The most common question I get asked these days is "Will the real estate market crash soon?".
Without a doubt the U.S. is sparking a lot of these concerns. Some reports from the financial industry and recent stock market performance are also fuelling the speculation.
I am not going to be overly optimistic but I also don't agree with the 'prophets of doom'. I hope to give you a balanced view based on the facts...
Canadian Business magazine recently published an article by Andy Holloway that offered some great insight. Consider the following...
"Unemployment is near its lowest levels ever, the dollar is near par with the greenback, and our resource-rich economy is doing well by most measures."
He shares feedback that negative indicators such as an abundance of properties on the market and the length of time they are on the market have not really started to increase. It is softening but we need to remember that the market has been in serious overdrive for a while now.
Nesbitt Burns just released a report that states:
"So far this year, national home sales are down 11% year after year, and prices are up a moderate 4.8%. The sales drop and the modest price gain are well down from years of double-digit increases, and further confirmation that the boom days are over. Notably, no city in the country has reported a price decline from year-ago levels over the first four months of the year, so the slowdown is still far from mimicking the U.S. experience.
However, we would point out that new listings have climbed more than 8% this year, even as sales have slid, pointing to “a more balanced market” according to CREA (i.e. much more of a buyer’s market), and even less upward pressure on prices looking ahead."
In comparison to the U.S...
Of course, driving a lot of the paranoia is the state of the market and economy in the U.S. With media reports of major price crashes and a glut of property supply it feels like every market is going to follow suit.
Canadian Business shares some important differences and actual facts to consider...
- More than 25% of all new U.S. mortgages were sub-prime in 2006, compared with 3% in Canada, and all high-ratio mortgages here (those with less than 20% down) are secured by the CMHC or other insurers.
- The U.S. mortgage delinquency rate was 5.8% at the end of last year, compared with only 0.26% in Canada. The States is the breeding ground of the “ninja loan” — No Income, No Job and no Assets.
They say that’s not to suggest the threat of a housing downturn in Canada isn’t real, but it’s unlikely to reach the epic proportions it has in the States.
What's been happening in the Canadian Market?
Holloway discusses some interesting market activity...
"Prices are still rising in most major Canadian markets, even if the number of sales is dropping. Housing sales in the Top 25 markets fell 5.6% to 38,365 units in February, according to the Canadian Real Estate Association.
Nationally, the average sale price rose 6.2% to $313,065, the smallest year-over-year increase since November 2004. Is that the sound of a bubble bursting? More likely it’s a long hiss, as the market loses some of its buoyancy. “It’s still a seller’s market.
Price increases should be higher than inflation,” says Warren. “But 2009 will be more of a balanced market — the first time we’ve had one since 1998.”
Focus on the market in the GTA...
Check out the latest market report from the Toronto Real Estate Board:
GTA resale housing market moderate in April, but prices up.
With 8,762 houses sold in the Greater Toronto Area, April’s resale housing activity was down seven per cent from the record 9,452 transactions from the same timeframe a year ago, Toronto Real Estate Board President Maureen O’Neill announced today.
“The market is showing signs for a healthy 2008 compared to the diminished activity we saw in the first quarter of the year,” said Ms. O’Neill. “We continue to experience a supply and demand situation and to-date, it remains a sellers market."
Sales activity however, was markedly different in the 416 and 905 regions. With 3,467 transactions in the City of Toronto, sales were down 10 per cent from a year ago. The 905 region was down five per cent from April 2007 sales, with 5,295 homes changing hands.
April’s GTA average price was $398,687, up five per cent from the same period a year ago. In the City of Toronto, the average price was $446,781, up six per cent from last April. In the 905 region the average price increased five per cent compared to a year ago, to $367,196.
"The number of listings on the Toronto Real Estate Board’s Multiple Listing Service has increased to 24,539, up seven per cent from a year ago, which is good for homebuyers, who will find a greater range of options in the market,” said Ms. O’Neill. “With prices continuing to appreciate and increased listing inventory there are favourable factors in today’s market for consumers.”
For the full April Market Watch Report, click here.
At the end of the day...
Like most investments, a downturn in the market is the biggest issue when you have to get out. If you are planning on selling in the next year, the sooner the better is my call but you'll still hold on to solid value in the coming years.
If you are considering buying, and are not planning to flip or resell in the short term I would not feel concerned about major drops in value. And it is starting to become a more balanced market which will make the buying process more appetizing compared to the past scenarios of crazy bidding wars.
For those home owners who plan on sticking around, resist the temptation to max out the lending potential against your home.
Holloway points out that Canadians are pretty averse to debt, "Nearly four of every five Canadian homeowners say they want to pay off their mortgages as fast as possible, according to Canada Mortgage and Housing Corp. Almost 85% make weekly or biweekly payments to speed up amortizations, while a third have made a lump-sum payment against principal. "
For 2008 I would look forward to a more balanced market and greater supply of properties, which I believe is a good thing.
It's a healthy correction after the insanity of the past few years.
Regards,
Mark
For the full article "Safe as Houses?" by Andy Holloway, click here.
Wednesday, May 14, 2008
Friday, March 21, 2008
Dream Homes Vary by Generation
When you were born says a lot about your idea of the perfect house.
This month we're featuring an article from MSN real estate that reviews the features that appeal most to boomers, Gen X and Gen Y, plus tips on how to sell to homebuyers in each generation.
What's your dream house?
Your answer says a lot about your values and attitudes -- and may have a lot to do with when you were born. So say the authors of a new study of 1,000 home owners nationwide.
