Thursday, February 13, 2014
I am local to you.. No more than 20 minutes away
https://plus.google.com/u/1/+DavidPylypToronto/posts
Monday, January 20, 2014
More competition and Price Increases in 2014
Fewer homes will be on the market; stronger multiple offer competition, Buyers prepared with letters of approval from their lenders or they will be left standing on the curb as an unrepresented buyer wondering what happened? 2014 will continue with price increases and competition for detached homes in Toronto that outpace the rate of inflation.
Detached Homes will have the best return as Millennials compete to remain in Toronto's City Center. Last year the Toronto Real Estate Board sold 87,000 units. That's over 85,000 in 2012. The average price of all types of Homes in Toronto was at $520 thousand. This is up a collective 9% year over year, the average price of a detached house in the 416 is topping out at $864 thousand, and there are 5% fewer available for sale. This is going to cause
more price increases, multiple offers and competition this year. The average price of a house in the 905 have moved itself to $627,000 dollars .
Many are opting to compete in the downtown Toronto core for rental properties,
There is currently a 1.4% vacancy factor in Toronto. People are downtown as families, not as expected as singles and retirees.
Seniors are staying in their homes longer by making them suitable to their long term occupancy. This adds to the lack of inventory that's available for sale.
Affordability is playing a huge factor in the housing market.
There is so much information available for you online. From Hood Data Reports by postal code, to finding out the house History with
Verified Home Reports, to actually buying Condominium Insurance to guard against a Special Assessment.
You need someone to sift through all that data. Someone to help you interpret the numbers. If you have a sincere real estate challenge, a problem to deal with, give me a call. I've got 25 years of experience.
I available at 647 218 2414
https://plus.google.com/u/0/+DavidPylypToronto/posts
Detached Homes will have the best return as Millennials compete to remain in Toronto's City Center. Last year the Toronto Real Estate Board sold 87,000 units. That's over 85,000 in 2012. The average price of all types of Homes in Toronto was at $520 thousand. This is up a collective 9% year over year, the average price of a detached house in the 416 is topping out at $864 thousand, and there are 5% fewer available for sale. This is going to cause
more price increases, multiple offers and competition this year. The average price of a house in the 905 have moved itself to $627,000 dollars .
Many are opting to compete in the downtown Toronto core for rental properties,
There is currently a 1.4% vacancy factor in Toronto. People are downtown as families, not as expected as singles and retirees.
Seniors are staying in their homes longer by making them suitable to their long term occupancy. This adds to the lack of inventory that's available for sale.
Affordability is playing a huge factor in the housing market.
There is so much information available for you online. From Hood Data Reports by postal code, to finding out the house History with
Verified Home Reports, to actually buying Condominium Insurance to guard against a Special Assessment.
You need someone to sift through all that data. Someone to help you interpret the numbers. If you have a sincere real estate challenge, a problem to deal with, give me a call. I've got 25 years of experience.
I available at 647 218 2414
https://plus.google.com/u/0/+DavidPylypToronto/posts
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| Detached Vs Condo / Townhouse Prices |
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| Affordability VS Income |
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| Hood Data reports available by postal code |
Monday, December 9, 2013
Will you pay the $500 Basement Apartment Fee?
The Mississauga City Council approved a plan to permit second units on July 3, 2013. The plan includes official plan policies, zoning regulations and licensing requirements. It will be in full force in January 2014.
‘Second units’ are self-contained apartments within existing homes. They have their own kitchen facilities, a bathroom, a bedroom and sometimes have a door that separates the unit from the rest of the home. They are often called basement apartments, in-law suites or secondary suites.
The Second Unit Implementation Strategy includes:
• Official Plan policies permitting second units in detached, and semi-detached homes as well as townhouses
• Zoning By-law regulations including parking and distance from the property lines for entrances and stairs
• A licensing program to ensure zoning, building and fire codes, as well as property standards, are met
• An Education Program that will include information materials and sessions to help the public understand what is required for a legal second unit in the City and
• Partnerships with professional and organizations interested in second units
An existing second unit will only be legal if it complies with the official plan and zoning by-law, meets building and fire codes, and there is a license for the unit.
The initial second unit license will cost $500 for owner-occupied properties and $1,000 for investment properties . The annual license renewal will cost 50% of these values.
Any person who is charged with an offence under this By-law and found guilty is liable to a fine of not more than $25,000 or $50,000 (for corporations).
http://www7.mississauga.ca/documents/ByLaws/second_unit_licensing.pdf
Back Grounder City of Mississauga Feb 25, 2013.
http://www5.mississauga.ca/agendas/planning/2013/02_25_13/Item01HousingChoices.pdf
http://www.mississauga.ca/portal/residents/housingchoicesfaq;jsessionid=QWO1TNPT5FJELTRPH3XT44WOF25W2PW0?paf_gear_id=3700008&itemId=114600169n&action=faqAnswer
Keeping it or Selling it?
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