Sales Representative Brian Kondo Homeselling Team  Re/Max First Realty Ltd

If you are thinking of buying, what are you waiting for?

Toronto home sales fall 40%, prices down nearly $175,000 since April

TORONTO, Home sales in the Greater Toronto Area tanked last month and prices continued to recede, the city's real estate board said Thursday, further evidence that provincial measures aimed at cooling one of the hottest housing markets in North America may be working.

The number of transactions fell 40.4 per cent in July compared to the same month last year, driven by fewer sales of detached homes in Toronto and its surrounding areas.

Tim Syrianos, president of the Toronto Real Estate Board, said the decline in activity has less to do with foreign buyers and more to do with potential homebuyers waiting to see how the market plays out.

"Clearly, the year-over-year decline we experienced in July had more to do with psychology, with would-be home buyers on the sidelines waiting to see how market conditions evolve,'' Syrianos said in a statement.


Toronto housing market downturn to be short lived, federal housing agency says

TORONTO, The recent downturn in Toronto's real estate market, brought on after Ontario introduced measures this spring including a foreign buyers' tax, is expected to be brief, the federal housing agency said Wednesday.

Property prices in the city which fell from an average of $919,589 in April to $793,915 last month, according to data from the Toronto Real Estate Board  should pick up again due to supply constraints and a stronger economy, Canada Mortgage and Housing Corp. said.

"The response we're seeing in the Toronto market seems almost emotional and a knee-jerk reaction to some of the changes, which suggests that these impacts will be short-lived,'' Dana Senagama, CMHC's principal market analyst for Toronto, said during a conference call to discuss the agency's latest housing market assessment.

The provincial government's measures, which were retroactive to April 21, include a 15 per cent tax on foreign buyers in the Greater Golden Horseshoe region, expanded rent controls and legislation allowing Toronto and other cities to tax vacant homes.

"If job creation continues in Toronto and the economy continues to fuel the housing demand, we can expect some of the pressures on house prices in Toronto to resume,'' said Bob Dugan, CMHC's chief economist.

Like Toronto, Vancouver also experienced a real estate slowdown following the implementation of a tax on foreign 

Where do BUYERS come from?



!!! Consumer Alert !!!

When selling your house, you must not let anyone who knocks on the door asking to view the house in.  They will see the For Sale sign out front or address on the internet.  Even if they have a Realtor business card, it could be fake.  Anyone can easily print off business cards falsely.   That person knocking could be scoping your house, ready to steal something, or even worse things.  Anyone who wants to view your home must contact a licensed Realtor through a Brokerage in order to make an appointment.  For your safety and security, always use a licensed Realtor to sell you home who will arrange appointments of verified and escorted customers.

Should you sell your home yourself?  Read this Article. (click)


Why Use an Agent?

When you have decided to buy or sell a home, the services of a qualified real estate professional are very important.  The ideal sales agent will have a good working knowledge of local real estate conditions, be prepared to deliver a high standard of service to customers, and have the support of a large real estate company. Most importantly, a good agent will save you time and money. Here are the advantages of working with a sales agent:
When buying a home:
  • Agents are negotiators who will manage your offers and counter-offers.
  • An agent is familiar with the neighbourhood and can give you information on local real estate values, taxes, utility costs, services and amenities.
  • An agent is familiar with the entire home purchasing process and can advise you of your legal and financial options as well as recommend home inspection and contracting services.
  • An agent can pinpoint homes that fit your needs and dismiss those that do not, saving you time.

 When selling a home:

  • An agent knows real estate values in your neighbourhood and will help set a realistic and competitive price on your home.
  • An agent will establish a marketing strategy for your home ensuring that your property is exposed to many potential buyers.
  • An agent takes care of the many tasks involved in selling a house (from placing your listing to putting up the for sale sign). This ensures that you enjoy a smooth and professional transaction.
  • An agent is an expert in the home selling process and as such will advise you of your rights, options and obligations.
  • An agent is a negotiator and will work for you to get  the best price possible.