Learn how to make a more informed and confident decision by exploring these important aspects during your second visit to a potential dream home.
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Selling your home is a significant undertaking, and one question that often arises is whether hosting open houses in Toronto is worth the effort and investment. In this blog post, we’ll explore the pros and cons of open houses to help you make an informed decision about whether they are the right strategy for selling your home!
The Top 5 Pros of Open Houses:
- Exposure to a Wide Audience: Open houses attract a broad range of potential buyers, including those who might not schedule private viewings. This exposure can increase the chances of finding the right buyer for your home. The more people through the door, the better the chance of getting the most for your home.
- First Impressions Matter: Open houses allow buyers to experience your home in person, creating a tangible connection. A well-staged and inviting presentation during an open house can leave a lasting positive impression. Remember, we don’t sell like how we live… so don’t take it personally if your realtor advises clearing out personal effects.
- Feedback and Market Insights: Hosting an open house provides an opportunity to gather feedback from potential buyers. This insight can be valuable in making necessary adjustments to the price or to enhance your home’s appeal in the market.
- Sense of Urgency: Creating a sense of urgency by having specific viewing hours can motivate potential buyers to make decisions quickly, especially if they see others expressing interest in the property.
- Facilitates Networking: Real estate agents often use open houses to network and connect with potential buyers. This can lead to additional exposure for your property through word of mouth and industry connections.
The Top 5 Cons of Open Houses:
- Security Concerns: Opening your home to the public may pose security risks. While most visitors are genuinely interested in purchasing, there is a potential for theft or unauthorized access. Always have jewelry, laptops, and any other high-value items removed from the home.
- Inconvenience for Sellers: Hosting open houses can be disruptive for sellers, requiring them to vacate the premises for extended periods. Balancing privacy and the desire to showcase the home can be challenging.
- Quality of Leads: While open houses attract a wide audience, not all attendees may be serious buyers. Some people might be curious neighbors or individuals who are not financially prepared to make a purchase.
- Limited Time Frame: The limited time frame of an open house might not be sufficient for potential buyers to thoroughly explore the property. Private showings often allow for a more relaxed and detailed viewing experience.
- Effectiveness Varies: The effectiveness of open houses can vary depending on the market, location, and property type. In some cases, the return on investment may not justify the effort.
If you’re interviewing multiple realtors before choosing the right one to sell your home, ask them to outline all the processes and procedures they use to host a safe and efficient open house!
The 3 Best Tips for Maximizing An Open House:
- Effective Marketing: Promote your open house through various channels, including online listings, social media, and traditional marketing methods. Don’t discount the old-school methods of sidewalk signs and door to door marketing.
- Well-Staged Presentation: Ensure your home is impeccably staged for the open house to create a positive and memorable impression. (and yes, a tray of freshly baked cookies is always a good idea)
- Security Measures: Implement security measures to protect your property during open houses, such as removing or securing valuable items. Have your realtor keep a log of all guests and visitors
Is Having an Open House Worth it for Your Home?
The decision to host open houses when selling your home ultimately depends on various factors, including your comfort level, the local market conditions, and your specific goals. While open houses can provide exposure and valuable insights, they come with potential drawbacks. Carefully weigh the pros and cons, and consider consulting with a real estate professional to determine the most effective strategy for showcasing your home in the competitive real estate landscape.
Toronto, like many other major cities around the world, is grappling with the challenges of urban housing. As the city continues to evolve and attract new residents, policymakers are exploring innovative solutions to address the housing shortage and ensure a sustainable and vibrant urban environment. One such solution that has gained traction in recent years is the Toronto Vacant Home Tax.
Understanding the Vacant Home Tax
The Vacant Home Tax (VHT) is a policy aimed at encouraging property owners to put their vacant properties into productive use by imposing a tax on homes that remain unoccupied for extended periods. Homeowners who choose to keep their properties vacant will be subject to this tax and VERY IMPORTANT TO NOTE: residents are required to declare the occupancy status of their property every year, even if they reside there.
In Toronto, this initiative represents a proactive approach to address the housing crisis, promote community engagement, and maximize the utilization of available housing stock. Revenues collected from the Vacant Home Tax will be allocated towards affordable housing initiatives, including the Multi-Unit Residential Acquisition (MURA) program.
How to Declare Your Homes Occupancy Status
Owners of properties in Toronto that are classified within the residential property tax class are required to declare occupancy status every year and can do so by visiting the City of Torontos Vacant Home Tax Portal. You’ll also need the following:
- Assessment Roll Number, found on your property tax statement
- Customer Number, found on your property tax statement
- If applicable, documents required to show your Vacant Home Tax Exemption
The whole process will take less than 5 minutes, and can save you thousands in unnecessary taxes each year!
Fees Fines and Penalties Related to the Toronto Vacant Home Tax
If the declaration is not submitted by the specified deadline, the property will be considered vacant and will become subject to the Vacant Home Tax. Starting January 1, 2024, a fee of $21.24 will be imposed for failing to submit the declaration of occupancy status by the designated deadline.
