Manjinder Kahlon-GTA Broker

Merry Christmas to all..

The real Real estate:

They purchased homes right before the real estate downturn. Now, they're struggling to close | CBC News A group of Ontario residents who purchased pre-construction homes in Brampton at the peak of the recent real estate frenzy say they're now struggling to close on their deals because of a perfect storm of rising interest rates, falling home prices and stricter federal mortgage rules.

Bank of Canada ....

Bank of Canada ‘still prepared to be forceful’ on interest rates if needed: official - National | Globalnews.ca The Bank of Canada is open to pausing its interest rate hikes but is 'still prepared to be forceful' to take down inflation, according to Deputy Governor Sharon Kozicki.

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Contact: 647-621-2189
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Beautiful apartment near Downtown Brampton for sale near to shopping plazas, transit and Hwys. Best opportunity for Investors and First time buyers. MLS:W5560384
Contact: 647-621-2189
http://tour.virtualtourclicks.ca/4c17e71d/nb/

Manjinder Kahlon-GTA Broker now takes appointments on their Page.

Happy New year

Happy Merry Christmas to all.

Toronto-area home sales top November record, prices reach all time high - Toronto | Globalnews.ca The average home price in the region stretched to $1,163,323, an almost 22 per cent jump from $955,889 in November 2020.

GTA Residents More Concerned About Affordable Housing Than COVID⤵️

According to a new poll by Nanos Research, a plurality of GTA residents believe that affordable housing is the single biggest issue in the region in our current climate. In fact, in the grips of a relentless global pandemic, GTA residents are more concerned about the ever-alarming housing crisis than they are the impacts of COVID-19 on the economy and healthcare system.

Nanos Research polled 518 GTA residents to hear their concerns and which of the region’s issues will impact their vote in the upcoming September 20 federal election. For all major political parties, affordable housing is front and centre to campaign platforms — and even making international headlines.

The poll found that 40.8% of respondents pointed to affordable housing (or lack thereof) as the single most important issue in the GTA. This was followed by transit (17.5%) and pandemic-related issues (13.8%).

Other issues highlighted by the respondents include the cost of living (Toronto is one of the least affordable cities in North America, after all), the economic recovery from the pandemic (5.2%), the climate (5%), and violent crime (4.9%).

The poll also found that residents in the City of Toronto were most likely to identify affordable housing as their number one concern (47.4%) compared to elsewhere in the GTA (35%).

Of course, for anyone who’s been paying attention to the GTA housing market, these figures aren’t entirely surprising.

After all, rents are soaring once again in Toronto and it’s become virtually impossible for first-time homebuyers to enter the market (without the help of a generous down payment from friends or family, that is).

Currently, the Liberals — with their promises to curb blind bidding, crack down on foreign speculators, and rent-to-own program (to name a few buzz-worthy promises) — are leading the Tories in the GTA, according to Nanos Research.

🔥Reference: https://cutt.ly/sWvohlA

How to Become a Landlord in 6 Steps⤵️

Renting out a property is a superb way to earn a little passive income. In this guide, we’ll discuss the ten essential steps you need to make.

🔲Find an Investment Property
If you already have an unoccupied house or apartment, this first step is the easiest. But if you have to buy the property, there are a few differences between buying an investment property and a home for yourself. Look for a low-cost property in an up-and-coming area, but avoid straining your budget with a fixer-upper.

🔲Research the Local Market
Get to know your competitors by finding out what types of properties are most commonly rented nearby, how much the average rent is, what amenities are typically being offered. It’s also worth finding out what type of people are looking to rent in your area.

🔲Crunch the Numbers
Decide how much rent you’re going to charge each month. Most landlords use the 1% rule, where the rent is calculated at around 1% of the property value.

🔲Get Your Property Ready
Ensure that your property is livable and ready for tenants as soon as possible. Provide all necessary amenities, from furniture and appliances to smoke alarms and carbon monoxide detectors.

🔲Advertise Your Rental
Post your property on several listing platforms to get as much exposure as possible. Your rental ad should include photos of all the rooms, list the location, square footage, number of bedrooms and bathrooms, amenities, rental price, security deposit and other lease terms, such as no-pet clauses and income requirements.

🔲Consider Hiring a Property Manager
If you have more than one rental, hiring a professional to handle property management can be of immense help. Not only can they handle advertising your rental and screening tenants, but they can also help with collecting rent, maintaining the property, communicating with the tenant, and allowing you to take a step back and simply enjoy generating a passive income.

