GTA Real Estate Market Report August, 2015

Sales and Average Price Up In August

Greater Toronto Realtors reported 7,998 residential sales through the Toronto MLS system in August  2015. The number of transactions in August represented an 5.7% increase compared to 7,568 transactions reported in August  2014. The number of transactions were up for all major home types including a double-digit year-over-year increase in condominium apartment sales.

The number of new listings reported in August  were up by 8.3% compared to the same period in 2014. Active listings were 15,997 in August-down 10.5% from August 2014.

“Buyers in the GTA remain confident in their ability to purchase and pay for a home over the long term. They see ownership housing as a quality investment that has historically produced positive returns while at the same time providing owners with a place to live in their chosen community,” said Toronto Real Estate Board President  Mr. McClean.

The average price in August was up by 10.3% from the same time last year to $602,607. Detached homes continued to lead the way in terms of price increases at 12.4% compared to the same time last year.

“A record year for home sales continued to unfold in August as competition between buyers exerted upward pressure on selling prices. It was encouraging to see annual growth in new listings outstrip annual growth in sales, but we will need to see this for a number of months before market conditions become more balanced,” said Jason Mercer, TREB’s Senior Manager of Market Analyses.

Sales of Toronto (416 area code) condominium apartments increased by 10.1% in August, 2015. The average selling price of a Toronto condo increased by 9.5% from the same time last year to $406,587.

Condominium apartments accounted for 26.5% of total sales in the GTA for August, 2015 while detached homes accounted for 45.9% of the total sales.

Other notable statistics include the average days on the market for August at 23 days, down 14.8%. The sales-to-listings ratio for August, 2015 was 50.0% 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, building specific  and even very street specific in some areas. The numbers as reported above are GTA averages. Results in one neighbourhood , on one street or in one building do not indicate that all other neighbourhoods, streets or buildings are experiencing the same results. We are still seeing multiple offers in some areas for the best homes and condos.

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

** You can follow my real estate posts on FACEBOOK. Click here to LIKE my real estate page.

WETT Inspections: Remember the Ember this September

Great article at www.CarsonDunlop.com .

Although the first days of fall have been unseasonably warm and sunny, soon enough we’ll have the cold temps causing us to bundle up. Now is the perfect time to make sure that this fall, if you want to use your fireplace, you can be sure that it’s safe to do so.

We reached out to Specialty Service partner Carleton Chimney Services to discuss the merits of WETT Inspections and highlight some easy approaches homeowners can take when it comes to fireplace care. We spoke with company President John Carleton to get a more in-depth look at this type of service.

Carson Dunlop: What is a WETT Inspection? What does it entail?

John Carleton: “A Wood Energy Transfer Technology, or WETT, Inspection relates to the inspection of any wood-burning system in a home. A WETT Inspector assesses different components of the system in question, to determine whether or not it meets the minimum requirements set out by the Code applicable to the installation. There are three levels of WETT Inspections: Level 1, Level 2, and Level 3.

•           A Level 1 inspection does not require the inspector to look into hidden spaces or use any tools other than a flashlight and measuring tape. This type of inspection would be performed as an annual maintenance task, if the system has already been thoroughly inspected and brought up to Code. (Some insurance companies may require a yearly certification – this inspection would be suitable in these instances.)

•           A Level 2 inspection includes the same visual components as Level 1, but also requires the use of tools to open readily-accessible areas such as removing the smoke pipe, accessing the roof if safe, and using a camera to inspect the flue interior. This is a recommended level of inspection for anyone buying a home. (It is important to ensure that the inspector performing this type of inspection employs video inspection equipment to scan the flue interior.)

•           A Level 3 inspection covers that of Level 1 and Level 2, as well as opening areas that require destructive actions such as opening walls or digging up the foundation. This is only needed when strong evidence suggests that there is a problem that needs to be investigated thoroughly.”

CD: When should a WETT Inspection be performed?

JC: “A Level 1 inspection should be completed yearly, preferably in conjunction with the annual cleaning of the system. A Level 2 inspection should be done when the home is changing ownership or if a significant event, like a chimney fire, or a lightning strike, has happened. These situations typically require a more detailed assessment.”

CD: What are some common misconceptions homeowners operate under with respect to fireplaces?

JC: “Many assume that if they are not experiencing a problem with their fireplace or wood-burning stove, there is no need to be concerned. In reality, it can take a long time for a defect within the system to manifest itself. Fireplaces and chimney systems built prior to 1954 have the potential for serious Code issues. Although the potential for Code violations decreases with homes built after this date as higher standards were put in place, poor workmanship and deterioration can present problems as well. An annual WETT inspection is important for maintenance and safety.”

CD: Are there any clear indicators that a wood-burning system is experiencing a problem?

