Unit for Lease at the Ultra-Modern Home Improvement Centre!

A fantastic, completely renovated corner unit for LEASE at Improve Centre, 7250 Keele St., Vaughan ON L4K 1Z8. This is the only unit of this kind still available for lease. 441 sq.ft. of retail space close to the food court, South and main entrance. Just move in and open for business!

Location is one of the most important requirements in the residential real estate. It’s a given that price drastically depends on the location of your house or condo. However, it is the same story in the commercial real estate. Locate your business in a place without foot traffic, convenient car traffic and ample of parking space and you will have troubles attracting customers to your business. Unless you spend thousands of dollars on advertising campaign and go bankrupt selling your products or services with huge discounts.

Do you know that in Europe a concept of placing businesses serving one or two industries under one roof is very popular. Here in Greater Toronto Area, we also have such a great and convenient innovative centre. Improve, Canada’s Largest Home Improvement Centre, has been recently opened, but it’s official Grand Opening is coming this month 29-30 April.

Improve successfully combines an idea of a permanent home show with the convenience of attracting customers a year-round. It’s 320,000 sq.ft. ultra-modern facility contains 401 units of businesses related to the home improvement and real estate industries. Without driving all over the GTA, the consumers can save time and energy by coming to the centre for all their needs related to the home improvement whether it’s buying a new kitchen, new appliances, furniture, décor, doors and windows or finding other professionals.

Located just minutes from the major Hwys. 400 and 407 and Hwy 7. Improve offers the facility of no match with plenty of parking space, food court, meeting rooms, conference rooms, theater, show and stage facilities and $1,000,000 of marketing budget per year.

 

Best wishes,

Olesa Islamova, Real Estate Sales Representative | Realtor®

Royal LePage Your Community Realty, Brokerage

Direct: 647.467.9477

Office: 905.731.2000

Visit www.HomesbyOlesa.com  for my latest blog posts

Please Do Like My Facebook page! 

 


Yonge Parc Condominium is being lauched!

  

Hurry up to invest into the most convenient location of Richmond Hill. New development Yonge Parc will be built at the direct intersection of Yonge St. and Highway 7.

VIP Platinum Sale ends April 5, 2017!!!  

Steps to GO Transit, VIVA, YRT, parks, schools, movie theatres, shopping and major highways.

Details:

PROJECT NAME: Yonge Parc Condos
ADDRESS: 150 High Tech Rd, Richmond Hill, ON L4B 4N5
PROJECT TYPE: Condominium
DEVELOPER(S): Pemberton Development
UNITS: 202 STOREYS:19
UNIT SIZES: 580 to 1355 Sq. Ft.
ESTIMATED COMPLETION DATE: Spring 2020

PRICES START FROM: $330,000’s for 1 Bdr. (580 sq.ft)

                                       $370,000’s for 1 + Den (655-715 sq.ft)

                                       $450,000’s for 2 Bdr.  (785-820 sq.ft)

                                       $510,000’s for 2+1 Den (870-1,010 sq.ft)

                                       $800,000’s for 3 Bdr. (1,355 sq.ft)

Caveat: Prices don’t include HST, levies and other developer charges.

Maintenance approximately $0.54 per sq.ft. Property taxes approximatelt 1% of the purchase price per year. 

$10,000 OFF PURCHASE PRICE FOR ALL SUITES
FREE PARKING AND LOCKER FOR ALL SUITES

FREE ASSIGNMENT

OFFER ONLY VALID UNTIL APRIL 5TH SIGNING EVENT
ALLOCATIONS ARE ON A FIRST COME FIRST SERVED BASIS

SPECIAL INCENTIVES & OFFERS FOR MY CLIENTS ONLY: 

FREE Rental Services for the First Year of Ownership

FREE Lawyer Review of Purchase Agreement

FREE Consultation on how to return your HST on purchase

Remember: Developer/builder’s sales representatives are working for the developer/builder usually for fixed salaries or some type of commission. So their main responsibility is to protect the developer/builder but not you, the purchaser. It’s paramount to obtain your own real estate representation and a legal council to be sure your rights and interests are protected.

Contact me for more information units’ layout and pricing.

Helping You is What I do!

Olesa Islamova, Real Estate Sales Representative | Realtor®

Royal LePage Your Community Realty, Brokerage

Direct: 647.467.9477

Office: 905.731.2000

 


Yes, HST on a New Construction May Be Eligible for Rebate!

Have you just moved into your new (brand new) house for yourself? Or you just bought an assignment for in a pre-construction project and are about to finalize the deal with the builder for yourself and your family?

Do you know that you might be entitled to an HST rebate on a new construction condo, town home, duplex or detached home of up to $30,000.

Have you just buy a brand new property as an investment (to rent it out)?

