Source: Toronto Real Estate Board

TORONTO, JULY 6, 2010 ? Greater Toronto REALTORS® reported 8,442 sales through the Multiple Listing Service® (MLS®) in June.

This represented a 23 per cent decrease compared to the record 10,955 sales reported in June 2009. Sales for the second quarter of 2010 amounted to 28,810 – up one per cent annually. Year-to-date sales through June were up 23 per cent to 50,455 compared to the first six months of 2009.

“We experienced a record number of existing home sales during the first half of 2010, but these sales were weighted more towards the beginning of the year,” said newly elected Toronto Real Estate Board President Bill Johnston. “The pace of home sales has moderated from record levels over the past two months with the prospect of higher mortgage rates.”

The average price for June transactions was $435,034 – up eight per cent compared to the average of $403,972 recorded for June 2009.

“With more homes to choose from in the second quarter, many home buyers have been making less-aggressive offers. This has resulted in less upward pressure on the average selling price,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “The annual rate of average price growth in the second half of 2010 will be in the single digits.”

For full Toronto and GTA sales statistics for June 2010 view Market Watch here.

With same sex orientation and unions being more widely recognized and accepted, LGBT buyers have burst into the real estate market. Finding a Realtor© who understands your lifestyle and needs is important. A LGBT Realtor© can be more in-tune with your needs, style, and budgetary requirements.

Toronto has many ‘gay friendly’ neighbourhoods outside of the Church Wellesley village but unfortunately not all Realtors© know of them. As a rule, in my experience, I’ve found most people generally accepting but some neighbourhoods are more accepting then others with services and shopping geared towards the LGBT community.

In my opinion, the most gay friendly neighbourhood outside of Church Wellesley village & downtown core is Riverdale / Leslieville. This neighbourhood sits just east of the Don Valley Parkway and south of The Danforth. Queen Street East is dotted with gay owned cafe’s, galleries, restaurants, & boutiques. It wasn’t long ago that this part of Toronto was tired and run down. It’s no longer this way. The appeal for Gays and Lesbians is it’s close proximity to the downtown core, Church Wellesley village, shopping, and recreation. Home prices in Riverdale range anywhere from approximately $350K for a fixer upper to approximately $900K or more for a larger home in prime Riverdale. The neighbourhood has a high concentration of gay and lesbian white collar professional couples who are ‘house proud’. There are also ultra chic lofts at Carlaw & Dundas that offer larger spaces and the advantages of condo loving without living downtown.

The Beach also offers some excellent choices for Gay and lesbians. Homes range from condos along the Boardwalk to large homes in the Glen Manor area. Queen street east is a shoppers and diner’s mecca. Quaint cafes and restaurants line the street with plenty of patios. A wide range of retail is available. The Beach tends to appeal to Lesbian and Gay couples who have a more laid back down to earth lifestyle but are still active. The boardwalk provide a large area for recreation, and running. Real Estate prices in The Beach tend to be higher around the $500K mark and up. It’s not uncommon to see Million dollar and up properties offered for sale in The Beach.

Cabbagetown, which is considered to be located downtown Toronto, sits east of Parliament Street & south of Bloor has always had an appeal to Gay and Lesbian home owners. It’s tree lined streets and quaint yet spacious Victorian town homes offer curb appeal, potential and a strong community feel. Cabbagetown is within walking distance to Church Wellesley Village, restaurants, transit, entertainment and more. It offers downtown living without the noise of living directly in the core. Having a house this close to the downtown core does have it’s price though. It is not uncommon to see homes for sale in this neighbourhood for approximately $700K and up. Particularly in the North end.

Church Wellesley village is considered Toronto’s primary gay village. Restaurants and shopping are king in this neighbourhood not to mention social venues & services geared towards Toronto’s LGBT community. At one time it was difficult to own property in this neighbourhood due to the limited selection and the abundance of rentals. In the last 10 – 15 years the neighbourhood has seen growth and gentrification with numerous new condo developments being erected. For active singles and couples this is a prime location with relative stability in real estate prices. A 1 bedroom condo can be purchased in this neighbourhood for approximately $270K and up.

