Contact Me

Iris Khodkar & Evelyn Lee Sales Representatives
RE/MAX West Realty Inc., Brokerage Independently owned and operated
148 King Road
Richmond Hill, Ontario   L4E2T4

Office 289-234-8552Toll Free 1-866-787-1629

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Featured Listings

  • Advice for those buying investment properties

    There is no doubt many Canadians dream of owning investment properties. There's many advantages to it! For instance, renting spaces out as commerical or residential areas can generate a substantial income over time! There's a variety of options to choose from as well. Among the many options, individuals can invest in second homes, townhouses, condo's, duplexes, rooming houses or multi unit residential buildings! 

    Although the advantages are great, there are many things to consider when buying income producing properties. Below are tips you can use to securly land your own investment propety: 

    1. CHECK YOUR FINANCES

    Before you invest in a property, make sure you firstly meet with a mortgage broker or an investment-friendly bank! Most buyers do not realize that a 35% down payment is required to purchase an income property. Even though you can sometimes finance your downpayment by refinancing your current residence with a line of credit, it's good to check with your bank in order to avoid any surprises. Other alternatives maybe availble as well like using a private lender or going through a vendor take back (VTB). 

    2. WHAT DOES THE PROPERTY HAVE TO OFFER? 

    It is best to invest in a property located in a familiar neighbourhood. Having nearby amenities is a good selling function when searching for potential tenants. Most tenants prefer to be within walking distance of public transportation and local services. 

    3. DO YOUR DUE DILIGENCE 

    When looking for a property to invest in, it's helpful to do your research. Whether that research is online or through a professional Real Estate Salesperson, it's important to visit the property in person and view the units carefully. If you come across a suitable property, make sure you have a conditional offer on a building inspection, obtaining financing and mortgage appraisal, reveiwing the leases, income statements, expenses, fire retrofit certificate, if applicable, and any other items recomended by a professional. 

    After gaining access to all that information, calculate the costs of repairs and improvements needed after the inspection and present it to the owner. Often times, an adjustment to the sale price is performed, unless the costs of repairs and improvements were already reflected in the price presented! 

    4. UNDERSTAND RESIDENTIAL TENANCIES ACT OF ONTARIO (RTA) 

    When buying a second property, you become a landlord. This means that you will be taking on extra responsibilities and must be familiar with the Residential Tenancies Act of Ontario. While you can hire a property manager to deal with the day-to-day workings, you will still need to understand the RTA and its updated legislation!!

     

    Have Questions regarding Real Estate? The Iris and Evelyn team are here to help! With their countless years of buying and selling Real Estate Properties, their experience and knowledge can help you make the right choice!

    Visit us on Facebook: https://www.facebook.com/irisandevelynteam/?fref=ts

  • Celebrating 15 Years of the Richmond Hill Studio Tour

    Want to get to know the local talent and culture of Richmond Hill? Starting on Friday, October 13th until Sunday, October 15th is the Richmond Hill Studio Tour. This city-wide tour has stops at significant local galleries, clubs and centres like the Burr House Craft Gallery, Heritage Centre, Boynton House, Mill Pond Gallery, Richland Academy, Curtain Club whose spaces will be transformed into gallery space for talented local artists. The day-long event will conclude at 5 PM every day and is free for anyone to attend.

    Richmond Hill is a fantastic place to consider putting down roots if you're thinking about relocating. With events that help promote creativity and celebrate culture like the Richmond Hill Studio Tour, there is always something interesting to do. For a great example of a home in the area, look no further than 199 Kingshill Road.

     

     

    Nestled in the coveted Oak Ridges neighbourhood, this gorgeous 4 bedroom residence is the spacious family home you’ve been searching for! The fabulous curb appeal draws you in, with beautiful stone and brick exterior, a professionally landscaped yard with mature shrubbery, and a large private driveway leading to the double car garage.

     

     

    As you step through the double front doors into the airy foyer, you will be drawn to the bright sitting room, detailed with gleaming parquet floors, a 9’ ceiling, and large picture windows overlooking the front yard- perfect for receiving guests. Just down the hall, the sophisticated formal dining room is an entertainer’s dream, with ample room to host intimate gatherings or large parties alike. The adjoining family room has a welcoming essence, with an abundance of windows that allow soft natural light to fill the room, beautiful hardwood floors, and a fireplace for cozy nights at home.

