Jordan Epstein Toronto Real Estate

A ‘Don’t’ List for Prospective Homebuyers

Jordan Epstein — Mon, 19 May 2008 16:27:00 GMT

There’s a lot to consider when buying a home, and especially in today’s changing market conditions. As your local Coldwell Banker® sales professional will tell you, many markets across Canada are beginning to moderate and become more favourable to buyers. So while you’re considering a possible home purchase, here’s a Homebuyer “Don’t” list that may help you avoid some common mistakes:
The “DON’T” List for Prospective Homebuyers:

DON’T fall in love with the first house or neighbourhood you see. That grand colonial with the picturesque view may win your heart at first glance, but you need to keep an open mind to make sure you find the right fit for all your needs. At the end of your search, it may turn out that the riverfront ranch that’s closer for your commute is a better bet all-around.
DON’T buy beyond what you can afford. It’s easy to fall into that all-you-can-eat attitude, especially when it comes to your first home purchase. You "want it all" when it comes to size, amenities, location, etc. But remember that your eyes may have a larger appetite than your wallet. Make sure the down payment, closing costs, monthly expenses and taxes are truly within your income and savings range before you sign an offer.
DON’T treat your home the way you treat your stock portfolio. It’s unrealistic and unwise to expect your housing investment to appreciate as quickly as you’d hope for your high-risk bonds. Buying for lifestyle, and remembering that real estate is a great long-term investment, will help you look at home purchasing and ownership in the right context.
DON’T jump into a confusing mortgage. Be sure to read carefully through every aspect of the proposed agreements to fully understand your end of the bargain. For instance, an attractive rate now may be difficult to carry if rates change during the term of your mortgage. Arm yourself with information and don’t be afraid to ask questions.
DON’T underestimate the value of your local Coldwell Banker real estate professional. While being a savvy buyer and doing your homework will help on the road to homeownership, a local expert with years of negotiating experience is invaluable when it comes to scouting out the perfect home – and closing the deal.

If you’d like to know more about our Homebuyer “Do” and “Don’t” lists, or if you have any questions about the market or the home buying process, then just pick up the phone and call me at 416 495 2208 and I will be glad to answer any of your questions. http://www.epsteinrealestate.com

A ‘Do’ List for Prospective Homebuyers

Jordan Epstein — Mon, 19 May 2008 16:25:00 GMT

For most Canadians, buying a home is the most significant investment of their lives. And although real estate sales in 2008 are continuing strong with prices still on the rise, your local Coldwell Banker® sales professional will tell you that today’s market still presents many genuine real estate opportunities for homebuyers. Housing inventory is moving up in most major centres across the country, leading to a more balanced market. Historical data demonstrates that purchasing a home has proven a sound long-term financial investment. However, homebuyers – especially first-time buyers -- are often understandably anxious when it comes time to making what could be the largest purchase in their life. Coldwell Banker Real Estate LLC has come up with some simple "do” and “don’t" lists to make the process easier for everyone dreaming of homeownership.
The Homebuyer ‘DO’ List:

DO utilize free online tools to arm you with as much knowledge as possible. For example, the Home Price Comparison Index available at http://www.coldwellbanker.com offers buyers a way to compare average housing costs in over 400 markets across North America.
DO access and closely review your credit score. A sound financial track record and solid credit score can help lock in a loan and lower interest rates. Check your records in advance to catch any errors ahead of time, and to better understand how lenders may perceive you.
DO explore mortgage pre-approval. Getting this early green light will help others involved with your purchase that you are serious about home ownership – and well-qualified.
DO line up your "all-star" team of professionals before game day. A team of experienced professionals will be key to making the home buying process simple and seamless. Start by interviewing and selecting a sales representative who you "connect" with. Your local Coldwell Banker® sales professional can help you identify suitable lawyers, mortgage lenders, home inspectors and others who play a role in the process.
DO anticipate your future needs and buy for lifestyle. Try to anticipate how long you’ll live in your next home and plan for major lifestyle changes when possible. What may make a perfect starter home for a couple might not work as well when children come into the picture.
DO hone in on your housing priorities. Your ideal home may have a porch, a pool and five full baths. But before you start looking, make sure to separate your "must-haves" from your "nice to haves," so you know where you can compromise to meet your budget.

Wondering about the “Don’t” list? Stay tuned for my next column, or better yet, contact me at jepstein@terrequity.com or by phone at 416 495 2208.

Empty-nesters eager to downsize as kids leave home

Jordan Epstein — Mon, 19 May 2008 16:22:00 GMT

Empty-nesters eager to downsize as kids leave home

These days, there are a lot of differences between the real estate markets in Canada and the U.S., but there’s at least one aspect that’s common to both. We’re both seeing the impact of a major demographic group reaching a new stage in their lives, as aging ‘baby boomers’ become ‘empty nesters’ and decide its time for a change in their current real estate situation.

The importance of the ‘boomer generation’ on real estate markets across North America is expected to continue in the next few years. Not surprising, really, when you consider the numbers. According to Statistics Canada, the baby boomers, i.e. those born between 1946 and 1965, numbered 9.4 million at the 2001 Census. ‘Boomers’ represent nearly one-third of Canada’s total population, while south of the border, there are 78 million American boomers.

As boomers enter a new phase of their lives, ‘empty nesters’ are on the rise here in Canada, while sixty-six (66) percent of Coldwell Banker® real estate professionals in a recent U.S.-based survey reported an increase in home purchases from the empty nester demographic over the last three years.
The desire to downsize is the reason cited by empty nesters as the reason for a move, according to more than half of the brokers (52 percent) surveyed. This Coldwell Banker survey of 150 U.S. brokers also reflects current trends reported by brokers at the forefront in local markets here in Canada.

