Multiple Offer Situations

With the current real estate market in Toronto remaining strong, the presence of multiple offer situations is very common. Sellers are looking to generate multiple offers in order to sell their property at very high numbers. When entering a multiple offer situation buyers have to remember that looking at comparable properties is a very important step when determining what number to go into. A lot of listing agents are holding off offers in order to hopefully generate multiple offers. We always make sure to tell our buyers to choose a number that they are comfortable with and stick to it when entering into a bidding war. Too many times, we have seen buyers represented by other agents end up paying way too much for a property which is generally attributed to emotions, not facts. In the long run, it is not worth it. Recently we were in a situation where the listing agent had listed a property above market value, hoping to create a multiple offer situation. After reviewing the comparables with our clients, we came up with a number that we felt was fair for the property. Unfortunately, we did not win the property, nor did any of the other offers that were submitted. Ironically, the listing was terminated the following day due to the fact that nobody was willing to over pay for the property. It will be interesting to see if the property comes back on the market at a more reasonable price. Our advice to you when entering a multiple offer situation is to review all the comparable properties, and determine what the property is worth to you!

Good News for Icon Owners

Recently The Icon has had many units go up for sale and sell very quickly. It seems that despite all the newer buildings that are being built around us, The Icon is still holding its own. In the past months, we have seen many units sell for strong numbers, thus increasing the price per square foot in the building. For example a few weeks ago a one bedroom unit with two bathrooms, parking and locker sold for almost $400 000. This averages out to over $500.00 a square foot- quite an impressive number. Another larger two bedroom unit with parking and a locker sold for well over $515000. These two transactions alone demonstrate the strength of our building due to good property management and a solid condominium board. These both contribute to the general upkeep and maintenance of our building thus maintaining and raising the value of our units in The Icon.

If you are looking to sell or buy in The Icon, contact The Toronto Condo Chicks.

Christmas Party at The Icon

Make sure to come by the party room on December 8th, 2009 to mingle with your neighbors! Admission goes towards charity. Looking forward to meeting you all soon!

The Condo Chicks

Annual General Meeting

Our Annual General Meeting is December 1, 2009 at 7:30pm. Please make sure to sign and return your proxy. You can also fax it to: 416-596-6560

Two Bedroom Unit Wanted

We currently have a client looking to purchase a two bedroom unit in the Icon with parking. Please contact us if you are looking to sell.

DNA CONTEST- CONTACT US TO ENTER!

Sellers Needed

We currently have a high demand for units in the Icon both 1 bedroom and 2 bedroom units. Please contact us if you are looking to sell your Icon unit.

North Lobby Entrance

The North Lobby entrance doors look fantastic! Great work.

Dryer Vent Cleaning

Dryer vent cleaning will commence on August 31, 2009.

Dryer, Exhuast Duct, and Exhaust Fan Cleaning

Please be advised that there will be an additional charge of $43.00 added to your September common area maintenance fees for dryer, exhaust duct and exhaust fan cleaning.
If you preferred you may provide a cheque payable for this amount to TSCC 1441 before August 21, 2009.

Please feel free to contact us for all your real estate needs.

Selling Your Unit

If you're looking to sell your Icon unit in the next short while, consider doing it sooner than later.
The condo market is anticipated to slow down in August therefore your property may take a little longer to sell than normal. In general, real estate slows down in August as a lot of people go away on vacation.

Please feel free to contact us for any information on your ICON unit as well as other buildings downtown. We also specialize in other buildings both pre construction and built. You can visit us at http://www.torontocondomarket.com/ and http://www.torontocondochicks.com/

North Lobby Renovations

Keep in mind that the North Lobby is undergoing some work. Please take your pets away from the building to do their business! Thank you!

Selling Your Icon Condo Unit: Commissions

Considering the current economic situation, those looking to sell their ICON condo unit may also be trying to save a few bucks when it comes to listing services. With condos and homes sitting on the market for longer and not selling for the desired asking price, many sellers are requesting that their Realtor "cut" their commission on the listing side. If you find yourself asking for a reduced commission, read the following before talking to your Realtor.