🌁Reference: https://cutt.ly/ZQAoKJj

How to Decorate a Dining Room Table🎀

Here are five quick and easy ways to decorate a dining room table, so you’re ready no matter what the occasion.

🧁How to Decorate a Dining Room Table for Everyday

For your everyday table, you don’t want anything too fussy or elaborate.

A simple table runner and a bowl of fruit is a classic look that works with any style. A decorative bowl is ideal as an everyday centerpiece since you can easily change the contents to keep things fresh.

🧁How to Decorate a Minimalist Dining Room Table

If you like a clean, clutter-free look, then a timeless single centerpiece is the way to go. Choose a vase with clean lines in a neutral shade for a simple and elegant design. A quick trip outdoors will offer endless possibilities for vase-fillers. Cut some long-stemmed flowers from the garden or snip some greenery from a pretty bush. Maintain a minimalist aesthetic by using a few tall, slender shoots and avoid over-filling the vase.

🧁How to Decorate a Dining Room Table for the Holidays

Decorating your dining table for holidays is where you get to go all out and really have some fun.

Choose one look and stick to it. There are so many options when it comes to holiday decor, and it’s easy to lose focus. Once you decide on a theme, be sure to carry it through all your table decorations. Start with a base of a tablecloth or a runner and look for coordinating napkins. They don’t have to match, but they should follow the same color scheme.

🧁How to Decorate a Dining Room Table for a Romantic Dinner

When it comes to romantic dinners, it’s all about setting the mood.

Candles are a tried-and-true favorite for creating the perfect soft, muted light that makes a romantic dinner feel so dreamy. Set out a row of votives down the center of the table or place little clusters of tealights around the table. Add a small vase of fresh-cut flowers to finish off the setting—the less elaborate the table, to more time you’ll have to focus on your date.

🌀Reference: https://cutt.ly/lQdMVkv

The GTA Rental Market is Starting to Resemble its Pre-COVID Level📈

The Greater Toronto Area’s rental market continued to trend toward pre-COVID levels during the second quarter of the year, with leases surging, vacancies declining, and rents increasing as lockdown measures began to ease.

As life started to return to normal, downtown Toronto led the growth in rental activity in Q2 as the mass vaccination rollout and gradual reopening of the economy combined with attractive rent discounts brought renters flooding back to the downtown core.

At the end of Q2-2021, newer purpose-built rental apartment projects that have been completed in the GTA since 2005 had a vacancy rate of 5.2%, decreasing from a high of 6.5% in Q1-2021 but remaining above the 2.1% level from a year ago.

Vacancy rates averaged 6.9% (8.8% in Q1-2021 and 2.7% in Q2-2020) in Toronto and 1.4% (1.5% in Q1-2021 and 0.8% in Q2-2020) in the 905 area.

Total of 1,242 new purpose-built rental units were completed and began occupancy during Q2-2021, marking the second-highest quarterly total for new supply additions in more than 30 years (behind the 1,782 units completed in Q1-2019).

The new supply, which is located entirely in Toronto, was met with a high level of demand, as quarterly net absorptions (the change in total occupied units) within the rental stock built since 2005 rose to 716 units — four times higher than the level from a year ago (179 units) and 67% above the five-year quarterly average (430 units).

During this same period, average rents for units available within newer rental buildings completed since 2005 in the GTA were $2,289 ($3.18 per square foot) during Q2-2021, declining 5% year-over-year, but still up 1.9% quarter-over-quarter — marking the first rent increase since the start of the pandemic.

💡Reference: https://cutt.ly/KmMp080

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Bathroom Design Ideas: What’s Hot Right Now?🚿

Here are 4 hot bathroom design ideas to give you inspiration for your next bathroom update.

💡Bring Black into the Bathroom

Black is back. And this time, it’s to give your old chrome and stainless-steel fixtures a sleek new look.

This doesn’t mean you should replace everything in your bathroom with black. As with any trend, it’s all about finding balance. For example, try pairing a black framed mirror with a brass faucet or light fixture. Or if it’s time to replace your old tub surround, why not go with a modern black metal shower stall instead?

💡Lit-Up Mirrors

The key to designing a bathroom that is both functional and user-friendly is to start with a good mirror and good lighting. Updating the bathroom mirror is one of the quickest and easiest ways to give your bathroom a fresh new look. So instead of opting for a standard mirror, choose a modern LED lighted mirror.

Backlit mirrors add ambient lighting to the bathroom without creating any glare or reflections on the mirror.

