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I'll admit it, several years ago I had a very poor opinion of the CityPlace neighbourhood in Toronto. Back then, this neighbourhood of tall condo buildings built around Fort York Blvd and Spadina Ave was a huge construction site. It was dirty, the buildings were all under a constant state of repair, and there were no amenities nearby. Then in 2013, when Fort York Blvd opened through Bathurst St, things began to change.
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We've all seen news headlines over the last few years describing properties that sell for "$400,000 above asking!" These headlines make it seem like houses are selling for much more money than they ar...
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The family cottage should invoke memories of warm weather, sunshine, and happiness. Unfortunately, for some, estate battles or family fights surrounding the cottage can tarnish these positive memories upon the death of the owner of the property.
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As greater numbers of individuals become authorized to act as attorneys for property, it is important that both the grantors and the attorneys understand what is expected and what may be legally required of the fiduciary.
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From personal experience, the market remains buoyant. We're entering the fray one again with expectant eyes set on several purchases to buoy our own portfolio. Some will be rental investments, others flips. The latter is a particular field of expertise, our training ground, in fact, long before moved into TV.
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The fact Firecracker and Wanderer have eschewed real estate in favour of an early idleness, and are actually of Asian (!) heritage, has turned a lot of newsroom cranks. After saving madly, living on air and investing their 500 grand (with me), these guys ended up claiming to be the nation's youngest retired millionaires. My callers? Not so much. The liquid assets among 35-year-olds who have been working for seven or eight years is breathtaking. There aren't any. Instead, all the cash has gone into lifestyle, a soul-sucking condo or repaying student debt. The kids basically have no idea what an RRSP is, or an ETF, and equate a TFSA with a high-interest savings account at the bank.
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A bidding war is when the seller will list their house at an artificially reduced price, show buyers the house over a period of about a week, and then have an offer date where all interested buyers present their offers. The expectation is that they will sell for well over the asking price, and have multiple buyers bidding against each other.
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This year promises to be particularly exciting for real estate investors. For the first time in many years, we may actually see the interest rates creep up from their historical lows. The head of the US Federal Reserve, Ms. Janet Yellen, indicated on numerous occasions that the rates would go up incrementally as their quantitative easing was coming to an end.
Many families are deciding to raise their children in the city instead of moving to the suburbs. Toronto is a safe and vibrant city, and with house prices both in the city and in the suburbs unrealistic for many parents, condos are an attractive alternative. Right now, a typical semi-detached home in a desirable neighbourhood can sell for around $1 million.
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In real estate, the Days on Market statistic is meant to measure how many days a property takes to sell. This is a very useful piece of information, and if used properly can say a lot about an individual property, a neighbourhood, or even the entire real estate market. The problem is that this statistic is skewed by a practice that some agents employ where if a listing doesn't sell quickly, they deactivate the listing and then reactivate the listing the next day.
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When renovating a condo it is always important to try to curb your spending, figure out if other people have done similar renovations and made a profit, and to remember that it is much more difficult to renovate and flip a condo for a profit than it is to do the same in a detached house.
Buying a property does have some added costs that aren't associated with rentals. Before you get serious about buying, make sure you've considered and budgeted for the following.
With prices of single family homes already up over 13 per cent year over year, the dream of owning a home in a desirable neighbourhood is quickly fading for many would-be Toronto home owners. So what options are there for people with a budget under $1 million who still want a home in a desirable neighbourhood?
Until now, the lack of innovation in commercial real estate has led to limited options for both buyers and sellers. This will start to change as technology and law changes have paved the way for innovative companies to offer similar services for a fraction of the cost. In the end, this will mean more options, lower cost, and better service for commercial buyers and sellers.