The Oulahen Team

A More Balanced Market – Notes from The Toronto Real Estate Board

noreply@blogger.com (THE OULAHEN TEAM) — Mon, 01 Nov 2010 14:23:00 +0000

Greater Toronto REALTORS® reported 3,012 sales through the Multiple Listing Service® (MLS®) during the first two weeks of October 2010. This represented a 17 per cent decrease compared to the 3,631 sales recorded during the same period in 2009. Year-to-date sales amounted to 71,988, representing a three per cent increase compared to 2009.

“The GTA resale market is balancing out from the record level of sales experienced in the second half of 2009 and first few months of 2010. This is why sales figures have been lower than 2009 levels in recent months. With this said, it should be noted that the annual rate of decline slowed somewhat through the first two weeks of October,” said Toronto Real Estate Board President Bill Johnston.

“We are seeing enough buyers relative to sellers to promote continued price growth year-over-year. People are buying because home ownership remains affordable in the GTA. A household earning the average income can comfortably afford a mortgage on the average priced resale home,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

Come to the Avondale Fall Fair!

noreply@blogger.com (THE OULAHEN TEAM) — Fri, 15 Oct 2010 20:10:00 +0000

Avondale Schools is hosting their annual Fall Fair tomorrow. All are welcome! There will be a silent auction, games, bake sale, bouncy castle and more.

Date: October 16th, 10:00 AM to 2:00 PM.

Location: Avondale Schools
171 Avondale Ave.
(east of Yonge, south of Sheppard)
North York, M2N2V4

Cost: Free entry - food and ride tickets for purchase.

The Oulahens have gladly sponsored the bouncy castle at Avondale Fall Fair. We hope that this event is a great success for Avondale Schools and that the kids will have lots of fun!

Mark Oulahen is climbing the CN Tower for United Way on October 24

noreply@blogger.com (THE OULAHEN TEAM) — Fri, 24 Sep 2010 19:28:00 +0000

Click here to sponsor Mark for this important event: Mark's Sponsorship Page

Mark would like to add that he is accepting additional donations!

Please note what I’m willing to do for your sponsorship:
- I'm open to any outfit/clothing suggestions - $40 per article.
- I'll eat a slice of cold pizza before the climb for $20 (I will supply).
- I'll do additional pre-climb pushups at $1 each.
Feel free to multiply or combine your sponsorship, and/or improvise if you can think of anything else.

Vote Paul Oulahen for TCDSB Ward 5 Trustee!

noreply@blogger.com (THE OULAHEN TEAM) — Mon, 20 Sep 2010 21:00:00 +0000

Paul Oulahen is a candidate for Trustee for the Toronto Catholic District School Board in the upcoming election.

Vote for Paul TCDSB Trustee on October 25, 2010.

A Trustee for Change.

Check out the campaign website at www.pauloulahen.com.

In other news... the Oulahens participated in the Dave Wilson Memorial Golf Tournament on September 12th. We were invited to participate by Stephanie Howard and Peter Perrin. We had a wonderful day and met some old and new friends. Here are some photos from the day.

The Oulahen Team helps out at the ACCA BBQ and Picnic

noreply@blogger.com (THE OULAHEN TEAM) — Thu, 12 Aug 2010 23:50:00 +0000

The Oulahen Team sponsored the Avondale Community Picnic again this year on Sunday August 8th. Despite the rain it was a great event. We met clients, neighbours and friends and handed out free ice cream.

Here are some photos of the event. Thanks to everyone who came out to say hello.

New stats are up for July 2010

noreply@blogger.com (THE OULAHEN TEAM) — Fri, 06 Aug 2010 19:57:00 +0000

Toronto Real Estate Board has just released the market statistics for July. We've put them in easy-to read graphs for our website. See how the average sales price and number of sales have performed in your area!

Oulahen Team Current Market Statistics

If you don't see a graph for your area, please let us know so we can add one.

Future Condo Developments at Yonge and Sheppard

noreply@blogger.com (THE OULAHEN TEAM) — Thu, 22 Jul 2010 22:44:00 +0000

North York continues to be a great place to own a condo. North York condos are rapidly gaining in popularity as this city centre, is becoming a demand location and lifestyle, with all the amenities found downtown, like shopping, restaurants, cinemas and even live theatre. North York is also home to many Canadian head office towers including Xerox, Procter & Gamble, Nestle and Lindt and Equifax to name just a few.

