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JUST SOLD! Legal Duplex with extra basement unit: 865 Simcoe St South
Thank you to everyone who showed/viewed the property.
Demand is high for these types of unique properties that offer great income potential. If you're looking for your next investment property or you have an investment or home you're looking to sell contact us for a complimentary consultation.
905-409-9967
jimstantonrealtor@gmail.com


#soldoverList
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New property listed in Lakeview, Oshawa
I have listed a new property at 865 Simcoe ST S in Oshawa.
Must See Investment Opportunity! Legal Duplex Totally Renovated with Electrical, Plumbing and Building Permits Located Minutes To 401 & Go Station. 2 Bed 1 Bath Unit With 10Ft. Vaulted Ceilings, Large Outside Composite Deck- 1 Bed 1 Bath Unit With Large Entryway And Coat Closet And Fenced Outdoor Area.Finished Bsmnt With Kitchen & 4 Piece Bathroom Potential For Office Or Apartment. 2 Driveways With Parking For 8 +, 3 Meters, 3 Panels, Stainless Steel Appliances, Loads Of Upgrades
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Since 2015, inventory has been low, creating a strong seller’s market where multiple offers are the norm. This has amplified over the Covid-19 pandemic with people wanting to purchase a home for more space, independence, or to take advantage of the historically low cost of borrowing.
 
If you own your current home and plan on moving there are some things to consider.
 
Do you buy or sell first? In a seller’s market like we have today, it can be difficult to find a home. Given this, we recommend buying first. This can pose some challenges, but we are here to help.
 
Imagine this... you find the perfect home, but the seller is looking for a 30-day closing. This means there is a lot to do in a relatively short period of time. You have to get your home ready to sell for top dollar! There is an old saying in sports, luck is what happens when preparation meets opportunity! With that in mind, don’t put off preparing your home to sell prior to house hunting. You will want to have your house ready to list the moment you find your next home.
 
Below are things that you should consider doing now if you are thinking of making a move this year.

Step 1 - Start Decluttering
 
Here are some decluttering tips from the website 'Becoming a Minimalist' to help get you started.
 
Create a decluttering checklist. It’s a lot easier to declutter when you have a plan and know where to start.
 
View your home as a potential buyer. It’s easy to forget what your home looks like to a new visitor. Enter your home as if you’re visiting the home of a friend. Write down your first impression on how clean and organized the home is and make changes.
 
Take before and after photos of a small area. Choose one part of your home, like your kitchen counter, and take a photo of a small area. Quickly clear off the items in the photo and take an after photo. Once you see how your home could look, it becomes easier to start decluttering more of your home.
 
Use the Four-Box Method. Get four boxes and label them: trash, give away, keep, or re-locate. Enter any room in your home and place each item into one of the following boxes. Don’t skip a single item, no matter how insignificant you may think it is. This may take days, weeks, or months, but it will help you see how many items you really own and you’ll know exactly what to do with each item.
 
Check out the full article: How to declutter your home: 10 creative decluttering tips By: Joshua Becker at becomingminimalist.com
 
 
 
Step 2 - Paint
 
This will offer you the biggest bang for your buck. Keep paint neutral in colour
 
Check out the most popular colours at Benjamin Moore and some painting tips from HGTV to help you get started.
 
 
 
 
 
 
Step 3 - Repairs and Upgrades

Inspect your home and identify what repairs and upgrades need to be done. It can be helpful to have the JSA team through your home to provide you with guidance on what should be done to increase your home's value. It is our experience that upgrades such as hardwood flooring, updated countertops, light fixtures, and crown molding can bring excellent returns on your investment. We study the homes every day and can advise you if there are certain updates and upgrades that buyers are paying extra for in your area.
 
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Is 2022 a good year to buy or sell your home? A look at the market.

What’s driving real estate demand as we start 2022?


The GTA market continues to be affected by a housing supply crunch and an ongoing demand. While 2021 was the best year for new housing starts in Ontario since 1977 buyers won’t likely see the benefit from added inventory for at least a couple of years. Across the province, we have a long way to go in terms of adding housing inventory to meet demand. Currently, a large number of buyers from 2021 are still trying to make a purchase in 2022 and that will keep demand high to kick start 2022. 

Expect to see a very strong return of international immigration further increasing demand for housing in the GTA throughout 2022. Canada reached its 2021 target adding 401,000 new permanent residents and plans on adding 411,000 new immigrants in 2022 to support economic growth and shore up labour shortages across the country. The influx of new residents will keep the housing market competitive.

So what’s the bottom line? 2022 will continue to be a good year to sell with high demand and prices forecast to increase.

Sources:

https://www.reuters.com/world/americas/canada-meets-2021-immigration-target-with-401000-new-permanent-residents-2021-12-23/

https://www.canada.ca/en/immigration-refugees-citizenship/news/notices/supplementary-immigration-levels-2021-2023.html

https://financialpost.com/moneywise-pro/no-relief-in-2022-experts-predictions-for-canadas-housing-market 


What could slow the housing market in 2022?


