July is the fourth month in a row that sales have broken monthly records!
"We are running 14 percent ahead of the seven month total for 2005 which became our best year ever." says TREB President Donald Bentley. "The local resale market is as healthy as it has ever been."
Average prices declined two percent to $366,012 but the decline is due to seasonality with home buyers and sellers enjoying the summer. Overall, the year-to-date average of $373,326 is up five percent over the same time frame in 2006.
The summer can be a great time for buyers who don't want as much competition for great homes but keep in mind that supply is also lower. Eveyrone is looking forward to stong fall market where you'll see a lot more come on the market in the second half of September once everyone gets back into the swing of things after summer.
Competition and multiple offers are still common place in sought-after neighbourhoods even in the summer market so buyers have to be prepared to go for the home they want.
Check out average prices in your neighbourhood to see what is happening in today's market...
Neighbourhood Watch - July 2007
E02 -The Beach (coxwell, danforth, victoria park)
Detached: $675,840
Semi-detached: $408,842
Condo: $292,614
E03 - Danforth North (DVP, victoria park, danforth)
Detached: $403,116
Semi-Detached: $377,372
Condo: $185,327
E01 - Danforth South & Riverdale (DVP, danforth, coxwell)
Detached: $434,541
Semi-Detached: $403,020
Condo:$361,517
C04 - Bedford West & Lytton Park (allen, 401, yonge, eglinton)
Detached: $841,974
Semi-Detached: $590,000
Condo: $225,376
C09 - Rosedale (yonge, st.clair, bayview, bloor)
Detached: $1,570,036
Semi-Detached: $1,112,500
Condo: $509,545
C03 - Forest Hill (allen, eglinton, yonge, st.clair)
Detached: $1,662,486
Semi-Detached: $375,542
Condo: $596,500
C12- Lawrence Park/Bedford East (yonge, 401, leslie, eglinton)
Detached: $1,921,327
Semi-Detached: $394,176
Condo: $576,143
Source: Toronto Real Estate Board April 2007 MarketWatch - for the full report, click here.
To have this blog sent to someone you know who is looking to buy or sell, send their email to info@markrichards.ca
Sunday, August 19, 2007
July 2007 Market Watch
July is the fourth month in a row that sales have broken monthly records!
"We are running 14 percent ahead of the seven month total for 2005 which became our best year ever." says TREB President Donald Bentley. "The local resale market is as healthy as it has ever been."
Average prices declined two percent to $366,012 but the decline is due to seasonality with home buyers and sellers enjoying the summer. Overall, the year-to-date average of $373,326 is up five percent over the same time frame in 2006.
The summer can be a great time for buyers who don't want as much competition for great homes but keep in mind that supply is also lower. Eveyrone is looking forward to stong fall market where you'll see a lot more come on the market in the second half of September once everyone gets back into the swing of things after summer.
Competition and multiple offers are still common place in sought-after neighbourhoods even in the summer market so buyers have to be prepared to go for the home they want.
Check out average prices in your neighbourhood to see what is happening in today's market...
Neighbourhood Watch - July 2007
E02 -The Beach (coxwell, danforth, victoria park)
Detached: $675,840
Semi-detached: $408,842
Condo: $292,614
E03 - Danforth North (DVP, victoria park, danforth)
Detached: $403,116
Semi-Detached: $377,372
Condo: $185,327
E01 - Danforth South & Riverdale (DVP, danforth, coxwell)
Detached: $434,541
Semi-Detached: $403,020
Condo:$361,517
C04 - Bedford West & Lytton Park (allen, 401, yonge, eglinton)
Detached: $841,974
Semi-Detached: $590,000
Condo: $225,376
C09 - Rosedale (yonge, st.clair, bayview, bloor)
Detached: $1,570,036
Semi-Detached: $1,112,500
Condo: $509,545
C03 - Forest Hill (allen, eglinton, yonge, st.clair)
Detached: $1,662,486
Semi-Detached: $375,542
Condo: $596,500
C12- Lawrence Park/Bedford East (yonge, 401, leslie, eglinton)
Detached: $1,921,327
Semi-Detached: $394,176
Condo: $576,143
Source: Toronto Real Estate Board April 2007 MarketWatch - for the full report, click here.
To have this blog sent to someone you know who is looking to buy or sell, send their email to info@markrichards.ca
"We are running 14 percent ahead of the seven month total for 2005 which became our best year ever." says TREB President Donald Bentley. "The local resale market is as healthy as it has ever been."
Average prices declined two percent to $366,012 but the decline is due to seasonality with home buyers and sellers enjoying the summer. Overall, the year-to-date average of $373,326 is up five percent over the same time frame in 2006.
The summer can be a great time for buyers who don't want as much competition for great homes but keep in mind that supply is also lower. Eveyrone is looking forward to stong fall market where you'll see a lot more come on the market in the second half of September once everyone gets back into the swing of things after summer.
Competition and multiple offers are still common place in sought-after neighbourhoods even in the summer market so buyers have to be prepared to go for the home they want.
