Developers Roll Out Unmatched Incentives to Revitalize Ontario’s Pre-construction Market

Developers Roll Out Unmatched Incentives to Revitalize Ontario’s Pre-construction Market

As of mid-2024, Ontario’s housing market is experiencing a significant transformation, with developers adopting innovative strategies to stimulate sales and ensure market stability. These unprecedented incentives are designed to attract buyers and manage inventory, creating an ideal environment for potential homeowners and investors. Here’s an updated look at these incentives and their impact, incorporating the latest developments.

Flexible Deposit Structures

One of the most notable changes is the introduction of more flexible deposit structures. Buyers can now secure pre-construction condos with a minimal upfront cost, starting with as little as $10,000. The remainder of the deposit, totaling 10%-20% of the purchase price, is spread over several months. This approach reduces the financial burden on buyers, making it easier for a broader audience to invest in new properties.

Financial Incentives on Closing Costs

In an effort to further ease the financial burden, developers are offering credits to cover various closing costs. These incentives can include development charges, maintenance fees, and even property tax rebates for the first few years, significantly lowering the overall cost of homeownership.

Capped Development Charges for Peace of Mind

To attract more buyers, certain projects are offering capped development charges. This ensures that buyers won’t face unexpected costs upon closing, providing them with greater financial transparency and peace of mind throughout the purchasing process.

Complimentary or Reduced-Cost Amenities

Developers are also sweetening the deal by including valuable perks like free or discounted parking and storage lockers as part of the purchase package. These amenities, which typically add significant costs, are now offered at little to no additional expense, enhancing the overall value of the investment.

Integration of Smart Home Technology

New condos in Ontario are increasingly being equipped with advanced smart home features. These include smart locks, video surveillance systems, automated lighting, thermostats, and secure parcel lockers. Such modern amenities are especially appealing to tech-savvy buyers and those seeking enhanced security and convenience in their homes.

Rising Popularity of Assignment Sales

The trend of assignment sales, where buyers sell their pre-construction contract before the unit is completed, continues to gain traction. This option provides flexibility for buyers who may need to exit their investment early or wish to capitalize on favorable market conditions before the final closing.

Mortgage and Maintenance Subsidies

Some developers are going above and beyond by covering mortgage payments for the first two years or offering maintenance credits. These incentives are designed to alleviate the initial financial pressures on buyers, making homeownership more accessible during this period of economic uncertainty.

Adapting to Market Conditions

These unmatched incentives are a direct response to the current market dynamics. With higher inventory levels and relatively stable prices, developers are motivated to move units quickly and avoid further price reductions. The market is also anticipating potential interest rate cuts later in 2024, which could reignite demand and drive prices up, making this an opportune moment to invest.

Conclusion

Ontario’s housing market is at a pivotal moment, with developers offering a wide range of incentives to boost sales and maintain momentum. These perks—ranging from flexible deposit structures and complimentary amenities to financial credits and smart home features—create a highly favorable environment for buyers. For those considering a home purchase or investment, now is the time to capitalize on these opportunities before the market shifts with anticipated interest rate cuts.

By taking advantage of these unique incentives, buyers can secure high-value properties on favorable terms, positioning themselves for future gains as the market stabilizes and grows.

The Advantages of Using a Home Equity Loan to Purchase a Second Home

The Advantages of Using a Home Equity Loan to Purchase a Second Home

Using a home equity loan to buy a second house can be a strategic financial move for several reasons. Here’s an overview of why this option is worth considering in the Ontario market:

  1. Leveraging Equity for Investment
    One of the primary benefits of using a home equity loan is leveraging the accumulated equity in your primary residence to finance the purchase of a second property. This allows you to tap into the value of your current home without having to liquidate other investments or savings. This can be especially advantageous if property values in Ontario continue to appreciate.
  2. Avoiding Mortgage Default Insurance
    If you can use your home equity to cover at least 20% of the down payment on your second home, you can avoid paying for mortgage default insurance (CMHC insurance). This insurance is typically required if your down payment is less than 20% and can add a significant cost to your mortgage.
  3. Lower Interest Rates
    Home equity loans generally offer lower interest rates compared to other forms of borrowing, such as personal loans or credit cards. This is because they are secured by your home, reducing the lender’s risk. Lower interest rates mean lower monthly payments and less interest paid over the life of the loan.
  4. Enhanced Borrowing Power
    Using a home equity loan can increase your borrowing power, enabling you to make a larger down payment or even cover the entire purchase price of the new property. This can position you as a cash buyer, potentially giving you an edge in competitive markets.
  5. Flexibility in Usage
    A home equity loan provides a lump sum of money that you can use not only for purchasing the second home but also for making improvements or renovations. This flexibility can help you enhance the value of your new property and potentially increase rental income if you decide to rent it out.
  6. Diverse Loan Options
    You have the option to choose between a home equity loan and a home equity line of credit (HELOC). A home equity loan provides a fixed amount of money with a fixed interest rate and repayment schedule, which can offer predictability in your monthly payments. A HELOC, on the other hand, acts as a revolving line of credit with variable interest rates, giving you the flexibility to borrow as needed and pay interest only on the amount used.

