January 5, 2012 — Greater Toronto REALTORS® reported 4,718 transactions through the TorontoMLS® system in December 2011. The December result capped off the second-best year on record under the current Toronto Real Estate Board (TREB) boundaries. Total sales for 2011 amounted to 89,347 – up four per cent in comparison to 2010.

“Low borrowing costs kept Buyers confident in their ability to comfortably cover their mortgage payments along with other major housing costs,” said TREB President Richard Silver. “If Buyers had not been constrained by a shortage of listings over the past 12 months, we would have been flirting with a new sales record in the Greater Toronto Area,” added Silver.

The average selling price in December was $451,436 – up four per cent compared to December 2010. For all of 2011, the average selling price was $465,412, an increase of eight per cent in comparison to the average of $431,276 in 2010.

“Months of inventory remained below the pre-recession norm in 2011. Very tight market conditions meant substantial competition between Buyers and strong upward pressure on selling prices,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

“TREB’s baseline forecast for 2012 is for an average price of $485,000, representing a more moderate four per cent annual rate of price growth. This baseline view is subject to a heightened degree of risk given the uncertain global economic outlook,” continued Mercer.

For full December 2011 GTA real estate resale numbers click here.

Source: Toronto Real Estate Board

November 3, 2011 — Greater Toronto REALTORS® reported 7,642 home sales through the TorontoMLS® in October 2011. This represented an increase of 17.5 per cent compared to the 6,504 transactions reported in October 2010.

Monthly sales data follow a recurring seasonal trend that should be removed before comparing monthly results within the same year. After adjusting for seasonality, the annualized rate of sales for October was 97,100, which was above the average of 90,700 for the first three quarters of 2011.

“The pace of October resale home transactions remained brisk in the GTA. This bodes well for a strong finish to 2011,” said Toronto Real Estate Board President Richard Silver. “Home buyers who found it difficult to make a deal in the spring and summer due to a shortage of listings have benefitted from increased supply in the fall.”

The average selling price through the TorontoMLS® in October was $478,137 – up eight per cent compared to October 2010.

“Sellers’ market conditions remain in place in many parts of the GTA. The result has been above-average annual rates of price growth for most home types,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.
“Thanks to low interest rates, strong price growth has not substantially changed the positive affordability picture in the City of Toronto and surrounding regions.”

For full GTA MLS stats for October 2011 click here.

October 24, 2011 — Greater Toronto REALTORS® reported 5,770 condominium apartment transactions through the TorontoMLS® system in the third quarter of 2011, representing a 24 per cent increase over the same period in 2010. The average selling price increased by almost nine per cent to $333,352.

“Condominium apartments have accounted for about one-quarter of total existing home sales in the GTA this year. This share is expected to increase moving forward, as new home sales and construction has become increasingly driven by high-rise construction,” said Toronto Real Estate Board President Richard Silver.

In line with new home sales and construction trends over the last few years, condominium apartment completions have been high so far in 2011. When condo projects reach the completion stage, investors and end users whose housing needs have changed often list their units for sale or rent.

“The average annual rate of price growth remained strong in the third quarter, despite the upward trend in completions and active listings. This is because the pace of sales remained brisk, keeping sellers’ market conditions in place,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.

For full Q3, 2011 Condo Market Report click here.

The newer kitchen features tile floor, ceramic subway tile back-splash, stainless steel appliances, double sink, pot lights, generous counter space, breakfast bar, and walk through to formal dining room.  Finished basement!

Enjoy viewing one of the larger lots in the neighbourhood from your large multilevel backyard deck.  Close to schools, transit, shopping, restaurants, & parks.

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If you had to put your home on the market tomorrow, how ready would it be for showing? According to Atlas Van Lines, Canadians move every 7 years on average, so whether you’re preparing to sell or happily staying put, it’s important to keep in mind what you’ll need to do when the time comes:

1) After finishing your dinner do you? :

a. Leave everything on the table and return later to clean up. You’ve got better things to do!
b. Take dishes off the table and put away leftovers. The dishes you piled in the sink can wait until your favourite TV programme is over.
c. Clean the table, put leftovers in the fridge and wash the dishes. You want to be free to enjoy your evening.

2) Your home office has a desk that is:

a. Covered with papers and random objects. You can never seem to find important documents when you need them.
b. Somewhat organized with enough free space to do work. It may look slightly messy, but you know exactly where everything is.
c. Extremely clean and organized. Librarians would admire the efficiency of your filing system.

3) In your household you have:

a. An indoor pet who seems to shed non-stop and a smoker who often smokes indoors.
b. One of the above.
c. None of the above.