The market research company GfK Roper Reports asked participants to prioritize the amenities they'd have in their dream home -- not necessarily amenities they already have, or will have in their next home.
The different responses, from baby boomers through first-time generation-Y buyers, reflect how different features appeal to different ages and also how tastes have shifted over time.
"I think what the study reveals is very different value sets among the generations," says Kathy Sheehan, senior vice president for GfK Roper Reports.
Definite patterns emerge from the survey data, Sheehan says, and you can glean some potentially important insights -- especially if you're considering pre-sale renovations. But first, here's a review of the survey results:
Boomers - The Picture of Success
Those born 1946 to 1964, rank a state-of-the-art kitchen No. 1 on their list of must-haves, with walk-in closets, whirlpool baths, fireplaces and swimming pools rounding out the top five. They also rank a workshop/hobby studio highly. (You can see a full list of each generation's top 10 below.)
As they're becoming so-called "empty nesters," boomers think about having a private retreat that's as much gallery as home. They waited until later in life to have a grand home, and now they generally want to flaunt its many niceties -- a home where they can age (extremely) gracefully.
"It's about the show," she says, with amenities such as a grand kitchen and places to display art. In a nutshell, the boomer home says, "I've made it."
Generation X - Family-focused Informality
Those born roughly between 1965 and 1978 also place a high priority on a fine kitchen and on amenities like large walk-in closets. As these sons and daughters of baby boomers age, their aspirations for dream houses are now dovetailing with those of their parents, says Sheehan.
The reason? This generation has moved into child-rearing age, says Sheehan, and now "want stuff that speaks to organization." Their buzzword: family.
"Gen X-ers are at childbearing age," Sheehan says. "That means that Gen-X homes are about the family center. They are looking for things that help them organize and eradicate clutter and chaos."
But Gen X-ers are notably different from boomers, too, says Sheehan. For one thing, "Gen X-ers have different attitudes about family and disciplining their children."
Those different attitudes show themselves not only in how these former slackers prioritize their dream amenities, but also in how little they like the formality of boomer homes; they want a casual home, says Sheehan.
They're also much more in tune to style and design, and know exactly what they want in a home -- and are less inclined to settle for less, she says.
Generation Y - Let the good times roll
Those born after 1978 to about 1995, want a home that hollers "entertain me." Top-10 priorities include a whirlpool bath, sauna/steam room and entertainment center. "All of these things are about fun," says Sheehan.
That might explain why gardens and workshops don't make an appearance on the Gen-Y list.
And they're clearly not yet worried about accommodating children. This generation is emerging socially, and wants amenities that enhance that aspect of its life. So instead of a place to hunker down, Gen-Y homeowners "might be more interested in the home as a social hub," says Sheehan.
Technology is also second-nature to this generation. They're completely wired. So a Gen-Y home, more than any other, will practically hum with electronics.
Top dream-home amenities vary in importance by generation:
Baby Boomes (born 1946-1964)
1. State of the art kitchen
2. Large walk-in closets
3. Whirlpool bath
4. Fireplace
5. Swimming Pool
6. Workshop/hobby studio
7. Patios, porches and decks
8. Garden
9. Game/billiard room
10. High-tech entertainment cener
Generation X (born 1965-1977)
1. State of the art kitchen
2. Larke walk-in closets
3. Fireplace
4. Whirlpool bath
5. Swimming pool
6. Patios, porches, decks
7. Game/billiard room
8. Garden
9. Gym/fitness room
10. Workshop/hobby studio
Generation Y (born 1978-1995)
1. Whirlpool bath
2. Swimming Pool
3. Game/billiard room
4. Large walk-in closets
5. Fireplace
6. State of the art kitchen
7. Sauna/steam room
8. Gym/fitness room
9. High tech entertainment center
10. Patios, porches and decks
Source: GfK ROPER
Some common ground
So, how immutable are these traits, anyway? Observers say attitudes about homes do change as people enter different stages of their lives: Witness the Gen X-ers who want high-end kitchens now that they're nesting, just like their boomer parents before them.
But the study turned up somewhat unexpected results, too. For Gen X-ers, "It's a little more surprising that their values seem to be staying with them as they age," says Sheehan, mentioning attitudes such as informality.
"There might be life-stage changes, but the values will remain consistent." Another is the Gen Y embrace of technology. That shouldn't be expected to dissipate, either, she says.
Perhaps most interesting to home owners renovating with an eye toward selling their home are the features the generations agreed were important. Walk-in closets made an appearance in the top three on all three generation's lists, for example.
And those state-of-the art kitchens ranked No. 1 for both boomers and Gen X-ers -- and made a not-so-shabby appearance at No. 6 for the Gen-Y set. Other features cracking the top five for all three generations:
• Whirlpool baths
• Swimming pools
• Fireplaces
Target buyers -- carefully
You can harness all this info to make your home more attractive to homebuyers. But do proceed with caution: Just because you live in a neighborhood that's hot with the Gen-Y crowd doesn't mean you should run out and install a Jacuzzi, say real estate agents; a hot tub is a bad return on investment now and forever. Pools aren't much better.
Do not to make dramatic changes in your home just in hopes of attracting buyers. "What's most important is having a nice, clean property in an in-demand area," Hehman says.
Yet there are some situations in which you might consider targeting your home renovations -- say, if you live in one of those increasingly popular 55-and-over communities, or in an area that's getting hot with young professionals.
To gauge the type of buyer you're likely to attract, pay attention to your surroundings: Are you in a high-dollar district? Chances are good you'll have a boomer buyer. Gen-Y buyers, meanwhile, often want to be closer to the social scene and public transportation -- or else out on the fringes where new homes are cheapest.