     

     

    Separated by Roman-style pillars, the family room opens to the modern eat-in kitchen, equipped with granite countertops, tile backsplash, ample cabinet space, and quality stainless steel appliances including a dishwasher, stove, and double door refrigerator. The sunny breakfast area with a multitude of windows and two skylights is perfect for enjoying home cooked meals and conversation, or step out to the deck overlooking the fenced-in yard to savour your refreshments.

     

     

    Ascend the staircase and make your way through the French doors into the Master Suite with a private balcony, walk-in closet, and spa-like 4-piece ensuite featuring a separate soaker tub. The residence boasts 3 additional sizable bedrooms on this level, each with access to a washroom.

     

     

    Furthermore, this remarkable home has a clean, unfinished basement that the new owner could customize to suit their needs. With a fantastic layout and tasteful decor in a highly-sought after location, 199 Kingshill Road has it all to create fond memories for your family!

    To learn more about this property, click here to contact Iris & Evelyn.
    To view the most recent TREB market watch report click here.

    Iris Khodkar 

    Sales Representative

    RE/MAX West Realty Inc., Brokerage
    Each office independently owned and operated

     

    D: (416) 953-8552

    O: (905) 731-3948

    E: iriskhodkar@gmail.com

     

    Evelyn Lee

    Sales Representative

    RE/MAX West Realty Inc., Brokerage

    Each office independently owned and operated

     

    D: (416) 230-5925

    E: evelynleeremax@gmail.com

    www.irisandevelynteam.com

  • Updates on the GTA Market

    Compared to sales last year, overall home sales are down in the Greater Toronto Area. However, according to the Toronto Real Estate Board (TREB), there's a continuous rise in Conominium prices.

    Even though, listings were up by 9.4% compared to Semptember 2016, sales have been down by 35%. Furthermore, the overall price of homes in the GTA was $775,546 last month leading to a 2.6% increase from the overall price last year around the same time. In the work of measures taken by the provincial government to cool off the market, Toronto, real estate prices slowed considerably. However, the board says the numbers indicate that buyers are coming back to the market. 

    TREB, president, Jim Syrianos, claims that the improvement in listings in September, compared to last year, suggests that home owners are anticipating an uptick in sales activity as we move through the fall season. Even though there is a potential for more supply of single family homes, the supply of condo's in the GTA is still tight with prices showing no sign of cooling off. While the numbers have jumped, they are not surprising considering consumer polls conducted in the spring indicated a shift towards condo purchases. 

     

    Have Questions regarding Real Estate? The Iris and Evelyn team are here to help! With their countless years of buying and selling Real Estate Properties, their experience and knowledge can help you make the right choice!

    Visit us on Facebook: https://www.facebook.com/irisandevelynteam/?fref=ts

  • The Iris and Evelyn Team is here for YOU!

    Yesterday, the Iris and Evelyn Team took the opportunity to attend one of RE/MAX’s biggest events, RE/MAX RE/CHARGE! Hosted every year, the purpose of this great event is to have RE/MAX agents energized, engaged and most importantly inspired with leading insights from experts and hands-on opportunities! With the aid of these events, Agents like us use the knowledge gained to better serve and satisfy their clients! Furthermore, the conference provides us with the latest tools, forward thinking ideas and the network opportunities to be the ultimate aid for you, YES YOU, on your journey to sell, purchase or lease your biggest financial possessions; aka your beloved home.

    As a team, one of our main priorities is to be constantly educated and exposed to the latest technologies in order to provide the best service for our current and future clients! We strive to be the best of the best in the Real Estate Industry, and we understand that in order to reach that level, we have to be constantly engaged with the latest news, technologies and services to enhance our client’s experience! With that being said, we look forward to utilizing what we learned to better serve our current clients as well as our future ones! 

     

    Have Questions regarding Real Estate? The Iris and Evelyn team are here to help! With their countless years of buying and selling Real Estate Properties, their experience and knowledge can help you make the right choice!

    Visit us on Facebook: https://www.facebook.com/irisandevelynteam/?fref=ts

  • Breast Cancer Awareness Month

    As a woman who believes in girl power, Iris is proud to be taking part in this year's CIBC Run for the Cure. The event is dated for October 1st, 2017 marking the first day of Breast Cancer Awareness Month! The CIBC Run for the Cure is a 5k or 1k walk or run that raises funds for the Canadian Cancer Society. It is the LARGEST single day volunteer-led  event in Canada in support of the Breast Cancer cause! 

    Cancer is known to be the leading cause of death in Canada and is responsible for 30% of all deaths. Cancer statistics tell us the number of diagnosis and deaths caused by cancer each year. Through these statistics, we can see trends in new cancer cases and cancer deaths. It also tells us the likelihood of survival and the percentage of people alive years after their diagnosis. 

