August 2012 Market Update

Low-Rise Home Sales Drive August Price Growth

TORONTO, September 6, 2012 – Greater Toronto Area (GTA) REALTORS® reported 6,418 sales through the TorontoMLS system in August 2012, representing a year-over-decline of almost 12.5 per cent compared to 7,330 sales reported in August 2011. The number of new listings reported in August was down by 5.5 per cent compared to the same period in 2011.

"Residential transactions were down in August compared to last year. Stricter mortgage lending guidelines, which came into effect in July, arguably played a role. In the City of Toronto, the additional impact of relatively higher home prices coupled with the upfront cost associated with the City’s Land Transfer Tax led to a stronger annual decline in sales compared to the rest of the GTA," said Toronto Real Estate Board (TREB) President Ann Hannah.

The average selling price for August 2012 transactions was $479,095 – up by almost 6.5 per cent compared to August 2011. The annual rate of price growth was driven by the low-rise home segment in the City of Toronto, including single-detached homes with an average annual price increase of 15 per cent. The MLS® Home Price Index (MLS® HPI)* composite index, which allows for an apples-to-apples comparison of benchmark home prices from one year to the next, was up by 6.3 per cent year-over-year.

"While sales were down year-over-year in the GTA, so too were new listings. As a result, market conditions remained quite tight with substantial competition between buyers in the low-rise market segment," said Jason Mercer, TREB’s Senior Manager of Market Analysis. "The trends for sales and new listings are moving somewhat in synch, suggesting that the relationship between sales and listings will continue to promote price growth moving forward."

Regards,
Zeenia Kola
Sales Representative with Re/Max Realty Specialists Inc., Brokerage
Email: zeenia@zeeniakola.com
Ph: 905-828-3434
Add: 2691 Credit Valley Rd, #101, Mississauga, L5M 7A1
Website: http://www.zeeniakola.com/
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The Madison Condo on Yonge and Eglinton

The Yonge and Eglinton Condo seem to be HOT this year! There are several new projects up this year and they are selling out. One of them is the Madison Avneue Condos, with their Phase 1 (33 storeys) sold out in May they now have their Phase 2 (30 storeys) coming up for sale on September 17th, 2011.

The Madison Ave Condos will comprise of two glass towers with roughly 644 condo units. The first tower (West Tower) will stand at 33 storeys; the second (East Tower) will be 30 storeys. The first two floors will be allocated to approximately 60,000 square feet of retail space.

Builder: Madison Condos is developed by award-winning Madison Homes and designed by Kirkor Architects, is a two building complex located at the heart of midtown Toronto, Yonge and Eglinton. The towers reinforce this duplicity by evoking the ying-yang effect with the opposite curve facing Eglinton Avenue.

Location: 97 Eglinton Ave East – South East Corner of Eglinton and Dunfield. Currently the former York Theatre/ Parking Lot. The Madison Ave condominiums will be just steps to the Yonge and Eglinton subway and the proposed extension of the Eglinton cross-town LRT.

Features:
- Comprised of approximately 644 suites in two-high rise towers that sit on an 8 storey podium, with more than 28,000 square feet of indoor and outdoor amenity space, along with more than 60,000 square feet of prime storefront retail.
- Most suites are designed with terraces or balconies with glass and rail treatment as per plan. 9 feet ceilings are standard throughout and will create a sense of airiness and space inside the suites, most will boast terraces or balconies, offering residents a sweeping panorama of the city.
- Designed to be modern and sleek, yet functional. The kitchens will feature designer series kitchen cabinetry, granite countertop, stainless steel undermount sinks, upgraded hardware, glazed ceramic backsplashes, island or breakfast bar and stainless steel appliances.
- The bathrooms boast custom designed cabinets, Caesar Stone countertop, contemporary frameless glass showers, mosaic shower floor tile and waterproof shower ceiling fixture.

There are lots of other great features that Madison Condos have to offer.

Condo suite prices are starting from mid 300’s and range from 1 bedrooms, 1 bedroom and dens, 2 bedroom, 2 bedrooms + den, 3 bedroom layouts. Sizes will vary from as low as 500 + sq ft to over 1000 sq ft.

The VIP Event is scheduled for September 17th, 2011 at 11a.m. To register contact me now to get your spot secured and to receive pre-construction discounted prices, floor plans and incentives that are only offered during the broker special event.

Warm Regards,
Zeenia Kola
Sales Representative with Re/Max Realty Specialists Inc., Brokerage
Email: zeenia@zeeniakola.com
Ph: 905-828-3434
Add: 2691 Credit Valley Rd, #101, Mississauga, L5M 7A1
Website: http://www.zeeniakola.com/
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Absolute Condos near Square One

As most of you might have seen the construction going on at Hurontario and Burnhamthorpe of two towers being built by Fernbrook. Here are some pictures and a little about the residential towers.