Here a list of some of the upcoming projects:

Click to Enlarge

Mortgage Rules For The Self-Employed

noreply@blogger.com (THE OULAHEN TEAM) — Mon, 28 Jun 2010 20:17:00 +0000

Many of our clients over the years have asked for information about mortgages if you are self employed or an independent contractor. I spoke to Antonio Iozzo at the TD Canada Trust Bank in the branch below our office. Sometimes one person in a marriage or a partnership is self-employed. He set out the rules for the TD “Business for Self” program below for me. There are conditions and exceptions to these rules when warranted.

Confirmation of self-employed status required (i.e. Business certificate, articles of incorporation, T1 Generals confirming reported business income).

Down payment of 25-35% of the purchase price is required (down payment may vary depending on the client's overall profile and years of employment)

Credit must be in good standing (the bank requires a minimum beacon of 680, however lower may be considered)

Most recent Notice of Assessment (NOA required to confirm no income taxes in arrears. *The income reported on the irrelevant.)

Timing is Everything in Real Estate

noreply@blogger.com (THE OULAHEN TEAM) — Mon, 14 Jun 2010 23:29:00 +0000

If you are a buyer or a seller timing in the real estate process is so important. At times one of the most important factors. When you buy sometimes you have to act quickly to get the property because of price or other buyers. Even when you list you have to look at the market and time it correctly. You cannot ignore some vital signals.

We have an expression in real estate when it is time to buy you should buy. When it is time to sell you sometimes need to sell. It is all relative. Sometimes you will know when it is meant to be and go with your “gut” feeling.

How the New HST Affects Real Estate

noreply@blogger.com (THE OULAHEN TEAM) — Mon, 31 May 2010 17:55:00 +0000

While the new Harmonized Sales Tax (HST) has not yet come into effect we wanted to explain some details. The main objective is to combine the current 8% provincial sales tax with the 5% federal GST tax, creating a new 13% harmonized tax - the HST tax.

In June 2009, the provincial government proposed some changes to the way it will handle HST on the purchase price of "newly" constructed housing. These changes will not be in effect until July 1, 2010.

Who will pay this new tax?
• HST will not apply on the purchase price of resale homes.
• HST will however apply to services such as moving cost, legal fees, home inspection fees, and REALTOR® commissions.

The cost of "new" housing (not applicable to resale):
Under the new proposal, all price ranges will receive a 75% rebate on the provincial portion of the single sales tax on the first $400,000, up to a maximum rebate of $24,000. New homes under $400,000 would not be subject to this additional new tax.

The new HST tax will not apply to sales of new homes where ownership or possession is transferred before July 1, 2010.

New Market Statistics section!

noreply@blogger.com (THE OULAHEN TEAM) — Wed, 05 May 2010 17:50:00 +0000

Are you interested to see how real estate is selling in your neighbourhood? We've uploaded detailed graphs to help you visualize the current market in North York - you can see them at www.oulahen.com/statistics.asp

Compare Average Sold Price, Average Sold-to-List Ratio, and Number of Sales of condos and houses in districts C7, C14, C15, and C12.

If you live outside of the area, just give us a call or e-mail and we can send you market information specific to your neighbourhood. Check back regularly as we update these graphs every month!

Phone: 416-222-1212
E-mail: team@oulahen.com
Website: www.oulahen.com

APRIL REAL ESTATE UPDATE

noreply@blogger.com (THE OULAHEN TEAM) — Thu, 29 Apr 2010 12:56:00 +0000

Listings for the GTA are up 48% for the first half of April 2010 compared to this time last year.

The average price of a home in the GTA for March was $434,696.

TREB President Tom LeBour stated recently that “While we don’t expect to see the same growth rates moving forward, GTA households will remain confident in ownership housing as a quality long term investment, especially as economic recovery expands across all industries.“

Rates are on the rise based on the 1% increase in the past few months.

HST will affect maintenance fees in condominium buildings.

HST for buyers and sellers will be charged on commission and legal fees

Some neighbourhoods still command more activity in Toronto than others.

It is hard to make predictions about the rise or fall of the Toronto real estate market. For the most part, the media looks at statistics relating to all of Canada.

