April 14, 2012
Toronto Real Estate Market up 8% over March 2011-
Tight Market Drives Double-Digit Price Growth
Greater Toronto REALTORS® reported 9,690 sales through the TorontoMLS system in March 2012. This result was up by almost eight per cent in comparison to the 8,986 deals reported during the same period in 2011.
"The GTA resale market has not suffered from a lack of willing buyers this year. Buyers have been spurred on by the positive affordability picture brought about by low mortgage rates," said Toronto Real Estate Board President Richard Silver. "The challenge has been a lack of inventory. Many listings have attracted multiple interested buyers. Strong competition has led to annual rates of price growth well above the long-term average."
The average selling price in the GTA was $501,614 in March – up by 10 per cent in comparison to March 2011.
"The number of new listings was up last month in comparison to March 2011. However, based on the historic relationship between price and listings, the GTA resale market should be better supplied. If competition between buyers remains as strong as it is right now, we will almost certainly see an average selling price above $500,000 for 2012 as a whole," said Jason Mercer, TREB’s Senior Manager of Market Analysis.
March 14, 2012
Competition Bureau Threatens to Dismantle Privacy Safeguards of Home Sales -75% of Ontarians Opposed
Today, the Toronto Real Estate Board (TREB) released the results of an Angus Reid Vision Critical poll. The vast majority of Ontarians clearly expressed their opposition to abandoning the privacy safeguards of the current MLS® System.
When asked about the consequences of the Competition Bureau’s actions, Ontarians expressed concern:
• 75% of Ontarians believe that personal information such as name and final sale price should be kept confidential by REALTOR® professionals. Commissioner Aitken wants to release this information.
• 70% of homeowners do not want their personal contact information released to the public. Commissioner Aitken wants to release this information.
• 67% of Ontarians oppose any measure to make personal contact information such as name and address available to others who are not subject to a professional code of conduct. Commissioner Aitken wants to release this information.
"The results of this poll are overwhelming," said TREB President Richard Silver." TREB strongly believes that REALTORS® have an obligation to protect consumers’ personal information. That’s why TREB and REALTOR® Members are fighting for the privacy rights of consumers."
The Competition Bureau is taking action that would force TREB to abandon the safeguards in the MLS® System and make personal information publicly available on the Internet, threatening the privacy and safety of GTA consumers.
If the Competition Commissioner gets her way, consumers’ private information, which is currently protected on our secure MLS® System, would become freely available on the Internet, including:
• Seller’s name and address
• Property floor plans
• Sensitive Property access information
• Negotiated sale price
• Mortgage details
"Ontarians clearly oppose what Commissioner Aitken is trying to do. They’ve said they want their personal and private information kept confidential," said Von Palmer, Chief Government and Public Affairs Officer and Chief Privacy Officer for TREB.
If Commissioner Aitken gets her way, Ontarians won’t. Privacy matters. TREB is standing up for GTA consumers. Visit www.ProtectYourPrivacy.ca for more information.
Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 34,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada’s largest real estate board.
March 5, 2012
Toronto Sales up 16% over February 2011
March 5, 2012-- Greater Toronto REALTORS® reported 7,032 sales in February 2012 – up 16 per cent compared to February 2011. New listings were also up over the same period, but by a lesser 11 per cent to 12,684. It is important to note that 2012 is a leap year, with one more day in February. Over the first 28 days of February, sales and new listings were up by ten per cent and six per cent respectively.
“With slightly more than two months of inventory in the Toronto Real Estate Board (TREB) market area, on average, it is not surprising that competition between buyers has exerted very strong upward pressure on the average selling price. Price growth will continue to be very strong until the market becomes better supplied,” said Toronto Real Estate Board President Richard Silver.
“It is important to note that both buyers and sellers are aware of current market conditions. This is evidenced by the fact that homes sold, on average, for 99 per cent of the asking price in February,” continued Silver.
The average selling price in the TREB market area was $502,508 in February – up 11 per cent compared to February 2011. The Composite MLS® Home Price Index for TREB, which provides a less volatile measure of price growth compared to the average price, was up by 7.3 per cent compared February 2011.
“If tight market conditions continue to result in higher than expected price growth as we move into the spring, expectations for 2012 as a whole will have to be revised upwards,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “While price growth remains strong, the average selling price remains affordable from a mortgage lending perspective for a household earning the average income in the GTA.”
Feb 3, 2012
Housing Market in the GTA Fantastic – January
February 3, 2012 -- Greater Toronto REALTORS® reported 4,567 sales through the TorontoMLS® system in January 2012. This number was 8.8 per cent higher than the 4,199 sales reported in January 2011. Sales growth was strongest for low-rise home types in the regions surrounding the City of Toronto.
“A favourable affordability picture bolstered by very low posted fixed mortgage rates has kept home buyers confident in their ability to achieve the Canadian goal of home ownership,” said Toronto Real Estate Board President Richard Silver.
“The buyer pool remains diverse in the GTA with strong interest in home types across the pricing spectrum,” continued Silver.
The average selling price for January 2012 transactions was $463,534 – up by almost nine per cent compared to January 2011.