Check out average prices in your neighbourhood to see what is happening in today's market...
Neighbourhood Watch - July 2007
E02 -The Beach (coxwell, danforth, victoria park)
Detached: $675,840
Semi-detached: $408,842
Condo: $292,614
E03 - Danforth North (DVP, victoria park, danforth)
Detached: $403,116
Semi-Detached: $377,372
Condo: $185,327
E01 - Danforth South & Riverdale (DVP, danforth, coxwell)
Detached: $434,541
Semi-Detached: $403,020
Condo:$361,517
C04 - Bedford West & Lytton Park (allen, 401, yonge, eglinton)
Detached: $841,974
Semi-Detached: $590,000
Condo: $225,376
C09 - Rosedale (yonge, st.clair, bayview, bloor)
Detached: $1,570,036
Semi-Detached: $1,112,500
Condo: $509,545
C03 - Forest Hill (allen, eglinton, yonge, st.clair)
Detached: $1,662,486
Semi-Detached: $375,542
Condo: $596,500
C12- Lawrence Park/Bedford East (yonge, 401, leslie, eglinton)
Detached: $1,921,327
Semi-Detached: $394,176
Condo: $576,143
Source: Toronto Real Estate Board April 2007 MarketWatch - for the full report, click here.
To have this blog sent to someone you know who is looking to buy or sell, send their email to info@markrichards.ca
Thursday, July 19, 2007
Too Many Hands In Your Pocket!
It seems lately that all sorts of people are trying to put their hands in your pocket....the goverment, the bank, the government again.
There's been a great deal of contreversy about the proposed 100% increase to land transfer taxes, possible increases to property taxes and additional fees for everything else that you do in life.
On top of that, the prime rate recently increased by .25%.
The fact is, all of these changes, proposed and otherwise affect everyone, whether you are a current home owner, or just getting into the market.
I'm going to show you a few examples of how all of this is going to affect your bank account while giving you the update to sort through where all of these changes stand.
Proposed 100% increase to Land Trasfer Tax
This one is not easy to swallow, but easy to calcuate - just double the normal tax...
Purchase Price = Current tax = New total tax
$250,000 = $2,225 x 2 = $4,450
$400,000 = $4,475 x 2 = $8,950
$750,000 = $11,475 x 2 = $22,950
$1,000,000 = $16,475 x 2 = $32,950
What will happen if they don't vote to implement this tax? The city is threatening that property taxes would have to increase 18% to make up the shortfall.
Home Value = Current Property Tax = Proposed Increase
$250,000 = $2,132.11 = $387.78
$400,000 = $3,411.37 = $614.00
$750,000 = $6,396.33 = $1,511.34
$1,000,000 = $8,528.43 = $1,535.12
The proposed 18% increase to the property taxes seems to hurt a little less at first glance, but depending on how long you may own your home it could be a more painful alternative.
So where do things stand right now?
On July 16th, Toronto city council voted to defer the decision until the provincial election in late October. The apparent rationale for this is that the provincial candidates will be pressured to backfill the city's budget shortfall to win the race.
But Miller wisely warned, "This was an election issue four years ago. Anyone in this chamber who sincerely believes that the province - whoever the party is - is suddenly going to upload $750,000 million on October 23rd is sorely misguided." I tend to agree with him.
Others feel the city has not worked hard enough or smart enough to come up with alternative solutions to the shortfall and need the time to get creative.
At the end of the day, the land transfer tax increase is a clean, quick and tempting way for the city to come up with a cool $750,000 million. If you're thinking of waiting to buy until 2008, you may want to reconsider!
The Prime Rate
The prime lending rate just jumped up .25%. For those of you who like to think big, .25% may not seem like a big deal. But let's consider the impact....
The average home in Toronto is currently valued at $381,963. Say you mortgage 100% at 5.00% over 25 years.
Your montly mortgage payment would be $2,221.52. If the rate jumps .25% your payment would increase to $2,276.19.
That's a difference of $54.67 per month, or 3.64 bottles of wine depending on your taste.
But over the life of your mortgage, assuming bi-monthly payments, that's a difference of $16,299! (or 1,086 bottles of wine)
If you're thinking of putting off getting into the market, consider the incentive to invest now before rates go up any further.
Don't feel too bad about owning a home...
Although these are all big dollars involved in the cost of home ownership, don't let it get you down (but please let the city know how you feel).
After all, if you own a home, you have enjoyed some great growth in equity. Based on the average price of a home in the GTA today at $381,963, and value increases, here's what you do have in your pocket:
Average Home Price in Year = Growth in Equity
(This is tax free if it's your primary residence!)
2000 - $243,255 = $138,708
2001 - $251,508 = $130,455
2002 - $275,231 = $106,732
2003 - $293,067 = $88,896
2004 - $315,231 = $66,732
2005 - $335,907 = $46,056
2006 - $351,941 = $30,022
So keep putting money in your pocket and do your best to keep everyone else out. :)
To make your voice heard on the proposed tax increases, check out:
http://www.nohomebuyingtax.com/
Who do you know who is ready to buy or sell? If you or anyone you know is ready to take the first step, share my blog with them or give me a call.