Jeff Oulahen
The Oulahen Team

WHAT'S IN A NAME?

noreply@blogger.com (THE OULAHEN TEAM) — Fri, 16 Apr 2010 18:07:00 +0000

Oulahen is our family name and our business name. The family comes from Wicklow, Ireland. In our own family, the name has changed three times since coming to Canada in the 1800s. It was O’Houlahen, then Houlahen and now Oulahen. This name originally came from O’Nolan or O’Nuallain. Here is a brief history of the roots of the name:

By the mid 1500s, O'Nolan seems to have been the most common English rendering of Ó Nualláin but it should also be noted that, at the same time, a few descendants of two other septs, the Ó hUllacháins and the Ó hUltacháins, also started to use O'Nolan or something close to it as the English rendering of their family name. In essence, the original Gaelic form for "of the Holohans" (i.e. "ni hUllacháin") and for "of the Ultachans" (i.e. "ni hUllacháin") sounded very much like "Nualláin" to the untrained ear and hence those people were registered in English records as Nolans.

Today the most common rendering for the Ó hUallacháin family name is Holohan. Other forms include O'Holohan, Mulholland, Highland, Hylan, Hoolohan, Houlihan, Hooligan, Oulighan, Oulihan, Whoolahan and Whelton.

Norah Weir Oulahen

Secrets To Purchasing Real Estate

noreply@blogger.com (THE OULAHEN TEAM) — Thu, 01 Apr 2010 03:05:00 +0000

1. Land appreciates, buildings depreciate.

2. Paint, floors, kitchen and baths can be updated. Don't pass on a listing just because of the kitchen floor or the colour of a wall.

3. Location is truly one of the most important factors. You should consider the surrounding area as well as the property's specific location on its street. It's useful to study why some areas increase in value over others.

4. Listen to the advice of a real estate professional, especially one who personally invests in the field. Knowledge is power. The Oulahen Team has participated in a great many purchases and we can share what we have learned. Together we can perform a detailed analysis before you put in an offer for a home.

5. Sometimes you might feel like you paid a little more for a property than you had hoped. If you plan to live there for more than than 5 years it shouldn't be a big concern. The other criteria can outweigh the cost as long as you're not overextending yourself.

6. Often people worry so much about the right time to buy, they miss the market. Even if the market falls you're better off buying than renting. When it's time to buy, jump in.

7. If you lose a home in a bidding war, don't look back -- often it was meant to be. You won't know until a later date.

8. If you're purchasing a property as an investment, study all of the data including future plans for the area, amenities, transportation, city issues, the sales of surrounding property, neighbours and single or double income potential.

Norah Oulahen

New CMHC Mortgage Rules

noreply@blogger.com (THE OULAHEN TEAM) — Thu, 18 Mar 2010 19:50:00 +0000

CMHC has felt for a while that too many people apply for stated income mortgages who shouldn’t.

Therefore, effective April 9, CMHC is adding more restrictions to its Self-Employed stated income product.

For one thing, it’s reducing the maximum allowable loan-to-value.
Self-employed borrowers who choose to apply under this program, and not verify their income using traditional means, will have to put down 10% when purchasing a home (instead of 5% today).

Stated income applicants who wish to refinance will be limited to 85% loan-to-value (instead of 90% today).

CMHC says:

The Self-Employed program is intended for self-employed borrowers “who have difficulty providing documentation for their current income level.”

These are often people who’ve recently begun to work for themselves.

Self-employed borrowers in the same business for over three years will no longer be eligible for approval without traditional proof of income.

A business license, GST license, or articles of incorporation will be required to validate the applicant’s length of self-employment.

Commissioned employees are no longer eligible for approval under the Self-Employed program.

REAL ESTATE IN TORONTO THIS WEEK

noreply@blogger.com (THE OULAHEN TEAM) — Sat, 06 Mar 2010 21:51:00 +0000

SOME QUOTES TO SHARE:

The Toronto Real Estate Board said 7,291 homes changed hands last month from 4,120 homes in February of 2009.The average price of a home was also up by 19 per cent to $431,509."Increases in existing home sales and average price were noted across the GTA in lowrise and higrise home types," said TREB president Tom Lebour."This suggests that first-time, move-up and downsizing buyers are all active in the existing home marketplace."