Interest charges, amounting to 1.25 percent, will be applied to any outstanding Vacant Home Tax balance on the initial day of default and subsequently on the first day of each subsequent month until the outstanding taxes or charges are settled.
In case of payment default, the unpaid amount will be included in the property tax roll for the residential property and will be collected in the same manner as regular property taxes.
Any payments dishonored by a financial institution will incur a Dishonoured Cheque Processing/Non-Sufficient Funds (NSF) fee.
Failure to submit the declaration of occupancy status by the deadline may lead to a $250 fine. Additionally, making false declarations regarding occupancy status or failing to provide requested information may result in a fine of up to $10,000, in addition to the required tax payment.
Exemptions to the Vacant Home Tax
A property may be left vacant and be exempt from the Vacant Home Tax if one of the following criteria is met:
- Death of a registered owner – (need to show death cert.)
- Major repairs – (submit work permits and contractor receipts.)
- The principal resident is in long-term care (hospital or supportive care facility)
- Transfer or Legal ownership (what we just talked about… submit a copy of deed)
- Occupancy for full-time employment (proof of residency outside GTA and signed letter from employer
- Court order – a court order is made which prohibits occupancy of the property
Visit the City of Torontos Vacant Home Tax website for more details!
Key Features of the Toronto Vacant Home Tax
- Definition of Vacancy: The Toronto Vacant Home Tax identifies vacant properties based on specific criteria. Generally, a property is considered vacant if it is unoccupied for more than SIX MONTHS within a calendar year.
- Tax Rates: The tax rates are structured to incentivize property owners to either occupy or rent out their vacant properties. Higher tax rates are typically applied to properties that remain vacant for more extended periods, creating a progressive system that encourages swift action.
- Exemptions and Appeals: The policy also considers legitimate reasons for property vacancy, such as renovations or major repairs. Property owners can apply for exemptions, and there is an appeals process in place to address any disputes regarding the determination of vacancy.
Impact on Toronto’s Housing Landscape
The Vacant Home Tax is expected to have several positive impacts on Toronto’s housing market:
- Increased Housing Availability: By discouraging long-term vacancy, the tax aims to bring more housing units into the market, increasing the overall availability of homes for residents.
- Neighborhood Revitalization: The initiative is likely to contribute to the revitalization of neighborhoods by reducing the number of empty homes and fostering a sense of community.
- Revenue for City Services: The tax revenue generated can be used to fund essential city services and initiatives aimed at addressing housing challenges and improving the overall quality of life for Toronto residents.
Challenges and Criticisms
While the Vacant Home Tax is seen as a step in the right direction, it has not been without its challenges and criticisms. Some property owners argue that the tax unfairly penalizes them for circumstances beyond their control, such as personal or family reasons for keeping a property vacant.
Conclusion
Toronto’s Vacant Home Tax is a bold and necessary step in addressing the city’s housing challenges. By encouraging the efficient use of available housing stock, the initiative aims to create a more dynamic and inclusive urban environment. It’s important to remember that the deadline for declaring the status of your property is the last day of February and that the property status refers to the previous year’s history.
You can get more information on the latest details of tax, as well as declare the status of your home by visiting the City of Torontos Vacant Home Tax Portal.
SOLD
1048 BROADVIEW #2108
MINTO SKY
Price: $799,900
Bedrooms: 1+1
bathrooms: 2
Take in
The Best Views
From
Broadview
What was originally a tight, two-bedroom layout, has been transformed into a sprawling space with stunning views. The recently renovated suite features a long list of improvements which include a combination of luxury vinyl and porcelain flooring throughout, refinished kitchen cabinetry, quartz countertops, a custom banquet with added storage, shelving and a tiled feature wall.
The den area doubles as the perfect “work from home” office space and can also be adapted as a nursery or guest room depending on one’s need. A custom cut, “live edge” desk has been installed in the space and blends perfectly with the accented wallpaper.
The main bedroom is large enough to comfortably fit a queen-sized bed, with plenty of space for side tables. The closets are well equipped with built-in organizers and offer ample storage. A four-piece ensuite bathroom completes the space and was recently upgraded to feature a glass enclosure for the shower, tiling throughout and a newly installed vanity.
For the entertainers out there – you’ve got to check out the incredible, open concept living and dining room. There’s over 360 sq.ft of space in between the rooms, connected by floor-to-ceiling windows that flood the unit with natural light. Views of the sun setting over the Don Valley and Brickworks make for the perfect backdrop after a long day… or step out onto your private 100+ sq.ft. balcony and take in the panoramic views!
The condo measures in at over 1000 sq.ft (1029 to be exact), and also includes one locker and one parking spot. Residents have access to a gym, party room and bbq area. There is a front desk concierge for accepting deliveries and greeting guests. Explore the various nature paths nearby, or venture down to the Danforth for a variety of dining options!
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Sold
210 victoria st #2004
Pantages Tower
Price: $799,900
Bedrooms: 2
bathrooms: 2
Lights,
Camera,
Action!