You should know basic facts about your neighborhood, such as whether you're in a good school district and the general ages of people who've recently bought in the area.
For those of you comfortable with targeting specific buyers, here are some expert tips for luring boomers, Gen X-ers and the Gen-Y crowd (that fall well short of installing a Jacuzzi).
Luring Gen Y
Don't fear color.
The age-old rule is to banish any hue from a house about to be sold. But plain-Jane white is often too drab for Gen Y. Some clients see plain white walls and they say, 'Man, that just sucks, because now we’ve got to come in and paint.'"
Instead home owners should repaint in what the industry calls "builder's beige." "It adds a lot to the house; it's better than just solid white," he says, and "they can live with the beige for a while."
Get unconventional.
This generation likes untraditional floor plans, informality and flexibility in a layout. Anything that a homeowner can do to emphasize that -- adding furniture that moves around on rollers, putting the formal dining set in a shed out back when the house is being shown -- may add appeal.
Also, get creative with what personal property you're willing to include in the listing price. Instead of the typical washer and dryer, some buyers have negotiated for the previous owner's elaborate, built-in home theater system to be included in a full-price offer.
Get wired.
Gen Y is plugged in to the Web, all the time. Your home better be, too -- and with a fast connection, even if it's an older home.
Add an office.
Transform someplace in the home (even a nook) into an office -- even if it's just a few shelves and a desktop. Everyone works from home these days. Show a Gen-Y homebuyer where he or she can, too.
Grabbing the Gen-X buyer
Think kitchen.
Because the kitchen is the focal point of the Gen-X home, you should spend your remodeling money there before, say, the bedrooms, advises GfK Roper Reports' Sheehan.
One way to freshen up a kitchen without spending thousands is to refinish the cabinets. Popular treatments are glazing, crackling and sand-through finishing that gives furniture a worn appearance. It's minimal cost but gives that home an updated look. Just look at a catalog like Pottery Barn for evidence of its popularity.
Color (again).
Gen X-ers like a lot of color, a little bit of bling, a little bit of pizzazz. That doesn't mean you should paint your bedroom purple, but do something intriguing that will make a room memorable for a younger visitor.
Hooking the Boomer Buyer
Think about art.
Since boomers often have fine items and this generation is often big on display, ask yourself where and how you can create a space -- perhaps in the living room or entrance -- where a future homeowner could show a piece of artwork.
Update with care.
Boomers do love grand kitchens and bathrooms. But "it's very tricky -- how are you going to pick out the right tile?" asks Hehman. So proceed with caution if you must update those areas in anticipation of selling your home, he says. Make somewhat neutral choices among luxury items -- white Carrera marble in the bathroom, for example.
Consider universal access.
As you renovate your bathroom, add touches that seniors will notice and need when they look at the house later -- grab bars in the bathtub, a higher toilet, a step-in shower rather than a bathtub.
More ideas.
Lever door handles (easier for arthritic hands to handle than knobs) when you replace door fixtures, and pull-out shelves in places like the pantry (easier for bad backs to reach).
This month we're featuring an article from MSN real estate that reviews the features that appeal most to boomers, Gen X and Gen Y, plus tips on how to sell to homebuyers in each generation.
What's your dream house?
Your answer says a lot about your values and attitudes -- and may have a lot to do with when you were born. So say the authors of a new study of 1,000 home owners nationwide.
The market research company GfK Roper Reports asked participants to prioritize the amenities they'd have in their dream home -- not necessarily amenities they already have, or will have in their next home.
The different responses, from baby boomers through first-time generation-Y buyers, reflect how different features appeal to different ages and also how tastes have shifted over time.
"I think what the study reveals is very different value sets among the generations," says Kathy Sheehan, senior vice president for GfK Roper Reports.
Definite patterns emerge from the survey data, Sheehan says, and you can glean some potentially important insights -- especially if you're considering pre-sale renovations. But first, here's a review of the survey results:
Boomers - The Picture of Success
Those born 1946 to 1964, rank a state-of-the-art kitchen No. 1 on their list of must-haves, with walk-in closets, whirlpool baths, fireplaces and swimming pools rounding out the top five. They also rank a workshop/hobby studio highly. (You can see a full list of each generation's top 10 below.)
As they're becoming so-called "empty nesters," boomers think about having a private retreat that's as much gallery as home. They waited until later in life to have a grand home, and now they generally want to flaunt its many niceties -- a home where they can age (extremely) gracefully.
"It's about the show," she says, with amenities such as a grand kitchen and places to display art. In a nutshell, the boomer home says, "I've made it."Generation X - Family-focused Informality
Those born roughly between 1965 and 1978 also place a high priority on a fine kitchen and on amenities like large walk-in closets. As these sons and daughters of baby boomers age, their aspirations for dream houses are now dovetailing with those of their parents, says Sheehan.
The reason? This generation has moved into child-rearing age, says Sheehan, and now "want stuff that speaks to organization." Their buzzword: family."Gen X-ers are at childbearing age," Sheehan says. "That means that Gen-X homes are about the family center. They are looking for things that help them organize and eradicate clutter and chaos."
But Gen X-ers are notably different from boomers, too, says Sheehan. For one thing, "Gen X-ers have different attitudes about family and disciplining their children."
Those different attitudes show themselves not only in how these former slackers prioritize their dream amenities, but also in how little they like the formality of boomer homes; they want a casual home, says Sheehan.
They're also much more in tune to style and design, and know exactly what they want in a home -- and are less inclined to settle for less, she says.Generation Y - Let the good times roll
Those born after 1978 to about 1995, want a home that hollers "entertain me." Top-10 priorities include a whirlpool bath, sauna/steam room and entertainment center. "All of these things are about fun," says Sheehan.