Regards,
Mark
Mark Richards
416-728-2499
mrichards@trebnet.com
There's been a great deal of contreversy about the proposed 100% increase to land transfer taxes, possible increases to property taxes and additional fees for everything else that you do in life.
On top of that, the prime rate recently increased by .25%.
The fact is, all of these changes, proposed and otherwise affect everyone, whether you are a current home owner, or just getting into the market.
I'm going to show you a few examples of how all of this is going to affect your bank account while giving you the update to sort through where all of these changes stand.
Proposed 100% increase to Land Trasfer Tax
This one is not easy to swallow, but easy to calcuate - just double the normal tax...
Purchase Price = Current tax = New total tax
$250,000 = $2,225 x 2 = $4,450
$400,000 = $4,475 x 2 = $8,950
$750,000 = $11,475 x 2 = $22,950
$1,000,000 = $16,475 x 2 = $32,950
What will happen if they don't vote to implement this tax? The city is threatening that property taxes would have to increase 18% to make up the shortfall.
Home Value = Current Property Tax = Proposed Increase
$250,000 = $2,132.11 = $387.78
$400,000 = $3,411.37 = $614.00
$750,000 = $6,396.33 = $1,511.34
$1,000,000 = $8,528.43 = $1,535.12
The proposed 18% increase to the property taxes seems to hurt a little less at first glance, but depending on how long you may own your home it could be a more painful alternative.
So where do things stand right now?
On July 16th, Toronto city council voted to defer the decision until the provincial election in late October. The apparent rationale for this is that the provincial candidates will be pressured to backfill the city's budget shortfall to win the race.
But Miller wisely warned, "This was an election issue four years ago. Anyone in this chamber who sincerely believes that the province - whoever the party is - is suddenly going to upload $750,000 million on October 23rd is sorely misguided." I tend to agree with him.
Others feel the city has not worked hard enough or smart enough to come up with alternative solutions to the shortfall and need the time to get creative.
At the end of the day, the land transfer tax increase is a clean, quick and tempting way for the city to come up with a cool $750,000 million. If you're thinking of waiting to buy until 2008, you may want to reconsider!
The Prime Rate
The prime lending rate just jumped up .25%. For those of you who like to think big, .25% may not seem like a big deal. But let's consider the impact....
The average home in Toronto is currently valued at $381,963. Say you mortgage 100% at 5.00% over 25 years.
Your montly mortgage payment would be $2,221.52. If the rate jumps .25% your payment would increase to $2,276.19.
That's a difference of $54.67 per month, or 3.64 bottles of wine depending on your taste.
But over the life of your mortgage, assuming bi-monthly payments, that's a difference of $16,299! (or 1,086 bottles of wine)
If you're thinking of putting off getting into the market, consider the incentive to invest now before rates go up any further.
Don't feel too bad about owning a home...
Although these are all big dollars involved in the cost of home ownership, don't let it get you down (but please let the city know how you feel).
After all, if you own a home, you have enjoyed some great growth in equity. Based on the average price of a home in the GTA today at $381,963, and value increases, here's what you do have in your pocket:
Average Home Price in Year = Growth in Equity
(This is tax free if it's your primary residence!)
2000 - $243,255 = $138,708
2001 - $251,508 = $130,455
2002 - $275,231 = $106,732
2003 - $293,067 = $88,896
2004 - $315,231 = $66,732
2005 - $335,907 = $46,056
2006 - $351,941 = $30,022
So keep putting money in your pocket and do your best to keep everyone else out. :)
To make your voice heard on the proposed tax increases, check out:
http://www.nohomebuyingtax.com/
Who do you know who is ready to buy or sell? If you or anyone you know is ready to take the first step, share my blog with them or give me a call.
Regards,
Mark
Mark Richards
416-728-2499
mrichards@trebnet.com
Too Many Hands In Your Pocket!
It seems lately that all sorts of people are trying to put their hands in your pocket....the goverment, the bank, the government again.
There's been a great deal of contreversy about the proposed 100% increase to land transfer taxes, possible increases to property taxes and additional fees for everything else that you do in life.
On top of that, the prime rate recently increased by .25%.
The fact is, all of these changes, proposed and otherwise affect everyone, whether you are a current home owner, or just getting into the market.
I'm going to show you a few examples of how all of this is going to affect your bank account while giving you the update to sort through where all of these changes stand.
Proposed 100% increase to Land Trasfer Tax
This one is not easy to swallow, but easy to calcuate - just double the normal tax...
Purchase Price = Current tax = New total tax
$250,000 = $2,225 x 2 = $4,450
$400,000 = $4,475 x 2 = $8,950
$750,000 = $11,475 x 2 = $22,950
$1,000,000 = $16,475 x 2 = $32,950
What will happen if they don't vote to implement this tax? The city is threatening that property taxes would have to increase 18% to make up the shortfall.
