Helena Sedlak

All these Toronto malls could be getting redeveloped

by Helena Sedlak· August 24, 2017· in Buying, Houses, People, Places· 0 comments tags: bully offers, buying real estate, condominium, downsizing, downtown, financial incentives, first-time buyers, land transfer tax, mortgage, new construction, new homes, places, preconstruction, selling, tax, toronto

A redevelopment deluge is hitting shopping mall properties across Toronto not only because of rising land values but also the threat online retailers are posing to bottom lines, an industry expert suggests. “I think that one of the big redevelopment waves right now are shopping centres,” Craig Patterson, founder and editor-in-chief of Retail Insider, an online trade publication, tells BuzzBuzzNews. “As real estate prices have gone up and developable land has become less available, I’m seeing shopping centre landlords looking at their shopping centre real estate as being prime land for intensification,” he adds. BuzzBuzzNews has identified eight Toronto shopping mall sites currently slated for such intensification, and that total doesn’t include properties in the nearby surrounding GTA, such as the Promenade Mall. SEE ALSO: Application for 7 mixed-use towers submitted to Vaughan for site beside Promenade Mall, north of Toronto Patterson says malls are a “gold mine” for redevelopment because of the GTA’s level of population growth as well as the fact that they are so often sitting on large, well-located sites to begin with. “Cadillac Fairview, Oxford, Ivanhoe Cambridge: these landlords are already getting in on the residential game — or they’re partnering with residential developers,” says Patterson. “A natural […]
Read More

9 stats you should know about Toronto’s housing market in July 2017

by Helena Sedlak· August 22, 2017· in Buying, Houses, People, Places, Uncategorized· 0 comments

1. There were 5,921 homes sold in the GTA in July 2017, down from 9,929 sales recorded in July 2016, a record amount for the month. 2. According to TREB historical data for the month, July 2017’s total was also considerably lower than any July in the last 5 years. TREB recorded 9,880 sales in July 2015, 9,198 sales in July 2014, 8,544 sales in July 2013 and 7,570 sales in July 2012. 3. There were 556 detached homes sold in the City of Toronto, also known as the 416 region, in July. That’s down 41.7% from the previous year. 4. The average sales price of a detached home in the 416 from continuing its upward march. The average detached home price was $1,304,288, up 8.5 per cent from July 2016. 5. However, the rate at which prices increased slowed markedly from previous months. For instance, between July 2015 and July 2016, the average detached home sales price in the 416 saw a 20.7 per cent increase. 6. While all housing types (detached, semi-detached, condo apartment and townhouse) saw significant year-over-year sales declines, price increases remained robust for condo apartments and townhouses. Average condo apartment prices rose 24.6 per […]
Read More

Bullies - Helena Sedlak, Sales Representative

Bully offers: Should you accept one?

by Helena Sedlak· March 10, 2017· in Buying· 0 comments tags: bully offers, buying real estate, selling

Buyer beware. Or in this case: seller be wary. Bully offers are a common tactic in the booming Toronto real estate market. Just like those boastful “sold over asking” signs we see dotting neighbourhoods, both receive mixed reactions yet both seem here to stay. The question is: would you accept one? What is a bully offer? When a new property listing goes up, there’s often a note that the sellers are holding back on accepting offers until a specific date. Buyers and agents are still free to submit offers beforehand, but this is referred to as a “bully offer” or, more gently, a “pre-emptive offer”. Why would a buyer give a bully offer? For a buyer, making a bully offer often makes sense. You’re navigating one of the country’s most competitive housing markets, and yes, that can feel as scary as it sounds. You find your dream house, and then realize it has a set offer date, in which your offer will be compared to the to those of other serious buyers. In some cases, your offer can be sent back for revisions. It’s an environment that creates anxiety – and a bully offer is a reaction to that. The […]
Read More

Important thing you should know about land transfer refund for first time buyers

by Helena Sedlak· February 17, 2017· in Buying· 0 comments tags: first-time buyers, land transfer tax, tax

If you have been holding back from buying your first home in Ontario because you feel you won’t be able to afford closing costs, you now can definitely enter the exiting world of homeownership. In a major relief to this growing segment of buyers in Ontario’s housing markets, first timers will not have to pay any land transfer tax on the first $368,000 of their home’s purchase price. It means that more than half of homebuyers won’t have to pay any LTT because starter homes fall within this price bracket in the majority of housing markets in Ontario. The Ontario government announced last year that they would double the first-time homebuyers’ maximum Land Transfer Tax refund to $4,000. The measure came into effect January 1. The amount of refund was $2,000 earlier. In Toronto, the land transfer tax rebate was $3725, but the council has announced that it would be increased to $4,475 on a recommendation from the City of Toronto’s Budget Committee. The increase will be in effect from March 1. What is land transfer tax? You pay land transfer tax when you buy land or an interest in land in Ontario. For a home worth up to $55,000, […]
Read More

The Advantages and Disadvantages of Buying a New Construction Home

by Helena Sedlak· March 03, 2016· in Buying· 0 comments tags: buying, buying real estate, homebuyer, new construction, new construction home, new homes, preconstruction

New construction is popping up everywhere with so many choices. Whether you are buying a home that is built to your specifications, buying a preconstruction home in a new subdivision or a new condominium, a newly constructed home can have some great advantages and some potential disadvantages. Here are some things to keep in mind when you’re choosing what is best for you. Advantages You are dealing directly with the developer. You don’t have to worry about the emotions of the original homeowner when making an offer. Maintenance costs will run lower with a newly built home. If you are building your own home, it will be designed exactly how you want it. If you are building a semi-construction home, you can pick from a variety of finishes and upgrades allowing you to give it that personal touch. Your new home will be move in ready. You won’t have to paint or do any repairs. New homes are usually built with the latest in energy efficient construction. This can make a big difference in your monthly utility bills. You can integrate the latest technology in to your new build. But, be careful. The newest technology craze today will ultimately become […]
Read More

5 Tips for the First Time Home Buyer

by Helena Sedlak· February 18, 2016· in Buying· 0 comments tags: buying real estate, financial incentives, first time buyer, homebuyer, mortgage, planning, tips

Buying your first home is one of the most exciting times in your life, but it can also be one of the most overwhelming. Expectations are often thwarted by financial realities and these can leave you feeling disappointed in your options. However, with a bit of planning, you can avoid the pitfalls of expectations vs. affordability, and with the help of your real estate agent, find the perfect first home. Plan your Budget The most important thing you must do is plan what you can afford. A mortgage calculator can help you start the process. Mortgage calculators give you an idea of what your price range should be. It is also a good idea to contact a mortgage broker who can help you find the best financial institution for a possible pre-approved mortgage. Your own bank may not offer you the best option, so it’s important to investigate all options available to help with the cost of purchasing your home. Take advantage of the financial incentives available for a first time home buyer: First-Time Home Buyers’ (FTHB) Tax Credit Introduced by the Government of Canada to assist first-time home buyers with the costs associated with the purchase of a home, a $5,000 […]
Read More