Newsletter - Yannick Picard
Transcription
Newsletter - Yannick Picard
OnePark West Report MARCH 2015 Yannick Picard’s Real Estate Newsletter March 2015 Strong start to 2015 OnePark West GTA Resale Home Sales Market Watch For detailed OnePark West statistics: www.OneParkWest.info Latest 12 Month Recap of Solds - Feb 1, 2014 - Jan 31, 2015 # sold avg price high price days on market One Park West Condominiums 260 Sackville Street studio - - - - 1 bedroom 8 330,175 338,000 45 2 bedrooms 3 396,833 410,000 14 3 bedrooms 1 500,000 500,000 17 Total 12 35 One Park West Townhouses 7-35 Oak Street 1 bedroom 1 335,000 335,000 64 2 bedrooms - - - - 3 bedrooms - - - - Total 1 64 12,000 11,000 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2013 JAN MAR MAY The TorontoMLS® system recorded 4,355 sales in January - up by a solid 6.1% versus the 4,058 homes sold in January 2014. The market also witnessed solid growth in the number of new listings (+9.5%). January results were encouraging on multiple fronts. First, strong sales growth suggests home buyers continue to see housing as a quality longterm investment, despite the recent period of economic uncertainty. Second, the fact that new listings grew at a faster pace than sales suggests that it has become easier for some people to find a home that meets their needs. Sales growth was primarily spearheaded by the detached home (+7.1%) and condo apartment (+11.2%) segments. Growth rates in the semidetached (+0.7%) and townhouse (+0.6%) segments were much more modest. Message from Yannick Picard... Borrowing Costs Lowered Again It took six days and the major chartered banks did not pass on the full 25 basis point Bank of Canada target overnight lending rate cut to their prime rate, but the banks did eventually cut their prime from 3.00% to 2.85% at the end of January. This was good news for all variable rate mortgage holders whose rate is based off the prime rate (e.g., prime minus 60 basis points). Even better news is that bond yields have dipped further causing fixed rate mortgages to touch new lows. So despite all the talk in the media about interest rates edging up in 2015, we are witnessing the precise opposite scenario. Low rates help keep affordability levels attractive and are obviously a strong positive for the real estate market in the short term. www.OneParkWest.info for the rest of your newsletter... JUL SEP 2014 2015 NOV The average selling price for a resale home in the GTA in January was $552,575 - up by a solid 4.9% versus the $526,965 average price posted in January 2014. The MLS® Home Price Index (HPI) Composite benchmark, which factors out price changes due to changes in sales mix, was actually up by a more robust 7.5% as compared to January 2014. Home price growth is forecast to continue in 2015. Lower borrowing costs will largely mitigate price growth this year, which means affordability will remain in check. The strongest rates of price growth will be experienced for low-rise home types, including singles, semis and townhouses. However, robust end-user demand for condo apartments is expected to result in above-inflation price growth in the high-rise segment as well. Living & Working in OnePark West! Yannick Picard Broker, ABR®, SRS®, MCNE®, SRES® 416-966-0300 416-766-6900 Business: Direct: www.YannickPicard.com OnePark West Report March2015 2015 March SOLD The power of accelerated payments How would you like to substantially decrease the repayment schedule as well as an accelerated people get paid bi-weekly, this is also often easier amount of time it will take to pay off your mortgage bi-weekly repayment schedule. from a budgeting perspective. The effect that the while reducing the amount of interest you’ll have to pay to your lender by over 10%? By taking advantage of the accelerated payment options that most financial institutions offer, that’s exactly the result Sold in Under a Week! you’ll get. Here’s how accelerated payments work: you have the option of repaying using a bi-weekly, monthly, weekly, schedule is quite significant as it goes to work saving $6,569 over the life of the mortgage by going decreasing the principal balance outstanding at a the accelerated payment route. At the same time, much quicker pace. they also end up being mortgage free almost three years earlier. So what’s the catch you ask? Approximately sq. ft. Very Bright, northeast corner suite with Typically when935you floor-to-ceiling start paying windows off a and unobstructed views. Looking to sell your property? Call me to discuss. 