Home Value = Current Property Tax = Proposed Increase
$250,000 = $2,132.11 = $387.78
$400,000 = $3,411.37 = $614.00
$750,000 = $6,396.33 = $1,511.34
$1,000,000 = $8,528.43 = $1,535.12
The proposed 18% increase to the property taxes seems to hurt a little less at first glance, but depending on how long you may own your home it could be a more painful alternative.
So where do things stand right now?
On July 16th, Toronto city council voted to defer the decision until the provincial election in late October. The apparent rationale for this is that the provincial candidates will be pressured to backfill the city's budget shortfall to win the race.
But Miller wisely warned, "This was an election issue four years ago. Anyone in this chamber who sincerely believes that the province - whoever the party is - is suddenly going to upload $750,000 million on October 23rd is sorely misguided." I tend to agree with him.
Others feel the city has not worked hard enough or smart enough to come up with alternative solutions to the shortfall and need the time to get creative.
At the end of the day, the land transfer tax increase is a clean, quick and tempting way for the city to come up with a cool $750,000 million. If you're thinking of waiting to buy until 2008, you may want to reconsider!
The Prime Rate
The prime lending rate just jumped up .25%. For those of you who like to think big, .25% may not seem like a big deal. But let's consider the impact....
The average home in Toronto is currently valued at $381,963. Say you mortgage 100% at 5.00% over 25 years.
Your montly mortgage payment would be $2,221.52. If the rate jumps .25% your payment would increase to $2,276.19.
That's a difference of $54.67 per month, or 3.64 bottles of wine depending on your taste.
But over the life of your mortgage, assuming bi-monthly payments, that's a difference of $16,299! (or 1,086 bottles of wine)
If you're thinking of putting off getting into the market, consider the incentive to invest now before rates go up any further.
Don't feel too bad about owning a home...
Although these are all big dollars involved in the cost of home ownership, don't let it get you down (but please let the city know how you feel).
After all, if you own a home, you have enjoyed some great growth in equity. Based on the average price of a home in the GTA today at $381,963, and value increases, here's what you do have in your pocket:
Average Home Price in Year = Growth in Equity
(This is tax free if it's your primary residence!)
2000 - $243,255 = $138,708
2001 - $251,508 = $130,455
2002 - $275,231 = $106,732
2003 - $293,067 = $88,896
2004 - $315,231 = $66,732
2005 - $335,907 = $46,056
2006 - $351,941 = $30,022
So keep putting money in your pocket and do your best to keep everyone else out. :)
To make your voice heard on the proposed tax increases, check out:
http://www.nohomebuyingtax.com/
Who do you know who is ready to buy or sell? If you or anyone you know is ready to take the first step, share my blog with them or give me a call.
Regards,
Mark
Mark Richards
416-728-2499
mrichards@trebnet.com
There's been a great deal of contreversy about the proposed 100% increase to land transfer taxes, possible increases to property taxes and additional fees for everything else that you do in life.
On top of that, the prime rate recently increased by .25%.
The fact is, all of these changes, proposed and otherwise affect everyone, whether you are a current home owner, or just getting into the market.
I'm going to show you a few examples of how all of this is going to affect your bank account while giving you the update to sort through where all of these changes stand.
Proposed 100% increase to Land Trasfer Tax
This one is not easy to swallow, but easy to calcuate - just double the normal tax...
Purchase Price = Current tax = New total tax
$250,000 = $2,225 x 2 = $4,450
$400,000 = $4,475 x 2 = $8,950
$750,000 = $11,475 x 2 = $22,950
$1,000,000 = $16,475 x 2 = $32,950
What will happen if they don't vote to implement this tax? The city is threatening that property taxes would have to increase 18% to make up the shortfall.
Home Value = Current Property Tax = Proposed Increase
$250,000 = $2,132.11 = $387.78
$400,000 = $3,411.37 = $614.00
$750,000 = $6,396.33 = $1,511.34
$1,000,000 = $8,528.43 = $1,535.12
The proposed 18% increase to the property taxes seems to hurt a little less at first glance, but depending on how long you may own your home it could be a more painful alternative.
So where do things stand right now?
On July 16th, Toronto city council voted to defer the decision until the provincial election in late October. The apparent rationale for this is that the provincial candidates will be pressured to backfill the city's budget shortfall to win the race.
But Miller wisely warned, "This was an election issue four years ago. Anyone in this chamber who sincerely believes that the province - whoever the party is - is suddenly going to upload $750,000 million on October 23rd is sorely misguided." I tend to agree with him.
Others feel the city has not worked hard enough or smart enough to come up with alternative solutions to the shortfall and need the time to get creative.
At the end of the day, the land transfer tax increase is a clean, quick and tempting way for the city to come up with a cool $750,000 million. If you're thinking of waiting to buy until 2008, you may want to reconsider!