***************************************************

“There have never been so many motivating factors in play at once,” says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. “We’re in for a heated Spring market that will, in all probability, spill over into the summer months, as the window of opportunity draws to a close. The supply of homes listed for sale has been drastically reduced, housing values are once again on the upswing, and banks and governments are moving in unison toward stricter lending policies.”

**************************************************

"Home ownership demand remains strong in the GTA, as households remain confident that economic recovery is at hand and that ownership housing will continue to be a quality long-term investment," said Toronto Real Estate Board President Tom Lebour

**************************************************

The Canada Mortgage and Housing Corporation states: "We have entered this year with significant amounts of momentum as a number of temporary factors have boosted sales and prices in recent months," CMHC economist.

Housing Market Update

noreply@blogger.com (THE OULAHEN TEAM) — Thu, 18 Feb 2010 01:11:00 +0000

The housing market in Toronto has been strong during difficult economic times.This year has proven that homeownership remains a top priority among households across the GTA. The average home selling price in January 2010 climbed 19 percent to 409,048 compared to 343,632 in the same month last year.

To break down average prices of Single Family Residential in Toronto:

Detached - 2,314 99 units with an average price of$445,000
Semi-Detached - 529 100 units with an average price of $345,500
Condo Townhouse- 370 99 units with an average price of$272,000
Condo Apt -1,318 99 units with an average price of $270,000

Preparing to Sell your Condo or Home

noreply@blogger.com (THE OULAHEN TEAM) — Tue, 09 Feb 2010 02:16:00 +0000

Before you list your condo or home you might consider doing a few things in preparation for a sale. A buyer looks for the energy, the sense of space and light, layout and surrounding amenities. Here are some tips:

Maximize the Size by rearranging furniture, putting up mirrors or moving things out.

Think Minimalism. Less is more in this case. Take things off the countertops, remove the clutter, eliminate newspapers and old collections. Clean off the mantle and coffee table.A Buyer gets a better sense of the room with less in it.

Clean and freshen each room. This can include making the beds, towels on the racks,having clean laundry folded in the linen closet and the table set for dinner.

Go neutral with colours and big accents. Sometimes even a large red checkboard tablecloth should be removed for line of sight.

Tackle the closets and garage. Clean up the back deck. Organize your storage space.

Putting fresh flowers, grouping small picture frames and welcome mat at the front door can help too. And yes even baking cookies for the open house.

A buyer is looking for a sense of home. " He is happiest who finds peace in his home."

FIRST TIME BUYERS WHO WANT RENTAL INCOME

noreply@blogger.com (THE OULAHEN TEAM) — Tue, 02 Feb 2010 21:10:00 +0000

First-time buyers may want rental income but they should beware of restrictions. Often first-time buyers plan to rent out an existing or potential second suite in their home, such as a basement apartment or another suite. The buyer needs to beware of some of the legal implications. A buyer should discuss these legal and financial implications with their lawyer or accountant.

But here are some tips:

Check to see what the zoning by-laws are in your city or municipality

To be a legal second suite it will depend on building and fire code issues

You may need to make changes to create a legal apartment and get a building permit

After modification and approvals, a general inspection for Fire Code Compliance must be completed by the Electrical Safety Authority.

You will need a separate entrance and another fire access out

Getting all the necessary zoning and legal retrofit papers will help in the resale of the home.

Toronto Sales Going Strong

noreply@blogger.com (THE OULAHEN TEAM) — Wed, 20 Jan 2010 15:56:00 +0000

We continue to have a strong real estate market in Toronto. Residential sales continue to do well and Toronto is a boom town for the condo market. Here are some comments sourced from the Toronto Real Estate Board.

“We have had a strong start to 2010,” said Toronto Real Estate Board President Tom Lebour. “Widespread sales growth in terms of geography and housing type indicates that many households remain confident in their ability to purchase and pay for a home over the long-term.” The average price for transactions in the first two weeks of January was $395,307, compared to an average of $332,495 for the same period in 2009.