“Clearly the baby boomer demographic is making powerful waves across all areas of North American culture,” says Gary Hockey, president of Canadian Operations, Coldwell Banker Real Estate, LLC. “Many empty nesters are no longer content to remain in the same home from marriage to retirement, and our brokers are seeing this impact in their local markets. There’s a clear spike from boomers downsizing or changing homes once children are out of the house and we expect this trend to grow over the next few years.”
The study also found that empty nesters want to stay engaged and active, choosing homes near places where they can pursue their passions. Key findings from the survey include:

50% of empty nesters are looking for single-family homes, while 49% are looking for condos or townhouses.
18% of Coldwell Banker broker respondents noted that empty nesters move in order to be closer to their children or grandchildren.

51% of brokers surveyed said empty nesters select new homes based on the proximity to services such as recreation, cultural activities and golf

Thinking of downsizing? Give me a call and we can discuss what is right for you. http://www.epsteinrealestate.com

910-60 Disera dr in Bathurst/Centre is Sold!

Jordan Epstein — Tue, 19 Feb 2008 21:53:00 GMT

Bathurst/Centre, Thornhill - The apartment at 910-60 Disera dr has been sold.

Property information

Apartment For Sale in Bathurst/Centre

Jordan Epstein — Thu, 17 Jan 2008 18:29:00 GMT

Great *2yrs* NEW Condo

• 710 sq. ft., 1 bath, 1 bdrm apartment - MLS® $234,900

Bathurst/Centre, Thornhill - Beautiful 2 years new condo in the heart of prestigious Thornhill. Desirable neighborhood, near the Promenade mall and BRAND NEW retail, including Wal-Mart. Directly on Transit, easy access to the city or York University.

Complete with Under mount sink, Granite countertops, Soaker Tub, Upgraded Flooring and Fixtures. Includes window covering, PARKING for 2 cars!!!! and a locker.

Take advantage of a great space for a low price with LOW MAINTNANCE FEES!!!!

Property information

New Year’s Resolutions for Homeowners

Jordan Epstein — Sat, 05 Jan 2008 03:36:00 GMT

Many Canadians look upon the New Year as a good time to resolve to improve our condition, or give ourselves a new look, but what about your most important investment? The start of a new year can also be the right time to make a resolution to make your home safer, or more efficient. The good news is, these changes might even save you some money in the process. And what better way to start the year off right?

A good starting point is resolving to make your home more energy efficient. There are several low cost, easy to implement alternatives that can help make a difference in our environment, and your pocketbook. For example, for a very minimal investment in the $50 range, you can buy a thermostat timer. This will allow you to pre-set your thermostat to turn back a few degrees after you go to bed at night, and turn the temperature back up before you get up each morning. If you’re normally out of the house during the day, you’ll gain even more savings and still return to a comfortable environment after work each day. Many gas and heating oil providers, as well as various government bodies offer rebates on the purchase of programmable thermostats and other energy-saving equipment. Make sure you check out a few of their websites to familiarize yourself with the terms of their various offers before you buy.

Lighting is another simple yet effective energy and cost saving device. Timing switches for prompt shut-off of outdoor lights, or lights that are only activated by motion sensor can be very effective. Indoors, dimmer switches and the new longer-lasting energy efficient light bulbs are good money savers too.

Home safety is another important New Year’s resolution for Homeowners. Start off your new year by checking the function of all smoke alarms (and if it’s not wired into the house current, replace the batteries). There should be working smoke alarms installed on every floor of your house and outside all bedroom areas. You should also consider installing a Carbon Monoxide detector and have a furnace inspection each year to be sure it’s running safely and efficiently. You might even want to consider a Home Security system. While it can be a larger investment, you may find that your Home Insurance company will offer you a lower premium if you have a security system, which can help offset the cost.

Perhaps you’re also considering a major home improvement in the New Year. That’s where your local Coldwell Banker® professional can help. They know what improvements appeal most to home buyers and how various projects will impact the resale value of your home. Why not call to find out more and start your New Year off right!

For more information please feel free to contact me anytime via email at jepstein@terrequity.com or by contating me using the contact information on my website www.epsteinrealestate.com

Know your Mortgage ABCs

Jordan Epstein — Mon, 31 Dec 2007 03:15:00 GMT

There’s a lot to consider when choosing a mortgage to finance your home and as your Coldwell Banker® real estate professional will tell you, making the right choice can save you thousands of dollars over the life of your loan. Here are some Mortgage ABCs that you should consider, including some key factors in determining how quickly you can pay down your mortgage and at what cost.

A Amortization period – the term, or length, of the actual loan; the shorter the amortization period, the higher the payments, but the faster you pay off the loan.

B Buyer pre-approval – you can be pre-approved for a mortgage before you even start looking for your dream home; this takes away the guesswork of how much you qualify for and strengthens your negotiating position with the seller.

C Conventional or high-ratio –The amount of your down payment determines whether yours is a conventional or high ratio mortgage. High risk loans require that you buy mortgage insurance to protect the lender if you don’t make your payments, so you’ll have to allow for this added expense.

D Down Payment – You’ll need to have money available for a down payment when you ask your lender for a mortgage. The larger the down payment, the smaller the mortgage and the less interest you’ll pay in the long run. The CMHC says down payments generally range from 5 to 25% of the purchase price.

E Equity – The value that’s present in your home; this amount is generally represented by the current market value, less any outstanding loan amounts.

F Frequency – How often you pay your mortgage can have a significant impact on how fast you build equity and retire your loan.

G   Government programs – Under certain conditions, first time home buyers can withdraw RSP funds to use as a home down payment; the money can be used without tax penalty if the funds are replaced within a specified time period.

