Sunday, February 3
Toronto Realty Taxes are the Highest in Canada
by
Toronto Real Estate Blog
on Sun 03 Feb 2008 11:49 AM EST
Municipal spending is out of control
Kevin Gaudet, Financial Post
Even before Toronto announced its latest property tax hikes yesterday, Toronto took the dubious honour for having the highest property taxes in Canada, according to a detailed report issued by the city of Edmonton. Together with Ottawa, Brampton, Hamilton and London, Ontario municipalities take five of the top six spots on the list. This is something most homeowners in these cities know intuitively every time they pay their tax bill. Now they have it confirmed by an objective report that compared more than 30 municipalities across Canada.
Toronto ranked first with the highest taxes paid at $3,912, followed by Brampton at $3,826. Ottawa was third at $3,532; Hamilton and London were fifth and sixth at $3,305 and $3,078 respectively. St. John’s, Newfoundland, deserves credit for taking last place with the lowest average tax at $1,540, and Surrey, BC was second last at $1,814.
This sad but helpful property tax news is timely as city councils across Ontario prepare their budgets. As well, Premier McGuinty’s freeze on assessments for homes expired at the beginning of 2008. Not only will tax rates be going up, but for the first time in a few years homeowners will take a second hit if their home value reassessment shows an increase above the average increase. Assessment changes will take effect for 2009 property tax rates.
What is especially helpful about the Edmonton report is that it compares property taxes in a dollar value instead of as a percentage. Some mayors, like Toronto’s Mayor Miller, try to defend high property taxes by hiding behind what appears to be a lower rate than other cities. This is hiding because the average value of a home is high in Toronto so the total taxes paid for a Toronto homeowner are higher. When paying taxes one cares less about the rate paid or the details of the complicated formula used. Instead, one cares about how much money is being taken year over year. That is the only comparison relevant to a taxpayer, not whether the rate is 0.82 in one city versus 1.15 in another city.
The main reason for high and growing property taxes in Ontario is that municipal spending is out of control. Municipalities have a spending problem, not a revenue problem. While mayors continue to clamour for more and more money from many sources, their appetites for spending grow unchecked.
Data from Statistics Canada shows that municipal revenue across Ontario has been running at three times the rate of inflation. In 2006 municipal revenue was up 6.3% while inflation was only at 2.0%; in 2005 revenue was up 7.2% and inflation was only 2.2%. Despite Ontario municipal revenues ballooning from higher taxes, more transfers from other levels of government, higher user fees and new taxes in Toronto; mayors continue to complain that they don’t have enough.
It is interesting how mayors can work together cooperatively when it comes to demanding transfers from other levels of government or getting new taxing authority from the province. If that same energy were transferred to creating efficiencies and reducing costs, the report out of Edmonton might show a different - and welcome - conclusion.
Allen Mayer Salesperson
Right at Home Realty Inc.Brokerage
www.allenmayer.com
Friday, February 1
Why use a Real Estate Salesperson or Brokerage?????
by
Toronto Real Estate Blog
on Fri 01 Feb 2008 12:33 PM EST
Is it a good idea to sell you Home or Commercial Property yourself?
How Does a Real Estate Agent Help You Sell Your Property?
If you have decided that now is the time to sell or lease your home or commercial property, you might consider: should I retain a Real Estate Brokerage or do it alone? Do you repair your car, file your own tax returns, or invest all of your investments without a professional. Anyone can buy the tools or a a tax preparation kit. However how many of us have the time, knowledge and experience to complete these tasks.
Buying a for sale sign is not the beginning of a successful transaction. Marketing , leasing and selling real estate is a complex procedure. It involves investment of time and capital as well one must follow certain legal requirements. Without the professional experience it may cause the unknown seller costly mistakes. It requires a tremendous depth of knowledge and experience, as well as substantial amount of time to follow-up on every detail promptly and properly.
Will you really save the real estate commission?
