Top 10 hot spots in Ontario

KW is Ontario's 'economic Alberta'

The Kitchener-Waterloo-Cambridge area is the top place in Ontario to invest in real estate, with the most potential for future price appreciation of any area in the province, according to an investment study released yesterday.
Canada's technology triangle is the "economic Alberta of Ontario" said analyst Don Campbell, head of the research and education firm Real Estate Investing Network.
The area, home to the University of Waterloo and companies such as Research In Motion Inc., maker of the popular BlackBerry wireless devices, is rated one of the most competitive regions to do business in North America, he said.
More than 60 per cent of Canada's population and 40 per cent of the U.S. population is within 800 kilometres of the area, where the average price of a two-storey, three-bedroom home in 2006 was $215,000.
"We are looking for places in Ontario that are poised to go forward, that haven't reached their potential yet, and that still have good upside for investing," said Campbell, a prominent real estate investor who is based in Vancouver.
In the study's second spot is the Barrie-Orillia area, followed by the Durham Region towns of Whitby, Pickering and Ajax. Markham comes in fourth, and Hamilton and Brantford are fifth.
The Kitchener-Waterloo-Cambridge area beat out Barrie, last year's winner, because K-W and Cambridge are rapidly transforming from a manufacturing base to a more diversified jobs base, representing a buying opportunity, Campbell said.
"You have a wide range of potential renters, anywhere from students to retirees, and continued strong job growth in the Kitchener-Waterloo area."
Campbell, the author of Real Estate Investing in Canada, uses 13 key factors for each area to help him determine rankings.
He looks at whether the average income and population are increasing faster than the provincial average, if there's more than one major employer, and if major transportation improvements are in the works. The $400 million-plus Red Hill Valley Parkway in Hamilton that's due for completion this year fits with that criteria, he said.
"Transportation drives future value more than just about any other factor," Campbell said. "Distance isn't the issue, it's time. No one says I'm 12 kilometres from Toronto, they say I'm 30 minutes from Toronto. It's about shrinking the commute."
Toronto, representing a more mature market, ended up in eighth spot. The economic capital of Canada continues to produce jobs, Campbell said, but certain neighbourhoods will do better than others.
Areas outside the core have been showing the highest appreciation and Campbell feels neighbourhoods such as Scarborough, where the average three-bedroom home costs $325,000, have an upside.
"I've bought in neighbourhoods before that had poor reputations that they didn't deserve – and have done quite well," he said.
He also likes the Armour Heights neighbourhood in North York and the Junction neighbourhood near High Park. He doesn't like condos as an investment.
"The new condo market is a cautionary tale and best avoided due to the huge expected increase in inventory, the sky-high rents necessary to make the property carry itself and the anticipated flooding of the market as soon as the pre-built purchases are completed," Campbell said in the 81-page report.
"Although demand may currently be high, this market is not yet considered a good medium-term investment."
A Canada Mortgage and Housing Corp. report released yesterday said housing starts, particularly for condos, were down significantly in March.
Multiple family starts are down 34 per cent year to date in the Toronto area. However, based on record levels of pre-construction sales over the last two years, the CMHC said it expects starts to ramp up significantly in the second half of the year. More than 11,000 condos are scheduled for completion this year and next in the Greater Toronto Area.
Some of the other Top 10 spots according to Campbell include:


Barrie and Orillia: A young community with a population expected to grow by 60 to 70 per cent in the next 10 years. Close to recreational areas, but housing values are less than in Toronto, which is a one-hour commute. A study earlier this year by ReMax Ontario Atlantic Canada said the average Barrie residence appreciated 372 per cent over a 25-year period – the most of any major urban market in Canada. The average price for a three-bedroom, two-storey home in Barrie last year was $288,400.


Durham Region – Whitby, Ajax and Pickering: While a traditional bedroom community for the Toronto area, the region is attracting an increasingly diverse list of local employers involved in automotive, aerospace, plastics and pharmaceuticals. Rental increases are poised to be above the provincial average. The average price of a Pickering home was $300,522. In Ajax it was $267,500 and in Whitby $293,000.


Markham: A strong, consistent performer. Continues to attract employers looking for a more liveable area to relocate. There are more than 900 advanced technology and life science companies in the town. The average price of a three-bedroom home is $425,000.



Hamilton: Steel town is undergoing a revitalization of key areas and showing an entrepreneurial spirit with the start of a major high tech industrial park. Redevelopment of commercial, residential and industrial areas is ongoing, and a new highway this year is a big plus. The average price of a three-bedroom home is $229,670.