Considerations and Risks

While there are many advantages to using a home equity loan, it’s essential to consider the risks. Using your home as collateral means that failure to make payments could result in foreclosure. Additionally, you will have to manage multiple loan payments if you have mortgages on both properties. It’s crucial to ensure that you have a stable financial plan in place to manage these obligations.

In Summary

A home equity loan can be a valuable tool for purchasing a second home in Ontario, offering benefits such as lower interest rates, enhanced borrowing power, and the ability to avoid mortgage default insurance. However, it’s important to weigh the benefits against the risks and ensure that you are prepared for the financial responsibilities involved.

Contact Us for More Info

If you’re considering buying a second home or using your home equity to finance the purchase, we’re here to help. Reach out to us for personalized advice and tailored solutions to meet your needs.

Bank of Canada Interest Rate Cut Creates New Opportunities

Bank of Canada Interest Rate Cut Creates New Opportunities

Encouraging News for Homebuyers: Bank of Canada Interest Rate Cut Paves the Way for Opportunities

In a move that is bound to stir optimism among homeowners and potential buyers, the Bank of Canada has announced its second consecutive key interest rate cut. On Wednesday morning, the central bank reduced the key overnight rate by another quarter percentage point, bringing it down to 4.5%. This decision follows a similar quarter-percentage-point cut in June, marking the first time in over four years that the Bank of Canada has made such adjustments.

Why This Matters for You

While experts believe that the latest rate cut might not significantly impact the real estate market just yet, it still presents a promising opportunity for those looking to buy or refinance homes. Lower interest rates can translate to reduced mortgage costs, making homeownership more affordable.

Expert Insights

Although a full percentage point drop is necessary to stimulate the market significantly, the current trend of rate cuts could lead to this milestone by the end of the year. This gradual decrease in interest rates is setting a positive tone for the future of the real estate market.

What to Expect

The Bank of Canada has indicated that further rate cuts will depend on the easing of housing inflation and other price pressures. This cautious approach underscores the central bank’s commitment to ensuring economic stability while providing relief to homeowners and buyers.

A Silver Lining for Buyers

For potential buyers, the current rate cuts are a signal to start considering their options. With the key overnight rate now at 4.5%, mortgage rates are expected to follow suit, potentially lowering the overall cost of borrowing. This could make a significant difference for those entering the market or looking to refinance their existing mortgages.

Looking Ahead

While the real estate market might not experience immediate, dramatic changes from this rate cut alone, the trend suggests a positive direction. If the Bank of Canada continues with its cautious yet proactive approach, the real estate market could see more substantial benefits in the near future.

Outstanding

The recent interest rate cuts by the Bank of Canada are undoubtedly good news for homeowners and potential buyers. Although experts caution that more significant cuts are needed to fully stimulate the market, the current reductions offer a glimmer of hope. As the central bank monitors housing inflation and other economic indicators, homebuyers can look forward to more favorable conditions ahead.

Stay tuned for further updates as we continue to monitor the impact of these rate cuts on the real estate market. For those ready to take the plunge, now might be the perfect time to explore your options and seize new opportunities in homeownership.

Top Agent Magazine – Nikki Hessami

Top Agent Magazine – Nikki Hessami

Since getting her Realtor’s license in 2018, Nikki Hessami has already built a reputation as someone with her finger on the pulse of Toronto, and as an agent who will always put her client’s best interests first. “I never worry about what I’m going to make at the end of a transaction,” Nikki explains. “I put myself in my clients’ shoes and then advise them based on how well a property matches their needs.” It’s the kind of service Nikki valued herself when she moved to Ontario in 2014. Formerly a university instructor of architecture in Iran, Nikki decided to pursue a career that would allow her to combine her enjoyment of beautiful architecture with her passion for helping people, and for the last three years she has been offering a service built on the core values of truthfulness, compassion and tolerance.

That commitment, her hard work, and her deep knowledge of the industry has garnered Nikki an ever increasing number of referral clients as she delivers superior service to the Greater Toronto area with Home Leader Realty. As a pre-construction condo specialist, she has helped buyers from all over the world move to Toronto or to find the right properties for their investment portfolio. “I’m there for my clients every step of the way,” says Nikki. “And I can help them through the process in whatever way they need. I’ve even helped people purchase properties remotely, taking them on showings via video calls.” Last year Nikki closed 12 transactions, and has 18 year-to-date sales in 2021. If the high praise she receives in her clients’ reviews is any indication, those numbers are going to continue climbing every year. One satisfied client summed up her time with Nikki like this: “My experience with Nikki has been nothing short of amazing. She made the process of navigating Toronto’s intimidating real estate market straightforward….Her expertise, professionalism and personable demeanour really sets her apart. I would highly recommend Nikki and plan on utilizing her services in the future.”