Most buyers equate a "For Sale By Owner" sign with a bargain. They assume you will sell for a discount because you do not have to pay the real estate commissions and, as a result, they'll probably offer you less than fair market value. Negotiating your price upward to regain even a part of the anticipated commission savings will be difficult at best.
Do you have the time?
If you do it alone, how much will you really save when you factor in the considerable time you will have to invest? Without a realtor's support, you are the one who will have to write and pay for the ads to market your property, remain available day or night for calls from prospects, run the open houses on weekends and show your property on short notice, screen potential buyers, fill out the paper work and do the dozens of things required to sell a home. Do you really have the time for all this? And what is your time worth - the time spent away from your family and friends and work?
How will you reach potential buyers?
Do-it-yourselfers are faced with the problem of how to market their home effectively. How good are you at writing hard-hitting advertisements that will stand out from all the others and entice prospects to call you? Where should you run these ads, when, and how often? Do you have the time and patience to handle telephone inquiries? Are you prepared for the cost of advertising - including a professional-looking "For Sale" sign? Realtors are experts in effective advertising and cover all of these costs as part of their service to you.
Moreover, when you work with a realtor your home receives far-reaching market exposure through the Multiple Listing Service (MLS). MLS is a computer-based system that relays valuable information about your home to a vast network of realtors and their potential home buyers in your market area. Remember, the greater exposure, the greater the chances for a higher price. Also, most realtors work for real estate companies that have their own websites or real estate online web portals which will feature your listing; these websites are generating thousands of visitors a day.
Do you really know the true market value of your home?
Setting a list price is perhaps the most difficult, yet critical, step in the home selling process. It requires extensive knowledge and training, as well as access to sophisticated market analysis developed over years of experience. Do-it-yourselfers usually lack these resources and often end up guessing at their asking price.
If you set your asking price too high, many prospective buyers will be frightened off without even seeing the property; too low and you will leave thousands of dollars on the negotiating table needlessly. One of your realtor's most important roles will be helping YOU decide upon and negotiate a realistic asking price for your home that meets your both your sales objectives and fair market value.
Are you ready to "pre-screen" every prospect?
Do-it-yourselfers are faced with the challenge of interviewing every person who responds to their ads or "For Sale" sign. How do you go about this arduous task without offending those who are clearly not serious or qualified buyers - and yet protect your own interests and security? Do you have the skills and experience to ask the right questions over the phone before you let a prospect visit? How are you going to find out whether they are really qualified to purchase in your home's price range?
Pre-screening prospects is absolutely necessary to weed out the lookers from the serious buyers. Your realtor knows how to do this effectively, saving you many hours of time and quite a few headaches.
How are your selling and negotiating skills?
Selling real estate is considerably different from selling most other products or services. Many do-it-yourselfers attempt to over-sell, smothering the buyer with every detail and nuance about the property. Few understand the subtle differences between a home's features and the potential benefits to the buyer. Few know how to ask the right questions and uncover the buyer's true needs and wants. Even fewer know how to complete the sale successfully through firm, impartial negotiation.
Realtors are skilled intermediaries with considerable ability to market your home successfully. Wouldn't you feel a lot more comfortable knowing an experienced realtor is on your team negotiating the highest price possible for your home?
Are you up-to-date on real estate and contract laws?
Remember when you bought your home and had to deal with all these papers thrust in front of you for your signature? Well, selling your home is equally complex from a contractual and legal standpoint. If you attempt to sell it yourself, you will either have to prepare all your own legal documents when an offer comes in, or translate the language in the offer presented from the buyer. In the excitement of receiving an offer, are you confident you will be able to recognize terms and conditions that are not in your best interest, or worse, are legally risky? Realtors know how to protect you from these potential legal pitfalls, and will work to help ensure your interests are properly protected.
Let a realtor help you sell your home.
Most of those who sell their homes do so with the assistance of realtors. Of those that try to do it themselves, most change their minds and end up going with a real estate professional, because the process is too complex, too time consuming and too dangerous without the help of a professional. Working with a licensed professional to sell your home, someone who is a member of a Real Estate Association, entitles you to an exceptionally broad range of services and benefits unavailable to do-it-yourselfers.
