February 2007 Market Watch

Ok, so we do have some fair-weather home buyers, but the cold snap in February didn't dampen home shopping spirits too much.

February 2007 was the second-best ever for sales activity with 6,772 sales, just higher than 2006's 6,756 sales.

TREB President Dorothy Mason commented, "While the weather last month may have been cold, Toronto's resale housing market remained hot,"

"And while it is too early to make predictions, it is clear from the start of 2007 that the spring season is likely to produce sales numbers at least comparable to those of the past several years, which have been record or near record performances."

Meanwhile, average prices climbed four per cent over the previous month to $368,687 as sales activity accelerated. They were also up four per cent from the February 2006 figure of $353,928. The average time-on-market was a deep freeze of 35 days.

Check out the following areas to see average prices from February 2007 in your neighbourhood.

Neighbourhood Watch...

E02 -The Beach (coxwell, danforth, victoria park)
Detached: $578,038
Semi-detached: $427,005
Condo: $354,838

E03 - Danforth (north)(DVP, victoria park, danforth)
Detached: $426,450
Semi-Detached: $385,194
Condo: $149,926

E01 - Danforth (south) Riverdale (DVP, danforth, coxwell)
Detached: $456,936
Semi-Detached: $396,684
Condo:$289,240

C04 - Bedford West & Lytton Park (allen, 401, yonge, eglinton)
Detached: $896,730
Semi-Detached: $572,000
Condo: $264,703

C09 - Rosedale (yonge, st.clair, bayview, bloor)
Detached: $721,125
Semi-Detached: $579,909
Condo: $315,778

C03 - Forest Hill (allen, eglinton, yonge, st.clair)
Detached: $1,086,605
Semi-Detached: $360,800
Condo: $638,482

C12- Lawrence Park/Bedford East (yonge, 401, leslie, eglinton)
Detached: $1,569,439
Semi-Detached: n/a
Condo: $315,500

Source: Toronto Real Estate Board February 2007 MarketWatch - for the full report, click here.

February 2007 Market Watch

Ok, so we do have some fair-weather home buyers, but the cold snap in February didn't dampen home shopping spirits too much.

February 2007 was the second-best ever for sales activity with 6,772 sales, just higher than 2006's 6,756 sales.

TREB President Dorothy Mason commented, "While the weather last month may have been cold, Toronto's resale housing market remained hot,"

"And while it is too early to make predictions, it is clear from the start of 2007 that the spring season is likely to produce sales numbers at least comparable to those of the past several years, which have been record or near record performances."

Meanwhile, average prices climbed four per cent over the previous month to $368,687 as sales activity accelerated. They were also up four per cent from the February 2006 figure of $353,928. The average time-on-market was a deep freeze of 35 days.

Check out the following areas to see average prices from February 2007 in your neighbourhood.

Neighbourhood Watch...

E02 -The Beach (coxwell, danforth, victoria park)
Detached: $578,038
Semi-detached: $427,005
Condo: $354,838

E03 - Danforth (north)(DVP, victoria park, danforth)
Detached: $426,450
Semi-Detached: $385,194
Condo: $149,926

E01 - Danforth (south) Riverdale (DVP, danforth, coxwell)
Detached: $456,936
Semi-Detached: $396,684
Condo:$289,240

C04 - Bedford West & Lytton Park (allen, 401, yonge, eglinton)
Detached: $896,730
Semi-Detached: $572,000
Condo: $264,703

C09 - Rosedale (yonge, st.clair, bayview, bloor)
Detached: $721,125
Semi-Detached: $579,909
Condo: $315,778

C03 - Forest Hill (allen, eglinton, yonge, st.clair)
Detached: $1,086,605
Semi-Detached: $360,800
Condo: $638,482

C12- Lawrence Park/Bedford East (yonge, 401, leslie, eglinton)
Detached: $1,569,439
Semi-Detached: n/a
Condo: $315,500

Source: Toronto Real Estate Board February 2007 MarketWatch - for the full report, click here.

January 2007 Market Watch

Our delayed winter meant a lot of people were buying homes in January! Sales activity was up 6% over last year.

Not only that, but higher temperatures resulted in higher prices. Average prices climbed up 5% over December and up six percent over January 2006.

But one month, especially the first one of the year should not be the benchmark. Februrary remains to be seen with less than ideal conditions for home shopping and selling.