The Absolute Condos is a set of 5 residential towers in the City of Mississauga.Construction of three of the towers was completed by 2008. The last two blocks, Absolute Word 1 and Absolute World 2, are expected to be completed in 2011. The two towers are also known as the 'Condo Couple'. Absolute World 1 (as seen above) was nicknamed 'Marilyn Monroe' for its curvy, hourglass figure by smitten locals. The tower turns 180 degrees from the base to the top.



The design was so admired that the studio was commissioned to design a sister building, Absolute World 2, next door. Absolute World 2 (as seen above) or phase 5, the fifth tower of the project, will incorporate 50 storeys and be 150 metres high, boasting a total floor space of 40,000sq. metres.

However, unlike Absolute World 1, the second, more northern tower will be wider in the 'waist'.

Built by Ontario builders Fernbrook Homes in collaboration with Toronto developer Cityzen Development Group, Absolute Condos is a five-tower glass, concrete and steel luxury condominium complex in Mississauga, opposite the Square One shopping mall. The residential towers also has a 30,000sq.ft. private recreation centre.

I have spotted the Towers from Erin Mills and Battleford area; Glen Erin and Folkway; 410 and Courtney Park. Where can you view it from?

I will also be uploading more pictures and information about the condos as an when I get a chance to click more pictures.

Stay Posted.

Warm Regards,
Zeenia Kola
Sales Representative with Re/Max Realty Specialists Inc., Brokerage
Email: zeenia@zeeniakola.com
Ph: 905-828-3434
Add: 2691 Credit Valley Rd, #101, Mississauga, L5M 7A1
Website: http://www.zeeniakola.com/
Facebook Link





Looking for a condo in Mississauga? I have been helping people find condos in Mississauga and will be happy to help you in your search for your perfect condo! I will find you the condo you have been dreaming of and within your budget.
Give me a call today, or fill out the online contact form and I will call you with information on any Mississauga condo you see on my site.

Closing Costs

Closing costs are a list of charges your lawyer presents to you on the closing date of your home. Many people are surprised at the additional costs over and above the price of the home. According to the CMHC and Genworth Financial you should have at least 1.5% of the purchase price for closing costs in addition to the down payment (have around 2.5% to be on the safe side). The costs vary among provinces and cities.

Below you will find a brief explanation of these costs. Please note these are some of the closing costs you may encounter depending on your specific situation. Use this as a guideline then talk with your lawyer who can provide a more realistic estimate for your situation.

Appraisal Fee Generally Required with New Homes
An appraisal provides the lender with a professional opinion of the market value of the property. This cost is normally the responsibility of the and it can cost between $100 - $300.

Home Inspection Fee Generally Required with Resale Homes
A professional inspection of the home, top to bottom, is for the benefit of the buyer. A home inspection can cost anywhere from $300 - $400 and is well worth the investment. When hiring a home inspector make sure the inspector has liability insurance just in case they overlook something.

Fire Insurance
Mortgage lenders require a certificate of fire insurance to be in place from the time you take possession of the home. The amount required is generally the amount of the mortgage or the replacement cost of the home. This cost can vary on the property size, amount of coverage, the insurance company and the municipality. The cost can vary anywhere from $250-$600 annually for most properties.

Provincial Sales Tax on Mortgage Insurance
If your mortgage is insured, (CMHC or Genworth Financial), you will be required to pay the applicable taxes on the insurance premium on closing. While the insurance premium can be added to the mortgage amount, the tax must be paid at closing.

Land Survey Fee or Title Insurance Fee
A recent survey of the property is usually required by lenders. If one is not available the cost can range between $600 - $900 for a new survey. In lieu of the survey most lenders today will accept title insurance which can cost considerably less.

Legal Costs and Disbursements
Lawyers and notaries charge fees for their services involved in drafting the title deed, preparing the mortgage, and conducting the various searches.Disbursements are out-of-pocket expenses incurred during the process such as registrations, searches, and supplies.

Land Transfer Tax
Most provinces charge a land transfer tax payable by the purchaser. The amount varies depending on the province. Land transfer tax is based on the purchase price. First time home buyers purchasing a new home may be entitled to a refund.

New Home Warranty
In most provinces new homes are covered by a new home warranty program. The cost to the purchaser for this warranty is approximately $600 and should the builder default or fail to build to an agreed-upon standard the fund will finish or repair the deficiencies to a maximum amount. For more information on Ontario new home warranty visit http://www.tarion.com.

GST
GST is payable on the purchase of a newly built homes only. If you are purchasing a new home make sure you know who pays this, you or the builder. On the offer the purchase price will say "Plus GST" or "GST Included" and who gets any GST rebates. Many builders have included this cost into the purchase price so the buyer does not have to come up with it at closing.

Closing Adjustments
An estimate should be made for closing adjustments for bills the seller has prepaid such as property taxes, utility bills, and other charges. Any bills after the closing date are the responsibility of the purchaser. A lawyer will let you know what they are once the various searches have been completed


If you have any questions, please feel free to call or email Zeenia Kola at 905-828-3434 or
zeenia@zeeniakola.com