That might explain why gardens and workshops don't make an appearance on the Gen-Y list.
And they're clearly not yet worried about accommodating children. This generation is emerging socially, and wants amenities that enhance that aspect of its life. So instead of a place to hunker down, Gen-Y homeowners "might be more interested in the home as a social hub," says Sheehan.
Technology is also second-nature to this generation. They're completely wired. So a Gen-Y home, more than any other, will practically hum with electronics.
Top dream-home amenities vary in importance by generation:
Baby Boomes (born 1946-1964)
1. State of the art kitchen
2. Large walk-in closets
3. Whirlpool bath
4. Fireplace
5. Swimming Pool
6. Workshop/hobby studio
7. Patios, porches and decks
8. Garden
9. Game/billiard room
10. High-tech entertainment cener
Generation X (born 1965-1977)
1. State of the art kitchen
2. Larke walk-in closets
3. Fireplace
4. Whirlpool bath
5. Swimming pool
6. Patios, porches, decks
7. Game/billiard room
8. Garden
9. Gym/fitness room
10. Workshop/hobby studio
Generation Y (born 1978-1995)
1. Whirlpool bath
2. Swimming Pool
3. Game/billiard room
4. Large walk-in closets
5. Fireplace
6. State of the art kitchen
7. Sauna/steam room
8. Gym/fitness room
9. High tech entertainment center
10. Patios, porches and decks
Source: GfK ROPER
Some common ground
So, how immutable are these traits, anyway? Observers say attitudes about homes do change as people enter different stages of their lives: Witness the Gen X-ers who want high-end kitchens now that they're nesting, just like their boomer parents before them.
But the study turned up somewhat unexpected results, too. For Gen X-ers, "It's a little more surprising that their values seem to be staying with them as they age," says Sheehan, mentioning attitudes such as informality.
"There might be life-stage changes, but the values will remain consistent." Another is the Gen Y embrace of technology. That shouldn't be expected to dissipate, either, she says.
Perhaps most interesting to home owners renovating with an eye toward selling their home are the features the generations agreed were important. Walk-in closets made an appearance in the top three on all three generation's lists, for example.
And those state-of-the art kitchens ranked No. 1 for both boomers and Gen X-ers -- and made a not-so-shabby appearance at No. 6 for the Gen-Y set. Other features cracking the top five for all three generations:
• Whirlpool baths
• Swimming pools
• Fireplaces
Target buyers -- carefully
You can harness all this info to make your home more attractive to homebuyers. But do proceed with caution: Just because you live in a neighborhood that's hot with the Gen-Y crowd doesn't mean you should run out and install a Jacuzzi, say real estate agents; a hot tub is a bad return on investment now and forever. Pools aren't much better.
Do not to make dramatic changes in your home just in hopes of attracting buyers. "What's most important is having a nice, clean property in an in-demand area," Hehman says.
Yet there are some situations in which you might consider targeting your home renovations -- say, if you live in one of those increasingly popular 55-and-over communities, or in an area that's getting hot with young professionals.
To gauge the type of buyer you're likely to attract, pay attention to your surroundings: Are you in a high-dollar district? Chances are good you'll have a boomer buyer. Gen-Y buyers, meanwhile, often want to be closer to the social scene and public transportation -- or else out on the fringes where new homes are cheapest.
You should know basic facts about your neighborhood, such as whether you're in a good school district and the general ages of people who've recently bought in the area.
For those of you comfortable with targeting specific buyers, here are some expert tips for luring boomers, Gen X-ers and the Gen-Y crowd (that fall well short of installing a Jacuzzi).
Luring Gen Y
Don't fear color.
The age-old rule is to banish any hue from a house about to be sold. But plain-Jane white is often too drab for Gen Y. Some clients see plain white walls and they say, 'Man, that just sucks, because now we’ve got to come in and paint.'"
Instead home owners should repaint in what the industry calls "builder's beige." "It adds a lot to the house; it's better than just solid white," he says, and "they can live with the beige for a while."
Get unconventional.
This generation likes untraditional floor plans, informality and flexibility in a layout. Anything that a homeowner can do to emphasize that -- adding furniture that moves around on rollers, putting the formal dining set in a shed out back when the house is being shown -- may add appeal.
Also, get creative with what personal property you're willing to include in the listing price. Instead of the typical washer and dryer, some buyers have negotiated for the previous owner's elaborate, built-in home theater system to be included in a full-price offer.
Get wired.
Gen Y is plugged in to the Web, all the time. Your home better be, too -- and with a fast connection, even if it's an older home.
Add an office.
Transform someplace in the home (even a nook) into an office -- even if it's just a few shelves and a desktop. Everyone works from home these days. Show a Gen-Y homebuyer where he or she can, too.
Grabbing the Gen-X buyer
Think kitchen.
Because the kitchen is the focal point of the Gen-X home, you should spend your remodeling money there before, say, the bedrooms, advises GfK Roper Reports' Sheehan.
One way to freshen up a kitchen without spending thousands is to refinish the cabinets. Popular treatments are glazing, crackling and sand-through finishing that gives furniture a worn appearance. It's minimal cost but gives that home an updated look. Just look at a catalog like Pottery Barn for evidence of its popularity.
Color (again).
Gen X-ers like a lot of color, a little bit of bling, a little bit of pizzazz. That doesn't mean you should paint your bedroom purple, but do something intriguing that will make a room memorable for a younger visitor.
Hooking the Boomer Buyer
Think about art.
