Steven Maislin Broker

Steven  Maislin

Steven Maislin Broker

Office:
416-782-8882
Mobile:
416-518-7701
Email Me
Find Your Dream Home, Steven Maislin REALTORFree Real Estate Reports, Steven Maislin REALTOR

Condominium Guide



Condo of the Week: $1.4 million for a Mimico townhouse with the view of the lake


    

Address: 5 Marine Parade Drive, Unit 121

Neighbourhood: Mimico

Agent: Steven Maislin, Re/Max Realtron Realty Inc., Brokerage

Price: $1,450,000.00

The Place: A large townhouse near the lake in south Etobicoke.


July 2015

Dear Friend,

I am constantly asked whether the media is correct, that there will be a market correction. A market correction has been predicted since 1998 but so far it has not occurred. The reality is that at some point there will be a lack of demand for real estate brought about by fear or perhaps large increases in interest rates. This fear will create a temporary drop/correction in the value of real estate. Unfortunately no one knows when that will occur. However, once that fear disappears and people get used to the new interest rates (we had a very strong market in Toronto in the early eighties with a 20%+ interest rate), prices will continue to increase again.

Why do prices continue to increase? Two major factors: One is the fact that there is constant inflation in the cost of building a new home. It starts with the cities charging more for supplying services such as water and sewage and more for building permits. The price of building supplies and workmen also increases, so as it costs more to buy a new home, existing homes increase in value. The second factor is population. As the city continues to grow through immigration and births, there is a shortage of living space and prices increase due to demand. Toronto is in its infancy of growth. We have 3,000,000 people compared to cities like New York and London, with populations of over 8,000,000.

Here's the real question; do you really care about a price adjustment? If you're planning to buy today and sell tomorrow for profit, yes you should be concerned about a price adjustment. However if you're buying your home today and plan to live in it for the next 5 to 10 years, chances are that if there is price adjustment it will miss you and prices will continue to go up. If you're buying an investment property and you buy it and you rent it out and you have a good tenant paying your rent, if the value of the property goes down by 15%, it does not impact your rental rate. And even if you decide to sell your home five years from now and the value of your property has dropped by 15% don't forget that the home that you're going to be buying will also have dropped by 15% so it really does not impact your ability to buy and sell.

My recommendation is to ignore the media that is trying to sell advertising. Prices may at some point in time be temporarily depressed, but eventually due to demand, home prices will always increase.

Have a great July!

Your Friend in Real Estate

Steven Maislin, R.E.B.B., I.R.E.S.
Broker


PS. Another record month of sales in June, with the average price of a home on the Toronto Real Estate Board increasing to $624,938.

PSS. I am never too busy for your referrals!




Real Estate News

  • RioCan Real Estate Investment Trust investigating possible sale of U.S. properties - Financial Post 9 hours 19 min old

    Financial PostRioCan Real Estate Investment Trust investigating possible sale of U.S. propertiesFinancial PostRioCan Real Estate Investment Trust, Canada's largest retail landlord, said it's s...tudying how to get the most value from its U.S. assets as operating in the country gets more expensive and competitive. Morgan Stanley and Royal Bank of Canada have been ...RioCan Real Estate mulling sale of US portfolioCBC.caReal estate giant RioCan launching a strategic review of its US portfolio680 NewsRioCan in talks to recoup millions in lost rent from Target CanadaThe Globe and Mail (subscription)all 24 news articles »

  • Weak oil hasn't dampened real estate prospects for Dream Unlimited: CEO - bnn.ca 10 hours 58 sec old

    Weak oil hasn't dampened real estate prospects for Dream Unlimited: CEObnn.caA notable voice in Canadian real estate says his company isn't rattled by gloom and doom over the state of the econ...omy. Michael Cooper, Chief Executive Officer of Dream Unlimited tells BNN his business in Western Canada remains robust despite the ...

  • Pete McMartin: Real estate and laundered money — If it's so prevalent, why ... - Vancouver Sun 1 day 2 hours old

    Vancouver SunPete McMartin: Real estate and laundered money — If it's so prevalent, why ...Vancouver SunAbout $245 billion-worth of real estate in England and Wales is registered offshore now, m...ost often to shell companies with addresses in the British Virgin Islands or Jersey. The difference between Britain and Canada is that in Britain, those real ...and more »



HOT Properties

101 Vesta Dr, Toronto Real Estate
  • Toronto: $5,100,000
  • Type: Detached
  • Bedrooms: 6
  • Bathrooms: 8

6 Bdrm Designer Renovated Forest Hill Home. Treed 1/2+ Acre Oasis W/ Pool. Extensive Millwork. Luxury Finishes. Gourmet Kitchen W/ Fireplace, Indoor Bbq, W/O To Bbq, Grdn & Pool. Formal Dining Rm W/ Fireplace. Fr / Home Theatre W/ Drop-Down Projector & 100' Screen, Fireplace, Wet Bar, Remote Shades & Walk-Out. * His & Hers W/I Dressing Rms W/ His & Hers En-Suites W/ Heated Floors

View Complete Listing
© RE/MAX Realtron Realty Inc, Brokerage **Independently Owned & Operated416-782-88822815 Bathurst Avenue, Toronto, Ontario, M6B 3A4
REALTOR website by InCom Real Estate
MLS®, REALTOR®, and the associated logos are trademarks of The Canadian Real Estate Association