H   How repaid – the method of loan repayment can also have a significant impact on what a loan ultimately costs you; open mortgages have better pre-payment privileges, but a closed mortgage may offer a better interest rate.

I Interest rate – The interest rate is of vital importance and you’ll also need to establish whether that interest rate is fixed or variable

There are other factors to consider too, such as refinancing, repayment penalties and more. Why not talk to your local Coldwell Banker real estate professional to discuss some of the many mortgage options available to you? Through their many connections, Coldwell Banker professionals can offer creative financing solutions that you may not have ever considered. Why wait? It could be the best call you’ll ever make!

For more information please feel free to contact me anytime via email at jepstein@terrequity.com or by contating me using the contact information on my website www.epsteinrealestate.com

Plan for the costs of home buying

Jordan Epstein — Mon, 31 Dec 2007 03:12:00 GMT

There’s a lot to consider when buying a home aside from finding the right property to suit your needs and lifestyle. As your Coldwell Banker® real estate professional will tell you, home buying requires a plan, and that includes sound financial planning. After all, home buying doesn’t just involve the immediate expenses incurred with your real estate transaction. It also requires long-term changes to monthly spending that should also be planned for before you buy.

Some of the immediate costs that you can expect during the home buying process are appraisal, home insurance, legal fees and disbursements, utility hookups, and home inspections. The Canada Mortgage and Housing Corporation (CMHC) offers an on-line Consumer Guide and Workbook on their website at site (www.cmhc-schl.gc.ca) that includes an excellent list of other expenses to be considered when calculating your home buying costs. Of course, you may not know what amounts to use when estimating these expenses. That’s where your Coldwell Banker real estate professional comes in. With their wealth of experience, they can help you come up with realistic price ranges to work with so you’ll know what to expect before you make an offer to purchase.

Monthly expenses will also change with new or increased spending on utilities, home repair and maintenance, lawn and garden care, appliances, homeowner's insurance, tools and decorating. All will have to be included in your new spending plan. Not sure what to allow for such costs? Again, here’s where your Coldwell Banker professional can help you estimate the costs of such expenses, sometimes obtaining historical information from the current homeowner.

When you do your planning in advance, you take a lot of the guesswork out of the home buying process. And that will not only ease your stress level, it will also improve your chances of a successful outcome. It’s just one more way that, with a little help from your Coldwell Banker representative, you’re another step closer to making today’s dream of home ownership into tomorrow’s reality.

For more information please feel free to contact me anytime via email at jepstein@terrequity.com or by contating me using the contact information on my website www.epsteinrealestate.com

Buyers need to understand Mortgage Insurance

Jordan Epstein — Mon, 31 Dec 2007 03:11:00 GMT

When you buy a home, there are two very distinct types of mortgage insurance that may come into play – one is Mortgage Loan Insurance and the other is Mortgage Life Insurance. Even the names sound similar, but these two types of coverage have completely different purposes and benefits. Unfortunately, consumers sometimes confuse the two. That confusion can result in the homebuyer not really understanding what they’ve bought or making the wrong choice when deciding on coverage. Either way, you need to know the difference.

Both types of mortgage insurance will typically be raised by your mortgage lender at the time of financing. Mortgage Loan Insurance is for what is considered a high risk loan and this is determined by the amount of your down payment. If you have what is called a high ratio mortgage (less than 20% down payment) and you’re financing through a major Canadian financial institution, you’ll be required by law to take out mortgage loan insurance and you’ll be required to pay the insurance premium. Mortgage insurance protects the lender if you don’t make your payments. It doesn’t protect you, the buyer, but you must pay the premium.

For most people the hardest part of buying a home, especially the first one, is saving the down payment. Many people won’t have 20% of the purchase price to put down. With mortgage loan insurance, buyers can put as little as 5% down. Then, if the borrower defaults (fails to pay) on the mortgage, the lender is paid back by the insurer. With Mortgage Loan Insurance, many buyers who might not otherwise qualify for a loan can still get the financing for their home purchase. This stimulates the Canadian economy, while at the same time protecting our lending institutions and the stability of our overall federal economy.

CMHC (Canada Mortgage and Housing Corporation), the federal government’s housing authority, is a major provider of this type of insurance in Canada. For that reason, Mortgage Loan Insurance is frequently referred to as CMHC insurance. For more information visit the CMHC web site www.cmhc-schl.gc.ca.

The second type of mortgage insurance -- Mortgage Life Insurance – is optional coverage you can elect to buy if you want to ensure that your mortgage will be paid in full if you or a co-owner dies. It is essentially term insurance with coverage that reduces with your mortgage principal. It can be set up as joint coverage for multiple owners, with the benefit falling to the survivor(s) if one owner dies before the mortgage is paid off. Mortgage Life Insurance is offered by a number of carriers and the rates and coverage will vary according to the insurance company offering the coverage and your own personal information.

Your Coldwell Banker® real estate professional can tell you more about mortgages, insurance and the entire home buying process. Why not call today, and take advantage of their helpful advice? You’ll be glad you did!

Aging ‘boomers’ are shifting their priorities

Jordan Epstein — Mon, 31 Dec 2007 03:09:00 GMT

Recently, the Canadian government conducted a national census and the results are interesting to say the least. Here’s a sampling of the findings:

There are now a record 4.3 million seniors in Canada
1 out of every 7 Canadians is now over 65
Retirement-minded Canadians aged 55 to 64 are the fastest-growing demographic, accounting for 3.7 million people - a 28% rise from just five years ago.
Canada’s median age -- the point where half the country’s population is younger and half is older -- soared to an all-time high of 39.5, just a few months shy of 40 years old.

