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David Stoddard

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The Home Buyers' Plan..RRSP Deadline Approaching

by David Stoddard

 

If you are planning on purchasing a house or condo sometime in 2018 now is the perfect time to do some serious planning on how to best gather the money you’ll need for your down payment.

What is the Home Buyers' Plan? (HBP)

The HBP is a Federal government program initiated in 1992. The HBP has helped millions of Canadians to purchase homes and to build homes and therefore has played and does play an integral part in Canada’s economic growth .

Simply, the HBP allows you to use your RRSP money as part of your down payment funds to purchase a home or to build a home.

Think of it as an interest free loan to yourself paid back over 15 years interest free.

 

HBP Main Criteria:

* You, your spouse or your common-law partner cannot have owned a home as a principal residence in the last 4 years.

* If you have already participated in a HBP the balance is zero on Jan.1 of the year you plan on making another withdrawal . ie. you cannot have more than one plan open.

* The funds must be in a designated RRSP account for a minimum of 90 days.

* The money must be used no more than 30 days after your closing date.

* The money must be paid back over a 15 year period using straight line amortization. eg. If you withdrawal $15,000 then each year for 15 consecutive years you must repay $1000.

* You can overpay any year if you like however since it is interest free think again.

* If you underpay any year the difference is taxable.

* The first payment will be the second year following the year of the withdrawal.

Click HERE to read the rest of the report.

 

Oh, by the way......if you know of someone who would appreciate the level of service I provide, please call me, text me or email me with their name and number. I'll be happy to follow up and take great care of them.

 

GTA Real Estate Market Report October 2017

by David Stoddard

Stronger Fall Market Conditions

 

 

Greater Toronto Realtors reported 7,118 residential sales through the Toronto MLS system in October 2017. The number of transactions in October represented a 26.7% decline compared to 9,715 transactions reported in October 2016.

Total sales reported through the first 10 months of 2017 amounted to 80,198-down from 99,233 for the same period in 2016.

For the region as a whole detached homes in the GTA experienced the largest sales decline at 29.8%.

The number of new listings reported in October was up by 11.8% compared to October 2016. The number of active listings reported in October was up by 78.5% compared to October 2016.

“Every year we generally see a jump in sales between September and October. However, this year that increase was more pronounced than usual compared to the previous ten years. So while the number of transactions was down relative to last year’s record pace, it certainly does appear that sales momentum is picking up,” said Mr. Syrianos, TREB’s President.

The average price in October was up by 2.3% from the same time last year to $780,104. Condo apartments in the GTA led the way in terms of an average price increase at 21.8% compared to the same time last year.

 

 

“The housing market in the GTA has been impacted by a number of policy changes at the provincial and federal levels. Similar to the track followed in the Greater Vancouver Area, it appears that the psychological impact of the Fair Housing Plan, including the tax on foreign buyers, is starting to unwind,” said Jason Mercer, TREB’s Director of Market Analysis.

Sales of Toronto (416 area code) condominium apartments decreased by 21.4% in October  2017. The average selling price of a Toronto condo increased by 20.9% in October 2017 from the same time last year to $555,004.

Condominium apartments accounted for 28.4% of total GTA sales in October while detached homes accounted for 44.0% of the total sales.

Other notable statistics include the average days on the market for October at 23 days, up from 16 days a year earlier.  The sales-to-listings ratio for October 2017 was 37.7% which is still classified as a seller’s market. A ratio from 24%-28% is considered a balanced market.  

Sellers are looking for market value for their property. I prepare a comparative market analysis (CMA) for all of my Buyer clients prior to submitting an offer to determine the property's market value range 

Real estate is very neighbourhood specific, building specific  and even very street specific in some areas. The numbers as reported above are GTA averages. Results in one neighbourhood , on one street or in one building do not indicate that all other neighbourhoods, streets or buildings are experiencing the same results. We are still seeing multiple offers in some areas for the best homes and condos.

 

 

For all of your real estate questions please contact me direct (416-520-6746) or by email, David@DavidStoddard.ca

** You can follow my real estate posts on FACEBOOK. Click here to LIKE my real estate page

Oh, by the way......if you know of someone who would appreciate the level of service I provide, please call me, text me or email me with their name and number. I'll be happy to follow up and take great care of them.

