Toronto Real Estate News from Paul Chan and Ewan French April 2019   
Real Estate News
Paul Chan

315 Castlefield Avenue
Toronto, Ontario

This month we continue to expand our MFR team adding Anthony Lance and Geoffrey Handelman! Meet our team this month as we partner with GoodLife at their 40th Anniversary celebration and will be giving away a free vacation! 

We also were honoured to receive the “President’s Award” for the 3rd straight year thanks to all your support!

Thanks so much for checking out this month’s newsletter. Please get in touch if you have any questions or comments regarding the articles, or real estate in general. It’d be great to hear from you!

Paul Chan and Ewan French

In this issue...
We never imagined in our life time that two gay dads with a baby girl could build a company that was supported by our local community.  You made this dream come true for us!

Not only have you shown us that you can be successful for who you are, you have given us the opportunity to give back to 50+ charities and a scholarship that we are passionate about.

We do not know how to truly say “Thank you” for your continued support.  We will add more value and services to our loyal clients everyday and be a one stop shop to assist you with not only your real estate needs but also your family needs as well.

Sincerely the MFR Team,
Paul, Ewan, Teresa, Anthony, Andrew, Geoffrey, Linson and Bolinda

Join the Modern Family Realtor team at our booth at the GoodLife Bloor Park 40th Anniversary celebration for some real estate tips and a chance to win a free vacation!

Wednesday April 24, 2019
5:00pm – 8:00pm
GoodLife Bloor Park

If you can’t make the event email [email protected] for a ballot to enter.

Home sales nearly identical to same time last year.

Toronto Real Estate Board President Gurcharan (Garry) Bhaura announced that Greater Toronto Area REALTORS® reported 7,187 residential sales through TREB’s MLS® System in March 2019.

This result was in line with 7,188 sales reported in March 2018. For the first quarter of 2019, sales were down by one per cent compared to Q1 2018.

While March and Q1 sales remained relatively flat compared to last year, new listings have declined more so than sales. March new listings were down by 5.1 per cent year-over-year and Q1 new listings were down by 1.5 per cent.

“The OSFI stress test continues to impact home buyers’ ability to qualify for a mortgage. TREB is still arguing that the stress test provisions and mortgage lending guidelines generally, including allowable amortization periods for insured mortgages, should be reviewed. The supply of listings in the GTA also remains a problem.

Bringing a greater diversity of ownership and rental housing online, including ‘missing middle’ home types, should be a priority of all levels of government. TREB is happy to be taking part in the City of Toronto’s consultations for the Housing TO – 2020- 2030 Action Plan and will certainly be raising the supply issue during these discussions,” said Mr. Bhaura.

“While the City of Toronto’s recently announced Housing TO – 2020-2030 Action Plan is exciting and commendable, and TREB looks forward to contributing solutions as a Member of the External Advisory Committee, the recently proposed increase to the Municipal Land Transfer Tax on higher priced properties is problematic. As the recent City budget process showed, the MLTT is not a sustainable revenue source from which to fund municipal programs. On top of this, additional MLTT on higher priced homes could have a trickle-down effect on the supply of homes throughout the housing price continuum,” said TREB CEO John Di Michele.

The MLS® Home Price Index Composite Benchmark was up by 2.6 per cent year-over-year in March, while the average price for March sales was up by a lesser annual rate of 0.5 per cent to $788,335. The average selling price for Q1 2019 was up by 1.1 per cent year-over-year.

Now’s your chance to snoop around some of Toronto’s most amazing buildings!

Since its inception in the year 1999, Doors Open Toronto has attracted more than two million visitors to nearly 600 unique locations across the city.

In fact, it’s Canada’s largest Doors Open event and one of the three largest Doors Open events in the world!

This free event, which is held on Saturday, May 25th and Sunday, May 26th, is a great opportunity to take a peek behind the doors of over 150 buildings across Toronto, many of which are normally off-limits to the public!

Venues participating this year will include stately homes, museums, halls, architecturally significant office buildings and even a few old farmhouses.

This is an exciting year to attend Doors Open Toronto as they’re celebrating their 20th anniversary! This year’s anniversary theme is “20 Something” which celebrates the first 20 years of Doors Open Toronto while looking forward to the next 20 years. Hope to see you out and about!

Not ready to sell your home? You could always rent it out instead!

Opportunities usually come out of the blue. For instance, there might be a temporary work contract that forces you to relocate.

Or perhaps a strong buyer’s market means it’s a great time to buy, but you don’t want to be forced to sell your current home at a loss.

Renting your home might be an option but there are lots of things to consider. For starters, you’ll want to conduct an in-depth financial analysis. Here are a few other things to keep in mind if you’re thinking about renting out your home:

  1. Step Away – Being a landlord isn’t always easy. You’ll need to detach yourself emotionally from your old home.
  2. Tax Talk – There may be tax implications, so contact your tax advisor as rules can vary depending on individual circumstances.
  3. Money Matters – Make sure to have a bit of extra money on hand in case the rent doesn’t cover your mortgage, taxes, utilities, insurance, etc.
  4. Playing the Market – You may be able to increase your equity as the market gains strength, but if it tanks, you could end up on the losing end.
  5. Be Prepared – The future’s uncertain so always be prepared for unexpected repairs or if your tenant suddenly falls behind on their rent.
  6. Raucous Renters – Tenants aren’t likely to treat your home with the same level of care as you once did so when it comes time to sell, your home may need some work.

As with any decision, it’s important to weight the pros and cons. If done right, renting can be one of the best financial decisions you ever make but you’ll need to treat it like a business, so evaluate the rental market and research landlord/tenant laws before moving forward.

If, on the other hand, you decide to put your home on the market, make sure you have a professional real estate agent to help advise you on how to sell your home quickly and for top dollar. Please don’t hesitate to reach out if you have any questions regarding this decision, or any other real estate related matters.

Create a garden space that’ll bring you health and relaxation!

It’s that fresh new time of year when many of us step outside, roll up our sleeves and bring our gardens back to life! Here are a few ideas to help inspire you this spring:

  1. Grow Local – Flowers, shrubs and grasses that are native to your area are easy to maintain and also provide a natural habitat for birds, pollinators and insects.
  2. Sky High – Vertical gardening is popular, especially for those with small spaces. All you need is a wall, fence or trellis to grow edibles, annuals and perennials. The sky’s the limit!
  3. Foodscaping – Instead of traditional vegetable patches, backyards are being transformed into edible landscapes that include vegetables, berries, fruits and herbs.
  4. Flower Power – Edible flowers such as red clover, bee balm, daylilies and borage are also surging in popularity as they look beautiful and taste even better!
  5. Child’s Play – It’s important to limit screen time and get kids back into nature so parents are encouraging their children to develop an appreciation for gardening.

The new generation of gardeners are interested in supporting the environment and growing their own food, which is slowly starting to change the way we live and eat. Gardening is also the perfect excuse to switch off your device and get in touch with mother nature!

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