Combine our increased life expectancy with a declining birth rate and the trend to a rapidly-aging population looks set to continue into the future. As our population
becomes increasingly older, their lifestyle needs will change, and we can expect that this will have a dramatic effort on the real estate markets in the future. Here are some of the housing types and amenities that will appeal to this growing demographic group:

Low maintenance, urban dwellings such as condo apartments and freehold townhouses
Bungalows and properties with few interior or exterior stairs
Multi-family dwellings, with in-law apartments or ‘granny flats’
Easy access to hospital and medical facilities
Access to reliable and frequent public transportation routes
Luxurious features and labour-saving devices that are easily affordable to these affluent consumers; they may want to down-size, but up-grade.

If you’re looking to buy a home or upgrade your existing property, it pays to keep an eye on the future and consider where tomorrow’s customers may be coming from. Want help in deciding what home improvements will give you the most bang for your buck, now and in the future? Why not contact your local Coldwell Banker® real estate professional? You’ll be glad you called me first. http://www.epsteinrealestate.com

New construction indicates strong market to continue

Jordan Epstein — Mon, 31 Dec 2007 03:08:00 GMT

When it comes to the real estate market, there’s always a great deal of media attention regarding the number of resale homes sold and the average house price in markets across Canada. Certainly, those statistics give a good indication of where the market has been and where it is now. However, one of the most interesting statistics to take into consideration is the total of national housing starts. Since this information reports on new construction beginning, it provides an excellent glimpse of where home sales will be in the near future.

According to statistics recently released by Canada Mortgage and Housing Corporation (CMHC), the seasonally adjusted annual rate of housing starts was up in August to 226,500 units nationally. That represents 10,900 units more than the 215,600 units reported in the previous month. CMHC, Canada’s national housing authority, also confirms that this high rate of housing starts is a good indication of a continuing strong market in the months ahead.

This latest increase in national housing starts represents yet another consecutive month of well over 200,000 housing starts, a level of construction that hasn’t been seen in recent years. That sustained near-record construction activity also indicates a continuing strong national housing market. Yet despite this strong showing, CMHC predicts a gradual decrease in new homes construction between now and the end of 2008. CMHC’s view that residential construction will decrease gradually between now and the end of 2008 mirrors a similar forecast by the Canadian Real Estate Association (CREA) for the resale market.
So keep an eye on new construction sales to start to drop off before the end of next year. That could be your first alert that the market is making an adjustment and starting to moderate.

Want more information about market trends and forecasts in your local community? Contact me at http://www.epsteinrealestate.com and take advantage of my helpful advice.

GST cut in 2008 is good news for home buyers

Jordan Epstein — Mon, 31 Dec 2007 03:06:00 GMT

New homes closing in January will save 1% tax under new Federal budget

The conservative government’s recent economic update issued on October 30 left a lot of Canadians smiling. And why not? With government revenues now running higher than expected as the economy booms, the Tories have pledged retroactive income tax cuts, ‘bold’ corporate tax reductions, lowering the GST to 5% as of January 1, 2008, and still having enough surplus left over after the tax cuts to pay down the national debt by another $10 billion this year. And while this is good news all around, it’s particularly so for Canadian home buyers.

The tax changes outlined in the federal government’s economic statement will make it easier for Canadians to realize their dream of home ownership in a number of ways. Lower income tax means more disposable income to devote to a home purchase, and the one per cent cut in the GST will provide savings to new home buyers closing their sale after January 1st. According to an example provided by the Canadian Real Estate Association (CREA), using the sliding GST scale that applies to the cost of new homes, a buyer of a $375,000 house in British Columbia would save $2,738.

Even if you’re buying a resale home that is not subject to the GST, the planned one per cent tax reduction will also help Canadians pay for home renovations, or in the purchase of appliances or furniture. According to research conducted by CREA, Canadians spend an average of $7,475 on renovations when they buy a home, and spend another $3,950 on furniture and appliances. The GST cut represents $114 in savings based on these averages.

Not sure how much home you can afford? Your local Coldwell Banker® sales professional will be happy to sit down and ‘crunch the numbers’ with you, and show you some creative financing options you may have never considered. Why not take a few minutes and find out how to turn your dream of home ownership into a pleasant reality!

Contact me at http://www.epsteinrealestate.com to take advantage of my expert advice.

Buying a cottage in the off season?

Jordan Epstein — Mon, 31 Dec 2007 03:00:00 GMT

The demand for cottages has increased over the years, and what was once a relatively low cost alternative for a family getaway has now become a significant financial investment. One way to get good value for your money is to consider buying a cottage in the off season.

All things being equal in terms of lot size and square footage, its features and general state of repair, there are three important factors that will tend to determine a cottage’s value compared with other similar properties. These three factors should be given careful consideration when choosing a cottage:

its commuting distance from a major urban center
its proximity/convenience to leisure activities (either waterfront for summer, ski hills in winter or both), and
its accessibility/ability to be used throughout the year.

A cottage that can be used in winter as well as summer will have the broadest appeal, and usually has more amenities to suit its many usages. That can also translate into a higher asking price. However, a year-round property also tends to offer a better potential to increase in value over time for the same reasons.

If you’re considering a year-round cottage, winter is an ideal time to view the property. It will give you a realistic idea of how accessible the roads are and how long it will take to get there under challenging road conditions. If the roads to the property are not plowed in winter, that may result in the property only being accessible by snowmobile or ATV. That will have a major impact on its selling price and future resale value. Viewing the cottage in winter also lets you see the heating system in action. Wood stoves and fireplace inserts do a far better job of heating a space than just an open fireplace, but few people would find them adequate to meet all the demands of a cold Canadian winter. If there’s no back-up heating system in place -- either electric baseboards or a furnace -- you may want to allow for the expense of installing one as part of your budget. Remember that if you plan to add baseboard heaters, they draw a lot of power, and you’ll need to be sure the cottage wiring has the hydro capacity to handle the demand.