    An estimated 206,200 new cases and 80,800 deaths due to cancer is said to occur in Canada alone in 2017. Furthermore, every 1 in 2 women in Canada is bound to get breast cancer. That is a ratio of 50% of women! 

     

    Every dollar counts in the cancer society's efforts to reduce the burden of Cancer on Canadians. The donations from the past has led to an increase of Canadians 5-year survival rate for 25% to more than 60% today! With your help, we can strive to fight this treacherous disease. You can do so by donating to the cause! You can do so by clicking here! You can also participate in this years run and collecting donations for the cause! You can do so by clicking here! Together we can change the future of breast cancer! 

     

    Have Questions regarding Real Estate? The Iris and Evelyn team are here to help! With their countless years of buying and selling Real Estate Properties, their experience and knowledge can help you make the right choice!

    Visit us on Facebook: https://www.facebook.com/irisandevelynteam/?fref=ts

  • Updates On The Canadian Housing Market

    Although house prices are still high locally and nationally, data still suggests a moderating real estate market with lower sales and declining month-to-month prices. The CREA (Canadian Real Estate Association) announced that home prices have declined nationally at a rate of 2.1% month over month since July of this year. Activity in July this year around stood at a rate of 11.9% lower than the rate of the same month last year. Furthermore, the number of newlt listed homes declined 1.8% from June to July. 

    In terms of price statistics, the MLS Home Index was up 12.9% year-over-year in July 2017,  while the national average sale price was down 0.3% year-over-year in the same month. 

    In terms of the dip in sales, the July dip makes the 4th consecutive monthly decline. Even though that decline was one third the magnitude of the declines in may and june, it leaves sales activity 15.3% below the record set in March. 

    While low inventory was a MAJOR concern during the winter months, more homes made their way to the market in the spring and summer. However, now it seems sellers are holding back due to the Ontario governments fair housing plan and it's proposed taxes on foreign buyers and sellers. With sale down by the same amount as new listings in July, the national sales-to-new listings ratio was little changed at a well balanced 53.5% compared to the high 60% in the first quarter of 2017. According to CREA, a national sales-to-new listings ratio between 40-60% is consistent with a balanced national market, with readings below and above this range indicating buyers and sellers market respectively. 

    Although prices are still high, benchmark price gains slowed on a year-over-year basis in greater Toronto, Oakville-Milton and Guelph. However, it remains well above levels a year ago with Greater Toronto being +18.1%, Oakville-Milton +12.7% and Guelph +23% 

    The actual national average price for houses sold in July 2017 was $478,696, down 0.3% from where it stood exactly a year ago. CREA says that this was the first year-over-year decline in the measure since February 2013, reflecting fewer sales in the GTA and Vancouver. 

    Have Questions regarding Real Estate? The Iris and Evelyn team are here to help! With their countless years of buying and selling Real Estate Properties, their experience and knowledge can help you make the right choice!

    Visit us on Facebook: https://www.facebook.com/irisandevelynteam/?fref=ts

  • Bank of Canada Calls a Second Interest Rate Announcement

    If you're about to renew or take out a mortgage, you might want to take note of the Bank of Canada's second interest rate hike. 

     

    The interest rates have increased twice in less than two months in an effort to adjust to Canada's recent economic growth. The April-to-June performance led to a surprisingly healthy growth in the first three months of 2017 and easily exceeded the Bank of Canada's projections, deeming it to be "self-sustaining." Increased consumer spending was also a sign that Canadians are enjoying employment and income growth which prompted the Bank to increase their rates. On top of that, widespread strength in business investment and exporting seemed to have an effect on it as well. The financial institution raised its target for the overnight rate to one per cent (up from .75 per cent). The BOC says The Bank Rate is correspondingly 1, 1/4 per cent and the deposit rate is 3/4 per cent.​ 

     

    The Bank continues to expect a moderation in the pace of economic growth in the second half of 2017, for the reasons described in the July Monetary Policy Report (MPR), but the level of GDP is now higher than the Bank had expected," the report reads. Given the stronger-than-expected economic performance, Governing Council judges that today's removal of some of the considerable monetary policy stimulus in place is warranted. Future monetary policy decisions are not predetermined and will be guided by incoming economic data and financial market developments as they inform the outlook for inflation.

