Inspiration: Unconventional Headboards

Thinking of refreshing the look of your bedroom? Here are some great ideas for headboards

http://www.apartmenttherapy.com/

As the focal point of most bedrooms, the headboard is a feature in which there lies opportunity to think outside the box. From fashionable wall decals to reclaimed window frames, check out these eight great rooms with novel bed-heads.

Toronto Real Estate: February 2011 Home Sales

We have talked a bit about the spring market being influenced by the thermometer - well February has been a long snowy month. Great for skiing! But not so great for home sales.

The Toronto Real Estate Board had these results:

TORONTO, February 17, 2011 -- Greater Toronto REALTORS® reported 3,084 sales during the first two weeks of February 2011 – a 13 per cent decrease compared to the first two weeks of February 2010.

"We are on pace for a strong sales result in February, but transactions will come in lower than the record result reported last February. Sales remain strong because the GTA resale market contains a diversity of housing types catering to a wide array of home ownership needs," said Toronto Real Estate Board (TREB) President Bill Johnston.

The average price for transactions during the first 14 days of February was $451,257, representing a five per cent increase compared to the first two weeks of February 2010.

"Average selling price growth for existing homes is expected to range between three and five per cent this year. Tighter market conditions over the last four months have pushed price growth to the top end of this range," said Jason Mercer, TREB's Senior Manager of Market Analysis.

Some people may be holding off thinking that the land transfer tax might be corrected. According to the Toronto Star as well as the Globe and Mail, Rob Ford is now admitting that it won't be until 2012 before we say good bye to the oppressive tax. He blames it on the federal election. Need I say more?

From and supply demand perspective, we have seen very little product on the market so those needing to move have had less to choose from. Like most years, there may be buyers ready to pull the trigger but are waiting for more choice. Then the excitement of the spring market warms with the weather and the buzz of what's for sale and what houses sold for are the talk of the neighbourhood coffee shop, school yards and dinner parties.

If you are thinking of selling, now is the time to start to declutter, touch up paint and finish those odd jobs. After March Break, the fun will begin in earnest!

Not sure where to start on getting your house ready? You can check out my blog article on Getting your house ready to sell or better yet, call me. I can provide direction on where your time and money are best spent.

Happy House Hunting!

Toronto Real Estate: Prices up in January 2011

It's always interesting to watch the start of the spring real estate market in Toronto. Technically the spring market runs January thru the end of May however the market heating up seems to depend a lot on the thermometer.

In colder years with lots of snow, the market starts slow as no one like slogging through adverse weather conditions to look for a house. As a result there may be a back log of buyers with no product (houses) to buy. That can contribute to bidding wars once the weather cooperates and the first round of houses goes up for sale.

Some sellers may sit back and wait hoping to capitalize on the buying frenzy. This may work for some but your timing has to be absolutely perfect. If you wait too long, you could miss out. If you list to early, there may not be enough buyers ready to pull the trigger as they wait for more product to be available.

Strategy and Tactics
Here are some best practices suggestions:

1) If you are thinking of listing, talk to your realtor and make a list of items to fix, paint, plant, decorate or declutter

2) Start working on the list now so that should you decide to list, you are ready to come out of the gate absolutely ready

3) Don't spend money on fixes that won't net you your money back out.

We have been seeing a trend in the past 6 months of real estate transactions being down and housing price up. Worth considering if you are looking to sell.

Toronto: Winterlicious 2011 stars January 28th

Winterlicious 2011 starts January 28th and the opportunity to try Toronto's top restaurants for a steal is about to begin!

Here is a list of the participating restaurants - Enjoy!

http://wx.toronto.ca/inter/se/restaurants.nsf/Winterlicious?Openform

Toronto Real Estate: Mortgage Insurance changes

Lots of questions today about the changes to Mortgage Insurance rules. In follow up to my previous blog, this should net it out. Federal Finance Minister Jim Flaherty announced changes to mortgage insurance rules intended to ensure the stability of Canada's housing market.

