2018 Market Update

Hi Everyone,

I have been getting lots of questions on how the current real estate market is doing and what some of the predictions are for this year. I have been to 3 economic meetings so far this year, and I wanted to just give people some insight.

Everyone this year was scared that with the new STRESS test being introduced in January would cause a major downturn in the real estate market.  I am happy to state that it did not.

It seems that people are still getting qualified, and purchasing close to what they had hoped for.  The changes that have taken place since last year, is that more people of purchasing with bigger downpayments, and the first time home buyer segment of the market is not as big as before.

The basic statements from these meetings was that:

Ø The condo market is be very hot, and prices are rising quickly

Ø Rental Rates will continue to rise

Ø The worst case scenario, of the market would be 3-5 % increase in prices over the end of last year.

Ø Interest rates will rise, but very slowly, not as fast as first predicted.

Ø Most people can easily with stand a 2 % increase in rates

Ø Last year still ended up being one of the busiest years in the Toronto Real Estate History with overall increase from 2016 and some of the top volume in sales

Ø This year’s volume,  will be less than the last few years.

Some of the current statistics from TREB are:

Ø Properties are taking an average of 25 Days to sell

Ø Properties are getting 99% of the list price

Ø We have 2.1 months of inventory on the market

Ø 50% of the houses are selling per month

Ø Overall market, Toronto is once again doing the best, followed by Durham Region and then Halton Region, no one is in double digit increases yet.

Ø The Condo market, especially downtown Toronto is in double digit increases, seeing multiple offers, bully offers, and condos selling over list.

Now what my team and I have seen, lately, face to face, while selling in a number of different Toronto GTA markets, is:

Ø People still qualifying to purchase a home

Ø An incredible Condo market in the Downtown Core

Ø All areas selling at different paces, yet all going up.

Ø Multiple offers in East Durham Region

Ø And homes selling higher than they were in January.

It is great time to make that move, call me if you are thinking of buying, selling or investing this year.

Cristian Vergara,  

Your AMIGO in Real Estate

https://youtu.be/-0oqBPY9iuA

26 Hornsell Circle Ajax Ontario

87 Bowles Drive Ajax Ontario Cristian Vergara Listing Realtor from Sutto...

Welcome to 87 Bowles Drive, a bright and incredibly spacious five bedroom John Boddy home situated within Ajax’s highly sought-after Pickering Village neighbourhood.

Exuding wonderful curb appeal, this home features a brick exterior; double car garage; landscaped front and back gardens; a concrete front walkway and patio area, as well as another concrete walkway to a fully fenced backyard with a south-facing exposure.

The double front entry door has an arched transom, and opens into a ceramic-tiled foyer with an arched entryway into the reception hall. The main level showcases gleaming oak hardwood flooring; well-maintained ceramic-tiled floors; gorgeous curved hardwood staircases to the upper and lower levels; pot lighting; as well as oversized windows with multiple exposures that allow for an abundance of natural lighting throughout.

To the left of the foyer are the formal living and dining rooms. Graciously sized entertaining spaces that are open to each other, these rooms have beautifully trimmed entryways and gorgeous window treatments as elegant finishing touches - while the dining area additionally features a tray ceiling with a medallion and contemporary chandelier, as well as the stately decorative detail of tapered columns to its hallway entrance. The family is also quite generously sized, and this beautiful informal space features a Fresh door entry off the hallway, as well as a gas fireplace surrounded by ceramic tiles and a gorgeous wood mantle.

The kitchen and breakfast area have a wonderful open concept design, and the seven windows throughout this combined space allow for both backyard views and lots of natural lighting. The kitchen showcases an abundance of cabinetry storage, including a separate wall pantry with a built-in chef’s desk; a ceramic-tiled back splash; stainless steel double sink and appliances, including a built-in dishwasher, oven with gas cooktop, and double door fridge with bottom mount freezer; as well as plenty of counter space with a peninsula that offers additional breakfast bar seating to complement a spacious sunken breakfast area that has a walk-out to the backyard and its extensive concrete patio area.

The main level also features a mirrored door double coat closet; a powder room; access to the double garage; and a laundry room complete with washer and dryer, cabinetry and closet storage, as well as a side entry door - all found to the right of the entrance foyer.

The upper level showcases gleaming hardwood floors in the hallway, a large linen closet, three washrooms, and five bedrooms that are carpeted for cozy, underfoot comfort - as well as an octagonal shaped skylight above the staircase.

Immediately to the left of the staircase landing is the spacious 5-pc main washroom, which features a ceramic tiled floor and bath area, a water closet, as well as dual basins in its vanity. The second, third and fifth bedrooms all have double closets and large windows for lots of natural lighting, with the second and third bedrooms additionally featuring shared access to a 2-pc Jack-and-Jill washroom, while the fourth bedroom features a double French door entry and is also well-suited as a home office.

Through a double door entry lies the master suite - an exceptionally sized retreat that overlooks the backyard, features his-and-her walk-in closets, and could accommodate a sitting area by the windows. This bedroom is complete with a huge 5-pc ensuite washroom showcasing a glass-enclosed and tiled shower area; a corner jetted tub with tiled surround; a vanity with his-and-her basins, as well as a make-up area; ceramic tiled floor; and a water closet.

The lower level is fully finished, and offers an incredible amount of living and entertaining space for the home, as well as ample storage. Featuring laminate flooring throughout, this level features a spacious lower landing and reception area that opens into a massive family recreation area that has plenty of room for a games’ area, family room, work-out area, and for a children’s play area - and also features a huge wet bar with fridge. Completing this level is the convenience of a 3-pc washroom with a glass-enclosed shower.

This home is within the catchment areas of Eagle Ridge Public School, St. Jude Catholic Elementary School, Pickering High School, and Notre Dame Catholic Secondary School (French Immersion available at both of these secondary schools); as well as Sir John A. MacDonald Public School (Pickering) and St. Patrick Catholic Elementary School, for their French Immersion programs.

Located in a highly desired neighbourhood, this home is close to parks, places of worship, a neighbourhood plaza, Riverside Golf Club, and walking trails along Duffins Creek - as well as being just a short drive to the Pickering Town Centre Mall as well as the Durham Centre and SmartCentres Pickering Shopping Plazas, the Ajax GO Station, Greenwood Conservation Area, and access to the 401.