Since boomers often have fine items and this generation is often big on display, ask yourself where and how you can create a space -- perhaps in the living room or entrance -- where a future homeowner could show a piece of artwork.
Update with care.
Boomers do love grand kitchens and bathrooms. But "it's very tricky -- how are you going to pick out the right tile?" asks Hehman. So proceed with caution if you must update those areas in anticipation of selling your home, he says. Make somewhat neutral choices among luxury items -- white Carrera marble in the bathroom, for example.
Consider universal access.
As you renovate your bathroom, add touches that seniors will notice and need when they look at the house later -- grab bars in the bathtub, a higher toilet, a step-in shower rather than a bathtub.
More ideas.
Lever door handles (easier for arthritic hands to handle than knobs) when you replace door fixtures, and pull-out shelves in places like the pantry (easier for bad backs to reach).
Thursday, March 20, 2008
February 2008 Market Watch
Sales Break 6,000 In Spite Of Winter Weather
While snow fell in almost record amounts, Toronto Real Estate Board Members recorded a respectable 6,015 sales during the month of February, TREB President Maureen O'Neill announced today.
"While sales were down over 2007 (11 per cent), they are in line with historical levels for the month, and they should increase substantially as the GTA eases into Spring."
Prices rose in February, with the average climbing to $382,048, up four per cent from the $367,687 recorded in February of last year. Days-on-Market stood at 30 days, and the list-to-sale price ratio was 99 per cent.
Activity within the City of Toronto generally matched that of the broader GTA. Sales moderated 14 per cent in the city to 2,310 from last year's figure of 2,697. Prices rose two per cent to $424,235.
Neighbourhood Watch - February 2008
Based on homes sales that month.
E02 -The Beach (coxwell, danforth, victoria park)
Detached: $796,242
Semi-detached: $452,079
Condo: $720,00*
* don't worry folks, only on condo sale in February in this district and it was a big one!
E03 - Danforth North (DVP, victoria park, danforth)
Detached: $505,304
Semi-Detached: $437,837
Condo: $216,300
E01 - Danforth South & Riverdale (DVP, danforth, coxwell)
Detached: $488,738
Semi-Detached: $479,731
Condo: n/a
C01 - Downtown West (yonge to dufferin, south of bloor)
Detached: $670,800
Semi-Detached: $657,667
Condo: $346,396
C08 - Downtown East (yonge to DVP, south of bloor)
Detached: $555.450
Semi-Detached: $652,204
Condo: $343,648
C04 - Bedford West & Lytton Park (allen, 401, yonge, eglinton)
Detached: $1,014,708
Semi-Detached: $625,100
Condo: $341,867
C09 - Rosedale (yonge, st.clair, bayview, bloor)
Detached: $2,031,475
Semi-Detached: $1,787,000
Condo: $537,578
C03 - Forest Hill (allen, eglinton, yonge, st.clair)
Detached: $1,124,963
Semi-Detached: $363,443
Condo: $467,300
C12- Lawrence Park/Bedford East (yonge, 401, leslie, eglinton)
Detached: $1,649,255
Semi-Detached: n/a
Condo: $474,143
Source: Toronto Real Estate Board February 2008
While snow fell in almost record amounts, Toronto Real Estate Board Members recorded a respectable 6,015 sales during the month of February, TREB President Maureen O'Neill announced today.
"While sales were down over 2007 (11 per cent), they are in line with historical levels for the month, and they should increase substantially as the GTA eases into Spring."
Prices rose in February, with the average climbing to $382,048, up four per cent from the $367,687 recorded in February of last year. Days-on-Market stood at 30 days, and the list-to-sale price ratio was 99 per cent.
Activity within the City of Toronto generally matched that of the broader GTA. Sales moderated 14 per cent in the city to 2,310 from last year's figure of 2,697. Prices rose two per cent to $424,235.
Neighbourhood Watch - February 2008
Based on homes sales that month.
E02 -The Beach (coxwell, danforth, victoria park)
Detached: $796,242
Semi-detached: $452,079
Condo: $720,00*
* don't worry folks, only on condo sale in February in this district and it was a big one!
E03 - Danforth North (DVP, victoria park, danforth)
Detached: $505,304
Semi-Detached: $437,837
Condo: $216,300
E01 - Danforth South & Riverdale (DVP, danforth, coxwell)
Detached: $488,738
Semi-Detached: $479,731
Condo: n/a
C01 - Downtown West (yonge to dufferin, south of bloor)
Detached: $670,800
Semi-Detached: $657,667
Condo: $346,396
C08 - Downtown East (yonge to DVP, south of bloor)
Detached: $555.450
Semi-Detached: $652,204
Condo: $343,648
C04 - Bedford West & Lytton Park (allen, 401, yonge, eglinton)
Detached: $1,014,708
Semi-Detached: $625,100
Condo: $341,867
C09 - Rosedale (yonge, st.clair, bayview, bloor)
Detached: $2,031,475
Semi-Detached: $1,787,000
Condo: $537,578
C03 - Forest Hill (allen, eglinton, yonge, st.clair)
Detached: $1,124,963
Semi-Detached: $363,443
Condo: $467,300
C12- Lawrence Park/Bedford East (yonge, 401, leslie, eglinton)
Detached: $1,649,255
Semi-Detached: n/a
Condo: $474,143
Source: Toronto Real Estate Board February 2008
Friday, February 29, 2008
We're Proud to Announce...
We’re proud to announce a partnership with Habitat for Humanity Toronto.
Our goal is to raise awareness and support them in their efforts to eliminate poverty housing in our community.
