TORONTO, December 16, 2010 – Greater Toronto REALTORS reported 2,509 sales through the MLS during the first two weeks of December 2010.
This represented a 19 percent decrease compared to the 3,079 sales recorded during the same period in December 2009. Year-to-date sales amounted to 84,316 – down one percent from the 2009 total of 84,888.
“While off the 2009 record, the level of December transactions remains strong from a historic perspective. The number of transactions in 2010 will be the third highest on record,” said TREB President Bill Johnston.
The average price for December mid-month transactions was $435,225 – up three percent compared to the average of $423,103 recorded during the first 14 days of December 2009.
“Market conditions remain tight enough to support moderate growth in the average selling price. Expect the three percent annual rate of growth reported for the first two weeks of December to be the norm in 2011,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
Thursday, December 16, 2010
Market Watch***Sales Strong in November
December 3, 2010 -- Greater Toronto REALTORS reported 6,510 existing home sales in November – down 13 per cent from 7,446 sales in November 2009. New listings were also down 13 per cent annually to 8,642. On a month-over-month basis, the seasonally adjusted annual rate of sales increased for the fourth straight month to 88,100. This rate was substantially higher than the July low of 67,900."The GTA resale market has tightened since the summer. Healthy market conditions continued to support growth in the average selling price," said Toronto Real Estate Board President Bill Johnston."Sales through the first 11 months of the year were down only marginally compared to the same period in 2009. We remain on track for one of the best years on record under the current TREB market area," continued Johnston.The average selling price for November transactions was $438,030 - up five per cent compared to November 2009. "The average selling price in the GTA is affordable. A household earning the average income can comfortably cover the mortgage payments on an average priced home. Expect the average selling price to grow at a moderate pace over the next year," said Jason Mercer, TREB's Senior Manager of Market Analysis.Median PriceIn November, the median price was $366,000, from the $353,800 recorded during November of 2009.
Wednesday, November 17, 2010
GTA REALTORS Report Mid-Month Resale Housing Market Figures
TORONTO, November 16, 2010 – Greater Toronto REALTORS reported 3,076 sales through the MLS during the first two weeks of November 2010.
This represented a 16 percent decrease compared to the 3,666 sales recorded during the same period in November 2009. Year-To-Date sales amounted to 78,526 – up slightly from the 2009 total.
“The number of transactions remained high relative to new listings through the first half of November, promoting a healthy rate of price growth compared to last year,” said TREB President Bill Johnston.
The average price for November mid-month transactions was $437,554 – up more than 5 percent compared to the average of $415,066 recorded during the first 14 days of November 2009.
“Mortgage payments on the average priced home remain affordable in the GTA based. This is why the average selling price continues to increase,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
This represented a 16 percent decrease compared to the 3,666 sales recorded during the same period in November 2009. Year-To-Date sales amounted to 78,526 – up slightly from the 2009 total.
“The number of transactions remained high relative to new listings through the first half of November, promoting a healthy rate of price growth compared to last year,” said TREB President Bill Johnston.
The average price for November mid-month transactions was $437,554 – up more than 5 percent compared to the average of $415,066 recorded during the first 14 days of November 2009.
“Mortgage payments on the average priced home remain affordable in the GTA based. This is why the average selling price continues to increase,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
Wednesday, November 10, 2010
GTA REALTORS Reported Monthly Resale Housing Market Figures
TORONTO, November 3, 2010 – Greater Toronto REALTORS reported 6,681 sales through the MLS in October 2010.
This represents a 21 percent decrease compared to the 8,476 sales recorded in October 2009. Through the first ten months of the year, sales amounted to 75,582 – up one percent compared to the January through October period in 2009.
“The annual change in sales and average selling prices has been quite uniform across the GTA and by property type as the market has balanced out from record levels of sales in the second half of 2009 and first few months of 2010,” said Toronto Real Estate Board President Bill Johnston.
“The composition of GTA home sales does differ depending on location. Condominium apartments accounted for 42 percent of total sales in the City of Toronto and almost 60 percent of sales in TREB’s central districts,” Johnston continued. “In regions surrounding the City of Toronto, in contrast, low rise home types accounted for almost 90 percent of transactions.”
The average price for October transactions was $ 443,729 – up five percent compared to the average of $423,559 reported in October 2009. The average selling price through the first nine months of the year was $430,802.
“The average selling price in the GTA has continued to grow relative to 2009 because home ownership has remained affordable,” said Jason Mercer, The Toronto Real Estate Board’s Senior Manager of Market Analysis. “ a household earning the average income in the GTA can comfortably afford the mortgage payments associated with the purchase of an average priced home.”
“The outlook for mortgage rates and income growth over the next year is favorable. The average home selling price could increase moderately next year and remain affordable for the average GTA household,” continued Mercer.
This represents a 21 percent decrease compared to the 8,476 sales recorded in October 2009. Through the first ten months of the year, sales amounted to 75,582 – up one percent compared to the January through October period in 2009.
“The annual change in sales and average selling prices has been quite uniform across the GTA and by property type as the market has balanced out from record levels of sales in the second half of 2009 and first few months of 2010,” said Toronto Real Estate Board President Bill Johnston.
“The composition of GTA home sales does differ depending on location. Condominium apartments accounted for 42 percent of total sales in the City of Toronto and almost 60 percent of sales in TREB’s central districts,” Johnston continued. “In regions surrounding the City of Toronto, in contrast, low rise home types accounted for almost 90 percent of transactions.”
The average price for October transactions was $ 443,729 – up five percent compared to the average of $423,559 reported in October 2009. The average selling price through the first nine months of the year was $430,802.
“The average selling price in the GTA has continued to grow relative to 2009 because home ownership has remained affordable,” said Jason Mercer, The Toronto Real Estate Board’s Senior Manager of Market Analysis. “ a household earning the average income in the GTA can comfortably afford the mortgage payments associated with the purchase of an average priced home.”
“The outlook for mortgage rates and income growth over the next year is favorable. The average home selling price could increase moderately next year and remain affordable for the average GTA household,” continued Mercer.
Green your home and save you money
October 29, 2010 -- Toronto SUN Column --Bill Johnston, President of the Toronto Real Estate Board.
Energy efficiency used to be a subject to which only the environmentally conscious gave a lot of consideration. Today though, with rising energy costs consuming a greater share of our household budgets, it is something that all of us are thinking about more carefully. While some energy upgrades, like new windows or solar panels, can require a sizable outlay of funds, achieving significant results doesn't have to be a costly undertaking. Sealing air leaks for example is one of the most cost-effective ways to help your home operate more efficiently. Closing off drafts around windows and doors can be achieved with a can of spray foam insulation, a tube of caulking and some weather stripping at minimal expense. You might even consider taking these efforts a step further by topping up the insulation in your attic. Planting trees is another cost effective option that offers many benefits. Trees not only trap carbon dioxide and create oxygen; the deciduous type can also provide shade for your home in summer while allowing in light during the winter months. Cutting your home heating and cooling costs can even cost nothing at all: simply turn your thermostat a few degrees up in summer and down in winter to achieve savings of five to 15 per cent.Similarly, be sure to lower the thermostat on your water heater. For a modest investment you can switch to a tankless water heater so that you are only paying to heat water when you use it. Low flow showerheads and toilets, which use 70 per cent less water, are other options that offer a sizable return on a nominal investment. Even simply turning off the faucet when brushing your teeth or shaving can make a big difference. Washing only full loads of dishes and laundry, and installing an indoor clothesline are other ways to achieve savings without any expense.Reducing consumption is also the key to saving on your electricity bill. If you have a Smart Meter installed, be sure that you are clear on Time of Use rates to take advantage of off-peak periods. Reduce your household's phantom load by unplugging unused electronics and completely eliminate the costs associated with unnecessary energy guzzlers like additional refrigerators. If you haven't done so already, make the transition to compact fluorescent bulbs, which use approximately 75 per cent less electricity than the old-style bulbs. By 2012 inefficient incandescent light bulbs will no longer be available for sale in Canada anyway.To gain insight into opportunities specific to your household, consider hiring a professional to conduct a home energy audit. The advice you receive will not only help you save money in the short-term, this type of report can even serve as a selling feature when you're ready to move on.To help you assess whether your home meets your current needs, be sure to talk to a REALTOR®. They can offer professional insight into features that are in demand in today's market and help you explore the many housing options that may be more suited to your lifestyle.
Energy efficiency used to be a subject to which only the environmentally conscious gave a lot of consideration. Today though, with rising energy costs consuming a greater share of our household budgets, it is something that all of us are thinking about more carefully. While some energy upgrades, like new windows or solar panels, can require a sizable outlay of funds, achieving significant results doesn't have to be a costly undertaking. Sealing air leaks for example is one of the most cost-effective ways to help your home operate more efficiently. Closing off drafts around windows and doors can be achieved with a can of spray foam insulation, a tube of caulking and some weather stripping at minimal expense. You might even consider taking these efforts a step further by topping up the insulation in your attic. Planting trees is another cost effective option that offers many benefits. Trees not only trap carbon dioxide and create oxygen; the deciduous type can also provide shade for your home in summer while allowing in light during the winter months. Cutting your home heating and cooling costs can even cost nothing at all: simply turn your thermostat a few degrees up in summer and down in winter to achieve savings of five to 15 per cent.Similarly, be sure to lower the thermostat on your water heater. For a modest investment you can switch to a tankless water heater so that you are only paying to heat water when you use it. Low flow showerheads and toilets, which use 70 per cent less water, are other options that offer a sizable return on a nominal investment. Even simply turning off the faucet when brushing your teeth or shaving can make a big difference. Washing only full loads of dishes and laundry, and installing an indoor clothesline are other ways to achieve savings without any expense.Reducing consumption is also the key to saving on your electricity bill. If you have a Smart Meter installed, be sure that you are clear on Time of Use rates to take advantage of off-peak periods. Reduce your household's phantom load by unplugging unused electronics and completely eliminate the costs associated with unnecessary energy guzzlers like additional refrigerators. If you haven't done so already, make the transition to compact fluorescent bulbs, which use approximately 75 per cent less electricity than the old-style bulbs. By 2012 inefficient incandescent light bulbs will no longer be available for sale in Canada anyway.To gain insight into opportunities specific to your household, consider hiring a professional to conduct a home energy audit. The advice you receive will not only help you save money in the short-term, this type of report can even serve as a selling feature when you're ready to move on.To help you assess whether your home meets your current needs, be sure to talk to a REALTOR®. They can offer professional insight into features that are in demand in today's market and help you explore the many housing options that may be more suited to your lifestyle.
Tuesday, October 19, 2010
GTA REALTORS Report Mid-Month Resale Housing Market Figures
Toronto, October 18, 2010—GTA REALTORS reported 3,012 sales through the MLS during the first 2 weeks of October 2010.
This represented a 17 percent decrease compared to the 3,631 sales recorded during the same period in 2009. Year-To-Date sales amounted to 71,988, representing a 3 percent increase compared to 2009.
“The GTA resale market is balancing out from a record level of sales experienced in the second half of 2009 and first few months of 2010. This is why sales figures have been lower than 2009 levels in recent months. With this said, it should be noted that the annual rate of decline slowed somewhat through the first two weeks of October,” said Toronto Real Estate Board President Bill Johnston.
The average price for October mid-month transactions was $444,644 – up seven percent compared to the average of $414,479 recorded during the first 14 days of October 2009.
“we are seeing enough buyers relative to sellers to promote continued price growth year-over-year. People are buying because home ownership remains affordable in the GTA. A household earning the average income can comfortably afford a mortgage on the average priced resale home,” Said Jason Mercer, TREB’s Senior Manager of Market Analysis.
This represented a 17 percent decrease compared to the 3,631 sales recorded during the same period in 2009. Year-To-Date sales amounted to 71,988, representing a 3 percent increase compared to 2009.
“The GTA resale market is balancing out from a record level of sales experienced in the second half of 2009 and first few months of 2010. This is why sales figures have been lower than 2009 levels in recent months. With this said, it should be noted that the annual rate of decline slowed somewhat through the first two weeks of October,” said Toronto Real Estate Board President Bill Johnston.
The average price for October mid-month transactions was $444,644 – up seven percent compared to the average of $414,479 recorded during the first 14 days of October 2009.
“we are seeing enough buyers relative to sellers to promote continued price growth year-over-year. People are buying because home ownership remains affordable in the GTA. A household earning the average income can comfortably afford a mortgage on the average priced resale home,” Said Jason Mercer, TREB’s Senior Manager of Market Analysis.
Monday, October 18, 2010
Keeping your best interest in mind
Toronto Sun--October 15, 2010 --Bill Johnston, President of the Toronto Real Estate Board,
One characteristic that defines most Canadians is hope. Canada is a society founded on the promise of a better life achieved through hard work and integrity. This dream and these principles attract people from all over the world to Canada, who in turn, contribute so much to what makes our country great.
If you were to ask Canadians to identify the key to a better life most would point to home ownership. Indeed, nearly 70 per cent of Canadian households owned their dwelling at the time of the 2006 Census, representing the highest rate of homeownership since 1971. The reason for our love of housing is simple: real estate is not only an excellent long-term investment; it’s the only one in which you can live as it grows.
Regardless of whether you are a first-timer, a move-up buyer or a right-sizing empty nester, it’s wise to use the professional services of a REALTOR® to help with the transition. Like other Canadians, integrity is paramount to REALTORS® and for this reason your REALTOR® will ask you to sign a Buyer Representation Agreement, confirming their commitment to represent your best interests by working exclusively on your behalf.
Once you have signed a Buyer Representation Agreement, be sure to ask your REALTOR® about the Buyer Registry Service, a password-protected database that contains information on the current housing preferences of Greater Toronto REALTORS’® clients. To provide for your privacy, your personal information is only accessible to your REALTOR®, whose name is displayed for making contact.
You can achieve a much more efficient search by registering your criteria in the BRS, as it allows your REALTOR® to receive advance notice when properties that match your preferences are listed for sale. Homes that match your criteria are typically emailed to you on a nightly basis but communication can occur even faster between REALTORS® using the BRS.
Your REALTOR® can also get a sense as to the demand for your preferred housing type by comparing your criteria to similar preferences registered in the BRS. Gauging this type of information can help you make a successful offer.
Your registration in the BRS also helps verify the clearly defined business relationship between you and your REALTOR®, which can help you avoid potential conflicts when signing a Buyer Representation Agreement.
All that’s needed to take advantage of this very useful tool is a signed Buyer Representation Agreement and completed BRS Data Form.