Please call the Mayer Team
Allen Mayer Salesperson Vice President Commercial Division
Right at Home Realty Inc. Brokerage
Direct Line 416.633.7767
www.allenmayer.com
Thursday, January 4
Available Warehouse Space in North York Ontario
by
Toronto Real Estate Blog
on Thu 04 Jan 2007 10:00 PM CST
Commercial Real Estate in Brampton Ontario
by
Toronto Real Estate Blog
on Thu 04 Jan 2007 08:56 AM CST
Brampton is Canada's 13th most populated city and has the 10th most active industrial market.
Brampton is known for it's low property taxes and in turn offers rental accommodation that is affordable to everyone. In terms of working in Brampton, there is currently over 7000 businesses which employ over 115 000 employees. Located off both Highways 401 and 410, Thereby providing accessibility to the City of Toronto.
Pearson International Airport is about a 10 minute drive down Highway 407 and across Highway 401. The accessibility to the airport makes Brampton a popular spot for people who travel a lot with their work. Brampton has an extensive public transportation system that is sure to get everyone to where they want go.
Brampton is one of the most affordable areas in the Greater Toronto Area.
Greater Toronto Area WEST - including Brampton, Burlington, Milton, Mississauga and Oakville has total inventory of industrial space at about 300 million sq ft.
Brampton industrial space has about 80 million sq ft. of total inventory. Brampton industrial space average rent rate is $5.27 and average sale price is $84 per sq ft. Land prices are at new highs as sites with outside storage have reached $700,00 per acre price. Sale activity are higher than the Brampton's industrial space leasing activities. Low vacancy and steady demand forecast stability in Brampton's industrial real estate market.
Many businesses reach a point in which they are curious as to whether it would be beneficial for them to purchase a building rather than continue to lease space. While every business is different there are a few common factors that should be taken into consideration when evaluating whether buying a building space in Brampton would be better than continuing to lease space. Please contact me for more details.
ALLEN MAYER
Vice-President
Salesperson
Right at Home Realty Inc. Brokerage
DIRECT LINE: 416.633.7767
www.commercialtoronto.com
www.allenmayer.com
Tuesday, March 11
TREB Report Feb 2008
by
Toronto Real Estate Blog
on Tue 11 Mar 2008 08:53 PM EDT
Toronto Real Estate Board reports 800,000 square foot plus month
March 11, 2008 -- In February, TREB Members reported 844,348 square feet of space leased through the TorontoMLS system, Commercial Council Chair Garry Lander announced today. "This figure is up marginally over January's 842,475 square foot total, and we should see those figures climb even higher as the IC&I Spring market gradually takes off."
Lease rates remained relatively unchanged from their year-ago levels, with Industrial space trading for $5.84 sfn and commercial space going for $15.23 sfn.
Sales Market Highlights
In February, TREB Members reported 63 sales of IC&I properties. Of these, 38 were Industrial properties of all size categories, which averaged $109.38 per square foot. This compares with a price of $72.57 per square foot derived from non-MLS sources.
Friday, January 4
New Web Site
by
Toronto Real Estate Blog
on Fri 04 Jan 2008 02:51 PM EST
We are launching a new website dedicated to office leasing.
This site will provide available office space in Downtown Toronto,Central Toronto, Toronto West and Mississauga.
www.leasingtoronto.ca
Allen Mayer Real Estate Salesperson
Vice President Commercial Division
Right at Home Realty Inc Brokerage.