 

Nikki treats clients like they are family, which means protecting them from bad investments as much as helping them find something they like. Her transparency is one of the things that sets her apart from many other agents. “I educate my clients about the market and the process, and I’m very honest in giving my opinion about a property or the terms they are being offered, because my concern is for their profit and not just a closed transaction. People appreciate that, and they will keep coming back to you when you demonstrate that kind of care.” When she’s not working, Nikki likes to hang out with friends and family, meditate, and stay connected with the many people in her sphere through social media. As for the future of her business, she hopes to continue growing her volume by offering the highest-quality service in the industry. Eventually she would like to build a team, sharing her knowledge and methods with new agents in order to help even more people with their homeownership and investment goals.

 

Toronto’s Best Neighbourhoods Based on Schools

The Top Toronto Neighbourhoods According to School Quality

One of the top considerations for families in the market for a home is not just the neighbourhood they live in, but the quality of the schools within those neighbourhoods. Thankfully, there’s no need to think to hard about this because I’m the kid in class who has done their homework and is letting you copy off my paper. If you’ve ever wondered what Toronto’s best neighbourhoods are to live in when the quality of its schools is the highest priority, we’ve got your answer key and your cheat sheet right here.

Scroll down young pupil, class is in session!

10. Riverdale

The home of DeGrassi Street, the setting of the long-running teen dramas DeGrassi and DeGrassi: The Next Generation, means the neighbourhood of Riverdale is bound to have some excellent schools and it does not disappoint. Bennington Heights Elementary has a 2019 Fraser Institute rating of 8.4 out of 10. Plus, Northern Secondary School is considered one of the best schools in Ontario using the same Fraser Institute metrics. For both it comes down to a top-notch academic foundation, award winning programs and professionally exceptional teachers and staff.

 

The neighbourhood itself features excellent parks, shops and restaurants. It’s the perfect place for young couples to start and raise a family with most parks featuring an ice rink, pool, and tennis courts. The Streetcar Crowsnest is also a uniquely small theatre that’s the perfect neighbourhood haunt to take in Shakespeare, new plays from emerging artists and avant-garde performance art.

 

9. Carleton Village

Carleton Village is a working class multi-cultural neighbourhood with some great schools. It starts with Carleton Village Junior and Senior Sports Academy, which is a former holder of Gold EcoStatus – recognition given to the most eco-friendly schools. In a move akin to Harry Potter, the school has a house system where students are slotted into either Hawk, Eagle, Owl, Falcon or Puffin houses that advance notions of leadership, community, and teamwork to every student. From an academic standpoint, the leading school in the area is École élémentaire Charles-Sauriol with a 9.1 out of 10 score from The Fraser Institute and a rank of 60 out of 3037 schools in Ontario along with being the sixth best school in Toronto.

 

As for the neighbourhood and what there is to do there, there’s Earlscourt Park and the adjacent recreation centre featuring an indoor/outdoor pool, ice rinks, tennis courts, a senior’s lounge, and daycare. There’s also the less busy and much smaller Wadsworth Park. If you have younger children, this is the place to go because of the playground and wading pool. Plus, there’s a public library nearby with children’s programming.

 

8. Curran Hall

Curran Hall’s best school is the Churchill Heights Public School. It’s an elementary school which scored a 9 out of 10 from the Fraser Institute and is ranked 70 out of 3037 schools in Ontario. They prioritize mental health and well being because they rightly believe to do well academically, you must feel good mentally and emotionally. To that end, a joke of the week is read on the announcements every Wednesday and students can request songs to be played on “Funky Fridays.” The school also promotes mindfulness and physical activity, including biking and walking to school. Academically, Churchill Heights has an annual Family Numeracy and Literacy Night (This year’s virtual version is coming right up on Nov. 24, 2021) and they also have a gifted program, while making Individualized Education Plans (IEP) for those who may need a more customized approach to their time at school due to disability or other special circumstances.

 

The neighbourhood is one of the most picturesque you’ll find in Toronto thanks to Morningside Park, which is perfect for spotting birds and other wildlife. Feel free to take a picnic, as there is plenty of space, walk the various trails and take in some stunning views. In addition to being a hub for nature lovers, Curran Hall is quite affordable as neighbourhoods in Toronto go. You can still get a place for an average of $648,000 or rent for $1700 a month. Plus, you’re only 30 minutes from downtown Toronto (with no traffic). The only possible drawback is Curran Hill is one of the few places in Toronto where you’ll absolutely need a car to get anywhere conveniently.

