TORONTO, September 18, 2012 – Greater Toronto Area (GTA) REALTORS® reported 2,544 transactions through the TorontoMLS system in the first 14 days of September. This result was down by 15 per cent compared to the 2,995 sales reported during the same period in 2011.
“The combination of stricter lending guidelines, rising home prices and the added upfront cost associated with the land transfer tax in the City of Toronto resulted in a slower pace of sales during the summer of 2012 compared to a year ago,” said Toronto Real Estate Board (TREB) President Ann Hannah. The average selling price for sales during the first two weeks of September was $496,786 – representing an annual rate of increase of more the 9.5 per cent. Average selling prices were up for both low-rise and high-rise home types, including condominium apartments sold in the ‘416’ area code.
“Price growth continued to be strongest for low-rise home types during the first two weeks of September. This segment of the market has been very tight, with months of inventory remaining low from a historic perspective,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
If you require further details feel free to contact me.
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 Linkedin
Thinking of selling your home in the next 1 or 2 months? For free and confidential Market Evaluation of your home click here
Mirage Condos Broker VIP Preview – October 31st, 2011 (Monday) at 12:30pm
MIRAGE CONDOS Located at City Centre - In the heart of Mississauga. Steps to Square One, Sheridan College, Transit, Restaurants, City Hall, etc. The Mirage will be the second in a series of three condominium buildings which began with the Universal Condos. There are 352 Suites in 22 Levels. Tentative possession is August 2014. The building is phase 2 of the planned community and an extension of previous phase named Universal Condos. The building will have all ultra modern facilities.The builder is Conservatory Group and they have a wide array of upcoming projects.
SITE PLAN CONCEPT
Warm Regards, Zeenia KolaSales 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
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/ Facebook Link
Recently, I sold a Detached Condo Home in Mississauga, and the common question I got was “why am I suppose to pay condo fees”, “what do the common element fees cover,” “where does the money go” “will the fee increase every year” etc. Buyers usually are reluctant to pay the “extra”condo fee. Most of the buyers have misconceptions and misunderstand the concept of paying condo common element fees.
What are Condo Common Element Fees?
Condo fees are each owner’s share of the common expenses of a condominium corporation, it is the costs of maintaining your condominium.
The condominium board prepares a budget for each fiscal year of the corporation. The budget sets out the amount of the estimated common expenses. Each owner’s monthly contribution is determined by multiplying that amount by the owner’s common expense percentage as set out in a schedule to the declaration and dividing by twelve.
Why pay condo common element fees?
The condo common element fees cover a variety of things and without being conclusive, they may include staff (security and concierge), guest suites, recreational facilities such as pools, tennis court, party rooms and saunas, water, hydro, gas, building insurance, snow removal, landscaping,cleaning, maintenance, taxes, property management fees, reserve fund contributions, reserve fund studies, accounting and legal.
Every building is slightly different and the fees will vary depending on age, size and complexity. In order to determine what the fees include the buyer’s agent should the agreement of purchase and sale conditional on status certificate and review the budget and the most recent statements of the condo.
What is Reserve Fund?
A portion of the common element fees you pay is put into a reserve fund for special assessments of the property as is needed, and these monies cover major repairs and upgrades to the building, including items such as roof replacements, re-painting an re-carpeting the hallways, new windows and doors, and re-paving the parking garage. When there is not enough money in the reserve fund to cover these special assessments, the costs are distributed proportionately among the unit owners and are levied for a period of time deemed appropriate by the board or pursuant to a reserve fund study.
As an example, let’s take a $150,000 condo with a $140 monthly condo fee for a first time buyer.
While owning a house you might average a water/sewer bill of $25 per month. With a condo you save $20 per month on homeowners insurance costs compared to a house. That’s $45 saved per month. When you think about the actual costs of maintaining the exterior of a home, landscaping, paving, fertilizer, purchasing a lawnmower, hedge trimmer,etc… Most homeowners would spend more than $95 a month on average. This isn’t even taking into account eventual big ticket items like roof ($5000) and siding($5000) replacement. There is also quite a value to living a low maintenance, care-free lifestyle.