    Looking in the future, there's a range of factors to consider when making a decision regarding the interest rates in the coming months. The Bank of Canada might have to take a simmered approach when the economy cools down from it's current pace. The main focus will be the evolution of the economy's potential and labour market conditions. The bank will also look at household indebtedness, a key consideration when it comes to elevating interest rates (as Canadians are quite in debt, especially regarding housing).

    The next scheduled date for announcing the overnight rate target is October 25, 2017.

  • Continued -- Ways to save for a Downpayment for any BIG Purchase!

    Saving for a new home can be very hard, but NOT impossible. Here are more ways to make saving money more doable:

    5. Look for cheaper ways to do things

    One thing smart people do to save a lot of money is adapting to a cheaper lifestyle or look for cheaper alternatives to do things without diminishing their fun.

    For example, for someone who likes to eat out a lot, they can look for cheaper places which that offer the same food choices. Also, some offer 2 for 1 coupon deals which can help in cutting your eating budget in half. For someone who loves to travel, they can opt for a cheaper destinations such as Cuba rather than a 2 week vacation in Hawaii. â€‹If you have a busy family, you can really save money if you eat at home more often.

    If you are able to work some of these changes into your lifestyle, you will definitely save money. However, the key to saving money is to resist the temptation to spend it on something else right away, and to start considering the cheaper alternatives.

    6. Borrow from your RRSP

    RRSP allows you to withdraw up to $25,000 to buy your first home which is a great way to use as a down payment. If you don't, start saving money for your RRSP and on top of that you can get tax credit to help reduce your taxes making it a win-win situation.

    7. Use the Tax Free Savings Account

    A Tax Free Savings Account is a great way to save money for your future home as it lets your savings grow without having to pay income tax which means more money on your end. Consult with your financial planner or advisor.

    8. See if your city has a First Time Homebuyers Program

    As a first time homebuyer, you'll want to take advantage of various programs offered by various levels of government that will help make purchasing a home more affordable. â€‹

    These programs help by:

             1) making it easier for first time home buyers to afford a home in an expensive city

             2) redeveloping a part of the city that is struggling.

    These programs usually have very specific requirements. You can check with your city hall to see if your city has any sort of program like this to help first time home buyers.

     

    Have Questions regarding Real Estate? The Iris and Evelyn team are here to help! With their countless years of buying and selling Real Estate Properties, their experience and knowledge can help you make the right choice!

    Visit us on Facebook: https://www.facebook.com/irisandevelynteam/?fref=ts

  • Ways to save for a Downpayment for any BIG Purchase!

    There are MANY great ways you can save up for your dream home. Fortunately, you can use these same tips and techniques to save up for other purchasable matter like a car, vacation, paying off your debts or simply saving for your retirement! It's been proven that once you achieve your financial goal, you build a habit of maintaining these strategies to achieve other aspirations as well! It all depends on how motivated you are to accomplish these goals. Here are the tips: 

    1. YOU MUST PRIORITIZE

    Saving for something important, like a home, is all about priorities. If saving for a home is one of your top priorities, then you should try to identify other areas where you can cut back so that you can put more money into your savings. The BEST way to identify areas to cut back on is to formulate a budget. 

    2. PAY OFF YOUR CREDIT CARD DEBTS 

    You cannot save money if you are paying alot of interest to someone else. The first priority before saving up should be paying off all your debts. Start with your smallest high interest debt. Then take the minimum payment from that debt and use it to help you pay off the next small debt that has the highest interest rate. Once that's paid off, the 2 minimum payments that you used to pay for the smaller debts can help you pay off your next debt faster. You will notice a snowball effect as the minimum payments you are freeing up help in making larger and larger payments against one debt at a time. This is one of the FASTEST ways to pay off debt. 

    3. GET RID OF ONE CAR

    If you can get ride of one of your cars, then do it! This can save you thousands of dollars per year. You could consider walking, taking transit, car pooling or even cycling to your job. If you can make this work, you can potentially save, not only on monthly car payments, but gas, maintenance, and insurance. There paymetns add up to approximately $9000 for the average person, which is saying something. As a start, try parking your car for a couple of months first to see if it will work for you! 

    4. SAVE MORE FROM WORK 

    When you get a raise at work, take that extra money and save it in a seperate savings account. Try saving bonuses, extra sales commissions or tax refunds in your separate savings account.

    Like what you read?? Stay tuned for more ways to save up on our next blog! 

    Have Questions regarding Real Estate? The Iris and Evelyn team are here to help! With their countless years of buying and selling Real Estate Properties, their experience and knowledge can help you make the right choice!