Do you know that most investors that have closed on a property may be entitled to a rebate of up to $30,000.

The CRA has two programs with the same benefits.

1. New Home Rebate (NHR): primary place of residence.

2. New Residential Rental Property (NRRP-Investor Rebate).

The CRA prescribes very specific rules with respect to the use of the investment property, with respect to the sale of the property, and the timeline to file for the refund. Without proper guidance early in the process investors lose the right to this rebate.

You can file your rebates yourself by filling out the forms or you can hire a firm specializing on preparing the documents for you. Either way, don’t assume that you are not eligible and do nothing. The fact that your Purchase Agreement says that the HST is included and refundable is an overstretch and is not accurate. Remember: You must apply for your HST rebate within two years of a purchase.

Best wishes,

Olesa Islamova, Real Estate Sales Representative | Realtor®

Royal LePage Your Community Realty, Brokerage

Please Do Like My Facebook page! 

 


Dissecting a purchase in Toronto.

In 2016, an average price for detached homes in Toronto reached an outrageous price of $1.2 mil.

On top of all new regulations allegedly introduced to calm down the market, it has become extremely difficult to find a property under $1 million in Toronto.  If your desire is to live in Toronto then you have to be flexible, patient and practical. There are not many choices but to look into condominium living, find a fixer upper or look into the neighborhoods located further from the center of Toronto. One of this neighborhoods may still be the Scarborough; however, even there property prices are quickly increasing.

If you’re actively looking for a house in #Toronto, here is a semi-detached backsplit house in L'Amoreaux neighborhood. http://www.homesbyolesa.com/8-andes-rd-e3683311

Highlights: 4+1 Bedroom  house in a move-in condition, fully renovated with brand new appliances, new windows and new entrance door, with a private In-Law suite.

Curious to know what it will take you to buy this house and how much will be your monthly mortgage payments and your closing costs? Keep on reading!

Listing/Asking Price $898,888

Property taxes: Annual $2,848.21 (2016), Monthly $237.35

Minimum Downpayment*: $64,888 (5% on $500,000 =$25,000 plus 10% on $398,888=$39,888) or 7.22% of asking price.

Mortgage Default/Loan Insurance**: $30,024 added to the mortgage.

Total Mortgage: $864,024= $898,888 - $64,888 (down) + $30,024 (default insurance)

Your Monthly Mortgage Payment: $3,948

25 Amortization Period***, 2.7% (current prime rate), 5-year fixed term****.

Gross Total Monthly Payment: $4,185 = $3,948 (mortgage payments) + $237 property taxes monthly.

In 5 years when it’s time to renew your mortgage (considering you never pre-paid any extra amount in addition to your monthly payments), your outstanding balance to be refinanced/renew will be $732,577.

You would repay a lender $131,447 of the mortgage principal and $105,450 in interest. Basically, your lender’s gross profit for financing your house for 5 years would be $105,450.

One Time Closing Costs include: legal fees and disbursements, prepaid utilities and property tax adjustments, title insurance. And, of course the biggest one time cost will be the Land Transfer Tax.

Provincial land transfer tax for this transaction will be $14,453 ($4,000 instant rebate for the 1st time home buyers).

And since the property is located in Toronto, add the Municipal Land Transfer Tax: $13,703 ($3,725 instant rebate for the 1st time home buyers)

Total Provincial & Municipal Land Transfer Tax: $28,156 or $20,431 for the 1st time buyers

In addition, don’t forget to budget for home inspection starting from $450 depending on the square footage, moving costs, home owner insurance, and other costs.

In general, I advice my clients to be ready to spend for closing costs from 2.5% to 4% from the selling price.

Please be advised that above scenario will not be the same for everyone. The calculations will change, if you can put 20% down payment, in which case you will totally avoid paying the mortgage default insurance.

Your interest rate could be lower or higher depending on your credit score, credit history, consumer and other debts outstanding.   

 *As of February 2016, the federal government introduced new mortgage rules intended to “cool down” the real estate markets in some areas by requiring buyers to put down more than 5% on a home worth half a million dollars or more: New blended rate is 5 per cent down on the first $500,000, and 10 per cent down on any dollar value above that amount.

** Mortgage Default Insurance is financed through your mortgage and is mandatory for the down payments up to 19.99%. Unlike the Closing Costs, it does not require a lump sum cash outlay at the time of your purchase. Instead, Mortgage Default Insurance Premiums will be increased as of March 17, 2017 and added to your mortgage amount and paid off over the life of your loan. Cost to homebuyers 1.80% - 3.60% (as of June 1, 2015) of the mortgage amount. And 2.40% - 4% (as of March 17, 2017) 

***Amortization period: The total length of time it will take you to pay off your mortgage. If your down payment is less than 20% of the purchase price of your home, the longest amortization period allowed is 25 years. If it’s 20% or more than the longest period period allowed is still 35 years.