Will the Condo fee increase every year?
It’s best to review the status certificate before purchasing the unit. The status certificate will let you know how much is in the reserve fund and give you an idea of whether there is enough money to cover these costs as they arise. The age of the condo may also aid in assessing whether major repairs will be necessary in the future. In addition, this is an opportunity to discover if a “reserve fund study” was , is or shortly will be conducted, and if known, what increases (if any) to be expected.
Common element fees generally increase yearly at the rate of inflation, however, this is not a set amount and fees could increase by more or less than the rate of inflation depending on what the board deems necessary to operate the building. Fees are set to pay for the proper maintenance of the building and to put money into the reserve fund.
In conclusion, condos are for living pleasure and condo fees protect your investment. The common element fees are an integral part of the condo world and in the same way you need to pay to maintain a freehold home, you pay someone else to take care of your condominium home. Remember, every condominium is different and rates may be set to rise so be careful, take your time and investigate so there are no surprises.
I hope most of your doubts are cleared, if you do have any other questions please feel free to contact me at 905-828-3434 and I will be happy to answer. My goal is to help you achieve in buying and selling residential homes and investments and provide you guidance throughout.
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
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.
Tax Creditbrings to mind images of detached houses in the suburbs and not units in sky-high buildings, you're not alone. Many condo owners are paying little attention to the credit when they could be reaping the benefits.
In fact, there are many opportunities for condo owners to claim the credit, including some outside of their own units.
Condo owners can claim a portion of improvements made to their building between Jan. 27, 2009 and Feb. 1, 2010, as long as they were at least partially responsible for paying for the upgrades.
Here's how it works:
Assuming each condo owner pays a monthly fee to a condo corporation, repairs or renovations completed and paid for with that money should count toward the HRTC. The condo corporation is simply paying for these goods and services on behalf of all of the unit owners.
Condo corporations are unable to claim the credit because it is available only to individuals, so it's up to each person to claim his or her portion.
Therefore, on their 2009 taxes, condo owners can claim the credit for renovations to their own unit – similar to what would be done in a detached home, for example – as well as their share of any renovations to common areas paid for by the condo corporation.
This could include anything from new windows installed in your building to a redesigned lobby area or new improved landscaping.
Add these shared costs with renovations you may have done to your individual unit (bathroom or kitchen upgrades, new fixtures, painting) and you could significantly increase your credit.
Canada Revenue Agency guidelines for condo owners indicate that improvements made to common areas will qualify if:
– You own your unit. Renters are out of luck, even if they pay similar monthly fees.
– "The expenses would be eligible expenses if the common areas were treated as an entitled dwelling" – if new furniture wouldn't count in a detached home, it won't count in a condo either.
– Your condo corporation has notified you of your share of the expenses.
As a reminder, the tax credit applies to renovation costs over $1,000 and under $10,000, so if you spent a few hundred dollars on your own unit and the condo corporation spent a few hundred more on your behalf, that may be the difference between getting a return or not.
What you'll need to make the claim:
Since you're not dealing directly with stores or contractors and won't receive original receipts or invoices, in order to claim your portion of building renovations you need documentation from your condo corporation. This can be in the form of a
letter and must be signed.
Most condo corporations have a set of guidelines that help them determine the allocation of expenses for common areas. It is this documentation that will guide them in establishing each condo owner's contributions to renovations and hence how much people can claim.
According to Canada Revenue Agency, the documentation "must clearly identify the type and quantity of goods purchased or services provided" and also include the following:
– The cost of the renovations
– Your portion of the expenses (exactly how much you are considered to have contributed)
– Contact information for the vendor or contractor (including GST/HST number, if applicable)
– A description of the work in question
– The date or dates the work was completed.
If you do not receive documentation for improvements to your building, it is worth asking about. It could mean a few more dollars in your pocket!