1. Would you ask your hairdresser to reduce their cost for cutting your hair or ask your lawyer to reduce their fee? Don't forget that your Realtors career is to trade in real estate and they are considered an expert in their field.

2. By asking your Realtor to reduce their commission for selling your ICON condo, you are essentially asking for a minimal service. At a reduced commission, your Realtor will probably be less inclined to hold open houses, provide marketing material or have professional photos taken. These simple tools can help accelerate the sale of your condo unit by providing maximum exposure and help you get top dollar. In the end, you get what you pay for.

3. Don't forget that the commission you are paying your realtor is not the actual amount they will be receiving. There is a huge misconception that Realtors make tons of money. Real Estate brokerages take a percentage of that commission, with some as high as 50% depending on the program your Realtor is on.

4. Your Realtor will spend a lot of their own money and time helping to prepare your ICON condo for sale. Getting professional photos, floor plans, internet marketing and brochures made up all costs money. Your Realtor may spend thousands of dollars and a lot of their time preparing your condo unit with no guarantee that they will make commission if the unit does not sell or that the seller will change their mind.

By hiring a professional Realtor to sell your ICON condo, you are paying for a professional service. It is important to interview a few potential Realtors to see which one is best suited for your needs. Compare selling strategies and ask what is included in their commission that they are charging. The most important element when choosing a Realtor is that you feel comfortable with him or her and that they give you the confidence that your ICON condo will be sold quickly and smoothly.

If you are interested in selling your ICON condo, please contact us.

Fire Alarm Testing

The fire department will be testing the Icon's fire alarms on June 10th, 2009. No need to leave the building as it's just a test.

New Maintenance Fees

As of July 1, 2009, maintenance fees in the Icon are going up by 1%. If your monthly fees are already debited from your account, you do not need to do anything. However if you are paying by post dated cheques, please make sure to get them to the management office by June 22, 2009. Cheques are to be made out to TSCC 1441 and please do not forget to include your suite number on the cheques.

The Entertainment District on King Street West

Whether you are in the mood for pub grub, italian or asian fusion, the Entertainment District has it all! Vist the Royal Alexandra theater to watch the newest production and enjoy a nice dinner after with many options on King Street. This district is home to some of the best patios in the city. From Oasis, Grass to Schmooze- it's all just steps from the ICON Condos.

The ICON Condos Neighbourhood

The Clarence Park....

This is a wonderful park to spend a sunny afternoon having a picnic! It is also a gathering place for dogs. If you visit at 8:00am or 5:30pm, you will be sure to find many friends for your furry friend.

If you've wondered whats going up in the old parking lot which is now under construction at the corner of King and Spadina... well its going to be an LCBO! This is a much needed addition to this neighbourhood. With the closest LCBO at Loblaws in the St. Lawrence market area, this will surely attract more people to this neighbourhood.

The Icon Condos On Wellington, Toronto

The Icons (I say this because there are technically two condo buildings) on Wellington Street West in Toronto is a young professionals dream. I may be a little biased considering I do live in the condo building but I think it's safe to say that it's not only a very affordable condo but it is also extremely well maintained. You would never know that these buildings are close to ten years old.

With an exceptional exercise area, roof top terrace, party room, boardroom and 24 hour security and concierge, this building is hard to beat. (Did I mention all the pretty faces?) With tons of new condo projects going up around including the Festival Tower, the value of the condo building is naturally going up.

To make a long story short The Icon condo buildings accommodate investors, renters and buyers. If you have any questions regarding availabe condo units in the Icon please feel free to contact us- your Icon Condos residents.

Toronto Condos with Low Maintenance Fees

Buying a condo essentially means buying into a low maintenance way of living. Condos can be an affordable and stress free way to live as each month the owner pays a maintenance fee to cover certain common costs of the building. While having a low maintenance fee is ideal there are other factors to consider such as what is included in the monthly maintenance fee and the financial health of the buildings condo corporation.

