Toronto Real Estate market February 2010 update for Davisville Village

Davisville Village condos in Toronto sold for an average price of $392,218 in February , 102% of list price, a sharp rise from February 2009. Average listing time was fourteen days .
The selling price of semis also rose along with the percentage over listing price. On average the sale price was 106% of list price.

See Claire Gordon's selling services , my description of the amenities of Davisville Village and the Toronto Real Estate vlog for any questions about the Toronto market.

Update for Brennan Pontiac Site at Bayview and Broadway - Wards 25 and 26 Toronto

The concerns of the Residents' Working Group of Wards 25 and 26 and those of hundreds of people who had signed a petition opposing the plans for redevelopment of the north west side of Bayview and Broadway Avenues were recognized by the North York Committee of Adjustment on Feb 17. The submission and review of a Site Plan application was requested by the committee.

Changes in mortgage rules will apply April 19, 2010 -won't affect binding agreements made previously

New rules announced by Finance Minister Jim Flaherty apply to government-backed mortgages. These measures will change the following:

• withdrawal amounts when refinancing


• require 20% downpayment for government-backed mortgage insurance on non-owner occupied properties


• the standard required for five-year fixed rate mortgage will apply to all borrowers
  

"Exceptions would be allowed after April 19 where they are needed to satisfy a binding purchase and sale, financing, or refinancing agreement entered into before April 19, 2010." - Department of Finance Canada

For further information refer to announcement -See Department of Finance Canada

January 2010 Toronto Real Estate sales jump

Sales of resale properties in Toronto in January 2010 have been stronger than last January and more importantly stronger than the average for that month over the last five years*. Perhaps the lack of snow in Toronto has encouraged buyers. Low inventory has resulted in many mutiple offer situations and on average faster sales.

See Toronto Real Estate Board Marketwatch * and Claire Gordon's Selling Services

Yes. Condo owners the Home Renovation Tax Credit applies (HRTC)to you too

Condo owners perhaps have overlooked this tax saving credit (HRTC) as fixing roofs, building fences, installing windows seem to be part of another world. However, improvements that you have made to your unit and to the building as a whole are eligible for a tax credit. Claims can include paint and other materials, contractor's fees, flooring, blinds used in your unit. They can be added to improvements made to the common spaces of your buildings eg. plantings, new windows.

What you need to do is to have a signed document from the Condo Corporation detailing the expenses and your portion of them. If they have not sent this to you just request it. Even if you have sold your condo recently still check it out. See Canada Revenue

Federal Government Ready to Deflate Any Housing Bubble: Flaherty

Andrew Mayeda, Canwest News Service

Friday Dec. 18, 2009

OTTAWA --The Federal Government is ready to clamp down further on mortgage rules if the boom in the Canadian housing market turns into a bubble, says Finance Minister Jim Flaherty.

"The reality is we have low mortgage rates...so we can expect some upward pressure on housing," he said. 

"If we have to, we'll do what we did last year and limit the rate of amortization further than we already did, and require higher down payments," said Mr. Flaherty.

"Interest rates are at historic lows.  They are naturally going to go up," said Mr. Flaherty.  "People have to make sure that the mortgage on their home that they've put on today will be affordable at higher interest rates in the future."

Is your School on the Proposed List of Schools offering Full Day Kindergarten in 2010?

Which Toronto schools will the first to open full day kindergarten in the Fall?
 The Toronto District School Board has proposed a list of seventy- five school sites for the intial roll-out for September 2010. The Toronto Catholic District School Board  reports that "it is expected that approximately 28 schools from their list of 38 will be approved by the Ministry of Education". Approvals are expected by the end of January.

See lists: Toronto District School Board
               Toronto Catholic District School Board

1860 Bayview Avenue redevelopment causing concern

"We live in one of the most  desirable residential neighbourhoods in Toronto. Let's keep it that way"  says concerned residents.

A redevelopment proposal at 1860 Bayview Avenue just north of Eglinton is raising concerns for residents of  North Leaside and North Toronto. Having dealt with the ramifications of the Kilgour Estates condominium development with the increase in residents and traffic, the North Leaside Residents Association and the Concerned Residents Group of Wards 25 and 26 are now launching an information campaign about the retail building being proposed  for the old Brennan car dealership site on the N/W corner of Bayview and Broadway Avenues.

Concerns:

• Streetscape- this area does not need another large parking lot, appearance of the streetscape needs to be improved as Kilgour Estates and CNIB have done and not diminish the lovely church across the street.
• Broadway is clogged with traffic already. 
• Height  and appearance of building 
• Type of business use - Do we need more fast food outlets or convenience stores?
• Site is disconnected from other retail locations on Bayview Aveue, likely will become a "drive to"  rather than a "walk to" destination

Toronto Real Estate market finished strong in 2009

Sales of properties in Toronto in  2009 increased by 17% over 2008 and  average home prices increased by 4%.

Although the market was slow in the first quarter of 2009, sales and prices picked up in the late spring. Indicators for 2010 suggest a sustainable market will continue. 

Views in the News

Nominations for Toronto mayor are being accepted today and one of the most important political races in Canada affecting the largest number of people and of course, affecting the quality of life  here in Toronto begins. Some important issues are:

• the future of the port lands
• homelessness and low income housing
• unbalanced budget
• the future of public transportation
• waterfront revitalization
• preservation of green space
• upkeep of roads and public spaces