The best news about viewing a cottage in winter is that there are usually fewer buyers around to compete with your offer – especially if the cottage’s primary usage is just as a summer getaway. If the property is water access only, then the seller’s options are seriously limited. The seller may not be looking forward to carrying the expenses until next summer approaches, so an offer now could have a great deal of appeal. This could be just the right time to make your move.

Ask me how to turn the winter season into your buying advantage!

Reduce your household water and save money too

Jordan Epstein — Mon, 24 Sep 2007 15:50:00 GMT

Did you know that on a per capita basis, Canadians are the second highest water consumers in the world? Although we're blessed with more fresh, clean water than any other country on the planet, it's in our best interest to use it wisely. And as many Canadian homeowners will attest, reducing household water use can also lower your utility bills.

Here are some tips to help you be both environmentally friendly and kind to your pocketbook in the process:

Repair any leaking faucets; even a few drips add up over a whole month
When running the tap while water heats or cools, capture the excess water for other tasks, such as watering plants
Don't let tap water run continuously for simple tasks like brushing your teeth and shaving. A short burst is all that's needed to rinse clean.
Wash only full loads of laundry and wait until the dishwasher is full before setting it to run; choose the minimum cycle necessary to do the job
Replace your outdated bathroom fixtures with a low-flush toilet and/or a low-flow shower
Consider growing water-efficient plants and grasses on your property
Water your lawn in the evening, when most of the moisture will be absorbed by the grass and not evaporated away by direct sunlight
Use sprinkler timers and rain gauges to promote deep root growth and healthier vegetation versus over-watering your lawn and garden
Collect downspout water in a rain barrel and use this for watering indoor plants, outdoor planters and your garden

August sets the stage for a strong autumn market

Jordan Epstein — Mon, 10 Sep 2007 04:12:00 GMT

More people in the Greater Toronto Area bought resale homes last month than in any August before, Toronto Real Estate Board President Donald Bentley announced today.

The 8,059 sales reported last month exceeded the previous best performance for August, set in 2005, by seven per cent.

August also brought year-to-date figures up 13 per cent over the same period last year. So far this year 67,146 homes have sold as compared to 59,488 at this time in 2006. The pace is also 13 per cent ahead of the same timeframe in 2005, which became the best year on record.

“With five consecutive record-breaking months, spring and summer activity was unprecedented and given the strong economic fundamentals that remain in place, we have tremendous confidence in the autumn housing market,” said Mr. Bentley.

The Greater Toronto Area’s strongest sales activity in August took place in widely diverse
neighbourhoods.

In West Agincourt (E05) a jump in the sale of detached homes and condo apartments resulted in a 34 per cent overall increase compared to last August.

An increase in the sale of detached homes and condo apartments also resulted in an overall increase of 52 per cent in High Park (W02).

In Toronto’s Davisville (C10) the sale of semi-detached homes and condo apartments pushed overall activity in the district to a 58 per cent increase over August 2006.

Richmond Hill South (N03) showed a 43 per cent increase, led by condo apartment and detached home sales.

“Prices moderated in August, down approximately one per cent from the previous month, meaning that there will be many opportunities within reach during this autumn market,” said Mr. Bentley.

Choosing the right list price

Jordan Epstein — Mon, 10 Sep 2007 04:09:00 GMT

One of the most critical factors in selling a home quickly and for a good final sale price is choosing the right list price. There are several different approaches you can take to determine the right price for your property. Which one you choose depends on what strategy you want to use to attract buyers, and also how much risk you're prepared to take in order to attract offers.

Many homeowners simply want to list their property at the highest price they believe the market can bear. They've seen what a few properties are selling for in their neighbourhood and then add an arbitrary percentage to reflect where they think the market will be by the time they sell in a month or two. This rather optimistic approach is favoured by sellers who want to ‘test the waters' to see just how high the market might go. They think they can try the high end price first and adjust it downwards later if they don't get results. As any Coldwell Banker ® professional can tell you, this strategy can be a costly mistake. Overpricing your listing can have several potentially damaging repercussions. Salespeople will be less likely to recommend it to potential buyers, so you'll get fewer viewings. They may pass it by in favour of other, more competitively priced listings, and in very little time, they'll simply forget about it. Fewer viewers means fewer opportunities for your sales professional to convert those prospects into buyers.

Trying to solve the problem with later reductions in the list price simply doesn't have the same impact as pricing it right the first time. In fact, sometimes the opposite is true. Going through price reductions means your house is on the market for a longer time. And the longer it's on the market, the more suspicious buyers become that something must be wrong. It's human nature. This means you may have to lower your price even further to get action.

The ideal strategy to stimulate buyer interest is to set your initial price either at, or even slightly below market. In fact, in a very high demand area, it may even be preferable to list the most sought-after properties at an under-market price. This is done to encourage the seller's dream scenario – the multiple-offer bidding war.

How do you know what approach is right for you and your property? This is where the experienced Coldwell Banker sales professional proves their value. Your Coldwell Banker salesperson can prepare a comprehensive market analysis to help you arrive at the right list price. Not only will this report show you what comparable homes in the area recently sold for, it will also show you current listings now on the market. This is your direct competition – the properties you're competing against for buyers, so choose your price accordingly. And remember to look closely at those expired listings. This shows you what prices the market will not bear. I can help you make an informed choice that's right for your market.