Direct Line 416.633.7767
Friday, December 7
Consult a Realtor
by
Toronto Real Estate Blog
on Fri 07 Dec 2007 03:57 PM EST
Thursday, December 6
Client Request
by
Toronto Real Estate Blog
on Thu 06 Dec 2007 04:18 PM CST
My Pledge to You as Client
I will provide you with Professional Representation acting for you in a real estate transaction, such professional representation is in my opinion characterized by the following:
• Upmost Honesty, and Trustworthiness
• Timely input and assistance
• Quick Response to your inquiries
• Ultimate level of service
• Recognition of your role as the decision-maker
• Full Disclosure of all relevant information
• Written or electronic documented correspondence
Expectations of a Client
In order for us to have a solid and mutually satisfactory relationship, :
• To be Honest, Trustworthy and Sincere in your dealings with me as your salesperson and third parties
• Make fair and sufficient disclosure of your financial status (to the extent relevant), if you are a Purchaser or Tenant.
• Make full and fair disclosure of any defects in your property, if you are a vendor
• Be Ethical and Forthright in your negotiations
Allen Mayer
www.allenmayer.com
www.commercialtoronto.com
Sunday, August 19
Commercial Real Estate Expected to Slow????
by
Toronto Real Estate Blog
on Sun 19 Aug 2007 01:51 PM CDT
Commercial real estate action expected to slow
LORI MCLEOD
Globe and Mail Update
August 14, 2007 at 5:13 PM EDT
The pace of Canadian commercial real estate deals could slow next year, but a collapse is not expected despite higher borrowing costs and investor skittishness stemming from the residential subprime mortgage crisis in the U.S., according to brokerage firm CB Richard Ellis Ltd.
“There are a few known cracks these days but we do not anticipate a meltdown by any measure,” Blake Hutcheson, president of CB Richard Ellis, said in a research report.
Defaults on risky mortgages in the subprime housing market in the U.S. first hit direct lenders, and the fallout has now spread to financial institutions that buy and sell mortgage-related debt. As concern about the crisis spreads, investors have sold off shares of companies directly hurt by these problems and also in the broader financial services and real estate sectors.
Some investors worried about a credit crunch may think twice before investing in real estate as an asset class, Mr. Hutcheson said.
However the fundamentals of the sector in Canada are still strong, fuelled by good economic conditions and interest in commercial real estate assets from a variety of capital sources, he said in an interview.
Pension funds, for example, have been drawn to real estate as a long-term investment to help offset their rising liabilities as the population ages and the number of retirees swells.
The longer the credit market stays tight, the greater the impact on the real estate market, said Frank Mayer, a long-time Canadian real estate analyst.
In Canada those first cracks could appear in higher capitalization rates, or lower sale prices, for properties that are less geographically or functionally desirable, Mr. Mayer said.
For the first six months of the year, investment in the commercial real estate market in Canada totalled $13.1-billion, a 35 per cent increase over the same period the year before, according to the CB Richard Ellis report. For 2007 as a whole, this could rise by up to 30 per cent from a total of $24.2-billion in 2006.
Activity in the second half of the year will be boosted by the sales of all or part of three large Canadian real estate investment trusts, Legacy REIT, Canadian Hotel Income Properties REIT and the eastern assets of Dundee REIT. The value of these transactions, including debt, will top $6-billion.
High transaction activity levels this year could also be sparked by owners who “feel that they should not wait much longer to take some money off the table,” Mr. Hutcheson said.
ALLEN MAYER
Vice-President
Salesperson
Right at Home Realty Inc. Brokerage
DIRECT LINE: 416.633.7767
www.commercialtoronto.com
www.allenmayer.com
Wednesday, June 27
Commercial & Industrial Real Estate in the Toronto GTA area
by
Toronto Real Estate Blog
on Wed 27 Jun 2007 04:58 PM CDT
Toronto Commercial Real Estate Listings, Leasing and Sales of Commercial and Industrial Real Estate throughout the Toronto GTA area.
We will deliver the results you require to solve your commercial and industrial real estate needs. We provide information on currently Available Warehouse Space and Available Commercial Properties. Our focus is the Toronto GTA Area Market.
Having strategically partnered with hundreds of business owners and real estate investors Allen Mayer and his Team of Slavens and Associates Brokerage Commercial Division has the experience to assist in your firms commercial and industrial real estate requirements.
Whether it is a lease or investment requirement, contact Allen Mayer's Team for all your Toronto Commercial Real Estate needs.