💡Floating Vanities

If you’re looking for an easy way to update your bathroom without having to re-think the whole floorplan, try taking your vanity to new heights. A wall-mount bathroom vanity offers clean lines and a minimalistic design and will bring a more modern look to your bathroom. Lifting the vanity off the floor will also create the illusion of more space by increasing visible floor space.

💡Stylish Soaker Tubs

With self-care on the rise, a place to soak your troubles away is on almost every bathroom wish-list. And as a result, the popularity of stylish soaker tubs continues to soar. The style is, of course, not that new – a classic claw-foot tub is the original version of the soaker tub. But now they come in your choice of designs ranging from vintage to sleek and modern. If you really want to make a statement, choose a tub in a pretty color instead of your standard white.

🧷Reference: https://cutt.ly/6n2BQea

Homeowners Continue to Pay Property Taxes Based on January 2016 Values💸

In a lucky break, Ontario homeowners are paying property taxes based on the value of their property in 2016.

At the onset of the COVID-19 pandemic, Ontario announced that its MPAC assessments would be been postponed until 2021. In better times, they are supposed to occur every four years. For those in the dark, MPAC, or the Municipal Property Assessment Corporation, is the non-profit responsible for assessing the value of homes throughout Ontario.

The corporation conveys their values to local governments so that each municipality can in turn determine the amount of property tax owed by homeowners.

With the postponement of the 2020 Assessment Update, 2021 and 2022 property taxes for all Ontario homeowners will be calculated based on their 2016 property assessment. Meaning — especially in red-hot real estate markets like the Greater Toronto Area (GTA) and Hamilton, where home prices have soared to record-breaking highs — homeowners are paying a lot less than they will be a few years from now.

Notably, Toronto actually raised its property taxes in 2020. Of course, now more so than ever, the pandemic-ravished city needs all the tax dollars it can get as we (finally) begin the recovery process.

This year — in no uncertain terms — MPAC is encouraging a better understanding of the property assessments, thanks to a plain-language insert card that explains property values for 2021 and 2022.

In a move that started in the spring, the notices — which are sent to any property owner whose property has changed, such as new ownership or structures being added, removed. or renovated — include the specially designed insert card. The plain-language insert, which was included with more than 38,000 notices distributed in May, explains why the property owner is receiving the notice, along with details about the valuation process.

⚙️Reference: https://cutt.ly/En2JDRf

Revised Forecast Now Expects Housing Prices to Rise 19.3% in 2021📈

Before the onset of COVID, record levels of immigration, low-interest rates, and increased millennial buyers helped fuel strong housing demand in Canada. CREA says available listings were already at a 14-year low even before the pandemic, and the national number of months of inventory on the eve of the lockdowns had fallen to below four months — marking a seller’s market territory.

But as the pandemic took hold, household savings increased, and interest rates fell, boosting first-time home buying activity while existing owners began to relocate to areas offering more space to ride out the pandemic.
In light of this, CREA has revised its home-price forecast higher, predicting the nation’s average selling price will jump by 19% this year, even as activity continues to cool across most of the country.

In May, Canadian home sales fell 7.4% month-over-month, building on the 11% decline recorded in April, while the average selling price was down 1.1% from the previous month.

CREA now predicts the national average home price for the year will increase by 19.3% to just over $677,775 in 2021 — up from its previous outlook for an increase of 17% over last year. At the same time, CREA says some 682,900 properties are forecast to trade hands, which the association says would be a record-setting result and an increase of 23.8% over 2020 — this is down from CREA’S previous forecast of 27%.

In 2022, CREA predicts national home sales will fall by 13% to around 594,000 units. The decline is expected to play out across Canada, with buyers facing both higher prices and a lack of available supply, while at the same time the urgency to purchase a home base to ride out the pandemic continues to fade alongside the virus itself. CREA says sales declines are forecast to be largest in BC and Ontario, falling by 17.7% to 104,825 and 17.4% to 230,588, respectively.

☘️Reference: https://cutt.ly/qnZIzOv

Is Housing Finally Taking a Back Seat? National Data Continues to Show Signs of Moderation🌁

While Canada’s housing market remains undoubtedly active, there are signs of moderation for the second month in a row as demand, supply, and average prices all fell in May.

The declines come as offer fatigue, buyer frustration, and the urgency to buy a home amid the pandemic begun to fade, the Canadian Real Estate Association (CREA) said on Tuesday.

According to the latest CREA data, Canadian home sales fell 7.4% month-over-month in May, building on the 11% decline recorded in April, while the average selling price was down 1.1% from the previous month.

