Toronto Real Estate Blog Downtown Condos » canada

Canada’s Banking System – Are you smarter than a 12 year old?

Mark Savel — Wed, 16 May 2012 20:30:06 +0000

It’s funny how very little we know about the Canadian banking system! Be it for a mortgage, car loans or credit card purchases, the banks are literally the back bones to our economy yet on an individual level most of us hardly understand how they work!

Just the other day I was asking my friends a very basic question – “who owns a bank?” and sadly, none of us could answer with certainty. As serendipity would have it, the next day I came across a speech delivered by 12 year old Victoria. It’s a short video on how (inefficient) our system works and how we could improve it to give Canadians even more financial stability!

Check it out and be prepared to be blown away by what she has to say!

Click here to view the embedded video.

Predicting the Toronto Real Estate Market

Mark Savel — Tue, 23 Aug 2011 16:42:11 +0000

If I had to pick the most asked question I get, it would have to be: “how is the Real Estate market, and is it a good time to by?” Shortly after that comes the “well I heard in the news that _______” or “My friend knows a guy that’s well connected on Bay St, and he said _______”. I’m sure by now you get the point, or maybe even caught yourself asking/saying the very same…not that there’s anything wrong with that!

I’m going to let you in on a little secret of the Real Estate world and whether other Realtors want to admit it or not, the truth is NO ONE KNOWS WHERE THE MARKET IS GOING! (well at least not as far down the road as some of these predicitons have been given) Sure, there’s market “indicators” that can give us a general sense of the market but truthfully you shouldn’t waste your time listening to any forecasts further than 3 months!

I for one completely tune out all “reports” on a national level. Real estate is local, and in my market each and every condo building can produce a different result. So if the price of potatoes in P.E.I. goes down resulting in less condo sales out east, it really doesn’t effect the market in Toronto. And vice versa, if sales are red hot here, it doesn’t mean the rest of the country is following suit. Soooo if you’re going to open a ear to any predictions, at least let it be a local one!

In the not so distant past (think the “psychological” recession of 2008-2009) a predominant real estate association changed their yearly outlook over 3 times!!! And i’m not talking about a minor shift in numbers, I’m talking about a completely different tune all together! Why? BECAUSE THINGS CHANGE EVERY QUARTER. Year long predictions…keep’em! I like looking at the market 3 months at a time! More than that and it’s just a headline to sell ad-space!

The allure of a bubble brewing is something that fascinates everyone…I assume it stems from the frustrations in affordability and the hopes of getting a bargin. Everyone’s looking for deals, and I’m no different! Sure, I’d like to buy several properties at 2001 prices…only problem is, I have no idea when or if that will ever happen.

Now make no mistake: PRICES WILL FALL, it’s inevitable…but to qualify the cap locks you’ve got to ask yourself “from what level will prices fall”. And by that I mean, will the average price of a house go up another $100,000 before it comes down $20,000??? Once again, no one has those answers, but when you think of it like that it puts more into perspective!

So the question remains…”When is the best time to buy Real Estate”… My answer: “when you can afford to carry it”. This is in no way a smart ass answer, but rather one I truly believe in. If you’re in a secure job that you can see your self with for the foreseeable future and you can carry the costs associated with property you’re interested in, DO IT! The most common thing holding people back is fear! Fear of the unknown, fear of the bubble popping, fear of losing! So long as you can budget to carry your property, you’ll be fine.

The fine folks at BuzzBuzzHome put together a very interesting comparison of the predictions made about the “bubble bursting”. The info-graph below categorizes the different views on the subject form the last quarter of 2009 to present day from some very predominant people… I’ve sold to a large number of clients during that time that probably spent more time focusing on the comments to the right of the chart and as a result have done quite well for themselves.

So remember, if prices do drop, don’t panic! Hang on and wait for things to improve, because after all it’s only a loss if you sell it at one! If you’re ready to find a place for your self, contact me…I’d love to help!

The New “How Realtors Help” Commercial

Mark Savel — Mon, 30 Aug 2010 05:41:00 +0000

Do you remember Dave? I do. He was that poor fella that bought a home under a flight path! He was also the fictional character that stared in the “How Realtors Help” commercials (well actually it was him and that catchy Tiny Tom song that helped to make it memorable). Then there was that stressed out lady who took her anger for those complicated legal forms on her unsuspecting plant!

Embrace yourself people because the Canadian Real Estate Association is about to deliver a new version of the commercial. The 30 second spot should be hitting the airwaves just in time for the fall market…and thankfully, no furntiure was harmed in the making of it! Look for it on a TV near you, or check it out today at the How Realtors Help website!

Don’t be like Dave. Use a Realtor (Me)…we can save you time, money, and broken furniture. Best of all, our services are free for buyers!

What Do You Call Home?

Mark Savel — Tue, 27 Apr 2010 04:22:00 +0000

Click here to view the embedded video.

I was cleaning up some old footage from my Flipcam the other day when I came across a few clips I caught of the City. With the Hot Docs film fest coming to town, I felt a bit “Spike-Leeish” and decided to put together a short vid of my own…enjoy!

When you’re ready to call Toronto home…call me!

Toronto Pre Construction Condos

Mark Savel — Wed, 16 Dec 2009 04:05:15 +0000

What a year 2009 has been for the Toronto Condo Market! Back in the early part ’08 I remember getting invited to a new condo launch several times a month. Every time I checked the BlackBerry it was a different developer announcing a different launch… that was until the ‘World Wide Recession’ kicked in!

The broker lunch invites ceased, the glossy packages of beautiful condo renderings stopped and my cell phone usage also started to slow down. With the weak sales numbers in the resale market, no developer wanted to risk launching during the uncertain times. So for the last half of 2008 and the first half of 2009 hardly any new projects where released. It almost became the year of the “Relaunch” as most developers worked to clear old inventory and get ground broken on their projects.

530 St. Clair was about to be the first developer to launch a new product, but held off citing a redesign of units to better suit the market. Fly Condos also had their sales event, with many small sized units being released at low prices that matched. Camrost-Felcorp made a bold move in June. They erected a huge sign on the highway advertising prices for their California Condo starting at $149,900! This wasn’t their first launch, but like many others, the re-launch was necessary to move more units.

September of 2009 is when activity in the pre construction market really started to pick up. 530 St. Clair , 2 Gladstone, Reve, x2,Ice 2, U Condos 2, and finally River City (to name a few) all made their launch towards the last quarter of the year!

So what’s in store for 2010? If you’re in the market for a preconstruction condo, you’ll want to check back throughout the week, as I take a look at what’s in store for the New Year!

Mortgage Minute with a S.O.B. 12/14/09

Mark Savel — Tue, 15 Dec 2009 04:39:51 +0000

Click here to view the embedded video.

Get updated with this week’s mortgage rates, provided by everybody’s favourite S.O.B….Chris Molder!

Mortgage Minute with a S.O.B.

Mark Savel — Tue, 08 Dec 2009 06:24:05 +0000

Click here to view the embedded video.

Chris Molder from SonOfABroker.com is back with another installment of his Mortgage Minute. For a full list of rates, check out his blog.