Still, Ted Tsiakopolous, CMHC's Ontario regional economist stated that "The market remains resilient despite slower job growth, high energy prices, and a loss of migrants to western Canada. Historically low interest rates, strong income growth and healthy consumer confidence are important factors in keeping January home sales buoyant across the GTA."

He continues, saying "These are idea conditions, and consumers can feel confident making a switch to another home or realizing their dream of home ownership for the first time."

Check out the following areas to see average prices from December 2006 in your neighbourhood.

Neighbourhood Watch...

E02 -The Beach
(coxwell, danforth, victoria park)
Detached: $584,631
Semi-detached: $387,206
Condo: $383,833

E03 - Danforth (north)
(DVP, victoria park, danforth)
Detached: $404,498
Semi-Detached: $353,150
Condo: $138,292

E01 - Danforth (south) Riverdale
(DVP, danforth, coxwell)
Days on market: 17
% of list: 101%
Detached: $352,802
Semi-Detached: $342,910
Condo:$286,000

C04 - Bedford West & Lytton Park
(allen, 401, yonge, eglinton)
Detached: $729,440
Semi-Detached: $646,192
Condo: $214,676

C09 - Rosedale (yonge, st.clair, bayview, bloor)
Days on market: 31
% of list: 97%
Detached: $1,078,050
Semi-Detached: n/a
Condo: $434,878

C03 - Forest Hill
(allen, eglinton, yonge, st.clair)
Detached: $756,167
Semi-Detached: $342,165
Condo: $615,720

C12- Lawrence Park/Bedford East
(yonge, 401, leslie, eglinton)
Detached: $2,120,292
Semi-Detached: n/a
Condo: $471,333

Source: Toronto Real Estate Board January 2007 MarketWatch - for the full report, click here.

January 2007 Market Watch

Our delayed winter meant a lot of people were buying homes in January! Sales activity was up 6% over last year.

Not only that, but higher temperatures resulted in higher prices. Average prices climbed up 5% over December and up six percent over January 2006.

But one month, especially the first one of the year should not be the benchmark. Februrary remains to be seen with less than ideal conditions for home shopping and selling.

Still, Ted Tsiakopolous, CMHC's Ontario regional economist stated that "The market remains resilient despite slower job growth, high energy prices, and a loss of migrants to western Canada. Historically low interest rates, strong income growth and healthy consumer confidence are important factors in keeping January home sales buoyant across the GTA."

He continues, saying "These are idea conditions, and consumers can feel confident making a switch to another home or realizing their dream of home ownership for the first time."

Check out the following areas to see average prices from December 2006 in your neighbourhood.

Neighbourhood Watch...

E02 -The Beach
(coxwell, danforth, victoria park)
Detached: $584,631
Semi-detached: $387,206
Condo: $383,833

E03 - Danforth (north)
(DVP, victoria park, danforth)
Detached: $404,498
Semi-Detached: $353,150
Condo: $138,292

E01 - Danforth (south) Riverdale
(DVP, danforth, coxwell)
Days on market: 17
% of list: 101%
Detached: $352,802
Semi-Detached: $342,910
Condo:$286,000

C04 - Bedford West & Lytton Park
(allen, 401, yonge, eglinton)
Detached: $729,440
Semi-Detached: $646,192
Condo: $214,676

C09 - Rosedale (yonge, st.clair, bayview, bloor)
Days on market: 31
% of list: 97%
Detached: $1,078,050
Semi-Detached: n/a
Condo: $434,878

C03 - Forest Hill
(allen, eglinton, yonge, st.clair)
Detached: $756,167
Semi-Detached: $342,165
Condo: $615,720

C12- Lawrence Park/Bedford East
(yonge, 401, leslie, eglinton)
Detached: $2,120,292
Semi-Detached: n/a
Condo: $471,333

Source: Toronto Real Estate Board January 2007 MarketWatch - for the full report, click here.

Creating a 'Green' Home

With rising energy costs and the disastrous impact on the environment we can no longer wash our hands of doing what we can to help.

Although we haven't yet seen many buyers pushing for 'green' homes, I predict this will be the next trend on buyers' wish lists (and hopefully a permanent one).

So, what can you do easily, right now to make an impact both for yourself, for the future and to make your home even more desirable to buyers?

Here are some ideas from Al Gore's "An Inconvenient Truth" website:

Replace a regular incandescent light bulb with a compact fluorescent light bulb (cfl)
CFLs use 60% less energy than a regular bulb. This simple switch will save about 300 pounds of carbon dioxide a year. If every family in the U.S. made the switch, we’d reduce carbon dioxide by more than 90 billion pounds!



