A Toronto Real Estate Board Member with a condo lease listing has reported that he received a fraudulent cheque in relation to the property.
An individual claiming to be a doctor at the Hospital for Sick Children called the REALTOR recently, indicating that he had seen the listing on www.REALTOR.ca
After asking a number of questions about the listing, the individual indicated that another doctor would act as his representative to view the property. Telephone numbers with (647) and (210) area codes were provided, however, when the REALTOR attempted to make arrangements to show the property, the representative indicated he was unable to do so due to travel arrangements to Austin, Texas and the United Kingdom.
On November 5, the REALTOR received a cheque for a full year's worth of lease payments. The property had not been viewed nor had any paperwork been completed.
The cheque was made out to the individual REALTOR, rather than the Brokerage and it was drafted in the name of a third party company. Upon contacting this company, the REALTOR in question learned that it was indeed a fraudulent cheque. The company's Vice President of Finance advised that they are aware of a previous attempt made to issue the cheque, which included a request that the recipient provide funds in return.
To report such occurrences, individuals are encouraged to contact www.phonebusters.com, a joint anti-fraud initiative of the Royal Canadian Mounted Police, the Competition Bureau, and the Ontario Provincial Police.
Taken and modified from Toronto Real Estate Board's News section.
Saturday, November 13, 2010
Friday, November 12, 2010
Sunday, November 7, 2010
How Corrupt is Your Country?
With governments committing huge sums to tackle the world’s most pressing problems, from the instability of financial markets to climate change and poverty, corruption remains an obstacle to achieving much needed progress.
The 2010 Corruption Perceptions Index shows that nearly three quarters of the 178 countries in the index score below five, on a scale from 10 (very clean) to 0 (highly corrupt). These results indicate a serious corruption problem.
The 2010 Corruption Perceptions Index shows that nearly three quarters of the 178 countries in the index score below five, on a scale from 10 (very clean) to 0 (highly corrupt). These results indicate a serious corruption problem.
This information is compiled and provided by Transparency International, the global coalition against corruption. Some countries that interest me rank as follows
Denmark #1
Canada #6
United Kingdom #20
United States #22
Ghana #62
Rwanda #66
Italy #67
India #87
Pakistan #143
Iraq #175
Afghanistan #176
Somalia #178 (most corrupt)
Download the full report at http://transparency.org/content/download/55725/890310
Tuesday, October 26, 2010
How is the Real Estate Market?
This is one question that we as REALTORS® get asked the most. Although just like the question, the answer has different implications for different people. My advice to both the person asking the question and the person answering the question is to try and understand the answer in relevance your personal situation and goals. Are you selling, buying or just planning on leasing? The answer has to be specific to your particular objective.
Toronto has gradually slipped into a land supply issue. It is not as abundant as it used to be, especially after the inception of Green Belt. As such, the logical solution is to increase density. This is being achieved by reducing the dwelling sizes and expanding vertically. With the development charges at an all the time high and expensive initiatives to build green, builders are pushing the pricing envelope.
Last year, we saw projects like Fly Condos in downtown Toronto being sold at approximately $500 per sq.ft. Although a different type of a project www.thebishacondos.com is hovering around $700 per sq.ft. price point. Then there are projects comparable to Bisha hotel and condominiums going at close to $1,200 per sq.ft. But take heart, there are still amazing values (www.2brcondo.com) out there at $500 per sq.ft. What does all this tell you? Well, all the factors mentioned above combined with the influx of new migrants settling into GTA, are contributing to higher prices. 44% of the GTA’s new housing market and 78% of high rise condo market is in the City of Toronto.
A quick poll done earlier this month involving a small group of REALTORS®, builders and others associated with the real estate industry had mixed feelings about the market. 45% believed that fear prevails in the market while another 46% were of the opinion that there is optimism. 56% thought that economic conditions, including interest rates and employment, were important when buying and only 16% thought that price was a criterion. The perception is that more than half of the purchasers are investors and even then 67% of the industry experts thought that the price will go up in the next six months. This is comforting for the condo market since 52% felt that condominiums will be highest in demand in the years to come.
As per the statistics published by the Toronto Real Estate Board, we are roughly at the same price point as we were 20 years ago. This has to be viewed in conjunction with the mortgage rates because that is a key component to affordability.