One of the great ways to support Habitat for Humanity is through their ReStores…donate or shop!
Habitat for Humanity Toronto’s ReStores sell new and gently used renovation materials and supplies. Everything sold in the ReStores has been donated which is how they are able to sell everything for at least 50% off retail, or more.
They constantly receive new inventory so every visit to the ReStore you can find an amazing deal or a one-of-a-kind gem.
We are doing our own renovation and were able to find a new designer chandelier for 60% less than retail!
If you are conquering a renovation yourself, find out how you can donate your home’s materials instead of paying for costly disposal fees. Not to mention receive a tax receipt.
Habitat ReStore profits pay for 100% of the administrative costs of operating Habitat for Humanity Toronto. By covering their own costs, they are able to direct every dollar donated to home building.
You can check out the local ReStore at 29 Bermondsey Road or go to www.torontohabitat.ca for more locations.
Did you know?
The Toronto Star just named our city “Canada’s poverty capital.” Thirty percent of families in the GTA live below the poverty line.
Our goal is to raise awareness and support them in their efforts to eliminate poverty housing in our community.
One of the great ways to support Habitat for Humanity is through their ReStores…donate or shop!
Habitat for Humanity Toronto’s ReStores sell new and gently used renovation materials and supplies. Everything sold in the ReStores has been donated which is how they are able to sell everything for at least 50% off retail, or more.
They constantly receive new inventory so every visit to the ReStore you can find an amazing deal or a one-of-a-kind gem.
We are doing our own renovation and were able to find a new designer chandelier for 60% less than retail!
If you are conquering a renovation yourself, find out how you can donate your home’s materials instead of paying for costly disposal fees. Not to mention receive a tax receipt.
Habitat ReStore profits pay for 100% of the administrative costs of operating Habitat for Humanity Toronto. By covering their own costs, they are able to direct every dollar donated to home building.
You can check out the local ReStore at 29 Bermondsey Road or go to www.torontohabitat.ca for more locations.
Did you know?
The Toronto Star just named our city “Canada’s poverty capital.” Thirty percent of families in the GTA live below the poverty line.
Thursday, February 28, 2008
Beyond the Clutter
Most of us have read articles and watched shows on organization.
We've also heard the usual tips...de-clutter whatever you can, don' t buy anything unless you have a place for it etc.
But this month we're going to share ideas that go beyond the usual and the best ones to help organize your life.
Greetings...
Nothing instills a nice jolt of panic than realizing that someone's birthday crept up on you or knowing you've got to send a thank you or symptahy card right away. How many times have you made the same trip to Hallmark or Shoppers over and over?
Get a stack of large cellphane bags, tissue paper and neutral ribbon - you can get 100 bags and a 100 yards of ribbon at Creative Bag for about $20 each! You will never have to buy wrapping paper again and you will look like Martha Stewart.
Spend some time at your favorite card shop and buy specific birthday cards for all of your close friends and family. Buy some generic ones to just in case you make new friends :) Get a box of thank you cards, and a few each of the following: get well, congrats, anniversary, sympathy.
Buy an file folder that seperates by month - for the specific cards, write the name on the envelope and pop it in the month of their birthday. Do the same if you are going to go crazy and send specfic cards for anniversaries or upcoming weddings and babies.
There you go - calm, cool, collected and giving the impression of being incredibly thoughtful.
As you walk in the door...
Unless you have the luxury of a proper mud-room where it doesn't matter if backpacks, gloves, scarves, mail, newspapers and the other stuff of life lands randomly, consider some of the following ideas.
A row of storage cubes - sit AND store...one for everyone in the family if you have room. They double as extra seating when you entertain and if someone is popping over at the last minute, you can chuck everything in them temporarily.
An idea that we saw on a small spaces home show was a reclaimed stack of gym lockers.
Every cubbie had someone's name on it or a name for the contents. You can get new ones at Staples or checkout used office furniture places like Baker's At Work Office Furniture.
For a more traditional look, check out Pottery Barn for great double-duty entry organizers.
The home office...
One of the top executive coaching programs espouses that you should be able to work anywhere. Meaning your desk should consist of your computer, and maybe a pen if you really, really need one.
Compress and go wireless - Staples offers all-in-one wireless printers starting at $100. We have a Brother MFC-640 and love it. Get a laptop and use the built-in mouse...you WILL get used to it.
As great as cell phone, and ipods are, they never seem to find a good home for charging. Pick up one of these organizers to consolidate the wires and give them a great looking place to hang out while they charge up.
Use your berry or PDA- you paid enough for it didn't you? We love using the Task function for to-do lists. Here is my wife's list:
Errands
- for a specific day or trip
Work and Personal to-do
- more of a weekly view
Reno
- for each category of our reno...all measurements, product codes, colours etc. are on there and I'm sure a few things she's found that she'll want to buy when we move in that are clearly documented
Birthdays
- great for when you think of a great present idea for someone
Books/Movies/Wine
- one place for when someone recommends something or you want to remember later
Groceries
- ditch the list on the fridge, most people forget to bring it shopping anyway and you have a place to jot down in when you are not standing in your kitchen
Poker (?)
- she also keeps a poker cheat-sheet in her blackberry just in case a game springs up at Gymboree
Communication is key...
How many annoying times have we heard that communication is the key to a great relationship?
No matter how great of a wife/husband/parent/friend we are, we all go Charlie Brown once in a while and only hear "wahwahwahwahwahwah...(insert your name here)...wahwahwah".
Since it is unlikely that the family unit is going to synch their blackberries, pick a wall and put up a chalkboard, or just paint a feature wall with chalkboard paint. You can also custom frame for a more refined look.
