Friday, July 27, 2012

Michael Power Place Community Update

There has been so much activity for Michael Power Place in West Toronto

Values have grown steadily...

Interested in the latest stats?

See for yourself....

Contact details
for an immediate sales update

Management Office for 7 & 9 Michael Power Place
416 637 7700

Making it simpler for you to get the information you need.

David Pylyp
647 218 2414

Whats OPEN this weekend - Humber Bay Shore

We loved watching the Lifestyles of the rich and famous... Seeing how the other half lives

Here's a fun link for your Saturday or Sunday!

These are Condos that are going to be on Open House this weekend July 28 and 29th, 2012

Humber Bay Shores and Lake Shore,  Marine Parade Drive in Toronto West...

Even if you're not shopping in this price range, it's still fun to check out the Waterfront of the local market every now and then?  Don't you think? Drop in at Eden and enjoy the open air patio! 

(And of course, if you know anyone who might be interested in one of these great properties, feel free to hit reply... )   Here the link

Happy to help,

David Pylyp
Accredited Senior Agent

647 218 2414

Friday, July 20, 2012

Get a Mortgage while on Mat Leave

Looking for a house in Toronto's competitive real estate market does not always time itself perfectly for your life's circumstances. Here is how you can get a Mortgage while on Maternity Leave.

I’m Nathalie Ng. I am the Money Chick- A mortgage agent who is licensed 2 give unbiased Mortgage advice.

I've heard  new-Moms,  now with a bigger family, cannot get a mortgage.

It all depends which lender they approach & whom they are talking to. Not all lenders will approve a mortgage to someone who is on maternity leave.

I know of a lady who is looking to move up to a bigger house, what she can do?

One of my clients  just gave birth to twins. They were looking to buy a property before she got pregnant, but the pregnancy came first. A month after giving birth, they informed me that they now have twins; that they really, had to move from their condo.

So I have good news for women who are on MAT LEAVE; worried that they could not get a mortgage.
We were able to determine their level of income and debts. As a licensed mortgage agent, I was able to identify a lender who would be willing to consider her situation.
Now, many months later, they have moved into a new house where the twins have their own room.

 Its Good to help families in need…. How can Clients Reach you?
They can reach me at 416-629-1818

Sunday, July 15, 2012

Is your condo price up? For how long?

Condos are usually considered starter residences with studios, one bedrooms and lofts being most desired. Singles tend to be the predominant purchasing group.  As you gather and collect things for life you also gain a spouse and child. Things constantly change.

We were expecting retirees to downsize and  occupy smaller units, but they are embracing the housing they have and renovating to make their houses suitable for long term occupancy. This includes stair glider systems, wheelchair ramps and lifts at the front entrance plus other bath and lift aids. Walk in and Sit down Shower Conversions.

In a condo we agree to follow the Rules and Regulations. Declare Tenant Occupancy,  you get to do what you want inside not on the outside; Pet Restrictions, No wild parties, no excessive noise, Parking in new buildings is often limited. TTC ridership is encouraged. Auto Sharing?

Many decisions and obligations are made for you  so really you are making a lifestyle selection.  You have the right to pay maintenance fees. The costs for heat and hydro, water and garbage removal, (a house's garbage pick up is included, condo's pay tipping) additional amenities like a concierge can easily run to 58 cents per square foot.  The bigger the building, the better the sharing, but now you have more suites per floor in higher structures. Do you have a Rec center?

What will be the Future Values?

We have had an unprecedented run up in values that has continued unabated since 2000.  (There was  a blip in 2008 that recovered almost immediately in 2009). These exceptional growth years are expected to soften slightly going into 2014.  (PDF from CMHC)  As tenant demand decreases first prices will soften for rents, then prices will begin to adjust for unit costs. Toronto currently has 1.1% vacancy. 

CMHC projects average values at $420 - $495 per square foot as sustainable and supported by the Toronto condo resale market.   If you are buying at higher values you need to examine your addition amenities.

Annual appreciation on condos has been about 5 % per year on average. As buildings age they tend to stay within the rate of inflation for per square foot prices while maintenance fees continue to increase. Mandatory Reserve Fund studies are revisiting the minimum required contribution limits at 10% as inadequate. This is forcing many Condo Corporations to make the hard realistic choices they have evaded. 

So what's my conclusion?

I could never afford to live in the location I have; at High Park over looking Lake Ontario, in a single detached home, (The Opening Video scene is shot from my condo window) If It was not in a condominium. The same very quickly applies to being in the downtown core.  With larger units, 3 bedrooms plus den, does not appear to have sustained demand due to cost. IE 1.5 million plus.

If you want the lifestyle and location, it's great.  As an investment, with the additional expense of upkeep, maintenance fees and services, condos may not deliver the promised return. 

What do you think?