Other ‘gay friendly’ neighbourhoods include:
-Queen West
-The Annex
-Yorkville
-Kensington Market
-The Distillery District
-St. Lawrence Market area
-Corktown
-Yonge & Eglinton / St. Clair
-Dufferin & Davenport
-Parts of Mississauga

If you have any questions about any of these neighbourhoods I would be happy to answer them for you.

Source: Toronto Real Estate Board

TORONTO, May 5, 2010 – Greater Toronto REALTORS® reported 10,898 sales through the Multiple Listing Service® (MLS®) in April, representing a 34 per cent increase compared to April 2009.   There were also 20,683 new listings in April – a 59 per cent annual increase.  Both the sales and new listings results amounted to new records for the month of April under the current Toronto Real Estate Board (TREB) boundaries.

“The GTA resale market is functioning properly.  Sales were high as buyers continued to take advantage of affordable home ownership opportunities. Listings grew as home owners reacted to strong sales and price growth,” said Toronto Real Estate Board President Tom Lebour.   “More balanced market conditions will result in sustainable rates of annual price growth in the second half of 2010.”

The average price for April transactions was $437,600 – up 13 per cent compared to the average of $385,641 recorded in April 2009.

“Home sales continue to be driven by many different segments of the market, with sales growth for all major home types in both the City of Toronto and surrounding 905 regions,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “Home sales will remain strong in the second half of 2010, but will slip from the current record pace as borrowing costs rise.”

Click here for full April 2010 Toronto Real Estate statistics.

“The strong rebound in the existing home market was one of the initial drivers of economic recovery,” said TREB President Tom Lebour. “While we don’t expect to see the same rates growth moving forward, GTA households will remain confident in ownership housing as a quality long-term investment, especially as economic recovery expands across all industries.”

The annual rate of growth for new listings continued to accelerate in March. The number of new listings grew by 42 per cent compared to March of 2009.

“The average home price in the GTA will continue to grow this year, but the pace will slow as we move through the spring,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “As growth in new listings starts to outstrip growth in sales, buyers will experience more choice, resulting in more sustainable single digit rates of average price growth.”

Click here for full March 2010 Toronto Real Estate Statistics.

Recently I tackled what will probably be the most difficult staging of my real estate career.  The smaller home, situated on a large lot in a desirable neighbourhood, was quite frankly a disaster when I first laid eyes on it.  Clutter ran rampant.  Dated wall paper adorned the walls. The pungent odour of cat urine assaulted my nose.  The walls, windows, and floors looked dingy.  I thought to myself, “What have I gotten myself into?  Where do I start?”

When consulting with the executors of the estate it was evident that they were overwhelmed by the state of the house and were not quite sure where to start.  Many of the homes like this one in the neighbourhood were being torn down and new monster homes put in their place due to the large lots sizes.  This posed the question of whether to completely empty it out and leave ‘as is’ or stage the home.  Ultimately we decided to stage the home but with a limited budget using the existing furniture in the home.  By doing so I wanted to appeal to the widest margin of buyers possible: Builders and people willing to move in and live.  If we left the home as it was the amount of persons interested in the home would be significantly reduced to builders.  Builders only make up a small percentage of prospective buyers.  If we didn’t do cosmetic changes, people not interested in remodelling would have difficulty visualizing themselves in the home, not to mention be turned off by the odour and grime.

When prospective buyers view a home many psychological factors come into play.  Something as subtle as a marked up wall can turn buyers off.  Clutter distracts from the architectural features of the home.  A piece of missing trim or loose door hardware can raise doubts about how the home has been maintained.  I’ve had buyers in this situation who raise the question, “What else has not been properly maintained and what problems are there that we can’t see?”   Bad odour is a big turn off.  Most people want to get away from unpleasant odours and as a result, when viewing a home with bad odours, buyers will often speed through and not take note of the features.  Quite often when recalling the property they’ll remember the home as the one that smelled bad.   Smell is also one of the biggest triggers of memories.  This is why many Realtors will bake cookies before an open house.  It triggers good memories and smells great.

