Average Sales Prices for February 2018

It’s time for the Market Watch and for those who are betting on the real estate market and its ups and downs, here are your February sales prices.

The prices have not risen, the number of sales have fallen, the inventory of house is up.

What the Spring will bring us we’ll know pretty soon, so far it’s a BUYERS Market. What will the year bring us, we can predict with a slightest certainty. What will the future be for the real estate market in the GTA only charlatans know.

The economy of the GTA is pretty resilient and pretty diverse. Will the price collapse, I doubt. Will they continue their irrational escalation? No economical fundamentals behind it except for foreign buyers who despite new 15% foreign tax will still favour Canada for its relatively cheap currency. Let’s wait and see. My advice to those who need to sell-SELL. My advice to those who need to buy and can afford to buy—BUY. For others, gear your attention toward other financial needs.

 

CITY of TORONTO

Toronto-Central: Average Sales Price $892,378; Average Days on the Market 22; Number of Total Listings 1,994; Number of Sales 982

Toronto-East: Average Sales Price $742,410; Average Days on the Market 23; Number of Total Listings 831; Number of Sales 470

Toronto-West: Average Sales Price $709,850; Average Days on the Market 23; Number of Total Listings 987; Number of Sales 561

 

YORK REGION:

Markham: Average Sales Price $947,647; Average Days on the Market 28; Number of Total Listings 759; Number of Sales 184

Richmond Hill: Average Sales Price $977,885; Average Days on the Market 35; Number of Total Listings 689; Number of Sales 131

Vaughan: Average Sales Price $952,776; Average Days on the Market 25; Number of Total Listings 836, Number of Sales 223

Aurora: Average Sales Price $938,260; Average Days on the Market 28; Number of Total Listings 265; Number of Sales 57

Newmarket: Average Sales Price $744,316; Average Days on the Market 27; Number of Total Listings 343; Number of Sales 81

King City: Average Sales Price $1,100,750; Average Days on the Market 36; Number of Total Listings 151; Number of Sales 12

Stouffville: Average Sales Price $875,705; Average Days on the Market 28; Number of Total Listings 173; Number of Sales 39

East Gwillimbury: Average Sales Price $777,423; Average Days on the Market 47; Number of Total Listings 209; Number of Sales 30

Georgina: Average Sales Price $504,412; Average Days on the Market 27; Number of Total Listings 222; Number of Sales 48

 

PEEL REGION

Caledon: Average Sales Price $1,014,685; Average Days on the Market 29; Number of Total Listings 209; Number of Sales 58

Brampton: Average Sales Price $677,951; Average Days on the Market 24; Number of Total Listings 1,081; Number of Sales 485

Mississauga: Average Sales Price $655,804; Average Days on the Market 23; Number of Total Listings 1,036; Number of Sales 481

 

SIMCOE COUNTY

Innisfil: Average Sales Price $541,444; Average Days on the Market 41; Number of Total Listings 259; Number of Sales 31

Bradford: Average Sales Price $666,265; Average Days on the Market 31; Number of Total Listings 188; Number of Sales 48

Essa: Average Sales Price $564,833; Average Days on the Market 42; Number of Total Listings63; Number of Sales 15

New Tecumseth:Average Sales Price $568,147; Average Days on the Market 48; Number of Total Listings 160; Number of Sales 48

Adjala-Tosorontio: Average Sales Price $965,125; Average Days on the Market 83; Number of Total Listings 32; Number of Sales 8


MARKHAM SQUARE EAST TOWER has finally arrived!

MARKHAM SQUARE EAST TOWER has finally arrived!

Conveniently located in the heart of Markham & Unionville, one of GTA’s most coveted neighbourhoods! 

  • Perfect for Investors! Right across from the future home of York University’s New High-Tech Markham Campus! Over 4,000 students will be able to concentrate in eight different fields of study, including Arts and Media, Education, Information Technology, Engineering, Liberal Arts, Environmental Studies and Business.
  • Steps to Unionville GO Station, VIVA, YRT
  • Walk Score of 74 – Very walkable, most errands can be accomplished on foot (average Walk Score in Markham is 47).
  • Rouge National Urban Park, public and private schools, theatres, shopping and so much more!
  • Average Rental Rate in the Area: $2.38 psf (Source: Urbanation Rental Report)
  • Exclusive Amenities Include: 24-hour concierge, party room with gas fireplace, indoor-outdoor bar, lounge and dining area; beautifully landscaped outdoor terrace with barbecues; multimedia room with stadium seating; fitness club with spin studio and yoga/meditation room; furnished guest suite; and Wi-Fi throughout all amenity areas. 
  • Average Floor Premium: $1,000 per floor

 

Maintenance Fees

Approx. $0.52 psf + Internet

(Excludes Hydro, Water, Heat/Cooling,)

Parking Approx. $48.00/month

Locker Approx. $18.00/month

Occupancy Date

August 2021

Deposit Structure

$5,000 on Signing

Balance to 5% in 30 Days

5% in 120 Days

5% in 270 Days

5% on Occupancy

International Deposit

$5,000 on Signing

Balance to 10% in 30 Days

10% in 120 Days

10% in 270 Days

5% on Occupancy

PARKING INCLUDED*

(Valued @ $35,000)