We are fortunate to live in one of the most accomplished cities in the world not just with respect to finance, the arts and cultural diversity, but also based on our approach to real estate transactions. The BRS is just one example of Greater Toronto REALTORS’® commitment serving your needs with the highest professional standards.
One characteristic that defines most Canadians is hope. Canada is a society founded on the promise of a better life achieved through hard work and integrity. This dream and these principles attract people from all over the world to Canada, who in turn, contribute so much to what makes our country great.
If you were to ask Canadians to identify the key to a better life most would point to home ownership. Indeed, nearly 70 per cent of Canadian households owned their dwelling at the time of the 2006 Census, representing the highest rate of homeownership since 1971. The reason for our love of housing is simple: real estate is not only an excellent long-term investment; it’s the only one in which you can live as it grows.
Regardless of whether you are a first-timer, a move-up buyer or a right-sizing empty nester, it’s wise to use the professional services of a REALTOR® to help with the transition. Like other Canadians, integrity is paramount to REALTORS® and for this reason your REALTOR® will ask you to sign a Buyer Representation Agreement, confirming their commitment to represent your best interests by working exclusively on your behalf.
Once you have signed a Buyer Representation Agreement, be sure to ask your REALTOR® about the Buyer Registry Service, a password-protected database that contains information on the current housing preferences of Greater Toronto REALTORS’® clients. To provide for your privacy, your personal information is only accessible to your REALTOR®, whose name is displayed for making contact.
You can achieve a much more efficient search by registering your criteria in the BRS, as it allows your REALTOR® to receive advance notice when properties that match your preferences are listed for sale. Homes that match your criteria are typically emailed to you on a nightly basis but communication can occur even faster between REALTORS® using the BRS.
Your REALTOR® can also get a sense as to the demand for your preferred housing type by comparing your criteria to similar preferences registered in the BRS. Gauging this type of information can help you make a successful offer.
Your registration in the BRS also helps verify the clearly defined business relationship between you and your REALTOR®, which can help you avoid potential conflicts when signing a Buyer Representation Agreement.
All that’s needed to take advantage of this very useful tool is a signed Buyer Representation Agreement and completed BRS Data Form.
We are fortunate to live in one of the most accomplished cities in the world not just with respect to finance, the arts and cultural diversity, but also based on our approach to real estate transactions. The BRS is just one example of Greater Toronto REALTORS’® commitment serving your needs with the highest professional standards.
Wednesday, October 13, 2010
GTA REALTORS Work to Eliminate Harmonized Sales Tax Misconceptions
TORONTO, October 5, 2010 – Concerned that homebuyers are uncertain about the Harmonized Sales Tax’s (HST) applicability on real estate purchases, Greater Toronto REALTORS are reaching out to consumers to eliminate misconceptions.
Using social media channels and an ongoing series of newspaper columns, TREB is conveying to consumers that HST does not apply to the purchase price of resale homes.
“Although the HST applies to newly constructed homes and professional services associated with real estate transactions, the purchase price of a resale home is exempt from this tax,” said TREB President Bill Johnston.
Since resale housing was never subject to the Provincial Sales Tax (PST) or the Federal Goods and Services Tax (GST), it continues to be exempt from the new HST.
Conversely, newly constructed homes were previously subject to the GST, meaning that the HST now applies. The Provincial Government however, provides a rebate of 75 percent of the PST on the first $400,000 on new homes, to a maximum of $24,000.
“When considering the purchase of any type of home, it is important to budget for additional costs, like Land Transfer Tax and Property Taxes. Fortunately though, the purchase price of a resale home is one area of relief for tax payers and recognizing that a home is many people’s single largest investment, this exemption is an important consideration.”
TREB began informing Greater Toronto Area homebuyers of this important distinction prior to the introduction of the new tax and plans to continue driving home the message.
Using social media channels and an ongoing series of newspaper columns, TREB is conveying to consumers that HST does not apply to the purchase price of resale homes.
“Although the HST applies to newly constructed homes and professional services associated with real estate transactions, the purchase price of a resale home is exempt from this tax,” said TREB President Bill Johnston.
Since resale housing was never subject to the Provincial Sales Tax (PST) or the Federal Goods and Services Tax (GST), it continues to be exempt from the new HST.
Conversely, newly constructed homes were previously subject to the GST, meaning that the HST now applies. The Provincial Government however, provides a rebate of 75 percent of the PST on the first $400,000 on new homes, to a maximum of $24,000.
“When considering the purchase of any type of home, it is important to budget for additional costs, like Land Transfer Tax and Property Taxes. Fortunately though, the purchase price of a resale home is one area of relief for tax payers and recognizing that a home is many people’s single largest investment, this exemption is an important consideration.”
TREB began informing Greater Toronto Area homebuyers of this important distinction prior to the introduction of the new tax and plans to continue driving home the message.
GTA REALTORS Report Monthly Resale Housing Market Figures September 2010
TORONTO, October 5, 2010 Greater Toronto REALTORS reported 6,310 sales through the MLS in September 2010.
This represented a 23 percent decrease compared to the 8,196 sales recorded during the same period in 2009. Through the first nine months of the year, sales amounted to 69,069 – up four percent compared to the first three quarters of 2009.
“The level of sales in the second half of 2010 has been lower, representing a balancing out period following record levels of sales in the latter half of 2009 and first few months of 2010. We remain on track for one of the best years in history for existing home transactions in the GTA,” said TREB President Bill Johnston.
The average price for September transactions was $427,329 – up five percent compared to the average of $406,877 reported in September 2009. The average selling price through the first nine months of the year was $429,657. “Resale homes in the GTA remain affordable,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
“It is important to consider the positive impact of declining mortgage rates over the past two decades. Simply considering home prices relative to income does not allow for an accurate analysis of affordability,” continued Mercer. “The share of average household income going toward a mortgage payment on the average priced home in the GTA remains within accepted lending guidelines. This is why the average home selling price has continued to grow.”
This represented a 23 percent decrease compared to the 8,196 sales recorded during the same period in 2009. Through the first nine months of the year, sales amounted to 69,069 – up four percent compared to the first three quarters of 2009.
“The level of sales in the second half of 2010 has been lower, representing a balancing out period following record levels of sales in the latter half of 2009 and first few months of 2010. We remain on track for one of the best years in history for existing home transactions in the GTA,” said TREB President Bill Johnston.
The average price for September transactions was $427,329 – up five percent compared to the average of $406,877 reported in September 2009. The average selling price through the first nine months of the year was $429,657. “Resale homes in the GTA remain affordable,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
“It is important to consider the positive impact of declining mortgage rates over the past two decades. Simply considering home prices relative to income does not allow for an accurate analysis of affordability,” continued Mercer. “The share of average household income going toward a mortgage payment on the average priced home in the GTA remains within accepted lending guidelines. This is why the average home selling price has continued to grow.”
Wednesday, October 6, 2010
Condos have become a way of life
Toronto Sun..October 1, 2010 --Bill Johnston, President of the Toronto Real Estate Board.
Toronto is a place that has long been known as a city of neighbourhoods, one in which the character of a community can dramatically change from one intersection to the next.
From a housing perspective, our neighbourhoods have been defined by the detached, semi-detached and low-rise structures that have stood for generations.
The condominium apartment boom of the past decade however, may well re-define our idea of what comprises a neighbourhood.
Affordability and certainly lifestyle are two driving factors in making condominiums so appealing. And for today’s condo dwellers a simple gym, pool or party room is no longer the standard. Buyers now view amenities as an adjunct to their private living space. As such, you can find yoga studios, in-door basketball courts, spas, bars and even dog washing stations included in today’s condominium developments.
Given that residents share similar tastes with respect to amenities, condominiums have in fact, begun to develop their own community identity. You can even find groups dedicated to specific condo communities on social networking sites like Facebook. Anything from a new workout buddy to nearby a dog-walker is just a click away.
In the next decade we’re sure to see condominium communities further evolve. With new immigrants entering the GTA each year we will continue to be faced with a choice to build up or out beyond the GTA’s furthest reaches. Given the reduced environmental footprint they create, those who choose condo living are setting us all on a greener path.
Toronto is a place that has long been known as a city of neighbourhoods, one in which the character of a community can dramatically change from one intersection to the next.
From a housing perspective, our neighbourhoods have been defined by the detached, semi-detached and low-rise structures that have stood for generations.
The condominium apartment boom of the past decade however, may well re-define our idea of what comprises a neighbourhood.
Affordability and certainly lifestyle are two driving factors in making condominiums so appealing. And for today’s condo dwellers a simple gym, pool or party room is no longer the standard. Buyers now view amenities as an adjunct to their private living space. As such, you can find yoga studios, in-door basketball courts, spas, bars and even dog washing stations included in today’s condominium developments.
Given that residents share similar tastes with respect to amenities, condominiums have in fact, begun to develop their own community identity. You can even find groups dedicated to specific condo communities on social networking sites like Facebook. Anything from a new workout buddy to nearby a dog-walker is just a click away.
In the next decade we’re sure to see condominium communities further evolve. With new immigrants entering the GTA each year we will continue to be faced with a choice to build up or out beyond the GTA’s furthest reaches. Given the reduced environmental footprint they create, those who choose condo living are setting us all on a greener path.
Monday, September 27, 2010
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GTA REALTORS Report Mid-Month Resale Housing Figures
September 16, 2010 -- Greater Toronto REALTORS reported 2,623 sales through the Multiple Listing Service (MLS) during the first two weeks of September 2010. This represented a 22 per cent decrease compared to the 3,361 sales recorded during the same period in 2009.
“Sales remain below the record pace we experienced in the second half of 2009. The prospect of higher interest rates and new mortgage lending guidelines resulted in higher than normal sales in the first few months of the year. To balance this out, the pace of sales has slowed in the second half,” said Toronto Real Estate Board President Bill Johnston.
“It is important to note that year-to-date sales remain above the number reported through the same period last year,: added Johnston.
The average price for September mid-month transactions was $412,367 – up 5% compared to the average of $393,818 recorded during the first 14 days of September 2009.
“Under current lending standards, the average selling price is affordable for a household earning the average income in the GTA. The annual price growth we have been experiencing has been justified by this positive affordability picture,” said Jason mercer, TREB’s Senior Manager of Market Analysis.
“Sales remain below the record pace we experienced in the second half of 2009. The prospect of higher interest rates and new mortgage lending guidelines resulted in higher than normal sales in the first few months of the year. To balance this out, the pace of sales has slowed in the second half,” said Toronto Real Estate Board President Bill Johnston.
“It is important to note that year-to-date sales remain above the number reported through the same period last year,: added Johnston.
The average price for September mid-month transactions was $412,367 – up 5% compared to the average of $393,818 recorded during the first 14 days of September 2009.
“Under current lending standards, the average selling price is affordable for a household earning the average income in the GTA. The annual price growth we have been experiencing has been justified by this positive affordability picture,” said Jason mercer, TREB’s Senior Manager of Market Analysis.
Monday, September 13, 2010
TREB: Energy efficiency for all homes, new and old
Toronto Star Column --September 10, 2010 -- Bill Johnston, President of the Toronto Real Estate Board.
When it comes to character, you just can't beat the charm of an older home. Newly constructed homes however, come with their own unique assets, one of the most noteworthy of which is energy efficiency.From the roof to the foundation, a number of innovative building practices often go into constructing today's greenest homes.Roof shingles for example, are now available in recycled materials. Environmentally friendly spray foam insulation, which can help prevent dampness, keep out pollutants and contribute to structural strength, is even partially made with recycled materials.Roofs, walls and floors can be insulated as well with special structural panels that consist of two layers of board with insulating foam in between them. The forms that are used to mould a home's poured concrete foundation can now also be found with insulating ability, and barriers that prevent dampness from rising into the foundation can be used at this stage of construction as well. Even exterior cladding is now insulated to offer greater energy efficiency.If you prefer an older home though, there are many simple ways to make it more energy efficient and environmentally friendly. Start with an Energy Star programmable thermostat that will save on heating and cooling costs when you're not home. You can take this approach a step further by investing in a new high efficiency furnace or air conditioner. Adding insulation to the attic of your home will offer reduced energy costs for years to come as well. A tank-less water heater will also save on energy costs by providing only the amount of heated water that you need rather than maintaining it in a cylinder.Even making minor changes can have an impact, like choosing energy efficient light bulbs - Compact Fluorescent Lamps (CFLs) are good and Light Emitting Diodes (LEDs) are even better.If you're planning to make cosmetic changes to your home you can do your part for the environment by choosing wood flooring, and even carpet, made with recycled content. Look for low VOC paints and stains as well, which reduce the number of unstable, carbon-containing compounds that enter the air and react with other elements.In the bathroom, you can keep more money in your pocket by installing low-flow faucets, showerheads and toilets. Replacing old windows with low-E argon-filled units that have the Energy Star symbol can make a dramatic difference to your home's energy efficiency as well.Changing your old appliances with new Energy Star machines is also a great way to reduce energy consumption while enhancing the overall appeal of your home.Beyond enjoying the aesthetics, cost savings and fulfillment associated with helping the environment, you can also consider getting an energy audit to take full advantage of a number of government rebates for energy-saving home improvements. Please visit www.TorontoRealEstateBoard.com to learn more about them.Regardless of the approach you choose, remember that nothing can substitute for good-old fashioned conservation. Remember that the energy you save today may well be the energy that is needed tomorrow.
When it comes to character, you just can't beat the charm of an older home. Newly constructed homes however, come with their own unique assets, one of the most noteworthy of which is energy efficiency.From the roof to the foundation, a number of innovative building practices often go into constructing today's greenest homes.Roof shingles for example, are now available in recycled materials. Environmentally friendly spray foam insulation, which can help prevent dampness, keep out pollutants and contribute to structural strength, is even partially made with recycled materials.Roofs, walls and floors can be insulated as well with special structural panels that consist of two layers of board with insulating foam in between them. The forms that are used to mould a home's poured concrete foundation can now also be found with insulating ability, and barriers that prevent dampness from rising into the foundation can be used at this stage of construction as well. Even exterior cladding is now insulated to offer greater energy efficiency.If you prefer an older home though, there are many simple ways to make it more energy efficient and environmentally friendly. Start with an Energy Star programmable thermostat that will save on heating and cooling costs when you're not home. You can take this approach a step further by investing in a new high efficiency furnace or air conditioner. Adding insulation to the attic of your home will offer reduced energy costs for years to come as well. A tank-less water heater will also save on energy costs by providing only the amount of heated water that you need rather than maintaining it in a cylinder.Even making minor changes can have an impact, like choosing energy efficient light bulbs - Compact Fluorescent Lamps (CFLs) are good and Light Emitting Diodes (LEDs) are even better.If you're planning to make cosmetic changes to your home you can do your part for the environment by choosing wood flooring, and even carpet, made with recycled content. Look for low VOC paints and stains as well, which reduce the number of unstable, carbon-containing compounds that enter the air and react with other elements.In the bathroom, you can keep more money in your pocket by installing low-flow faucets, showerheads and toilets. Replacing old windows with low-E argon-filled units that have the Energy Star symbol can make a dramatic difference to your home's energy efficiency as well.Changing your old appliances with new Energy Star machines is also a great way to reduce energy consumption while enhancing the overall appeal of your home.Beyond enjoying the aesthetics, cost savings and fulfillment associated with helping the environment, you can also consider getting an energy audit to take full advantage of a number of government rebates for energy-saving home improvements. Please visit www.TorontoRealEstateBoard.com to learn more about them.Regardless of the approach you choose, remember that nothing can substitute for good-old fashioned conservation. Remember that the energy you save today may well be the energy that is needed tomorrow.