Back to the subject house.  The first thing I wanted to do was go through the home and label all the furnishings and accessories we could use for staging.  Once this was done I arranged for the family to gather as many people as possible and order a dumpster.  Anything that the family did not want and was not salvageable for local charities was to be disposed of.   In one day we filled a large dumpster.  By cleaning out the home it created room to carry out the necessary improvements to get the home ready for sale.

Next up it was a thorough cleaning.  This entailed washing walls, spot removal, window cleaning, dusting cobwebs out of the corners and off the ceilings, thoroughly scrubbing down the bathrooms and kitchen, and polishing the furniture.  Already the home was smelling better and looking bigger.  All the clutter and odour were distracting from the great features that the home had to offer.  We also had the broadloom professionally steam cleaned.  Although this didn’t get rid of the cat urine odour completely it helped immensely.  The areas causing the odour were treated afterwards with an enzymatic spray that breaks down the urine on a molecular level to get rid of the smell.  Simple Solution

Once the cleaning was completed, wall paper was stripped and required painting completed.  We also decided to paint the vanity, walls and replace the dated floor covering and accessories in one of the bathrooms.  Surprisingly it cost less then $200 to bring the 1960’s powder room into the 21st century & look like a million bucks.   The window treatments in the bedrooms where also updated with simple white cotton shears to give the rooms a bright airy feel.

Furniture was then moved from one bedroom to another.  The difference was night and day.  One of the most common mistakes people make is placing too much furniture in their bedrooms.   This often makes a room appear smaller than it really is and distracts the viewer.  We followed suit with the rest of the rooms.  Organizing, repositioning furniture, & placing accessories.

As a result of our labour we had a home that appealed to the largest array of buyers and were able to offer it for sale at a higher price.  Here’s a recap of things to do when staging.

1. De-clutter.
2. Clean thoroughly.  Light fixtures, walls, ceilings, windows, and the obvious things like kitchens(this includes de-greasing and cabinets) and bathrooms.
3. Touch up paint and repaint if necessary.
4. Consider stripping outdated wall paper.
5. Reposition furniture to improve flow and openness.
6. Get rid of offensive odours.
7. Consider renting furniture to update a room’s look.
8. Place accessories but not too many that they distracts from the room and house itself.
9. Consider doing minor cosmetic updates to bathrooms and kitchens.  They’re more affordable then you think.
10. Use nice bedding and make use of pillows and throws to create an inviting look. Good, fluffy towels in the bathroom help create an image of luxury and comfort.

If you are interested in viewing this property or selling your home please contact me.

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TORONTO, March 3, 2010 – Greater Toronto REALTORS® reported 7,291 sales through the Multiple Listing Service® (MLS®) in February, representing a 77 per cent increase over February 2009. The average price for these transactions was up 19 per cent year-over-year to $431,509. Sales and average price increases represent both increased demand for ownership housing and the base year effect, which involves a comparison of economic recovery this year to a period of economic decline last year.
“Increases in existing home sales and average price were noted across the GTA in low-rise and high-rise home types. Similar rates of growth were experienced in the City of Toronto and surrounding 905 regions,” said TREB President Tom Lebour. “This suggests that first time, move-up and down sizing buyers are all active in the existing home marketplace.”
New listings also increased in February, climbing 24 per cent compared to the same month last year.
“Annual growth in new listings is expected to continue. New listings growth will start to outstrip sales growth as we move through 2010,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “As the market becomes better supplied, we will see more sustainable single-digit rates of price growth.”

Review full February 2010 Toronto Real Estate Statistics click here.