Maintenance fees are paid to the condo corporation each month to cover common expenses in the building such as pool maintenance, security guards, grounds maintenance, etc. Maintenance fees are usually based on the size of the condo unit (square feet) therefore the larger the unit, the more the owner is contributing towards paying the common building expenses. Each year maintenance fees usually increase, as features of the building begin to wear out and need to be replaced and service contracts increase. This is why older condo buildings usually have a higher maintenance fee than newer ones. In addition, the more amenities a condo building offers its residents, such as a swimming pool, also contributes to a higher maintenance fee.

Many times I have buyer clients asking me to find them a condo with low maintenance fees. It’s not so black and white. You have to ask yourself a few other questions like what expenses do the monthly maintenance fee include? Does it include Heat, Hydro, Water, central air and building insurance? Each condo is different so make sure to find out exactly what is included. One condo may offer a low maintenance fee but utilities are not included whereas another condo may have a higher fee but you don’t have to worry about added utility bills.

Another thing to consider is the financial health of the condo building. Check with the property management to see if the monthly maintenance fees have been increased lately or if there is an increase scheduled for the near future. Special assessments are also important to take into account. Large repairs such as replacing the roof, are big ticket items. Depending on the situation of the condo corporation, they may choose to bill each unit owner their portion of the cost of the repair. The owner maybe required to pay in one lump sum or may be able to pay for it monthly for a certain time period. This cost is in addition to the monthly maintenance fee.

So next time you are looking for a condo with low maintenance fees make sure you take these other factors into consideration. Have your lawyer review the financial situation of the condo and only then you can decide if the maintenance fees are truly ideal.

If you are looking for a Toronto condo with an all inclusive maintenance fee, contact us.

Check your mailboxes....

In the next few days you will be receiving new business cards from us designed especially for the Icon.

Contact us for all your Icon needs.

Outside Maintenance

In a few weeks the stones at the front of the building are going to be re-leveled. Entrance on the south side may be restricted.

Toronto Condos: Parking Wars

Everybody knows that parking in the City of Toronto has proven to be more of a challenge over the last couple of years. With the population of Toronto increasing dramatically each year, parking is simply becoming more of a concern for both commuters and condominium buyers. In a city where parking lots are being purchased everyday by real estate developers to build yet another Toronto condo, acquiring a parking space and purchasing in a condo building with ample visitor parking is becoming more and more valuable.

If you are in the market to purchase a Toronto Condo, an important issue to consider is purchasing a parking spot. With parking in the city becoming more and more scarce, and with developers realizing more and more the value of parking, capitalization of this precious piece of land has begun. It is for this reason that purchasers should always attempt to purchase a Toronto condo with a parking spot as it dramatically increases the investment value of the unit when it comes time to resell it. Even if you do not own a car there are always ample opportunities to rent out your spot. Rental rates of parking spots in Toronto can vary anywhere from $100 to $200 a month. It is to the purchaser's benefit to buy a condo that has exclusive use to a parking spot or even better a deeded parking spot as the spot can be sold if necessary.

Most Toronto condos located in high traffic areas such as the entertainment district offer visitor parking but depending on the number of spots, they have a tendency to fill up quickly especially on weekends. In terms of new condo developments in the downtown core, because of the lack of space, condo builders have already either started to totally eliminate parking for visitors or if it is offered, often there is an hourly parking fee. Some older condo buildings such as 25 The Esplanade located in the heart of the St. Lawrence Market, have devoted certain levels of the parking garage exclusively for visitors, however visitors must pay per hour. This can prove to be extremely frustrating for condo owners who have frequent visitors or those who accommodate out of town guests and family.

Some Toronto condos have an abundance of visitor parking while other condos do not which is why it’s important to ask your Realtor about it. A lot of condo buyers forget to ask this question with the assumption that all buildings have free visitor parking. If you enjoy entertaining guests in your condo, be sure to find out how many visitor spots are offered in the condo before you sign on the dotted line.


If you are looking to purchase a condo with parking in the ICON, please feel free to contact us.

Power Outage: June 13, 2009

There will be no power in the Icon on June 13th, 2009 from 1am-2am and 6am-7am.

To Barbecue or Not to Barbecue - That is the Question!