The real estate market just keeps moving on up

Jordan Epstein — Tue, 28 Aug 2007 15:25:00 GMT

National home sales activity now forecast to rise 8.1% over last year

Just how good is it going to get? That seems to be the question on every Canadian homeowner's mind these days. The answer is better than even the industry expected. Fueled by record activity levels in the first half of the year, national MLS® home sales activity is expected to reach record levels again in 2007. At least, so says the latest residential forecast released August 20 by The Canadian Real Estate Association (CREA). What's more, the increase forecast for this year is being revised upwards, with yet another near-record year predicted to follow.

CREA now forecasts that national home sales will rise by a whopping 8.1% to 523,100 units in 2007. The good news continues right across the board as new annual records are expected to be set in most provinces. While sales activity is forecast to edge slightly lower in 2008, it's still expected to reach the second highest annual level on record in almost all provinces.

But the real good news for homeowners is when it comes to price. In addition to sales activity, resale home prices are forecast to set new records in every province both this year and again in 2008. However, while prices will continue to rise, the increases are forecast to be smaller next year. The resale housing market is expected to become more balanced, particularly in Western Canada , as housing prices continue to increase in 2008 and higher interest rates further impact affordability.

According to CREA, consumers continue to have strong confidence in Canada 's resale housing market and the record-breaking pace indicates the Canadian market has shrugged off the sub-prime problems that have been affecting the housing market in the United States and a number of investment funds. Home buying sentiment remains upbeat in all regions and mortgage financing is still within reach for many potential homebuyers. Strong employment numbers will keep sales activity strong, even as prices and interest rates continue to rise.

If you're a homeowner, it's a great time to sell and realize some of the equity that's locked within your home. If you're a buyer, there's no time to waste. By acting quickly, you can still lock in an attractive interest rate and see your property appreciate in value. Contact me at http://www.epsteinrealestate.com to take advantage of their expert advice.

What's your investment risk tolerance?

Jordan Epstein — Mon, 20 Aug 2007 21:39:00 GMT

In recent times, we've seen the stock market rise and fall, soar and crash, with investors holding on white-knuckled as the roller-coaster ride continues. Some people enjoy the exhilaration of what is often an unpredictable investment approach. But for many of us, the stress and unease that accompanies investing in a volatile and relatively short-term arena like the stock market, is unwanted and unwelcome. Most of us think of it as a necessary evil. But is it really?

By examining your goals, options and strategies, you may find that your situation is more suited to investing in real estate. Consider the following:

Real estate is generally considered a very sound long-term investment. Do you have a need for a short-term return, or can you afford to let your money work for you for an extended period? If you have time, then investing in real estate could be the right choice for you.
As a long-term investment, real estate has traditionally performed well in times of political uncertainty and economic downturn. Can stocks, commodities or equities make that claim?
Since real estate is a long-term investment, it generally does not require the close daily – or even several times a day – monitoring that's typical of many more volatile investments. Do you have the time available to monitor your investment this frequently?
Real estate has the ability to deliver you a return on your investment in several different ways, including renting the home out as an income property, renting a portion of it to help offset mortgage payments, upgrading it to ‘flip' it for a good return or holding it to wait for property values to appreciate.
Investing in real estate provides you with a tangible asset that you and your family can potentially enjoy for years to come.

Want more help in determining whether investing in real estate is the right answer for you? Then contact me at http://www.epsteinrealestate.com. I will be happy to sit down with you to help you explore all your options. Then, it's your move!

Beat the heat and your energy bill

Jordan Epstein — Fri, 10 Aug 2007 17:26:00 GMT

During the hot days of summer, many Canadians open their energy bill with a sense of dread. While it may be tempting to run your air conditioning at full capacity for weeks on end, you can't do it without paying a price – in more ways than one. High energy consumption is not only a costly proposition for individual homeowners, it also carries a high cost in terms of pollution that's created as we generate power to meet today's high demands.

Here are a few tips to help you beat the heat as you save on your energy bill:

Prevent direct sunlight from entering your windows, especially on your home's southern exposure, where the most solar heat will enter. This can be done in any number of ways, including shutters, blinds or draperies.
If you have an outside area that you want to keep sunny for occasional use, consider a retractable awning that will create shade, as you need it.
Heated swimming pools are a tremendous drain on energy and your pocketbook. If you're planning on installing a pool, take special care to choose the location that will receive the most hours of full sun. If you have a pool, invest in a solar blanket to prevent overnight heat loss.
Shade trees can have a considerable impact on protecting your home from temperature extremes in both summer and winter. If you're thinking of planting a few trees on your property, consider a fast-growing, broadleaf tree such as poplar, to give you quick results in energy savings.
Ensure that your attic area is well insulated. A relatively small investment in this fast and easy improvement will save in cooling and heating costs.
Poorly insulated windows are major culprits in energy loss. When the time comes to replace them, make sure you in invest in a high R-value window.
Turn your thermostat up a degree or two at bedtime, when the outside temperature begins to cool and you're not active.
When you're away from home for more than two hours, raise the temperature on your thermostat and lower it again on your return. Even that small concession can save you energy and money.

The little things can add up to big savings over time. Want more ideas on how to reduce your home's operating costs? Or wondering what energy-saving home improvements will have the greatest impact on your home's resale value? Contact your local Coldwell Banker real estate professional and take advantage of their expert advice. You'll be glad you called us first!

In addition, if you have any general questions about buying or selling real estate in Ontario, please contact me at www.epsteinrealestate.com as I'm more than willing to help.

When little things mean a lot

Jordan Epstein — Fri, 10 Aug 2007 17:24:00 GMT

You may have heard that it's the little things that mean a lot, but did you know that it's especially true for selling houses? When you've listed your home for sale and are showing it off to potential buyers, little things can sometimes make a big difference in creating a good impression. Sometimes a ‘quick fix' of some very minor repairs, cleanup or maintenance can make the difference between receiving an offer or sending your prospective buyer on their way.