JC: “If a fireplace system has staining anywhere, including the face of the fireplace or on the chimney, this would indicate a problem. In addition, if smoke or the smell of smoke is present anywhere in the house, that is another telltale sign of a problem. A properly operating system will remove all the smoke out of the house – a lingering odor means something is amiss. If you experience one or any of the conditions outlined above, it is best to reach out to a WETT Inspector to have your system assessed.”

CD: What simple tasks can homeowners undertake to maintain their fireplaces, chimneys and wood-burning stoves? What are some “best practices” for caring for these systems?

JC: “Homeowners can help their systems operate properly by doing an annual cleaning of the flue by a certified sweep and by burning dry fuel. The danger of a chimney fire can be mitigated by these simple actions. A competent sweep will advise you on what they found, any problems noted, and if your systems have been burning properly.”

Carson Dunlop’s Specialty Services program provides our clients and real estate partners with fast, easy and cost-effective access to qualified specialists, like Carleton Chimney Services, with a single call. To learn more about this program, please click here or call 800-268-7070 to schedule a WETT Inspection.

Here is what you can do next:

 

David Stoddard Buyer Planning Sessions

 

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

** You can follow my real estate posts on FACEBOOK. Click here to LIKE my real estate page.​

The Five Exterior Renovations That Provide The Best Return On Investment

Great article in http://realtytimes.com/.

Decked-out kitchens and sparkly spa bathrooms may get our hearts pumping, but deciding to renovate is more often the product of a have-to than a want-to. Whether the renovation you’re considering is driven by a necessary repair or replacement, or the desire to upgrade an item prior to listing your home for sale, the goal is the same: to get the highest return on investment (ROI).

Knowing which items will bring in the best ROI can help you make sound decisions. And this year, the smartest projects are geared toward the exterior of the home. After all, if buyers are turned off by what they see when they drive up, they might not opt to see any more.

Decked-out kitchens and sparkly spa bathrooms may get our hearts pumping, but deciding to renovate is more often the product of a have-to than a want-to. Whether the renovation you’re considering is driven by a necessary repair or replacement, or the desire to upgrade an item prior to listing your home for sale, the goal is the same: to get the highest return on investment (ROI).

Knowing which items will bring in the best ROI can help you make sound decisions. And this year, the smartest projects are geared toward the exterior of the home. After all, if buyers are turned off by what they see when they drive up, they might not opt to see any more.

Here are the five exterior renovations that will give you the highest return, according to USA’s Remodeling magazine’s 2015 Cost vs. Value Report.

Garage Door Replacement

A beat-up garage door can make your whole house look bad and keep buyers from looking further. Spend $1,595—the national average cost of a garage door replacement—and you’ll get a return of $1,410, or 88.4 percent. Don’t have a garage? According to the report, you can add one for $52,382, which returns $33,938 or 64.8 percent.

Manufactured Stone Veneer

Adding character to homes can warm them up and make them more desirable, but few of these projects rank high when it comes to paying you back. As a newbie to the report, manufactured stone veneer was the exception, and it didn’t just show up—it made an impression. “It joined Cost vs. Value with a splash, ranking second among all projects with a cost-value return of 92.2%,” they said. “The only project that beat it was for a replacement steel entry door.”

Click here for more.

Here is what you can do next:

David Stoddard Buyer Planning Sessions

 

 

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

** You can follow my real estate posts on FACEBOOK. Click here to LIKE my real estate page.​

Welcome to 59 East Liberty St, Suite 1512

MLS: C3332480

$475,000

SOLD

Liberty Towers in Liberty Village. Spotless Functional Split Two Bedroom Design For Maximum Privacy. Over 900sf of Open Concept Layout. Just Move In And Enjoy. High Ceilings. Natural Light Galore. Many Upgrades Throughout. Rich Dark Engineered Flooring. Marble Vanities. Sliding Glass Bedroom Doors. Modern Lighting. Large Master Bedroom With An Ensuite Washroom and Two Double Closets. Large Second Bedroom. Guest Washroom with a Bathtub. Chefs Kitchen With a Large Island. Dark Maple Cabinets. Ample Storage. Granite Counter-Tops. Stainless Appliances.  A Functional Den to Use As An Office. Spacious Sunny Balcony. Parking And Locker Included. Pride Of Ownership. No Work Needed. Freshly Painted.

Inclusions:  All Light Fixtures. All Window Coverings. All Stainless Steel Appliances: Fridge, Stove, Microwave/Hood Fan, Dishwasher. Stacked Washer and Dryer. Terrific Community. TTC Nearby, Many Shops And Restaurants, Parks, Access To The Highway.

For more pictures , video and information:

http://www.cityoftorontorealestate.ca/Property/59-East-Liberty-St-Suite-1512-Toronto-Ontario

Please contact me direct at or by email, David@DavidStoddard.ca

** You can follow my real estate posts on FACEBOOK. Click here to LIKE