No Bubble to Burst
National Post Column --September 11, 2010 -- Bill Johnston, President of the Toronto Real Estate Board.
In August, there were 6,232 Multiple Listing Service® (MLS®) transactions through the Toronto Real Estate Board, which represented a 22 per cent decline compared to August of 2009. The average price for these transactions was $411,012 – up six per cent compared to last year. Through the first eight months of the year, sales were up by eight per cent and the average selling price was up by 11 per cent compared to the January to August period in 2009.Since May, sales have been lower than last year's results. At the same time, the average selling price has continued to grow. This has led some individuals and organizations to suggest that a housing price bubble has emerged and that it is ready to pop at any time. An oft cited argument goes something like this:"Average selling prices have been rising above the rate of inflation for the better part of the last decade, so we should expect the average selling price to fall."I asked Jason Mercer, TREB's Senior Manager of Market Analysis to comment on whether or not house prices are currently in a bubble in the GTA. Here are some interesting points he put forth:"Many recent analyses addressing housing markets in Canada have not fully examined the interplay between home prices, borrowing costs and incomes. In the past, home prices have dropped markedly when a household earning an average income could no longer afford to carry a mortgage on an average priced home," said Mercer."As a rule of thumb, lenders will often consider a mortgage affordable if the annual principal and interest payments coupled with property taxes and utilities are less than 32 per cent of a household's gross income. Average home ownership costs have been less than or equal to 32 per cent of the average household income in the GTA for 14 of the last 15 years.* It is no coincidence that home prices have grown at a sustained clip over this same period," continued Mercer."The last time we experienced a prolonged drop in home prices was in the early 1990s when high home prices and mortgage rates combined to push the average cost of home ownership to more than 50 per cent of the average gross household income. A large increase in home prices and borrowing costs coupled with flat or declining household incomes would have to take place before a prolonged drop in home prices was once again justified," concluded Mercer.Ownership housing in the GTA is certainly more affordable today than in the early 1990s when we experienced a correction in home prices. During that period of time sales dropped dramatically, as affordability eroded, while listings remained very high. With a lot of choice in the marketplace, selling prices were negotiated downward. New listings spiked earlier in the year, but have since dropped back off. This means that we continue to see enough buyers competing for listings to push home prices up year-over-year.I will continue to discuss the different components of housing affordability in future articles as we progress through the fall market.*Author's Note: The TREB affordability indicator assumes the purchase of an existing home for the average selling price with a 20 per cent down payment, a five year fixed rate mortgage at the average rate, a 25 year amortization period and the estimated average property taxes, utility costs and household income.
In August, there were 6,232 Multiple Listing Service® (MLS®) transactions through the Toronto Real Estate Board, which represented a 22 per cent decline compared to August of 2009. The average price for these transactions was $411,012 – up six per cent compared to last year. Through the first eight months of the year, sales were up by eight per cent and the average selling price was up by 11 per cent compared to the January to August period in 2009.Since May, sales have been lower than last year's results. At the same time, the average selling price has continued to grow. This has led some individuals and organizations to suggest that a housing price bubble has emerged and that it is ready to pop at any time. An oft cited argument goes something like this:"Average selling prices have been rising above the rate of inflation for the better part of the last decade, so we should expect the average selling price to fall."I asked Jason Mercer, TREB's Senior Manager of Market Analysis to comment on whether or not house prices are currently in a bubble in the GTA. Here are some interesting points he put forth:"Many recent analyses addressing housing markets in Canada have not fully examined the interplay between home prices, borrowing costs and incomes. In the past, home prices have dropped markedly when a household earning an average income could no longer afford to carry a mortgage on an average priced home," said Mercer."As a rule of thumb, lenders will often consider a mortgage affordable if the annual principal and interest payments coupled with property taxes and utilities are less than 32 per cent of a household's gross income. Average home ownership costs have been less than or equal to 32 per cent of the average household income in the GTA for 14 of the last 15 years.* It is no coincidence that home prices have grown at a sustained clip over this same period," continued Mercer."The last time we experienced a prolonged drop in home prices was in the early 1990s when high home prices and mortgage rates combined to push the average cost of home ownership to more than 50 per cent of the average gross household income. A large increase in home prices and borrowing costs coupled with flat or declining household incomes would have to take place before a prolonged drop in home prices was once again justified," concluded Mercer.Ownership housing in the GTA is certainly more affordable today than in the early 1990s when we experienced a correction in home prices. During that period of time sales dropped dramatically, as affordability eroded, while listings remained very high. With a lot of choice in the marketplace, selling prices were negotiated downward. New listings spiked earlier in the year, but have since dropped back off. This means that we continue to see enough buyers competing for listings to push home prices up year-over-year.I will continue to discuss the different components of housing affordability in future articles as we progress through the fall market.*Author's Note: The TREB affordability indicator assumes the purchase of an existing home for the average selling price with a 20 per cent down payment, a five year fixed rate mortgage at the average rate, a 25 year amortization period and the estimated average property taxes, utility costs and household income.
Thursday, September 9, 2010
August Sales and New Listings Down, Prices Up
September 3, 2010 -- Greater Toronto REALTORS® reported 6,232 sales through the Multiple Listing Service® (MLS®) in August 2010. This represented a 22 per cent decrease compared to the 8,035 sales recorded during the same period in 2009. New listings decreased by one per cent year-over-year to 10,488."The prospect of interest rate hikes and new mortgage lending rules prompted some households to purchase a home sooner than they otherwise would have this year. The result has been a larger than normal dip in sales over the summer months. With this said, it is important to recognize that sales on the year were eight per cent higher than in 2009," said Toronto Real Estate Board President Bill Johnston.The average price for August transactions was $411,012 – up six per cent compared to the average of $387,921 reported in August 2009."Market conditions have remained tight enough to support higher home prices in comparison to last year. Under current mortgage lending standards, a household earning the average income in the GTA can comfortably afford the mortgage payments on an average priced home. Market conditions and the affordability picture would have to change dramatically before a sustained drop in the average selling price would take place," said Jason Mercer, TREB's Senior Manager of Market Analysis.
Wednesday, September 1, 2010
Green Living - How to Avoid and Repel Mosquitoes Naturally
Nothing ruins a lovely summer evening faster than being attacked by hungry mosquitoes. With the arrival of the West Nile Virus, mosquitoes have become a dangerous insect for the first time in many years.
The best defense against mosquitoes is to avoid being bit. Understanding what attracts mosquitoes is as important as understanding what repels them. Here are some tips for controlling mosquitoes around your home without pesticides or other dangerous chemicals.
Destroy the mosquitoes habitat Most mosquitoes will breed in any still fresh or salty water. They are also likely to breed in salt marshes, woodland pools and some plants. Mosquitoes can also enter a geographical area by traveling a distance being carried by the wind.
The first step you should take is to examine your yard thoroughly a day or two after a heavy rainfall, looking for areas with standing water that might harbour mosquito larvae. Not all of these areas will be natural—in fact, some mosquitoes show a decided preference for breeding in old tires and similar man-made water collectors. Dump out any standing water you find, or better yet, remove the breeding habitat completely.
If you own a pond, consider adding a waterfall or fountain to prevent the water from becoming stagnant. To help control mosquito production, you may also add copepod or aquatic predators of mosquito.
Keep grasses and bushes trimmed down to reduce daytime harbourages.
Use plants that repel mosquitoes There are a number of plants that repel mosquitoes. Planting a mixture of these plants around your home and patio can create mosquito free zones for outdoor entertaining and other activities. There are actually plants on the market that are simply called Mosquito plants. They are advertised as a plant that repels mosquitoes. You can only find them through mail order and internet sales.
One of the most famous mosquito-repelling plants is citronella grass, which is used by manufacturers to make citronella candles. The lovely and aromatic garden herbs rosemary, basil, lavender, lemon balm, and lemongrass are also effective mosquito repellents.
Create a natural repellent spray with essential oils Essential oils such as castor, cedar, celery extract, clove, citronella, geranium, lemon eucalyptus, fennel, lavender, lemon grass, peppermint and rosemary are an effective mosquito repellents when applied externally on your skin and clothing. You should test any oils on a small patch of skin before applying them—some people can be allergic or develop skin irritations.
You can make your own insect repellent sprays by combining either rubbing alcohol, witch hazel or olive oil with any of the listed essential oils in a 10 to 1 (alcohol to oil) ratio.
More mosquitoes repelling tips
Avoid 30 minutes before and after dusk and dawn when mosquitoes are at their most active. If you must be outdoors, where light coloured clothing as mosquitoes are more attracted to dark clothing. This is due to the greater heat signature dark clothing provides. Also wear long sleeved shirts and long pants.
Mosquitoes find their prey partly through carbon dioxide. If you are outside in mosquito-heavy locations, avoid overheating or exercising as much as possible, as these cause you to emit more carbon dioxide.
Mosquitoes seem to be more attracted to people who consume diets high in sugary or processed foods. Eating a diet rich in whole grains, vegetables, and fruits may help reduce your attractiveness to mosquitoes.
Eating a diet heavy in onions and garlic can make you unattractive to mosquitoes.
Avoid wearing floral or fruity scents from perfumes, sunscreens, soaps, laundry detergent and similar products.
Some people believe that taking vitamin B-1 tablets make them less attractive to mosquitoes.
If you're outside barbecuing, try tossing sage or rosemary on the coals. Not only does it help repel mosquitoes, but also smells good.
With the rise in the West Nile Virus, avoiding mosquitoes becomes a necessity for anyone who wishes to enjoy the outdoors. Remembering to apply mosquito repellent regularly is important no matter which method you choose. With a little care and prevention, you can enjoy the outdoors without slapping yourself silly.
Canadian Realty News
The best defense against mosquitoes is to avoid being bit. Understanding what attracts mosquitoes is as important as understanding what repels them. Here are some tips for controlling mosquitoes around your home without pesticides or other dangerous chemicals.
Destroy the mosquitoes habitat Most mosquitoes will breed in any still fresh or salty water. They are also likely to breed in salt marshes, woodland pools and some plants. Mosquitoes can also enter a geographical area by traveling a distance being carried by the wind.
The first step you should take is to examine your yard thoroughly a day or two after a heavy rainfall, looking for areas with standing water that might harbour mosquito larvae. Not all of these areas will be natural—in fact, some mosquitoes show a decided preference for breeding in old tires and similar man-made water collectors. Dump out any standing water you find, or better yet, remove the breeding habitat completely.
If you own a pond, consider adding a waterfall or fountain to prevent the water from becoming stagnant. To help control mosquito production, you may also add copepod or aquatic predators of mosquito.
Keep grasses and bushes trimmed down to reduce daytime harbourages.
Use plants that repel mosquitoes There are a number of plants that repel mosquitoes. Planting a mixture of these plants around your home and patio can create mosquito free zones for outdoor entertaining and other activities. There are actually plants on the market that are simply called Mosquito plants. They are advertised as a plant that repels mosquitoes. You can only find them through mail order and internet sales.
One of the most famous mosquito-repelling plants is citronella grass, which is used by manufacturers to make citronella candles. The lovely and aromatic garden herbs rosemary, basil, lavender, lemon balm, and lemongrass are also effective mosquito repellents.
Create a natural repellent spray with essential oils Essential oils such as castor, cedar, celery extract, clove, citronella, geranium, lemon eucalyptus, fennel, lavender, lemon grass, peppermint and rosemary are an effective mosquito repellents when applied externally on your skin and clothing. You should test any oils on a small patch of skin before applying them—some people can be allergic or develop skin irritations.
You can make your own insect repellent sprays by combining either rubbing alcohol, witch hazel or olive oil with any of the listed essential oils in a 10 to 1 (alcohol to oil) ratio.
More mosquitoes repelling tips
Avoid 30 minutes before and after dusk and dawn when mosquitoes are at their most active. If you must be outdoors, where light coloured clothing as mosquitoes are more attracted to dark clothing. This is due to the greater heat signature dark clothing provides. Also wear long sleeved shirts and long pants.
Mosquitoes find their prey partly through carbon dioxide. If you are outside in mosquito-heavy locations, avoid overheating or exercising as much as possible, as these cause you to emit more carbon dioxide.
Mosquitoes seem to be more attracted to people who consume diets high in sugary or processed foods. Eating a diet rich in whole grains, vegetables, and fruits may help reduce your attractiveness to mosquitoes.
Eating a diet heavy in onions and garlic can make you unattractive to mosquitoes.
Avoid wearing floral or fruity scents from perfumes, sunscreens, soaps, laundry detergent and similar products.
Some people believe that taking vitamin B-1 tablets make them less attractive to mosquitoes.
If you're outside barbecuing, try tossing sage or rosemary on the coals. Not only does it help repel mosquitoes, but also smells good.
With the rise in the West Nile Virus, avoiding mosquitoes becomes a necessity for anyone who wishes to enjoy the outdoors. Remembering to apply mosquito repellent regularly is important no matter which method you choose. With a little care and prevention, you can enjoy the outdoors without slapping yourself silly.
Canadian Realty News
First-Time Home Buyers Tax Credit (HBTC)
The First-Time Home Buyers Tax Credit (HBTC) is one of the measures provided by the federal government in 2009 to encourage investment in Canadian housing.
For 2009 and subsequent years, the HBTC is a new non-refundable tax credit, based on an amount of $5,000, for certain home buyers that acquire a qualifying home after January 27, 2009 (i.e., generally means that the closing is after this date).
The HBTC is calculated by multiplying the lowest personal income tax rate for the year (15% in 2009) by $5,000. For 2009, the credit was $750. Each year, the credit is recalculated, so it may be higher or lower than previous years.