The national real estate association said despite the declines; activity nonetheless remains historically high. Still, in contrast to March’s all-time record, it is now running closer to levels seen in the second half of 2020.

☀️CREA June 2021
The month-over-month declines in sales activity were felt in close to 80% of all local markets, with a “mixed bag” of results and a slowdown in sales observed in most large markets across Canada.

CREA says with May activity still setting a record for the month and May 2020 sales having marked the worst May since the late 1990s, the actual number of transactions this year represented a 103.6% increase on a year-over-year basis.

☀️CREA May 2021
Amid this ease into normalcy, CREA says the national average price was a little over $688,000 in May, down 1.1% from April but up 38.4% from a year earlier. However, keep in mind that we’re comparing to a time when home prices fell in April and May of last year amid first-wave COVID-19 shutdowns.

CREA’s added that the Home Price Index (HPI) was up 24.4% on the year and up 1% from April — a “noticeable deceleration.” Most of the recent deceleration in month-over-month price growth has come from the single-family space compared to the more affordable townhome and apartment segments.

❇️Reference: https://cutt.ly/JnJ7aD7

🏡5 Tips to Choose an Eco-Friendly Apartment

Where you live plays a significant role in your carbon footprint. And, while renters may not think they have much control over that, you can move to a greener unit when your lease ends. Check out the tips below to learn how to choose an eco-friendly apartment and ensure your next living space supports your sustainable lifestyle.

🌿Pick Your Location
Moving to a new apartment complex means choosing a new location. Use that to your advantage by mapping out potential rental spots near places you visit frequently.

🌿Find Recycling Programs
Many rental communities have front-door pickups for bags of recycled waste. If so, they’ll mention it on their website alongside other residential perks, such as the property gym or dog park. You can also locate recycling centers near potential apartments and take care of it yourself.

🌿Research the HVAC Units
Some apartments have newer heating, ventilation, and air conditioning (HVAC) units. However, this is not a standard amenity that’s often listed on the community’s website, so you’ll have to call the management office to ask for this detail. But, the extra effort would be worth it as it would improve your carbon footprint. That’s because newer models use modern technology to reduce allergens and moisture that could make you sick and reduce your energy usage.

🌿Locate LEED Certifications
Leadership in Energy and Environmental Design (LEED) certifications mean an apartment building has passed an inspection that requires numerous eco-friendly standards. And, even though rental communities may not feature their accreditation on their website, you can find records of them online to verify a property’s eco-friendly status.

🌿Prioritize Energy-Efficient Appliances
Potential tenants can also ask about energy-efficient appliances in available units. Eco-friendly dryers or refrigerators will use less energy to meet your daily needs.

🌳Reference: https://cutt.ly/znRnPXW

5 Brilliant Ways to Cool Your Home Without Air Conditioning💠

With the official start of summer just weeks away, Toronto’s sweltering heatwaves will soon be here. But even before the new season arrives, Torontonians can expect to feel the humidity as early as this weekend, as temps are poised to feel as high as 35°C.

Sure, there are several ways to cool off in the city, like cooling centres, wading pools, and public beaches and pools, but the pandemic has rendered many of those remedies inaccessible. Many are closed for safety precautions, so when the heat becomes unbearable, it could feel like there’s nowhere to go but home.

Whether you live in an older house or happen to live in a place without air conditioning, it’s still possible to stay cool during the hot months. Read on for 13 great ways to keep you and your home cool without air conditioning this summer.

🔹Stay hydrated
When you’re feeling hot, the first and foremost step to cooling down is to drink water. Drinking water helps regulate your body temperature and keeps you hydrated.

🔹Place Cold Cloths on Your Neck or Wrists
Another great way to cool your body temperature is to place a cold cloth on your wrists or drape it around your neck. These pulse points are areas where blood vessels are close to the skin, so you’ll cool down more quickly.

🔹Create A Cross Breeze
Fans don’t necessarily make your home cooler since they essentially push around hot air. But if you set up a cross breeze in your home using two fans, this could make you feel more comfortable in warmer temps.

🔹Take a Cold Shower or Bath
When the heat becomes unbearable, try taking a cold shower or a bath as it they can help cool your body by lowering your core temperature.

🔹Create a DIY ‘Air Conditioner’
Put your trays of ice cubes to good use! Fill a shallow pan or bowl with ice and place it in front of a fan. As the ice melts, the fan will pick up the cold water particles and blow them around the room, creating a cool mist.