 

7. Willowdale East

Options for schools in Willowdale East are plentiful even if the neighbourhood is expensive. The crown jewel among the 11 public schools, five catholic schools and four private schools is arguably Earl Haig Secondary, which was rated fifth by University Magazine in its “Toronto’s Best Schools” list for 2020. This is largely due to its elite auditioned Claude Watson Arts program that’s part of the school curriculum and features dance, drama, music, screen arts and visual arts as part of its extensive repertoire. At the same time, academics is far from ignored with a broad base in math and science that current students, alumni and parents rave about. Notable alumni include Sarah Polley, Scott Speedman and Deborah Cox.

 

Meanwhile, the neighbourhood includes a large community centre with a gym, pool, ice rink and basketball court. There’s also the Lee Lifeson Outdoor Art Park, which serves as tribute to Geddy Lee and Alex Lifeson, the legendary members of the Canadian progressive rock band Rush, who grew up in the area. The Park features several mosaics and statues honouring the band members.

 

6. Steeles

Steeles doesn’t have the best public transportation options, so it might not be the choice for your family if you work downtown and don’t have a car. However, the neighbourhood feels suburban and is extremely family oriented. As far as schools go, you are more than covered with eight public schools, four catholic schools and three private schools.

 

The most reputable among them being Kennedy, which has particularly high EQAO assessment scores among is students in grade six with 89% in reading and writing, along with 91% in math. Then there’s St. Henry, a catholic school that’s always striving for excellence.  There also many recreational opportunities for your children in the Steeles neighbourhood, especially I’Amoreaux North Park, which features a large pond surrounded by many bike and walking trails.

 

5. York Mills – Sunnybrook

If you’re looking for a quieter neighbourhood to raise your kids – away from the hustle and bustle of Toronto’s downtown core – you can’t go wrong with than this neighbourhood north of midtown. Not only does it have an extremely high number of quality schools to choose from including York Mills Collegiate, a well-regarded high school that continually appears on the city’s Best Schools lists, but also St. Andrews Junior High School and Owen Elementary School, which are among the best schools for the younger grades.

 

If public schools aren’t your speed and you want an education for your child that’s a little more specialized, York Mills – Sunnybrook offers that as well. There are private schools like the all-boys Crescent School, the co-ed Bayview Glen School and the girls’ catholic school Loretto Abbey. If you want your child to be bilingual, there are options there as well with The Toronto French School. York Mills – Sunnybrook makes this list because it’s a pleasant, quiet community with huge diversity in its top tier schooling options at all levels.

 

4. Hillcrest Village

Hillcrest Village doesn’t get as much shine as some of the other more high-profile neighbourhoods in Toronto, but that’s a good thing in the case of real estate because homes there are a little more affordable than the other more marquee neighbourhoods. Many people also don’t realize just how many highly ranked schools reside there.

 

The Vancouver-based conservative think thank The Fraser Institute ranks schools every year and many of their stalwarts are in Hillcrest Village, including Hillmount Arbor Glen and Seneca Hill, which score at least a nine out of ten on the list. Hillmount came the closest to a perfect score on the list at 9.9 out of 10.

 

3. Bathurst Manor

Bathurst Manor doesn’t have the volume and diversity of highly ranked schools on par with Hillcrest Village and York Mills – Sunnybrook, but they do have one of the top schools in the city, if not the province. William Lyon Mackenzie – named after one of Canada’s most distinguished prime ministers – scored an 8.8 out of 10 from the Fraser Institute’s school rankings and is consistently near the top when it comes to any “Best Schools in Toronto” list.

 

Overall, it ranks 17th in the province and that’s largely due to its 12 AP courses that range from calculus and data management to computer science and economics. Add to that, Mackenzie’s 80 after school extra curriculars and your child will have quit the head start in life. School doesn’t have to be your child’s passion, but at William Lyon Mackenzie it can be.

 

2. Lawrence Park South

North or south, it doesn’t matter. The Lawrence Park neighbourhood has one of the lowest crime rates in the city. It’s also a great place to raise a family due to its strong sense of community, plentiful recreational opportunities, and its numerous schools of renown. These include Lawrence Park Collegiate (one of the top 30 schools in the province) and the nearby private school, City Academy with full or part-time and night or day class options.

 

After school, your child can take advantage of the recreational activities on Lawrence Park itself: lawn bowling, tennis, and croquet. They can also study in the George Locke Public Library within the park, which offers many programs for kids. As one of Toronto’s first planned garden suburbs, residents of all ages can truly bask in the beauty of the award-winning Alexander Muir Memorial Gardens or the ravine footpath.

 

1. Rosedale – Moore Park

With many quality schools in such a small radius, it’s an embarrassment of riches for the families of the affluent Rosedale – Moore Park. It starts with Rosedale Heights School of the Arts, a public high school where your child can major in the performing and visual arts in a state-of-the-art facility that includes dance studios, music studios, drama studios and top of the line audio-video production studios.