How do you qualify for the tax credit? You, and anyone you purchase the home with, must be considered a first time home buyer to be eligible for the tax credit. The home must be used as your principal residence, and if you purchase with your spouse, common-law partner, or even a friend, then either one of you can claim the credit (or share it). However, the combined total cannot exceed $750.
If you are a person with a disability or are buying a house for a related person with a disability, you do not have to be a first time home buyer. See the Government of Canada website for further details.
What is a qualifying home? To qualify for the First-Time Home Buyers Tax Credit, a home must be a housing unit located in Canada, including mobile homes, condominiums and apartments. A share in a co-operative housing corporation that entitles you to possess, and gives you an equity interest in, a housing unit located in Canada also qualifies. However, a share that only provides you with a right to tenancy in the housing unit does not qualify.
Also, you must intend to occupy the home or you must intend that the related person with a disability occupy the home as a principal place of residence no later than one year after it is acquired.
How to Claim the First-Time Home Buyers Tax Credit? First-time homebuyers purchasing a home may claim the HBTC on their income tax returns. Starting with the 2009 taxation year, line 369 is incorporated into the Schedule 1, Federal Tax to allow you to claim the credit in the year in which you acquired the qualifying home.
The home must be registered in your or your spouse's or common-law partner's name in accordance with the applicable land registration system.
Claimants should ensure that documentation supporting the purchase transaction is available if requested by the Canada Revenue Agency. Claimants are also responsible for making sure that all applicable eligibility conditions are met.
Keep the HBTC in mind when you consider buying a Canadian home. It’s just another great reason to take the final step of real estate home ownership.
For more Information visit: http://www.cra-arc.gc.ca/gncy/bdgt/2009/fqhbtc-eng.html
For 2009 and subsequent years, the HBTC is a new non-refundable tax credit, based on an amount of $5,000, for certain home buyers that acquire a qualifying home after January 27, 2009 (i.e., generally means that the closing is after this date).
The HBTC is calculated by multiplying the lowest personal income tax rate for the year (15% in 2009) by $5,000. For 2009, the credit was $750. Each year, the credit is recalculated, so it may be higher or lower than previous years.
How do you qualify for the tax credit? You, and anyone you purchase the home with, must be considered a first time home buyer to be eligible for the tax credit. The home must be used as your principal residence, and if you purchase with your spouse, common-law partner, or even a friend, then either one of you can claim the credit (or share it). However, the combined total cannot exceed $750.
If you are a person with a disability or are buying a house for a related person with a disability, you do not have to be a first time home buyer. See the Government of Canada website for further details.
What is a qualifying home? To qualify for the First-Time Home Buyers Tax Credit, a home must be a housing unit located in Canada, including mobile homes, condominiums and apartments. A share in a co-operative housing corporation that entitles you to possess, and gives you an equity interest in, a housing unit located in Canada also qualifies. However, a share that only provides you with a right to tenancy in the housing unit does not qualify.
Also, you must intend to occupy the home or you must intend that the related person with a disability occupy the home as a principal place of residence no later than one year after it is acquired.
How to Claim the First-Time Home Buyers Tax Credit? First-time homebuyers purchasing a home may claim the HBTC on their income tax returns. Starting with the 2009 taxation year, line 369 is incorporated into the Schedule 1, Federal Tax to allow you to claim the credit in the year in which you acquired the qualifying home.
The home must be registered in your or your spouse's or common-law partner's name in accordance with the applicable land registration system.
Claimants should ensure that documentation supporting the purchase transaction is available if requested by the Canada Revenue Agency. Claimants are also responsible for making sure that all applicable eligibility conditions are met.
Keep the HBTC in mind when you consider buying a Canadian home. It’s just another great reason to take the final step of real estate home ownership.
For more Information visit: http://www.cra-arc.gc.ca/gncy/bdgt/2009/fqhbtc-eng.html
Tuesday, August 17, 2010
GTA REALTORS Report Mid- Month Resale Housing Figures - August 2010
TORONTO, August 17, 2010 - Greater Toronto REALTORS reported 2,732 sales through the Multiple Listing Service (MLS) during the first two weeks of August 2010.
This represented a 29 per cent decrease compared to the 3,832 sales recorded during the same period in 2009. New listings, at 4,770 were down eight per cent compared to the first two weeks of August 2009.
“Throughout the better part of the last year, the number of monthly sales was well above the expected long-term trend. Accordingly, it makes sense that the number of transactions has dipped over the past few months in comparison to last year’s record results,” said TREB President Bill Johnston.
The average price for August mid-month transactions was $412,934 – up eight per cent compared to the average of $383,796 recorded during the first 14 days of August 2009.
“We have seen a sufficient number of buyers relative to sellers over the summer months to support continued year-over-year price growth in the GTA,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
This represented a 29 per cent decrease compared to the 3,832 sales recorded during the same period in 2009. New listings, at 4,770 were down eight per cent compared to the first two weeks of August 2009.
“Throughout the better part of the last year, the number of monthly sales was well above the expected long-term trend. Accordingly, it makes sense that the number of transactions has dipped over the past few months in comparison to last year’s record results,” said TREB President Bill Johnston.
The average price for August mid-month transactions was $412,934 – up eight per cent compared to the average of $383,796 recorded during the first 14 days of August 2009.
“We have seen a sufficient number of buyers relative to sellers over the summer months to support continued year-over-year price growth in the GTA,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
Sales and New Listings Down, Average Price up in July
August 5, 2010 -- Greater Toronto REALTORS® reported 6,564 sales in July – a 34 per cent dip from the record 9,967 sales reported in July 2009. New listings, at 10,825, dropped to the lowest level for the month of July since 2002.
"The level of July sales remained below the expected long-term trend. The market has become more balanced following record monthly sales through most of the winter and early spring," said Toronto Real Estate Board (TREB) President Bill Johnston.
Total sales through the first seven months of 2010 were up 12 per cent compared to the same period in 2009.
Notwithstanding the fact that price trends vary at the neighbourhood level in GTA, the average price for July transactions was $420,482, representing a six per cent increase over July 2009. Over the first seven months of 2010, the average selling price was up 12 per cent annually to $432,253.
"Market conditions promoting growth in the average selling price have remained in place. While July sales were down compared to last year, the number of new listings in the marketplace also fell. This means there was enough competition between buyers to exert upward pressure on price," said Jason Mercer, TREB's Senior Manager of Market Analysis.Median PriceIn July, the median price was $361,000, from the $339,900 recorded during July of 2009.
"The level of July sales remained below the expected long-term trend. The market has become more balanced following record monthly sales through most of the winter and early spring," said Toronto Real Estate Board (TREB) President Bill Johnston.
Total sales through the first seven months of 2010 were up 12 per cent compared to the same period in 2009.
Notwithstanding the fact that price trends vary at the neighbourhood level in GTA, the average price for July transactions was $420,482, representing a six per cent increase over July 2009. Over the first seven months of 2010, the average selling price was up 12 per cent annually to $432,253.
"Market conditions promoting growth in the average selling price have remained in place. While July sales were down compared to last year, the number of new listings in the marketplace also fell. This means there was enough competition between buyers to exert upward pressure on price," said Jason Mercer, TREB's Senior Manager of Market Analysis.Median PriceIn July, the median price was $361,000, from the $339,900 recorded during July of 2009.
Wednesday, July 14, 2010
HST will not effect resale homes,Toronto Star Column
July 9, 2010 --Bill Johnston, President, Toronto Real Estate Board --As of July 1st, the new Harmonized Sales Tax (HST) will be in effect and Ontario consumers will be hard-pressed to avoid this so called “tax on everything”. While that less than flattering nick name for the HST may be pretty close to the truth, it’s not completely accurate, especially when it comes to real estate, where the HST applies differently depending on the type of real estate, whether it is re-sale housing, newly constructed housing, or business properties.
Anyone who has ever purchased a home or has considered purchasing a home knows that budgeting for taxes is an important part of determining what they can afford. Whether it is the on-going cost of property taxes, or the upfront cost of land transfer taxes, the cost of taxes on housing can add up.
With that in mind, one of the most important things to know about the HST is that, fortunately, it will not increase the tax burden on the purchase price for homebuyers who purchase re-sale housing. That’s because re-sale housing, which was never subject to Provincial Sales Tax (PST) or the federal Goods and Services Tax, will continue to be exempt from both taxes once they are combined under the HST.
The same is not true for newly constructed homes, which will be hit with additional tax under the HST. Newly constructed housing has always been subject to the GST, meaning thousands of dollars of tax for home buyers choosing this option. Now, with the HST, new housing will also be subject to PST, meaning thousands of dollars in added costs for home buyers of new housing.
There is a silver lining for new housing: the provincial government provides a rebate of 75 per cent of the PST on the first $400,000 of a newly constructed home, or a maximum of $24,000. For example, someone purchasing a new home priced at $500,000 would face $40,000 in additional tax from the provincial portion of the HST, which would be reduced to $16,000 with the rebate. Obviously, the rebate softens the blow, but an extra $16,000 of tax for a newly constructed home is nothing to laugh at.
Fortunately, home buyers choosing to purchase a re-sale home don’t have to worry about paying HST on the price of their home. That’s money that they can keep in their pocket, or use to keep their mortgage costs down.
There is also encouraging news when it comes to real estate for businesses. Although the costs of purchasing or renting a commercial property are subject to HST, businesses are allowed to claim tax credits to offset these costs. Even better, when purchasing a commercial property, the business can claim the tax credits immediately so that no upfront costs are incurred for the HST, and cash flow is not impacted.
It won’t be long before the HST is a reality in Ontario and taxes on a long list of goods and services will increase. Although it would be nice if HST didn’t apply to any real estate transactions, luckily, there is some encouraging news, especially for homebuyers of resale housing, who won’t see the purchase price of their home increase due to HST, and businesses buying or renting commercial properties, who will be able to offset their HST costs.
Anyone who has ever purchased a home or has considered purchasing a home knows that budgeting for taxes is an important part of determining what they can afford. Whether it is the on-going cost of property taxes, or the upfront cost of land transfer taxes, the cost of taxes on housing can add up.
With that in mind, one of the most important things to know about the HST is that, fortunately, it will not increase the tax burden on the purchase price for homebuyers who purchase re-sale housing. That’s because re-sale housing, which was never subject to Provincial Sales Tax (PST) or the federal Goods and Services Tax, will continue to be exempt from both taxes once they are combined under the HST.
The same is not true for newly constructed homes, which will be hit with additional tax under the HST. Newly constructed housing has always been subject to the GST, meaning thousands of dollars of tax for home buyers choosing this option. Now, with the HST, new housing will also be subject to PST, meaning thousands of dollars in added costs for home buyers of new housing.
There is a silver lining for new housing: the provincial government provides a rebate of 75 per cent of the PST on the first $400,000 of a newly constructed home, or a maximum of $24,000. For example, someone purchasing a new home priced at $500,000 would face $40,000 in additional tax from the provincial portion of the HST, which would be reduced to $16,000 with the rebate. Obviously, the rebate softens the blow, but an extra $16,000 of tax for a newly constructed home is nothing to laugh at.
Fortunately, home buyers choosing to purchase a re-sale home don’t have to worry about paying HST on the price of their home. That’s money that they can keep in their pocket, or use to keep their mortgage costs down.
There is also encouraging news when it comes to real estate for businesses. Although the costs of purchasing or renting a commercial property are subject to HST, businesses are allowed to claim tax credits to offset these costs. Even better, when purchasing a commercial property, the business can claim the tax credits immediately so that no upfront costs are incurred for the HST, and cash flow is not impacted.
It won’t be long before the HST is a reality in Ontario and taxes on a long list of goods and services will increase. Although it would be nice if HST didn’t apply to any real estate transactions, luckily, there is some encouraging news, especially for homebuyers of resale housing, who won’t see the purchase price of their home increase due to HST, and businesses buying or renting commercial properties, who will be able to offset their HST costs.
Thursday, July 8, 2010
Market More Balanced In June!
Market Watch June 2010
Greater Toronto Realtors reported 8,442 sales through the 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 percent 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 TREB President Bill Johnson. "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 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-agressive offers. This has resulted in les 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 single digits."
Greater Toronto Realtors reported 8,442 sales through the 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 percent 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 TREB President Bill Johnson. "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 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-agressive offers. This has resulted in les 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 single digits."
Thursday, June 17, 2010
GTA REALTORS Report Mid- Month Resale Housing Figures - June 2010
TORONTO JUNE 16, 2010 – Greater Toronto REALTORS reported 4,139 sales through the MLS during the first two weeks of June 2010.
This represented a 20 percent decrease compared to the 5,185 sales recorded during the same period in 2009. New listings increased by 21 per cent annually to 7,985.
“The pace of existing home sales in the GTA has slowed to more normal levels following a record-setting start to 2010,” said Toronto Real Estate Board President Tom Lebour.
“Due to higher mortgage carrying costs, sales in the second half of 2010 will not be as high as what was experienced during the last six months of 2009.”
The average price for June mid-month transactions was $437,039 – up seven per cent compared to the average of $407,716 recorded during the first 14 days of June 2009.
“The seller’s market conditions experienced during the first few months of the year have given way to more balanced conditions. Home buyers are experiencing more choice,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “With more choice in the market place, price growth is starting to slow down.”
This represented a 20 percent decrease compared to the 5,185 sales recorded during the same period in 2009. New listings increased by 21 per cent annually to 7,985.
“The pace of existing home sales in the GTA has slowed to more normal levels following a record-setting start to 2010,” said Toronto Real Estate Board President Tom Lebour.
“Due to higher mortgage carrying costs, sales in the second half of 2010 will not be as high as what was experienced during the last six months of 2009.”
The average price for June mid-month transactions was $437,039 – up seven per cent compared to the average of $407,716 recorded during the first 14 days of June 2009.
“The seller’s market conditions experienced during the first few months of the year have given way to more balanced conditions. Home buyers are experiencing more choice,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “With more choice in the market place, price growth is starting to slow down.”
Tuesday, June 8, 2010
Today's Most Desirable Home Features
Housing trends and styles are changing constantly. Today, more than ever, buyers have a strong sense of what they want in a home.
Today’s desirable home features depend greatly on the type of buyer. Buyers can be divided into two main groups. The first group are first-time buyers which is pretty self-explanatory. The second group are the move up buyers, which are looking to move into a home that addresses the shortcomings of their existing home. They aren't necessarily second-time buyers but they are often people that have out grown their current home. Buyer age is also a main factor in deciding the desired home features.
This article focuses on what is hot in the housing market today. Whether you are planning on renovating, selling, or you are looking for a new home, this information will help you make choices that will contribute to both your real estate enjoyment and investment.
Home Exterior Today, stone and stucco are very popular choices. Brick is the standard material used with mass builders, but the more customized and trendy home builders are using stone and stucco on a more frequent basis.
