2 Story For Sale in Aurora Estates, Aurora

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•  5,700 sq. ft., 4 bath, 4 bdrm 2 story$3,150,000 CAD.
MLS® #n3639996  

– Aurora Estates! Magnificent Country Estate Nestled In Exceptionally Peaceful And Private 2.16 Acre Mature Treed Lot. Stunning New Reno Inside And Out. Luxury Kitchen & Baths, Spectacular Vaulted Great Rm, 2 Fireplaces, Grand Oak Staircase And Railings. Gorgeous Hardwood. Bc Douglas Fir. Finest Finishes. Private 2+ Bdrm Legal Apartment Over Spectacular 8 Car Garage. Approx 5700Sqft Total. Minutes To All Amenities, Golf, Quality Schools. 30 Mins To Toronto.

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2 Story For Sale in Don Mills/Sheppard, Toronto

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•  4 bath, 4 bdrm 2 story$1,698,000 CAD.
MLS® #c3474330  

– Looking For The Best In Henry Farm? Look No Further. Gorgeous 60 X 140 Treed Hill Top Lot With Views Of City. Great For Lrg Family & Ent. In Ground Pool, Prof Lndscpd Garden & Multi Level Decks, Built/In 2 Car Garage, 5 Baths, Finished Bsmt W Rec Rm & Nanny Suite. Expanded & Reno’d From Top To Bottom W/Permits. Proudly Owned & Meticulously Cared For By Original Family Since New. Perhaps The Best Home & Location In Henry Farm. Don’t Miss This Unique Property!

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Real Estate Professionals: We know the market.

 

 

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I recently attended a presentation by a representative from CMHC (Canada Mortgage and Housing Corporation) – probably the most respected and reliable source of data regarding home ownership and issues that affect the real estate market in Canada.

For myself, as an active real estate professional working in the GTA, I was not surprised with the revelations provided by CMHC. In fact, I am pleased to say the information matches pretty well what I already have surmised about the market here in Toronto and the GTA. This is not to say I have any criticism of CMHC, on the contrary, I am very appreciative of the enormous volume of information, data and expertise CMHC provides us professionals and the general public.

Here is a synopsis of the CMHC presentation pertaining to current and future Market conditions in Toronto.

2016/2017 Outlook GTA

CMHC sees the number of sales reducing.  If interest rates go up, we will see a further reduction in the number of sales.

Demand: current low interest rates support home buying but as prices continue to rise, affordability levels reduce. We now see required income is higher than actual income in the GTA at 115%.

Price: CMHC see more listings in the future. Price growth will slow but levels will stay high. Sale prices still strong in Low Rise units. There has been less price growth in condos but CMHC is seeing prices starting to rise (5%)- also, the number of sales is expected to rise, especially north of the city.

Condos: as many as 20,000 units are coming on line in 2016/17. 2014 saw the peak of condo units in Toronto. The number of new units coming on line is down from 2014- but still strong.

International Migration Return to GTA will get stronger.

Low Canadian dollar will continue to support strong foreign investment and ownership.

There are still strong fundamentals in Toronto.

4 Risk factors according to CMHC:

  1. Overheating

  2. Acceleration

  3. Overvaluation

  4. Overbuilding

With regard to #2: as stated above, price growth outpaces income growth which has a negative impact on affordability

With regard to #3: Condos- inventory is high but number of new units under construction is reducing. Expect more rental starts but with continued low vacancy rates (2015-1.8%).  Higher long term investor activity- buying to rent units for the long term.. Slower price appreciation. Still strong demographic support for hi-rise homes: millennials without cars – more units being built in downtown core and/or in close proximity to subways. Expect to see more seniors downsizing – baby boomers are now at the age where they are empty nesters and looking to downsize.

Ok, there it is.   For what it’s worth.

As an active real estate professional slugging it out in the GTA over the past decade and more, I’ve seen this trend materializing for some time now. Institutions have to wait for their data to accumulate, be processed and then conclusions determined and posted.  Real estate professionals are in the trenches every day and we see this activity in real time.  So, if you want immediate market information, speak to a trusted real estate professional.  We can tell you what’s going on from first hand experience.

When you need real estate advice, save yourself the headache and just call me.

 

 

Toronto Real Estate and the Savvy Buyer

As I’ve exclaimed before, with historically low interest rates, strong buyer demand and short supply of listings, prices will continue to rise, especially in demand areas of the GTA.

NOW continues to be the operative word in Toronto real estate for both Buyer and Seller. Buyers with the necessary funds are anxious to purchase as soon as possible. They are also more savvy than ever before. Today’s buyers know the market and are aware that in this environment of competition they may have to pay more than the other guy. In other words we are still in a strong seller’s market and will continue to be for some time.

Well, that’s true but I must add that if you are preparing to sell, you must anticipate the strength of the savvy buyer. I believe nowadays if a property is not priced well, the savvy buyer will under bid or ignore the property that is overpriced. That means that sellers who are wooed by the tide of increased average prices year after year and who think they can push the market unrealistically, are in for a potential disappointment.

My philosophy is always to interpret the market potential of a home and to price it appropriately in order to facilitate a sale that reflects current market conditions in a timely manner. This is the best outcome for any seller as it avoids the potential stress and disappointment of a stale listing that could prompt a lower price. It is common today to see properties that have been listed with an offer date – trying to create a bidding war- where the offers were not satisfactory and the property had to be re-listed at a higher price. This can be shock to the seller who was hoping for multiple offers well above the asking price and creates more stress and worry for both the seller and the listing agent. Sometimes the new higher (realistic) price is met and all ends well. But not always. Why take the risk!

Today is actually no different than the past. The same principles always apply. Prepare your house to the best you can afford, determine a fair and attractive market value and don’t try to push the market and be the lucky one who got that vast amount over ask!

I work with homeowners to improve the marketability of their homes in the most cost effective ways. Intelligent and experienced evaluation of the current market coupled with simple improvements will result in a strong sale price.

My efforts help you the seller maximize the full market potential of your home.

Also, I will stage your home for free!

Feel free to contact me at 416-885-0535 or email: norman.hathaway4@gmail.com for a discrete and confidential appointment.