 

Not to be outdone, Whitney Junior Public School is an incredibly solid public school in the area. It focuses on character education where every month students focus on a character value whether its respect, responsibility, honesty, perseverance, optimism, courage, or initiative.

Private options include Branksome Hall – a boarding school for girls founded in 1903 – which includes highly competitive academic programs and the highly sought-after International Baccalaureate (IB), which is said to give your child a leg up when applying for university.

 

Real estate red flags: how to spot shady realtor behaviour in a wicked-hot housing market

Picture this: you’re looking to buy a new home, you’ve fallen in love with what feels like your dream house after spending months looking for the right place for your family and setting a budget with your partner. So you put in an offer. The listing agent tells you that yours is the best one but then out of the blue they later say that another offer is the winning bid.

This is the exact troubling scenario that a client of Nikki Hessami, a Toronto-based realtor, recently experienced before coming to her. The client, a family, had begun to wonder if the listing agent presented their offer to the seller to begin with, or if they chose to set it aside in favour of an offer from a friend, family member or other client.

Complaints from homebuyers like these about shady realtors have become much more common as of late, having risen by 38% in just the last year, according to the Real Estate Council of Ontario (RECO).

Hot housing market ripe for dubious realtor behaviour

Toronto real estate has been on fire lately. April 2021 market figures from the Toronto Regional Real Estate Board show a significant increase in the number of properties sold over the past year during COVID-19 compared to previous years in Toronto alone.

“Because some realtors can stand to make a lot, if they just want to close the deal, get quick results and make quick money, there are many cases when there might be no honesty and no transparency,” says Hessami. “These are greedy people who are only thinking about their personal interest.”

Common victims of these types of agents are immigrants new to the country and local real estate market, who have a cultural and/or language barrier that can unfortunately make them “easier” targets.

A good agent will take the time to explain the details

Having come to Canada from Iran nearly a decade ago herself, Hessami says she knows first-hand what that experience can be like.

“Immigrants are especially taken advantage of,” she says. “Because sometimes they’re new to the rules and regulations, and agents might be neglectful of this or just don’t have the experience working with other cultures. Whether you’re an immigrant or not, a buyer or seller, you should always do your own research and not rely entirely on agents. You have to do your due diligence so you can actually understand every step of the process and then be able to sense red flags when they come.”

Red flags to watch out for when working with a realtor

What exactly are those red flags, though? Some might include:

  • Your real estate agent doesn’t answer your questions
  • Your real estate agent evades any issues you might have
  • Your real estate agent doesn’t give you an overall picture of the properties you’re considering — risks and all
  • Your real estate agent is quick to make a transaction and appears impatient
  • Your real estate agent isn’t being transparent with you

“A good agent will take the time to explain the details,” says Hessami. “They value the relationship between themselves and the buyer and seller. I see my role as making buyers aware of the risks that they might face like if they cannot have their financing in place, they might lose their deposit, or that if they don’t do an inspection, they might have some problems down the line. Some don’t bother with that, they just present the papers, have you sign and they vanish.”

Things you can do to protect yourself include:

  • Read every document, especially before you sign anything
  • Ask questions every step of the way
  • Ask for your agent’s references, and confirm the identity of those they might boast on their online profiles and websites
  • Send an email to the listing brokerage (or ask your agent to do it on your behalf) to make sure that your offer is registered. You can request official documentation through the Ontario Real Estate Association (OREA) that the sellers can sign to confirm they’ve received the offer
  • If working with an agent of the same cultural background is important to you, make it a priority in your search
  • Check out the OREA and RECO’s code of ethics

Get in touch with the manager of the brokerage you’re working with (by calling directly) or a real estate lawyer.

Industry changes needed to ensure ethical realtor behaviour
Toronto-based Century 21 Leading Edge broker Karen Law says there are many ways that the real estate industry could improve in order to ensure less unethical behaviour, largely through changes in regulatory boards.

“The standard of only having a high-school certificate to apply for a real estate licence is far too low as an entry point,” says Law. “It would serve the public better if the minimum education requirement was changed to a college degree before obtaining a real estate licence.”

She believes that licensed agents should have to meet certain regulations for minimum sales.

The biggest mistake that an agent can make is viewing this process as a transaction and short-term relationship

As of now, based on licensing board regulations, “an agent can sell zero properties and still keep their license for as long as they wish [if they continue] paying for insurance. The issue with that is there are many more mistakes likely to happen if someone only sells one property every two years.”

Law, who was mentored by two successful agents in the early years of her career, says there should be a minimum standard for license renewal, too, which might encourage license holders to either get experience or work alongside a senior agent who can provide mentorship and other opportunities. “Many agents, unfortunately, try to wing it rather than getting a mentor or working with a team, because they want to try to make money quickly rather than truly learning the business.”

It doesn’t help that there is a surplus of part-time agents in the market, who are often not as experienced or educated about the actual home-buying, home-selling and negotiation processes, Law says. In these instances, there is a high chance of something being mishandled and breaching ethics.

