5 Reasons the GTA housing market will stay strong in 2015

The annual doom and gloom articles about the Canadian real estate market are front page news once again. Even the Governor of the Bank of Canada, Stephen Poloz, says that the Canadian real estate market is overvalued by as much as 30%. We have heard this story before, almost every year in the past 15 years. Hasn’t happened yet, and it won’t happen in 2015.

Here’s why:
1. Interest rates will likely stay low in 2015
The record low interest rates that Canadians have enjoyed for the last several years will likely continue in 2015. Although the Canadian government cannot directly control interest rates, you can bet that with an election coming up in the Fall of 2015, the government will use all tools at its disposal to ensure that there is not a real estate meltdown that they could somehow be blamed with.

2. Not enough land to build new homes in GTA
As a result of Lake Ontario to the south of Toronto and the protected greenbelt to the north, there is not enough land available for the needed new home construction to take place in the GTA. As a result, we see many more high-rise condominiums being developed, in order to handle the demand of both first time buyers and immigrants who continue to make the GTA one of the world’s most sought after destinations. They say that real estate is all about location, location, location. Never forget that we are privileged to live in perhaps the safest, most stable location in the world, right now, with all the resources that the world wants and a growing economy. All of this will contribute to the value of homes in the GTA, especially low rise homes, to increase in value next year.

3. Compared to the rest of the world – Canadian real estate is still a bargain
If you look at the prices people pay for homes in New York, Hong Kong, Tokyo or London, England, by comparison Canadian real estate is still a bargain. This is why so many foreigners continue to buy up real estate in Vancouver and Toronto, as they consider this a very safe place for both their children to come and study in university as well as for their own investment needs.

4. Scarcity of listings in Toronto will not let up
One of the reasons we continue to have bidding wars in the GTA is that fewer homes are put on the market for sale. This has been going on for years now. One of the reasons is that people do not wish to move up or downsize because of the double land transfer tax hit in Toronto. Many people would prefer to stay in their homes and just do the required renovations to retire there, whether building an elevator or a place for a live-in caregiver. Fewer homes on the market will continue to drive up the prices next year.

5. Even the doomsayers admit that if the market does fall, it will be a soft landing
In almost every doom and gloom analysis, the authors, including Stephen Poloz, admit that at most, there will be a soft landing in the real estate market next year. Let’s be real. 30% over-valued does not mean a soft landing. This admission is almost proof that the doom and gloom writers want to have it both ways, so that if they are once again proven wrong about the real estate market, they can state that it was a “soft’ landing.

If you are able to afford to enter the real estate market in 2015, enjoy the ride. Remember, with real estate, it is not just an investment in your future, it is about a home to build a family and memories for years to come, in one of the greatest cities in the world.

Source: Mark Weisleder

This Fall, Don’t Forget Your Comfort!

If you have an integrated heating, ventilation and air conditioning (A/C) system that uses the same distribution channel for all functions (e.g. central forced air), now is the time to make sure your ductwork and filtration are in good working order. Running your A/C during the summer can cause moisture to build up in or around the unit, which could allow irritating mould to grow and then circulate throughout your home when your fan is turned on. So check both your heating and your A/C for signs of mould.

Also, where possible, check for air leaks in the ductwork, particularly in bends and connections, as leaks could allow moisture to enter or collect in the system, and therefore give mould a chance to grow. Next, be sure to install clean HEPA (high-efficiency particulate air) filters to help catch undesirable air contaminants.

Finally, if you think you have mould growing in your heating and air distribution network, get a professional to examine and/or clean your system before starting your furnace fan.

Should I stay or should I go? Deciding whether to relocate or remodel

Deciding whether to stay in your current home or look for a new one is tough. So tough, in fact, that there is a reality TV show about it! If you’re struggling to make that decision, here are some tips that can help:

• Find out the current market value of your home. This will give you a clear idea of how much your property is likely to sell for in today’s market.
• Find out how much you can afford to invest in a new home. This is calculated, in part, by how much of a mortgage you qualify to receive.
• Determine whether your current home still suits your needs. Do you need to move up to a larger place? Downsize to a smaller property?
• Figure out whether this is the right time to move to a neighbourhood that you’ve always dreamed of living in.
• Assess whether your neighbourhood has changed in a way that you don’t like.
• Decide whether you are still happy where you live. Is it time for a change?

A good REALTOR® can help you answer these questions and provide the information you need to make the right decision. Call me today so see what your best strategy is for getting the most amount of money for your much loved home.

Take care,
Paula Mitchell
905.454.8900

Barrels to Belize: Special Delivery!

We were able to ship 11 barrels to Belize containing clothes & shoes for children and adults. The contents were distributed to the very needy in various villages. We have put some pictures together so you can see for yourself the difference you make.

We are once again starting to fill barrels, and are hoping to send them Oct 23rd. We appreciate your continued support to help the less fortunate.
If you are able to round up kids/youth shoes, sandals, bedsheets , pillow cases, pillows, socks , kitchen stuff such as cutlery, pots and pans etc., school supplies and school bags.( lightly used is perfect) no used undergarments please.

My husband and I will be going to Belize in January to help and mentor youths that we are currently supporting. Its through these youths that we have come to know the need of the poorest people. You can drop off any items you want to donate to your prospective offices. We greatly appreciate it.