With the warmer weather fast approaching, one of the things that people overlook when purchasing a Toronto condo is whether their new condo will permit them to barbecue. With more and more people choosing the condo lifestyle in Toronto, it can sometimes be very difficult to find a condo building that will accommodate aspects of a freehold home into your condo such as barbecuing. This alone makes your condo search a more challenging and frustrating task. Many buyers are under the impression that condo policies on barbecues can be taken lightly. After all you do own the unit so why shouldn't you be allowed to barbecue freely on your balcony or terrace? Unless you want a lawsuit on your hands, abide by the condo corporations rules.According to The Ontario Fire Code, there are no restrictions on where barbecues can be located. The city of Toronto does allow balcony cooking however your condo corporation may prohibit these actions. An interesting fact is that it is the transportation of the BBQ on the elevator and the storage of the propane tank that is illegal not the actual barbecuing. By law, charcoal and wood fires used for cooking are legal however it is the condo corporation that will prohibit barbecue usage. To date, there have been many legal battles concerning barbecues on condos balconies; therefore it is best to do your research and due diligence prior to purchasing a condo in Toronto if barbecuing is an important aspect of your condo lifestyle.With builders now realizing the demand for barbecuing privileges, the installation of natural gas lines on balconies and terraces in Toronto is becoming more and more common. Where natural gas lines are not present, the majority of Toronto condo buildings are attempting to accommodate barbecue lovers with a rooftop terrace if they are prohibited on individual balconies.When searching for a condo in Toronto, it is important to ask your Realtor to only show you units where barbecuing on balconies is permitted. Once you've chosen the condo you would like to reside in and you've decided to put in an offer, make sure that your Realtor makes the offer conditional on your lawyer's review of the status certificate. A portion of this document deals specifically with the barbecue rules and regulations of the condo building.
If you are interested in knowing which condo buildings in Toronto will permit you to barbecue on your balcony, or if you have a particular building in mind but are not sure about whether barbecuing is permitted, please feel free to contact me and I will let you know.

How to Prepare Your Icon Condo Unit For Sale

When selling your ICON condo unit, it is extremely important to show it at its potential. Here are a few simple things you can do to increase the attractiveness of your condo unit to potential buyers while still keeping within a budget. Some of these items are do-it yourself projects and some require the help of a professional. Either way these changes will help you get top dollar for your condo unit and also have a great return on investment.

In cost ascending order, here is what you can do to better present your ICON condo unit for sale:

1) De-clutter and de-personalize– This is probably the most cost effective yet easy improvement you can choose to do. When it comes to showing your condo, less is more. Remove religious items, family photos, gadgets and knickknacks. Keep in mind you want the buyer to remember the condo unit and not your extensive collection of DVD’s.

2) Clean – I know you are busy, but grab the vacuum and the glass cleaner and get rid of those dust mites and smudgy windows. People can not envision themselves living in a dirty home.

3) Upgrade hardware - Are those handles on your kitchen and bathroom cabinet doors still from the 90’s? Changing the hardware is a simple and cost effective way to give a new, modern look to an old cupboard door.

4) Upgrade light fixtures- Change old, outdated light fixtures and electrical cover plates. These are cheap to replace yet make a huge difference in the appearance of a room. Don’t forget to make sure to replace burnt out light bulbs as well.

5) Paint – Freshen up the interior of your condo unit with a new coat of paint. Use a neutral colour to make the space appear larger than it is and also to allow the buyer to envision their own furniture in the space.

6) Upgrade flooring - If it’s in your budget, replace old broadloom with simple, neutral broadloom or hardwood floors. If hardwood is way out of your budget, opt for laminate.

7) Kitchen Upgrades – One of the first areas in a condo a woman looks at is the kitchen. If it’s not in your budget to re-model the kitchen then consider replacing those old appliances with stainless steel. Stainless steel appliances are sleek and will give your home that modern touch.

In today’s buyers market it is more important than ever to make your ICON condo unit more attractive to potential buyers. After all, you only get one chance at a first impression so why not make it a good one!

