November 28th, 2014 
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Buyers Tips

Buyers Tips

Real Estate in Toronto's Core is Rock Solid 
The first Lieutenant Governor of Upper Canada, John Graves Simcoe, tried to persuade his British employers that Toronto was the choice location for a military/naval power base in Upper Canada. His advice fell on deaf ears, but not before he had been instrumental in clearing land for a road running north from the shores of Lake Ontario to the Holland River. This road, known as Yonge Street, is the axis along which the city has grown over the last 200 years.

Today, the most sought after residential neighbourhoods can be found on either side of Yonge Street and within walking distance from the stations of the Toronto Subway System. These established neighbourhoods have wthin their environs, the shopping, dining, transit and support services that all speak to quality of life in an urban setting.

The owners of real estate located along the Yonge Street corridor have always enjoyed handsome gains in the value of their holdings. As the city continues to grow, it is a rock solid bet that the demand for the best real estate locations will always run ahead of supply.

I have been helping clients buy and sell real estate since 1975. In that time, prices have increased ten-fold and more. Commute times to work have lengthened along with suburban travel routes and continue to put upward pressure on the price of centrally located properties. Gentrification of modest neighbourhoods, infill projects and the development of condominium and co-operative housing will continue during the years to come. The future of Toronto promises to be as exciting and dynamic as its past.

Whether you are buying or selling, I welcome the opportunity to be of assistance. I invite you to call me at 416-925-9191 or to send me an e-mail by clicking on the link below. Your call is welcome at any time and will be held in confidence.

Best wishes for a positive and rewarding journey into Toronto’s real estate market.

peter@peterrussellrealestate.com />
Focusing the Search - Internet vs. Telephone 
30 years ago Agents talked with Buyers over the phone or met with them in person to understand exactly what they were looking for. Now we have the internet.

Your time is valuable. I do not want to waste it sending you listings for property that does not interest you.

We will send you the listings that best match the information you have supplied us with. Exact matches are not always possible. We invite you to call us in confidence at any time to further refine the search.
Buy the Agent then the House 
The last time I bought a car, I looked on the internet for the one I wanted and when I found it, bought it from the salesman who was advertising it.

Houses are different. They do not roll off an assembly line. They come with neighbourhoods, schools, stores, transit access and a history. And they are sold by salespeople who get their product from people like you and I and not from a single manufacturer.

Find an Agent you have confidence in and with whom you feel comfortable sharing your vision of your future. Such an Agent can almost always find you the right house.
Progression vs. Regression 
When shopping for a house, remember that it is better to buy a modest house in an expensive neighbourhood than an expensive house in a modest neighbourhood. The former scenario is known as progression: the higher value of the surrounding houses holds up/advances the value of the modest house. The latter scenario has the surrounding properties weighing down the value of the significantly more valuable property.

This principle applies to renovating the house you may already own. To find out more about this market dynamic I invite you to call me in confidence.
Protecting your Condominium Investment 
The best way in insure your condominium purchase is to buy the best location possible. Walking to the subway trumps walking to the bus.

Once you have found the building, then try and find the right unit in the building. Remember the lesson of progression vs. regression. Which exposures sell the best? What floor plans are the most popular? What are the recent sales in the building and what did they sell for on a per-square-foot basis?

Condominium apartments of 1000 square feet and up hold their value better than units of less than 1000 square feet.
"How Long has it been on the Market" 
Buyers always ask that question first. That is because it is a good question. During buoyant markets if the answer is “more than 3 weeks” then it is a good bet the place is over-priced.

“If a property is properly priced, it will sell within 5% of its asking price within 30 days.”
(Carl Hiltz – 1904 - 1985).

30 years of working in the Toronto Real Estate market has assured me that boom-or-bust the above statement can be relied upon.
How can I get the Best Price? 
There are several time honoured ways to make an astute purchase of real estate. Three of the best strategies are as follows:

1. Give the Seller everything he wants except his price. Fighting on more than one front will not win the battle.

2. Make the deposit cheque 10% of the purchase price and certify it in advance. You will look as solid on paper as the bank of England. The Seller may not like the price you are offering but will like the appearance of solidity.

3. No conditions. Solve any troublesome issues before going to the table. The Seller isn’t interested in your problems and you are not interested in undermining his confidence in you by sharing them with him.
How much money do I need to Buy a House? 
Banks offer Buyers conventional financing which typically is a first mortgage of 75% of the value of the house with you putting up the first 25% in cash. You must have an income high enough to qualify to make the payments. This conventional financing comes with the most competitive mortgage rates.

If you have less than 25% as a down payment, then high ratio financing is possible through an insured CMHC mortgage. You will pay somewhat higher interest rates and will have to pay to insure the mortgage, but that fee can be added to the principal of the mortgage itself.

For more detailed information about mortgage financing I invite you to call me. Your call is welcome at any time and will be held in confidence.
When is the right time to Buy? 
The right time to buy is when you can afford to. Timing the real estate market has always been problematic. It is not as liquid as stocks and bonds and takes time to both acquire and sell. Buy when you are ready and when you can make a financial commitment to the property of your choice. The more you leverage yourself the greater the risk of losing control.

Death and taxes will always be with us. After the last 30 years we might well add “and real estate inflation” to that cliché. Notwithstanding occasional corrections in the upward trajectory of prices, real estate is likely to continue to be as beneficial to its owners as it has been throughout history.

To discuss how best to get into the market, I invite you to call me or my assistant, Aubrey Duffy. Your call is welcome at any time and will be held in confidence.
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Peter Russell - Chestnut Park Real Estate Ltd., Brokerage
1300 Yonge Street #100
Toronto, ON, M4T 1X3
(416) 706-3200