Brantford: Joining the list at No. 5, Brantford looks to benefit from the spillover of the opening of a new Toyota plant in nearby Woodstock. A strategic location with affordable housing should see strong growth. Average house price of $294,000.




Brampton: Has the third largest population and the third largest number of workers among the GTA's 29 municipalities. A diverse economy is growing faster than the infrastructure. Average price of a three-bedroom home is $300,000.




Ottawa: When compared to other major centres, Ottawa has one of the most affordable housing stocks in the country. Low vacancy rates for condo apartments suggest rents could see a dramatic increase over the next several years. A three-bedroom home goes for about $403,000.





Oshawa: The area went through economic shock after the announcement of automotive sector layoffs. Downtown re-development will put the spotlight on underperforming areas of the city.





Whitchurch-Stouffville: Low vacancy rates, no substantial increase in rental units planned for the future, and a rising demand for country in the city lifestyle makes it poised for growth.

Source-Toronto Star ,April 12,2007

Highest midmonth total ever

Highest midmonth total ever
May 16, 2007 -- The resale housing market got off to a roaring start in May, with 5,003 sales reported during the first 15 days of the month, Toronto Real Estate Board President Dorothy Mason announced today. This is an 11 per cent increase over the first half of May 2006 and the highest midmonth sales total in TREB’s history.
“All signs point to a very healthy market for the remainder of the spring,” Mrs. Mason said. “In terms of activity, this year is about six per cent ahead of last year’s pace, and that’s an indication that there’s a lot of confidence in this market. Now is an excellent time to get started in the market or make a move.” The average price in the first half of May was up two per cent to $377,612 from the $369,543 recorded during the first half of May 2006.
Yeartodate prices were nearly five per cent ahead of the same time last year. Meanwhile average timeonmarket for a listed home fell to 28 days, and the average listtosale price ratio rose to 99 per cent of the asking price.
In Scarborough’s West Agincourt neighbourhood (E05), condominium transactions more than doubled as the area saw a 39 per cent overall increase compared to midMay of 2006.
Strong condominium activity also pushed Mississauga’s City Centre (W15) to a 49 per cent overall increase compared to the same timeframe a year ago.
In the Downtown Toronto / Harbourfront area (C01), 34 per cent more homes changed hands compared to midMay of last year, fueled mostly by highrise condominiums.
In central Vaughan (N08), detached homes and town homes were the most active types as overall transactions increased from midMay of last year by 59 per cent."

Single women are diving into home market

Although traditionally considered less inclined to buy homes than other demographics, single women of all ages are continuing to knock down barriers by purchasing real estate and tackling home repairs in droves.

According to the new Royal LePage Female Buyers Report, 30 per cent of single, never-before married women own their own home. For divorced or separated women that proportion is 45 per cent, and for widowed women it’s 64 per cent.

Poll results found that of the single, never-before married women who are not yet homeowners, 31 per cent say they will potentially purchase their next home within three years. More than half (56%) of women who intend to purchase in the next three years are shopping for a property in the $150,000 to $350,000 price range, while 10 per cent have slightly fatter pocket books and are looking for a property priced above $350,000.

Women today are earning higher salaries than ever before, and are much more financially independent than has been the case in the past. So it’s not surprising that women are distancing themselves from traditional patterns, like looking for a man to buy a home with, and are not intimidated by the home buying process. Of the women polled who intend to purchase a home in the next three years, 56 per cent are willing to participate in bidding wars, in comparison to only 49 per cent of men.

What’s more, the Royal Lepage survey found that, of women intending to buy in the next three years, 25 per cent said they are looking to purchase a ‘fixer-upper’ and plan to renovate it themselves. Only nine per cent intend to hire a contractor. Research shows that women in Toronto, Halifax and Regina are the most likely to undertake renovations.

According to the survey, the biggest factor driving women to buy homes is that it makes more sense to them than renting. Of women who own a home, 36 per cent gave that as the reason they bought property. Other important factors include making a good investment, cited by 22 per cent of female homeowners surveyed, and pride of ownership, cited by 13 per cent. Simply put, women today are more financially astute than previous generations, and appreciate real estate as a long-term investment.