These measures include:
1. AMORTIZATION period reduced to 30 years from 35 years.
2. Maximum REFINANCING Loan to value (LTV) lowered to 85% from 90%.
3. Government insurance backing on home equity lines of credit, or HELOCs, has been removed.

IMPORTANT: There are no changes to down payment requirements as of yet that was widely expected to be raised from 5% to 10%.

Changes will take effect March 18th for 30yr AMORTIZATION and REFINANCING to max 85% whereas changes for Heloc's no longer being insured will take effect April 18th.

Know your options and contact a Realtor or a mortgage broker you trust to support you if you are looking to buy or refinance in the next 6 months.

Mortgage Rules: Canada makes changes to Mortgage terms

There is no doubt that the hardest hit will be new home buyers. If you are a first time buyer and were basing your budget on a 35 year amortization, you may want to consider buying before March 18th 2011.

Here is an excerpt from the Globe and Mail:

Ottawa’s three-pronged announcement Monday will effectively eliminate 35-year mortgages for home buyers who need mortgage insurance, lower the maximum amount that people can borrow in refinancing their mortgage and put an onus on lenders to be more careful about which customers get home equity lines of credit.

“It’s a tough little set of measures that will pull back the excess availability of credit,” said John Cocomile, a broker with GreedyMortgage.com in Toronto. “I think it’s fantastic. It’s too bad the Americans didn’t do this three or four years ago, or the mess they’re dealing with wouldn’t be nearly as bad.”

The Bank of Canada is worried about how indebted Canadians are, big bank executives have spoken up on the subject and now the federal government has shown how concerned it is as well. Borrowers, as Mr. Cocomile tells it, have been oblivious. As a result, they need to be saved from themselves.

At Mr. Cocomile’s office, nine of 10 new home buyers have been choosing to pay off their mortgage over 35 years. Starting March 18, 30 years will be the new ceiling for people with down payments of less than 20 per cent.

The extra interest charges resulting from an amortization period of 35 years as compared with 30 years can amount to tens of thousands of dollars. Mr. Cocomile said clients who are informed of this typically say they intend to start paying down their mortgage at the earliest opportunity. Does that actually happen?

“No,” Mr. Cocomile said. “I’ll follow up with them and say, ‘Why don’t we ramp up payments?’ They say, ‘Oh, we have a car loan now, or we spent some money on renovations, or we’re trying to get rid of credit card debt.’ Credit’s so easy – everyone’s using it.”

Requiring people to pay off their mortgages over a shorter period means they must either pay more per month, or buy a cheaper house. So it’s hard not to see home sales suffering as a result of the new measures in pricey cities like Toronto, where David Larock is building up his new mortgage planning business.

“None of these measures will be popular with mortgage brokers and realtors, but Canadian debt levels were climbing to alarmingly high levels,” said Mr. Larock, a onetime employee in a big bank’s mortgage department. “I don’t like it, but for the long-term health of our market I think it’s short-term pain for long-term gain.”

Mr. Flaherty said his prime concern is that people are borrowing to the maximum at a time of low interest rates. Rising rates will make the debt load less manageable, but people haven’t shown any inclination to alter their behaviour in the housing market and in other forms of borrowing.

That’s why the government is lowering the maximum people can borrow through a refinancing of their mortgages to 85 per cent of the value of their home, down from 90 per cent. Mr. Cocomile said he’s seen strong demand for refinancings from people who have run up other debts and want to consolidate them in their mortgage.

Whereas you can get a five-year mortgage at 3.85 per cent, a typical credit card would charge about 19 per cent. But refinancing to the maximum drastically reduces your home equity and leaves your house vulnerable if you can’t keep up with your mortgage when interest rates rise.

Home equity lines of credit have become one of hottest borrowing tools around, but they’re getting the lightest treatment from Ottawa. Instead of targeting borrowers directly, the government is putting the onus on banks to lend responsibly. Starting April 18, government-backed insurance will no longer be available to banks to cover losses from customers with lines of credit.