    Visit us on Facebook: https://www.facebook.com/irisandevelynteam/?fref=ts

  • Why Bother Hiring a Real Estate Salesperson?

    One of the biggest objections a Real Estate Salesperson faces when interacting with a potential client is "why should I hire you?" Now before we get into this, you're probably thinking "oh, this blog is going to be bias towards agents!" Before you make these conclusions, just hear us out! With so muh information readily available online, consumers wonder, and rightfully so, if they should sell their home online, through regular marketing and advancing channels without representation or with a real estate professional.

    Here are 6 reasons explaining why a homeowner should consider hiring a Real Estate Professional to sell their home: 

    1) KNOWLEDGE

    Ever heard of the saying "Knowledge is Power"? Well what you don't know can absolutely hurt you! A Real Estate Professional's knowledge is PRICELESS! You do not need to know everything about selling Real Estate if you hire a real estate professional who does. Henry Ford once said "When you hire people who are smarter than you are, it proves you are smarter than they are". Why not hire the person with the education and experience? An agent knows what the internet doesn't tell consumers and they can provide insight that consumer's can't get online! 

    2) TIME 

    Everyone's time is valuable, but do you, Mr/Ms homeowner, truly have time to attempt to play the real estate professional role? Let me tell you one thing, depending on the market, you as a seller need to dedicate a SIGNIFICANT amount of time if you decide to sell on your own. Here are some of the things required of you as a sole seller: 

    - You need to dedicate time to show the home safely on a moments notice

    - You need to dedicate time to scheduling and showing appointments

    - You need to educate yourself in order for you to ask the right questions when inquiring feedback on your home 

    - You need to be in contact with furnishing expert resources like architects, contractors, designer and others 

    - You might need to handle items that are flagged to be repaired or replaced by an inspector

    - You need to have a roster of repair people that will come on a moments notice 

    -  You need to understand the difference between making an improvement and not a repair.

    All those mentioned above can be done by an agent and can be done in not only a professional but also an efficient matter while you sit back and not worry about a thing! 

    3) PRESENTATION 

    Here's the deal, you NEVER get a second chance to make up from a bad first impression. This rule is especially true when putting up a property for sale. You need to prepare the house for sale with the proper pricing techniques based on the market data and conditions along with having solid negotiating skills when that first offer comes your way. Real Estate Salespeople can help you with that! With their experience, they can make your homes first impression on the market a very good one! 

    4) MARKETING 

    One of the biggest factors and advantages of hiring a Real Estate Professional is their means of providing extensive marketing! Agents study buyer demographic for a respective home and neighbourhood. They have strategic ways on how to promote a listing to other agents in the community as well as social media! 

    5) NEGOTIATION EXPERIENCE 

    The Seller received and offer. Now what?? How do they respond? What do you look for in that purchase agreement? What terms and conditions could be disadvantageous to the sellers? Do they know how to negotiate to keep the buyer in the game versus walking away? How do they strike a delicate balance between projecting their interests as a seller and working with the buyer toward the goal of putting an agreement together? If you're in a "hot" market, how do you manage multiple offers? 

    If there's one thing Real Estate Agents are good at, its negotiating. Period. This skill is very necessary in the home buying or selling process. 

    6) TRANSACTION MANAGEMENT 

    So the home is under contract, what do sellers do next? Do they know who they need to be in contact with? Who is going to be handling the closing? What items should they be following up on? How they will handle challenges like the property not appraising for the contract sales price or things potentially derailing due to home inspection issues? Shaky financing? What about the closing? What is the closing protocol in their market and what are the expectations? 

    If you want me to be completely honest and blunt with you, selling a home ignorantly without the knoweldge and expertise is a setup for disaster. We have seen it time and time again. The perceived savings of selling without representation can come back to bite sellers in terms of uninformed decisions and costly mistakes that- in the long run- end up costing sellers more money that if they hired a real estate profesional initially! Hiring a Real Estate Professional will protect consumer's interests, manage the risks, and help justify their homes value in the first place! 

    Have Questions regarding Real Estate? The Iris and Evelyn team are here to help! With their countless years of buying and selling Real Estate Properties, their experience and knowledge can help you make the right choice!

    Visit us on Facebook: https://www.facebook.com/irisandevelynteam/?fref=ts

Contact Me

Iris Khodkar & Evelyn Lee Sales Representatives
RE/MAX West Realty Inc., Brokerage Independently owned and operated
148 King Road
Richmond Hill, Ontario   L4E2T4

Office 289-234-8552Toll Free 1-866-787-1629