“Double-digit average annual price growth will continue through the first quarter of 2010 as sales remain high relative to listings and we continue to make comparisons to last year’s winter downturn,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

Another member of the Oulahen team got married!

noreply@blogger.com (THE OULAHEN TEAM) — Fri, 08 Jan 2010 14:28:00 +0000

Jeff Oulahen married Barb Beer in St. Lucia on Dec. 31, 2009. The wedding took place on the beach with family. It was a perfect evening with the ocean crashing in the background. Jeff and Barb Oulahen are thrilled to start their life together. Barb was born in Prince Edward Island and is a physiotherapist at Mount Sinai Hospital in Toronto.

Here are a few pictures of the big day!

Jeff and Barb Oulahen

The Best Man - Mark Oulahen with Jeff.

The Family - Ava, Mark, Lara, Norah, Jeff, Barb, Paul, Sarah Oulahen and Matthew Turner

As 2009 Draws to a Close

noreply@blogger.com (THE OULAHEN TEAM) — Tue, 22 Dec 2009 22:31:00 +0000

All of the Oulahen Team wish you a very Happy Holiday and a Joyous 2010.

Here is the Market update from the Toronto Real Estate Board.

TORONTO, December 17, 2009 - Greater Toronto REALTORS reported 3,079 existing home transactions in the first two weeks of December compared to 1,487 in 2008.

The strong growth represents both increased home ownership demand and the fact that we are comparing the recovery phase of the sales cycle this December with the contraction phase experienced last winter
Year-to-date sales, at 84,888, were up 16 per cent compared to the same period last year and have moved in line with the healthy levels experienced in the 2004 through 2006 period.

"We experienced a very strong and broad based recovery in the second half of 2009,"said Toronto Real Estate Board President Tom Lebour. "The rebound in the housing sector speaks to the confidence that households have in overall economic recovery.”

The average resale home price during the first two weeks of December rose 17 per cent to $423,103. The year-to-date average was $395,411, up four per cent compared to the same period in 2008.“The double-digit price growth we have experienced since September will continue through the first quarter of 2010. Average price growth will move to a sustainable pace in the spring as listings increase," according to Jason Mercer, TREB's Senior Manager of Market Analysis.

WELCOME TO OUR OFFICES AT 4685 YONGE ST., SUITE 200

noreply@blogger.com (THE OULAHEN TEAM) — Wed, 09 Dec 2009 20:53:00 +0000

The Oulahen Team has modern office space to greet clients and friends. We have two board rooms, three meeting rooms, a kitchen, individual offices and a large working pit for our staff. Drop by anytime and we'd love to give you a tour of our offices. Come in for neighbourhood information, statistics on the market, a free market evaluation of your house or condo, or any other real estate inquiry you may have. We have maps and other usefull tools to provide you with detailed information.

>
"Welcome!"

Our space & Boardroom 1

Boardroom 2; Signy, the Oulahen Team mascot

WORST RENOVATION MISTAKES

noreply@blogger.com (THE OULAHEN TEAM) — Fri, 27 Nov 2009 16:13:00 +0000

I saw this article in the Globe and Mail and wanted to share. It gives insight into renovation mistakes that you might consider. These mistakes begin in the initial move or planning phase so you should know what works and what doesn’t. Here is the full article.

The top five worst reno mistakes you can make

Here are some other tips:

Don’t renovate in one space like the kitchen and leave the baths in the 1960s.

People love hardwood floors, granite and stainless steel appliances.

It might be more important to take out the Oil Furnace or the knob and tube wiring than fixing the kitchen.

Putting some money into landscaping can give your home curb appeal

Fresh paint and sanding the floors or adding new carpet makes a new home owner feel the home is clean.

Clear clutter and organize things in groups.

The Oulahens and Squidoo

noreply@blogger.com (THE OULAHEN TEAM) — Tue, 17 Nov 2009 17:15:00 +0000

Squidoo is the popular publishing platform and community that makes it easy for you to create "lenses" online. Lenses are pages, kind of like flyers or signposts or overview articles that gather everything you know about your topic of interest and put it together. The concept is that everyone is an expert! Sharing this information makes us learn more. A lot of the money raised is donated to charity

Here are some lenses on Toronto real estate to check out.

Canadian Real Estate
http://www.squidoo.com/canada-real-estate

Toronto Real Estate Tips
http://www.squidoo.com/torontorealestatetips

North York Condos
http://www.squidoo.com/northyorkcondos