Buying, Selling, Leasing or Investing in real estate is sometimes a complex undertaking. Hiring me, a real estate professional will help save you time and money. steven@maislin.com
Q: What is the difference between the Multiple Listing Service (MLS) and the consumer website REALTOR.ca?
A: The Multiple Listing Service is a cooperative system used only by REALTOR Members of Canada's real estate boards. It is accessible to any REALTOR Member who has agreed to represent your interests and share remuneration from the transaction with a cooperating REALTOR Member. The MLS contains detailed information and numerous search tools, all designed to match people with the properties that fit their exact requirements. REALTOR.ca is a website operated by the Canadian Real Estate Association (CREA) that displays an abbreviated version of most listings uploaded to the MLS system.
Canadian real estate markets elude US collapse: PwC/ULI report
While conservative banking practices and stricter regulation kept lending in check and most Canadian real estate investors were saved from overleveraging, they are still worried about suffering more economic shocks if the US can’t get its financial house in order more quickly. This, according to the annual Emerging Trends in Real Estate 2010 report, released by PricewaterhouseCoopers (PwC) and the Urban Land Institute (ULI).
The report reflects interviews with and surveys of more than 900 of the industry’s leading real estate experts, including investors, developers, lenders, brokers and consultants in both Canada and the US. Other versions of this report are conducted in countries around the world including Asia Pacific and Europe.
According to the report, total value losses in Canada will average 10 to 20 % off previous highs but some markets and sectors could suffer steep losses. Markets should enter a slow recovery phase by year-end 2010, but respondents see better investment opportunities eventually in top US and European cities, which could rebound more sharply after steeper declines.
The report reflects interviews with and surveys of more than 900 of the industry’s leading real estate experts, including investors, developers, lenders, brokers and consultants in both Canada and the US. Other versions of this report are conducted in countries around the world including Asia Pacific and Europe.
According to the report, total value losses in Canada will average 10 to 20 % off previous highs but some markets and sectors could suffer steep losses. Markets should enter a slow recovery phase by year-end 2010, but respondents see better investment opportunities eventually in top US and European cities, which could rebound more sharply after steeper declines.
Creating curb appeal!
They say you can’t judge a book by its cover. But when it comes to houses, the exterior can be just as important as the interior if selling or buying.
When selling, it is the outside, or the home’s curb appeal that often determines whether the inside is ever seen. How a house 'shows’ from the street can tell a potential buyer a lot about what it may be like inside. Even if the inside is the sparkling, charming, structurally sound dream home they’ve been searching for, a buyer is not going to forget a cracked driveway, fallen shutters, and overgrown grass and flower beds.
News
News: "From thunderstorms to our booming real estate market, it has been a dramatic summer in the Greater Toronto Area.
In both June and July you helped set monthly records for resale housing activity in the GTA with 10,955 and 9,967 transactions respectively. The number of jobs in the GTA increased last month as well, while the unemployment rate decreased marginally. Positive numbers have also been reported with respect to the auto industry and the stock market, prompting our nation’s leaders to indicate that the worst of the economic lull is likely behind us."
In both June and July you helped set monthly records for resale housing activity in the GTA with 10,955 and 9,967 transactions respectively. The number of jobs in the GTA increased last month as well, while the unemployment rate decreased marginally. Positive numbers have also been reported with respect to the auto industry and the stock market, prompting our nation’s leaders to indicate that the worst of the economic lull is likely behind us."
Home Away from Home
Statistics show that Greater Toronto Area residents are excited about real estate again. July’s 9,967 sales set a best monthly record, up 28 per cent year over year. The previous month also set a record for June, up 27 per cent from the year prior.
We’re even seeing signs of life in the United States resale housing market. In July, the National Association of REALTORS® reported that pending home sales rose for the fourth consecutive month. Existing home sales also increased, for the third consecutive month, with available inventory easing and prices remaining low.
This means that if you’re comfortable with your residence here at home, now is an opportune time to invest in a vacation property south of the border.
Florida alone welcomes hundreds of thousands of Canadians each year, with many snowbirds taking advantage of United States government provisions that allow us to spend up to six months a year there without having to fulfill visa requirements. That’s plenty of time to enjoy homeownership in a warmer climate.
While current market conditions are favourable to making a foreign investment, a number of other factors should also be taken into consideration.
The exchange rate is another important detail. The value of the Canadian dollar against other currencies changes daily. Whether you’re planning to buy in the United States or further abroad, look for places where the currency is weak or on par with our dollar to achieve optimal purchasing power.
Healthcare is also a consideration. If you stay away longer than six months you could lose access to medical coverage here at home. As well, our healthcare system will only cover part of out-of-country expenses for accidents and illness. Short-term travel insurance is inexpensive but long-term coverage can be costly.
Depending on the structure of your home, property insurance could also be less accessible, which is a significant issue given that some locales routinely experience severe weather.
In certain places abroad, property can come with inherited debt, so it’s important to ensure that you clearly understand all agreements, particularly if they are in a foreign language. Be aware as well, that depending on where you choose to buy, you may pay higher property taxes than local residents. These are just two examples of why it’s important to research the regulatory aspects of the region in which you choose to buy.
