Some Interesting Real Estate InfoBits

Seven Decisions that Determine Success from the book “The Traveler’s Gift ” by Andy Andrews . Click here

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Did you know…..

* According to Jasmine Cracknell, an Associate with N. Barry Lyon Consultants, there are 353 condo projects on the market in the GTA. Builder’s do need a 75%-80% presale rate in order to secure financing from their lender.

* According to Jim Ritchie, Sr. VP of Sales and Marketing for Tridel the condo market is 50% first-time buyers, 25% empty-nester’s and 25% move-up buyers. Buyers who have been living in the suburbs are moving back downtown to eliminate commute times that are just getting worse.

* According to condo research firm Urbanation Inc., 45% to 60 % of all new condos in the Toronto market are bought by investors. Rents have barely budged since 2007 and condo prices are increasing giving more incentive to investors to sell rather than to rent out. Covering costs is becoming more difficult.

* The vacancy rate in the Toronto market for April  has dropped to 1.6% , compared to 2.7% for the same period last year according to the Canada Mortgage and Housing Corp. According to the Federal Housing Agency 75% of immigrants opt to rent when they arrive in Canada. Also the new mortgage rules introduced in March have taken some first time buyers out of the market.

* Canadians currently have $855 billion in mortgages on principle residences and $215 billion in home equity lines of credit according to CAAMP Chief Economist Will Dunning . Also reported: 200,000 Canadian homeowners paid off their mortgages in the last 12 months .Of those who renewed their mortgages in the last 12 months 65% are paying lower rates than previously .Among all borrowers 63% have fixed-rate mortgages, 30% have variable-rate mortgages and 6% have a combination of both.

* Vancouver area real estate spending was up 10% from a year ago in April and the average price was up 21% to $815,252. Why? Chinese buyers are seeking real estate in Vancouver’s high end neighbourhoods thus skewing the numbers.  The GTA’s average price is $486,223. Vancouver’s average house price has doubled in the last 6 years.  

* Using the full amount of financing the bank preapproves you for can be financial suicide. The bank will preapprove you based on gross income. You live day to day based on your net income. A personal budget is a MUST as part of your home buying plan.

* There is no cost for a Buyer under a Buyer Representation Agreement to use a Realtor to represent their best interests to purchase a home. The Seller pays the commission which is typically 5%. Remember, the listing agent is representing the Seller’s best interests not the Buyer’s.

* It is crucial to have a plan in place before you can begin the buying process. Every goal requires a plan. Your Realtor should help you put together a systematic plan which will ultimately save you time , effort and money. Are you ready for your Buyer Planning Session ?

 * Our Market Experience Tours of homes and condos  are a terrific way to gain market knowledge. Sellers fear educated Buyers.

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