Interest rates on new home equity credit lines could rise as a result, or it could become tougher to qualify for one. Call this another example of how protecting Canadians from themselves comes at a cost that even people who make their living in the housing market think is worthwhile.

“You can totally realize why the Finance Minister is imposing these rules,” Mr. Cocomile said. “As interest rates nudge up, people won’t be as pressed as they might have been.”

Changing Mortgage Rules

Starting March 18, people buying a home with a down payment of less than 20 per cent will be able to take no more than 30 years to repay the loan, down from the current maximum of 35 years. Here are two ways the changes will affect people.

1.) The maximum affordable house price falls

Example: A couple with household income of $120,000 and a 10 per cent down payment.

Maximum house price with a 35-year amortization: $620,000
Maximum house price with a 30-year amortization: $560,000

2.) Monthly payments rise (but the amount of interest paid over the long term falls)

Example: A $300,000 mortgage at 4 per cent

Monthly payments over 35 years: $1,322
Monthly payments over 30 years: $1,427
Additional monthly cost: $105
Total interest savings: $41,850

Source: John Cocomile, Department of Finance

http://www.theglobeandmail.com/report-on-business/economy/housing/flaherty-details-new-mortgage-rules/article1872599/page2/

Toronto Real Estate: 2010 in Review

GTA REALTORS® Report Monthly Resale Housing Market Figures
TORONTO, January 6, 2011

Greater Toronto REALTORS® reported 4,395 existing home sales for the month of December, bringing the 2010 total to 86,170 – down by one per cent compared to 2009.

“Market conditions were anything but uniform in 2010. We went from super-charged sales activity during the first four months of the year, to a marked drop-off in transactions in the summer and then in the fall saw sales climb back to levels that are sustainable over the longer term,” said TREB President Bill Johnston.

“New Federal Government-mandated mortgage lending guidelines, higher borrowing costs and misconceptions about the HST caused a pause in home buying in the summer. As it became clear that the HST was not applicable to the sale price of an existing home and buyers realized that home ownership remained affordable, market conditions improved,” continued Johnston.

The average home selling price in 2010 was $431,463 – up nine per cent in comparison to the 2009 average selling price of $395,460. In December, the average annual rate of price growth was five per cent.

“At the outset of 2010, we were experiencing annual rates of price growth at or near 20 per cent. This was the result of extremely tight market conditions coupled with the fact that we were comparing prices to the trough of the recession at the beginning of 2009,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

“Balanced market conditions in the second half of 2010 resulted in more moderate home price appreciation,” continued Mercer. “Expect the average selling price to grow at or below five per cent in 2011. With this type of growth, mortgage carrying costs for the average priced home in the GTA will remain affordable for a household earning an average income.”

Home sales in the GTA were spread across a number of different housing types in 2010. Detached homes accounted for 49 per cent of total sales. Condominium apartments accounted for an additional 25 per cent per cent of sales. Other housing types including townhomes and semi-detached houses accounted for the final 26 per cent. In some areas like TREB’s central districts the mix was quite different, with condominium apartments accounting for 61 per cent of total sales.

“Ownership housing is available in a diversity of types and price points across the GTA, allowing plenty of choice for first time buyers and experienced home buyers alike. This housing diversity is one factor that continues to make the GTA a popular choice for households and businesses,” concluded Johnston.

Toronto Real Estate: Getting Your House Ready to Sell

Selling your house in any real estate market takes a lot of planning. In a balanced market, buyers will be picky, so planning well is important before you put your house on the market. The three major considerations a seller needs to understand are how to get your home in its best condition, both inside and out, and how to price the home effectively.