Power Outage

This Saturday, May 16th, 2009 the entire building's power will be shut off from 1am-2am and 6am-7.

Why work with a Realtor for rental and leasing?

A lot of individuals looking to rent a condo in Toronto or to rent their own condo for investment purposes overlook the benefits of using an experienced real estate sales representative to facilitate the transaction. One may think it's a lot easier to list their property on craigslist or other such websites in order to save money, however it may end up costing you more money down the road. Here are some benefits of using an realtor while looking for a rental and for renting out your condo.

Renting out your Condo
1. Your realtor can advertise your condo on MLS to gain exposure to more prospects
2. Your realtor can help you qualify potential prospects by getting credit checks
3. Your realtor can advise you on current rental rates for your property
4. Your realtor can negotiate rental terms
5. Your realtor will collect all post dated checks for you from your tenant
6. Your realtor will facilitate the key exchange
7. Your realtor can get reference letters from the potential tenant for your review
8. If you are renting your condo fully furnished as you will not be in the country, your realtor can check in on your property periodically to ensure it's being well maintained.
9. Your realtor can guarantee that your tenant receives contents insurance for your property
10. Your realtor can advise you on the Landlord and Tenant's Act if need be

Finding a Rental Property
1. Your realtor can show you privately various properties in the location you desire as they have real time access to the MLS system
2. Your realtor can negotiate price and rental terms to your benefit
3. There is no charge to you for your realtor's service and time
4. Your realtor will facilitate all rental requirements such as credit checks, reference letters and contents insurance
5. Your realtor will facilitate keys and post dated check exchange
6. Your realtor can help you with building a healthy relationship with your landlord
7. Your realtor can advise you on the Landlord and Tenant's Act if need be

Mandatory Home Energy Audit?

Did you ever wonder how energy efficient your home is? Well you may be required to find out. If the provincial government passes the Green Energy Act, Ontario residents will have to add another task to their to-do list before they can sell or lease out their home.

Bill 150, the Green Energy Act would force home owners to provide information on how energy efficient their home is before selling or leasing the property. A home energy audit assess how much energy your home uses and if and how you can improve efficiency and lower your utility bills. Methods on how this audit will be conducted and determined will be established by the provincial government. This legislation has not yet been passed.

For many, many years, Ontario real estate association and other organizations have been encouraging the government to offer incentives to home owners to voluntarily make their homes more energy efficient. Now that this bill has been proposed the Ontario Real Estate association is concerned. They are hoping the Green Energy Act audit will be voluntary (with incentives) and NOT mandatory in a real estate transaction as the bill proposes.

This bill excludes Commercial and Industrial properties.

Tips for Selling Your Condo

The current real estate market condition in Toronto, Canada, is proving to be a challenging time for sellers. With a hot real estate market only a few short months ago where homes and condos sat on the market for only a few days before selling, times have definitely changed. For example, homes were sitting on the market for an average of 26 days (DOM) in Feb, 2008 according to the Toronto Real Estate Board and homes now sit for an average of 43 days.

This is why it’s more important than ever to put the extra effort in when selling your condo. Here are a few tips when selling your condo in Toronto:

1. If the unit is vacant, staging can have a positive effect as it can help potential purchases visualize how space can be utilized.

2. If the unit is occupied it is extremely important to keep the space tidy. Surfaces should be clear, washrooms should be clean and dishes should not be in the sink.

3. It is to the sellers benefit to remove any paintings or objects with religious meaning. A simple religious object can limit potential buyers.

4. Be flexible with showings. If people can't get into see your unit, how can you expect it to sell?

5. If you are home when a showing is booked, step out of your home. Potential buyers will feel like they can't talk freely with their agent and will feel pressure to look quickly. You want showings to be a pleasant and comfortable experience.

6. Restrain pets. Even though Snoopy may be really friendly, a lot of people are scared of dogs. A few little changes can make a huge difference when it comes to selling your condo unit. A little more effort can set you apart from your competition during these market conditions.

If you are interesting in selling your unit or knowing what it is worth, please contact us.