4) How do you accessorize your home?

a. With mementos, souvenirs and family photos. You like being surrounded by lots of memories.
b. With eclectic artefacts and antique items. Your style is uniquely you.
c. With few decorative or personal items. Less is definitely more.

5) Which best describes your home?

a. You haven’t had the time to decorate or organize. In fact, you’re using the guestroom for storage.
b. The main areas are decorated, furnished and organized, but you haven’t had the chance to do the same in the basement or guestroom yet.
c. Each room is properly furnished and decorated. You are currently planning your next renovation.

Mostly As

Your home may need a deep cleaning and de-cluttering to prepare it for sale. Pack unnecessary items away, making sure counters and tables are free of appliances and personal items. If pets or smokers reside in your home, have the carpets, draperies and upholstery professionally cleaned to rid the house of undesirable odours.

Mostly Bs

There are a few easy steps you can take to make your home more appealing. Clean your home from top to bottom, paying special attention to kitchens and bathrooms. Organize closets and storage areas. Brighten and lighten your home with a fresh coat of neutral coloured paint and fix any minor repairs that you’ve been neglecting.

Mostly Cs

Your home is in top shape and will only benefit from a little added flair to bring in that sale. Place fresh flowers on the mantle and set the dining room table for a formal dinner. If it’s a cool day, light a fire in the fireplace. Look at your home through the buyers’ eyes and create an atmosphere that will help them envision themselves living there.

Before any work begins, I would be happy to help you see your home through the objective eyes of a prospective buyer. Making the right impression is critical. It will help you sell your home more quickly and at a better price. Please contact me and let me put my expertise to work for you.

Tips for Renovating Your Basement

Want to add more space to your home without building up or out? Look no further than your basement. According to the Appraisal Institute of Canada, renovating a basement can give you a 50-75% return on your investment when it comes to selling your home. Here’s how to get it done right:

Start with a plan
What type of space does your family require? Is it an extra living space for your teenager, a playroom for the little one, or perhaps an entertainment area for all to enjoy? Once you decide on how you want to utilize the space, you can layout your design. If budget allows, an architect or interior designer could assist you with the layout design and make valuable suggestions.

Do it yourself or hire a professional
Depending on your skill set, budget, and time, you may want to enlist the services of a contractor who has the expertise required to finish a basement. If you do it yourself and don’t have the required time or skill to do the job correctly, you may find yourself looking at a repair bill far exceeding the amount you originally thought the project would cost. Make an informed decision. Be sure to carefully weigh all factors when deciding which option is right for you, while considering costs, material, labour, and equipment requirements.

Framing
Framing basement walls and ceilings is one of the most important aspects of any basement renovation. Two popular wall framing options are wood or steel studs. Wood is the classic choice. It is versatile, easy to work with, and cost-effective. Whereas steel, although more costly, adds a level of strength, rot resistance and won’t warp and crack like wood might over time. Two popular ceiling framing options are dropped ceiling tiles or drywall. Dropped ceiling tiles provide easy access to pipes and wires which can be a saviour if a tub or toilet on the main level floor springs a leak. Alternatively, dry wall ceilings offer a smooth finish and require less vertical space – a great option if your basement ceiling height is already low.

Flooring
There are plenty of basement flooring choices to choose from including laminate, linoleum, vinyl, wood and ceramic tiles. Be sure to match your flooring choice with the intended use of the space and your geographic location. For example, a game room may require more durable flooring than an office. Do you live in an area with a tendency for flooding or is your location dry? Carpet with high density under pad will offer cushion and moisture protection from the typical condensation found in basements. Engineered hardwood made for below grade installation will flex and handle moisture better than traditional hardwood. Ceramic tile is great for bathrooms and laundry rooms and is easy to install on concrete.

Add a bathroom
Installing a bathroom in the basement is a great way to add value to your home. Determine if you require a full bathroom or if a powder room will suffice. Powder rooms are relatively simple to install, easy to keep clean, and won’t take up too much room. Full three or four piece bathrooms can provide a comfortable, private, and even luxurious, space for overnight visitors to enjoy. With either option, time and costs can be reduced if bathroom fixtures are located near existing plumbing and are arranged in a line on one wall. Be sure to check local codes for plumbing and electrical aspects of your project.

Add storage
No matter what kind of plan you come up with for your basement, remember to factor in plenty of closet or storage space. This will enable you to de-clutter the rest of your home to keep it tidy and inviting. Further, if you ever decide to move, having this extra storage space should appeal to just about any prospective buyer.

A finished basement can not only increase your home enjoyment but it can also add valuable square footage. From everyday living to financial value, finished basements provide many benefits to you as a homeowner.