Hovering around 20% two decades ago, mortgage rates today are still at an all time low. To ensure that Canadian real estate market doesn’t go belly up like in the US, most lending institutions are qualifying buyers at fixed rates even if they are getting mortgages at variable rates. That’s approximately a 3% rate buffer in terms of affordability. Furthermore, the new condo real estate deposit structure has been pushed by most developers to 25% down payment, 5% of which is payable at the time of interim occupancy. This is a shift away from 15 + 5% model and quite a departure from 5% down payment sales. The new home market also remains affordable. All this foresight has lead to robust market conditions where prices are gradually trending up and not exploding.
Hence folks, it is a healthy market. So get out there and do what you need to do. Wish you a very happy real estate.
Toronto has gradually slipped into a land supply issue. It is not as abundant as it used to be, especially after the inception of Green Belt. As such, the logical solution is to increase density. This is being achieved by reducing the dwelling sizes and expanding vertically. With the development charges at an all the time high and expensive initiatives to build green, builders are pushing the pricing envelope.
Last year, we saw projects like Fly Condos in downtown Toronto being sold at approximately $500 per sq.ft. Although a different type of a project www.thebishacondos.com is hovering around $700 per sq.ft. price point. Then there are projects comparable to Bisha hotel and condominiums going at close to $1,200 per sq.ft. But take heart, there are still amazing values (www.2brcondo.com) out there at $500 per sq.ft. What does all this tell you? Well, all the factors mentioned above combined with the influx of new migrants settling into GTA, are contributing to higher prices. 44% of the GTA’s new housing market and 78% of high rise condo market is in the City of Toronto.
A quick poll done earlier this month involving a small group of REALTORS®, builders and others associated with the real estate industry had mixed feelings about the market. 45% believed that fear prevails in the market while another 46% were of the opinion that there is optimism. 56% thought that economic conditions, including interest rates and employment, were important when buying and only 16% thought that price was a criterion. The perception is that more than half of the purchasers are investors and even then 67% of the industry experts thought that the price will go up in the next six months. This is comforting for the condo market since 52% felt that condominiums will be highest in demand in the years to come.
As per the statistics published by the Toronto Real Estate Board, we are roughly at the same price point as we were 20 years ago. This has to be viewed in conjunction with the mortgage rates because that is a key component to affordability.
Hovering around 20% two decades ago, mortgage rates today are still at an all time low. To ensure that Canadian real estate market doesn’t go belly up like in the US, most lending institutions are qualifying buyers at fixed rates even if they are getting mortgages at variable rates. That’s approximately a 3% rate buffer in terms of affordability. Furthermore, the new condo real estate deposit structure has been pushed by most developers to 25% down payment, 5% of which is payable at the time of interim occupancy. This is a shift away from 15 + 5% model and quite a departure from 5% down payment sales. The new home market also remains affordable. All this foresight has lead to robust market conditions where prices are gradually trending up and not exploding.
Hence folks, it is a healthy market. So get out there and do what you need to do. Wish you a very happy real estate.
Saturday, September 25, 2010
Photos of Marilyn Monroe - Update
Hello Everyone
Why am I writing this blog in a letter format? Because I wish to thank everyone in first person. Thanks to all of you who have been following my blogs and sending me emails regarding them. I received a lot of feedback regarding the photos of Absolute Towers in Mississauga that I had posted. After all, a picture is worth a thousand words. And of course since I my formal education is in Architecture, I enjoy the Absolute Towers and their clever design even more.
So here we go; I was in Mississauga day before yesterday and I took some more pictures. Let's see if you can spot the difference in the amount of construction of the Absolute Towers between now and then. The link to the previous photos is as follows. Enjoy.
http://realestate1on1.blogspot.com/2010/05/photos-of-marilyn-monroe.html
Thank you.
Jagdeep Singh, B.Arch.
Real Estate Broker
647-287-4644
Why am I writing this blog in a letter format? Because I wish to thank everyone in first person. Thanks to all of you who have been following my blogs and sending me emails regarding them. I received a lot of feedback regarding the photos of Absolute Towers in Mississauga that I had posted. After all, a picture is worth a thousand words. And of course since I my formal education is in Architecture, I enjoy the Absolute Towers and their clever design even more.
So here we go; I was in Mississauga day before yesterday and I took some more pictures. Let's see if you can spot the difference in the amount of construction of the Absolute Towers between now and then. The link to the previous photos is as follows. Enjoy.
http://realestate1on1.blogspot.com/2010/05/photos-of-marilyn-monroe.html
Thank you.