Pet Friendly Condos: What you need to know about moving with your pet

One of the things that people overlook when purchasing a condo in Toronto is whether their beloved pet will be allowed to accompany them to their new home. With more and more people choosing the condo lifestyle in Toronto, it can sometimes be very difficult to find a building that will accommodate your pet which in turn makes your condo search a more challenging and more frustrating task.

Many buyers are under the impression that condo policies on pets can be taken lightly because after all you do own the unit, why shouldn’t you be allowed to bring your pet? Unless you want a lawsuit on your hands, abide by the condo corporations rules. To date, there have been many legal battles concerning the pets in condos; therefore it is best to do your research and due diligence prior to purchasing a condo in Toronto if you plan on moving with your pet.

Many condo buildings have rules and regulations that do not allow pets at all or have put restrictions on the size of your pet. Here’s what you can do to ensure you pet can move along with you:

Ask your real estate sales representative to only show you units where pets are permitted. Once you’ve chosen the condo you would like to reside in and you’ve decided to put in an offer, make sure that your real estate sales representative makes the offer conditional on your lawyer’s review of the status certificate. A portion of this document deals specifically with the pet rules and regulations in the condo building, outlining the number, size and type of pets. Even if pets are permitted, any animal that is considered to be a nuisance or dangerous to the health, safety or welfare of the community is prohibited.

If you are interested in knowing which condo buildings in Toronto are pet friendly or if you have a particular building in mind but are not sure about whether your pet is permitted, please feel free to contact us and we will let you know!

Goodbye to Toronto Land Transfer Tax?

With the slow down in the economy and the constant implementation of taxes by the government, the real estate industry is starting to suffer. With the City of Toronto scheduled to vote on the City's proposed Budget on March 31, 2009, 65% of Torontonians believe that the new Toronto Land Transfer Tax should be reversed.[i]

With the recent effectuating of Dalton McGuity's new Harmonized Sales Tax, the entire cost of purchasing real estate in Toronto is putting a bad taste in the mouths of Torontonians. This in return has had a negative impact on Toronto's real estate market as housing sales have dropped by 16% and values by 1.5% in 2008 alone.[ii] This statistic is directly related to the new Toronto Land Transfer Tax and does not take into consideration the impact that the new HST tax will have.

Torontonians are finally beginning to speak their concerns and express that this new Land Transfer Tax has definitely had a negative impact on our economy. It has been suggested that the most effective action for the City to help with our economic situation is to essentially roll back the Toronto Land Transfer Tax. Not only would this reversal impact people's decisions in a positive way while deciding whether to purchase a home or not, but it will also positively effect the real estate industry. With over 28,000 sales representatives in the City of Toronto, Realtors will also see the positive results of the elimination of this tax with more people willing to purchase real estate.

Another statistic conducted by the Canadian Real Estate Association demonstrated that one out of every 100 jobs is related to the spending associated with re-sale housing sales.[iii] This translates into approximately 14,000 jobs in the City of Toronto that depend on re-sale housing transactions. [iv] With the considerable amount of people whose livelihood is directly impacted negatively by the taxes related to real estate purchases implemented by both Dalton McGuinty and David Miller, it is with extreme optimism that Toronto City council will take into consideration the positive impact that the elimination of Toronto's Land Transfer tax would have on Toronto's economy as a whole.

[i] TREB – Torontonians want Toronto Land Transfer Tax Repealed:Poll, Toronto, March 30th, 2009.

[ii] Ibid.
[iii] Ibid.
[iv] Ibid.

How will the new Hamonized Sales tax (HST) affect your next real estate purchase?

The question on everyone's mind is how the new harmonized sales tax implemented by Dalton McGuinty will affect your new home purchase. The feeling is quite similar as to when the government implemented the new land transfer tax last year. Everyone was rushing to purchase as quickly as they could to avoid the new tax. A similar situation has been created, however introducing this new provincial plan at a time when the economy is suffering does not make things easier for home buyers. For example to purchase a $500,000 home after July 1st 2010 could end up costing you an additional $40,000 dollars.

