New listing 13 Nathan Ave Brooklin, Whitby.

5 month old detached 3 bed bungalow in high demand Brooklin.  This house has all the bells and whistles.  Hardwood floors throughout, high end stainless steel appliances, granite counter, open concept, 2 car garage.  

Open house Sun 25th Apr 2-4pm.

New rules for GTA housing maket...

See what the new rules are to calm down the GTA Real Estate Market.

Measure include..

  •  A 15 per cent tax on home purchases by non-resident foreigners in Toronto and the Greater Golden Horseshoe. Wynne said the tax would not apply to new immigrants who plan to live here, but speculators who will "never set foot in Ontario." 
  • Expanding the province's existing rent control system to cover all tenants, not just those in buildings built before 1991 under the current rule. CBC Toronto first broke the news when Finance Minister Chris Ballard said the government would move to remove the 1991 rule, an issue that was highlighted in a series of stories called "No Fixed Address." The rent increases must come through approved legislation, but will take effect today, April 20. 
  • A rebate of development cost charges to encourage building of more rental housing.
  • A standardized lease document for all tenants.
  • A ban on flipping of pre-construction units by speculators.
  • A review of the rules governing the conduct of real estate agents.
  • New powers for Toronto and other municipalities to introduce a tax on vacant homes to encourage owners to sell or rent unoccupied units.
  • A move to identify provincially owned surplus lands that could be used for affordable and rental housing development. in Toronto the areas identified include the West Don Lands and 27 Grosvenor St. and 26 Grenville St. 
  •  A $125-million, five-year program to encourage the construction of new purpose-built rental apartment buildings by rebating a portion of development charges. 

  • Source.... CBC News

Home Inspectors To Be Licensed in Ontario

April 13, 2017 -- On April 10, 2017, the Ontario government announced that it passed Bill 59, also known as the Putting Consumers First Act, which includes licensing home inspectors and regulating the home inspection industry.

Although the legislation has been passed, the government still needs to work through the details regarding home inspectors' mandatory licensing and qualifications, as well as minimum standards for contracts, reports, and disclosures before this Bill is implemented. Details on licensing and regulations will be coming in the future, but this announcement represents a great step towards regulating this profession and increasing consumer protection.  

The Stats That Show Why Prices Just Keep Rising In The GTA

  • Residential sales up 8.9% in February 2017 compared to a year earlier.
  • New listings in Ontario numbered 22,090 units in February 2017, a decrease of 11.3% compared to last year.
  • The provincial average price of homes in February 2017 rose 24.5% compared to a year earlier.
  • There were just 1.7 months of inventory at the end of February 2017.

Renovation Costs For A GTA Home

GTA Home Renovation Costs

When you're searching for a home, be it a renovation project or something move in ready, you're still probably going to want to complete some renovations.

But how much are these going to cost you?

Knowing what is and is not in your budget is essential when it comes to buying a GTA home, there is no point in buying a home you want to renovate it realize you can’t afford to complete the needed work.

This allows you to establish a budget and work within it when not only buying but understanding what costs will be incurred when you start the work.  That mean you can walk away if the numbers don’t work and keep looking for a property that does.

There are some parameters that should be set, one is size, these are based on a 4 bed detached home with 2 bathrooms excluding any basement renovations or finishing.  The cost to renovate a 3 bed townhouse will not be the same as a 5 bed detached home.  The other variable is location, these prices are based on GTA Real Estate prices.

A breakdown of general repairs.

Small Face Lift $25,000 - $45,000

Includes:  

  • Painting, inside and outside
  • Kitchen cabinet refresh
  • New kitchen counter
  • Landscaping
  • Refinish hardwood floors or new broadloom

Medium Renovation $45,000 - $75,000

Includes:

  • Painting inside and outside
  • New mid cost kitchen
  • Bathroom renovation (1 main bathroom and 1 two piece powder room)
  • New flooring throughout (Laminate/broadloom or lower cost hardwood all possible options)
  • Landscaping

Major Renovation $75,000+

Includes

  • Painting inside and out
  • New kitchen - Mid to high end
  • Bathroom renovations
  • New flooring
  • Landscaping
  • New roof
  • Finished basement
  • Major repairs such as foundation/water & sewer/electrical/masonry work.

What to avoid

What you should be wary of is a property that has major issues such as foundation problems, leaky basements or subsidence unless you're prepared for a Major Renovation.

Biggest bank for the buck

Looking to find the biggest bang for your buck when renovating?  Then look for properties that are sound structurally but need some or all of these new floors, paint, bathroom, kitchens, appliances and landscaping.  These are the things that add the most value when you sell.  It may cost you $5000 - $10,000 to replace the electrical wiring in a home or $5000 for a new furnace but they likely won't add that much value to your home if that is all you do.  Another way of adding value is to buy a property with an unfinished basement and finish it to a high standard.  A good finished basement will cost you about $10,000 but will add about $20,000 to the resale value, add another bathroom down there? That’s another $3-5000 added.  Or why not make it onto a livable apartment with an extra bedroom and kitchen?  That’s going to add at least $30,000.  How about making it into a legal accessory apartment that you can rent out? (you need to check city zoning rules and follow very strict building and fire code regulations to have this as a “legal” basement) that's going to add $50,000 or more!

To get a detailed list of individual costs download my ESSENTIAL Home Buyers Guide and I have listed them for you.

How to make savings

One way you can reduce costs is to buy the items and materials you need when they are on sale, also look for end of line products but make sure you buy enough to complete the project.  There are also clubs and warehouses you can become a member of that often have big savings over retail stores. They will have a membership fee but if you’re renovating a whole home then it would be well worth doing this.  If you’re using a qualified general contractor choose carefully as they should be able to pass savings onto you as a good general contractor should be able to get lower rates because they buy in bulk.

What's the return?

The one thing you will want to know is “if I do this work will my home gain in value”? And the answer is, if you stick to the basic principles, yes.  So what are the principals…

  • Only complete the work you can afford
  • Don’t buy a home you can’t afford to complete ALL the renovations needed
  • Make sure you keep to time limits
  • Completes ALL work before selling (don't get bored/frustrated halfway through)
  • Pay attention to detail
  • Pay most attention to the main “Return On Investment” areas (floors/kitchens/bathrooms)
  • Try to avoid homes that need major structural attention, leave those to the builders
  • Don’t forget curb appeal

Summary

So long as you think about these when you're buying and renovating a your GTA home you should get a great return.  The average return is for every $1000 you spend you should increase the value if the home by an average of $1800!  

Rob is a Toronto Realtor offering something a little "different", ask him about his Cashback and Zero Commission Listing programs.  

Contact him today for more details.

2016 Market Review & 2017 Preview - Toronto Real Estate Board

Click To Get Your Free 2016/2017 Market Review

Click To Get Your Free 2016/2017 Market Review

Do you want to know what happened to real estate in the GTA in 2016 and see what lies ahead for 2017?  

Click to download the detailed report from the Toronto Real Estate Board. 

New Listing 67 Peace Drive, Scarborough M1G2V3

67 Peace Drive, Scarborough, M1G2V3

New Listing!

Highly desirable backsplit home in high demand area.  Backing on to greenspace and bike paths this updated well laid out family home is close to central Centennial, Scarborough UofT, walk to high and public schools, parks and public transport (easy access to Scarborough Town Centre). Featuring an updated eat-in kitchen and separate entrance to bright basement apartment and hardwood flooring throughout main and upper floors.