Scribble birthdays, events, dinner ideas, chores, errands and maybe even the occaisional 'i love you'. My favorite is the 'don't forget...'. Be careful, you won't be able to use the excuse that you weren't told about it.
Who designed the green bin anyway?...
A lot of us live in kitchens that were designed before recylcing and green bins became commonplace. How many of you live with an overcrowded garbage cupboard and piles of bottles, cans and ugly green bins sitting on your counter or by your door?
If you are thinking of renovating your kitchen, consider having your design include two roll-out cabinets with two full-size bins each. One for garbage, one for recycling, one for green bin and one for extra recycling such as paper or other items needing room such as dog food.
If you aren't renovating, see if you can retrofit a current cabinet by removing the shelving and inserting an additional garbage can for recycling or green bin items.
As for the outside, I know the plastic bins colours make it easy for the city to discern what is what but if those colours coordinate with your exterior, it's time to re-paint.
I can't tell you how many great homes I visit where thought and consideration has been put into beautiful planters, doorways and landscaping, only to see garbage and recylcing containers standing in full view outside the home.
Invest in a racoon-proof container system that brings some asthetic qualities to your home. If you can, paint it out to match your exterior.
Great systems are available in a range of prices. Check out Bin Solutions for a wide variety of options.
The great illusion...
Some of us are not natural organizers, nor do we want to be. But the old mantra of having a place for everything really does work.
Don't worry about whether your underwear is folded. Just make sure you have a drawer or basket for it. Don't freak out about your mail not being sorted, at least have a box or container for it until you do tackle the pile so it's not becoming your secondary counter surface.
Just don't let anyone open your cabinets or handy-dandy storage units - some items may have shifted after stuffing them full.
If all else fails, claim to be a prodigal eccentric artist whose surroundings are cluttered but whose mind is crystal clear.
We've also heard the usual tips...de-clutter whatever you can, don' t buy anything unless you have a place for it etc.
But this month we're going to share ideas that go beyond the usual and the best ones to help organize your life.
Greetings...
Nothing instills a nice jolt of panic than realizing that someone's birthday crept up on you or knowing you've got to send a thank you or symptahy card right away. How many times have you made the same trip to Hallmark or Shoppers over and over?
Get a stack of large cellphane bags, tissue paper and neutral ribbon - you can get 100 bags and a 100 yards of ribbon at Creative Bag for about $20 each! You will never have to buy wrapping paper again and you will look like Martha Stewart.Spend some time at your favorite card shop and buy specific birthday cards for all of your close friends and family. Buy some generic ones to just in case you make new friends :) Get a box of thank you cards, and a few each of the following: get well, congrats, anniversary, sympathy.
Buy an file folder that seperates by month - for the specific cards, write the name on the envelope and pop it in the month of their birthday. Do the same if you are going to go crazy and send specfic cards for anniversaries or upcoming weddings and babies.
There you go - calm, cool, collected and giving the impression of being incredibly thoughtful.
As you walk in the door...
Unless you have the luxury of a proper mud-room where it doesn't matter if backpacks, gloves, scarves, mail, newspapers and the other stuff of life lands randomly, consider some of the following ideas.
A row of storage cubes - sit AND store...one for everyone in the family if you have room. They double as extra seating when you entertain and if someone is popping over at the last minute, you can chuck everything in them temporarily.
An idea that we saw on a small spaces home show was a reclaimed stack of gym lockers.Every cubbie had someone's name on it or a name for the contents. You can get new ones at Staples or checkout used office furniture places like Baker's At Work Office Furniture.
For a more traditional look, check out Pottery Barn for great double-duty entry organizers.
The home office...
One of the top executive coaching programs espouses that you should be able to work anywhere. Meaning your desk should consist of your computer, and maybe a pen if you really, really need one.
Compress and go wireless - Staples offers all-in-one wireless printers starting at $100. We have a Brother MFC-640 and love it. Get a laptop and use the built-in mouse...you WILL get used to it.
As great as cell phone, and ipods are, they never seem to find a good home for charging. Pick up one of these organizers to consolidate the wires and give them a great looking place to hang out while they charge up.Use your berry or PDA- you paid enough for it didn't you? We love using the Task function for to-do lists. Here is my wife's list:
Errands
- for a specific day or trip
Work and Personal to-do
- more of a weekly view
Reno
- for each category of our reno...all measurements, product codes, colours etc. are on there and I'm sure a few things she's found that she'll want to buy when we move in that are clearly documented
Birthdays
- great for when you think of a great present idea for someone
Books/Movies/Wine
- one place for when someone recommends something or you want to remember later
Groceries
- ditch the list on the fridge, most people forget to bring it shopping anyway and you have a place to jot down in when you are not standing in your kitchen
Poker (?)
- she also keeps a poker cheat-sheet in her blackberry just in case a game springs up at Gymboree
Communication is key...
How many annoying times have we heard that communication is the key to a great relationship?
No matter how great of a wife/husband/parent/friend we are, we all go Charlie Brown once in a while and only hear "wahwahwahwahwahwah...(insert your name here)...wahwahwah".
Since it is unlikely that the family unit is going to synch their blackberries, pick a wall and put up a chalkboard, or just paint a feature wall with chalkboard paint. You can also custom frame for a more refined look.Scribble birthdays, events, dinner ideas, chores, errands and maybe even the occaisional 'i love you'. My favorite is the 'don't forget...'. Be careful, you won't be able to use the excuse that you weren't told about it.
Who designed the green bin anyway?...