If you have any questions please feel free to contact:
Zeenia Kola
Sales Representative with Re/Max Realty Specialists Inc., Brokerage
PH: 905-828-3434
Add: 2691, Credit Valley Road, Mississauga, L5M 7A1
In the midst of the recession, approximately twenty per cent of single-detached homes and condominiums in Greater Toronto Area neighbourhoods managed to post an increase in average price, according to RE/MAX. Mississauga, Ontario (July 28, 2009) - In the midst of the recession, approximately 20%of single-detached homes and condominiums in Greater Toronto Area neighbourhoods managed to post an increase in average price, according to RE/MAX. The RE/MAX Return on Investment Report found that 11 (17 per cent) of the 65 Toronto Real Estate Board (TREB) districts reported an upswing in the value of a single-detached home in the first six months of 2009, despite one of the worst first quarters on record. The Beach (E02) saw the greatest percentage increase year-over-year at 3.79 per cent, with average price rising to $715,422, up from $689,278 in June, 2008. Pickering (E13) placed second, with the average price of a single-detached home climbing 3.72 per cent to $389,536, up from $375,577 from one year earlier. Willowdale, Newtonbrook (C14) ranked third, with a single-detached home rising in value from $754,470 to $779,537 -- a 3.32 per cent increase. Rounding out the top five neighbourhoods are newcomers Downsview, Weston (W04) – where prices have climbed 2.25 per cent to $384,485 from $376,007, and Rouge, Malvern (E11) where a 1.99 per cent uptick has brought year-to-date housing values to $345,468 (from $338,738). “Purchasers clearly moved to take advantage of greater affordability in the marketplace in the first half of the year,” says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. “Prices were down in virtually every neighbourhood surveyed; supply of homes listed for sale was at an all-time high; and interest rates were at historic levels. If you’re a buyer, it doesn’t get much better than that.” Given their more affordable price point, condominium properties fared slightly better than single-detached homes, with 13 (22 per cent) of 59 TREB districts posting an increase in average price. Condos in Cliffcrest, Guildwood (E08) in the city’s east end saw the greatest appreciation in value, with average price climbing 6.45 per cent to $175,855, up from $165,197 one year ago. North Toronto, Cricket Club (C04) ranked second with a 6.1 per cent increase in average price, bringing condominium values to $301,065 (up from $283,746). Downsview, Weston (W04) clinched third spot, with a 4.37 per cent increase in average price to $173,083 in June 2009, up from $165,834 one year earlier. Mississauga’s thriving Port Credit community (W12) experienced a 2.63 per cent increase in condominium values year-over-year – with average price hovering at $304,954. Bendale, Woburn, and West Hill comprise E09, where the average price of a condo appreciated 2.46 per cent over figures reported one year ago to $201,830. “But that was then and this is now,” says Polzler. “Lower inventory levels combined with increased demand -- comparable to what we’ve seen in recent months -- is expected to place renewed pressure on housing values for the remainder of the year. As a result, average prices are forecast to be at par or slightly ahead of last year’s levels by year-end in almost all neighbourhoods.” Case in point is areas like Toronto’s east end, where bidding wars are breaking out on single-detached properties daily. The average sale-to-list price ratio in E01 and E02 approaches 100 per cent. Average prices are up in four of the 18 East District neighbourhoods. Overall average price in the east is down less than one per cent to $346,597 from the January to June 2008 figure. The areas with the highest percentage decreases in the average price of a single-detached home have also seen the greatest increases in the number of properties sold. The overall average price of a single-detached home fell by 5.17 per cent in the Central District to $884,036, down from $932,198 one year ago, while the North District dropped 4.49 per cent in value to $526,693, down from $551,452 in June 2008. Sales are up in both areas, with 2,000 homes changing hands in the central area (up 4.28 per cent over one year ago) and 4,249 properties sold in the north (up three per cent from June 2008). Only one district reported an overall increase in the average price. Condominiums in the North District – comprised mostly of York Region – posted a 0.26 per cent increase in values – and now hover at $275,822, compared with $275,113 one year ago. “The momentum going forward is expected to be healthy – buoyed by positive economic data and a return to stability in the financial sector,” says Polzler. “There may be some bumps along the road, but all in all, the worst is over for the residential real estate in the Greater Toronto Area.”
One in five neighbourhoods have surpassed pre-recession average price levels.
