Fran Lee, Broker
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Your Trusted Advisor in Real Estate

Your Trusted Advisor in Real Estate



Ontario, Canada


 

Nothing Great Is Ever Achieved Without Enthusiasm !


 
 

 


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Welcome to my web site, your source of Toronto real estate


 

Dear Friends,

In today's competitive real estate market, timing is everything.  Many good homes are sold before they are ever advertised. 

If you own real estate that you're thinking of selling, I would be happy to provide you with a FREE Home Evaluation.

Whether you are buying or selling a home, hire someone like me, who wants to earn your business. I invite you to contact me as I'd be happy to assist you with this important transaction.

In addition, if you have any general questions about buying or selling real estate in Ontario, please contact me as I'm more than willing to help.

I don't have a PhD degree in rocket science, but I am constantly upgrading my knowledge and expertise in real estate related disciplines and languages to serve you better:

- Licensed under the "Sales Representative" category by the Real Estate Council of Ontario http://www.reco.on.ca in 1999, and licensed under the "Broker" category since 2001 

- Recipient of RE/MAX www.remax.ca Hall of Fame Award in 2010

- Recipient of RE/MAX www.remax.ca 100% Club Awards (2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2015, 2016).

- Feature Agent on "Profiles of Success" Toronto East Edition 2008. http://www.dropbox.com/s/404af7xg185zm7s/My%20Cover%20Story.pdf?dl=0

- Joined RE/MAX Crossroads Realty Inc. in December 2008, switched to Realty Associates Inc., an affiliate of RE/MAX Crossroads Realty Inc. in October 2017.

- M ember of the Chartered Institute of Linguists designation with Diploma in Translation from English into Chinese awarded by the Chartered Institute of Linguists http://iol.org.uk

Please browse my website for listings, reports and important local real estate information.

Sincerely,

 

Fran Lee

Broker,

Realty Associates Inc.

MCIL

Cell.   416-917-6787

Office 416-293-1100

Email  franleemail@gmail.com 


Market Update


GTA REALTORS Release November Stats

November 2022

Homeownership market activity in November continued to be influenced by the impact of higher borrowing costs on affordability. Sales were down markedly compared to the same period last year, following the trend that unfolded since the commencement of interest rate hikes in the spring. New listings were also down substantially from last year, and at a very low level historically. The fact that the supply of homes for sale has remained low, has supported average selling prices at the $1.08 to $1.09 million mark since August.

Greater Toronto Area (GTA) REALTORS® reported 4,544 sales through TRREB’s MLS® System in November 2022 – down 49 per cent compared to November 2021, but remaining at a similar level to October especially after considering the recurring seasonal downward trend in the fall. New listings, at 8,880, were down on both a year-over-year basis and month-over-month basis.

“Increased borrowing costs represent a short-term shock to the housing market. Over the medium- to long-term, the demand for ownership housing will pick up strongly. This is because a huge share of record immigration will be pointed at the GTA and the Greater Golden Horseshoe (GGH) in the coming years, and all of these people will require a place to live, with the majority looking to buy. The long-term problem for policymakers will not be inflation and borrowing costs, but rather ensuring we have enough housing to accommodate population growth,” said TRREB President Kevin Crigger.

“We have seen a lot of progress this year on the housing supply and related governance files such as the More Homes Built Faster Act. This is obviously good news. However, we need these new policies to turn into results over the next year. Otherwise, the current market lull will soon be behind us, population growth will be accelerating, and we will have done nothing to account for our growing housing need. The result would be enhanced unaffordability and reduced economic competitiveness,” said TRREB CEO John DiMichele.

The MLS® Home Price Index Composite Benchmark was down by 5.5 per cent year-over-year in November 2022. The average selling price for all home types combined was down by 7.2 per cent year-over-year. Annual price declines continued to be greater for more expensive market segments, including detached and semi-detached houses.

“Selling prices declined from the early year peak as market conditions became more balanced and homebuyers have sought to mitigate the impact of higher borrowing costs. With that being said, the marked downward price trend experienced in the spring has come to an end. Selling prices have flatlined along side average monthly mortgage payments since the summer,” said TRREB Chief Market Analyst Jason Mercer.

 

Toronto Regional Real Estate Board

 


Real Estate Information


Toronto Vacant Home Tax

December 2022

All Toronto residential property owners must submit a declaration of their property's 2022 occupancy status by February 2, 2023. The declaration portal is now open. 

An annual tax will be levied on vacant Toronto residences, payable beginning in 2023.

A property is considered vacant if it is not the principal residence of the owner or any permitted occupants or was not occupied by tenants for at least six months during the previous calander year or is otherwise deemed to be vacant under the bylaw.

The goal of the City of Toronto's Vacant Home Tax (VHT) is to increase the supply of housing by discouraging owners from leaving their residential properties unocuppied. Homeowners who choose to keep their properties vacant will be subject to this tax. 

 

- City of Toronto 


Mortgage Rates Update


December 20, 2022 

 

TERM          POSTED THEIR RATES 
6 Months 6.59% 5.99%
1 Year 6.09% 5.99%
2 Years 5.79% 5.74%
3 Years 5.79% 5.09%
4 Years 6.09% 5.24%
5 Years 6.34% 4.79%
7 Years 6.60% 5.84%
10 Years   6.85% 5.99%
     
Prime Rate   6.45%
   
Variable 5.7% 5.55%

*Rates are provided by Dominion Lending Centres and are subject to change without notice. 

 


Mortgage Calculators


 

Complete the fields below (e.g., Cost of Home, Down Payment, Monthly Income) and click Calculate Now. To view the different results of your calculation, click on the various tabs. To mail yourself a copy of your results, click the Receive this Detailed Analysis link.

The mortgage calculator below will help you determine loan amounts, mortgage qualification, or whether you should be renting or buying.

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