💠Reference: https://cutt.ly/5nvrYAc

TRREB members donate over $1 million to local charities💸

For the second year, the Toronto Regional Real Estate Board and its members are supporting COVID-19 relief efforts. The immediate contribution of over $300,000 in concert with the Ontario Realtors Care Foundation will help 40 charities, the board says. This is in addition to the $744,116 donated at the end of 2020, as part of the $1 per member per month Every Realtor campaign in support of the foundation.

Women and children faced with domestic abuse have been greatly affected during the pandemic. With the stay-at-home order and provincewide lockdowns amplifying these situations, the increased number of calls to helplines and the use of shelters has been staggering, says the board.

Each donation goes beyond a bed for the night and supports vital shelter operations including medical care, daily meals, resources for young people and services to help vulnerable people get back on their feet.

The board has earmarked:

$50,000 for the School Breakfast Program (grocery store gift cards) in partnership with the Toronto Foundation for Student Success
$175,000 to GTA food banks
$82,404 to shelter-based charities and helplines
TRREB will also be donate $100,000 to support urgent aid during the second wave of COVID-19 in India.

Since 2008, TRREB members have donated more than $6 million through the foundation.

📍Reference: https://cutt.ly/ZnzSbhP

Is Buying Really Cheaper Than Renting?🏡

One of the biggest questions among would-be homeowners is whether it’s cheaper to continue renting or to buy a house. Knowing the answer to this complex question can make the difference between using the local market to your advantage or overstretching your finances. In this post, we’ll take a closer look at recent figures and try to find an answer to this age-old question.

🏠Saving for a 20% Down Payment
The main hurdle all homebuyers face is saving up for a down payment on their home. And yet, there’s a significant gap between homebuyers’ expectations and reality.

When drawing out a savings plan for a down payment, it’s important to set a realistic figure but also factor in other expenses.

🏠Rent vs. Mortgage Affordability
It’s essential to assess how local market fluctuations will impact your housing budget in the long run. One of our reports highlighted that mortgage affordability has worsened in 15 out of the 100 largest cities in the past decade. As a result, homeowners now need to pay more than 30% of their income on mortgage, which is higher than the figure recommended by experts. According to the study, in the most unaffordable cities, homeowners need to boost their income by up to $43,567 to avoid being cost-burdened.

🏠Crunching the Numbers: Rent vs. Mortgage Payments
One of the most common arguments used in the rent-vs-buy debate is that if you can afford to pay a certain amount in rent, you can afford to pay the same amount in mortgage. In reality, however, budgeting is rarely that straightforward. Here are two rules that can help you better assess your budget:

🏠The 30% rule: aim to spend no more than 30% of your gross income on housing costs;
🏠The 5% rule: apart from mortgage, expect to pay an additional 5% of your property value on irrecuperable costs: property taxes (1%), property maintenance (1%) and interest rates (3%).

🔻Reference: https://cutt.ly/InfVLLr

41% of Canadians Say They Are “Unknowledgeable” When it Comes to Buying and Selling Real Estate🔗

Blind bidding. Houses priced well under market value. Average home prices skyrocketing. Homes selling for hundreds of thousands of dollars over asking. Welcome to the current norm in Canadian real estate.

As such, homebuyers are more often than not finding themselves in uncharted territory.

It’s tactics like those listed above that are bringing a sense of uncertainty to Canada’s housing market, with nearly half of Canadian homebuyers now saying they feel unknowledgeable when it comes to real estate, according to a new survey from RE/MAX.

Not only are hopeful homebuyers facing escalating housing prices — that show little signs of cooling — but historically low-interest rates are testing their long-term thresholds of affordability. Adding to these complexities is the unexpected rise of Canadians upending their urban lives in favour of suburban and rural settings, creating a dramatic shift in lifestyle expectations.

Given these mounting challenges, 41% of Canadians say they are unknowledgeable about the buying and selling process. However, 50% still express interest in buying or selling a home if they can use a “DIY buying and selling platform.”

Of the 41% who say they aren’t knowledgeable about buying and selling, nearly half (46%) are millennials, the largest cohort of buyers and sellers across the country.

According to the survey, millennials are also the buyers most likely to test alternatives to a realtor-led transaction. As many as 57% say that they are more likely to buy or sell a home using real estate technology, given its increased availability.

However, the survey reveals that these frustrations could be eased if a homebuyer has the opportunity to work with a knowledgeable and trusted realtor.

📎Reference: https://cutt.ly/zno2Zbu