Lots of sellers can get overwhelmed with what it takes to get their home ready to sell. I've seen homeowners who do the least possible and I've seen those that break the bank in over-improvements that don't pay off. Somewhere in the middle is where most successful sellers end up. Before dropping a bundle into repairs and renovations that might or might not pay off, a seller would be wise to do their research. First, a home needs to be in keeping with the neighborhood standard to compete in the local market. If the average home in your price-range and area doesn't have a lot of expensive upgrades, like granite countertops and high-end appliances, then you'd be wasting your money to do a lot of high-end upgrades. You won't get a good return on your investment. Vice-versa, if you skimp on the upgrades that every house around you has, your neighbors will appreciate you for helping them to sell their house before yours. You can skimp, but just don't expect to get the same amount for your home.

A lot of energy is spent on research about what buyers are looking for these days. Realtor Magazine published a recent article listing the top ten wish-list of today's buyers:
1. Large kitchens with islands
2. Energy efficiency, including energy-efficient appliances, super insulation, and high-efficiency windows.
3. Home offices
4. Main-floor master suite
5. Outdoor living space
6. Ceiling fans
7. Soaking tub in the master suite and/or an oversize shower with a seating area
8. Stone and brick exteriors rather than stucco or vinyl
9. Community walking paths and playgrounds
10. Two-car garages, but three-car garages are even more desirable

If you have any of these features in your home, emphasize them in your marketing. If you don't have some of these features, don't sweat it, this is a "wish-list", just keep emphasizing the positives. Don't spend a lot of time and money creating something that's not there, spend your time and efforts making what you have look its best.

Outside the House - Curb Appeal

Sometimes sellers grow accustomed to the look of their homes. It can be helpful to have another opinion when trying to decide what projects to take on and how much work is needed when the subject of curb appeal comes up.
The psychology behind great curb appeal is really pretty simple. As a seller, you want your home to be attractive, appealing, and welcoming. Most of the time, achieving that can be very simple. You want to accentuate positives and minimize negatives. The negatives you want to minimize are also simple: You don't want the buyer to say to themselves, There's one more thing I'm going to have to do if I buy this house." That's a comment a seller never wants to generate from the buyer. They should rather hear, "I love this house, I could just move right in!"

So how do you get that kind of comment? Five basic steps.

1. Clean up and declutter. Most of the work is usually in this category.
• Trim back trees, bushes, sidewalk edges and thin out overgrown beds. (Think of it as a haircut, although more of a trim, not a drastic head-shave:) You don't want the buyer to say, wow, I'm going to have to trim all this back when I move in.
• Rent, borrow or buy a power washer and clean up sidewalks, porches, decks and siding. You'll be amazed at what a difference a clean surface makes.
• Make sure the grass stays mowed while your home is on the market.
• A fresh coat of paint or stain. Any wood should be freshly cleaned and stained. Again, the buyer will notice and count it as a positive that they won't have to add it to their list of things to do after moving in. As this list grows, so does the dollar amount a buyer subtracts from their offer!
• The front door and trim is a first impression. You want it to say, The owners love this house and take good care of it."
• The door handle and lighting should be newer and in keeping with the style of the house. Don't be afraid to light up the entryway for those night-time showings.
2. Make your porch inviting. Muskoka Chairs or wicker - create an outdoor living area.
3. Create a focal point at the front door. If you have room for seating, add a cozy chair or a bench. Add a wreath of flowers on the door. The idea is to create a sense of welcome.
4. Add color with flowers. If you don't have space to plant some annuals, then put out pots of colorful flowers around the entryway. Colorful flowers are a delight to the eyes and senses, and they say a big "Hello".
5.Repair any problems with driveways, sidewalks or brick or stone edging. Patch and seal for a finished look.

None of these projects have to be expensive and exhausting. They just take a little elbow grease. And make sure you don't overdo the colors or the flowers, you don't want to overwhelm your visitors, you just want to make them feel welcome. Welcome enough to want to stay!

Inside the Home - Staging

You can find great staging tips all over the internet, but the real value is in getting an understanding of the mind of a buyer. Seeing through their eyes will be very helpful to you when you are staging your Frederick home for sale.