Source: Toronto Real Estate Board
Greater Toronto REALTORS® are passionate about their work. They adhere to a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Serving over 29,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada’s largest real estate board. Greater Toronto Area open house listings are now available on www.TorontoRealEstateBoard.com.

If the term “Home Renovation Tax Credit” brings to mind images of detached houses in the suburbs and not units in sky-high buildings, you’re not alone. Many condo owners are paying little attention to the credit when they could be reaping the benefits.

In fact, there are many opportunities for condo owners to claim the credit, including some outside of their own units.

Condo owners can claim a portion of improvements made to their building between Jan. 27, 2009 and Feb. 1, 2010, as long as they were at least partially responsible for paying for the upgrades.

Here’s how it works:

Assuming each condo owner pays a monthly fee to a condo corporation, repairs or renovations completed and paid for with that money should count toward the HRTC. The condo corporation is simply paying for these goods and services on behalf of all of the unit owners.

Condo corporations are unable to claim the credit because it is available only to individuals, so it’s up to each person to claim his or her portion.

Therefore, on their 2009 taxes, condo owners can claim the credit for renovations to their own unit – similar to what would be done in a detached home, for example – as well as their share of any renovations to common areas paid for by the condo corporation.

This could include anything from new windows installed in your building to a redesigned lobby area or improved landscaping.

Add these shared costs with renovations you may have done to your individual unit (bathroom or kitchen upgrades, new fixtures, painting) and you could significantly increase your credit.

Canada Revenue Agency guidelines for condo owners indicate that improvements made to common areas will qualify if:

– You own your unit. Renters are out of luck, even if they pay similar monthly fees.

– “The expenses would be eligible expenses if the common areas were treated as an eligible dwelling” – if new furniture wouldn’t count in a detached home, it won’t count in a condo either.

– Your condo corporation has notified you of your share of the expenses.

As a reminder, the tax credit applies to renovation costs over $1,000 and under $10,000, so if you spent a few hundred dollars on your own unit and the condo corporation spent a few hundred more on your behalf, that may be the difference between getting a return or not.

What you’ll need to make the claim:

Since you’re not dealing directly with stores or contractors and won’t receive original receipts or invoices, in order to claim your portion of building renovations you need documentation from your condo corporation. This can be in the form of a letter and must be signed.

Most condo corporations have a set of guidelines that help them determine the allocation of expenses for common areas. It is this documentation that will guide them in establishing each condo owner’s contributions to renovations and therefore how much people can claim.

According to Canada Revenue Agency, the documentation “must clearly identify the type and quantity of goods purchased or services provided” and also include the following:

– The cost of the renovations

– Your portion of the expenses (exactly how much you are considered to have contributed)

– Contact information for the vendor or contractor (including GST/HST number, if applicable)

– A description of the work in question

– The date or dates the work was completed.

If you do not receive documentation for improvements to your building, it is worth asking about. It could mean a few more dollars in your pocket!

“After a slow start to the year, existing home sales rebounded during the second half of 2009,”
said TREB President Tom Lebour. “As consumer confidence improved, many households
moved to take advantage of affordable home ownership opportunities in the GTA. The strong
residential real estate sector was a key contributor to overall economic recovery in Canada.”
The average home price in 2009 climbed four per cent to $395,460. The average price for
December transactions was $411,931.

“Market conditions became very tight in the latter half of 2009. Sales climbed strongly relative to
the number of homes listed for sale, resulting in robust price growth that more than offset
average price declines in the winter,” said Jason Mercer, TREB’s Senior Manager of Market
Analysis. “A greater supply of listings in 2010 will see home prices grow at a sustainable pace.”

For full statistics for Toronto Real Estate Market December 2009 click here.

Greater Toronto REALTORS® are passionate about their work. They adhere to a strict Code of Ethics
and share a state-of-the-art Multiple Listing Service. Serving over 29,000 Members in the Greater
Toronto Area, the Toronto Real Estate Board is Canada’s largest real estate board. Greater Toronto Area
open house listings are now available on www.TorontoRealEstateBoard.com.