🌆 15th Oct 2024 - A Case for More 3-Bedroom Condos

💥 Tuesday 15th October 2024 💥 FREE Home Evaluation Toronto GTA Toronto Real Estate Spotlight: Daily Hot News! "Discover Your Perfect Home: Free Reports & Hot New Listings!" "Toronto Real Estate Spotlight: Daily Hot News" shines a light on the latest and most important updates in Toronto’s real estate market. Every day, we deliver a curated selection of breaking news, market trends, and key property insights to keep you informed and ahead of the competition. Whether you're a buyer, seller, investor, or just passionate about the real estate scene, our daily spotlight ensures you never miss the hottest developments in Toronto’s dynamic market. Stay on top of the action with "Toronto Real Estate Spotlight: Daily Hot News." What role does the condition of the property play in a free market evaluation, and how do real estate professionals account for factors like renovations or maintenance needs? The condition of a property plays a crucial role in a free market evaluation, significantly influencing its perceived value and marketability. Real estate professionals assess various factors related to the property's condition, including renovations, maintenance needs, and overall upkeep, to arrive at an accurate evaluation. Here’s how the condition impacts free market evaluations and how professionals account for these factors: 1. Assessment of Property Condition Visual Inspection: Real estate professionals typically conduct a visual inspection of the property to evaluate its condition. This includes assessing the exterior and interior, checking for signs of wear and tear, and identifying any obvious maintenance issues. Documentation of Features: They document key features, including the age and condition of major systems (roof, HVAC, plumbing, electrical), appliances, and structural elements. This documentation helps provide a comprehensive view of the property's overall health. 2. Impact on Market Value Renovations and Upgrades: Properties that have been well-maintained or recently renovated are often valued higher than similar properties that require significant repairs or updates. Upgrades such as modern kitchens, bathrooms, or energy-efficient systems can enhance appeal and justify a higher asking price. Deferred Maintenance: Conversely, properties needing extensive repairs or maintenance (e.g., roof replacements, plumbing issues, or outdated electrical systems) can detract from value. Real estate professionals will often factor in the cost of necessary repairs when determining a property's market value. 3. Comparable Sales Analysis Comparative Market Analysis (CMA): Real estate professionals use CMA to compare the subject property with similar properties recently sold in the area. They adjust the value based on the condition of each property. For example, if a comparable property sold for a higher price but had new renovations, adjustments are made to account for the differences in condition. Market Adjustments: The condition of the property is a key adjustment factor in CMA. If the subject property has deferred maintenance or lacks modern features present in comparable sales, its value may be reduced accordingly. 4. Cost Estimates for Repairs and Improvements Repair Estimates: When evaluating a property’s condition, real estate professionals may consult with contractors or use standardized cost estimates for repairs and renovations. This helps to quantify the impact of needed work on the property's overall value. Future Investment Needs: Buyers are often concerned about future investment in a property. Real estate professionals will highlight maintenance needs and potential future expenses, allowing for a more informed decision-making process. 5. Disclosure of Property Condition Seller Disclosures: In many jurisdictions, sellers are required to disclose known issues related to the property's condition. Real estate professionals use this information to inform their evaluations and ensure that buyers are aware of potential concerns. Transparency with Buyers: Professionals advocate for transparency regarding property condition to build trust and avoid legal issues. By providing clear insights into the state of the property, agents can help buyers make informed offers. 6. Market Perception and Buyer Appeal First Impressions: The property's curb appeal and condition significantly influence buyer perceptions. Properties that are well-maintained typically attract more interest, leading to faster sales and potentially higher offers. Staging and Presentation: Real estate professionals may suggest staging or minor cosmetic improvements to enhance the property's presentation, making it more appealing to prospective buyers. This can lead to better market outcomes. 