The Prime Rate
The prime lending rate just jumped up .25%. For those of you who like to think big, .25% may not seem like a big deal. But let's consider the impact....
The average home in Toronto is currently valued at $381,963. Say you mortgage 100% at 5.00% over 25 years.
Your montly mortgage payment would be $2,221.52. If the rate jumps .25% your payment would increase to $2,276.19.
That's a difference of $54.67 per month, or 3.64 bottles of wine depending on your taste.
But over the life of your mortgage, assuming bi-monthly payments, that's a difference of $16,299! (or 1,086 bottles of wine)
If you're thinking of putting off getting into the market, consider the incentive to invest now before rates go up any further.
Don't feel too bad about owning a home...
Although these are all big dollars involved in the cost of home ownership, don't let it get you down (but please let the city know how you feel).
After all, if you own a home, you have enjoyed some great growth in equity. Based on the average price of a home in the GTA today at $381,963, and value increases, here's what you do have in your pocket:
Average Home Price in Year = Growth in Equity
(This is tax free if it's your primary residence!)
2000 - $243,255 = $138,708
2001 - $251,508 = $130,455
2002 - $275,231 = $106,732
2003 - $293,067 = $88,896
2004 - $315,231 = $66,732
2005 - $335,907 = $46,056
2006 - $351,941 = $30,022
So keep putting money in your pocket and do your best to keep everyone else out. :)
To make your voice heard on the proposed tax increases, check out:
http://www.nohomebuyingtax.com/
Who do you know who is ready to buy or sell? If you or anyone you know is ready to take the first step, share my blog with them or give me a call.
Regards,
Mark
Mark Richards
416-728-2499
mrichards@trebnet.com
June 2007 Market Watch
A few of the home buyers are finally taking a bit of a vacation from shopping.
But even though the number of home sales slowed down by 6% compared to record-breaking May, June's sales were still up almost 20% over the same month last year.
The average price of a home went down slightly by less than one percent to $381,963, but don't take that as a sign of a declining market. It's simply a reflection of the slower summer season.
It's still a great time to buy. Inventory is still good but other shoppers may be on holidays.
If you are selling and have flexibility in timing, try to hold off until the fall. But if you have to sell now, you will still see solid activity.
On a record-breaking note, a Forest Hill home may be the most expensive piece of Toronto residential property - it sold for $15.8 million. Just think, if they bought it next year, they might have had to pay an extra $312,000 in proposed land transfer tax increases!
Neighbourhood Watch - June 2007
E02 -The Beach (coxwell, danforth, victoria park)
Detached: $647,049
Semi-detached: $477,510
Condo: $319,133
E03 - Danforth North (DVP, victoria park, danforth)
Detached: $415,256
Semi-Detached: $388,488
Condo: $185,710
E01 - Danforth South & Riverdale (DVP, danforth, coxwell)
Detached: $459,592
Semi-Detached: $419,510
Condo:$388,280
C04 - Bedford West & Lytton Park (allen, 401, yonge, eglinton)
Detached: $836,540
Semi-Detached: $512,750
Condo: $258,986
C09 - Rosedale (yonge, st.clair, bayview, bloor)
Detached: $1,973,567
Semi-Detached: $1,448,333
Condo: $589,200
C03 - Forest Hill (allen, eglinton, yonge, st.clair)
Detached: $1,434,230
Semi-Detached: $462,913
Condo: $452,680
C12- Lawrence Park/Bedford East (yonge, 401, leslie, eglinton)
Detached: $1,548,882
Semi-Detached: $390,000
Condo: $413,892
Source: Toronto Real Estate Board April 2007 MarketWatch - for the full report, click here.
To have this blog sent to someone you know who is looking to buy or sell, send their email to info@markrichards.ca
But even though the number of home sales slowed down by 6% compared to record-breaking May, June's sales were still up almost 20% over the same month last year.
The average price of a home went down slightly by less than one percent to $381,963, but don't take that as a sign of a declining market. It's simply a reflection of the slower summer season.
It's still a great time to buy. Inventory is still good but other shoppers may be on holidays.
If you are selling and have flexibility in timing, try to hold off until the fall. But if you have to sell now, you will still see solid activity.
On a record-breaking note, a Forest Hill home may be the most expensive piece of Toronto residential property - it sold for $15.8 million. Just think, if they bought it next year, they might have had to pay an extra $312,000 in proposed land transfer tax increases!