Sellers need to realize that the best-looking and best-priced homes are the ones that will sell. It's really that simple. Your home must look the best it can. You have to be vigilant about Dirt and Clutter.

When buyers see dirt, the natural assumption is, "If they can't clean their house for a showing, I wonder what other deferred maintenance issues I might have to deal with?" In their mind, a dirty house is not a house that has been cared for. A note to pet owners: some folks are allergic, so you have to do everything you can to minimize pet dander or better yet send your beloved pet for a mini vacation while you are trying to sell.

Clutter is also something that absolutely must be tackled. Buyers have a hard time seeing themselves and their stuff in your house, if they can't see past the clutter. Clutter also makes the space look smaller than it is. Here's my thought: You're moving anyway, so why not pack up most of your stuff and live lightly for a few weeks?

As a seller, you are trying to throw as wide a net as possible, and appeal to as many buyers as you can. That is the psychology behind neutralizing and de-personalizing your decor. Not to the point of boring, but to the point of tasteful and neutral. You have to change your thinking from "this house;is my home and hearth", to "this house is a commodity that I am trying to sell."

1. Assume that buyers have no imagination. They can't see past the gold velvet drapes in the dining room. Sure they looked great with your Queen Anne dining set, but most buyers probably don't have your exact set. The average buyer is 30 years old. They probably like Pottery Barn or even Ikea, who knows. The point is, they have to see themselves in your home.
2. If you have some great features, don't be shy about highlighting them, especially if they were the features that sold you on the house. Do you have a great view? Then open the window coverings, and orient the furniture to emphasize the view. Do you have a hot tub? By all means, turn it on, uncover it and put out the margarita glasses. Suggest to buyers how they will enjoy your home. Do you have a gorgeous master bath? Put out the candles and Champaign glasses and suggest romance to your buyers. Remember, you're assuming that they have no imagination, so you need to give them every reason to love your home.
3. For so many years, we've watched buyers in the decision-making process. No matter how analytical they are when they start the process, eventually, they make decisions based largely on emotion. They connect emotionally with a house and they start to see themselves making it their home. Find ways to stage your home so that you Accentuate the Positive and Minimize the Negative. Help buyers fall in love with your home.

The Spring and Fall Market is an ideal time to sell as buyers catch real estate fever!

Toronto Housing Prices: Market still up over the past 4 years

It's interesting to watch the Toronto fall housing market. Though volume is down, prices are still up.

With less product available on the market, prices continue to stay buoyant. Going into the traditional slower season of December, houses will start to sit and deals will become available. It's important to find those motivated sellers.

December is a good time to look and buy. I have a couple of interesting properties I am watching.

Best regards,

The Corcoran Team

Toronto Real Estate: October 2010 Stats

The October stats are out for Real Estate Sales in Toronto and though the volume of transactions is down slightly, prices continue to increase.

_______________________________________________________________

TORONTO, November 3, 2010 -- Greater Toronto REALTORS® reported 6,681 sales
through the Multiple Listing Service® (MLS®) in October 2010. This represented a 21 per cent decrease compared to the 8,476 sales recorded in October 2009. Through the first ten months of the year, sales amounted to 75,582 – up one per cent compared to the January through October period in 2009.

“The annual change in sales and average selling prices has been quite uniform across the GTA
and by property type as the market has balanced out from record levels of sales in the second
half of 2009 and first few months of 2010,” said Toronto Real Estate Board (TREB) President
Bill Johnston.

“The composition of GTA home sales does differ depending on location. Condominium
apartments accounted for 42 per cent of total sales in the City of Toronto and almost 60 per cent of sales in TREB’s central districts,” Johnston continued. “In regions surrounding the City of
Toronto, in contrast, low rise home types accounted for almost 90 per cent of transactions.”
The average price for October transactions was $443,729 – up five per cent compared to the
average of $423,559 reported in October 2009. The average selling price through the first nine
months of the year was $430,802.

