Archive for February 2018

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The Elephant in the Room: 7 Question Sellers Should Ask Their Realtor, But Don’t

If you are thinking of selling in the near future, I have written a book, which outlines questions sellers neglect to ask their Realtor. Asking the right questions up front can make for a smoother and more productive selling experience. Download your free copy, or if you prefer a paper copy, call me and I will drop it off.

Are you the right person to sell my house?

Can I trust you?

Are you someone I can be open with about personal and financial matters?

How are you different from other agents?

Are you worth your commission?

Am I ready for the stress that comes from this move?

Will you price my house correctly?

Get your own copy by visiting http://www.RealEstateElephant.com/Sellers

– Chip Barkel, MCNE, SRES, REDM, Toronto Real Estate. Extraordinary Service. Top Results. 

Are You Ready For A Retirement Community?

As a Seniors Real Estate Specialist (SRES®), I keep abreast of real estate options for clients of all ages, especially those who are 50+. I recently met with Keri Armstrong, Community Relations Manager at Delmanor Northtown Retirement Residence at 5351 Yonge Street. When I asked her if most seniors thought they were ready for the move on their first visit, her response was both emphatic and surprising. “No, we don’t want them when they are ready. We want them before they are ‘ready’. We encourage people to move to Delmanor while they are active and able to enjoy everything we have to offer. Ideally, they should move in when they are still driving, attending social events, and living an active lifestyle. A common refrain shortly after moving in is ‘I wish I had made the move sooner’.”

 

Delmanor is a full-service retirement community with 120 suites in a 9-story building on Yonge Street, just south of Finch in the Willowdale neighbourhood. Delmanor offers various suite sizes including one bedroom, one bedroom & den, two bedrooms, even two bedrooms & den; most with balconies. There’s an on-site movie theatre, fitness and wellness centre, a pub, library, hair salon, two outdoor terraces and a panoramic rooftop overlooking the city, as well as underground parking. Delmanor has an elegant dining room with a private dining option where you can entertain friends and family. Being so well-located on the subway and the Yonge bus, is an additional bonus.

Delmanor caters to its residents even before they move in. A prospective resident can become a member of Club Delmanor and enjoy many advance privileges and get to “test-drive retirement living”, such as enjoying meals on occasion, attending musical events, lectures, and various trips planned in the community. Members are able to see for themselves and hear from people already living at Delmanor what their experience has been like.

I have a few friends living at Del Manor Northtown and on my recent visit, I found my friend Ruth engrossed in conversation with friends in her knitting circle by the fireplace in the main floor lounge. It was a cosy scene on a cold winter’s day. If you are thinking of making a move, book an appointment at Del Manor Northtown and visit (www.Delmanor.com). Aging in place sometimes means moving, but staying within your own neighbourhood.

– Chip Barkel, MCNE, SRES, REDM, Toronto Real Estate. Extraordinary Service. Top Results. 

January 2018 Toronto Real Estate Report

The residential resale market in the first month of 2018 is, in a phrase, a tale of two markets. Actually, that is not entirely true. It is a tale of many markets, a fractured landscape that varies by housing type, and, importantly, by location. The overall data for the greater Toronto area indicates that compared to January 2017 sales declined by 22 percent, from 5,155 last year to 4,019 this year. The average sale price also declined, from $768,351 last year to $736,783. A closer look at the data reveals that, except for detached properties, the decline in average sale prices was almost exclusively in the 905 regions. The 416 region, the City of Toronto, actually experienced price growth. In January 2017 the average sale price for all properties sold, the bulk of which were in the 905 region, was $770,745. This year the average sale price declined to $736,783. Last year, the average sale price in the 416 region was $727,928. This January the average sale price increased to $766,616, an increase of 5.4%. So, whereas prices are declining in Toronto’s outlying areas, within the city itself, they continue to increase.

The only housing type in the 416 region that saw price reductions was detached properties. The decline was modest at 3.9 percent. There is no surprise in this decline. Detached properties in Toronto in early 2017 had become exceedingly expensive. Detached properties continue to be expensive, the average sale price coming in in January at $1,283,981. The high end of luxury properties sales had an overall decline in January. Last year 166 properties were reported sold having a sale price of $2 million or more. This year that number dropped to only 90.

There are a number of factors responsible for this decline. Firstly, the run up of prices in early 2017 for detached properties, particularly in the City of Toronto, was simply unsustainable. Secondly, we were greeted with new mortgage stress testing rules in 2018 for conventional mortgages (all sales at or over $1 Million must by conventional – that is the minimum deposit required by buyers is 20% of the purchase price). Early indications are that the new mortgage stress tests reduce the purchasing horizon of buyers by about 15%. That means that buyers will either buy lower priced properties, or pay less than they could have before the new stress testing. They will only be able to buy what they can afford. Lastly, there is an uncertainty in the market place that is resulting in hesitancy. There is a belief that prices may continue to decline, so why buy now.

Prepared by Chris Kapches, LLB, President and CEO, Broker