Move your thermostat down 2° in winter and up 2° in summer.
Almost half of the energy we use in our homes goes to heating and cooling. You could save about 2,000 pounds of carbon dioxide a year with this simple adjustment.


Clean or replace filters.
Cleaning a dirty air filter on your furnace and airconditioner can save 350 pounds of carbon dioxide a year.


Install a programmable thermostat.
They will automatically lower the heat or air conditioning at night and raise them again in the morning. They can save you $100 a year on your energy bill.


Choose energy efficient appliances when making new purchases.
Look for the Energy Star label on new appliances to choose the most efficient models. If each household in the U.S. replaced its existing appliances with the most efficient models available, we’d eliminate 175 million tons of carbon dioxide emissions every year!


Wrap your water heater in an insulation blanket.
You’ll save 1,000 pounds of carbon dioxide a year with this simple action. You can save another 550 pounds per year by setting the thermostat no higher than 120 degrees Fahrenheit.


Use less hot water.
It takes a lot of energy to heat water. You can use less hot water by installing a low flow showerhead (350 pounds of carbon dioxide saved per year) and washing your clothes in cold or warm water (500 pounds saved per year) instead of hot.


Unplug electronics from the wall when you’re not using them.
Even when turned off, things like hairdryers, cell phone chargers and televisions use energy. In fact, the energy used to keep display clocks lit and memory chips working accounts for 5 percent of total domestic energy consumption and spews 18 million tons of carbon into the atmosphere every year!


Insulate and weatherize your home.
Properly insulating your walls and ceilings can save 25% of your home heating bill and 2,000 pounds of carbon dioxide a year. Caulking and weather-stripping can save another 1,700 pounds per year.


Switch to green power.
In many areas, you can switch to energy generated by clean, renewable sources such as wind and solar. The Green Power Network is a good place to start to figure out what’s available in your area.


Plant a tree.
A single tree will absorb one ton of carbon dioxide over its lifetime. Shade provided by trees can also reduce your air conditioning bill by 10 to 15%. The Arbor Day Foundation has information on planting and provides trees you can plant with membership.


To share any of your ideas, please click on the comments box below!

Creating a 'Green' Home

With rising energy costs and the disastrous impact on the environment we can no longer wash our hands of doing what we can to help.

Although we haven't yet seen many buyers pushing for 'green' homes, I predict this will be the next trend on buyers' wish lists (and hopefully a permanent one).

So, what can you do easily, right now to make an impact both for yourself, for the future and to make your home even more desirable to buyers?

Here are some ideas from Al Gore's "An Inconvenient Truth" website:

Replace a regular incandescent light bulb with a compact fluorescent light bulb (cfl)
CFLs use 60% less energy than a regular bulb. This simple switch will save about 300 pounds of carbon dioxide a year. If every family in the U.S. made the switch, we’d reduce carbon dioxide by more than 90 billion pounds!



Move your thermostat down 2° in winter and up 2° in summer.
Almost half of the energy we use in our homes goes to heating and cooling. You could save about 2,000 pounds of carbon dioxide a year with this simple adjustment.


Clean or replace filters.
Cleaning a dirty air filter on your furnace and airconditioner can save 350 pounds of carbon dioxide a year.


Install a programmable thermostat.
They will automatically lower the heat or air conditioning at night and raise them again in the morning. They can save you $100 a year on your energy bill.


Choose energy efficient appliances when making new purchases.
Look for the Energy Star label on new appliances to choose the most efficient models. If each household in the U.S. replaced its existing appliances with the most efficient models available, we’d eliminate 175 million tons of carbon dioxide emissions every year!


Wrap your water heater in an insulation blanket.
You’ll save 1,000 pounds of carbon dioxide a year with this simple action. You can save another 550 pounds per year by setting the thermostat no higher than 120 degrees Fahrenheit.


Use less hot water.
It takes a lot of energy to heat water. You can use less hot water by installing a low flow showerhead (350 pounds of carbon dioxide saved per year) and washing your clothes in cold or warm water (500 pounds saved per year) instead of hot.


Unplug electronics from the wall when you’re not using them.
Even when turned off, things like hairdryers, cell phone chargers and televisions use energy. In fact, the energy used to keep display clocks lit and memory chips working accounts for 5 percent of total domestic energy consumption and spews 18 million tons of carbon into the atmosphere every year!