“The average selling price in the GTA has continued to grow relative to 2009 because home
ownership has remained affordable,” said Jason Mercer, the Toronto Real Estate Board’s
Senior Manager of Market Analysis. “A household earning the average income in the GTA can
comfortably afford the mortgage payments associated with the purchase of an average priced
home.”

“The outlook for mortgage rates and income growth over the next year is favorable. The
average home selling price could increase moderately next year and remain affordable for the
average GTA household,” continued Mercer.

http://www.torontorealestateboard.com/consumer_info/market_news/news2010/pdf/nr_market_watch_1010.pdf
For more information on Homes, Neighbourhood pricing and much more, feel free to contact me at Dan@DanCorcoran.ca or 416.465.4545

Family Reunion

August Mid-Market Report

In the first 2 weeks of August, Toronto Realtors reported 3,832 sales - up 27 percent compared to the first two weeks of August 2008. The average price for these transactions was up 3 percent year-over-year to $383, 796.

To read the full article, click on the link below. http://communications2.torontomls.net/newstand/news/2009/mn0908/pdf/nr_mid_month_0809.pdf

Best...Dan

July Home Sales Hottest Ever!

Hello,

What a great month July was in Real Estate! Below is an article from the Toronto Star.
If you have any real estate questions or inquiries, please don't hesitate to contact me at Dan@DanCorcoran.ca.

Best...Dan

An unexpected surge in summer deals has sent Toronto board scrambling to revise fall forecast

The renovated, four-bedroom home on Hanna Rd. in the leafy downtown Toronto neighbourhood of Leaside was expected to fetch a good price. The vendor was asking $949,000. Some agents figured it was deliberately under priced.

But no one expected the home to go for $286,000 over list when it sold last week amid multiple offers for a cool $1,235,000.

As a result of the summer surge of home buying, the Toronto Real Estate Board is now scrambling to revise its forecasts upward.

Despite the economic downturn, analysts now expect sales to match or surpass last year's 74,558 sales. The earlier estimate was in the range of 65,000 to 70,000.

Yesterday, the real estate board reported 9,967 sales of existing homes in July, up 28 per cent from the same time last year, the best such month on record. The average price of a home is $395,414, up 6 per cent from the same month last year.

The record sales and buoyant prices caught many realtors and buyers by surprise, especially after a rocky start to the year that saw sales plunge by half in January.

"I thought I would be able to get much more of a deal this year," said first-time buyer Renee Chong, 31.

Chong, who has been looking at condos for the past six months, said low interest rates lured her into the market. But she isn't in a hurry to buy if the price isn't right.

"I really don't want to get stuck in a bidding war and do something that I'm going to regret."

Historically low interest rates have fuelled the market, especially for first-time buyers. But not everyone expects the frenzy to last.

One reason for the healthy price increases in the Toronto market is a lack of listings – down 36 per cent in July compared with the same month last year. Less inventory means buyers have to compete against each other, resulting in multiple offers in popular neighbourhoods. This trend should ease in the fall as more move-up buyers place their homes on the market.

"Some sellers have held off listing their homes thinking they were probably not going to get a good price, but after this summer you will likely see these people back in," said Jason Mercer, the board's senior manager of market analysis.

In terms of listings, the best deals and most selection are in the west GTA neighbourhoods, according to a new Coldwell Banker report. "Buyers' best opportunities to negotiate price will tend to be where inventory is plentiful," said Andrew Zsolt, president of Coldwell Banker Terrequity Realty.

"It's a simple case of supply and demand."

West neighbourhoods such as Mississauga and Brampton had 6,697 units listed in July, twice as many as central and east areas, says Coldwell Banker. Central Toronto, where demand is traditionally high, had the lowest inventory with 2,569 homes on the market.

"There is a lot of immigration and population growth in the west, which has caused a lot of move-up buying and people to list their homes," Zsolt added.

Building permits in the Toronto area were also up by a greater than expected 1.2 per cent.

