We welcome your questions about real estate. Just email us any questions you have and we will research them and respond promptly. We will give each question time and effort.

Email us: team@oulahen.com

Some samples of questions from the past

1. What are the key factors to consider when buying or selling a house?
   
   1) Land and lot size
   2) Location, location, location including curb appeal
   3) Size of the house and layout
   4) Condition of the kitchen and baths
   5) Updates to the mechanicals
   
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2. What are the key factors when buying or selling a condo?
   
   1) Location
   2) Exposure and view
   3) Layout and square footage
   4) Building management and amenities
   
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3. Does simple supply and demand affect the price of real estate?
   
   It certainly does. If a buyer has a number of options to choose from, he can negotiate harder than if he has only one.
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4. How is the value of a condo unit affected by its floor level?
   
   In new condos, the developer usually sells a higher floor for a premium. We have seen premiums ranging from $500 to $2000. Sometimes there are also premiums for southern and western exposures. This doesn’t quite correlate to the resale market. What matters more is a unit’s view or whether it’s at the breaking point (above a nearby building). For example, let’s consider a 35-storey building where all west-facing units have similar layouts and prices from the 22nd floor up. There is another building on the west side that is 22 stories high. As a result, there will be a significant premium on the units above the 23rd floor in the 35-storey building.
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5. I know there are a number of new condos slated for development in the future of North York. What is the timeline for these buildings?
   We did a market analysis from 401 to Empress on the Yonge subway – click here for a spreadsheet of the upcoming condos for the next few years.
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6. What will be the height of the new Hullmark Centre building going up at Yonge and Sheppard?
   The north building is 165 meters high. A standard North York building is 65 meters high. Therefore it will be more than two and a half times the height of a standard building and define part of the North York skyline.
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7. When buying a condo, what does the maintenance fee do in terms of value?
   Maintenance fees truly affect condo values. When comparing units in similar condo buildings, higher maintenance fees result in lower value because ongoing fees will constantly be higher. These units will always sell for a discount. It’s hard to afford a bigger mortgage when condo fees are higher.
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8. How does Harmonized Sales Tax (HST) affect the cost of real estate?
   It affects real estate in a number of ways, largely because HST applies to the cost of services. This relates to the overall maintenance of a house or condo including repairs to the roof, furnace, elevator and more. Therefore maintenance fees will go up in most condos. There will also be a little less money in a seller’s or buyer’s pocket as it affects commission and legal fees. Another area where HST will affect real estate is in the purchase of brand new houses and condos – 13% HST will now be added instead of 7% GST. There are possible HST rebates offered to buyers - talk to your realtor to see if you qualify for one of these.
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9. What is your opinion on buying a newly-built condo or house?
   Generally speaking, houses are more expensive than condos. It is a difficult question to answer and we evaluate each product and each client on an individual basis. Things to consider are the motivation of the client, track record of the builder and progress of the planning and building process. The quality promised, legal documents and paperwork provided by the builder are also very important.
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10. Should I go fixed rate or variable on a mortgage?
    TIt depends on your risk appetite. It also depends on the posted rates, so that sometimes it's better to go fixed and other times variable. The rates now are aggressive and both variable and fixed are very competitively priced.
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11. How does location affect the price of a house or condo?
    A poorly located home can be a huge problem and as we like to say, it’s okay to buy a project but not a problem. Some negatives affecting the value of your home might be: busy streets, hydro corridors, highway noise or neighborhood issues. On the other hand, a good location offers: nearby subway and transportation routes, schools, shops, restaurants, parks and other amenities.
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12. What does a Home Inspection do for a buyer?
    To be honest, a Home Inspection is like a pinch test. It is an independent opinion on your property. You sign a waiver that releases the home inspection from any liability. So it is done to give you peace of mind in many ways and to let you know if you’re facing future costs.
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