416-766-6900 mortgage, one extra yearly payment has on the repayment As you can see from the chart, the borrowers end up Want ToA word EarnofAeroplan® Miles? caution: If you are interested in using this Buying or selling a home requires knowledge and experience. Why schedule not get type of repayment the added benefit of earning Aeroplan miles? Aeroplan and Aeromove are to your advantage, then make registered trademarks of Aeroplan Canada Inc. absolutely sure upfront that $100,000 Mortgage - 3.5% Rate, 25 Year Amortization Modern alternatives for an accent wall Traditional Monthly Repayment Schedule Accelerated Bi-Weekly Repayment Schedule An accent wall boasts a bold contrast shade living room is to transform one wall into an accelerated bi-weekly ofor paint as a way to make your average room artistic mural. Think a fairytale, zoo or space accelerated weekly # of Payments 300 574 stand out. It’s a classic schedule. While almostdecor technique to create theme for a children’s room or a geometric Time to Pay Mortgage Off 25.0 years 22.1 years aallfocal point institutions in a room or introduce a new colour pattern that adds a boutique hotel vibe to a living financial Total Interest Paid $49,780 $43,211 with friends. into decor. But paint isn’t the only way to room, perfect for hosting drinks giveyour you these If you’re not the artistic type, there are plenty of achieve this. Here are some creative alternatives options, many do not easy-to-use stick-on wall decals that offer the same toadequately highlight an accent wall in any room. explain the significant net impact on your repayment schedule. artistic impact without damaging your drywall. Wallpaper It is very simple. By dividing the monthly payment Let’s examine a $100,000 mortgage to calculate what Photograph You’ve fallen in love with that bohemian paisley in two and making a payment every 14 days instead a difference accelerated payments offers. pattern Turn a favourite photo from your travels into a wallpaper but you’re worried the dizzying of monthly, the borrowers actually ended up making will overwhelm on all four walls. Instead, isolate conversation-worthy accent when it’s enlarged the equivalent of 13 monthly payments in a year: In this example let’s assume that the borrowers the pattern to an accent wall to let the design and placed on a feature wall. Images of landscapes $249.64 x 26 = $6,490.64. If we divide this by 13 we have just purchased a new home with a $100,000 be better appreciated. The best way to execute or skylines work well, while larger-than-life see that it equals the exact amount of the monthly mortgage at 3.5% and that they intend to pay it a wallpaper accent wall is to err on the side of portraits of family or kids might look jarring. payment of $499.28. off over a 25-year amortization schedule (assume bold and daring. Smaller spaces like a powder Online companies can turn a photo into an extraadditionally that the rate stays constant for 25 years). stick-onaccelerated that’s custom-made your wall. room or den are great places to experiment with large By making bi-weekly for payments as The chart above shows the impact on total interest Or try creating a horizontal or vertical triptych unusual prints. opposed to monthly payments, borrowers are in payments and the amount of time required to retire with three custom canvases for a modern galleryeffect making one extra payment a year. Since most Mural the mortgage using both a traditional monthly like look. A great idea for a kid’s bedroom or a modern Variance you are able to do this with your lender. One financial institution’s mortgage cannot be all things to all people. In Not Relevant 2.9 years $6,569 many cases, consumers must forfeit prepayment privileges and accelerated payment options in order to get a lower rate. Functional – cork or chalk Great for the office or kitchen, cork or chalkboard paint makes for an accent wall that’s functional too. Pin up recipes and reminders or scribble messages for the family. Cork floor tiles can easily be affixed to a wall. Prior to painting a chalkboard wall, use a magnetic primer which has tiny iron particles mixed in to create a magnetic chalkboard you can display photos and notes on too. www.OneParkWest.info for the rest of your newsletter... “Priceless Quotes” “Priceless Quotes” “If two wrongs don’t make a right, try three.” – Laurence J. Peters “If two wrongs don’t make a right, try three.” – Laurence J. Peters “If you look like your passport picture, you probably need the trip.” – Unknown “If you look like your passport picture, you probably need the trip.” –“There Unknown are two kinds of people, those who do the work and those who take the credit. Try to be in the first group; there is less “There are two kinds of people, competition there.” – Indira Gandhithose who do the work and those who take the credit. Try to be in the first group; there is less competition there.” Indira Gandhi “Too bad the only –people who know how to run the country are busy driving cabs and cutting hair.” – George Burns “Too bad the only people who know how to run the country are busy driving cabs and cutting hair.” – George Burns In accordance with PIPEDA, if you wish to be removed from this mailing list please email or phone this request to the REALTOR® at any time. Not intended to solicit buyers or sellers currently under contract with a brokerage. Figures based on the latest 12 months and reflect all MLS® sales as reported by the Toronto Real Estate Board. Market values depend on other factors. Copyright © 2015 Mission Response Inc. 416-236-0543 www.missionresponse.com All Rights Reserved. X0580 Yannick Picard Broker, ABR®, SRS®, MCNE®, SRES® 416-966-0300 416-766-6900 Business: Direct: www.YannickPicard.com [email protected] Sutton Group Associates Realty Inc., Brokerage 358 Davenport Road, Toronto, ON M5R 1K6