Healthy Fall Market Continues in November

Happy Holidays!

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Today’s Quote: “I am the master of my fate, I am the captain of my soul.”

Today’s Video:  This video really had our office laughing!!

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Read what Maureen though about the seminar.

Even More Free Education:  Home Buyer Seminars

Raving Fans:   What are my clients Saying ?

Greater Toronto Realtors reported 7,092 sales through the MLS in November 2011 . The number of transactions represented a 11.0% increase compared to November 2010 . New listings , at 9,786, were up by 14% compared to November 2010. Market conditions remained tight as sales growth outstripped growth in new listings.

The number of transactions during the first eleven months of 2011 amounted to 84,859-up 3.9% compared to the same period last year.

The year- to-date average price for November 2011 is $466,357-up 8.9% .

” We have seen strong annual sales growth through the 2011 fall market. The increase in transactions has been broad-based, with strong sales growth across low-rise and high-rise home types throughout the GTA,” said Toronto Real Estate Board President Richard Silver . “The market has also become better supplied, with annual new listings growth outstripping that of sales. As this trend continues into 2012, we will see more balanced market conditions.”

With market conditions remaining tight in the GTA, the average selling price continued to grow strongly in November-up by 9.8% from the same time last year to $480,421.

“Despite strong price growth this year, the housing market remains affordable in the GTA,”said the Toronto Real Estate Board’s Senior Manager of Marker Analysis Jason Mercer. “The correct method of assessing affordability is to consider the share of the average household’s income that is dedicated to mortgage principal and interest, property taxes and utilities. Currently, this share remains in line with generally accepted lending guidelines. Given this positive affordability picture, average price growth is forecast to continue in 2012, albeit at a more moderate pace.”

Sales of Toronto ( 416 area code) condominium apartments increased by 9% from October 2010. The average price of a Toronto condo increased by 8% from the same time last year.

Condominium apartments accounted for 26.5% of total sales in the the GTA for November 2011 while detached homes accounted for 45.6% of the total sales.

Other notable statistics include the average days on the market for November at 29 days compared to 34 days the same time last year. Active listings were 15,551in November 2011-down 15.0% from November 2010. The sales-to-listings ratio for November was 45.6% which is classified as a seller’s market . A ratio from 24%-28% is considered a balanced market.  

Sellers are looking for market value for their property . I prepare a comparative market analysis (CMA) for all of my Buyer clients prior to submitting an offer to determine the property’s market value range.

Real estate is very neighbourhood specific and even very street specific in some areas. The numbers as reported above are GTA averages. Results in one neighbourhood or on one street does not indicate that all other neighbourhoods or streets are experiencing the same results. We are still seeing multiple offers in some areas for the best homes.

Please pass this message onto anybody interested in real estate.

Please contact me direct at 416-520-6746 or by email, David@TorontoRealEstate.ca

Some Interesting Real Estate InfoBits

Today’s Quote: ” A Hall of Famer is not someone who never falls down. A Hall of Famer is someone who continues to pick himself/herself up and gets back into the game after they have fallen down.”
 
Today’s Video: This video is hilarious!
 
Free Knowledge : Our next FREE Home Buyer Seminar is January 21,2012. Don’t miss out!
 
More Free Knowledge: My Market Experience Toursof homesand condos  are super popular and a terrific way to gain market knowledge. Sellers fear educated Buyers.
 
Even More Free Knowledge: Learn how to use your rrsp’s to purchase your home in 2012. Register for our FREE seminar Tuesday January 10,2012 here.
 
Read All About It: Subscribe to my blog to get my latest real estate blog posts sent directly to your inbox.
 
Raving Fans: What are my client’s saying?
 
Did you know…..
 
* Having a BBQ on your condo balcony is not banned under the Ontario Fire Code. However, only a few condos allow the use of a bbq because of insurance costs. Most condo towers have a common area for grilling.
 
* Toronto( 1,879) ranks second only to New York City ( 5,967) with the most completed highrise buildings in North America. Vancouver (637) is fifth, Montreal ( 476) is seventh and Ottawa(352) is eleventh .
 
* Six out of 10 of Toronto’s 1 million households live in apartments, a third of them as owners of their unit.
 
* The current condo boom represents the largest residential building wave in Toronto since the 60’s and 70’s when most of the city’s highrise rental apartments were built.
 
* Of the 150 highrise buildings under construction, 140 of them are condo towers. As many as 180 highrises are in their planning stages including 140+ condo towers, 15 office towers, 10 rental buildings, 6 hospitals and 4 hotels.
 
* Aura, a condo tower to be completed in 2014 will be the city’s tallest residential building at 75 floors.
 
* Public art sculptures seen near highrise buildings have been funded through a provision in the Planning Act called section 37, which allows builders to ask the city for an increase in the height or density of a development in exchange for paying for a community benefit or simply giving the city cash for such a project. Community benefits include parks, community centres, public art, child care facilities. streetscape improvements, or protection of heritage sites.
 
Please pass this message on to anybody interested in real estate.
 
