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OnePark West Report
MARCH 2015
Yannick Picard’s Real Estate Newsletter
March 2015
Strong start to 2015
OnePark West
GTA Resale Home Sales
Market Watch
For detailed OnePark West statistics:
www.OneParkWest.info
Latest 12 Month Recap of Solds - Feb 1, 2014 - Jan 31, 2015
# sold
avg price
high price
days on
market
One Park West Condominiums
260 Sackville Street
studio
-
-
-
-
1 bedroom
8
330,175
338,000
45
2 bedrooms
3
396,833
410,000
14
3 bedrooms
1
500,000
500,000
17
Total
12
35
One Park West Townhouses
7-35 Oak Street
1 bedroom
1
335,000
335,000
64
2 bedrooms
-
-
-
-
3 bedrooms
-
-
-
-
Total
1
64
12,000
11,000
10,000
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2013
JAN
MAR
MAY
The TorontoMLS® system recorded 4,355
sales in January - up by a solid 6.1% versus
the 4,058 homes sold in January 2014. The
market also witnessed solid growth in the
number of new listings (+9.5%). January results
were encouraging on multiple fronts. First,
strong sales growth suggests home buyers
continue to see housing as a quality longterm investment, despite the recent period of
economic uncertainty. Second, the fact that
new listings grew at a faster pace than sales
suggests that it has become easier for some
people to find a home that meets their needs.
Sales growth was primarily spearheaded by the
detached home (+7.1%) and condo apartment
(+11.2%) segments. Growth rates in the semidetached (+0.7%) and townhouse (+0.6%)
segments were much more modest.
Message from Yannick Picard...
Borrowing Costs Lowered Again
It took six days and the major chartered banks did not pass on the full 25
basis point Bank of Canada target overnight lending rate cut to their prime
rate, but the banks did eventually cut their prime from 3.00% to 2.85% at the
end of January. This was good news for all variable rate mortgage holders
whose rate is based oﬀ the prime rate (e.g., prime minus 60 basis points).
Even better news is that bond yields have dipped further causing fixed rate
mortgages to touch new lows. So despite all the talk in the media about
interest rates edging up in 2015, we are witnessing the precise opposite
scenario. Low rates help keep aﬀordability levels attractive and are obviously
a strong positive for the real estate market in the short term.
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JUL
SEP
2014
2015
NOV
The average selling price for a resale home in
the GTA in January was $552,575 - up by a solid
4.9% versus the $526,965 average price posted
in January 2014. The MLS® Home Price Index
(HPI) Composite benchmark, which factors out
price changes due to changes in sales mix, was
actually up by a more robust 7.5% as compared
to January 2014. Home price growth is forecast
to continue in 2015. Lower borrowing costs
will largely mitigate price growth this year,
which means aﬀordability will remain in check.
The strongest rates of price growth will be
experienced for low-rise home types, including
singles, semis and townhouses. However,
robust end-user demand for condo apartments
is expected to result in above-inflation price
growth in the high-rise segment as well.
Living & Working in
OnePark West!
Yannick Picard
Broker, ABR®, SRS®, MCNE®, SRES®
416-966-0300
416-766-6900
Business:
Direct:
www.YannickPicard.com
OnePark West Report
March2015
2015
March
SOLD
The power of accelerated payments
How would you like to substantially decrease the
repayment schedule as well as an accelerated
people get paid bi-weekly, this is also often easier
amount of time it will take to pay oﬀ your mortgage
bi-weekly repayment schedule.
from a budgeting perspective. The eﬀect that the
while reducing the amount of interest you’ll have to
pay to your lender by over 10%? By taking advantage
of the accelerated payment options that most
financial institutions oﬀer, that’s exactly the result
Sold in Under a Week!
you’ll get. Here’s how accelerated payments work:
you
have
the option of repaying
using
a
bi-weekly,
monthly,
weekly,
schedule is quite significant as it goes to work
saving $6,569 over the life of the mortgage by going
decreasing the principal balance outstanding at a
the accelerated payment route. At the same time,
much quicker pace.
they also end up being mortgage free almost three
years earlier. So what’s the catch you ask?
Approximately
sq. ft. Very Bright, northeast corner suite with
Typically when935you
floor-to-ceiling
start paying windows
oﬀ a and unobstructed views. Looking to sell your
property? Call me to discuss. 416-766-6900
mortgage,
one extra yearly payment has on the repayment
As you can see from the chart, the borrowers end up
Want ToA word
EarnofAeroplan®
Miles?
caution: If you are interested in using this
Buying or selling a home requires knowledge and
experience.
Why schedule
not get
type
of repayment
the added benefit of earning Aeroplan miles? Aeroplan
and Aeromove
are
to your advantage,
then make
registered trademarks of Aeroplan Canada Inc. absolutely sure upfront that
$100,000 Mortgage - 3.5% Rate, 25 Year Amortization
Modern alternatives for an accent wall
Traditional Monthly
Repayment Schedule
Accelerated Bi-Weekly
Repayment Schedule
An
accent wall
boasts a bold contrast shade living room is to transform one wall into an
accelerated
bi-weekly
ofor paint
as
a
way
to make your average room artistic mural. Think a fairytale, zoo or space
accelerated weekly
# of Payments
300
574
stand
out.