All in all, the key is working with an agent whose experience and relationship you trust and doing your own homework.

“The biggest mistake that an agent can make is viewing this process as a transaction and short-term relationship,” says Hessami. “I look at each deal as the beginning of a potential long-term relationship, and that means putting in real work to get to know the client and what they want and need. Honesty and truthfulness are the foundation to this service. You never get bad results from being authentic and honest with people. And that’s universal, no matter the industry.”

As for the family who came to Hessami after having a bad experience with their agent? After closely working with them and keeping an open line of communication, she was able to find them a “much better” property. Today, they’re proud owners of their very own home.

 

Source: LowestRates.ca

So, You Want to Live in Bridle Path

It’s one of Toronto’s most exclusive neighbourhoods with lavish mansions that either are, or have been, owned by the likes of Celine Dion, Prince, Drake and Gordon Lightfoot.

The homes there are the stuff out of dreams. For example, 16 High Point Rd., which was owned by Shark Tank’s Robert Herjavec and rented by Mick Jagger when The Rolling Stones toured Canada, features 10 beds, 10 garages, an indoor swimming pool and 33,650 square-feet of living space.

Of course, I’m talking about Bridle Path, but if you want to live in any of the homes there, it’s going to cost you. The median home value is $2,981,596, according to Areavibes.com, and that’s 554% higher than the Canadian average. Herjavec’s former address at 16 High Point Rd. sold for $19,380,000 alone in 2019, according to The National Post, and has no doubt gone up in value since.

Named “Canada’s most affluent neighbourhood” by Canadian Business Magazine in 2014 and boasting an average household income of $936,137, an average household net-worth of $22.27 million and an average home price of $2.24 million. Bridle Path has an exclusive population of 1,895 residents, a median age among them of 52 and a 1.2:1 male-to-female ratio.

But, don’t expect a lot of racial or ethnic diversity in Bridle Path. Most people who can afford properties there (beyond celebrities who are enterprises unto themselves) are part of families of old money wealth going back generations and 85.1% of residents only speaking English. But, if you’re looking for a place to settle down with your family, you’ll find that 84% of Bridle Path residents are married, while 45% of residents have kids at home.

As for the neighbourhood itself, in addition to its one-percenter residents, this enclave in North York is surrounded by the Don River Valley and plentiful parkland. You’ll find shopping, recreation, and top-tier schools just along Bayview Avenue, including the ultra-exclusive York Mills Shopping Plaza, The Granite Club — which is a social and athletic club for the uber-elite that includes all kinds of team sports, fitness classes and social events – and the private Crestwood School, Crescent School for Boys and Park Lane Public School. The neighbourhood also features one post-secondary institution. Glendon College is a part of York University and operates as a bilingual liberal arts college. There’s also The Toronto French School to give your kids a little, “Je ne sais quoi.”

If you’re looking for a reason to get outdoors and stretch your legs, Bridle Path has you covered and then some. Residents are spoiled, having Edwards Gardens just feet from their backyard. Edwards Gardens is home to the Toronto Botanical Garden, which is one of Canada’s most prestigious public gardening resources. Edwards Gardens by itself contains intricate rock landscapes, perennial gardens, a pond, waterfalls, a rose garden, and the beginnings of a paved trail that stretches nine kilometres all the way to Warden Woods Park in Scarborough. On the way to Warden Woods, the trail also passes through Sunnybrook Park where Bridle Path residents can enjoy outdoor activities like soccer, rugby, cricket, and field hockey on its various sports fields. Sunnybrook park also has public horseback riding stables where lessons are offered, carrying on Bridle Path’s long equestrian tradition.

After all, the name Bridle Path comes from Hubert Daniel Bull Page’s early plans for the neighbourhood in 1929. The Toronto-based developer included a complex network of elaborate bridle paths to lead a horse down. Those bridle paths have long since been transformed into paved streets, but their legacy remains in that the streets in the neighbourhood are unusually wide and of course, the neighbourhood’s own moniker.

Page himself always had the vision to see the area as an exclusive enclave of estate homes, (basically as soon as the Bayview Bridge was built over the Don River Valley) that’s why he built a Cape Cod-style colonial house at the address 2 The Bridle Path to drum up interest in the neighbourhood he wanted to start.

Now, Bridle Path is truly one of Canada’s most exclusive neighbourhoods with a cost of living that’s 174% more expensive than the Canadian average. But, if you can hack the price, you’ll be rewarded by the privilege of one of Canada’s most livable neighbourhoods, with a crime rate that’s 69% lower than the Canadian average, (that’s a a 1 in 74 chance of being a victim) an unemployment rate of 2% and a high school graduation rate of 93%, which is itself 12% higher than the Canadian average.