Neighbourhood Watch - June 2007
E02 -The Beach (coxwell, danforth, victoria park)
Detached: $647,049
Semi-detached: $477,510
Condo: $319,133
E03 - Danforth North (DVP, victoria park, danforth)
Detached: $415,256
Semi-Detached: $388,488
Condo: $185,710
E01 - Danforth South & Riverdale (DVP, danforth, coxwell)
Detached: $459,592
Semi-Detached: $419,510
Condo:$388,280
C04 - Bedford West & Lytton Park (allen, 401, yonge, eglinton)
Detached: $836,540
Semi-Detached: $512,750
Condo: $258,986
C09 - Rosedale (yonge, st.clair, bayview, bloor)
Detached: $1,973,567
Semi-Detached: $1,448,333
Condo: $589,200
C03 - Forest Hill (allen, eglinton, yonge, st.clair)
Detached: $1,434,230
Semi-Detached: $462,913
Condo: $452,680
C12- Lawrence Park/Bedford East (yonge, 401, leslie, eglinton)
Detached: $1,548,882
Semi-Detached: $390,000
Condo: $413,892
Source: Toronto Real Estate Board April 2007 MarketWatch - for the full report, click here.
To have this blog sent to someone you know who is looking to buy or sell, send their email to info@markrichards.ca
June 2007 Market Watch
A few of the home buyers are finally taking a bit of a vacation from shopping.
But even though the number of home sales slowed down by 6% compared to record-breaking May, June's sales were still up almost 20% over the same month last year.
The average price of a home went down slightly by less than one percent to $381,963, but don't take that as a sign of a declining market. It's simply a reflection of the slower summer season.
It's still a great time to buy. Inventory is still good but other shoppers may be on holidays.
If you are selling and have flexibility in timing, try to hold off until the fall. But if you have to sell now, you will still see solid activity.
On a record-breaking note, a Forest Hill home may be the most expensive piece of Toronto residential property - it sold for $15.8 million. Just think, if they bought it next year, they might have had to pay an extra $312,000 in proposed land transfer tax increases!
Neighbourhood Watch - June 2007
E02 -The Beach (coxwell, danforth, victoria park)
Detached: $647,049
Semi-detached: $477,510
Condo: $319,133
E03 - Danforth North (DVP, victoria park, danforth)
Detached: $415,256
Semi-Detached: $388,488
Condo: $185,710
E01 - Danforth South & Riverdale (DVP, danforth, coxwell)
Detached: $459,592
Semi-Detached: $419,510
Condo:$388,280
C04 - Bedford West & Lytton Park (allen, 401, yonge, eglinton)
Detached: $836,540
Semi-Detached: $512,750
Condo: $258,986
C09 - Rosedale (yonge, st.clair, bayview, bloor)
Detached: $1,973,567
Semi-Detached: $1,448,333
Condo: $589,200
C03 - Forest Hill (allen, eglinton, yonge, st.clair)
Detached: $1,434,230
Semi-Detached: $462,913
Condo: $452,680
C12- Lawrence Park/Bedford East (yonge, 401, leslie, eglinton)
Detached: $1,548,882
Semi-Detached: $390,000
Condo: $413,892
Source: Toronto Real Estate Board April 2007 MarketWatch - for the full report, click here.
To have this blog sent to someone you know who is looking to buy or sell, send their email to info@markrichards.ca
But even though the number of home sales slowed down by 6% compared to record-breaking May, June's sales were still up almost 20% over the same month last year.
The average price of a home went down slightly by less than one percent to $381,963, but don't take that as a sign of a declining market. It's simply a reflection of the slower summer season.
It's still a great time to buy. Inventory is still good but other shoppers may be on holidays.
If you are selling and have flexibility in timing, try to hold off until the fall. But if you have to sell now, you will still see solid activity.
On a record-breaking note, a Forest Hill home may be the most expensive piece of Toronto residential property - it sold for $15.8 million. Just think, if they bought it next year, they might have had to pay an extra $312,000 in proposed land transfer tax increases!
Neighbourhood Watch - June 2007
E02 -The Beach (coxwell, danforth, victoria park)
Detached: $647,049
Semi-detached: $477,510
Condo: $319,133
E03 - Danforth North (DVP, victoria park, danforth)
Detached: $415,256
Semi-Detached: $388,488
Condo: $185,710
E01 - Danforth South & Riverdale (DVP, danforth, coxwell)
Detached: $459,592
Semi-Detached: $419,510
Condo:$388,280
C04 - Bedford West & Lytton Park (allen, 401, yonge, eglinton)
Detached: $836,540
Semi-Detached: $512,750
Condo: $258,986
C09 - Rosedale (yonge, st.clair, bayview, bloor)
Detached: $1,973,567
Semi-Detached: $1,448,333
Condo: $589,200
C03 - Forest Hill (allen, eglinton, yonge, st.clair)
Detached: $1,434,230
Semi-Detached: $462,913
Condo: $452,680
C12- Lawrence Park/Bedford East (yonge, 401, leslie, eglinton)
Detached: $1,548,882
Semi-Detached: $390,000
Condo: $413,892
Source: Toronto Real Estate Board April 2007 MarketWatch - for the full report, click here.
To have this blog sent to someone you know who is looking to buy or sell, send their email to info@markrichards.ca
Tuesday, June 19, 2007
How to Survive Real Estate
While buying or selling a home may be one of the most exciting things you can do, it is also one of the most stressful. Anyone who says otherwise either doesn't know, or is lying!