Insulate and weatherize your home.
Properly insulating your walls and ceilings can save 25% of your home heating bill and 2,000 pounds of carbon dioxide a year. Caulking and weather-stripping can save another 1,700 pounds per year.


Switch to green power.
In many areas, you can switch to energy generated by clean, renewable sources such as wind and solar. The Green Power Network is a good place to start to figure out what’s available in your area.


Plant a tree.
A single tree will absorb one ton of carbon dioxide over its lifetime. Shade provided by trees can also reduce your air conditioning bill by 10 to 15%. The Arbor Day Foundation has information on planting and provides trees you can plant with membership.


To share any of your ideas, please click on the comments box below!

Market Watch - 2006 Report and the Year Ahead

2006 at a glance...

In the City of Toronto, 34,404 sales were recorded while the resale market was at its most active, up one percent over 2005. The average price rose five percent from $335,907 to $351,941.

What does this mean for you?

If you're waiting to get into the market until the economy slows down and prices drop then you'll be waiting quite a while, not to mention losing valuable equity and growth in your property value in the meantime.

If you own real estate, congratulations - you are most likely benefiting from the average 5% increase in value in your home.

For years now many people have been saying the market was going to slow down. In general terms, this could be the case. But for a growing city whose real estate is undervalued, values keep increasing.

Here is a snapshot of the average cost of a home in North American cities in 2006:

NOTES: Median sale price for 2,200 sq. ft. residence in low-crime neighbourhood. Specifics: 3+ bedroom, 2½+ bath, attached 2-car garage, 2,200 square foot (190 square metre) residence, on at least a 6,500 square foot (604 square metre) lot.

Montreal $335,200
Calgary $369,300
Toronto $421,500
Atlanta $436,300
Dallas $438,200
Chicago $597,800
Vancouver $609,800
Washington $862,800
Los Angeles $1,187,500
Boston $1,384,100
New York $1,599,300
San Francisco $1,635,200

Source: Economic Research Institute, The Geographic Reference Report 2006

Toronto, compared to other major metropolitan cities and financial centres, is significantly undervalued and affordable. This trend continues if you look at other major cities throughout the world.

Like any economy, there will be valleys and peaks. But historical value increases show that in the long term, it is still better to be in the market than out:

Year - Average Price of Single Family Home

1975 - $57,581
1980 - $75,694
1985 - $109,094
1990 - $255,020
1995 - $203,028
2000 - $243,255
2005 - $335,907
2006 - $351,941

Source: Toronto Real Estate Board MarketWatch - December 2006

What is in store for 2007?

The year ahead should prove to be a busy on if steady activity and value increases of five percent from 2005 to 2006 continue.

TREB president Dorothy Mason states, "This means that prices continue to outpace inflation, making home-ownership a sound investment in today's economy and invariably in the long term."

If you know anyone who is not currently in the market, I hope you'll share this information with them.

Best wishes for a happy and successful 2007!

Don't forget to check out the blog below, "What's Hot and What's Not in Homes for 2007!"



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Check out the following areas to see average prices from December 2006 in your neighbourhood.

Neighbourhood Watch...

E02 -The Beach
(coxwell, danforth, victoria park)
Detached: $528,590
Semi-detached: $386,950
Condo: $288,313

E03 - Danforth (north)
(DVP, victoria park, danforth)
Detached: $353,769
Semi-Detached: $337,850
Condo: $185,100

E01 - Danforth (south) Riverdale
(DVP, danforth, coxwell)
Days on market: 17
% of list: 101%
Detached: $449,929
Semi-Detached: $348,875
Condo:$656,000

C04 - Bedford West & Lytton Park
(allen, 401, yonge, eglinton)
Detached: $764,022
Semi-Detached: $486,134
Condo: $262,977

C09 - Rosedale (yonge, st.clair, bayview, bloor)
Days on market: 31
% of list: 97%
Detached: $1,788,625
Semi-Detached: n/a
Condo: $578,396

C03 - Forest Hill
(allen, eglinton, yonge, st.clair)
Detached: $715,356
Semi-Detached: $583,750
Condo: $394,614

C12- Lawrence Park/Bedford East
(yonge, 401, leslie, eglinton)
Detached: $1,611,042
Semi-Detached: n/a
Condo: $255,000

Source: Toronto Real Estate Board December 2006 MarketWatch - for the full report, click here.