The obvious answer is an increase in lending rates. Mortgage interest rates have already seen slight increases in 2021 and the Bank of Canada has hinted that it will be tightening its policies in 2022. In 2021 we saw changes to the mortgage stress test moving from 4.79% qualifying rate to 5.25% and a 0.5% increase in mortgage rates, in 2022 we may see more increases.


“Doug Porter, chief economist and managing director at BMO Financial Group, says financial markets are bracing for as many as five 25-basis point increases in the Bank of Canada’s lending rate next year, which would take it to 1.5 percent from 0.25 percent today.”  - Financial Post


The key factors impacting potential rate increases could be the impact of inflation on the economy, the impact of COVID-19 variants like Omicrom as well as the US Federal Reserve who have already positioned themselves for a rate hike in 2022. As a general rule of thumb, US interest rate changes tend to have an impact on longer-term loans like mortgages in Canada.


Look for mortgage rates to increase throughout the year. As prices rise and borrowing costs grow we could see a slow down in sales volume and there is potential prices level off but even a 1.5% bump in interest rates would still be below the qualifying rate for mortgages. With inventory so low it may not have a huge impact on prices.


So, what’s the bottom line? Mortgage rates will affect borrowing costs but not necessarily impact pricing and there will still be lots of buyers competing for a limited supply. If you’re thinking of making a move start preparing now. Talk with your lender about how rising rates could impact your actual borrowing costs as the year unfolds and start looking for available homes in your desired areas. It may take time to find what you’re looking for so being proactive will put you in a more favourable position.


Need a reliable contact to discuss your mortgage needs? Message us and we can provide some excellent options.


Sources: 

https://www.cbc.ca/news/business/powell-canada-rates-column-don-pittis-1.6286628

https://time.com/nextadvisor/mortgages/mortgage-prediction-2022/https://financialpost.com/moneywise-pro/no-relief-in-2022-experts-predictions-for-canadas-housing-market 


What else could impact the market in 2022?


There are a few unknowns that may have an impact on the GTA real estate market in 2022. Government intervention into the housing market is always a cause for concern and the mortgage stress test is also being revisited in 2022. In 2021 the housing market was front and centre during the federal election and it will be a defining issue in this year’s provincial election but regardless of the outcome, we’re not likely to see the effects of federal and provincial elections in the form of intervention in 2022. 


Covid-19 and the uncertainty surrounding the Omicron variant is also an unknown factor. Although if history is any sort of predictor COVID-19 should have little impact on the trend in real estate prices. Recall in 2020 when the CMHC predicted a 9-18% drop in housing prices at the beginning of the pandemic and since that time the market has been on fire with the average price for a home in Ontario increasing by 44% (CREA). In Durham Region, the average sold price of a detached home in December was $1.178MM and in Toronto $1.69MM. 


So, what’s the bottom line? If you’re planning on buying in 2022 a change to the mortgage stress test could impact what you can afford so getting out ahead of any changes could help. So far COVID-19 has not had a negative impact on real estate prices and we’re not seeing policy changes impacting housing yet, but these are factors to watch.


Sources: 

TRREB Market Watch December 2021

https://www.cbc.ca/news/business/crea-housing-november-1.628649https://www.bnnbloomberg.ca/cmhc-stands-by-forecast-for-sharp-price-drop-in-canada-1.1497129

https://www.cbc.ca/news/canada/toronto/ontario-housing-costs-home-prices-ndp-liberal-green-1.6284033 



Most experts agree that the GTA real estate market cannot continue on its current trajectory forever and feel 2022 should start off strong with similar sales numbers to 2021 yet they expect the market to slow as we move into the second half of the year and rising interest rates take effect. That may be true but don’t expect a reverse in pricing trends. As per Clayton Jarvis of Financial Post’s Moneywise column “People have been calling Canadian real estate’s upward trajectory ‘unsustainable’ for almost a decade now.” 


Sources: https://financialpost.com/moneywise-pro/no-relief-in-2022-experts-predictions-for-canadas-housing-market 


So, what’s the bottom line?


You decide what’s best for you. If you’re waiting for the perfect timing to make your move you could be waiting a while. The reality is that there is never a perfect time to move. It’s about what’s right for you and your goals for homeownership. If you’re thinking about making a move in 2022 your best bet is to speak to a Realtor® and get the lay of the land in your community. We can help you with 40+ combined years of experience helping people just like you buy and sell in the GTA. We can connect you with trusted lenders and support you through the process from start to finish.


Contact us at: P: 416-571-5272 E: brian@sellwithstanton.com S: @sellwithstanton
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#GTARealEstate stats are in for December and #DurhamRegion continues to show strong growth with average sold prices up across the board. Where did sale prices rise the most YoY (year over year)? Oshawa saw a 43% jump in the average sold price for a detached home in December.
Have a question about the market? Just ask.
. @sellwithstanton
Jim Stanton 905-409-9967 Office 905-434-2022
jimstantonrealtor@gmail.com


 











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