Other items that you will notice that will increase in price are newspapers, internet services, airplane fares, and construction costs. When construction costs increase, so will the price of new homes and condos in the City of Toronto. As of now there are only two options in order to avoid this tax in the City of Toronto if you are purchasing pre -construction real estate.

They are as follows:

1. Purchase a condo or new home under $400,000 as units at this price range are exempted from the tax.

2. Purchase a condo or new home before July 1, 2010 in order to avoid the tax.

Another way to avoid this hefty tax is to look at purchasing a resale home or condo. Even though the purchase price is not directly affected by the new tax, buyers and sellers of resale homes will hurt as the harmonized tax would apply to many services that are currently exempt from PST. Such services include legal fees, real estate agent commission, renovation services, land survey reports, home inspections, landscaping and house cleaning services. Also affected would be the cost of labour for installations or repairs, additions, renovations, driveways, roads, fences, swimming pools and patios.

Toronto home buyers have still not recovered from last years imposition of the new City of Toronto land transfer tax. In a market where the volume of home sales has dropped and house prices have softened considerably, the last thing Ontario needs is a new 8 per cent tax on legal fees, agent commission and other costs related to the purchase and sale of new and resale homes. All these costs whether it is a new home purchase or a resale purchase, has made purchasing a very expensive venture.

Toronto Real Estate: A Buyers Market

In today’s economy, owning a home in Toronto has become a more affordable option than ever before. With low interest rates and declining prices, it’s a good time to buy Real Estate in Toronto.

Interest rates are at an all time low – the lowest they’ve been in the past 10 years and they are expected to remain low for the next year or so (and then increase by 2 or 3 %[1]). Although the current rates make home ownership a more attractive option than renting, with the bank putting tighter restraints on lending, having the ability to take advantage of these low interest rates can be a challenge. If you are a buyer with secure employment and a decent down payment, home ownership may be a viable and affordable option if you can prove to your lender you can truly afford the financial obligation.

In addition to the unbelievable interest rates, real estate is also now much more affordable than in the past couple of years. The average price of real estate in central Toronto has decreased by about 10% over the past year alone. In Feb ‘08, the average price was $522,480 and in Feb ‘09 the average was $473,991. This market change now represents a great opportunity for buyers, especially those who couldn’t afford home ownership over the past couple of years.

If you are a first time home buyer, there are a few government incentive programs that can help out with the finances. Programs such as the RRSP Home buyers Plan and the first time buyers land transfer tax rebate can offer a bit of a helping hand when it comes to down payment and costs.

At the top of the market in 2007, it was not unusual to see properties sell the day they were put on the market or to see multiple offers on one property. Today we are seeing much less of this. For the first time in years we are now seeing a buyers market (Too much inventory giving buyers the upper hand). With a buyers market, homes sit on the market for a longer period of time causing prices to fall. With the average days on market in Feb ’09 in central Toronto being 43 days[2], buyers now actually have a chance to comparison shop and truly think through their purchase. It’s a buyers market so buyers get out there and take advantage of this market.

If you are interested in buying or selling Real estate in Toronto or the GTA please contact us.

[1] Economist forecast interest rates will remain lower at least for the coming year. March 30, 2009, The National Post, SR2
[2] Market Watch, February 2009, Toronto Real Estate Board

Party Room

In order to book the party room at the Icon condo, you must first talk to the concierge about availability. Once you have booked the date, you must give a $80.00 rental fee and an additional $25.00 an hour for the security guards. For more information, you can contact the concierge at (416) 596-1900.

The Icon Condo Units for Sale

2 STOREY, 2 BEDROOM + DEN UNIT FOR SALE - $599,990
FEATURE SHEET

- 2 Bedrooms each with Ensuite bathroom
- 1 Powder room
- Designer Reno of 2 Storey Sub Penthouse Loft with 2 balconies.
- Custom & Upgraded finishes : granite, porcelain tiling, faucets.
- Built in home theatre
- 3" Maple Hardwood Floors
- 1 Underground parking spot
- South view

If you are interested in a private viewing or have questions please contact us.

If you are an agent & would like to add you listing, contact us.