 

Safe at Home With Smoke Alarms

by David Stoddard

 

From www.PillarToPost.com 

Smoke alarms are an important defense against injury or death in house fires. Statistics from the National Fire Protection Association show that nearly two-thirds of home fire fatalities occur in homes with non-working or missing smoke detectors. Most building codes now require smoke detectors in all residential structures, which has resulted in a steep drop in fire- and smoke-related deaths. Homeowners should check with their local public safety office or fire department for specific information on these requirements.

 

  • As in real estate, location is key! Smoke alarms should be in installed every bedroom, outside every sleeping area, and on each level of the home.

 

  • Alarms should be placed high on a wall or on the ceiling. It’s best to follow the manufacturer’s instructions for placement. High, peaked ceilings have dead air space at the top; in these instances smoke alarms should be placed no closer than 3 feet from the highest point.

 

  • For areas close to the kitchen, use a detector with a “hush button” that can be used to silence nuisance alarms triggered by cooking smoke or steam. Alternatively, consider installing a photoelectric alarm near the kitchen, which will not be triggered by cooking. No matter which type is used, never remove the unit’s battery to stop or prevent nuisance alarms.

 

  • There are two primary types of smoke alarm technology: ionization and photoelectric. According to the National Fire Protection Association, ionization alarms are more responsive to flames, while photoelectric alarms are more sensitive to smoldering fires. For the most comprehensive protection, both types or a combination unit should be installed.

 

  • Test each alarm monthly. It’s helpful to put a reminder in the calendar to do this on the first or last day of the month, for example. The units have a test button that will sound the alarm for a moment or two when pressed. Any alarm that fails to sound should have the battery replaced. If the test button fails with a new battery, replace the entire detector immediately. Monthly testing is also an ideal time to dust off the unit so that it continues to work properly.

 

  • Replace the batteries at least once a year. A common rule of thumb is to do this when changing to or from Daylight Saving Time in fall or spring. Remember, a non-working alarm is no better than no alarm at all. Some alarms now come with 10-year lithium batteries that eliminate the need for new batteries, but the unit itself must be replaced after its stated lifespan.

 

  • If the alarms are hard-wired to the home’s electrical system, make sure they are interconnected for maximum effectiveness – meaning that if one alarm is triggered, all of the others will sound as well. Any hard-wired alarms, interconnected or not, should be installed by a licensed electrician for safety and proper operation.

 

  • The newest type of interconnected alarms are wireless. This technology allows detectors to communicate with one another and, like their hard-wired cousins, will sound all of the units at the same time even if just one is triggered initially.

 

Do you have any questions about Toronto Real Estate? Please contact me direct at or by email, David@DavidStoddard.ca

** You can follow my real estate posts on FACEBOOK. Click here to LIKE my real estate page

Oh, by the way……if you know of someone who would appreciate the level of service I provide, please call me, text me or email me with their name and number. I’ll be happy to follow up and take great care of them.

GTA Condo Market Report Q3 2017

by David Stoddard

Condo Market Conditions Remain Tight in Q3 2017

 

 

Greater Toronto area Realtors reported 5,684 condo apartment sales through the MLS in the third quarter of 2017. The number of transactions represented a 28.9% decrease compared to 7,991 transactions reported in Q3 2016.

In the City of Toronto, which accounted for 73.4% of condo apartment sales in the GTA, sales were down by 34.0%. The average selling price in the City of Toronto was $542,492 up 23.0% from Q3 2016.

The number of new listings in the GTA reported in Q3 was down by 10.2% compared to the same period in 2016. The number of active listings in the GTA reported in Q3 was down by 1.0% compared to the same period in 2016.

"The condominium apartment market segment has exhibited the strongest average rates of price growth since the spring, relative to other major market segments. Competition between buyers remain strong, as listings remain below last year’s very constrained levels. Over the past few months, TREB has participated in discussions at various levels of government pointed at developing solutions for the housing supply issue in the GTA. As these discussions continue, it will be important to remember that the condominium market is not immune to a listings shortage," said Toronto Real Estate Board President Tom Syrianos.