Women are eagerly learning all they can about real estate. When asked, “What methods will you use to educate yourself about home purchasing?” the top three responses were speaking with a real estate agent (83 per cent), speaking with friends and relatives (78 per cent) and using real estate and financial websites (64 per cent).
The Royal Lepage survey also found that 34 per cent of women would forego a wedding reception in order to put a larger down payment on a house, as would 27 per cent of men. Women and men are both moving away from tradition, as a 2004 survey found only 30 per cent of women and 15 per cent of men likely to forego a wedding reception in order to invest in a home. (CREA 17/04/07)

8 Common Mistakes Most Home Sellers Make

8 COMMON MISTAKES MOST HOME SELLERS MAKE

1. Failure to effectively market the property. Good marketing distinguishes your home from hundreds of others on the market, selling its benefits not just its features. Open houses and print advertising (the most obvious) are only moderately effective. Only 1% of homes are sold at open houses, and just 3% of people purchased their homes after seeing a print ad! Your Realtor© should be using other methods as well to attract prospects. Ask your sales professional to provide a list of things they will do to market your home.

2. Basing your asking price on needs or emotion not market value. Many sellers base their pricing on what is termed as Subjective Value. To an appraiser, subjective value is based on emotions. For example, how much a seller paid for their home, how much they love their home, and overall pride of ownership is considered subjective value. Objective Value, is what ALL appraisers base the true value of a property. Setting the asking price of a property should always be based on Market Value. Appraisers call this objective value. Objective value looks at the condition of the property; it’s location, what properties with similar features in the same area are selling for, what other properties in the same area are listed for, and the overall condition of the economy and real estate market.If your home is not priced competitively, homebuyers will prefer larger or better homes in the same price range, increasing your time-to-sell. When your price is later lowered, buyers may be wary because they suspect other reasons the house has remained unsold so long.


3. Failing to "present" the home. A property that is not clean or well maintained often suggests hidden defects that increase the total cost of ownership. Sellers should make necessary repairs, and spruce up the house inside and out, keep it clean and neat, or risk chasing away buyers brought in by realtors. Buyers will leave themselves a large margin for error for the cost of repairs, reducing their offer price.


4. Over-improving your home before you sell it. Most buyers will base their decision on purchasing a home based on how they feel about the kitchen and bathrooms. If these areas of the home meet both their emotional and physical needs it makes it easier to sell a home. It is a good idea to get a real estate professional to do a market assessment of what your home is worth BEFORE improvements. The next step would be to get a written estimate for improvement costs; then have your real estate professional give you an update on the market value to determine how much more money your home will sell for AFTER improvements are made. This will let you know whether it makes sense to upgrade your home first, then put it on the market, or to just put it on the market for sale the way it is. Sellers may spend thousands of dollars doing the wrong upgrades to their home prior selling, expecting to recoup this cost. If you are thinking of selling, ask your realtor which upgrades are cost effective. Typically the most important and saleable areas of any home are the kitchen and bathrooms.


5. Choosing the wrong Realtor© or choosing for the wrong reasons. Many homeowners list with the agent who tells them the highest price, or a popular Real Estate company in the area. Remember it is NOT the sign that sells a home it is the real estate sales agent. Sellers should always choose the sales agent who provides the most experience and the one the seller thinks has the best negotiating skills. More experience could mean a higher price at the negotiating table, selling in less time, and with less hassles along the way.


6. Failing to take the first offer seriously. Many sellers believe that the first offer received will be one of many to come, hoping to hold out for a higher price, especially if the offer comes in soon after the home is listed. Often the first offer ends up being the best buyer, and many sellers have had to accept far less money than the initial offer much later on in the selling process. The first 2 weeks of the listing term is critical. It is this time that the home will usually get MOST of its action. Do NOT let how quickly the offer came in determine your decision to accept it or not.


7. Using the "Hard Sell" during showings. Buying a home is an emotional decision, and buyers are looking to see if a house is comfortable for them. Good Realtors© let the buyers discover the home's features on their own, pointing out only features they are sure are important to them. Overselling your home during showings make buyers think they are paying for features that are not important to them and can lose the sale.


8. Not knowing your rights and obligations. The contract you sign to sell your property is a complex and a legally binding document. An improperly written contract can allow the purchaser to void the sale, or cost you thousands of unnecessary dollars. Have your Realtor© fully explain the contract or have your lawyer review it before acceptance .

Don't Pay Another Cent in Rent To Your Landlord

"If you're like most renters, you feel trapped within the walls of a house or apartment that doesn't feel like yours.


