|
||||||||||||
|
||||||||||||
Your #1 source for Toronto Condos and Lofts
- View the latest Toronto condos and lofts for sale, browse building
profiles and much more. The Toronto Condo Team offers expert advice
backed by many years of experience, whether you are buying, selling,
investing or renting. Call THE TORONTO CONDO TEAM today and get started
!
Buying a Toronto condo or loft in Toronto is a significant financial investment and as a result, can be a highly stressful experience. At The Toronto Condo Team we recognize that fact and want to help reduce whatever stress you might feel when selling your condo or loft. We have worked with all types of Toronto condos and Toronto lofts buyers and have an intimate knowledge of the Toronto condo and Toronto loft market. We'll walk you through the condo buying process and answer any questions or discuss any concerns you might have. Visit our Condo Buyer's section here
When you are selling your Toronto condo or loft there are many factors that come into play that you'll need to consider. Most Toronto Condo Agents charge about the same commission. The key to receiving the most money is getting the highest possible price for your condo in Toronto. The only way to get the highest price for your condo is to expose your Toronto condo or Toronto loft to the greatest number of potential buyers. Only Re/Max Condos plus has a company wide marketing plan for all our listings in addition to The Toronto Condo Team marketing plan. That's why we can net you the most money for your Toronto Condo or loft. The 4 reasons why a condo or loft sells are Location, Price, Condition of the condo, and finally the Toronto Condo and Loft specialist you select and how they will market your property. Visit our Condo Seller's section here
JUNE 2010 It seems that discussion on the Toronto Condos and Toronto Lofts market itself has been supplanted by Government involvement in trying to slow down a real estate market that is leading the general economy out of a recession. First, the Feds announced changes to CMHC lending policies in an attempt to slow down toronto condo and loft buyers. For condo buyers, qualifying at the five year posted rate or the five year fixed contract rate will have minimal impact. Now the banks have jumped the gun knowing that buyers have no other option. They bumped these five year rates by 60BP even though these rates are tied to bond yields which have not moved up as yet! While most expect some increases in these yields later this year, the move by banks is simply greed with the knowledge that the Feds will do nothing. The biggest CMHC change is with investors. After April 19, investors will need to have a 20% down payment for Toronto condo rental properties - read condos in our market. But how many developers have sold pre-construction condos and lofts in Toronto to investors with only 10 or 15% down, two and three years ago? Now these investors won't be able to get a mortgage unless they come up with more money down on closing. Watch as more condos and lofts investors try to off load their units during the Assignment window or worse, give them back to developers. The impact will be for prices to back off and actually decline for some types of condo units, and in some condo or loft buildings. This could make the second half of the year far more active than many of us thought at the start of the year. The second road block was the ruling of the Competition Bureau that consumers need more choice in selling their condos or lofts in Toronto. The ruling was further complicated by poor reporting of the facts. First the public can not list their Toronto Condos or Lofts for sale by themselves on MLS - they still need a Realtor. Imagine having a car to sell privately and you go to the GM dealer, park it on their lot, and ask them to refer you all the buyers that come by the dealership. You see the stupidity. The Competition Bureau also asked that Realtors 'just post' the property on MLS and do nothing more for a fee. Currently there are a number of brokerages that already do this, however the Bureau wants us to incorporate this option into our By-Laws to which we agreed. As the Industry attempted to point out, real estate is regulated on a provincial basis, and in Ontario our regulations require us to provide a certain level of agency obligations. It's hard to serve two masters! In the end, consumers and the market place will determine the real outcome. What is best for the market, and for Toronto Condos and Loft buyers and Toronto Condos and Loft sellers of properties is a reasonable level of certainty in being able to plan future transactions without having Government continually introducing new rules with new uncertainties. That being said, the Toronto condos and Toronto lofts
market continues to move towards balance. While we continue to report
record sales for March - over 10,000 Toronto Condos units which are closer to May's
record sales numbers, the end is in sight. And it will come before July1!
Our best guess is that the Toronto condos market will peak in late April. Multiple
sales are starting to drop in the Toronto condo and loft market. And those in
multiple offer situations are not bidding way over list price. In fact
our Company experienced one multiple sale with four offers, only one
above list price, and it was just by $4,000. Need we say more? Toronto
Condo and Lofts listings continue to accelerate, now over 19,000 on TREB and 1100
for downtown Toronto condos and lofts. The Toronto condos sale-to-list ratio (sales to active
condos and lofts listings in a month) that was at one time over 80% is now down to 50%
and will soon approach the 25-35% range of a balanced Toronto Condo and Lofts
market. Our point is that the condos and lofts market would have slowed itself without
the added 'help' of big Government.
#1 Toronto Condo Team. We Sell your Toronto Condos at the highest price and quickly. |
||||||||||||
 |