Floor Layout Bungalows are hot nowadays. Excessive floor level changes are no longer popular as people desire to live on one or two levels.
Room Sizes Room sizes have been gradually increasing for a number of years. Buyers tend to place the most importance on three key rooms: the kitchen, family room and master bedroom. You can expect to see these three rooms continue to increase in size over the next 10 years while rooms such as the living and dining room are likely to get smaller or disappear altogether. Many new homes scrap the living room and instead incorporate that space into the family room or the 'Great' room.
Buyers still, ideally, desire four bedrooms in their home and would like, if possible, two living areas. One of the living areas can be the recreation room in the lower level (basement).
A master bedroom on the main floor is ranked very important for buyers 65 and older. A two-car garage with ample storage area and a main floor laundry area is desirable for move-up buyers.
Kitchen and Bathrooms The kitchen is becoming the hub of the house. The most desired features for the kitchen include: an abundance of counter space, a butler’s pantry, deep drawers and two sinks. Stainless steel appliances are also very popular today, and in the upper end market, appliances concealed as cabinetry are very chic.
Large kitchens with an island and counter tops made of granite or marble are very desirable for move up buyers. However, this must be matched with stylish kitchen cabinets.
Luxurious bathrooms with a separate tub and multiple shower heads; pedestal sinks and large mirrors; an overall spa like feeling; attached dressing rooms and a place to sit are all desirable features. Master suite soaker tubs and whirlpools are still desirable for many home buyers, but not as important as other features.
Energy Efficiency With the green movement becoming more popular, energy efficient appliances, high-efficiency insulation, eco-friendly treatments, and environmentally smart building plans are among the "green" features touted in homes.
Tech-readiness Satellite and internet wired along with multiple phone jacks are what people want in today’s technology world. With today’s busy lifestyles relaying heavily on technology, even a day or two without high speed internet could be a major inconvenience.
Home Office Today, many people would much rather have home office space than a formal dining room. Many employers are seeing the business advantages of allowing employees to work from home. As well, many people are using work from home opportunities to help supplement income because of work shortage or as an opportunity to make money online.
Outdoor Living Space The popularity of outdoor spaces continues to grow. Patios, deck, exterior lights, fenced yard and fire pit extend the outdoor living space at home and make a great extra feature.
Other Notables Some other notable features that home buyers consider very important when buying a home include central air conditioning, recessed lighting, hardwood flooring, energy efficiency and the potential to turn a profit should they decide to sell their home in the near future.
Today’s buyers are looking for a little luxury and features and treatments that are the highest quality their price range will permit.
Today’s desirable home features depend greatly on the type of buyer. Buyers can be divided into two main groups. The first group are first-time buyers which is pretty self-explanatory. The second group are the move up buyers, which are looking to move into a home that addresses the shortcomings of their existing home. They aren't necessarily second-time buyers but they are often people that have out grown their current home. Buyer age is also a main factor in deciding the desired home features.
This article focuses on what is hot in the housing market today. Whether you are planning on renovating, selling, or you are looking for a new home, this information will help you make choices that will contribute to both your real estate enjoyment and investment.
Home Exterior Today, stone and stucco are very popular choices. Brick is the standard material used with mass builders, but the more customized and trendy home builders are using stone and stucco on a more frequent basis.
Floor Layout Bungalows are hot nowadays. Excessive floor level changes are no longer popular as people desire to live on one or two levels.
Room Sizes Room sizes have been gradually increasing for a number of years. Buyers tend to place the most importance on three key rooms: the kitchen, family room and master bedroom. You can expect to see these three rooms continue to increase in size over the next 10 years while rooms such as the living and dining room are likely to get smaller or disappear altogether. Many new homes scrap the living room and instead incorporate that space into the family room or the 'Great' room.
Buyers still, ideally, desire four bedrooms in their home and would like, if possible, two living areas. One of the living areas can be the recreation room in the lower level (basement).
A master bedroom on the main floor is ranked very important for buyers 65 and older. A two-car garage with ample storage area and a main floor laundry area is desirable for move-up buyers.
Kitchen and Bathrooms The kitchen is becoming the hub of the house. The most desired features for the kitchen include: an abundance of counter space, a butler’s pantry, deep drawers and two sinks. Stainless steel appliances are also very popular today, and in the upper end market, appliances concealed as cabinetry are very chic.
Large kitchens with an island and counter tops made of granite or marble are very desirable for move up buyers. However, this must be matched with stylish kitchen cabinets.
Luxurious bathrooms with a separate tub and multiple shower heads; pedestal sinks and large mirrors; an overall spa like feeling; attached dressing rooms and a place to sit are all desirable features. Master suite soaker tubs and whirlpools are still desirable for many home buyers, but not as important as other features.
Energy Efficiency With the green movement becoming more popular, energy efficient appliances, high-efficiency insulation, eco-friendly treatments, and environmentally smart building plans are among the "green" features touted in homes.
Tech-readiness Satellite and internet wired along with multiple phone jacks are what people want in today’s technology world. With today’s busy lifestyles relaying heavily on technology, even a day or two without high speed internet could be a major inconvenience.
Home Office Today, many people would much rather have home office space than a formal dining room. Many employers are seeing the business advantages of allowing employees to work from home. As well, many people are using work from home opportunities to help supplement income because of work shortage or as an opportunity to make money online.
Outdoor Living Space The popularity of outdoor spaces continues to grow. Patios, deck, exterior lights, fenced yard and fire pit extend the outdoor living space at home and make a great extra feature.
Other Notables Some other notable features that home buyers consider very important when buying a home include central air conditioning, recessed lighting, hardwood flooring, energy efficiency and the potential to turn a profit should they decide to sell their home in the near future.
Today’s buyers are looking for a little luxury and features and treatments that are the highest quality their price range will permit.
Thursday, June 3, 2010
GTA REALTORS Report Monthly Resale Housing Figures
Toronto, June 3, 2010-Greater Toronto Realtors reported 9,470 sales through the MLS System in May, representing a one percent dip from May 2009. In comparison to previous years, this was the third highest May sales result on record.
"The pace of transactions slowed in May following record-setting sales in February, March and April," said Tom Lebour, President TREB. "Buyers who otherwise would have been purchasing a home in May moved more quickly this year, likely to get ahead of mortgage rate hikes".
New listings were up 38% annually to 18,940. The average price for May transactions was $446,593 - up 13 % compared to the average of $395,609 recorded in May 2009.
"The gap between listings and sales has widened, which means there is more choice for buyers," said Jason Mercer, TREB's Senior Manager of Market Analysis. "The annual rate of price growth will slow in the second half of 2010, from the current double digit pace into the single digits."
"The pace of transactions slowed in May following record-setting sales in February, March and April," said Tom Lebour, President TREB. "Buyers who otherwise would have been purchasing a home in May moved more quickly this year, likely to get ahead of mortgage rate hikes".
New listings were up 38% annually to 18,940. The average price for May transactions was $446,593 - up 13 % compared to the average of $395,609 recorded in May 2009.
"The gap between listings and sales has widened, which means there is more choice for buyers," said Jason Mercer, TREB's Senior Manager of Market Analysis. "The annual rate of price growth will slow in the second half of 2010, from the current double digit pace into the single digits."
Summer Maintenance Recommendation from Adam Marzec- Certified Home Inspector
Monitor basement humidity and avoid relative humidity levels above 40 per cent. Use a dehumidifier to maintain safe relative humidity.
Clean or replace air conditioning filter, and wash or replace ventilation system filters if necessary.
Check basement pipes for condensation or dripping, and take corrective action, for example, reduce humidity and or insulate cold water pipes.
Check the basement floor drain to ensure the trap contains water. Refill with water if necessary.
If you have a plumbing fixture that is not used frequently, for example, a laundry tub or spare bathroom sink, tub or shower stall, run some water briefly to keep water in the trap.
Deep clean carpets and rugs.
Vacuum bathroom fan grille.
Disconnect the duct connected to the dryer and vacuum lint from duct, the areas surrounding your clothes dryer and your dryer’s vent hood outside.
Check security of all guardrails and handrails.
Check smooth functioning of all windows and lubricate as required.
Inspect window putty on outside of glass panes and replace if needed.
Lubricate door hinges and tighten screws as needed.
Lubricate garage door hardware and ensure it is operating properly.
Lubricate automatic garage door opener motor, chain, etc. and ensure that the auto-reverse mechanism is properly adjusted.
Check and replace damaged caulking and weather-stripping around windows and doorways, including the doorway between the garage and the house.
Inspect electrical service lines for secure attachment where they enter your house, and make sure there is no water leakage into the house along the electrical conduit.
Check exterior wood siding and trim for signs of deterioration; clean, replace or refinish as needed.
Check for and seal off any holes in exterior cladding that could be an entry point for small pests, such as bats and squirrels.
Remove any plants that contact, or roots that penetrate the siding or brick.
Climb up on your roof, or use binoculars, to check its general condition, and note any sagging that could indicate structural problems requiring further investigation from inside the attic. Note the condition of all shingles for possible repair or replacement, and examine all roof flashings, such as at chimney and roof joints, for any signs of cracking or leakage.
Sweep chimneys connected to any wood burning appliance or fireplace, and inspect them for end-of-season problems.
Check the chimney cap and the caulking between the cap and the chimney.
Repair driveway and walkways as needed.
Repair any damaged steps that present a safety problem.
Clean or replace air conditioning filter, and wash or replace ventilation system filters if necessary.
Check basement pipes for condensation or dripping, and take corrective action, for example, reduce humidity and or insulate cold water pipes.
Check the basement floor drain to ensure the trap contains water. Refill with water if necessary.
If you have a plumbing fixture that is not used frequently, for example, a laundry tub or spare bathroom sink, tub or shower stall, run some water briefly to keep water in the trap.
Deep clean carpets and rugs.
Vacuum bathroom fan grille.
Disconnect the duct connected to the dryer and vacuum lint from duct, the areas surrounding your clothes dryer and your dryer’s vent hood outside.
Check security of all guardrails and handrails.
Check smooth functioning of all windows and lubricate as required.
Inspect window putty on outside of glass panes and replace if needed.
Lubricate door hinges and tighten screws as needed.
Lubricate garage door hardware and ensure it is operating properly.
Lubricate automatic garage door opener motor, chain, etc. and ensure that the auto-reverse mechanism is properly adjusted.
Check and replace damaged caulking and weather-stripping around windows and doorways, including the doorway between the garage and the house.
Inspect electrical service lines for secure attachment where they enter your house, and make sure there is no water leakage into the house along the electrical conduit.
Check exterior wood siding and trim for signs of deterioration; clean, replace or refinish as needed.
Check for and seal off any holes in exterior cladding that could be an entry point for small pests, such as bats and squirrels.
Remove any plants that contact, or roots that penetrate the siding or brick.
Climb up on your roof, or use binoculars, to check its general condition, and note any sagging that could indicate structural problems requiring further investigation from inside the attic. Note the condition of all shingles for possible repair or replacement, and examine all roof flashings, such as at chimney and roof joints, for any signs of cracking or leakage.
Sweep chimneys connected to any wood burning appliance or fireplace, and inspect them for end-of-season problems.
Check the chimney cap and the caulking between the cap and the chimney.
Repair driveway and walkways as needed.
Repair any damaged steps that present a safety problem.
Wednesday, June 2, 2010
June1, 2010(Reuters) - The Bank of Canada raised its key interest rate on Tuesday, the first G7 industrialized economy to do so after the global recession, but said the European debt crisis made its next move highly unpredictable.
The rate hike, to 0.5 percent from 0.25 percent, is a response to two quarters of extraordinarily strong growth at home. But the bank cautioned investors against betting on an uninterrupted tightening campaign, due to the euro zone fiscal problems and an uneven global recovery.
"Given the considerable uncertainty surrounding the outlook, any further reduction of monetary stimulus would have to be weighed carefully against domestic and global economic developments," the central bank said in a statement.
The rate hike itself was widely expected. In a Reuters poll of 40 analysts, 32 had forecast a quarter-point rate hike.
"No surprise in the decision but the tone was slightly more dovish than we or the markets had anticipated," said Millan Mulraine, economics strategist at TD Securities.
"Of course we continue to mention our bias for them to raise rates at the next few meetings ... It certainly suggests to us that the bank is not positioning for 50 basis point increases, at least not in the near term, as the market at some point may have priced in," he said.
The lack of a clear message on further rate hikes caused the Canadian dollar to ease after the news to as low as C$1.0556 to the U.S. dollar, or 94.70 U.S. cents, from C$1.0498, or 95.26 earlier in the day. It later recovered to C$1.0490 to the greenback.
Yields on overnight index swaps, which trade based on expectations for the central bank's key policy rate, suggest there is a 67.7 percent chance of a 25 basis point hike at the next announcement on July 20.
"I think they did the right thing for a central bank and, given current market and global economic uncertainty, you don't want to show your full hand under these circumstances," said Derek Holt, an economist at Scotia Capital.
"But my own personal belief is we still have the need for a made-in-Canada set of monetary policy conditions and that justifies continued hikes," he said.
Several major commercial banks raised their prime lending rates on Tuesday to 2.50 percent, including Toronto-Dominion Bank, Royal Bank of Canada and Bank of Montreal.
All but one of Canada's 12 primary securities dealers, surveyed by Reuters on Tuesday, forecast the central bank would raise rates again on July 20. The same number predicted further hikes in September and October.
The Bank of Canada has broken ranks with the U.S. Federal Reserve in the past, but generally the two policy rates move in tandem. But the U.S. Federal Reserve continues to promise to hold its rate ultra low for an extended period, depending on economic conditions.
The European Central Bank, which has cut rates to 1.0 percent, is far from considering its exit strategy as it takes extraordinary steps to ease the debt crisis and prevent it from snuffing out a recovery on the continent.
Canada's profile of a commodities exporter is closer to that of Australia, which held rates steady on Tuesday but had already lifted borrowing costs six times in eight months.
Canada's economy fell into mild recession last year, but its banks emerged unscathed from the credit crisis and jobless rates did not soar as high as in the United States.
Consumer spending and a hot housing market have fueled a faster than expected recovery since then. The economy grew at a surprising 6.1 percent annual clip in the first quarter, and by 4.9 percent in the fourth quarter of 2009.
The bank said economic activity was broadly in line with its expectations, and inflation was also matching expectations. The new rate is still highly stimulative, it said.
It said the global recovery is "increasingly uneven," with emerging markets taking the lead while there is a "possibility of renewed weakness in Europe."
The debt crisis in Greece and some other European countries has so far had only a limited impact on Canada through lower commodity prices and tighter financing conditions.