So, if you can afford it (and let’s be honest, that’s a big “If” for most people) you will unlock a Shangri-la of excellent living at the highest level. Honestly, things that only people who live in Bridle Path will ever have access to along with what everyone else in Toronto does too.

After all, by living in Bridle Path, you’re only 20 minutes driving distance from downtown Toronto and if you’re headed to the cottage, you’re five minutes away from the Highway 401 on-ramp off Bayview Avenue. Plus, if you need to go on a last-minute business trip, you’re only 20 minutes away from Pearson International Airport, so the world is truly at your fingertips.

If what Bridle Path has to offer is the type of lifestyle you could see yourself having and you are one of Toronto’s movers and shakers wanting your own private oasis away from prying eyes, then I highly recommend making the move there.

How to Make Money in Pre-Construction Investing

As the fastest growing city in Canada and the US, pre-construction investing is a great way to make money! It allows investors to take advantage of low prices and high potential returns before condo construction starts as the demand for housing pushes up prices.

When you have a real estate wealth strategist at your side, you can enjoy access to the best pre-construction condo developments before they are ready for the general public.
If you want to learn more about how to invest in pre-construction condos, keep reading!

1. What is pre-construction investing?

It’s essential to understand what pre-construction investing is before you get started. This means that investors can make money by buying condos at lower prices before the project begins. Then, they can either enjoy healthy returns from the property as a rental or sell them for more than the purchase price when the developers complete the project. Most pre-construction projects offer a deferred deposit schedule which means that you can make smaller installments during the course of the construction instead of a lump-sum deposit.

2. Why invest in pre-construction properties?

If you want to start making money with real estate, then pre-construction is an excellent option to consider. In Toronto, investment in pre-construction condos is a popular choice because the market is going from strength to strength.

The most important benefits are the potential to profit from the property before developers finish building, as well as the appreciation in pre-construction over time. As the Toronto property market continues to boom, you can have more control over your investment by purchasing a new build than by buying an already constructed home. Also, the properties have a greater long-term return on investment, as they’re often in desirable neighbourhoods with good schools and amenities.

When you compare pre-construction properties with homes, there are two important considerations: affordability and qualification. The requirements are much higher when purchasing a home, with strict mortgage rules via employment and down payment percentages required. Thus, condo precon is a great way to start your investing journey and get your feet wet as it allows you to enter the housing market without having to incur a higher mortgage and tighter qualification process for the mortgage.

If done correctly, this type of investment gives the highest returns over time. This is because the rate of growth is typically higher on these types of assets due to a lower upfront price compared with residential homes (or commercial buildings)!

3. How to find a great property

One thing to keep in mind when your looking for a pre-construction property, though, is that there are many opportunities out there to choose from. You need to work with an experienced real estate wealth strategist who can do the right research, understand your needs, and select the ideal property based on their expertise and experience. The focus is always on education investors so that you are equipped to make an informed, strategic decision.

They are also privy to the most latest and up-to-date information about new projects before it becomes more widely available. They also have platinum access afforded to them via the relationship created by the broker of record that not just anyone has access to.

If you’re interested in investing in a pre-construction condo, then give Nikki a call. She would love to help answer any questions about how this investment opportunity could work for you and your family. There are many ways to invest in pre-construction properties, but working with Nikki means that you get access to the best properties for the highest potential return on your investment!

11 Tips for Listing Your Property the Right Way

If you’re trying to sell your home, there’s nothing worse than seeing it languish on the market for months and months with no idea why. Instead of sitting in Property Purgatory, just follow my 11 recommendations for making sure your property is listed properly and sells with a healthy level of demand.