Here's a checklist of little things that help create a favourable impression:

Make sure your front walk and steps are swept
If there are oil spots on the driveway, power-wash them clean
Ensure that door trim and window sills are clean; if your trim is wood, be sure they're scraped, puttied and repainted as required
Don't let squeaky hinges turn off buyers; put that oilcan to work!
Check all doors and cupboards to see that they open and close without sticking and tighten up any loose screws
Wash the windows and your window sheers too for a bright, fresh look
Replace washers on any taps that may be dripping
Indoor house plants and your garden should be culled to remove any trace of dead or damaged foliage and kept watered
Put fresh caulking around tubs or showers where needed
Open windows to air out basements or other enclosed areas

Remember, seeing small repairs that have been left undone sends up a ‘red flag' to buyers. They may think that because the simple, surface maintenance has been left undone, there could be bigger – a more expensive – problems lurking beneath the surface. A well maintained property tells the buyer that your home has been cared for, both inside and out!

Want more ideas on how to help your home appeal to prospective buyers? contact me at www.epsteinrealestate.com

The vacation that pays you!

Jordan Epstein — Fri, 10 Aug 2007 17:20:00 GMT

When most of us do our household budgeting, we often set aside what may be a considerable amount of funds for the family vacation. But did you ever stop to think that there might be a better way to plan for quality family time without laying out a lot of cash that you'll never see again? Why not put the money you'd spend on airfares, hotels and rental cars into building equity instead?

If you put your vacation budget towards buying a vacation property, you'd not only be building an asset for the future, you could also be creating many more opportunities for the family to spend quality time together. Why spend a big part of your vacation standing in lineups at the airport? With increasingly long delays due to heightened security measures, it's easy to waste almost an entire day traveling – both coming and going. If you bought a vacation property within a few hours of home, you could be gaining the better part of two more days to enjoy yourself. More importantly, with your own vacation home, your family could enjoy your property several times a year, including weekends, while you build an asset that you can enjoy for many years to come.

As well, vacation properties have the potential to generate income if you devote part of the year to renting the property out. And if you plan it right, the vacation home of today could ultimately become your retirement residence in the future. The potential is as unlimited as the types of available vacation residences.

If this prospect sounds appealing, you should be talking to a Coldwell Banker® real estate professional. Even if your dream property is hundreds of miles away, your local Coldwell Banker sales professional can help you right here and now. In addition to having access to insider information about hundreds of properties, both nearby or far away, your local Coldwell Banker professional can counsel you about creative financing solutions and much more. Let us help you do the groundwork right here at home, and before you know it you could be spending your next vacation in your own property. And that just might be the first vacation that actually pays you!

In addition, if you have any general questions about buying or selling real estate in Ontario, please contact me at http://www.epsteinrealestate.com as I'm more than willing to help.

Average Canadian house price tops $1/3 million!

Jordan Epstein — Thu, 26 Jul 2007 14:35:00 GMT

Canada 's astonishing real estate market continued in June, as MLS® sales shattered all previous records in the first half of 2007. According to The Canadian Real Estate Association (CREA), resale home sales activity remains on pace to set a new annual record this year. This news is particularly remarkable when you consider that we're surpassing the performance of another record-breaking year. And the forward momentum is expected to continue.

If you're thinking of selling, you'll be glad to know that according to CREA, the major market MLS® residential average price rose 10% year-over-year in the second quarter to set a new record. Average price also set a new monthly record in June, climbing 10.4% year-over-year to $335,180. That's right; the average national house price has now surpassed the one-third of a million dollar mark! The new record is all the more startling when you realize that just two short months ago it made news when the average Canadian house price broke through the $300,000 mark for the very first time.

Of course, that new national average price of over $335,000 encompasses many diverse markets across the country. As you'd expect with a new national record being set, prices have been climbing in local markets all across Canada . Average price reached the highest monthly level on record in Victoria , Regina , Saskatoon , Winnipeg , Kitchener , Ottawa and Halifax . On a quarterly basis, the MLS® residential average price set records in almost all major markets.

If you're a potential buyer, don't be discouraged. It's not too late to act! A recent CREA forecast says that we're not done yet! CREA predicts the annual national average price will rise by 9.5% in 2007 and by an additional 5.5% in 2008. There's still some room to grow and some equity to be built if you buy now.

Do you want to know what homes are selling for in your area? More importantly, would you like to know how to use this information to your best advantage? Then it's a good time to contact me at http://www.epsteinrealestate.com

In addition, if you have any general questions about buying or selling real estate in Ontario, please contact me as I'm more than willing to help.

Will recent interest rate hikes affect the real estate market?

Jordan Epstein — Thu, 26 Jul 2007 14:33:00 GMT

It looks like a primary factor in determining a home's affordability is about to change. With the economy booming and our strong Canadian dollar moving ever skyward, the Bank of Canada has been warning for some weeks now that their next move could be to raise interest rates. The predicted rate hike materialized on July 10, when the Bank Rate increased by one-quarter of a percentage point to 4.75%. That means Canadian consumers can expect to see similar increases in other lending fees, including mortgage rates, in the near future. What's more, the Bank of Canada has indicated that another rate increase could be coming when rates are next posted on September 5, 2007 , just a few short weeks away. This week's increase is the first jump in the lending rate we've seen since May, 2006, over a year ago. It seems that we may be coming to the end of one of the longest periods of stable interest levels seen in this country since the 1970s.

