Thursday, November 29, 2012

Confusion about the Great Gulf condos at Erin Mills and Eglinton Mississauga

A client recently asked me to help them purchase a townhouse at Erin Mills Parkway and Eglinton, on the south side of the Erin Mills Town Centre and on the west side of Erin Mills Pkwy. This piece of land has sat vacant for about 20 years while development has sprung up around it.

Great Gulf put up a sign recently on this piece of land saying they were developing and selling HOT townhomes. I was very excited to learn that they were finally developing that prime real estate. The sign states that townhomes are 'coming soon' with a few other details.

Then on that site there were two buildings erected, one was a sales office for the townhomes and the other a 'mystery' building. Both looked almost like permanent structures, given the gigantic piers that the buildings were set upon. Again, such excitement over development of the land.

I finally went into the Great Gulf sales office yesterday that is opening soon and talked to the Great Gulf people inside that sales office. Unfortunately, this sales office is for the townhomes that Great Gulf is building at the Winston Churchill and Eglinton site location.

I was completely fooled by that Great Gulf sign on Eglinton by the hospital. I was certain that they were building the townhomes at that site but the sign clearly states "Eglinton and Winston Churchill" - good advertising on their part - myself and probably 99% of people who look at that sign assume the building site is right there at that prime location

Additionally, and more depressing, I found out that The Pemberton Group owns the entire chunk of land between Erin Mills and Metcalfe Avenue on the south side of Eglinton where that sales office is located, Great Gulf is just leasing that office location from them. I say "depressing" because that implies that Pemberton will likely build another set of condos on that ultra-prime piece of real estate, I prefer townhomes, but that's my preference.

I'll let you know if I find anything else out about this piece of land and it's development.

Have a great day!

Mark

Monday, November 19, 2012

Mississauga real estate and GTA mid month real estate sales figures

Bottom line is that the number of transactions were down about 17% for the
first two weeks of November.

See the full report below.


GTA REALTORS(r) RELEASE MID-MONTH RESALE FIGURES

TORONTO, November 19, 2012 - Greater Toronto Area REALTORS(r) reported 2,687
transactions through the TorontoMLS system during the first two weeks of
November.

This result represented a 17.5 per cent decline compared to the same period
in 2011.

"The reduction of the maximum amortization period to 25 years translated
into higher mortgage payments. Some households will have to save more money
for a down payment before purchasing a home, in order to offset these higher
mortgage costs.

This is more difficult in the City of Toronto, where households must pay an
additional land transfer tax up front. The abolishment of this tax would
allow buyers to have a larger down payment," said Toronto Real Estate Board
(TREB) President Ann Hannah.

The average selling price during the first 14 days of November was $488,647
- up by 1.7 per cent in comparison to the first 14 days of November 2011.
The median selling price over the same period was up by a greater rate of
four per cent to $416,000. The stronger rate of growth for the median
selling price suggests that fewer high-end homes sold this year compared to
last.

"During the first half of November, there were fewer luxury detached homes
sold as a percentage of total transactions compared to last year. The
year-over-year change in the mix of detached homes sold in the GTA, rather
than a change in market conditions, was responsible for a lower than normal
increase in the average detached home price," said Jason Mercer, TREB's
Senior Manager of Market Analysis.


I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
BUS 905-828-3434
FAX 905-828-2829 CELL 416-520-1577
mark@mississauga4sale.com
Mississauga4Sale.com

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Tuesday, November 06, 2012

GTA and Mississauga real estate market Latest newsletter fshowing sales and prices in the

See the latest newsletter at this link:

Latest Newsletter

or see price graphs at this page:

see graph of prices here

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1
BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Monday, November 05, 2012

GTA Real Estate Sales volumes down between 7 and 15% for monthly figures for November 2012


This is the latest report from the Toronto Real Estate Board on monthly sales figures from November.

I'll publish the complete report shortly and provide a link for you.

Mark

GTA REALTORS® RELEASE MONTHLY RESALE HOUSING FIGURES

TORONTO, November 3, 2012 – Greater Toronto Area REALTORS® reported 6,896 transactions through the TorontoMLS system in October 2012 – a decrease of 7.1 per cent compared to October 2011. There were two more business days in October 2012 versus October 2011. On a per business day basis, transactions were down by 15.6 per cent.*

“Sales have decreased in the second half of this year compared to 2011, especially since the onset of stricter mortgage lending guidelines at the beginning of July. The prospect of higher monthly mortgage payments due to the reduced maximum amortization period has prompted some households to delay their home purchase,” said Toronto Real Estate Board (TREB) President Ann Hannah.

The average selling price for October transactions was $503,479 – up 6.2 per cent compared to October 2011. The MLS® Home Price Index composite benchmark price, which allows for an apples-to-apples comparison in terms of home attributes, was up by 5.1 per cent.

“We continue to see price increases well above the rate of inflation. Active listings have remained low from a historic perspective, so substantial competition between buyers still exists, especially for low-rise homes,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

“It should be noted, however, that the annual rate of price increase has been edging lower over the past few months as the market has gradually become better supplied,” continued Mercer.



For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1
BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com