But some countries will now have to cut spending quickly and that, combined with debt reduction by banks and households, could slow global growth.
That could hurt Canada's export-dependent economy.
"Recent tensions in Europe are likely to result in higher borrowing costs and more rapid tightening of fiscal policy in some countries -- an important downside risk identified in the April Monetary Policy Report," it said.
The central bank also said it will gradually reduce the amount left in its overnight settlement system for banks to the pre-crisis norm of C$25 million from C$3 billion.
It said it would make its standing purchase and resale agreement facility with primary dealers a permanent part of its monetary policy framework. The facility was introduced in April 2009 to help the bank manage the overnight market at record low rates.
The rate hike, to 0.5 percent from 0.25 percent, is a response to two quarters of extraordinarily strong growth at home. But the bank cautioned investors against betting on an uninterrupted tightening campaign, due to the euro zone fiscal problems and an uneven global recovery.
"Given the considerable uncertainty surrounding the outlook, any further reduction of monetary stimulus would have to be weighed carefully against domestic and global economic developments," the central bank said in a statement.
The rate hike itself was widely expected. In a Reuters poll of 40 analysts, 32 had forecast a quarter-point rate hike.
"No surprise in the decision but the tone was slightly more dovish than we or the markets had anticipated," said Millan Mulraine, economics strategist at TD Securities.
"Of course we continue to mention our bias for them to raise rates at the next few meetings ... It certainly suggests to us that the bank is not positioning for 50 basis point increases, at least not in the near term, as the market at some point may have priced in," he said.
The lack of a clear message on further rate hikes caused the Canadian dollar to ease after the news to as low as C$1.0556 to the U.S. dollar, or 94.70 U.S. cents, from C$1.0498, or 95.26 earlier in the day. It later recovered to C$1.0490 to the greenback.
Yields on overnight index swaps, which trade based on expectations for the central bank's key policy rate, suggest there is a 67.7 percent chance of a 25 basis point hike at the next announcement on July 20.
"I think they did the right thing for a central bank and, given current market and global economic uncertainty, you don't want to show your full hand under these circumstances," said Derek Holt, an economist at Scotia Capital.
"But my own personal belief is we still have the need for a made-in-Canada set of monetary policy conditions and that justifies continued hikes," he said.
Several major commercial banks raised their prime lending rates on Tuesday to 2.50 percent, including Toronto-Dominion Bank, Royal Bank of Canada and Bank of Montreal.
All but one of Canada's 12 primary securities dealers, surveyed by Reuters on Tuesday, forecast the central bank would raise rates again on July 20. The same number predicted further hikes in September and October.
The Bank of Canada has broken ranks with the U.S. Federal Reserve in the past, but generally the two policy rates move in tandem. But the U.S. Federal Reserve continues to promise to hold its rate ultra low for an extended period, depending on economic conditions.
The European Central Bank, which has cut rates to 1.0 percent, is far from considering its exit strategy as it takes extraordinary steps to ease the debt crisis and prevent it from snuffing out a recovery on the continent.
Canada's profile of a commodities exporter is closer to that of Australia, which held rates steady on Tuesday but had already lifted borrowing costs six times in eight months.
Canada's economy fell into mild recession last year, but its banks emerged unscathed from the credit crisis and jobless rates did not soar as high as in the United States.
Consumer spending and a hot housing market have fueled a faster than expected recovery since then. The economy grew at a surprising 6.1 percent annual clip in the first quarter, and by 4.9 percent in the fourth quarter of 2009.
The bank said economic activity was broadly in line with its expectations, and inflation was also matching expectations. The new rate is still highly stimulative, it said.
It said the global recovery is "increasingly uneven," with emerging markets taking the lead while there is a "possibility of renewed weakness in Europe."
The debt crisis in Greece and some other European countries has so far had only a limited impact on Canada through lower commodity prices and tighter financing conditions.
But some countries will now have to cut spending quickly and that, combined with debt reduction by banks and households, could slow global growth.
That could hurt Canada's export-dependent economy.
"Recent tensions in Europe are likely to result in higher borrowing costs and more rapid tightening of fiscal policy in some countries -- an important downside risk identified in the April Monetary Policy Report," it said.
The central bank also said it will gradually reduce the amount left in its overnight settlement system for banks to the pre-crisis norm of C$25 million from C$3 billion.
It said it would make its standing purchase and resale agreement facility with primary dealers a permanent part of its monetary policy framework. The facility was introduced in April 2009 to help the bank manage the overnight market at record low rates.
Wednesday, May 26, 2010
Today's Most Desirable Home Features
Canada Realty Newsletter May 2010-
Housing trends and styles are changing constantly. Today, more than ever, buyers have a strong sense of what they want in a home.
Today’s desirable home features depend greatly on the type of buyer. Buyers can be divided into two main groups. The first group are first-time buyers which is pretty self-explanatory. The second group are the move up buyers, which are looking to move into a home that addresses the shortcomings of their existing home. They aren't necessarily second-time buyers but they are often people that have out grown their current home. Buyer age is also a main factor in deciding the desired home features.
This article focuses on what is hot in the housing market today. Whether you are planning on renovating, selling, or you are looking for a new home, this information will help you make choices that will contribute to both your real estate enjoyment and investment.
Home Exterior Today, stone and stucco are very popular choices. Brick is the standard material used with mass builders, but the more customized and trendy home builders are using stone and stucco on a more frequent basis.
Floor Layout Bungalows are hot nowadays. Excessive floor level changes are no longer popular as people desire to live on one or two levels.
Room Sizes Room sizes have been gradually increasing for a number of years. Buyers tend to place the most importance on three key rooms: the kitchen, family room and master bedroom. You can expect to see these three rooms continue to increase in size over the next 10 years while rooms such as the living and dining room are likely to get smaller or disappear altogether. Many new homes scrap the living room and instead incorporate that space into the family room or the 'Great' room.
Buyers still, ideally, desire four bedrooms in their home and would like, if possible, two living areas. One of the living areas can be the recreation room in the lower level (basement).
A master bedroom on the main floor is ranked very important for buyers 65 and older. A two-car garage with ample storage area and a main floor laundry area is desirable for move-up buyers.
Kitchen and Bathrooms The kitchen is becoming the hub of the house. The most desired features for the kitchen include: an abundance of counter space, a butler’s pantry, deep drawers and two sinks. Stainless steel appliances are also very popular today, and in the upper end market, appliances concealed as cabinetry are very chic.
Large kitchens with an island and counter tops made of granite or marble are very desirable for move up buyers. However, this must be matched with stylish kitchen cabinets.
Luxurious bathrooms with a separate tub and multiple shower heads; pedestal sinks and large mirrors; an overall spa like feeling; attached dressing rooms and a place to sit are all desirable features. Master suite soaker tubs and whirlpools are still desirable for many home buyers, but not as important as other features.
Energy Efficiency With the green movement becoming more popular, energy efficient appliances, high-efficiency insulation, eco-friendly treatments, and environmentally smart building plans are among the "green" features touted in homes.
Tech-readiness Satellite and internet wired along with multiple phone jacks are what people want in today’s technology world. With today’s busy lifestyles relaying heavily on technology, even a day or two without high speed internet could be a major inconvenience.
Home Office Today, many people would much rather have home office space than a formal dining room. Many employers are seeing the business advantages of allowing employees to work from home. As well, many people are using work from home opportunities to help supplement income because of work shortage or as an opportunity to make money online.
Outdoor Living Space The popularity of outdoor spaces continues to grow. Patios, deck, exterior lights, fenced yard and fire pit extend the outdoor living space at home and make a great extra feature.
Other Notables Some other notable features that home buyers consider very important when buying a home include central air conditioning, recessed lighting, hardwood flooring, energy efficiency and the potential to turn a profit should they decide to sell their home in the near future.
Today’s buyers are looking for a little luxury and features and treatments that are the highest quality their price range will permit.
Housing trends and styles are changing constantly. Today, more than ever, buyers have a strong sense of what they want in a home.
Today’s desirable home features depend greatly on the type of buyer. Buyers can be divided into two main groups. The first group are first-time buyers which is pretty self-explanatory. The second group are the move up buyers, which are looking to move into a home that addresses the shortcomings of their existing home. They aren't necessarily second-time buyers but they are often people that have out grown their current home. Buyer age is also a main factor in deciding the desired home features.
This article focuses on what is hot in the housing market today. Whether you are planning on renovating, selling, or you are looking for a new home, this information will help you make choices that will contribute to both your real estate enjoyment and investment.
Home Exterior Today, stone and stucco are very popular choices. Brick is the standard material used with mass builders, but the more customized and trendy home builders are using stone and stucco on a more frequent basis.
Floor Layout Bungalows are hot nowadays. Excessive floor level changes are no longer popular as people desire to live on one or two levels.
Room Sizes Room sizes have been gradually increasing for a number of years. Buyers tend to place the most importance on three key rooms: the kitchen, family room and master bedroom. You can expect to see these three rooms continue to increase in size over the next 10 years while rooms such as the living and dining room are likely to get smaller or disappear altogether. Many new homes scrap the living room and instead incorporate that space into the family room or the 'Great' room.
Buyers still, ideally, desire four bedrooms in their home and would like, if possible, two living areas. One of the living areas can be the recreation room in the lower level (basement).
A master bedroom on the main floor is ranked very important for buyers 65 and older. A two-car garage with ample storage area and a main floor laundry area is desirable for move-up buyers.
Kitchen and Bathrooms The kitchen is becoming the hub of the house. The most desired features for the kitchen include: an abundance of counter space, a butler’s pantry, deep drawers and two sinks. Stainless steel appliances are also very popular today, and in the upper end market, appliances concealed as cabinetry are very chic.
Large kitchens with an island and counter tops made of granite or marble are very desirable for move up buyers. However, this must be matched with stylish kitchen cabinets.
Luxurious bathrooms with a separate tub and multiple shower heads; pedestal sinks and large mirrors; an overall spa like feeling; attached dressing rooms and a place to sit are all desirable features. Master suite soaker tubs and whirlpools are still desirable for many home buyers, but not as important as other features.
Energy Efficiency With the green movement becoming more popular, energy efficient appliances, high-efficiency insulation, eco-friendly treatments, and environmentally smart building plans are among the "green" features touted in homes.
Tech-readiness Satellite and internet wired along with multiple phone jacks are what people want in today’s technology world. With today’s busy lifestyles relaying heavily on technology, even a day or two without high speed internet could be a major inconvenience.
Home Office Today, many people would much rather have home office space than a formal dining room. Many employers are seeing the business advantages of allowing employees to work from home. As well, many people are using work from home opportunities to help supplement income because of work shortage or as an opportunity to make money online.
Outdoor Living Space The popularity of outdoor spaces continues to grow. Patios, deck, exterior lights, fenced yard and fire pit extend the outdoor living space at home and make a great extra feature.
Other Notables Some other notable features that home buyers consider very important when buying a home include central air conditioning, recessed lighting, hardwood flooring, energy efficiency and the potential to turn a profit should they decide to sell their home in the near future.
Today’s buyers are looking for a little luxury and features and treatments that are the highest quality their price range will permit.
Thursday, May 20, 2010
GTA REALTORS Report Mid-Month Resale Housing Figures
TORONTO, May 19, 2010 - Greater Toronto REALTORS reported 4,887 sales through the Multiple Listing Service (MLS) during the first two weeks of May.
This represented a 7% increase compared to the 4,561 sales recorded during the same period in 2009. New listings increased by 48% annually to 10,059.
"The average household looking to purchase a home continued to benefit from affordable opportunities in the first half of May," said TREB President Tom Lebour.
"The number of done deals will remain high for the remainder of 2010, but will dip from record levels".
The average price for May mid-month transactions was $448,641 - up 12 % compared to the average of $399,811 recorded during the first 14 days of May 2009.
"The total number of homes currently listed in the GTA is now within a more normal range. As buyers benefit from more choice in the second half of 2010, average selling prices will grow at a slower pace," said Jason Mercer, TREB's Senior Manager of Market Analysis.
This represented a 7% increase compared to the 4,561 sales recorded during the same period in 2009. New listings increased by 48% annually to 10,059.
"The average household looking to purchase a home continued to benefit from affordable opportunities in the first half of May," said TREB President Tom Lebour.
"The number of done deals will remain high for the remainder of 2010, but will dip from record levels".
The average price for May mid-month transactions was $448,641 - up 12 % compared to the average of $399,811 recorded during the first 14 days of May 2009.
"The total number of homes currently listed in the GTA is now within a more normal range. As buyers benefit from more choice in the second half of 2010, average selling prices will grow at a slower pace," said Jason Mercer, TREB's Senior Manager of Market Analysis.
Monday, May 17, 2010
Helpful Hints**How To Clean An Oven
Get rid of the grime and baked-on food inside of your oven. Learn a quick and easy way to get your oven sparkling clean.
Watch How to Clean an Oven
http://video.about.com/?bcpid=42795866001&bclid=0&bctid=1711770751
Watch How to Clean an Oven
http://video.about.com/?bcpid=42795866001&bclid=0&bctid=1711770751
Halpful Hints**How To Clean A Ceiling Fan
Do you have a dirty ceiling fan? This video demonstrates different ways to clean it safely and effectively.
Watch How To Clean A Ceiling Fan
http://video.about.com/?bcpid=42795866001&bclid=0&bctid=1711720349
Watch How To Clean A Ceiling Fan
http://video.about.com/?bcpid=42795866001&bclid=0&bctid=1711720349
Helpful Hints**Cleaning Your Microwave
Tired of scraping and scrubbing to get rid of food build-up in your microwave? This easy method will save you time and effort.
Watch No-Fuss Microwave Cleaning
http://video.about.com/?bcpid=42795866001&bclid=0&bctid=1711719605
Watch No-Fuss Microwave Cleaning
http://video.about.com/?bcpid=42795866001&bclid=0&bctid=1711719605
Thursday, May 6, 2010
GTA REALTORS® Report Monthly Resale Housing Figures
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 % 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 TREB 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 % compared to the average of $385,641 recorded in April 2009.
"Home sales will 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 current record pace as borrowing costs rise."
"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 TREB 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 % compared to the average of $385,641 recorded in April 2009.
"Home sales will 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 current record pace as borrowing costs rise."
Tuesday, April 27, 2010
Greater Toronto REALTORS® Report Mid-April Resale Market Figures
TORONTO-April 16, 2010--Greater Toronto REALTORS reported 4,601 sales through the Multiple Listing Service (MLS) during the first two weeks of April.
This represented a 25 percent increase compared to the 3,681 sales recorded during the same period in 2009. New listings increased by 48 per cent annually to 9,512.
