Concerns about foreign investors snapping up real estate have dominated headlines recently, but a new report suggests domestic investors outnumber foreign buyers in the Greater Toronto Area’s new condo market 10to1.
Toronto condo research firm Urbanation says foreign buyers, whose primary residence is outside of Canada, made up only5% of the sales of new units in condo buildings that were under development between July and September.
Meanwhile, domestic investors – those whose primary residence is in Canada but who don’t plan on living in the unit – made up 52% of the sales. The remaining 43% of new condos sold in the Toronto area went to locals who plan to live in the properties, according to the firm.
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If you were to compare average sqft home prices. where would Toronto rank? No.5! Vancouver (BC), Richmond Hill (ON), Richmond (BC) and Burnaby (BC) are the top 4.
https://steffenhugo.com/wp-content/uploads/2017/05/logo1020.png00adminhttps://steffenhugo.com/wp-content/uploads/2017/05/logo1020.pngadmin2017-03-30 23:03:442017-03-30 23:03:44How many square feet will $300,000 get you in Canada?
A lot of transit projects in Toronto are being discussed. This one is nearing completion:
Reportedly end of 2017 the University line – currently terminating at Downsview Station – will serve further 6 stops, two of them located in the York Region. It will be the first TTC transit line to cross city borders and will run through York University into the York Region.
Length of Subway Extension: 8.6 km
Toronto Part: 6.2 km from Sheppard West Station (currently known as Downsview Station) to Pioneer Village Station
York Region part: 2.4 km from Pioneer Village Station to Vaughan Metropolitan Centre Station
Planned Service Levels Trains every 4 minutes
Six stations have been built along the extension:
Downsview Park – south of Sheppard Avenue West, adjacent to the Barrie GO Transit Line
Finch West (At the intersection of Keele Street and Finch Avenue West)
York University (At York Boulevard and Ian Macdonald Boulevard)
Pioneer Village (At North West Gate and Steeles Avenue, East of Jane Street)
Highway 407 (South of Highway 407 and West of Jane Street)
Vaughan Metropolitan Centre (At Highway 7 and Millway Avenue)
Ontario has doubled the rebate on the land transfer tax or first-time homebuyers to $4,000 in an effort to help them enter the housing market, but it has raised the same tax on homes that sell for over $2 million.
Since January 1, 2017, first-time buyers don’t pay any land transfer tax on the first $368,000 of a purchase price. There has been be a half-percentage point increase in the tax on homes that fetch more than $2,000,000, a measure expected to affect less than one per cent of the population. (source: globalnews.ca)
Guess what – the rental market in Toronto is also hot!
Despite rising house prices – with the historically low interest rates and rising rents it can make it worthwhile investing in the right property. Call me if you want to find out more.
The following data compares the average rent from the 4th Quarter of 2016 to the average rent of the 4th Quarter of 2015 for condominium apartment rents:
Bachelor Apartments
$1,512 (up 12.0% from $1,350 in 2015)
1 Bedroom Apartments
$1,776 (up 7.4% from $1,653 in 2015)
2 Bedroom Apartments
$2,415 (up 8.0% from $2,236 in 2015)
3 Bedroom Apartments
$3,283 (up 15.9% from $2,833 in 2015) (Source: Toronto Real Estate Board)
https://steffenhugo.com/wp-content/uploads/2017/05/logo1020.png00adminhttps://steffenhugo.com/wp-content/uploads/2017/05/logo1020.pngadmin2017-01-28 23:08:112017-01-28 23:08:11EVER THOUGHT OF BUYING A SECOND PROPERTY?
Before you start – give me a quick call so when can have a chat what will increase the market value of your home the most!
If you are unsure if you should do it yourself or hire a professional, ask yourself the following questions:
Do I have the necessary skills?
Consider your own skills and abilities carefully. Getting in over your head can end up costing more money, and more frustration.
Do I need a building permit?
You may hope otherwise but the answer is very often: Yes (especially if you touch structural and/or plumbing)
Do I have the time?
Vice versa: You wished Yes but often the answer is No. Be realistic and assess how the amount you save compares to the time you spend. And remember it usually takes longer than expected…
Do I have the tools and equipment?
Acquiring tools will eat away from your savings, but not having the right tools will cost you additional time and not deliver the results you want. If DIY consider tool rental if economical.
How does the rest of my household feel about it?
Discuss with your loved ones – DIY will take you away from them, cause longer construction times and they have to deal with the change of routines
Get a second opinion to be sure you are saving
Talk to a trusted contractor – he will let you know what expectations are realistic in terms of savings and what work is actually doable by yourself.
https://steffenhugo.com/wp-content/uploads/2017/05/logo1020.png00adminhttps://steffenhugo.com/wp-content/uploads/2017/05/logo1020.pngadmin2017-01-28 23:06:132017-01-28 23:06:13PLANNING A RENOVATION? DIY OR HIRING A PRO?