7. Strategic Pricing Competitive Pricing: Based on the property’s condition, real estate professionals recommend strategic pricing to align with market expectations. A property in excellent condition may command a premium, while one needing significant work may require a more competitive price to attract buyers. Price Adjustments Based on Condition: Pricing adjustments based on the property's condition can help manage buyer expectations and set realistic offers. Conclusion The condition of a property is a vital component in free market evaluations. Real estate professionals meticulously assess renovations, maintenance needs, and overall property condition to arrive at an accurate market value. By utilizing comparative market analysis, estimating repair costs, and providing transparent disclosures, they help both sellers and buyers navigate the complexities of property evaluation, ensuring informed decision-making and fair transactions. A Case for More 3-Bedroom Condos Finding 3-bedroom condos is like hitting the jackpot, accounting for six per cent of all condo sales in the Greater Toronto Area. blog.remax.ca READ MORE ... Unlocking homeownership: Why interest rate cuts are not the only key to getting first-time buyers in the door Canadians need more than interest rate cuts to secure their first home. Learn about the financial obstacles faced by first-time buyers realestatemagazine.ca READ MORE ... First standardized housing designs coming in December, but won't be permit-ready until 'early 2025' The first iteration of the federal government's standardized pre-approved design catalogue – a revival of a wartime housing effort – will be unveiled in December, CTV News has learned. ctvnews.ca READ MORE ... Breathtaking Quonset house is unlike any other Ontario home for sale right now When you first look at 429697 8th Concession B Rd. you might think it's a farm with a couple of grain sheds on it.  But what the untrained eye is mis… blogto.com READ MORE ... Hearings underway for alleged B.C. mortgage fraud racket Eighteen BCFSA hearings could shed light on possible $511 million in fraudulent loans biv.com READ MORE ... BC sees drop in rental prices but rent still 25% more than 2021 The average Canadain rental price is $2,193. infotel.ca READ MORE ... B.C. woman says she was evicted after declining voluntary rent increase - BC | Globalnews.ca Wagner said her husband was weeks away from undergoing medical assistance in dying (MAID) and she said her landlord was aware of that. globalnews.ca READ MORE ... 6 months on, more than 200 Airbnb listings appear to violate Winnipeg's new short-term rental bylaw | CBC News Changes to Winnipeg's bylaw on short-term rental accommodations have been in effect for six months, but some St. Boniface residents say the rules are being broken at buildings in their neighbourhood. cbc.ca READ MORE ... Canadian Government Considers 3% Tax On Vacant Land, Because Of Course Finance Minister Chrystia Freeland has announced that the Canadian federal government is exploring the implementation of a 3% annual tax on vacant lots, drawing inspiration from Ireland’s Res… thedeepdive.ca READ MORE ... Niagara real estate market activity increased in third quarter; Royal LePage predicts strong 2024 finish In the third quarter of 2024, the aggregate price of a home in Niagara/St. Catharines fell 1.5 per cent to $632,300 quarter-over-quarter, and decreased 0.6 per cent year-over-year stcatharinesstandard.ca READ MORE ... Alberta construction group warns homeowners of fake, fear-mongering inspection letter | Globalnews.ca BILD Alberta says several homeowners have received fake letters imitating it, looking to access their homes to inspect for a cancer-causing insulation that's banned in Canada. globalnews.ca READ MORE ... Court untangles 'bizarre mess' that allowed Vancouver duplex owner to pay off mortgage after foreclosure, sale A B.C. Supreme Court judge has ruled on a case she describes as a "bizarre mess" in a decision issued earlier this week. bc.ctvnews.ca READ MORE ... Kelowna home prices expected to stay the same for foreseeable future It's never good to be pegged as an 'underperformer'. Yet, that's exactly what the Kelowna housing market is, according to Francis B. kelownanow.com READ MORE ... Study: Barrie last in mortgage-free homeowners A recent study ranks Barrie last among large Canadian cities regarding homeowners who have paid off their mortgage. barrie.ctvnews.ca READ MORE ... Windsor in Top 5 of mortgage-free homeowners in Canada: report Windsor has the fifth highest rate of mortgage-free homeowners in Canada, according to a study by Casivoo. windsor.ctvnews.ca READ MORE ... 10 Common Homebuying Mistakes and How to Avoid Them  | Zoocasa Blog Buying a home is one of the biggest financial decisions you’ll make in your lifetime. Whether you’re a first-time homebuyer or moving into a new property, Navigate the homebuying process with confidence by avoiding these costly mistakes and following expert advice. zoocasa.com READ MORE ... This Week's Top Stories: Canadian Household Inequality Hits New Record & Former Regulator Warns of Bank Runs - Better Dwelling Time for your cheat sheet on this week’s top stories. Canadian Real Estate Canada Needs To Prepare For Bank Runs & Collapses, Warns Former Regulator Canadian banks are world-renowned for their stability. The last bank failure hasn’t occurred since 1996, meaning a whole generation hasn’t seen one. That’s exactly why they should be preparing for […] betterdwelling.com READ MORE ... London rents rise at slower pace amid cap on foreign students A move by Ottawa to cap international student permits appears to be bringing some relief to renters in college towns across Ontario, though the effect isn't being felt as strongly in London yet, new figures suggest. lfpress.com READ MORE ... Canada's housing crisis: Why it's more than just supply and demand Experts point to