If at any time you would like to discuss the real estate market please call me at 416-520-6746 or email me, David@Toronto/RealEstate.ca
 

Leslieville: On the Verge

Great article in www.newinhomes.com  

There’s something in the air in Leslieville! Leslieville is a neighbourhood in Toronto east of the Don River, with the Canadian National Railway bordering the north end, Empire Avenue along the west, Eastern Avenue to the south, and Coxwell Avenue to the east. Queen Street East is probably the most major street that runs through it.

Click here for more.

For more information please contact me direct at 416-520-6746 or by email, David@TorontoRealEstate.ca

When Is The Best Time of Year to Sell a House?

Here is a good article from Heather Wright of Property Wire Canada:

Is there such a thing as a best time of year to sell a house? Certainly, seasonal factors come into play when trying to sell a home, but there are other things to consider as well, like the tug and pull of supply and demand, as well as unique local market conditions.

No matter when a home goes on the market, one should take a few things under consideration that will likely affect not just the ability to sell a property, but more importantly the ability to get your asking price. Timing, it seems, is everything.

The Economy

While the economy does not follow the predictable ebb and flow of the seasonal changes in real estate and in buyer attention, the economy, it’s state and it’s prospects boil down to property values, and consumer confidence. When the economy is under fire, people are nervous about their jobs. There is generally a reluctance to spend, accumulate debt or make major purchases.

The market will tell you what a home is worth. The problem is, during an economic downturn, the market may value your home lower than you had hoped, or than from when you started.

That may succeed in removing a number of buyers from your pool. For those that must buy a property though, the economy will play less of a factor in the decision to purchase, but it may give them power at the bargaining table, and it may be more difficult to get the desired price. Interest rates figure into this as well. The lower they are, the more your pool of buyers may increase as well, as the cost to borrow comes down and people, in theory can borrow more.

Springtime

In a country like Canada, where there are four distinct seasons, seasonal influences play a large part in creating good selling conditions.

Wintertime brings with it a series of challenges, among them the weather, holiday distractions and lack of interest from buyers.

When the snow thaws though, and greenery re-emerges from the ground, buyers tend to re-emerge as well. The spring tends to be the peak of the market, simply because the timing suits people in general. The weather is more favourable, properties generally can be better displayed, and moves and property closings can more reasonably be managed through the summer months, so for those with families relocating is less disruptive.

According to data, home sales begin in February, with closings peaking through late May, June, July and August- and this has been a consistent trend since the early 2000’s. For sellers then, they will likely have the opportunity to engage more traffic and interest in their homes.

Patience is a Virtue

While the springtime may typically be a more optimal time to sell, there will typically be more competition on the market.  Sometimes, if a seller is flexible on their dates, it may be advisable to wait until the spring market to list, simply because of the flood of buyers onto the market. Often, a property will sell for more, and sell much faster because of volume.

As there will be more properties on the market, the seller really needs to take time to make their property stand out, using the slow winter months to actively prepare their homes to list.  For some, it can take weeks, or even months to de-clutter and re-organize their properties to best reflect the space, and the positive attributes.

Advise sellers that, even though you may list in the spring, the selling process begins now- behind the scenes.  Think staging before selling.

Please contact me direct at 4516-520-6746 or by email, David@TorontoRealEstate.ca

 

The Entertainment District Enters the Next Phase

Great article in www.newinhomes.com

We at the Toronto Star’s NewInHomes.com are fascinated with the way that the Greater Toronto Area is constantly transforming, physically and socially, becoming better and better. One area that has undergone considerable change, and is on the verge of a third phase of metamorphosis, is the Entertainment District downtown. Click for more:
http://homesandcondosblog.com/home/the-entertainment-district-enters-the-next-phase-5527.html/trackback

Please contact me direct at 416-520-6746 or by email, David@TorontoRealEstate.ca

It Can Pay to Break Your Mortgage

Here is a good article by Michael Bilodeau from Dominion Lending Centres Inc.

With mortgage rates still hovering near historic lows, chances are you’ve considered breaking your current mortgage and renewing now before rates rise any further.
Perhaps you want to free up cash for such things as renovations, travel or putting towards your children’s education? Or maybe you want to pay down debt or pay your mortgage off faster?

People often assume the penalty for breaking a mortgage amounts to three months’ interest payments so, when they crunch the numbers, it doesn’t seem so bad. In most cases, however, the penalty is the greater of three months’ interest or the interest rate differential (IRD).   The IRD is the difference between the interest rate on your mortgage contract and today’s rate, which is the rate at which the lender can relend the money. And with rates so low these days, the IRD tends to be greater than three months’ interest. Because this is a way for banks to recuperate any losses, for some people, breaking and renegotiating at a lower rate without careful planning can mean they come out no further ahead.

Keep in mind, however, that penalties vary from lender to lender and there are different penalties for different types of mortgages. In addition, the size of your down payment and whether you opted for a “cash back” mortgage can influence penalties.

While breaking a mortgage and paying penalties based on the IRD can result in a break-even proposition in the short term, if you look at the big picture, you’ll see that the true savings are long term – as we know that rates will be higher in the years to come. Your current goal is to secure a long-term rate commitment before it’s too late, and here lies the significant future savings.
Please contact me direct at  416-520-6746 or David@TorontoRealEstate.ca