June Market Update

The GTA saw 10,230 sales in June, up 21% from last June making it the 3rd best June on record. This is quite the turnaround from the first half of 2011 - down by 4.5% compared to the first half of 2010.




Average prices for June was $476,371, up by about 9.5% from June 2010 and up by about 8% from the average selling price for the first half of the year at $467,169.



Listing supply is down this year which is why we are seeing the average price increase. Buyer demand has pushed this price up in the second quarter of the year.







* Toronto Real Estate Board, New Release, July, 2011.

Toronto Life Magazine Feature

The August issue of Toronto Life Magazine features Erica Smith who was in search of a Toronto condo. After selling her place at the Icon, she ended up in the St. Lawrence Market area. Enjoy the story!

Click on Icon Condos for more information on buying or selling your Icon Condo.

Toronto Condo Icon Update

The Icon is considered one of the most desirable Toronto Condos in the entertainment district. Even though they are slightly older buildings, they are maintained extremely well. The recent resale numbers and lack of availability confirm the Icon's reputation. Recently a one bedroom plus den condo with both parking and locker sold in the $330 000 range. Again, this demonstrates that the Icon maintains it's value. In regards to availability there is currently a few listings that are between the $600 000 to $700 000 range. These units are both 2 bedroom units with both parking and locker. They would be ideal for a young couple who works in the city looking for a larger space or to start a family. Contact The Condo Chicks for more information.

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.

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.

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

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.