****Mortgage Term: The length of time you commit to the mortgage rate, lender, and associated mortgage terms and conditions. The term you choose will have a direct effect on your mortgage rate, with short terms historically to be lower than long-term mortgage rates. When the term is up, you must either repay the outstanding mortgage amount or renew your morgage at a new rate available at the end of the term. 

 

Best wishes,

Olesa Islamova, Real Estate Sales Representative | Realtor®

Please Do Like My Facebook page! 


Increase in the Mortgage Default Premiums is Here!

As I already wrote on January 17, 2017 the CMHC has announced that the increased premiums will come into the effect on March 17, 2017. The new premiums will result in an increase of approximately $5 to the monthly mortgage payment of the average CMHC-insured homebuyer ($250,000 mortgage loan with less than 10% down payment). 

All applications that are submitted to CMHC prior to the 17th will have the old % applied. Anything on or after 17th will have the new increased premiums. If you're looking to buy, this is a good reason to speed up your purchase. You don’t have to close by March 17, but your mortgage application has to be completed. 

Example: 
5% down payment Premium increased to 4.00% from 3.15% 
10% down payment Premium increased to 3.10% from 2.40% 
15% down payment Premium increased to 2.40% from 1.80% 


Best wishes,
Olesa Islamova, Real Estate Sales Representative | Realtor®
Please Do Like My Facebook page! 


Predictions, predictions...and nothing new!

Spanish philosopher, poet and novelist, George Santayana, once said "Those who cannot remember the past are condemned to repeat it." By studying history, we hopefully learn how do avoid making the same mistakes over again. Hopefully, we learn how to protect ourselves and how to minimize our losses. Markets are bound to go up and down due to many reasons and many of them are difficult to predict as the history has shown. Thousand of economists make an effort, but no one can forecast a future with a certainty. Perhaps because markets rely more heavily on the human nature than on the laws of economics.

Toronto’s real estate market have already experienced an enormous growth several times in the last century. The last one ran between 1986 and 1989 and the average price of a #Toronto home grew between 20-30% annually. http://www.repmag.ca/news/looking-to-the-past-to-determine-the-future-219267.aspx 

And this incredible increase ended in the collapse of the real estate prices by the end of 1989. When this remarkable market is going to end for Toronto and the Greater Toronto Area (#GTA) real estate market and what will the future bring again, nobody knows for sure. And while I do have a minor in Macroeconomics and Monetary Policy, I do not do economics for the living. So no matter how many times I’ve been asked for the last couple of years about my view on the market and if it collapses in the near future, my answer remains the same. I do not know!

However, as an experienced real estate professional, I always give my clients and my friends the following advice: Buy only when you’re 100% financially ready to buy, sell when you need to sell, and always make rational decisions in all your the real estate dealings. In this case, no matter what turn the market takes, you will be able to withstand it. I’m always happy to answer any of your questions about the real estate.   

Happy New Year and may the 2017 bring you all the best in everything!

 

Best wishes,

Olesa Islamova, Real Estate Sales Representative | Realtor®

Royal LePage Your Community Realty, Brokerage

Direct: 647.467.9477

Office: 905.731.2000

Please Like My Facebook page! 


Investment Opportunities in the US for Canadians!

In order to evolve professionally, one has always find new products to offer her clients. I am proud to announce that I have partnered with the Lennar, leading US developing company, to offer my Canadian clients more choice in regard to investment, vacation or rental properties. 

To view properties we offer you, please follow this link https://www.ushomeshowcase.com/px/olesa-islamova

Please check out my Lennar’s website to see what I can offer you. Thank you!

For those who seek financing options, I can happily say that Lennar is partnered with RBC Bank USA. Please note, it takes 45-60 days for a Canadian/US mortgage. 

To read mor eabout Lennar, please follow this link http://www.lennar.com/about/about?gclid=CjwKEAiAjIbBBRCitNvJ1o257WESJADpoUt0pQEBI-nF1yPWpoorQcinR_ox6qgpfs6Kk5PkR1HbfRoCXfvw_wcB

Best wishes,

Olesa Islamova

Please Do Like My Facebook page! 


What the new stress test is all about?

It’s been a week since the new mortgage rules have been in the effect in Canada. And I’ve been inundated with questions regarding their meaning and who is going to be impacted by them.

So starting October 17, 2016 all insured mortgages (high ratio mortgages with Loan-To-Value with 80% or less i.e., if your down-payment is 19.99 % or less) will be tested at a dramatically higher interest rate than the one actually being offered by your lender. That stress test rate is based on the Bank of Canada’s posted five-year fixed rate (currently 4.64 per cent).