It’s important to build a team of professionals to guide you through the process, beginning with a REALTOR®. A Greater Toronto REALTOR® can help you begin the process by providing a referral to a local expert. It’s also important to enlist the services of a lawyer and a surveyor, to be clear on your property rights, and a tax expert, to take full advantage of government programs for homebuyers.
Establishing these important contacts will also help you to gauge other key characteristics like the cost of living, attitude toward foreigners and the crime rate.
Once your transaction is complete, be sure to set up automatic withdrawal processes in your foreign bank account so that oversights don’t jeopardize your home ownership.
Despite the financial planning and awareness of regulatory issues required, buying a vacation property abroad has its share of rewards.
Even taking into account the capital gains tax that is payable when you sell your home away from home, buying a foreign property can bring a healthy return on investment and years of enjoyment to your life. To find out more, call me. Written by: Tom Lebour is President of the Toronto Real Estate Board
We’re even seeing signs of life in the United States resale housing market. In July, the National Association of REALTORS® reported that pending home sales rose for the fourth consecutive month. Existing home sales also increased, for the third consecutive month, with available inventory easing and prices remaining low.
This means that if you’re comfortable with your residence here at home, now is an opportune time to invest in a vacation property south of the border.
Florida alone welcomes hundreds of thousands of Canadians each year, with many snowbirds taking advantage of United States government provisions that allow us to spend up to six months a year there without having to fulfill visa requirements. That’s plenty of time to enjoy homeownership in a warmer climate.
While current market conditions are favourable to making a foreign investment, a number of other factors should also be taken into consideration.
The exchange rate is another important detail. The value of the Canadian dollar against other currencies changes daily. Whether you’re planning to buy in the United States or further abroad, look for places where the currency is weak or on par with our dollar to achieve optimal purchasing power.
Healthcare is also a consideration. If you stay away longer than six months you could lose access to medical coverage here at home. As well, our healthcare system will only cover part of out-of-country expenses for accidents and illness. Short-term travel insurance is inexpensive but long-term coverage can be costly.
Depending on the structure of your home, property insurance could also be less accessible, which is a significant issue given that some locales routinely experience severe weather.
In certain places abroad, property can come with inherited debt, so it’s important to ensure that you clearly understand all agreements, particularly if they are in a foreign language. Be aware as well, that depending on where you choose to buy, you may pay higher property taxes than local residents. These are just two examples of why it’s important to research the regulatory aspects of the region in which you choose to buy.
It’s important to build a team of professionals to guide you through the process, beginning with a REALTOR®. A Greater Toronto REALTOR® can help you begin the process by providing a referral to a local expert. It’s also important to enlist the services of a lawyer and a surveyor, to be clear on your property rights, and a tax expert, to take full advantage of government programs for homebuyers.
Establishing these important contacts will also help you to gauge other key characteristics like the cost of living, attitude toward foreigners and the crime rate.
Once your transaction is complete, be sure to set up automatic withdrawal processes in your foreign bank account so that oversights don’t jeopardize your home ownership.
Despite the financial planning and awareness of regulatory issues required, buying a vacation property abroad has its share of rewards.
Even taking into account the capital gains tax that is payable when you sell your home away from home, buying a foreign property can bring a healthy return on investment and years of enjoyment to your life. To find out more, call me. Written by: Tom Lebour is President of the Toronto Real Estate Board
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Real estate Update
Canada's largest markets, Toronto and Vancouver, led the way, with June sales among the highest in history for both local real estate boards. Close to 11,000 properties changed hands in Toronto, up 27 per cent over one year ago, setting a new record for sales in the month of June. Residential sales in Greater Vancouver increased 75.6 per cent over one year ago, to 4,259 units, just short of the record-breaking 4,333
WHAT I DO
Steven Maislin
Experienced Realtor & Business Broker able to: Identify locations. Identify properties. Identify opportunities. Negotiate all terms and conditions of agreements for the purchase, lease, use, and development. Develop expertise in assigned region, including competition, growth trends, demographic data/changes and new site availability. (Strategic Market and Long Range Planning.) Present opportunity, site and deal structure. Obtain estimates. Create new opportunities through creative partnering with investors and other users. Work with communities and other governmental entities to take advantage of economic incentives which make challenging projects feasible. Organize accurate and timely project reporting to ensure informed decisions. Ensure smooth, cost effective and timely completion of project work in order to achieve stated financial results and objectives. Develop and maintain cooperative working relationships with brokers, landlords, and professional counterparts in the industry. Setup, strategy and actualize the disposition of property. And I am a firm believer in continued education through literature review, classroom, seminar and trade convention attendance.
Experienced Realtor & Business Broker able to: Identify locations. Identify properties. Identify opportunities. Negotiate all terms and conditions of agreements for the purchase, lease, use, and development. Develop expertise in assigned region, including competition, growth trends, demographic data/changes and new site availability. (Strategic Market and Long Range Planning.) Present opportunity, site and deal structure. Obtain estimates. Create new opportunities through creative partnering with investors and other users. Work with communities and other governmental entities to take advantage of economic incentives which make challenging projects feasible. Organize accurate and timely project reporting to ensure informed decisions. Ensure smooth, cost effective and timely completion of project work in order to achieve stated financial results and objectives. Develop and maintain cooperative working relationships with brokers, landlords, and professional counterparts in the industry. Setup, strategy and actualize the disposition of property. And I am a firm believer in continued education through literature review, classroom, seminar and trade convention attendance.
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