*For Suites 582 sf and larger

LOCKER INCLUDED*

*For Suites 577 sf and smaller

LOCKER $4,500

(limited Supply)

Property Taxes Estimated at approximately 1%

Type Size                                        Range Approx. SQ. FT            Price Range
One Bedroom, Incl. Locker                 446 to 523                   $329,900 to $369,900
One Bedroom + Den, Incl. Locker      556 to 577                    $400,900 to $407,900
One Bedroom + Den, Incl. Parking     582 to 649                    $426,900 to $493,900
Two Bedroom, Incl. Parking                622 to 799                    $471,900 to $613,900
Two Bedroom + Den, Incl. Parking     798 to 931                    $591,900 to $711,900
Three Bedroom, Incl. Parking             1,157 to 1,198                 $796,900 to $826,900

 Best wishes,

Olesa Islamova, Real Estate Sales Representative | Realtor®

True Estate Team

Royal LePage Your Community Realty, Brokerage

Direct: 647.467.9477 /Office: 905.731.2000

Email: OlesaIslamova@gmail.com


New Listing MLS #N3940626

"Olde Town" Newmarket Jewel! Chic & Upgraded 3+1 Brm. House Overlooking Natural Forested Ravine in the Private Cul-De-Sac.

Features: Dark Maple Hardwood, Cork Floor in Kitchen, Brazilian Quartz C-Tops & Fireplace Mantel. Custom-Made Blinds, Maple Staircase, Custom-Made Railings, 2 Decks W/Custom-Made Wrought Iron & Glass Railings, Heated Floor in Master Ensuite, W/Jacuzzi, Jet Stream Shower, Cedar Sauna In Basement, No Sidewalk, Double Door, Modern Appliances, Custom Build-In Shelves & Wardrobe

Close distance to the Southlake Regional Health Centre, modern shopping area, 404, Go Transit and several parks.

http://www.homesbyolesa.com/755-john-cole-crt-n3940626

Contact Olesa Islamova for more information and viewings! 

 


GO.2-The Village of Maple

Living at GO.2 means never having to live without connectivity, culture and convenience. Connect with neighbouring urban style amenities, shopping centres, parkland and restaurants.

Located in the heart of the historic Village of Maple, residents can connect to downtown Toronto or towns across the GTA with walking distance to Maple GO station, YRT/ViVa Transit and easy access to the new subway line (currently under construction).

GO.2 Condominiums embody relaxation and rejuvenation, but excitement and adventure are never far in the Village of Maple. The beautiful architecture and thoughtful design make GO.2 stand out as an exquisite collection of condominiums, and the convenient location seals the deal.

Situated adjacent to the Maple GO station and minutes from highway 400, you can easily access all areas of the GTA. However, local amenities may have you staying closer to home. From the lush parks to the fine dining and shopping, why would you ever want to leave?

  • Developer: Pemberton Group
  • Location: At Maple GO station North West of Major Mackenzie Dr. and Dufferin Rd.
  • Architect: Award-winning Quadrangle Architects known for their creativity and innovation shown in the remarkable design of the sleek GO.2 condos.
  • Interior Designer: Interior design firm Tanner Hill is made up of 10 brilliant designers who work together to create homes that are artful, yet comfortable; contemporary, yet timeless, as seen in the GO.2 condominiums.
  • Statistics: 307 Units, 5 townhomes — 12 storeys
  • Amenities: Lobby, Fitness centre, Party Room with Catering Kitchen & Bar, Outdoor Theater, Dog wash

Estimated Occupancy Summer 2020

Extended Deposit Program: *Also available for international purchasers with a different structure.

  • $5,000 on signing
  • Balance to 5% in 30 days
  • 5% in 120 days
  • 5% in 365 days
  • 5% at rood completion
  • 5% interim Occupancy
    • Total 25% deposit.

Special Incentives: Free assignment, levies capped at $2,500, Free parking & locker for all suites.

Prices:

  • 1-Bdr; start from $372,000 for 610 sq.ft.
  • 2-Bdr; start from $544,900 for 855 sq.ft.
  • 2 Bdr+ Den start from $688,900 fro 1,145 sq.ft.
  • 3 Bdr. +Den start from $903,900 for 1,700 sq,ft.

Maintenance:

  • Units from 510-890 sq.ft. Approx. $0.55/sq.ft.
  • Units 935 sq.ft. Approx. $0.53/sq.ft.
  • Units from 1,085-1,225 sq.ft. Approx. $0.52/sq.ft.
  • Units from 1,305 sq.ft. Approx. $0.49/sq.ft.
  • Units from 1,380-1,420 sq.ft. Approx. $0. 47/sq.ft.
  • Units from 1,455 sq.ft. Approx. $0.46/sq.ft.
  • Units from 1,770-1,890 sq.ft. Approx. $0.38/sq.ft.

Includes: Heating & Cooling, Water, Common Area Upkeep, Building Insurance, In-suite Alarm, Landscaping, Snow Removal and Security

Excludes: Property Taxes, Hydro, Cable TV, Telephone, Internet Service, Maintenance of Parking ($37.50) & Locker ($7.00)

 Property Taxes: Approximately 1.00%

Contact Olesa Islamova for more information about development, floor plans, etc.


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!