May 3, 2012 – Greater Toronto REALTORS® reported 10,350 transactions through the TorontoMLS system in April 2012. This level of sales was 18 per cent higher than the 8,778 firm deals reported in April 2011. The strongest sales growth was reported in the single-detached market segment, with transactions of this home type up by 22 per cent compared to a year ago.

“Interest in single-detached homes has been very high, both in the City of Toronto and surrounding regions. Growth in single-detached listings has not kept up with demand, which means competition between buyers in this market segment increased. With this in mind, it was no surprise that the strongest annual price increase was also experienced in the single-detached segment,” said Toronto Real Estate Board President, Richard Silver.

The average price for April 2012 transactions was $517,556 – up 8.5 per cent compared to April 2011. While price growth was strongest for single-detached homes, the better-supplied condominium apartment segment experienced a more moderate annual rate of price growth, at four per cent.

“Monthly mortgage payments remain affordable for home buyers in the Greater Toronto Area. While interest rates are generally expected to increase over the next two years, the extent and timing of rate hikes has been thrown into question by slower than expected economic growth in the first quarter of this year. On net, borrowing costs are expected to remain a positive factor influencing home sales through 2012,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

For full report click here.

1. Contact your local or municipal government to first determine if you are legally permitted to turn your home into an income property.  Work with them to ensure the unit adheres to all existing building and fire codes.
2. Get to know the landlord-tenant relationship regulations in your province.  These laws will give you a better understanding of your role and responsibilities as a landlord.
3. Inform your insurance company about your plans for renting out space in your home and ask them if you require any additional coverage.
4. Get your home “renter-ready”.  From a simple change such as a fresh coat of paint to a major renovation, try and make your home look and feel as spacious, bright, and comfortable as possible.  Your home should look appealing inside and out in order to attract potential renters.
5. Price and market your unit competitively. Scan the classifieds and visit rental websites to find out how much similar units are being listed for.
6. Conduct a screening process for applicants.  Consider running a criminal background check, as well as a credit check, on prospective tenants.
7. Draft a written tenancy agreement.  It may contain information such as: the date the tenant will move into the rental unit, the rent amount, the date rent is to be paid, what services are included in the rent (such as electricity or parking) and any separate charges, as well as the rules that you require the tenant to follow.
8. Consult a lawyer to look over the contract.  Although not necessary, a lawyer can ensure there are no legal problems or issues with the contract before you present it to your tenant.
9. Request a minimum deposit of one month’s rent in advance that may be used against any property damage or unpaid bills, depending on the laws in your province.
10. Have the tenant sign the contract.  Ensure the tenant receives a copy and keep the original for your own records.  Happy renting!

Plug-and-Use Home Automation
Just plug a wire-free HA module into an electrical outlet and you have instant control of lighting, heating, and curtains. A wire-free HA module is a great tool when you are away and want your home to look occupied.

Biometric Fingerprint Locks
Always losing your keys?  If you’ve ever had to go to the expense and bother of changing all your locks, you may want to consider one of the new biometric locks. This is a fingerprint recognition door lock that makes house keys obsolete. Once you scan your fingerprint into memory it will be recognized on the sensor. Up to 99 fingerprints can be stored to ensure frequent visitors (such as family members and cleaners) can gain access to your home. No more having to leave keys under the doormat.

LCD Appliance Wattage Calculator
Ever wonder which of your appliances uses the most energy? Invest in one of these inexpensive plug-in devices and it will accurately measure energy consumption and calculate the cost. It even has an overload warning display – a great safety feature.

Automatic Plant Watering System
What happens to your carefully tended houseplants when you go on vacation – do they wither without you, or waste away due to over-zealous watering by a friend or relative? Consider buying a compact plug-in system that waters up to 14 different indoor plants grouped around the container for up to two weeks. Just set it and forget it until you return.

1. Heat rises so make sure your roof is well-ventilated. Consider installing a temperature controlled attic fan that switches on when the mercury rises.

2. Ensure proper insulation in the walls and ceilings. In Canada, we tend to think of insulation as a must for winter, but proper insulation also guards against the heat of the day in summer.

3. Shade the west side of your home by planting large bushes or trees to mitigate the amount of direct sunlight your west-facing walls receive. Be sure any planting is done a safe distance from the foundation.

4. Ceiling fans can cool a room by several degrees. Install ceiling fans in larger rooms and set them to the forward position so the fan rotates counter clockwise. This will help create a wind-chill effect and make you “feel” cooler.

5. Venetian blinds or California shutters are both aesthetically appealing and effective at shutting out the sun’s glare. Another option is to add heat reflecting film on windows. It will help keep things cool, while reducing ultraviolet rays that can damage furniture and floors.

6. Since most summer breezes blow from west to east, open the southwest and northeast windows to allow a refreshing cross-breeze. Open windows at night to allow the cooler air in, and close them in the morning.

7. Use a dehumidifier to absorb moisture in the air, as dry air feels cooler. A dehumidifier can also prevent mold, mildew, and musty odours, especially in the basement.

8. If you can, minimize use of your stove in really hot weather. Consider using an outdoor barbecue or a slow cooker which emits very little heat.

9. Invest in a fold-away gazebo for your deck or garden. It protects from sun, insects, and summer showers when you want to cool off outside.

10. Lighten up the exterior paint. Light coloured paint doesn’t absorb as much solar energy as darker paint, and is a relatively low-cost solution that can reduce your energy bills.

When summer sizzles, think green, keep your cool – and enjoy!

OPEN HOUSE SATURDAY MAY 5, 2PM – 4PM

April 4, 2012 — Greater Toronto REALTORS® reported 9,690 sales through the TorontoMLS system in March 2012. This result was up by almost eight per cent in comparison to the 8,986 deals reported during the same period in 2011.

“The GTA resale market has not suffered from a lack of willing buyers this year. Buyers have been spurred on by the positive affordability picture brought about by low mortgage rates,” said Toronto Real Estate Board President Richard Silver.

“The challenge has been a lack of inventory. Many listings have attracted multiple interested buyers. Strong competition has led to annual rates of price growth well above the long-term average.”

The average selling price in the GTA was $501,614 in March – up by 10 per cent in comparison to March 2011.

“The number of new listings was up last month in comparison to March 2011. However, based on the historic relationship between price and listings, the GTA resale market should be better supplied. If competition between buyers remains as strong as it is right now, we will almost certainly see an average selling price above $500,000 for 2012 as a whole,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

For full report click here.

February 3, 2012
Greater Toronto REALTORS® reported 4,567 sales through the TorontoMLS® system in January 2012. This number was 8.8 per cent higher than the 4,199 sales reported in January 2011. Sales growth was strongest for low-rise home types in the regions surrounding the City of Toronto.

“A favourable affordability picture bolstered by very low posted fixed mortgage rates has kept home buyers confident in their ability to achieve the Canadian goal of home ownership,” said Toronto Real Estate Board President Richard Silver.

“The buyer pool remains diverse in the GTA with strong interest in home types across the pricing spectrum,” continued Silver.

The average selling price for January 2012 transactions was $463,534 – up by almost nine per cent compared to January 2011.

“Low inventory levels have kept competition between buyers strong, resulting in robust annual rates of price growth over the last year. Strong price growth is expected to attract more listings. A better supplied market should result in a slower rate of price growth, especially in the second half of 2012,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.

For full January 2012 Greater Toronto Real Estate resale statistics click here.

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.