"The fact that annual growth in new listings outstriped growth by listing their homes in greater numbers. They are confident they will receive offers in line with their asking price."
The average price for April mid-month transactions was $430,271 - up 12 percent compared to the average of $383,361 recorded during the first 14 days of April 2009.
"The average annual rate of price increase has declined and we are shortly going to see a return to sustainable single-digit rates of growth," said Jason Mercer, TREB's Senior Manager of Market Analysis.
"As Home Buyers experience more choice in the marketplace, there will be less upward pressure on the average selling price in the GTA."
This represented a 25 percent increase compared to the 3,681 sales recorded during the same period in 2009. New listings increased by 48 per cent annually to 9,512.
"The fact that annual growth in new listings outstriped growth by listing their homes in greater numbers. They are confident they will receive offers in line with their asking price."
The average price for April mid-month transactions was $430,271 - up 12 percent compared to the average of $383,361 recorded during the first 14 days of April 2009.
"The average annual rate of price increase has declined and we are shortly going to see a return to sustainable single-digit rates of growth," said Jason Mercer, TREB's Senior Manager of Market Analysis.
"As Home Buyers experience more choice in the marketplace, there will be less upward pressure on the average selling price in the GTA."
Monday, April 26, 2010
Many Ways to Cut Energy Costs
April 16, 2010 -- Toronto Star--Tom Lebour,President of the Toronto Real Estate Board.
If there is one thing on which all homeowners can agree, it’s that there’s always something to do around the house.If during these remaining weeks of winter you’re developing a list of improvements to get underway this spring, be sure to include energy efficiency enhancements, which contribute to your home’s overall value while also reducing your energy costs.If you have an older home, renovations such as new windows, extra insulation or an Energy Star rated furnace can sizably diminish your energy costs. You can even qualify for government rebates to help you through the process.There are a number of minor changes you can also undertake to make a big difference to your monthly energy bills. It’s estimated for example, that you can save two per cent on your heating bill for every degree that you lower your thermostat. Replacing your old thermostat with an Energy Star programmable unit that automatically adjusts while you’re asleep or away is therefore, well worth the cost. Consider that adding a little caulking and weather stripping around doors and windows can also have a positive cumulative effect. If you have a traditional fireplace be sure to close the damper or preferably, have a natural gas insert installed so that warm air isn’t needlessly drawn out of your home.Even your approach to landscaping can affect your heating and cooling bills. Situate deciduous trees on the south and west sides of your property to offer shade in summer and coniferous trees on the north and east perimeter to provide a wind barrier in winter. Similarly, consider opening window coverings to allow the sun to warm a room and close them at night to help insulate it.Simple swaps like CFL bulbs or low flow showerheads and toilets will also contribute to your home’s energy efficiency and often come with added money saving rebates. A tankless water heater can save you up to $100 year as well, by only providing the hot water that is needed rather than maintaining it in a cylinder.Where electronics are concerned, shut off energy usage completely by unplugging them and with respect to appliances, replace them where possible with Energy Star rated units. Refrigerators for example, comprise 11 per cent of a home’s energy consumption and today’s units use 50 per cent less energy than those made 10 years ago.Look for self-cleaning ovens because their added insulation means greater efficiency. Use a microwave or toaster oven for smaller meals. Choose front-loading washers, which use 40 per cent less water and 50 per cent less energy than top loading models. Select a dryer with a sensor that automatically turns the machine off when clothes are dry. Most importantly, keep all of your appliances clean and fully loaded for maximum efficiency.Contributing to a better tomorrow doesn’t have to require a large investment. To learn about features that are in demand in today’s housing market, talk to a Greater Toronto REALTOR® and visit www.TorontoRealEstateBoard.com for full details on government programs that are available to help your home function at its best.
Or...Call me, I would be happy to help....
If there is one thing on which all homeowners can agree, it’s that there’s always something to do around the house.If during these remaining weeks of winter you’re developing a list of improvements to get underway this spring, be sure to include energy efficiency enhancements, which contribute to your home’s overall value while also reducing your energy costs.If you have an older home, renovations such as new windows, extra insulation or an Energy Star rated furnace can sizably diminish your energy costs. You can even qualify for government rebates to help you through the process.There are a number of minor changes you can also undertake to make a big difference to your monthly energy bills. It’s estimated for example, that you can save two per cent on your heating bill for every degree that you lower your thermostat. Replacing your old thermostat with an Energy Star programmable unit that automatically adjusts while you’re asleep or away is therefore, well worth the cost. Consider that adding a little caulking and weather stripping around doors and windows can also have a positive cumulative effect. If you have a traditional fireplace be sure to close the damper or preferably, have a natural gas insert installed so that warm air isn’t needlessly drawn out of your home.Even your approach to landscaping can affect your heating and cooling bills. Situate deciduous trees on the south and west sides of your property to offer shade in summer and coniferous trees on the north and east perimeter to provide a wind barrier in winter. Similarly, consider opening window coverings to allow the sun to warm a room and close them at night to help insulate it.Simple swaps like CFL bulbs or low flow showerheads and toilets will also contribute to your home’s energy efficiency and often come with added money saving rebates. A tankless water heater can save you up to $100 year as well, by only providing the hot water that is needed rather than maintaining it in a cylinder.Where electronics are concerned, shut off energy usage completely by unplugging them and with respect to appliances, replace them where possible with Energy Star rated units. Refrigerators for example, comprise 11 per cent of a home’s energy consumption and today’s units use 50 per cent less energy than those made 10 years ago.Look for self-cleaning ovens because their added insulation means greater efficiency. Use a microwave or toaster oven for smaller meals. Choose front-loading washers, which use 40 per cent less water and 50 per cent less energy than top loading models. Select a dryer with a sensor that automatically turns the machine off when clothes are dry. Most importantly, keep all of your appliances clean and fully loaded for maximum efficiency.Contributing to a better tomorrow doesn’t have to require a large investment. To learn about features that are in demand in today’s housing market, talk to a Greater Toronto REALTOR® and visit www.TorontoRealEstateBoard.com for full details on government programs that are available to help your home function at its best.
Or...Call me, I would be happy to help....
Thursday, April 8, 2010
MLS-Rental Market Report
Toronto Real Estate Board-
"From September through December 2009, TREB Members reported 3,859 lease transactions for condo apartments and Townhouses through the Multiple Listing Service (MLS) - Up 12 percent from the 3,433 recorded during the same time in 2008. Condo Apartment transactions, which account for over 90 % of the total, were also up 12 %.
The weighted average rent across all apartment types and all TREB districts for the last four months of 2009 was $1,667 - in line with the 2008 weighted average of $1,672. This reflected the fact that average rents for the two most popular apartment categories moved in opposite directions, with one percent decrease for one bedroom apstments and one percent increase for two bedroom apartments. At district level, rent changes were quite mixed, in some cases changing at rates above or below the GTA average."
For a complete report, email me at jawalker@trebnet.com. I would be happy to send it off to you.
"From September through December 2009, TREB Members reported 3,859 lease transactions for condo apartments and Townhouses through the Multiple Listing Service (MLS) - Up 12 percent from the 3,433 recorded during the same time in 2008. Condo Apartment transactions, which account for over 90 % of the total, were also up 12 %.
The weighted average rent across all apartment types and all TREB districts for the last four months of 2009 was $1,667 - in line with the 2008 weighted average of $1,672. This reflected the fact that average rents for the two most popular apartment categories moved in opposite directions, with one percent decrease for one bedroom apstments and one percent increase for two bedroom apartments. At district level, rent changes were quite mixed, in some cases changing at rates above or below the GTA average."
For a complete report, email me at jawalker@trebnet.com. I would be happy to send it off to you.
Greater Toronto REALTORS® Report March Resale Market Figures
TORONTO, ONTARIO--(Marketwire - April 6, 2010) - Greater Toronto REALTORS® reported 10,430 sales through the Multiple Listing Service® (MLS®) in March, pushing total first quarter 2010 sales to 22,418 – the best result on record under the current Toronto Real Estate Board (TREB) boundaries. The average price for March transactions was $434,696. The average price for the first quarter was $427,948.
"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 2008.
"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."
"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 2008.
"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."
Information Regarding Energy Retrofit Program
April 5, 2010 -- Be aware of recent changes to the ecoEnergy Retrofit Program. Effective March 31, 2010, the Government of Canada ecoENERGY Retrofit – Homes program is no longer accepting bookings for pre-retrofit evaluations. The program will continue to be administered until March 31, 2011. If you have already booked an appointment for a pre-retrofit evaluation, have completed an evaluation or applied for re-entry to the program, you remain eligible to apply for a grant. Please check the Natural Resources Canada website for complete details. http://oee.nrcan-rncan.gc.ca/residential/personal/grants.cfm?attr=0
Homeowners in Ontario may still qualify for grants of up to $5,000 for energy retrofits through the provincial program. Details on the Government of Ontario Home Energy Retrofit Program can be found at http://www.mei.gov.on.ca/en/energy/conservation/homeenergyon/?page=homeenergy-retrofit
Homeowners in Ontario may still qualify for grants of up to $5,000 for energy retrofits through the provincial program. Details on the Government of Ontario Home Energy Retrofit Program can be found at http://www.mei.gov.on.ca/en/energy/conservation/homeenergyon/?page=homeenergy-retrofit
Tuesday, April 6, 2010
It Pays to Renovate Before You Sell
April 2, 2010 --Tom Lebour, President of the Toronto Real Estate Board...SUN Column.
If you’re preparing to get in on the Greater Toronto Area’s spring housing market by undertaking a number of improvement projects to your home, you’re in good company.According to Canada Mortgage and Housing Corporation, close to $21.3 billion was spent in our country’s 10 major centres on renovations in 2008, an increase of more than $1.6 billion compared to 2007. The majority of those surveyed, 55 percent, indicated renovations were undertaken in preparation for a sale, to update or add value to their homes. Another 33 per cent of respondents pointed to a need for repairs as their primary motivation for improvements.Whether you’re planning a renovation in preparation for a sale, because your house is in need of repairs or simply for esthetics, it’s wise to plan carefully to achieve the best return on investment. Most of us know that kitchens, bathrooms and a fresh coat of paint inside and out, offer the best return on investment. According to the Appraisal Institute of Canada, you can expect to get back 75 to 100 per cent of what you put into kitchens and bathrooms. Painting will return 50 to 100 per cent of your investment. Not surprisingly, these four types of projects are the most popular among homeowners.Upgrading your flooring and finishing your basement are renovation options that can yield up to a 75 per cent return on investment. Particularly with respect to the latter though, it’s important to consider the preferences of future buyers. A finished basement might not be as desirable in a seniors’ community for example, as in a neighbourhood of starter homes.Perhaps the most sensible renovations you can undertake are those that boost your home’s energy efficiency. They have become more desirable to homebuyers, they qualify for a number of government rebates and they help you save money on heating and utility costs right up to the time you sell your home. These types of improvements, which include replacing your furnace or air conditioner, installing new windows and doors, and adding a new roof, can provide a return on investment of up to 75 per cent. Jason can provide you with details on the many available government programs that offer significant rebates. Before you undertake any renovation though, be sure to seek the advice of Jason Walker, Sales Representative, who can offer advice on features that are in demand in today’s housing market, and an objective perspective on improvements most beneficial to your home
If you’re preparing to get in on the Greater Toronto Area’s spring housing market by undertaking a number of improvement projects to your home, you’re in good company.According to Canada Mortgage and Housing Corporation, close to $21.3 billion was spent in our country’s 10 major centres on renovations in 2008, an increase of more than $1.6 billion compared to 2007. The majority of those surveyed, 55 percent, indicated renovations were undertaken in preparation for a sale, to update or add value to their homes. Another 33 per cent of respondents pointed to a need for repairs as their primary motivation for improvements.Whether you’re planning a renovation in preparation for a sale, because your house is in need of repairs or simply for esthetics, it’s wise to plan carefully to achieve the best return on investment. Most of us know that kitchens, bathrooms and a fresh coat of paint inside and out, offer the best return on investment. According to the Appraisal Institute of Canada, you can expect to get back 75 to 100 per cent of what you put into kitchens and bathrooms. Painting will return 50 to 100 per cent of your investment. Not surprisingly, these four types of projects are the most popular among homeowners.Upgrading your flooring and finishing your basement are renovation options that can yield up to a 75 per cent return on investment. Particularly with respect to the latter though, it’s important to consider the preferences of future buyers. A finished basement might not be as desirable in a seniors’ community for example, as in a neighbourhood of starter homes.Perhaps the most sensible renovations you can undertake are those that boost your home’s energy efficiency. They have become more desirable to homebuyers, they qualify for a number of government rebates and they help you save money on heating and utility costs right up to the time you sell your home. These types of improvements, which include replacing your furnace or air conditioner, installing new windows and doors, and adding a new roof, can provide a return on investment of up to 75 per cent. Jason can provide you with details on the many available government programs that offer significant rebates. Before you undertake any renovation though, be sure to seek the advice of Jason Walker, Sales Representative, who can offer advice on features that are in demand in today’s housing market, and an objective perspective on improvements most beneficial to your home
Thursday, April 1, 2010
Spring Home Maintenance Checklist!
The weather is getting warmer, and now is the time for spring home maintenance and repairs; below are some tips to help you prepare for the warmer weather.
- Turn on hose bibs. Before you turn on your hose bibs, inspect pipes between the hose bib and shut-off valve for signs of frost damage or splits in the pipes. Also check for separated joints. Once you've checked that everything is in good shape, make sure your outside hose bib is turned off, and turn on the shut-off valve inside your home. Your outside hose bib is now ready for use.
- Inspect your roof. Visually inspect your roof. Extensive damage can be caused when shingles become loose or fall off completely. Look for signs of age such as curling, shrinking, or broken or missing shingles. In order to avoid costly leaks, repair or replace damaged or missing shingles.
- Inspect air conditioning system and change the filter. Now is the time to have your air conditioning system checked by a licensed HVAC mechanic. A yearly inspection by a professional is recommended.
- Inspect your deck. Winter weather can be harsh on wood, so look for loose nails and boards. Also, check for rotted boards that need to be fixed or replaced.
- Inspect window and door screens. Inspect screens for holes and tears. You can purchase a screen repair kit from your local hardware store. Remove storm doors (if removable) and inspect the caulking around the window frame.
- Clean fireplaces and wood stoves. Remove as many ashes as possible and close your chimney flue. Consult the owner's manual for your wood stove for proper spring cleaning.