Having just recently bought a new house and having sold my own home, I can tell you first hand from my experience...increasingly gray hair, a wife ready to permanently check-into a spa and no idea where most of my belongings are.
But we came out the other side with a new home we're looking forward to renovating, a 'perfect' home to live in the meantime until closing (minus the nice pillows the stagers brought in), and a sale price that made it all worth it.
But where does all this trouble start?
Let's walk through the rollercoaster of real estate and I'll give you a few good tips to minimize the stress along the way.
Let the shopping begin...
Sure, it starts innocently enough. Maybe it's your first home or you just started snooping at open houses. At some point, you get serious. The dreaming begins, you start to see your entire life unfold...all the great parties you'll host, the children running around in the yard, the visions of new kitchens dancing in your head.
Get your financing in order.
My wife says it's like finding a pair of Manalo Blahniks in her size, on sale, and no wallet in her purse. It's even worse to put a financing condition on a property that is getting multiple offers or putting an offer in without it and wondering if your banker will answer your call.
It's ok to want it.
While the shopping has been fun, the time comes when you find THE place. If you're competing with other home buyers for a home, you can't help but get your hopes up, despite everyone telling you not to. So go with it, let yourself want it but realize that if it doesn't work out, there truly is a reason.
Go big or go home.
If you are going to put an offer in, prepare to make your best offer. It's not just about price. First, get over paying more than what they are asking. Many people 'hold back' and list their home below market value to generate more interest in their home anyway. Pretend you never saw the listing price. What would you be willing to pay for the home?
Keep it clean.
Make your offer 'clean', as they say in the business. A home inspection may have been done already and your financing should already be in order. Try to work with their possession date. Living with the in-laws for a month may not be your idea of fun but if it means you get the home you want, it's worth it. Well, maybe.
Time to Sell Your Home...
You may not have one to sell, but if you do, this is where it gets a bit scary.
In today's market, people are often buying before they have sold. And when they've bought, it usually leaves them 2-3 months to get rid of their old place.
My wife has had a lot of experience with this approach, but when we bought our first house before I was an agent, we still had to sell our condo. I thought I was going to have a heart attack.
It's not as risky as you think.
If your home is made as attractive as possible to buyers, and is priced appropriately for the current market conditions (not when your cousin sold three months ago) then it will sell. You also have some financing options to bridge your mortages for up to 60 days.
Your home is a product to market.
It still shocks me when I see a home for sale with the christmas lights still up. You should be treating your home as a product that needs to be marketed to get the best price. So yes, this means putting your kids ant farm away and taking down the holiday decor.
Get Time, Get Help and if you can, Get Out.
You should plan to take a couple of days off work and book a weekend to get your home ready. Otherwise you will burn out and hate life. This is also a fantastic time to call in all of those favours for free labour, or find someone you can pay who can do all of the heavy lifting and won't ask for a beer every five minutes. Try not to live in your home while you are showing it unless you don't mind getting kicked out every two hours and have a cleaning fairy hidden in your closet.
Setting the Stage
Many people will gripe about the cost of professional staging, or even better, think they can do it themselves. I have a philosophy in life that people should focus on what they do best and let the professionals do the rest. There is a reason why they are professionals and why home staging has exploded as a strategy. It works. Hire them, even at a minimum for a consultation. Do everything they tell you.
Let it go.
When preparing your house for sale, you need to get accept that it is no longer yours. It is the prospective buyer's home. You will not suffer any ill effects if your wedding pictures are not on display. Nor will you be in big trouble if you put the sports gear you no longer use anyway in storage. Neutral paint colours will not kill your spirit. In fact, you may feel suprisingly light from the elimination of junk and visual clutter.
Prepare for a good fight.
If you have the good fortune to have a partner throughout all this, then you can share in the excitement. But you also get to share in the stress. My wife and I made every effort to keep 'please' and 'thank you' in our conversations but we knew that one of us would snap at some point and a few words starting with 'f' and 'a' got in there a few times. Neither of us took it personally and let the other have a good meltdown here and there. A glass of wine makes an excellent mediator for repair.
Allow for maximum distraction.
Plan for some good times while the house is on the market. The waiting is probably the worst of it so the more you can do to fill your time the better. Just think, the house is perfect so you don't have anything to do at home for once! You may be staying with the in-laws so what better reason to get out.
Trust the man.
Back to letting the professionals do what they do best... Follow the advice given to you but make your goals, risk tolerance and options clear up front. Share what is most important to you in the process. Is it selling by a certain date? Getting a certain price? Minimizing risk or going for gold? You can also call me anytime to talk about what's happening. It's my job to be there for you.
Celebrate.
You're now the proud buyer, seller or both. Make sure you celebrate with those who helped you....and don't forget to thank your real estate agent over a pint or two :)
Who do you know who is ready to buy or sell? If you or anyone you know is ready to take the first step, share my blog with them or give me a call.