A lot of us live in kitchens that were designed before recylcing and green bins became commonplace. How many of you live with an overcrowded garbage cupboard and piles of bottles, cans and ugly green bins sitting on your counter or by your door?
If you are thinking of renovating your kitchen, consider having your design include two roll-out cabinets with two full-size bins each. One for garbage, one for recycling, one for green bin and one for extra recycling such as paper or other items needing room such as dog food.
If you aren't renovating, see if you can retrofit a current cabinet by removing the shelving and inserting an additional garbage can for recycling or green bin items.As for the outside, I know the plastic bins colours make it easy for the city to discern what is what but if those colours coordinate with your exterior, it's time to re-paint.
I can't tell you how many great homes I visit where thought and consideration has been put into beautiful planters, doorways and landscaping, only to see garbage and recylcing containers standing in full view outside the home.
Invest in a racoon-proof container system that brings some asthetic qualities to your home. If you can, paint it out to match your exterior.Great systems are available in a range of prices. Check out Bin Solutions for a wide variety of options.
The great illusion...
Some of us are not natural organizers, nor do we want to be. But the old mantra of having a place for everything really does work.
Don't worry about whether your underwear is folded. Just make sure you have a drawer or basket for it. Don't freak out about your mail not being sorted, at least have a box or container for it until you do tackle the pile so it's not becoming your secondary counter surface.
Just don't let anyone open your cabinets or handy-dandy storage units - some items may have shifted after stuffing them full.
If all else fails, claim to be a prodigal eccentric artist whose surroundings are cluttered but whose mind is crystal clear.
January 2008 Market Watch
A strong performance within TREB's Central districts drove the Toronto area real estate market to a healthy 5,073 sales in January, off just two per cent from last year's record performance, President Maureen O'Neill announced today.
"While sales were strong, price increases remained modest, with the average rising six per cent to $374,449," said Ms. O'Neill.
There is short supply in some neighbourhoods for great houses. If you are considering selling, now is a great time as there is very strong demand from buyers. If your home shows well you will be in great a position to receive multiple offers.
Neighbourhood Watch - January 2008
Based on homes sales that month.
E02 -The Beach (coxwell, danforth, victoria park)
Detached: $667,959
Semi-detached: $440,330
Condo: $407,000
E03 - Danforth North (DVP, victoria park, danforth)
Detached: $422,296
Semi-Detached: $403,213
Condo: $166,474
E01 - Danforth South & Riverdale (DVP, danforth, coxwell)
Detached: $504,875
Semi-Detached: $444,976
Condo:$329,955
C04 - Bedford West & Lytton Park (allen, 401, yonge, eglinton)
Detached: $1,016,049
Semi-Detached: $540,000
Condo: $277,987
C09 - Rosedale (yonge, st.clair, bayview, bloor)
Detached: $1,502,000
Semi-Detached: $1,775,000
Condo: $574,667
C03 - Forest Hill (allen, eglinton, yonge, st.clair)
Detached: $661,440
Semi-Detached: $474,250
Condo: $466,625
C12- Lawrence Park/Bedford East (yonge, 401, leslie, eglinton)
Detached: $1,872,389
Semi-Detached: n/a
Condo: $659,583
Source: Toronto Real Estate Board November January 2008
"While sales were strong, price increases remained modest, with the average rising six per cent to $374,449," said Ms. O'Neill.
There is short supply in some neighbourhoods for great houses. If you are considering selling, now is a great time as there is very strong demand from buyers. If your home shows well you will be in great a position to receive multiple offers.
Neighbourhood Watch - January 2008
Based on homes sales that month.
E02 -The Beach (coxwell, danforth, victoria park)
Detached: $667,959
Semi-detached: $440,330
Condo: $407,000
E03 - Danforth North (DVP, victoria park, danforth)
Detached: $422,296
Semi-Detached: $403,213
Condo: $166,474
E01 - Danforth South & Riverdale (DVP, danforth, coxwell)
Detached: $504,875
Semi-Detached: $444,976
Condo:$329,955
C04 - Bedford West & Lytton Park (allen, 401, yonge, eglinton)
Detached: $1,016,049
Semi-Detached: $540,000
Condo: $277,987
C09 - Rosedale (yonge, st.clair, bayview, bloor)
Detached: $1,502,000
Semi-Detached: $1,775,000
Condo: $574,667
C03 - Forest Hill (allen, eglinton, yonge, st.clair)
Detached: $661,440
Semi-Detached: $474,250
Condo: $466,625
C12- Lawrence Park/Bedford East (yonge, 401, leslie, eglinton)
Detached: $1,872,389
Semi-Detached: n/a
Condo: $659,583
Source: Toronto Real Estate Board November January 2008
Tuesday, January 22, 2008
My Wife Quit
I guess she can only take so much of me.
Actually, we've gotten so busy that I've hired a new full-time assistant. We're excited to welcome Jenny Simon to the team!
She is a perfect fit... a qualified designer with strong project management skills and staging expertise, especially as we are getting more involved in helping clients get their homes ready for sale.
Jenny graduated from the Academy of Design and designed condominium lobbies, common areas as well as the model and private suites. She also worked as an in-house design consultant for Latitude for Living for Beach residents.
Actually, we've gotten so busy that I've hired a new full-time assistant. We're excited to welcome Jenny Simon to the team!
She is a perfect fit... a qualified designer with strong project management skills and staging expertise, especially as we are getting more involved in helping clients get their homes ready for sale.Jenny graduated from the Academy of Design and designed condominium lobbies, common areas as well as the model and private suites. She also worked as an in-house design consultant for Latitude for Living for Beach residents.
Subscribe to:
Posts (Atom)