It's a dream we all have - to own our own home and stop paying rent. But if you're like most renters, you feel trapped within the walls of a house or apartment that doesn't feel like yours. How could it when you're not even permitted to bang in a nail or two without a hassle. You feel like you're stuck in the renter's rut with no way of rising up out of it and owning your own home.Don't Feel Trapped AnymoreIt doesn't matter how long you've been renting, or how insurmountable your financial situation may seem. The truth is, there are some little known facts that can help you get over the hump, and transfer your status from renter to homeowner. With this information, you will begin to see how you really can:

1 Save for a down payment
2 Stop lining your landlord's pockets
3 stop wasting thousands of dollars on rent.


Little Known Facts That Can Help You Buy Your First Home

The problem that most renters face isn't your ability to meet a monthly payment. Goodness knows that you must meet this monthly obligation every 30 days already. The problem is accumulating enough capital to make a down payment on something more permanent.But saving for this lump sum doesn't have to be as difficult as you might think. Consider the following 6 important points:
1. You can buy a home with much less down than you think. There are some local or federal government programs (such as 1st time buyer programs) to help people get into the housing market. You can qualify as a first time buyer even if your spouse has owned a home before as long as your name was not registered.

2. You may be able to get your lender to help you with your down payment and closing costs. Even if you do not have enough cash for a down payment, if you are debt free, and own an asset free and clear (such as a car for example), your lending institution may be able to lend you the down payment for your home by securing it against this asset.

3. You may be able to find a seller to help you buy and finance your home. Some sellers may be willing to hold a second mortgage for you as a seller take-back. In this case, the seller becomes your lending institution. Instead of paying this seller a lump sum full amount for his or her home, you would pay monthly mortgage installments.

4. You may be able to create a cash down payment without actually going into debt. By borrowing money for certain investments to a specified level, you may be able to generate a significant tax refund for yourself that you can use as a down payment. While the money borrowed for these investments is technically a loan, the monthly amount paid can be small, and the money invested in both home and investment will be yours in the end.

5. You can buy a home even if you have problems with your credit rating.If you can come up with more than the minimum down payment, or can secure the loan with other equity, many lending institutions will consider you for a mortgage. Alternatively, a seller take-back mortgage could also help you in this situation.

6. You can and should, get pre-approved for a home loan before you go looking for a home. Pre-approval is easy, and can give you complete peace-of-mind when shopping for your home. Mortgage experts can obtain written pre-approval for you at no cost and no obligation, and it can all be done quite easily over-the-phone. More than just a verbal approval from your lending institution, a written pre-approval is as good as money in the bank. It entails a completed credit application, and a certificate which guarantees you a mortgage to the specified level when you find the home you're looking for. Consider dealing only with a professional who specializes in mortgages. Enlisting their services can make the difference between obtaining a mortgage, and being stuck in the renter's rut forever. Typically there is no cost or obligation to enquire.

There are many important issues you should be aware of that affect you as a renter. Why on earth would you continue to lose thousands by throwing it away on rent when with Hemang Upadhyaya
you could take a few minutes to discuss your specific needs so that you can stop renting and start owning.This conversation costs you nothing. But by taking the time to explore your options, and learn about the ways you can afford to buy a home, think how prepared and relaxed you'll be when you are ready to make this important step.

Hemang Upadhyaya-REALTOR

Welcome. I am Hemang Upadhyaya-Your Realtor for Life.

I am a Sales Representative with Re/Max West in Toronto.I specialize in Residential Home Sales and Purchases of Single Family Homes, Townhouses and Condominiums and Commercial. Your dream home is my goal. Call me for great service at 416-300-7260.

I am committed to providing uncompromising service to all my clients. Under promise and over perform is my mantra. My education and experience have given me the skill of listening to my clients and understanding what their ultimate goals are with their Home Purchases and Sells. You can feel free to contact me for most resources including but not limited to telephone numbers to utilities and the location of the nearest golf course, etc. I try to make the transition into a new area, city etc., as pleasant as possible. If I don't know, I'll do my best to find out. Being a REALTOR® means more than just selling homes. My clients become personal friends who know that once the deal is done, they can still count on me to be there for questions, comments and concerns. No job is big or small, I take the challenge. Whether you are a first time buyer or an experienced investor, I always focus on your goals, you'll find useful information about how to choose the "right" property, making an offer, negotiating, financing, mortgage rates, moving, and everything involved in making an informed decision in today's market. I do quality research and analysis, even to address your smallest concerns. What type of home are you looking for? I am a real estate professional who gives you the needed information whenever you need it. Your time is valuable. With real life experience in business and industry, I am qualified to successfully manage your special real estate transaction. I Am Here To Help you in achieving your goals.