- Inspect and clean gutters and downspouts. Ice that may have formed over the winter in gutters can cause them to pull away from the house as well as break seals in gutter joints and downspout connections. Loose or clogged gutters can allow rain to run over your fascia board, and collect near your foundation causing your basement to leak. Gutter cleaning and other roof maintenance generally require using an extension ladder which can present a potentially dangerous situation. If this is beyond your comfort zone be sure to contact a professional.
- Check drainage system. Inspect the perimeter of your home looking for signs of settling or voids that would allow rain to run down into your foundation. A properly sloped yard has a minimum of a 5 inch fall from the house to 5 feet out in the yard. This should be true on all sides of your home. This is a minimum condition, the greater the slope, the better your chances of maintaining a dry basement.
Spring Time Makeover!
10 things you can do to improve the odds that your home will stand out among the sea of new listings flooding the spring-time real estate market! by Arshad Khan, CHI, P. Eng.
1) Wash windows inside and out / polish all mirrors: Sparkle is free, and sparkle sells homes. A potential buyer may not realize why your home seems so inviting but will feel drawn to it if the windows are spotless and your mirrors reflect sunlight. Cleaning is the first step to preparing your home for sale.
2) Rake the yard / trim back bushes: Clean out dead leaves and debris in your lawn. Don't let overgrown vegetation block the windows or path to the entrance. Cutting bushes and tree limbs will let the sun inside and showcase the exterior of your home.
3) Mow diagonally and edge lawn along driveway / sidewalks: Artfully manicured lawns are edged and tell buyers you pay attention to small details. Diagonally mowed lawns make your yard appear larger.
4) Transplant tulips and daffodils or buy flowers in containers: Yellow flowers stimulate buying urges. After a long winter, everybody is anxious to see the first signs of spring. Yellow tulips and daffodils induce feelings of happiness and contentment. Arrange containers in groups of three or five near the entrance.
5) Clean drapes, curtains & blinds and open every window: Send your window coverings to the dry cleaners or wash, dry and press. Toss blinds into a soapy bathtub for a quick wash. Get rid of all accumulated dust and spider webs. Crisp linens and a spring-time breeze through the windows invites the season inside.
6) Set out fresh-smelling flowers such as just-clipped lilacs branches or peonies: Why not flatter your neighbors and ask if you can borrow flowers from their yards? Natural scents are more appealing than artificial and trigger fewer allergies among those susceptible. Peony vases are designed to hold peonies upright, but wash the flowers first to avoid carrying ants inside. Clever home staging brings color and fragrance indoors.
7) Polish floors to a high gloss: Your hardwood floors should be refinished, if necessary. Make your ceramic and linoleum floors twinkle and shine. Bleach dull grout. Thoroughly clean all area rugs.
8) Utilize towels, throws, pillows in light colors - yellows, pinks, pale blues, lavenders: Even if it means replacing items, towels, linens, throws and sofa pillows are inexpensive accents you can buy. In soft spring colors, they will light up a room. Layer towels on bathroom towel racks and place rolled wash cloths on the counters in a fashionable pyramid.
9) Offer an outside mat for cleaning shoes & put umbrella stand at entrance: No matter where you live, spring weather is often unpredictable. In some states, it can be 72 degrees one day and snowing the next. If it's raining, give buyers a place to stash umbrellas and wipe their feet before entering your home. Some sellers lay down plastic runners across floors for protection, but that tends to ruin the effect of a glittering polish job.
10) PURGE...PURGE...PURGE.
1) Wash windows inside and out / polish all mirrors: Sparkle is free, and sparkle sells homes. A potential buyer may not realize why your home seems so inviting but will feel drawn to it if the windows are spotless and your mirrors reflect sunlight. Cleaning is the first step to preparing your home for sale.
2) Rake the yard / trim back bushes: Clean out dead leaves and debris in your lawn. Don't let overgrown vegetation block the windows or path to the entrance. Cutting bushes and tree limbs will let the sun inside and showcase the exterior of your home.
3) Mow diagonally and edge lawn along driveway / sidewalks: Artfully manicured lawns are edged and tell buyers you pay attention to small details. Diagonally mowed lawns make your yard appear larger.
4) Transplant tulips and daffodils or buy flowers in containers: Yellow flowers stimulate buying urges. After a long winter, everybody is anxious to see the first signs of spring. Yellow tulips and daffodils induce feelings of happiness and contentment. Arrange containers in groups of three or five near the entrance.
5) Clean drapes, curtains & blinds and open every window: Send your window coverings to the dry cleaners or wash, dry and press. Toss blinds into a soapy bathtub for a quick wash. Get rid of all accumulated dust and spider webs. Crisp linens and a spring-time breeze through the windows invites the season inside.
6) Set out fresh-smelling flowers such as just-clipped lilacs branches or peonies: Why not flatter your neighbors and ask if you can borrow flowers from their yards? Natural scents are more appealing than artificial and trigger fewer allergies among those susceptible. Peony vases are designed to hold peonies upright, but wash the flowers first to avoid carrying ants inside. Clever home staging brings color and fragrance indoors.
7) Polish floors to a high gloss: Your hardwood floors should be refinished, if necessary. Make your ceramic and linoleum floors twinkle and shine. Bleach dull grout. Thoroughly clean all area rugs.
8) Utilize towels, throws, pillows in light colors - yellows, pinks, pale blues, lavenders: Even if it means replacing items, towels, linens, throws and sofa pillows are inexpensive accents you can buy. In soft spring colors, they will light up a room. Layer towels on bathroom towel racks and place rolled wash cloths on the counters in a fashionable pyramid.
9) Offer an outside mat for cleaning shoes & put umbrella stand at entrance: No matter where you live, spring weather is often unpredictable. In some states, it can be 72 degrees one day and snowing the next. If it's raining, give buyers a place to stash umbrellas and wipe their feet before entering your home. Some sellers lay down plastic runners across floors for protection, but that tends to ruin the effect of a glittering polish job.
10) PURGE...PURGE...PURGE.
Friday, March 26, 2010
Tips for Bathroom Renovations
- Built in Accessories: built-ins such as recessed soap dishes, medicine cabinets and even toilet roll holders can save space and streamline the look of the bathroom.
- Colour: To make a small bathroom look bigger, choose white-to-cream colour spectrum.
- Fixtures and Colour: Use white or cream coloured fixtures (i.e. toilet and bathtub)
- Dim Lighting for Mood: A dimmer switch can add mood to your bathroom
- Lighting: Enhance overhead lighting by adding Sconces around the mirror.
- Extra Pieces: If space permits, many home decorators recommend having one freestanding piece such as a decorative chair or cupboard as a design element. This "decorative" piece can serve a practical use as a place to store towels, soaps, or other small items.
- Hooks: Hooks are the easiest way to add "surface area" to a bathroom without actually adding real countertop surface area. Hooks can be used for everything from clothes to bathrobes to towels.
- Mirrors: Mirrors in bathrooms (not just above the sink) are a design element which expand the room visually and add light to the room.
- Accessorize: Candles, colour coordinated towels and bath mat, a new shower curtain and towel holders and faucets can transform a bathroom makeover.
- Declutter: Remove clutter from counters. Store in wicker baskets or install a shelf above the toilet.
Tuesday, March 23, 2010
Earth Hour March 27th 8:30 - 9:30pm
March 23, 2010 -- On March 27 the world will be celebrating Earth Hour by turning off the lights from 8:30 – 9:30pm local time. The Toronto Real Estate Board building will be dimmed during this time and the TREB Green Taskforce is encouraging EVERYONE to do the same. From its humble beginnings a few years ago, Earth Hour has grown into an event that is supported by millions of people worldwide. For more information on this initiative please visit http://wwf.ca/earthhour/
Wednesday, March 17, 2010
March MLS Mid-Month Report
TORONTO, ONTARIO -- 03/17/10 -- Greater Toronto REALTORS® reported 4,353 sales through the Multiple Listing Service® (MLS®) during the first two weeks of March.
This represented a 70 per cent increase compared to the 2,562 sales recorded during the same period in 2009 when resale transactions had dipped markedly due to the recession. The mid-month sales total was also 16 per cent higher than the previous March mid- month high reached in 2006.
"The spring-like weather in the first half of March brought the first green sprouts of the recurring spring market. Every year, monthly sales climb steadily through May," said Toronto Real Estate Board President Tom Lebour. "People are buying homes because they are confident in the current economic recovery and mortgage payments on the average priced home remain affordable."
The average price for March mid-month transactions was $440,153 - a 20 per cent increase over 2009. New listings within the Toronto Real Estate Board boundaries were up 34 per cent to 8,540.
"Look for double-digit annual price increases to cease later in 2010, as new listings rebound from the low levels experienced in 2009," said Jason Mercer, TREB's Senior Manager of Market Analysis. "Increased listings will give buyers more choice, resulting in less upward pressure on home prices."
This represented a 70 per cent increase compared to the 2,562 sales recorded during the same period in 2009 when resale transactions had dipped markedly due to the recession. The mid-month sales total was also 16 per cent higher than the previous March mid- month high reached in 2006.
"The spring-like weather in the first half of March brought the first green sprouts of the recurring spring market. Every year, monthly sales climb steadily through May," said Toronto Real Estate Board President Tom Lebour. "People are buying homes because they are confident in the current economic recovery and mortgage payments on the average priced home remain affordable."
The average price for March mid-month transactions was $440,153 - a 20 per cent increase over 2009. New listings within the Toronto Real Estate Board boundaries were up 34 per cent to 8,540.
"Look for double-digit annual price increases to cease later in 2010, as new listings rebound from the low levels experienced in 2009," said Jason Mercer, TREB's Senior Manager of Market Analysis. "Increased listings will give buyers more choice, resulting in less upward pressure on home prices."
Tuesday, March 16, 2010
Tuesday, March 9, 2010
Understanding Aluminum Wiring
Arshad Khan, Certified Home Inspector - Qualityspec Inc.
Understanding Aluminum Wiring.
Houses with aluminum wiring are generally safe and do not cause concern even on the insurance level. Most of the Insurance companies identified that your homes electrical panel is your main concern. If your home still has an older fuse type panel, it could be a major insurance, and safety risk. Fuse panels can be upgraded to breaker panels quite easily, and at a lower cost than rewiring an entire home. The main areas of concern with aluminum wiring are your homes connectors and receptacles. When aluminum wiring was first being installed, the same receptacles and connectors were used as for copper wire, but this does not work. The connections can become loose and overheat, possibly causing a fire. According to the mostly certified Licenced electricians that receptacles can be retied with copper tails, which is roughly a 1-2 day task to refit an entire home. This increases your homes safety and brings it up to today's code standards.
(Aluminum Wiring Panel box)
(There has been a fire in this junction box. Note the melted wire nut and tape and bottom right. This was a junction box where copper conductors have been connected to the original Aluminum branch circuit wiring in homes can be very hazardous and requires special connectors installed by specialized contractors)
Recommendations to address existing problems with aluminum wiring installations
Where an existing building has the older aluminum wire installed this does not mean that it has to be removed or disconnected. There are corrective actions that can take place to make sure that the installation is safe.A construction electrician with experience in older aluminum wire installations should inspect the entire electrical system and do any of the corrective work using one of the following methods.If the aluminum wire is terminated on devices (including breakers or fuse terminations in the panel) that are approved to accommodate aluminum wire (such as dual rated items marked as listed above and marked by CSA or equivalent as shown below) then all that needs to be done is for the electrician to possibly apply some anti oxident and tighten all the connections. The connections may be required to be tightened again. Continual maintenance may be required and therefore this is considered a temporary solution.If the aluminum wire is not terminated on properly approved connectors then one of two procedures can occur:First, all of the devices can be replaced with properly approved devices to accommodate aluminum wire. This could be costly and therefore is to be considered a last alternative.Second, is to have the electrician pig tail a small piece of copper wire to the aluminum wire and terminate the copper wire portion of the cable to the device. In order to pig tail the two different wires together you have to use an appropriate connector (dual rated) and it must be approved for use in Canada.
Tip: *Many insurers will not provide or renew insurance coverage on properties with Knob & Tube or Aluminum Wiring; however, there are quiet a few insurance companies, who provide the coverage on such homes. You just have to shop around. They would require the wiring to be inspected and repaired or replaced as necessary, and this work is inspected by ESA and a copy of the certificate of inspection is provided to the insurer.
Houses with aluminum wiring are generally safe and do not cause concern even on the insurance level. Most of the Insurance companies identified that your homes electrical panel is your main concern. If your home still has an older fuse type panel, it could be a major insurance, and safety risk. Fuse panels can be upgraded to breaker panels quite easily, and at a lower cost than rewiring an entire home. The main areas of concern with aluminum wiring are your homes connectors and receptacles. When aluminum wiring was first being installed, the same receptacles and connectors were used as for copper wire, but this does not work. The connections can become loose and overheat, possibly causing a fire. According to the mostly certified Licenced electricians that receptacles can be retied with copper tails, which is roughly a 1-2 day task to refit an entire home. This increases your homes safety and brings it up to today's code standards.
(Aluminum Wiring Panel box)
(There has been a fire in this junction box. Note the melted wire nut and tape and bottom right. This was a junction box where copper conductors have been connected to the original Aluminum branch circuit wiring in homes can be very hazardous and requires special connectors installed by specialized contractors)
Recommendations to address existing problems with aluminum wiring installations
Where an existing building has the older aluminum wire installed this does not mean that it has to be removed or disconnected. There are corrective actions that can take place to make sure that the installation is safe.A construction electrician with experience in older aluminum wire installations should inspect the entire electrical system and do any of the corrective work using one of the following methods.If the aluminum wire is terminated on devices (including breakers or fuse terminations in the panel) that are approved to accommodate aluminum wire (such as dual rated items marked as listed above and marked by CSA or equivalent as shown below) then all that needs to be done is for the electrician to possibly apply some anti oxident and tighten all the connections. The connections may be required to be tightened again. Continual maintenance may be required and therefore this is considered a temporary solution.If the aluminum wire is not terminated on properly approved connectors then one of two procedures can occur:First, all of the devices can be replaced with properly approved devices to accommodate aluminum wire. This could be costly and therefore is to be considered a last alternative.Second, is to have the electrician pig tail a small piece of copper wire to the aluminum wire and terminate the copper wire portion of the cable to the device. In order to pig tail the two different wires together you have to use an appropriate connector (dual rated) and it must be approved for use in Canada.
Tip: *Many insurers will not provide or renew insurance coverage on properties with Knob & Tube or Aluminum Wiring; however, there are quiet a few insurance companies, who provide the coverage on such homes. You just have to shop around. They would require the wiring to be inspected and repaired or replaced as necessary, and this work is inspected by ESA and a copy of the certificate of inspection is provided to the insurer.
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