It’s
a
classic
schedule. While almostdecor technique to create theme for a children’s room or a geometric
Time to Pay Mortgage Oﬀ 25.0 years
22.1 years
aallfocal
point institutions
in a room or introduce a new colour pattern that adds a boutique hotel vibe to a living
financial
Total Interest Paid
$49,780
$43,211
with friends.
into
decor. But
paint isn’t the only way to room, perfect for hosting drinks
giveyour you
these
If
you’re
not
the
artistic
type,
there
are plenty of
achieve
this.
Here
are
some
creative
alternatives
options, many do not
easy-to-use
stick-on
wall
decals
that
offer
the same
toadequately
highlight an
accent
wall
in
any
room.
explain the
significant net impact on your repayment schedule. artistic impact without damaging your drywall.
Wallpaper
It is very simple. By dividing the monthly payment
Let’s examine
a $100,000
mortgage
to calculate
what Photograph
You’ve
fallen in
love with
that bohemian
paisley
in two and making a payment every 14 days instead
a diﬀerence
accelerated
payments
oﬀers. pattern Turn
a favourite photo from your travels into a
wallpaper
but
you’re worried
the dizzying
of monthly, the borrowers actually ended up making
will overwhelm on all four walls. Instead, isolate conversation-worthy accent when it’s enlarged
the equivalent of 13 monthly payments in a year:
In this example let’s assume that the borrowers
the pattern to an accent wall to let the design and placed on a feature wall. Images of landscapes
$249.64 x 26 = $6,490.64. If we divide this by 13 we
have just purchased a new home with a $100,000
be better appreciated. The best way to execute or skylines work well, while larger-than-life
see that it equals the exact amount of the monthly
mortgage at 3.5% and that they intend to pay it
a wallpaper accent wall is to err on the side of portraits of family or kids might look jarring.
payment of $499.28.
oﬀ over a 25-year amortization schedule (assume
bold and daring. Smaller spaces like a powder Online companies can turn a photo into an extraadditionally that the rate stays constant for 25 years).
stick-onaccelerated
that’s custom-made
your wall.
room or den are great places to experiment with large
By making
bi-weekly for
payments
as
The chart above shows the impact on total interest
Or
try creating
a horizontal
or vertical
triptych
unusual prints.
opposed
to
monthly
payments,
borrowers
are
in
payments and the amount of time required to retire
with
three
custom
canvases
for
a
modern
galleryeﬀect making one extra payment a year. Since most
Mural
the mortgage using both a traditional monthly
like look.
A great idea for a kid’s bedroom or a modern
Variance
you are able to do this with
your lender. One financial
institution’s mortgage cannot
be all things to all people. In
Not Relevant
2.9 years
$6,569
many cases, consumers must
forfeit prepayment privileges
and
accelerated
payment
options in order to get a
lower rate.
Functional – cork or chalk
Great for the office or kitchen, cork or chalkboard
paint makes for an accent wall that’s functional
too. Pin up recipes and reminders or scribble
messages for the family. Cork floor tiles can easily
be affixed to a wall. Prior to painting a chalkboard
wall, use a magnetic primer which has tiny iron
particles mixed in to create a magnetic chalkboard
you can display photos and notes on too.
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“Priceless Quotes”
“Priceless Quotes”
“If two wrongs don’t make a right, try three.” – Laurence J. Peters
“If two wrongs don’t make a right, try three.” – Laurence J. Peters
“If you look like your passport picture, you probably need the trip.”
– Unknown
“If you look like your passport picture, you probably need the trip.”
–“There
Unknown
are two kinds of people, those who do the work and
those who take the credit. Try to be in the first group; there is less
“There
are two
kinds
of people,
competition
there.”
– Indira
Gandhithose who do the work and
those who take the credit. Try to be in the first group; there is less
competition
there.”
Indira Gandhi
“Too bad the
only –people
who know how to run the country are
busy driving cabs and cutting hair.” – George Burns
“Too bad the only people who know how to run the country are
busy driving cabs and cutting hair.” – George Burns
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time. Not intended to solicit buyers or sellers currently under contract with a brokerage. Figures based on the latest 12 months and
reflect all MLS® sales as reported by the Toronto Real Estate Board. Market values depend on other factors. Copyright © 2015 Mission
Response Inc. 416-236-0543 www.missionresponse.com All Rights Reserved. X0580
Yannick Picard
Broker, ABR®, SRS®, MCNE®, SRES®
416-966-0300
416-766-6900
Business:
Direct:
www.YannickPicard.com
Yannick@YannickPicard.com
Sutton Group Associates Realty Inc., Brokerage 358 Davenport Road, Toronto, ON M5R 1K6