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Feb 272012
February 27, 2012
Feb 232012
You just never know what’s going to happen! When we arrived at our office yesterday morning they were setting up a photo shoot. Not unusual in TO but this time they were filming one of this seasons best new shows “The Firm” and the star Josh Lucas was being filmed right outside our office.
That is him on the phone.
This was all fun until we realised we couldn’t get to Starbucks for a coffee….. So we decided to head over to one of our favourite places in the Distillery District, “Balzac’s Coffee”…
… and had a great cup of their House Bold!
Where is your favourite place in Toronto to grab a coffee?
February 23, 2012
Feb 132012
One of the hottest areas in Toronto in the last few years, and one of Condosfirst’s favourite areas has been Liberty Village. So we thought now was a good time to see what has been happening in the area.
The Townhouses in Liberty Village are all now completed and more poular than ever. Whenever we list one of these they are gone….. fast!
The Liberty Towers have been completed and are now registered, so there are now opportunities to buy in this great condo!
And so are The Bliss Condos.
If you live in Liberty Village you can hang out at one of our favourite coffee houses, Balzac Coffee House, on the corner of The Toy Factory Lofts.
Or check out one of our favourite new stores West Elm.
Whether your thinking of a move or just to visit for a day you are going to love all that’s on offer in Liberty Village so make sure you go check it out!
February 13, 2012
The Toronto Real Estate Board has reported lower inventory of properties for sale in Toronto in the last few months, but what does this mean?
With the number of listings dropping but no indication whilst demand remains high it looks like we continue to see multiple offers, which means prices will continue to climb.
Anyone looking to sell in the near future would be well advised take advantage of this great situation whilst they can.
January 23, 2012
Jan 112012
At the end of the year we always take the time to review the market, and what a tremendous year for Toronto’s real estate market in 2011 its certainly been an interesting year.
This time last year many analysts predicted, at best, a flat market in the GTA for 2011. In hind-site to say those prediction look poor would be an understatement, with sales up 11% on the previous year. So what for the year ahead……
We have once again all seen recent reports from various sources predicting storm clouds will appear over the housing market this year. The Economist thinks we’re overvalued by 25%, the IMF thinks its only 10%, and the Star reports troubling times…. The good news is, that is pretty what they were saying last year!
There are certainly signs the global economy is on a slow down, that may have an impact, but there are also many encouraging signs coming from our biggest trade partner, the USA, it seems the worst of their troubles may be behind them, so maybe that will balance things out.
But I think a lot of these reports are short sighted and don’t look at all relevant factors in play in Toronto. Lets not forget that in 2008, when everywhere else struggled we thrived, and for good reason. We have some of the most stringent lending practices in the world that have been tightened further since and they keep buyers from over stretching when they buy. Certainly the building industry are not anticipating any issues and their new projects are going full steam ahead.
My view is that, providing everything in the economy remains status quo and interest rates remain low the market will remain solid. I really doubt we will see a big jump in prices this year, and that’s good news. We would all benefit from a balanced market and a for everyone to catch their breath for a while after a fun 12 months.
One thing is for sure, for a city of its size, and average income, Toronto still has some of the cheapest real estate, particularly condos, in the world and will still be interesting to homeowners and investors who are looking for a solid investment.
January 11, 2012
A question we are often asked at Condosfirst is “what is the best investment pre-construction or resale condo?” And the answer is… it depends. There are several important factors when weighing up the difference between them such as:-
Are you planning to live in the condo? If so how flexible are your time lines for moving. The builders will often give you an occupancy date but this could be moved (within certain restrictions) by the builder without too much notice. Patience may be something you need lots of when buying pre-construction but when buying resale you will already know when you take possession of your new home.
A newly constructed building will most likely not be completed when you move in, the builders build the units first and the main common areas afterwards, so you will need to learn to live with builders coming and going and some construction noise and mess after moving in. You are also likely to have missing facilities for some time so be prepared to wait for that Olympic size swimming pool. If you buy in a building already completed you won’t get any of these problems.
With new construction you are buying a unit sight unseen and to some extent buying on trust so make sure you do your due diligence on the builder and the developer to mitigate risks. Maybe go check out some other buildings they have constructed and see how they look when they are completed. With a resale you can already find out all you need to know as you can get a copy of the Status Certificate (the condo corps financial statement and their rules) before you firm up a sale so there will be no surprises.
Your money will be tied up early in a pre-construction. The builder will require a 25% deposit quite early in the process and this will be tied up until the building is completed. With a resale you will need an initial deposit but the rest of the funds aren’t due till you take possession.
New condos price come at a premium and how do you know it’s going to be a sound investment? I recommend that you work with a Realtor who can help you through this process and give you some sound advice on the pros and cons of each project and the area your looking at.
Buying a pre construction condo is not the easiest thing in the world to do, it requires a lot of patience and fact checking and not everyone has the time for this and the is no guarantee its going to be a better investment than a resale. But provided you do your homework the reward can be well worth it.
If you are looking for more detail advice or want info on a particular project then please contact us.
January 11, 2012
Nov 052011
There will always be “hype” in the Toronto real estate market, it’s always in someone’s best interest to talk up or talk down the market. There will always be an expert who has a valid point of view they want to share but there is only one viewpoint (supported by statistical fact) that stands out. In the past 10 to 15 years the market has consistently gained between 5 and 7 percent each year.
Essentially the main reason for this gain is population growth. As the GTA continues to grow, the demand for real estate will continue to be strong. Real estate is a supply and demand business and Stats Canada projects another million people will be living in the GTA in the next ten years.
These million or so new Canadians will all need somewhere to live. They may choose to rent for the first few years but at some point they will all become home owners.
I think we can safely look to continued steady growth, there will always be ups and downs of course but I still see a steady trend upwards.
November 5, 2011
Oct 262011
it wasn’t all business this week when Condosfirst invaded The Distillery District for a photo shoot. In search of new pictures for our marketing it was agreed by all that Toronto’s historical Distillery District made the perfect backdrop! Here’s a sneak peek of the photo shoot!
October 26, 2011
Oct 232011
Although there are already some great places to live in Toronto’s highly sought after Distillery District there are some new exciting projects under construction right now! One of these exciting new projects is the Clear Spirit Condos! Take a look at these fabulous pictures; who wouldn’t want to live here!
Join our mailing list and find out when this exciting new project is complete!
October 23, 2011