Regards,
Mark
Mark Richards
Sales Representative
416-690-2181
mrichards@trebnet.com
Having just recently bought a new house and having sold my own home, I can tell you first hand from my experience...increasingly gray hair, a wife ready to permanently check-into a spa and no idea where most of my belongings are.
But we came out the other side with a new home we're looking forward to renovating, a 'perfect' home to live in the meantime until closing (minus the nice pillows the stagers brought in), and a sale price that made it all worth it.
But where does all this trouble start?
Let's walk through the rollercoaster of real estate and I'll give you a few good tips to minimize the stress along the way.
Let the shopping begin...
Sure, it starts innocently enough. Maybe it's your first home or you just started snooping at open houses. At some point, you get serious. The dreaming begins, you start to see your entire life unfold...all the great parties you'll host, the children running around in the yard, the visions of new kitchens dancing in your head.
Get your financing in order.
My wife says it's like finding a pair of Manalo Blahniks in her size, on sale, and no wallet in her purse. It's even worse to put a financing condition on a property that is getting multiple offers or putting an offer in without it and wondering if your banker will answer your call.
It's ok to want it.
While the shopping has been fun, the time comes when you find THE place. If you're competing with other home buyers for a home, you can't help but get your hopes up, despite everyone telling you not to. So go with it, let yourself want it but realize that if it doesn't work out, there truly is a reason.
Go big or go home.
If you are going to put an offer in, prepare to make your best offer. It's not just about price. First, get over paying more than what they are asking. Many people 'hold back' and list their home below market value to generate more interest in their home anyway. Pretend you never saw the listing price. What would you be willing to pay for the home?
Keep it clean.
Make your offer 'clean', as they say in the business. A home inspection may have been done already and your financing should already be in order. Try to work with their possession date. Living with the in-laws for a month may not be your idea of fun but if it means you get the home you want, it's worth it. Well, maybe.
Time to Sell Your Home...
You may not have one to sell, but if you do, this is where it gets a bit scary.
In today's market, people are often buying before they have sold. And when they've bought, it usually leaves them 2-3 months to get rid of their old place.
My wife has had a lot of experience with this approach, but when we bought our first house before I was an agent, we still had to sell our condo. I thought I was going to have a heart attack.
It's not as risky as you think.
If your home is made as attractive as possible to buyers, and is priced appropriately for the current market conditions (not when your cousin sold three months ago) then it will sell. You also have some financing options to bridge your mortages for up to 60 days.
Your home is a product to market.
It still shocks me when I see a home for sale with the christmas lights still up. You should be treating your home as a product that needs to be marketed to get the best price. So yes, this means putting your kids ant farm away and taking down the holiday decor.
Get Time, Get Help and if you can, Get Out.
You should plan to take a couple of days off work and book a weekend to get your home ready. Otherwise you will burn out and hate life. This is also a fantastic time to call in all of those favours for free labour, or find someone you can pay who can do all of the heavy lifting and won't ask for a beer every five minutes. Try not to live in your home while you are showing it unless you don't mind getting kicked out every two hours and have a cleaning fairy hidden in your closet.
Setting the Stage
Many people will gripe about the cost of professional staging, or even better, think they can do it themselves. I have a philosophy in life that people should focus on what they do best and let the professionals do the rest. There is a reason why they are professionals and why home staging has exploded as a strategy. It works. Hire them, even at a minimum for a consultation. Do everything they tell you.
Let it go.
When preparing your house for sale, you need to get accept that it is no longer yours. It is the prospective buyer's home. You will not suffer any ill effects if your wedding pictures are not on display. Nor will you be in big trouble if you put the sports gear you no longer use anyway in storage. Neutral paint colours will not kill your spirit. In fact, you may feel suprisingly light from the elimination of junk and visual clutter.
Prepare for a good fight.
If you have the good fortune to have a partner throughout all this, then you can share in the excitement. But you also get to share in the stress. My wife and I made every effort to keep 'please' and 'thank you' in our conversations but we knew that one of us would snap at some point and a few words starting with 'f' and 'a' got in there a few times. Neither of us took it personally and let the other have a good meltdown here and there. A glass of wine makes an excellent mediator for repair.
Allow for maximum distraction.
Plan for some good times while the house is on the market. The waiting is probably the worst of it so the more you can do to fill your time the better. Just think, the house is perfect so you don't have anything to do at home for once! You may be staying with the in-laws so what better reason to get out.
Trust the man.
Back to letting the professionals do what they do best... Follow the advice given to you but make your goals, risk tolerance and options clear up front. Share what is most important to you in the process. Is it selling by a certain date? Getting a certain price? Minimizing risk or going for gold? You can also call me anytime to talk about what's happening. It's my job to be there for you.
Celebrate.
You're now the proud buyer, seller or both. Make sure you celebrate with those who helped you....and don't forget to thank your real estate agent over a pint or two :)
Who do you know who is ready to buy or sell? If you or anyone you know is ready to take the first step, share my blog with them or give me a call.
Regards,
Mark
Mark Richards
Sales Representative
416-690-2181
mrichards@trebnet.com
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