“TREB will be paying close attention to the potential impacts of the new OFSI Guideline B-20 concerning new mortgage rules and underwriting standards, and the possibility of a vacancy tax in the City of Toronto. We will be asking consumers about their opinion on these initiatives, from the prospective of buying and selling intentions, during our fall polling cycle,” continued Mr. Syrianos.

The average GTA selling price grew in Q3 up by 22.7% from the same time last year to $510,206.

“Condominium apartments will likely account for a greater share of home sales as we move forward. Consumer polling undertaken for TREB by Ipsos in the spring pointed to increased buying intentions for condominium apartments. With this in mind, it is not surprising that we have continued to see robust price growth, as demand has remained strong relative to available listings” said Jason Mercer, TREB’s Senior Manager of Market Analyses.

 

 

Other notable statistics include the average days on the market for Q3 2017 at 22 days, down from 25 days in Q3 2016.

Sellers are looking for market value for their property. I prepare a comparative market analysis (CMA) for all of my Buyer clients prior to submitting an offer to determine the property's market value range  

Real estate is very building  specific. The numbers as reported above are GTA averages. Results in one building do not indicate that all other buildings are experiencing the same results.

The pace of average rent growth continues well-above inflation.

Greater Toronto Area Realtors reported 8,716 condominium apartment lease transactions in Q3 2017 down by 5.0% from Q3 2016.

The number of condominium apartments listed for rent in Q3 was down on a year-over-year basis by 3.9%.  

The average one-bedroom rent for the TREB market area as a whole was up by 11.2 per cent on a year-over-year basis to $1,976. The average two-bedroom rent was up by 7.7 per cent to $2,607.

The vacancy rate for a condo apartment in the City of Toronto for Q3 2017 was 1.0%.

 

 

Do you have any questions about Toronto Real Estate? Please contact me direct at or by email, David@DavidStoddard.ca

** You can follow my real estate posts on FACEBOOK. Click here to LIKE my real estate page

Oh, by the way......if you know of someone who would appreciate the level of service I provide, please call me, text me or email me with their name and number. I'll be happy to follow up and take great care of them.

 

 

GTA Real Estate Market Report September 2017

by David Stoddard

Balanced Market Conditions in September 2017

 

 

Greater Toronto Realtors reported 6,379 residential sales through the Toronto MLS system in September 2017. The number of transactions in September represented a 35.1% decline compared to 9,830 transactions reported in September 2016.

For the region as a whole detached homes in the GTA experienced the largest sales decline at 40.4%.

The number of new listings reported in September was up by 9.4% compared to September 2016. The number of active listings reported in September was up by 69.0% compared to September 2016.

“The improvement in listings in September compared to a year earlier suggests that home owners are anticipating an uptick in sales activity as we move through the fall. Consumer polling undertaken for TREB in the spring suggested that buying intentions over the next year remain strong. As we move through the fourth quarter we could see some buyers moving off of the sidelines, taking advantage of a better-supplied marketplace,” said Mr. Syrianos, TREB’s President.

The average price in September was up by 2.6% from the same time last year to $775,546. Condo apartments in the GTA led the way in terms of an average price increase at 23.2% compared to the same time last year.

 

 

“With more balanced market conditions, the pace of year-over-year price growth was more moderate in September compared to a year ago. However, the exception was the condominium apartment segment, where average sale prices were up by more than 20% compared to last year. Tighter market conditions for condominium apartments follows consumer polling results from the spring that pointed toward a shift to condos in terms of buyer intentions ” said Jason Mercer, TREB’s Director of Market Analysis.

Sales of Toronto (416 area code) condominium apartments decreased by 23.2% in September 2017. The average selling price of a Toronto condo increased by 24.0% in September 2017 from the same time last year to $554,069

Condominium apartments accounted for 29.2% of total GTA sales in September while detached homes accounted for 43.6% of the total sales.

Other notable statistics include the average days on the market for September at 24 days, up from 16 days a year earlier.  The sales-to-listings ratio for September 2017 was 33.5% which is still classified as a seller’s market. A ratio from 24%-28% is considered a balanced market.  

Sellers are looking for market value for their property. I prepare a comparative market analysis (CMA) for all of my Buyer clients prior to submitting an offer to determine the property's market value range 

Real estate is very neighbourhood specific, building specific  and even very street specific in some areas. The numbers as reported above are GTA averages. Results in one neighbourhood , on one street or in one building do not indicate that all other neighbourhoods, streets or buildings are experiencing the same results. We are still seeing multiple offers in some areas for the best homes and condos.

