for new apartments.

(8) New apartments require building permits before construction begins.

(9) The property owner is responsible to make sure that smoke alarms are installed and maintained.
Carbon Monoxide alarms are required under many Municipal By-laws. They are to be provided in each dwelling unit in a building containing a fuel fired appliance or an attached garage. Even if they are not required by legislation they make good sense with to-day's design methods providing for air-tight construction of dwelling units.
Smoke alarms must be installed in each dwelling unit on every floor including those containing a bedroom or sleeping area. The alarm must be audible in bedrooms when the bedroom doors are closed. The smoke alarm may be battery operated or connected to an electrical circuit with no disconnect switch between the over current device and the smoke alarm. Interconnected smoke alarms may be required if:
· 15 min. Fire Resistance Rating is used between dwelling units
· one dwelling unit must exit through another dwelling unit
If required, interconnected smoke alarms must be installed in every storey above and below grade in each dwelling unit, and in every shared means of escape where applicable. These alarms must be audible in bedrooms when the intervening doors are closed.

(10) An electrical inspection by Electrical Safety Authority and all the deficiencies identified during the inspection must be addressed. Owners should retain the letter of compliance received from the Electrical Safety Authority for future reference purposes. This letter must be made available to the Chief Fire Official upon request.
(11) A continuous separation with a 30 min. Fire Resistance Rating is required between dwelling units and between dwelling units and other areas. This may be provided by existing membrane of lath and plaster or gypsum board.
Openings in Fire Separation shall be protected with rated doors installed in hollow metal or solid wood frames and equipped with self closing devices
Lesser degrees of Fire Resistance Rating may be acceptable with the provision of interconnected Smoke Alarms or Sprinkler Protection. The containment features are intended to provide protection for the occupants living in a dwelling unit from a fire occurring in another portion of the building, outside of their control.


(12) A single means of egress - provision for the escape of persons from each dwelling unit in the event of fire - may be acceptable if the following conditions are met:
· It is properly separated with a 30 min. Fire Resistance Rating
· The flame spread rating of means of escape does not exceed 150 (wood paneling is unacceptable)
· The means of escape does not involve entering another dwelling unit or other occupancy and leads directly to the outside at ground level.
Two means of escape are required if one means of escape is through another dwelling unit. An existing means of egress may be acceptable if the building is sprinklered.
By Nalliah Thayabharan
Registered Home Inspector. Member of OAHI & CAHPI-Ontario
ASHI certified Inspector.
Expert Building Inspections Ltd
905 940 0811 www.expertinspector.com

You may wish to read more about basement apartments in Mississauga

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

December Toronto Real Estate Market Report - November 2006 breaks 6,000 Sales

The December Real Estate Market Report shows that November was still a good month and there were over 6,000 Sales

Signs of a healthy market are still around in the Toronto and GTA marketplace. The article below summarizes the recent press release from the Toronto Real Estate Board.
See a Graph of Price Trends
December 6, 2006 -- November put in another solid performance, with 6,281 sales transacted through the TorontoMLS system, Toronto Real Estate Board (TREB) President Dorothy Mason announced today. "This 6,000 plus figure is in keeping with a generally healthy real estate market," said the President.

"By the end of December, the Toronto area market will have exceeded 80,000 resales for only the third time in TREB history." Prices remained stable in November, with the average moderating slightly to $355,727 from October's $356,423.

The average was up four per cent over the November 2005 figure of $341,177.

This was the news release that was issued by the Toronto Real Estate Board.

Read the full report and see graphs of price trends

For more information please contact A. Mark Argentino

A. Mark Argentino Associate Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc.
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS 905-828-3434
FAX 905-828-2829
E-MAIL mark@mississauga4sale.com
Website: Mississauga4Sale.com