“Low inventory levels have kept competition between buyers strong, resulting in robust annual rates of price growth over the last year. Strong price growth is expected to attract more listings. A better supplied market should result in a slower rate of price growth, especially in the second half of 2012,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.
Toronto is a great palce to live in and invest in!!!!!
Feb 2012
SOLD 70 Shallmar Blvd. Toronto-in 6 days
Sold in 6 days with a bully offer.
This house set a new high in the Upper Forest Hill Village for an unrenovated house.
It was also a very difficult deal because it was an assignment with a March 15th closing. Assigment offers should be done with the lawyer's involved, otherwise it is too hard to make the Buyer and Seller understand what needs to be done in the wording of an offer. The negotiation started out as an assignment but ended with a regular offer of and Agreement of Purchase and Sale. Always best to use a "real estate " lawyer for this kind of deal.
February 2012
What is a "bully" offer
I wrote a blog on my SOLD 70 Shallmar Blvd and got a comment that she did not know what a bully offer is.
Simply put-it is an offer that comes in to the listing agent in advance of an offer acceptance date.
Toronto is a very HOT HOT HOT real estate market. There a very few listings on the MLS, but there are hungry buyers chomping at the bit for anything new that comes out. Consequently agents hold off on taking offers until a specified date. The listing will say "offers welcome on xyz date by such and such time. " Usually the request is to register the offer then fax it. More often than not listing agents to not have the Buyer's agent present in person.
If a buyer really wants the property they will put an offer in prior to the "offer acceptance date". This is called a “bully offer”. It is usually at full asking or over. The listing agent is not allowed to refuse the offer but must ask their Seller if they want to look at it/work with it? If the Seller wants to see it the LA will have it faxed in for the Seller to review. The Seller can either keep the offer and wait until the acceptance date arrives (if the expiration date and time are not the same date as it was faxed in) or they can work with the offer if they feel it is really good.
It is always a good idea for any agent who has a buyer that is ready to make an offer, proceed with the offer and register with the LA Brokerage. This way the LA must advise all agents who have registered an offer that other offers have been registered and how many offers there are. The LA and Seller might in fact look at all offers before the “offer acceptance date”. In this way the Buyer does not lose out in presenting.
Beware of Ontario Comsumers Home Services Inc-Bait and Switch Scam
I had a very interesting experience yesterday. Know that I am a very cautious person when it comes to answering my door to strangers.
Two men, with official looking tags rang the bell. My son answered through the window. He thought I should speak to these people because they seemed to be dealing with one of the services connected to our home.
I looked at their tags and felt that this was safe-it was-but in fact they were scammers. We have Enbridge gas as our supplier and Direct Energy for our hot water tank rental. (Ontario Consumers Home Services is an approved hot water tank supllier to Enbridge). No one really takes the two as separate because the bill comes in together-gas charge and rental so it is just Enbridge that we think of as our provider.
One of the men explained to me that I might be eligible for an upgrade to an energy efficient water heater at no extra charge to what I was already paying. Well that sounds great to me. He gave me a pamphlet. He asked if he could see me current water heater and he assess it that because I had it installed in January 2010 I was eligible to get a newer one, energy efficient at not extra cost. He said that the piping was good and no replacement was needed.
He took all the information from me, explained that the water heater rental agreement would be for 120 months, he specifically did not say 10 years-that would have sounded too long. He also said that if I sold the home it would transfer to the new owners. I told him that was not my problem and that they were not involved in the deal.
We agreed to have the new heater put in Saturday. He phoned it in to his dispatch and then handed the phone to me so the dispatcher could verify I was the home owner and that the rental was going to be for 120 months. A "bell went off" in my head. Why were they emphasizing this 120 months. I looked at the guy standing next to me and said “You aren't my provider right now, are you"? He answered no. I was infuriated. I told him he should have said at the very outset that his company was not my provider and this is what they would like to offer me. His answer “I gave you a pamphlet" My answer "I was talking with you-I have not had a chance to read it" He shrugged his shoulders.
I took the water heater contract agreement from him and ripped it up. When he left I called Direct Energy to ask if my water heater was energy efficient. It turns out that all water heaters from 2009 are.
So beware Torontonians, Ontarians, Canadians, when Ontario Consumers Home Service Inc comes knocking at your door beware of the scam-almost bait and switch.
Great Toronto sales figures for September
Oct 5, 2011
I
Greater Toronto
REALTORS® reported 7,658 transactions through the Toronto MLS® system in
September – a 25 per cent increase over September 2010. Sales during the first
three quarters of 2011 amounted to 70,588, representing a 2.6 per cent increase
compared to the first nine months of 2010.
Changing a Leaky Faucet
Oct 4, 2011
I
Is your faucet leaking? do you realize how much water is wasted and money
you could be spending on this wasted water. The following video can help you
repair that leaking faucet.
Changing a Bathroom Fan
Sept 7, 2011
Indoor Humidity is a growing concern, especially as more homes are being updated with higher insulation levels, better furnaces, more efficient windows. Air circulation is becoming a concern.
How can you control humidity? one method is to use your Bathroom fan after every shower this can help reduce the amount of moisture in the house. Is your fan working properly?
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