 

 

 

For all of your real estate questions please contact me direct (416-520-6746) or by email, David@DavidStoddard.ca

** You can follow my real estate posts on FACEBOOK. Click here to LIKE my real estate page

Oh, by the way......if you know of someone who would appreciate the level of service I provide, please call me, text me or email me with their name and number. I'll be happy to follow up and take great care of them.

 

 

Spotlight on 2017 The Luxury Real Estate Market

by David Stoddard

 

Sales of homes priced over $1 million were up year-over-year in Victoria, Calgary, the Greater Toronto Area (GTA) and Oakville while the luxury market in Vancouver cooled during the first seven months of 2017.

Sales of $1 million-plus single-family detached homes declined 32 per cent in Vancouver year-over-year to start 2017. The foreign buyer tax implemented by the provincial government in August 2016 is a contributing factor to this decline, as the tax led to fewer offshore buyers entering this segment of the market. At the same time, a strong mix of demand from downsizing baby boomers, foreign buyers and affluent younger couples combined with low supply led to an 11 per cent year-over-year increase in luxury condo sales in Vancouver. As a result, more developers are turning their attention to condo projects and more luxury units are expected to enter the market in the coming years.

Similarly in the GTA, luxury condo sales continued to increase significantly, growing 85 per cent year-over-year between January and July in 2017. In large part, this can be attributed to overall price appreciation in the market over the course of the last year, resulting in more condos meeting the higher dollar threshold, combined with condo inventory levels failing to keep pace with demand. The price appreciation across the market was a strong motivating factor for many baby boomers to sell their homes and use the equity to downsize to luxury condo units.

In contrast to Vancouver, sales for detached homes between $1-2 million rose 25 per cent year-over-year during the first seven months of 2017. The market continues to adjust to the introduction of the Ontario government’s Fair Housing Plan and the long-term impact has yet to be determined. The 15 per cent non-resident speculation tax included in the plan slowed demand from overseas buyers in the GTA overall, but did not significantly curb activity in the region’s luxury market. During the first seven months of 2017, demand for luxury properties in the GTA remained strong, with sales rising by 30 per cent year-over-year.

Click HERE for the full report.

 

For all of your real estate questions please contact me direct (416-520-6746) or by email, David@DavidStoddard.ca

** You can follow my real estate posts on FACEBOOK. Click here to LIKE my real estate page

Oh, by the way......if you know of someone who would appreciate the level of service I provide, please call me, text me or email me with their name and number. I'll be happy to follow up and take great care of them.

Amazing Clients! Amazing Results!

by David Stoddard

 

" For many people, purchasing their first property is one of the most significant decisions they would make. There are several unknowns and a recurring thought of “what if ” never goes away. As I experienced, the right realtor can address many of those nagging concerns and actually ease the stress of purchase.

I was introduced to David Stoddard through one of my relatives. It was early February, the property market was unusually hot and I had little idea about how i should pursue purchasing one. David sat me down in his office, walked me through a process that a prudent buyer should follow and after that, just listened.

It took me about six months to locate the property i liked and could afford. I went through about nine properties and not once did David attempt to force my hand. He gave his genuine feedback every time and allowed me to make the call.

It would be a struggle to find a realtor as professional, patient and focused as David and I highly recommend that buyers consider having him as their realtor to make their property hunt a positively memorable one.”

- Sudeep K

 

For all of your real estate questions please contact me direct (416-520-6746) or by email, David@DavidStoddard.ca

** You can follow my real estate posts on FACEBOOK. Click here to LIKE my real estate page

Oh, by the way……if you know of someone who would appreciate the level of service I provide, please call me, text me or email me with their name and number. I’ll be happy to follow up and take great care of them.

 

 

GTA Real Estate Market Report August 2017

by David Stoddard

Average Price Up in August 2017

 

 

Greater Toronto Realtors reported 6,357 residential sales through the Toronto MLS system in August 2017. The number of transactions in August represented a 34.8% decline compared to 9,748 transactions reported in August 2016.

For the region as a whole detached homes in the GTA experienced the largest sales decline at 41.6%.

