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Distinguished economist Benjamin Tal says that rentals "must be part of the solution" to the GTA housing problem
The GTA is not a normally functioning market due to a history of legislation failure, as well as a severe lack of land;
House prices, while always on the rise in the GTA, have followed a “predictable path” until 2016, when the average-home price increase spiked by 17.3% and is currently at over 20%;
Unexpectedly, condo prices followed suit to almost parity, rising by 16% in the fourth quarter of 2016;
Contrary to the perception that there are “too many condos”, condo sales increased by a record 34%, while the supply was down by 6%;
The demand for housing in the GTA is not only strong but “stronger than perceived” due to “undercounting of the number of non-permanent residents”;
Government intervention to prevent the house prices to grow at this rate, such as foreign tax policy and new mortgage rules do not make a significant difference in an atypical market such as the GTA
An increase of supply of rental units is desperately needed in the GTA for a “real and lasting change”;
The GTA’s rental market has “never been hotter” with average rent rising by a record of almost 12%;
The new wave of renters (young families) will need “stability of long-term renting”;
For builders in the 416 area, the gap between the profitability of condos and profitability of purpose-build is very narrow; on surplus land, it makes even more sense to favour purpose-built;
Incentives from the government on new rental projects will make the difference between an “affordable and an unaffordable GTA housing market”: expediting the approval process for purpose-built projects, allowing higher intensification rates and cutting the HST will ultimately encourage builders to complete purpose-built projects before a full-blown affordability crisis.
Over the weekend, I visited a property that is a side by side duplex, about 20 minutes walk from Carleton University. It can be provided vacant on closing. Currently, it rents for $1350 and $1500 per month plus utilities. It is two three bedroom and 1.5 bathroom properties.
This property can be converted to two properties, each with 5 bedrooms and 2 bathrooms. In this area, older, run down properties are renting for $525 plus utilities per room. It is highly likely, this property can rent for $550 a room plus utilities.
You would need to close off a dining room into a bedroom and build another bedroom in the basement. The basement bathroom would require a stand up shower added as well.
The price is aggressive currently for the amount of rent generated. At $2850 in gross rents and and asking of $639,000 is high. For more information, please contact me by clicking here...
The commonly-held perception that there are too many condos for sale in the Greater Toronto Area has been challenged by CIBC’s Benjamin Tal.
The lender’s deputy chief economist says that the market is actually undersupplied, acknowledging a record year for condo sales in 2016 with 27,000 units sold; but highlighting a decline of 6 per cent for new condo launches and inventory down 50 per cent to a 10-year low.
Tal says that limited supply in the 416 area is leading to more activity in the 905 area which may overtake the core Toronto market for sales this year.
The economist’s report on the GTA rental market says that younger Canadian families are accepting longer-term renting and will require more availability of purpose-built developments.
For help purchasing a property in Toronto, please click here
There isn't an agent out there, other than you, (or at least I havent seen one) who a) understands investments/numbers and b) who is willing to work through the mess to create a favourable outcome. Most of the agents I have spoken to - their eyes start to glaze over when I start talking these numbers.
A common question amongst investors and home buyers is what is going to happen to the market, when is it going to go up or down? Did you know the reason why Canada’s housing market has been so strong is because it has terrific fundamentals? That's right! Each year 250,000 people immigrate to Canada creating a constant need for new housing development. Check out the video ...
Traditionally, homes with secondary dwellings are wonderful investments. Instead of receiving one income per month from a property, you will now receive two incomes. This lowers your vacancy risk, as one empty unit doesn't eliminate all your monthly income.
A fast growing trend amongst downsizing Baby Boomers and first time buyer Millennials is purchasing a property with multiple apartments, living in one and harvesting the rental income from the others. The demand is rising for these types of properties, as more than just rental properties, as they can be located in non-traditional rental neighbourhoods, surrounded by single homes and having large lots, driveways and gardens.
This property is offered for $489,900. It is located in Beacon Hill North, inside the catchment area for Colonel By High School, one of the most sought after high schools in Ottawa (it has the IB program). This home has all the legal paperwork from the city of Ottawa. It is currently vacant, as construction just finished. You can live either upstairs or down or rent the complete property until you are ready to move in....
Beacon Hill North luxury high ranch
Asking $499,900 for this exceptional property with granite counters, top quality throughout with high ceilings and big windows on both levels. This home is fully permitted by the city of Ottawa. The top unit is rented at $1700 per month and the two bedroom/1 bathroom lower level unit is available to move in.
Asking $497,900 - downstairs rented at $1800, upstairs ready for move in. This property is on a direct down town bus route. It features everything new, with both units having 3 bedrooms and 2 bathrooms. Again, fully permitted and ready for either move in or renting.
The fourth option, asking $500,000 is a stunning bungalow with a secondary suite in the basement, currently both units are rented at $1650 and $1175. The basement is month to month, so the current tenant can be removed for owner occupying.
A question often asked is ... "Why are there so many condos in Toronto?" The first major reason is immigration. Toronto grows by over 100,000 people annually. With an average of approx 3 people per household, this means Toronto needs over 30,000 new housing units per year.
The 2nd through 4th reasons are summarized in this great video
If you are looking to invest in Toronto real estate, please click here to connect on some exciting opportunities
This edition of the Ottawa apartment buildings under $1m showcases a broad range of properties - 21 in total make the list, ranging from the bottom line $359,000 to the tickling the top $980,000. These properties were selected as their net operating incomes are above 5% cap rates. I have not done extensive review on all properties, if there are any you are curious about, we can arrange visits and do a much more detailed analysis. For a copy of the list, please click here