Luxury for Less

Just because you are on a budget, doesn’t mean you have to compromise on style in your home. If it’s time to refresh your décor but you don’t think you have the necessary funds, think again. Here are a few ways you can add a touch of luxury to any room of your home without breaking the bank:

Start with the walls
No room of your home can ever feel luxurious if the paintwork is shabby or wallpaper looks dull or weathered. A new coat of paint or wallpaper is the fastest, and easiest way to a fresh new look. If painting, consider a suede, satin or cashmere finish in a neutral colour for a look of elegance. If wallpapering, consider rich colours, textures or traditional patterns. Use good quality products for best results.

Liven up the living room
Add an instant touch of lavishness with one or two large cushions in rich embroidered fabric, velvet or faux fur. Add warmth to your wood floors with a shag rug for modern décor, Turkish or Oriental style for more traditional tastes. No need to splurge on new lamps, simply update the shades with linen or silk-like material. Give a favourite piece of furniture a makeover with updated sleek metal hardware or repaint with an attractive gloss paint.

Beautify bedrooms & bathrooms
Buy beautiful bed linen when it is on sale. Billowy comforters or duvets with plenty of plump pillows make the whole room look luxurious and inviting. A plush rug for stepping in and out of bed gives a sumptuous start and end to your day. Add plenty of thick fresh towels and large pillar candles in the bathroom to set a pampered scene. Invest in light switch dimmers to create the ambiance you desire.

Get chic in the kitchen
Freshen up cabinetry with new paint or modern hardware and update lighting fixtures. Buy a beautiful tablecloth or table runner and top it off with a potted orchid in an attractive pot. Rather than using every day chipped or stained mugs, treat yourself to a couple of fine china tea cups from a thrift store or good quality coffee mugs for your favourite brew. Then sit back, enjoy tea for two with a friend, and truly savour the moment.

October 5, 2011

“We have experienced strong growth in sales so far this year, with a much more active summer compared to 2010. However, while sales have been strong, we have continued to experience a shortage of listings, resulting in more competition between home buyers,” said Toronto Real Estate Board President Richard Silver.

“Over the past few months, the listing situation has started to improve, so we expect home buyers will have more homes to choose from in the months ahead.” With annual growth in sales (+25 per cent) outstripping annual growth in new listings (+15 per cent) in September, market conditions became tighter and the average selling price continued to grow by close to 10 per cent on a year-over-year basis.

“Strong price growth through the first nine months of the year was mitigated to a great degree by low interest rates and rising incomes,” said the Toronto Real Estate Board’s Senior Manager of Market Analysis Jason Mercer. “As buyers continue to take advantage of the affordable home ownership options in the GTA, we remain on pace for the second best year for sales under the current TREB market area.”

For full September 2011 Toronto real estate statistics click here.

“Strong home sales continued in July, with a substantial rebound over last summer’s slow-down brought about by higher mortgage rates, new lending guidelines and misconceptions about the HST. The greatest rebound was seen in the condominium apartment segment in the City of Toronto,” said Toronto Real Estate Board President Richard Silver. “If the current pace of sales holds up, we could see the second best year on record under the current TREB market area.”

The average selling price in July was $459,122 – up by almost ten per cent compared to the July 2010 average of $418,675.

“Tight market conditions have boosted the annual rate of price growth this year. However, the listings situation is starting to improve. A better supplied market later this year and into 2012 would lead to a more sustainable rate of price growth,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

For full Greater Toronto Area sales statistics for July 2011 click here.

Toronto, July 6, 2011 – Greater Toronto REALTORS® reported 10,230 home sales through the TorontoMLS® system in June 2011 – up 21 per cent compared to June 2010. This number represented the third best June result on record behind 2007 and 2009. The number of transactions during the first six months of 2011 amounted to 48,189 – down by 4.5 per cent compared to the first half of 2010.

“The strong June result capped off an interesting first half of 2011,” said Toronto Real Estate Board President Richard Silver. “The pace of sales was a bit sluggish at the beginning of the year, but rebounded in May and June. Because of the positive affordability picture, home buyers remained confident in their ability to purchase and pay for a home over the long term.”

The average price for June transactions was $476,371 – a 9.5 per cent increase over June 2010. Through the first six months of the year, the average selling price was $467,169 – almost an eight per cent increase compared to the same period in 2010.

“While sales have been strong, we would be on track for a record number of transactions in 2011 if not for the decline in listings so far this year,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis. “Tight supply meant more competition between home buyers and an accelerating annual rate of price growth in the second quarter.”

“Home owners will likely react to the stronger price growth by listing their homes in greater numbers. A better supplied market would result in more moderate price increases,” continued Mercer.

Click here for full Toronto real estate resale stats for June 2011.