So, what does all this mean to the Canadian consumer and today's booming real estate market? Well, according to the Canadian Real Estate Association (CREA) house prices will continue to rise this year, but the rate at which house values appreciate may start to slow towards the end of the year. For a time, we can expect that house sales activity will remain brisk even when the inevitable increases in mortgage rates are first announced. This activity will be due in part to the many prospective buyers out there with pre-approved mortgages. They'll be motivated to commit to a purchase so they can take advantage of their rates.

If you're a buyer, and you don't already have a pre-approved mortgage, this would be a good time to arrange one and lock in an attractive rate. Mortgage rates are due for a hike and if that happens, the result will be that housing becomes less affordable. The good news is, you may be able to beat the rate increase – and future increases -- if you act now. With an additional rate hike possible for the first week of September, and prices still on the rise, a few buyers – particularly first-time buyers with no equity behind them – may ultimately be ‘squeezed out' of the market if they don't move quickly. The remaining buyers can expect to be rewarded with more homes to choose from. And there should still be an opportunity to build equity as home prices continue their upward climb.

If you're a seller, you're still in a good position with values expected to continue to appreciate. However, while sales should remain strong for a while yet, you'll eventually start to see the signs of a moderating market. There will tend to be more inventory of listings, fewer buyers and homes will be staying on the market longer. The competition will become fiercer and you'll need to compete more effectively to attract buyers to your listing and win offers on your property.

There's a lot to consider in today's changing real estate market. Trends can vary from market to market, and even within the same neighbourhood. If you'd like some expert advice on competing in your local market, please contact me at http://www.epsteinrealestate.com

In addition, if you have any general questions about buying or selling real estate in Ontario, please contact me as I'm more than willing to help.

First time buyers to be a greater force in 2007 market

Jordan Epstein — Thu, 26 Jul 2007 14:32:00 GMT

Home buying intentions surveyed in 10 major markets by CMHC

The real estate market just keeps charging on, breaking records month after month in urban centers all across Canada. With more and more homes changing hands with each successive month, it raises the question of where do all these homebuyers come from? This year, one of the answers appears to be that there will be more first-time buyers entering the housing market for the very first time. At least, that's one of the findings of a recent and very comprehensive CHMC survey on the home buying intentions of urban Canadians.

Approximately 1.5 million households in 10 major Canadian centres were surveyed in the Renovation and Home Purchase Survey recently released by Canada Mortgage and Housing Corporation (CMHC). On the home purchasing front, eight per cent of households across the 10 major centres surveyed intend to purchase a home in 2007 that will be used as a primary residence. About half of the households that stated they intend to purchase a home in 2007 are first-time buyers, compared to only 40 per cent in 2006. That represents a jump of close to 10 per cent in just the space of one year, and could potentially represent a significant impact on an already active market. The majority of first-time buyers are between the ages of 25 and 34, with a household income between $80,000 to about $100,000. That income level, combined with today's very attractive mortgage rates, puts the dream of home ownership well within reach of this buyer group.

Not surprisingly, home buying intentions are strongest in the booming economy of Western Canada. Calgary led the way, as 14 per cent of households reported that they are considering buying a home this year. Purchase intentions are also strong in Edmonton where 11 per cent of households plan to buy. The share is lowest in Montréal and Québec (6 per cent).

If you'd like to know more about market conditions, home prices and the availability of buyers in your own community please contact me at http://www.epsteinrealestate.com

Canadian Households Spent $11,000+ on Renovations in 2006

Jordan Epstein — Thu, 26 Jul 2007 14:23:00 GMT

Average expenditure in 10 major markets grows says CMHC Survey

The real estate market is booming these days, and the latest survey by the Canada Mortgage and Housing Corporation (CMHC) proves that renovations are an equally hot commodity for Canadian consumers. And there's a direct relationship between the two says CMHC. One of the primary reasons that Canadian homeowners renovated their property last year was to either add value or to get the home ready to sell. The real estate market is driving the home renovation market, as Canadians try to capture top dollar for their listings.

This renovation trend has been identified through an extensive survey of Canadian homeowners in major markets across Canada . Approximately 1.5 million households in 10 major centres surveyed indicated they completed renovations last year, costing an average of more than $11,000, according to the recent Renovation and Home Purchase Survey released by Canada Mortgage and Housing Corporation (CMHC). This trend to increased home renovations is also a driving factor for Canada 's overall economy. According to CMHC's Chief Economist, more than $17.3 billion was spent on renovations last year across the 10 major centres surveyed. As well, 46% of homeowners in the 10 centres surveyed said they intend to spend $1,000 or more on renovations this year.

Based on the results of the CMHC survey, it appears that one of the major challenges of a renovation project is planning – and staying within – a realistic budget. Less than half (47%) of households reported that the cost of renovations was in line with what they had budgeted. More than a third of households went over their planned budget for the renovation. Interestingly, of the households that undertook a renovation project, 24% were do-it-yourselfers who hired a contractor for a portion of the work. The majority of households conducting renovations contracted out the work to professionals (40% of respondents) as opposed to those doing the work themselves (34%).

Regardless of who ended up doing the work, the reasons behind it were often the same. The main reason given by households for renovating in 2006 was to update, add value or to prepare to sell the residence (61%). Less than a third (30%) of survey respondents stated that the main reason for renovating was that their home needed repairs. The top three renovations completed last year were:

remodelling of rooms (34 per cent),
painting or wallpapering (32 per cent)
hard surface flooring and wall-to-wall carpeting (32 per cent).

If you'd like some professional advice on what home renovations are likely to give you the best return for your investment, contact your local Coldwell Banker real estate professional. They know what improvements buyers are looking for, and what will help sell your home for a great price and in a short amount of time.

In addition, if you have any general questions about buying or selling real estate in Ontario, please contact me as I'm more than willing to help. http://www.epsteinrealestate.com