Rob and Paula

Our August: Real Estate Style

The Toronto Real Estate Board reported 7,600 sales through the Toronto MLS® system in August 2014. This result was up by 2.8% compared to 7,391 transactions reported in August 2013. Year to date sales through the end of August amounted to 65,454, which represented an increase of 6.5% compared to the same period in 2013. The average selling price in August 2014 was $546,303, up 8.9% in comparison to the average of $501,677 reported in August 2013. The year-to-date average price through August was $562,504, which represented an increase of 8.5% in comparison to the same period in 2013.

The number of listings in August were down in comparison to last year, while the number of sales increased. This means that sellers’ market conditions remained in place with a lot of competition between buyers.

Considering Your Kitchen Improvements

Kitchen renovations are considered one of the most rewarding home improvements you can make, partly because they bring immediate lifestyle and efficiency benefits, and partly because they often show a financial payback upon resale. If you’re thinking about renovating your kitchen, give considerable thought to the latest design and appliance options. Whether or not to incorporate the
newest trends is often a matter of personal taste, so it’s wise to do your research and be clear about your style and functionality preferences before you commit to a final layout.

Once you’ve made informed decisions, you’ll be able to properly plan your plumbing, electrical and lighting to best support your needs. For example, island sinks, dual convection ovens (plus a multipurpose microwave), an induction cooktop, an energy-saving dishwasher and a “smart” refrigerator are all worth considering, and will impact on how well your kitchen works and how it is configured.

Likewise, your flooring, natural lighting, seating and storage arrangements will be just as important as countertops for efficient kitchen operation. So, before you get too excited about all the available options, be sure to visit as many websites and stores as possible to learn about all the latest ideas and to get information on all the pros and cons.

That kitchen is from our very own listing: 38 Brookhaven Crescent, Orangeville. Call us today for more information on this incredible home!

Useful Household Tips

The internet can be a source of inspirational and unusual ways to use ordinary household items. Here are just a few examples:
1. Ketchup can be used to clean copper.
2. Lubricate a stuck zipper track by applying a drop of olive oil with a cosmetic swab-tip.
3. White vinegar will remove tea stains from a cup and coffee stains from your carafe, but be sure to rinse them thoroughly.
4. Minor drain clogs can be cleared with half a cup of salt, followed by a quart of hot water.
5. If you break a drinking glass, a slice of white bread will pick up the tiniest shards from the floor.
6. Electrical tape can temporarily seal a leaking drain pipe. (Unlike water supply pipes, drains work by gravity, not pressure.)

Be sure to keep an eye out for more tips and tricks, coming soon!

Making Your Home Buying Checklist

In The Checklist Manifesto: How To Get Things Right, author Atul Gawande explains how checklists have significantly improved everything from air travel safety to surgery survival rates. They help pilots, doctors – and everyone else – remember important steps, criteria, and other details that might otherwise be missed. A checklist can be particularly helpful when shopping for a new home. It will help you focus on what you need to see and know, and then help you make the right decisions.

Have you ever viewed a home on the market and forgotten to check something important, such as the property tax expense or the age of the furnace? By having a checklist, you’ll be sure to get this information – and, at the very least, save yourself some time.

There are many ways to create a checklist. You can make one up on your computer and print copies as needed. Alternatively, there are many checklist apps available for your computer, notebook or smart phone. (The basic versions of most of these are free.)

What should you put on your checklist?
Your REALTOR®, who specializes in this neighbourhood, can help. Call me, Paula Mitchell, at 905-454-8900 today!

But What About the Pets?

If you have pets, you probably adore them. They're part of the family! But when you're preparing your home for sale, you need to think about how you're going to deal with the "pet issue". Some potential buyers who view your property may love pets as much as
you do. However, others may be turned off by the tell-tale signs of pet ownership – such as kitty litter, dander, and smells. So be sure to make a plan for how you’re going to deal with your pets.

It's a good idea to keep pets out of the house during viewings. Even if your dog or cat is friendly, some buyers will be uncomfortable around them. So, you'll need to decide where your pets will go when buyers view your property. Consider a local kennel or "pet day camp". "Can't I just take my dog out for a walk?" you might be asking. You could,;
however, you may not always be available to do that during a viewing. So have alternate plans available.

You should also consider how you will deal with pet dander and everyday pet odours. You're probably used to them. Unfortunately, some buyers will be turned off or even be allergic. So, in addition to cleaning your home before a viewing -- especially in those areas where pets spend time like a favourite cushion or scratching post – consider using specialty air sprays available on the market that will neutralize pet odours.

Finally, it's a good idea to advise buyers that they're viewing a home with pets. That way, they'll be more forgiving if they catch a whiff of cat dander.

Need more tips on preparing your home for sale? Call your favorite GTA Realtors at the Paula Mitchell Group today at 905-454-8900!

Tips to Help You Prepare for a Major Move

Whatever the reason or situation, if you’re planning a move in the foreseeable future, remember that advance planning will make a big difference in how smoothly things go, and how quickly you’ll be able to adjust to your new lifestyle and/or surroundings. Here are a few basic steps to follow:

1. Reduce clutter well in advance of moving day. Sorting early means less packing, moving and unpacking. This is critical when downsizing. Since sorting could involve sentimental items, or belongings of grown children now living elsewhere, it’s best separated from the stress of moving day. If necessary, consider renting storage space for these items.

2. If your next home requires a major renovation, consider bridge financing that will allow you to carry two homes at once, thereby making the transition much easier.

3. In addition to predictable one-time costs, such as legal fees, tax adjustments and movers, consider new long term costs, such as utilities, parking, commuting, and insurance fees, especially when moving to or from a more densely populated area.

Happy moving!