Live in the centre of the city at 210 Victoria Street! This two-bedroom, two-bathroom suite measures nearly 920 sq.ft. and features sweeping views of the city from the east to the south. The floor-to-ceiling windows from this corner unit offers tons of natural light and unobstructed views. You’re literally front row to Massey Hall, steps to the Eaton Centre and neighbours with the Ed Mirvish Theatre and St. Mikes hospital.
You’ll love the recently upgraded hardwood floors, modern guest bathroom, open concept living room, and two spacious bedrooms. The galley-style kitchen offers ample prep room, stainless steel appliances and loads of storage.
Guests are greeted by front desk security/concierge and have access to a wide range of amenities in the building. The purchase price includes one parking spot and one locker!
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sold
21 forest view rd.
markland woods community
Price: $1,199,900
Bedrooms: 3+1
bathrooms: 3
A mid-century home fit for a modern world!
Lovingly cared for by the same family for over 50 years, 21 Forest View Rd is looking for a new family to envision its possibilities! Located in the Markland Wood Community, the home measures in a just over 3400 sq.ft. (including basement). The back-split was originally built in the 1960s and sits on a premium 60×143 ft lot.
Create memories of your own in the large living room, or host family holidays in the lower level family room. The fully fenced in backyard is perfect for the family pet… with ample space for a pool! Three large bedrooms can be found on the upper level! Complete with a five-piece, shared bathroom, and a private three-piece ensuite in the master bedroom. On the lower level, a fourth bedroom or a “work from home” office can be gained, depending on one’s needs.
The basement comes well equipped with a pool table and bar – ideal for unwinding after a long day. There’s ample storage in the crawl space and even more room in the utility room.
Rounding out the home is a spacious two-car garage, with room for two other cars in the private driveway. St. Clements elementary school is located directly across the street, along with shopping, highway access and the members-only Markland Wood Golf course all just a short drive away!
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SOLD
11 Charlotte #403
King Charlotte Condos
Price: $599,990
Bedrooms: 1
bathrooms: 1
Live like royalty
at King Charlotte
Live in the centre of it all, at King Charlotte! Completed in 2016, this bright and spacious layout features full-length windows and loads of natural light. You’ll love the industrial look and feel of the exposed concrete walls and ceilings. The kitchen features a gas cook-top and well-appointed appliances. There’s even a full four-piece bathroom complete with tub/shower. The large bedroom can comfortably fit a sized queen bed, and also includes a custom organizer in the closet!
The building comes well equipped with a rooftop pool on the 33rd floor, gym, and ground floor concierge. One locker is also included in the purchase price.
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We had another record setting month of sales in the city of Toronto with over 11,000 recorded in July!
SOLD
80 Virginia Ave.
detached home
Price: $888,000
Bedrooms: 2+1
bathrooms: 3
Envision the possibilities
Envision the home of your dreams at 80 Virginia – complete with front pad parking and a fully fenced in backyard!
The detached two storey home is ripe for redevelopment amongst its custom-built houses along the street. It currently features two large bedrooms, three bathrooms and two kitchens and sits on a 22 x 105 ft lot. As it nears the end of its useable life, 80 Virginia makes for the perfect opportunity to build a home that suits your needs. Schools, Parks,
Shopping, restaurants, transit and even Michael Garrison Hospital, are all just a short commute away!
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SOLD
28 William Carson Crescent #807
Hillside At York Mills
Price: $639,900
Bedrooms: 1+1
bathrooms: 1
Parking/Locker: yes
A Gated Community Feel in an Uptown Location
Escape the daily hustle and bustle of the city in our newest listing at 28 William Carson Cresent. Located in the Uptown neighbourhood of St. Andrews, the condo is quietly tucked away from the chaotic congestion of Yonge St.
A short ride to the 8th floor is where you’ll find this spacious one bedroom (plus den) apartment. The soaring 9ft ceilings make the condo feel even more extensive than its 760 sq.ft. measurements.
The renovated condo features freshly painted walls, a subway tile backsplash, brand new stainless steel appliances and upgraded flooring. The open concept living and dining areas provide a bright, airy space for entertaining and features a walk-out to the unit’s private, west facing balcony – perfect for unwinding on after a long day!
A unique feature of the suite is it’s incredibly large den – so spacious that it can easily double as a guest bedroom and office at the same time! The master bedroom is equally impressive in size. Complete with walk-in closet and west exposure – you’ll absolutely love starting your mornings here.
Whether you’re looking to stay near home or explore the area – there’s no shortage of things to do. The building features an indoor pool, games room, gym and even an outdoor putting green! And once you’ve perfected your short game, the Don Valley and prestigious Rosedale Vally golf courses are only minutes away. You’re also conveniently located near public transit, the highway, and a wide selection of shopping options at Yonge and Sheppard.
Included in the monthly maintenance fees are the use of one parking spot, one locker, basic cable and principal utilities – heat, A/C, hydro, and water.
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