Wow What’s Happening in The Market Place?

If you have followed my previous articles you are aware that I have mention that our current Real Estate Market is experiencing a “Boom” and this is continuing to almost unheard of territory. We recently sold one of our listings for $40, 000.00 over the listed price.

This is now the new norm in the market place, you no offer less for a property ,but more.

Offer are seldom sold for under asking it is usually for a significantly more.

As long as the supply remains low prices will keep increasing. The fear of next years harmonised tax and interest rates which will more likely rise in 2010. Buyers are out in droves.

Yet it is still the best time to buy Real Estate. When ever I am asked “When is the best time to buy “ my answer is always the same “Now”. I have grown up in the Real Estate business and it is bar none then best single investment you can make, and it provides you shelter.

Think of it as putting money into an RRSP eventually you will retire and buy the time you do your home is worth many times more than you originally paid for it.

Buy Now!

Best June on Record!

In June 2009, Greater Toronto REALTORS® reported a record 10,955 sales, up 27 per cent from June 2008. The seasonally adjusted annual rate of sales in June was 100,700.1

“The record result in June is testament to the fundamentally sound housing market in the GTA,” said the Toronto Real Estate Board’s newly appointed President Tom Lebour. “An increasing number of households have been confident in purchasing a home in the region’s affordable and diverse resale housing market.”

The average price for June transactions was $403,972 – up by two per cent compared to the same month last year. ”The re-emergence of seller’s market conditions has exerted upward pressure on home prices,” explained Jason Mercer, TREB’s Senior Manager of Market Analysis. “Look for sales to remain high relative to listings in the second half of the year. This will keep home prices growing.”

Why do I Have to Pay a Maintenance Fee on My Condo ?

Maintenance fees are a combination of many things. First of all the maintenance of the building interior and exterior which includes upkeep such as repairs cleaning and maintenance of boilers, heating and air conditioning equipment, if there are extra amenities such as a pool, sauna, fitness facility . These along with landscaping, snow removal and insurance on the building itself.

Rates are assed by the number of unites and amenities. For example the more unites a building has the less costly the maintenance fees as they are equally distributed according to the size of each individual unit.

Let us not forget the management of the unit as well as the handy on site superintendent we call when something goes a miss.

Without these services the buildings would quickly deteriorate and the value of individual units would decline.

My Condo Network Gives Back

My Condo Network believes in building networks with and for our clients. However, we also support and participate within the communities to which we belong. To that end, we are pleased to announce our first charity drive to benefit the Halton Hills Women’s Shelter.  From Thursday, July 9 to Friday, July 17, we are accepting donations of slightly used clothing for women and children, toys, small furniture items, strollers, etc.

If you have items that you would like to donate, you can either drop them off at 2421 Grand Oak Trail, Oakville or contact us to arrange a convenient time for pick up. If you have any questions regarding this drive, please contact Linda Wheeler at 905-286-5888 or linda@mycondonetwork.com.

At My Condo Network, we know that this is only the beginning of our efforts to give back to the community. If you have any charities or causes that you support and would like to get us involved, we would love to hear from you with the details.

Should I get a Home Inspection on My Brand New Condo?

The answer is a very simple one it is up to you. If the condo has just been built you are not only covered by the builder himself but also Tarion which is the Ontario New Home Warranty Program. However poor workmanship may go unnoticed should you forgo a home inspection.

Not to get into too much detail you can search Tarion .ca on the net.

They warrant your new home for a period of seven years exterior and one year interior. These of course are broken down into specific times and applications.

Now if your buying a condo 5 years plus then the answer is yes especially if you have independent heating and air conditioning. Also if there have been renovations done after the original owner moved in. It is imperative that plumbing as well as the electrical be checked by a licensed home inspector.