For instance: To qualify for the interest rate to be paid for your mortgage for the 5-year fixed rate, you will have to qualify for a higher interest stress rate then the one you are actually going to pay. That is, if your downpayment is less than 20% and  your lender’s advertised special rate for you is 2.5%  then from now on to qualify for it, you have to prove that your can qualify for 4.64% mortgage based on the Bank of Canada posted rate. Basically, you are able to withstand a 2.14% increase in the interest rate.

Essentially, you’re not going to pay more, you’re going to be approved for smaller mortgage.    

Why implemented? To presumably stop the high real estate prices in Toronto and Vancouver and create financial stability.

Losers: The market consensus is that the biggest losers will be the first-time buyers who are largely represented by the young families or families with young kids and moderate income. That is, the whole middle class of Canada. Basically, for some Canadian real estate markets it means that many will simply qualify for smaller mortgages and settle with smaller houses or houses requiring lots of renovations. For Toronto (including GTA) and Vancouver, the new rules will simply eliminate the whole segment of first time buyers who even before were struggling to save up enough money for the downpayments.  

When we will see any changes in the real estate market?

Not right away and not everywhere for sure. When I was in the university, one of my economics professors told us that we should compare the economy with a freight train and not with a car. The freight train needs a longer time to speed up and consequently needs a longer time to make a complete stop. Therefore, we need some time to see a visible impact on the economy and the real estate prices.

Unfortunately, for many buyers in Toronto and GTA the impact on prices could be a very minuscule because of foreign money and the downpayment gifts from family to many new buyers.


Young Families are Once Again a Collateral Damage!

Yesterday, there was so much media fanfare about imposing a capital gain tax on the non-residents that almost no one gave a deep thought about much more important implication of the Fed's announcement of "regulating" the housing market in Canada.

The Department of Finance is "proudly adding" one more layer of the regulation to impede the first-time buyers (specifically young families with small kids) to ever qualify to buy their own properties in Canada.

 

The two big changes coming to Canadian Mortgages in the last quarter of 2016:

1) Effective October 17, the qualification rate will now apply to all insured mortgages (even high- and low-Loan-to-Value 5-year fixed terms).


2) Regulators are banning a wide array of mortgages from being insured, effective November 30.

http://www.canadianmortgagetrends.com/canadian_mortgage_trends/2016/10/is-this-the-last-nail-in-the-coffin.html

 

I was too naive to hope that our government would think twice before changing mortgage rules affecting the most vulnerable, but the most important segment of our economy. The young families! Unless the government has hard data proving that the first-time buying young families are over-heating the real estate market, there is no wisdom in changing the mortgage rules.

I am proudly representing many of the first-time buyers who are already struggling to save for higher down-payments on extremely high #GTAproperties. These families have almost no debt, solid jobs and... young kids. On the top of high housing rental costs, insurance costs, pension and education investments and, of course, challenges raising kids in the urban setting, they are barely able to save couple of hundreds of dollars for the down-payments.

These families are not foreigners with hundreds of thousands dollars to park cash, they don't have rich relatives willing to help them with the down-payments, and they don't have a baby-boomer grandparent who can sell his/her enormously appreciated property for millions to help them.

These are families with university degrees, with great skills and solid work experiences. They are me and they are most likely you, and we all need to be outraged!

 

Sincerely Yours,

Olesa Islamova


Not to miss opportunity to live in the heart of Toronto!

 Another new development just completed by Harhay Developments and Carterra Private Equities.

 

OneEleven is a new fashion hub for those who like feeling the pulse of Toronto and be close to its myriad of restaurants, entertainment venues and urban shopping.

OneEleven is a new 17-story condo development at 111 Bathurst St., located between Queen W and King W Streets at Wellington Place.

It has 255 stunning units designed to appeal to any hardcore urbanite with units starting at compact 575 sq. ft. to quite comfortable for an average-size family 1,342 sq. ft.

Designed by Core Architects and II BY IV Design Associates, OneEleven boosts 9-foot ceilings, Scavolini Kitchens, engineered hardwood floors and floor-to-ceiling windows.

Hurry up because only 15% of suites left starting from mid $300,000. With currently advertised maintenaince of $0.52 per Sq.ft. monthly.

The maintenanince fees are low due to the mid-rise building structure and modern but limited amenities: Patio and Fire Pit.

This condominium doesn’t make you waste your time inside, but let’s you explore one of the most spectacular Toronto’s neighborhoods.

Contact me for more information on the available units and pricing!

Best wishes,

Olesa Islamova

Please remember: Developer/builder’s sales representatives are working for the developer/builder usually for fixed salaries or some type of commission. So their main responsibility is to protect the developer/builder but not you, the purchaser. It’s paramount to obtain your own real estate representative and a legal council to be sure your rights and interests are protected. Helping You is What I do!