deeper systemic issues driving the housing crisis. mpamag.com READ MORE ... Canada's housing supply is surging, but where are the buyers? Inventory grows as housing markets adjust to high interest rates mpamag.com READ MORE ... Editor's Note "Welcome to my Newsletter Page! I am a professional Real Estate Agent in Toronto GTA with an Architectural background from India. With a unique combination of design and real estate knowledge, I am dedicated to helping clients find their dream home. My expertise in both fields allows me to understand the potential of a property and how to best showcase it to potential buyers. I am committed to providing excellent service and going above and beyond for my clients. Let me help you navigate the real estate market and find your perfect property in the Greater Toronto Area & Surroundings. Contact me today!" Click Here For Hot New Toronto Regional Real Estate Board [TRREB] MLS® Listings. Call | Email me for more Info on any GTA Listings, Buying, Selling, Investing or Homebuyer's queries. Click Here to View Listings like Real Estate Agents. Click Here For HOMES & CONDOS In Toronto. Click Here For PRE-SALE CONDOS in Toronto. How does Rent-To-Own Homes works? Click Here for Power of Sale Listings. Manoj Atri, REALTOR®  Experienced Toronto GTA Sales Representative with Architectural Background. My forte: Power of Sale | Bank Foreclosures | Fixer-Upper | Rent-To-Own Homes All types of Credits Low or Zero down With Bank Cash-Back + Cash For Renovations Info & Much More... Re/Max Hallmark Realty Ltd., Brokerage 401-685 Sheppard Ave E, Toronto ON M2K 1B6 Cell: [416] 275-2089 | Office: [416] 494-7653 | Email: Manoj@ManojAtri.com Websites:   Homebuyer Hub | ManojAtri.com | SearchRealEstateInToronto.ca Rent-To-Own Homes | ManojAtri.ReMaxHallmarkRealty.ca  Social Media: Facebook Profile • Blog • Pinterest • Tumblr Subscribe To My FREE Daily Curated Hot News Articles e-Newsletter! © Copyright 2023 ManojAtri.com All rights reserved. "Disclaimer: This Newsletter contains summarized content from various sources; full attribution for each article is provided in the original linked content. Articles and Podcasts in this newsletter are generated by AI." If you no longer wish to receive these Emails, please Unsubscribe Here

⏳ 11th Oct 2024 - Homeownership in Canada is Slipping Away!

💥 Friday 11th October 2024 💥 Toronto Real Estate Fixer Upper - Myths & Facts! Daily Hot Picks: GTA Real Estate News! "Empower Your Real Estate Choices: Free Reports & Fresh Listings!" "Daily Hot Picks: GTA Real Estate News" delivers a curated selection of the most exciting and impactful updates from the Greater Toronto Area real estate market. Every day, we highlight top property listings, emerging trends, and expert insights to help you stay informed and make smart real estate decisions. Whether you're buying, selling, or investing, our daily picks offer you the essential knowledge to navigate the ever-changing GTA real estate landscape with confidence. Stay connected with "Daily Hot Picks: GTA Real Estate News." How Do Zoning Regulations, Building Codes, and Permit Requirements Impact the Feasibility and Success of Fixer Upper Renovations? Zoning regulations, building codes, and permit requirements play a critical role in determining the feasibility and success of fixer-upper renovations. Understanding these regulations is essential for homeowners and investors looking to renovate properties. Here’s how each factor impacts the renovation process: 1. Zoning Regulations Definition: Zoning regulations dictate how land can be used and specify what types of structures can be built or modified in certain areas. They can affect property use, density, height, and the types of renovations allowed. Impact on Renovations: Use Restrictions: Zoning laws may restrict the type of renovations allowed based on the property's zoning classification (e.g., residential, commercial, mixed-use). For instance, converting a residential property into a multi-family unit may not be permitted in certain zones. Setback and Height Requirements: Zoning regulations often include requirements for setbacks (how far a building must be from property lines) and maximum height restrictions. These rules can limit the extent of renovations or additions that can be made to the property. Variances: If a desired renovation conflicts with zoning regulations, homeowners may need to apply for a variance, which can be a lengthy and uncertain process. Obtaining a variance can also involve public hearings, which may affect the timeline and success of the project. 2. Building Codes Definition: Building codes are sets of regulations that govern the construction and alteration of buildings to ensure safety, health, and general welfare. They address structural integrity, fire safety, plumbing, electrical systems, and more. Impact on Renovations: Compliance Requirements: Renovations must comply with current building codes, which can change over time. For example, an older property may need to be brought up to modern standards when undergoing significant renovations, potentially increasing costs. Safety Standards: Building codes establish safety standards for electrical work, plumbing, and structural elements. Failure to adhere to these codes can lead to safety hazards and may result in fines or required demolition of unpermitted work. Inspections: Most renovations will require inspections by local authorities to ensure compliance with building codes. This process can add time to the renovation project and may require adjustments to plans if issues are identified. 