The number of new listings reported in August was down by 6.7% compared to August 2016. The number of active listings reported in August was up by 65.0% compared to August 2016.

“Recent reports suggest that economic conditions remain strong in the GTA. Positive economic news coupled with the slower pace of price growth we are now experiencing could prompt an improvement in the demand for ownership housing, over and above the regular seasonal bump, as we move through the fall,” said Mr. Syrianos, TREB’s President.

The average price in August was up by 3.0% from the same time last year to $732,292. Condo apartments in the GTA led the way in terms of an average price increase at 21.4% compared to the same time last year.

 

 

“The relationship between sales and listings in the marketplace today suggest a balanced market. If current conditions are sustained over the coming months, we would expect to see year-over-year price growth normalize slightly above the rate of inflation. However, if some buyers move from the sidelines back into the marketplace, as TREB consumer research suggests may happen, an acceleration in price growth could result if listings remain at current levels” said Jason Mercer, TREB’s Director of Market Analysis.

Sales of Toronto (416 area code) condominium apartments decreased by 24.5% in August 2017. The average selling price of a Toronto condo increased by 20.9% in August 2017 from the same time last year to $540,169.

Condominium apartments accounted for 31.4% of total GTA sales in August while detached homes accounted for 40.6% of the total sales.

Other notable statistics include the average days on the market for August at 25 days, up from 18 days a year earlier.  The sales-to-listings ratio for August 2017 was 38.7% which is still classified as a seller’s market. A ratio from 24%-28% is considered a balanced market.  

Sellers are looking for market value for their property. I prepare a comparative market analysis (CMA) for all of my Buyer clients prior to submitting an offer to determine the property's market value range 

Real estate is very neighbourhood specific, building specific  and even very street specific in some areas. The numbers as reported above are GTA averages. Results in one neighbourhood , on one street or in one building do not indicate that all other neighbourhoods, streets or buildings are experiencing the same results. We are still seeing multiple offers in some areas for the best homes and condos.

 

For all of your real estate questions please contact me direct (416-520-6746) or by email, David@DavidStoddard.ca

** You can follow my real estate posts on FACEBOOK. Click here to LIKE my real estate page

Oh, by the way......if you know of someone who would appreciate the level of service I provide, please call me, text me or email me with their name and number. I'll be happy to follow up and take great care of them.

Amazing Clients! Amazing Results!

by David Stoddard

"My experience selling my condo with David Stoddard was amazing! 

As a first time seller, I leaned on David's expertise heavily. He organized everything (lighting, painting, staging) and when it was time to list, my unit looked amazing.  The multimedia presentation and listings looked excellent. 

We had accepted an offer within 24 hours of listing!

David is a consummate professional, organized, patient, and always quick to respond to any inquiries.

Whether buying or selling, I highly recommend using David as a realtor!"

-John Kelsey 

 

Please contact me direct at 416-520-6746 or by email, David@DavidStoddard.ca

** You can follow my real estate posts on FACEBOOK. Click here to LIKE my real estate page.

Oh, by the way……if you know of someone who would appreciate the level of service I provide, please call me, text me or email me

Amazing Clients! Amazing Results!

by David Stoddard

 

Buying your first home is a big deal, which comes with both nerves and excitement. David Stoddard first met with Caylen and I to discuss what it is we can actually afford, including unforeseen costs. This exercise was a huge benefit to help narrow down what it is we can actually purchase. We received listings and he was always upfront and frank about certain properties that would come up. When we did find our new home, David guided us through the process with patience and experience with a quick response.

Thank you, David! We will definitely recommend your service and expertise.

-Matthew and Caylen

 

Please contact me direct at 416-520-6746 or by email, David@DavidStoddard.ca

** You can follow my real estate posts on FACEBOOK. Click here to LIKE my real estate page.

Oh, by the way……if you know of someone who would appreciate the level of service I provide, please call me, text me or email me

Displaying blog entries 1-10 of 324

Contact Information

David Stoddard
RE/MAX Hallmark Realty Ltd Brokerage
968 College Street
Toronto ON M6H 1A5
(416)520-6746
Fax: 1-866-248-2303
David Stoddard B.A., M.A., A.B.R.
Sales Representative
Direct: 416-520-6746
David@DavidStoddard.ca