Jagdeep Singh, B.Arch.
Real Estate Broker
647-287-4644
Sunday, September 12, 2010
Bank of Canada's Interest Rate Hike
Economists have been predicting with about sixty percent likelihood that September 8th, the Bank of Canada would raise rates again by another quarter point. It turns out, the economists were right. The BoC has announced that the overnight rate will increase by an additional quarter percentage point to 1 percent. The real question now is what this means for the economy as a whole, and the housing market in particular.
With the increase to 1 percent for the overnight rate, the Bank Rate is correspondingly 1.25 percent, and the deposit rate is .75 percent. Financial conditions in Canada have tightened modestly since April, with the changing monetary policy measures, but overall still remains highly simulative from a global perspective. This increase is consistent with the previously stated objective of achieving a 2 percent inflation target by next year. The global economy and Canadian economic indicators are what drove today’s decision to increase the rate. Canada’s economic recovery is expected to be more gradual that the July Monetary Policy Report had suggested, although the dynamics of inflation have remained fairly consistent.
The Bank of Canada’s second quarter projections were slightly more optimistic than how economic activity panned out, however consumption and investment has evolved in line with targeted expectations. Accommodative credit conditions due primarily to sharp declines in global bond yields in recent weeks support the expectation that consumption growth will remain solid and business investment in Canada will rise strongly.
With the increase to 1 percent for the overnight rate, the Bank Rate is correspondingly 1.25 percent, and the deposit rate is .75 percent. Financial conditions in Canada have tightened modestly since April, with the changing monetary policy measures, but overall still remains highly simulative from a global perspective. This increase is consistent with the previously stated objective of achieving a 2 percent inflation target by next year. The global economy and Canadian economic indicators are what drove today’s decision to increase the rate. Canada’s economic recovery is expected to be more gradual that the July Monetary Policy Report had suggested, although the dynamics of inflation have remained fairly consistent.
The Bank of Canada’s second quarter projections were slightly more optimistic than how economic activity panned out, however consumption and investment has evolved in line with targeted expectations. Accommodative credit conditions due primarily to sharp declines in global bond yields in recent weeks support the expectation that consumption growth will remain solid and business investment in Canada will rise strongly.
Thursday, August 19, 2010
Contemplating Commercial?
Are you thinking of buying commercial real estate? Whether as an end user or for investment, the time couldn't be better. Market is balanced and there are plenty of options available for all levels of investors. For the first time ever, after a long time in the City of Toronto, and perhaps for the last time, a commercial condominium retail mall is available for sale. That's right! You can actually own a piece of a multi-million dollar project and benefit from a professionally run system. It is like investing in stock market but through a professional mutual fund management company.
Welcome to The Landmark! It is the ultimate location for business and investment value. Strategically positioned among the national retailers, it is bound by new residential developments. The site will be well served based on an optimized traffic flow plan. Strolling along the wide corridors of The Landmark, shoppers will be dazzled by the variety of shops and services, truly a shopping paradise for the entire family.
The site boasts of approximately 100 acres of continuous shopping.
Representing the project as the sales partner, I had the opportunity to att end the press conference held today to announce the financing and the general construction company for the project. Time couldn't be more right to buy in commercial. While second quarter 2010 demonstrates to be a much stronger period by total price for all transactions, the average price per square foot in Metro increased from Q2 2009 to Q2 2010.
As the chart indicates, compared to other markets, Toronto is the place to be. So enjoy the update on Landmark, and happy investing to all.
Welcome to The Landmark! It is the ultimate location for business and investment value. Strategically positioned among the national retailers, it is bound by new residential developments. The site will be well served based on an optimized traffic flow plan. Strolling along the wide corridors of The Landmark, shoppers will be dazzled by the variety of shops and services, truly a shopping paradise for the entire family.
The site boasts of approximately 100 acres of continuous shopping.
Representing the project as the sales partner, I had the opportunity to att end the press conference held today to announce the financing and the general construction company for the project. Time couldn't be more right to buy in commercial. While second quarter 2010 demonstrates to be a much stronger period by total price for all transactions, the average price per square foot in Metro increased from Q2 2009 to Q2 2010.
As the chart indicates, compared to other markets, Toronto is the place to be. So enjoy the update on Landmark, and happy investing to all.
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