3. Permit Requirements Definition: Building permits are official approvals issued by local governments that allow homeowners to proceed with construction or renovation projects. They ensure that the work complies with zoning regulations and building codes. Impact on Renovations: Approval Process: Obtaining permits can be a lengthy process that requires submitting detailed plans and documentation. Homeowners need to factor in the time required to secure these permits before starting work. Cost Considerations: Permit fees can add to the overall renovation budget. It’s essential to include these costs in financial planning for the renovation project. Enforcement and Penalties: Failing to obtain the necessary permits can lead to penalties, fines, and the possibility of having to undo or modify work that has already been completed. This can create significant setbacks and additional expenses. 4. Overall Project Feasibility Assessing Renovation Goals: Understanding zoning, building codes, and permit requirements helps homeowners assess the feasibility of their renovation goals. Some projects may be impractical or impossible due to regulatory constraints. Budget and Timeline Impacts: Regulations can affect both the budget and timeline of renovation projects. Homeowners should account for potential costs related to obtaining permits, paying for inspections, and complying with building codes. Risk Management: Knowledge of local regulations can help mitigate risks associated with renovations. Being informed about what is permitted can prevent costly mistakes and ensure that projects proceed smoothly. 5. Long-Term Considerations Future Property Value: Renovations that comply with zoning regulations and building codes can enhance property value and marketability. Conversely, unpermitted or non-compliant work can lead to complications during future sales. Neighborhood Compatibility: Ensuring that renovations align with local zoning and building codes helps maintain neighborhood aesthetics and property values, benefiting the community as a whole. Conclusion Zoning regulations, building codes, and permit requirements significantly impact the feasibility and success of fixer-upper renovations. By understanding and navigating these regulations, homeowners can plan more effectively, avoid potential pitfalls, and enhance the value of their investment. Consulting with local authorities, experienced contractors, or real estate professionals can provide valuable guidance in ensuring that renovations meet all necessary legal and safety standards. Opinion: Homeownership in Canada is slipping away Renters still want to buy a home, but saving for a down payment would take years or even decades. sasktoday.ca Read More ... How will the mortgage industry handle FINTRAC's new regulations? October 11 marks the first day of the stricter oversight mpamag.com Read More ... Rents Rise Across Canada For Fifth Consecutive Month Rental costs across Canada continue to rise, with the average asking rent across the country now at $2,193 per month. A new report from Urbanation shows that average asking rents throughout Canada in September of this year rose 2.1% from a year ... baystreet.ca Read More ... N.B. election: Tenants' rights group presses parties to impose cap on rent increases - Mortgage Rates & Mortgage Broker News in Canada With New Brunswick's provincial election approaching, a housing advocacy group is calling on the next government to strengthen tenants' rights, particularly through caps on rent increases. canadianmortgagetrends.com Read More ... Atlantic Canada home prices among the highest in the past three months: Royal LePage New real estate numbers show Atlantic Canada has seen some of the highest increases in home prices in the past three months compared with the previous three. atlantic.ctvnews.ca Read More ... Rents rise 2.1% in September, marking fifth straight monthly slowdown: report | Barrie 360 Rents rise 2.1% in September, marking fifth straight monthly slowdown: report barrie360.com Read More ... The lowest priced three-bedroom home in Toronto is still over $800,000 It's scary to think that even in this dumpster fire of a housing market, the best you can do if you're looking for a three-bedroom home in Toronto is… blogto.com Read More ... Toronto's condos are so unliveable that The New York Times is talking about them | Urbanized Investors have had such an impact on Toronto's condo landscape that even "The New York Times" is writing about it. dailyhive.com Read More ... Home sales, new listings surge in Grey-Bruce in September The 257 homes that sold through the MLS System of the Realtors Association of Grey Bruce Owen Sound in September was almost 43 per cent higher than sales during the same month in 2023. owensoundsuntimes.com Read More ... Advocacy groups calls for rent cap, more power for tenants In a new report on the housing crisis in New Brunswick, advocacy groups call on all political parties to beef up tenants' rights. Among the recommendations in the report by the New Brunswick Coalition for Tenants' Rights — released Thursday — is one for rent control. To make sure political candidates get the message, copies of the 44-page report, titled Without Protection: An Examination of New Brunswick's Rental Housing Crisis, will be sent directly to all political parties, said report lead au ca.news.yahoo.com Read More ... New actions announced to encourage building of secondary suites, more homes in Canada The federal government introduced a number of measures related to housing on Tuesday, which include measures for homeowners wanting to add a secondary suite, taxing vacant land and building homes in place of underused federal properties. ctvnews.ca Read More ... Concordia research shows Montreal rents to skyrocket by 2032 Renting a two-bedroom apartment in Montreal will cost, on average, $4,325 per month in 2032 – an increase of nearly 106% in nearly a decade. montreal.citynews.ca Read More ... Condo inventory growing as sellers anticipate demand rebound: Re/Max report TORONTO — Condo inventory is on the rise in most major Canadian markets as more sellers are listing their properties in anticipation of growing demand from buyers, a new report says. timminstoday.com Read More ... Canadian homeowners 75+ more financially stable, well-connected & purpose-driven than 50-somethings Uncover the key to happiness for Canadian homeowners. Find out why those aged 75 and over are more satisfied compared to those in their 50s realestatemagazine.ca Read More ... Fort Erie to let the market decide short-term rental numbers Councillors vote to lift ‘arbitrary’ 250 per year licence cap niagarathisweek.com Read More ... Average cost to rent an apartment in Ottawa drops in September A new report from Rentals.ca and Urbanation shows the average cost to rent an one-bedroom apartment was $2,042 a month in September, down from $2,044 a month in August. ottawa.ctvnews.ca Read More ... Canada's rent growth slows to 2%, lowest rate since October 2021 - Indo-Canadian Voice Slowdown in rent increases aligns with a significant reduction in non-permanent residents entering Canada   AVERAGE asking rents for all residential property types in Canada increased by 2.1% year-over-year in September, reaching an average of $2,193 per month, according to Rentals.ca and Urbanation’s latest National Rent Report. This marks the smallest annual rent growth since October 2021. The annual rate […] voiceonline.com Read More ... Rent prices declining in GTA, from high-end Toronto to more 'affordable cities like Oshawa and Hamilton - report | INdurham Average asking rents for all residential property types in Canada increased by 2.1 per cent year-over-year in September, reaching an average of $2,193 per month – the smallest annual rent growth since October 2021. The annual rate of rent growth, according to Rentals.ca and Urbanation’s latest National Rent Report has slowed for five consecutive months, significantly down from May’s nine […] durham.insauga.com Read More ... Toronto duplex going for under $900,000 could be converted into cash cow for new owners Looking for a home in Toronto that's brimming with potential and won't break the bank?  95 Rogers Rd. is a detached three-bedroom home listed for onl… blogto.com Read More ... Toronto has so many condos up for sale that it's becoming a buyer's market Toronto is not known as a kind place for aspiring homeowners to settle down, with soaring prices, bidding wars, investor prevalence and a general sen… blogto.com Read More ... Editor's Note "Welcome to my Newsletter Page! I am a professional Real Estate Agent in Toronto GTA with an Architectural background from India. With a unique combination of design and real estate knowledge, I am dedicated to helping clients find their dream home. My expertise in both fields allows me to understand the potential of a property and how to best showcase it to potential buyers. I am committed to providing excellent service and going above and beyond for my clients. Let me help you navigate the real estate market and find your perfect property in the Greater Toronto Area & Surroundings. Contact me today!" Click Here For Hot New Toronto Regional Real Estate Board [TRREB] MLS® Listings. Call | Email me for more Info on any GTA Listings, Buying, Selling, Investing or Homebuyer's queries. Click Here to View Listings like Real Estate Agents. Click Here For HOMES & CONDOS In Toronto. Click Here For PRE-SALE CONDOS in Toronto. How does Rent-To-Own Homes works? Click Here for Power of Sale Listings. Manoj Atri, REALTOR®  Experienced Toronto GTA Sales Representative with Architectural Background. My forte: Power of Sale | Bank Foreclosures | Fixer-Upper | Rent-To-Own Homes All types of Credits Low or Zero down With Bank Cash-Back + Cash For Renovations Info & Much More... Re/Max Hallmark Realty Ltd., Brokerage 401-685 Sheppard Ave E, Toronto ON M2K 1B6 Cell: [416] 275-2089 | Office: [416] 494-7653 | Email: Manoj@ManojAtri.com Websites:   Homebuyer Hub | ManojAtri.com | SearchRealEstateInToronto.ca Rent-To-Own Homes | ManojAtri.ReMaxHallmarkRealty.ca  Social Media: Facebook Profile • Blog • Pinterest • Tumblr Subscribe To My FREE Daily Curated Hot News Articles e-Newsletter! © Copyright 2023 ManojAtri.com All rights reserved. "Disclaimer: Articles & Podcasts in this newsletter are generated by AI." If you no longer wish to receive these Emails, please Unsubscribe Here