  1. Have the Right Agent – This is an agent who knows the market, who is tech savvy and who is checking the market for all the comparables, like how much surrounding properties have sold for and how many days properties have been on the market.
  2. The Price is Right – You and your agent need to find the right price for the market because if you don’t, there will be consequences. You need to have the right strategy. For example, if the market for condos is low — but yours has a high asking price on your condo — don’t expect to sell quickly. This also is true in reverse. For example, if the market for homes is very hot, a lot of sellers will put their home at a lower price so they can try to instigate a bidding war. The overall listing strategy often depends on the personal situation of the seller. Perhaps they are in a rush to sell. Your agent should be educated enough to sell your home for the right price and list it at the right time.
  3. Stage Your Home – Ideally, if you’re able to vacate your home during showings, you should have it staged. Staging your home brings a lot of value to a property. According to a 2017 presentation by the National Association of Realtors, 58% realtors representing sellers believe that buyers offer more money for a staged home. As you would expect, Home Staging Resource, an organization that offers training and resources to stagers, is even more bullish on staging. Its website states, “In a survey of 3,500 staged homes, 46% sold for 10% more than they would have unstaged.”
  4. Have Great Photos – Photos are very likely the first thing buyers see on your listing and on social media. It’s also very likely that photos are the main thing that determines whether they will select your property for an in-person showing and your home needs to make a great first impression. Always take photos and always use a professional photographer because there’s nothing worse than looking at listings with your buyer clients and not being able to see a listed home because there are no photos attached. A listing without photos, or with photos of low quality, is a good way to get your home instantly ignored by potential buyers.
  5. Include a Virtual Tour – With potential buyers advised to stay home due to the COVID-19 pandemic, buyers are no longer coming out for as many in-person showings. Therefore, it’s more important than ever to offer a virtual tour with your listing. A virtual tour goes a long way in helping buyers determine what properties are worth an in-person look.
  6. Clean and Clutter-Free – If you can’t vacate your property while it’s on the market, you can at least make it look as vacant as possible by getting ride of your unwanted items and organizing the rest. Along with clearing the clutter, comes cleaning. Cleaning your home before a showing is very important. This is especially true of the kitchen and bathroom(s). You also want to showcase how much storage is available in your home. Items currently stored in your home should be stored off-site, or in your building locker, during showings. This way, people can see just how much storage your property comes with. Oh, and if you have pets, board them or send them to a friend or family member to take care of. You may be a dog or cat lover, but not everybody is, and seeing your pet may prevent some from making an offer on your home.
  7. Make Small Repairs – You never know what people are going to notice and count as a reason to not make an offer on your home. All those little repairs you never got around to – get around to them now. Fix that running toilet, get new mesh for that screen door, screw in that new lightbulb, fix that leaky faucet, and put on that fresh coat of paint. Any repair you can do to make your home look newer and less of a project, do it.
  8. De-personalize – You probably have things around your home that are very personal and significant to you, but they’re not personal or significant to a potential buyer, so hide them. People like to envision themselves living in your home and it’s hard for them to do that when there is a picture of your last family trip to Disneyland staring back at them. It may feel like prospective buyers are invading your space and encroaching on your territory, but you want to put that feeling aside and let them feel like they could see themselves living there because that’s what may compel them to make an offer.
  9. Let the Light Shine In – You want to make your home as bright and attractive looking as possible to a buyer. Just before a showing, turn on all the lights if it’s at night, open all the drapes if it’s during the day and let as much light shine in as possible.
  10. Pass the Smell Test – If you’ve seen a certain Febreeze commercial, you know that it’s possible to go noseblind to smells in your home. That’s why you need your real estate agent to tell you if there’s any weird or off-putting smells in your home. If there is, get rid of them and make sure you no longer have these smells once you’ve made the effort because smells can affect a lot of potential buyers. Grab a few nice and non-assaulting air-fresheners and make your home smell pleasant as people walk in.
  11. Take Care of Your Landscape – If you’re trying to sell your home, do what you need to do for excellent curb appeal and take care of your landscape. Your frontyard and backyard can attract potential buyers if you make them both look beautiful.

What to look for when investing in a Pre-construction condo

With the vast amount of different pre-construction investment opportunities available in Toronto, we always recommend people speak with a reputable and knowledgeable real estate sales professional before making one of the biggest financial decisions of your life.

We realize the importance of having the right information in order to make the right choice when it comes to finding your ideal home or perfect investment property, and having the right investment advice by a trusted and qualified Real estate sales professional is key. to know where to put your money to get the best returns. Luckily, with a real estate investment specialist at your side, whether you are a first-time buyer or a seasoned investor, you’ll have access to the information you need to get going.

1. Choose Your Neighborhood

Look for a pre-construction condo in a desirable neighborhood, one that is gaining in popularity but not yet saturated with condos. To identify the right area, look at proximity to parks, community centers, public transport, restaurants, and local businesses. You will also want to look at neighborhood trends to predict future profitability.

2. Choose Your Building

Finding the right pre-construction development is key. It should be headed by a developer with a well-established reputation as this is a critical factor in evaluating the likely success of a project. Also, check the average price per square foot and compare it to the current market value.

3. Decide When to Sell

In some cases, it makes sense to sell on assignment, and other times you may choose to close and sell or hold and rent. This will require a thorough analysis of the market, looking at each of the three scenarios and your specific situation.

4. Work with an Established Real Estate Wealth Specialist

Making good real estate investment decisions to grow your wealth is straightforward when you work with an experienced specialist. Nikki Hessami has been helping clients for over three years, partnering with them to build wealth through strategic investments in the Toronto property market. She has the inside track on the latest developments, and knows the industry inside and out.

With her solid financial background and strong reputation, Nikki will give you projections and forecasts on your investment returns. She will also help you narrow down the right neighborhood, and evaluate the best developments on the market.

And, when you’re making decisions on whether to sell, when to sell, or if you should hold and rent, she’ll do a thorough analysis of all the factors.

If you want to make money with pre-construction investing in Toronto, you need to make good decisions at each step of the journey. Don’t rush into a purchase that you may come to regret, rather work with a partner who has your best interests at heart and will guide you to make make strategic wealth-creating decisions.