Toronto offers a full range of investment opportunities including brown and greenfields, Portlands, built-up urban areas and expansive suburban parks. All share excellent access to customers, suppliers and skilled labour.
Industrial Space
The City of Toronto has 283 million sq ft of industrial space, approximately 40% of the industrial space in the GTA. This places the Toronto GTA 3rd in North America for amount of industrial space.
Office Space
The City of Toronto has 116 million sq ft of office space, approximately 73% of the office space in the GTA making Toronto the largest office centre in Canada.
Retail Space
With annual retail sales of almost $50 billion, the Toronto region is Canada's largest retail market. It is also a market that is more monocentric than most North American cities of similar size. "The Toronto downtown thus remains the most important agglomeration of commercial nodes in the GTA"
Commercial Development Charges
Toronto does not have municipal development charges on industrial, office or institutional development projects.
Allen Mayer
Salesperson
Right at Home Realty Inc. Brokerage
416.633.7767
www.allenmayer.com
www.commercialtoronto.com
Monday, May 28
Buyer's Agent
by
Toronto Real Estate Blog
on Mon 28 May 2007 01:06 PM CDT
 |
Unlike the traditional agent who looks out for the seller, a buyer broker acts as your advocate, helping you find the home you want and then negotiating the lowest possible price. The best buyer brokers are so called exclusive agents that is, they represent buyers, never sellers.
- MONEY Magazine |
 |
Most agents who show you homes don’t represent your interests. They work for the builder or seller, and their object is to sell the house at the highest possible price.
- USA TODAY |
 |
Only by using an exclusive buyer’s agent can a buyer be sure all information is kept confidential. Only an exclusive buyer agent can give the buyer an objective, experienced opinion of the homes viewed to ensure the buyer gets the right home, in the right location, at the right price.
- Mobility Magazine |
What does this service cost the buyer?
The Buyers Agent services are free to the buyer. In real estate transactions the seller pays the commission, which is a predetermined percentage of the sale, to the Sellers Agent and to the Buyers Agent. There is no cost to the buyer.
ALLEN MAYER
Vice-President
Salesperson
Right at Home Realty Inc. Brokerage
DIRECT LINE: 416.633.7767
www.commercialtoronto.com
www.allenmayer.com
Tuesday, July 11
Real Estate Investing
by
Toronto Real Estate Blog
on Tue 11 Jul 2006 06:46 PM PDT
How can I buy multifamily rentals or commercial real estate for investment? more »
Commercial Real Estate
by
Toronto Real Estate Blog
on Tue 11 Jul 2006 04:59 PM PDT
Commercial Real Estate Leasing Definitions
Glossary of Terms and Meanings more »
Credit Reports Good Credit five ways to ruin your credit
by
Toronto Real Estate Blog
on Tue 11 Jul 2006 04:47 PM PDT
Do not destroy your credit. more »
Thursday, June 29
Three Key Factors Real Estate Investors Must Look at When the Market Changes
by
Toronto Real Estate Blog
on Thu 29 Jun 2006 05:56 PM PDT
Three Key Factors Real Estate Investors Must Look at When the Market Changes
more »
Real Estate Agents & Brokers
by
Toronto Real Estate Blog
on Thu 29 Jun 2006 05:59 AM PDT
Real Estate Brokers and Sales Agents more »
Monday, June 26
Hanging by a Thread
by
Toronto Real Estate Blog
on Mon 26 Jun 2006 06:25 PM PDT
Hanging by a Thread more »
Monday, April 17
What makes a real estate agent valuable
by
Toronto Real Estate Blog
on Mon 17 Apr 2006 12:26 PM PDT
What Makes an Agent Truly Valuable? more »
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Allen Mayer Salesperson Vice President
North York forms the central part of the northern half of Toronto, Ontario, Canada. It has a population of around 650,000. Until 1998, it was the second-largest of six municipalities that comprised another larger municipal structure called Metropolitan Toronto.