Developers took out $932 million worth of permits in June, compared with $921 million in May, with most of the bump in non-residential building.

Year-to-date permits are down 22 per cent in the Toronto area. Nationally, permits are up 1 per cent.

Source Tony Wong-Toronto Star

Mid-Month Market Report - July 2009

GTA Realtors report sales up first two weeks of July! Click on the link below to view the full article.

http://www.torontorealestateboard.com/consumer_info/market_news/news2009/pdf/nr_july_mid-month_09.pdf

Best...Dan

Home Maintenance Tips!

Hello. I hope everyone is enjoying their summer. Here is an informative article on summer home maintenance. Protect Your Home — and Your Investment!
Best...Dan

If you're like most Canadians, your home is probably your most important investment. A regular schedule of maintenance and repairs can help you protect that investment — and keep your family healthy and safe and sound — for years to come.

Canada Mortgage and Housing Corporation (CMHC) has a checklist of simple inspections and repairs that can help you put a stop to the most common and costly problems before they occur, often in as little as a few minutes a week, including:

- Check and clean your range hood filters on a monthly basis.
-Use a dehumidifier if necessary to keep the relative humidity level in your basement at or below 60 per cent.
-Check basement pipes for condensation or dripping, and take corrective action if needed.
-Refill the basement floor drain if the trap doesn't have enough water in it.
-Run water briefly in fixtures that aren't used frequently, such as the laundry tub or spare bathroom sink, tub or shower.
-Deep clean carpets and rugs, and vacuum the bathroom fan grille.
-Disconnect the duct connected to your clothes dryer and vacuum lint from the duct, the areas surrounding the dryer and the vent hood outside.
-Check all windows, door hinges and garage door opener hardware for smooth operation, and lubricate as required.
-Replace damaged caulking and weatherstripping around windows and doorways, including the doorway between the garage and the house.
-Inspect electrical service lines for secure attachment where they enter the house, and make sure no water is leaking into your home along the electrical conduit.
-Check the exterior wood siding and clean, replace or refinish it as needed.
-Seal off any holes in the exterior cladding that could become entry points for pests.
-Check your roof for sagging or damaged shingles, and examine all roof flashings at chimney and roof joints for signs of cracks or leaks.
-Inspect and sweep chimneys connected to any woodburning appliance or fireplace.
-Repair the driveway and walkways if needed, and repair any damaged steps, guardrails or handrails that could pose a safety problem.

-Canada Mortgage and Housing Corporation http://www.cmhc.ca/

June 2009 - Great Month In Real Estate!

GTA Resale Housing Market Posts Best June on Record! Click on the link below to view the June 2009 Market Report from the Toronto Real Estate Board.
http://www.torontorealestateboard.com/consumer_info/market_news/mw2009/pdf/mw0906.pdf

All my best...Dan

Hot Up and Coming Area!

Hello. I hope everyone is enjoying the summer!
Read below an interesting article on the area of Jarvis to Parliament Streeat and from Queen Street south of The Esplanade.
All my best...Dan

In the East End, a hot pocket! Parliament/Queen area has 15,000 new units booked and prices are rising with demand.

If you are one of those people always on the lookout for the next big thing, then as far as new condos go it will likely be that area of the city bound by Jarvis to Parliament Streets and from Queen Street south of the Esplanade, give or take a couple of blocks.

Once characterized by its proliferating used furniture and book stores, rooming houses and small pockets of light industry, there were also a handful of mews streets of wonderful turn-of-the-century row houses but not much else to recommend the area to home buyers.

But as more desirable areas such as downtown west started to fill with condos and rents started to rise for commercial enterprises, canny developers started moving east drawn by relatively inexpensive land prices and great public transit.

“It was a bit of a dead zone,” says Brad Lamb, of Brad J. Lamb Realty Inc., who is developing projects of his own in the area. “But now it is definitely an area to watch.”

One indicator of strong demand is the area's rapid rise in price for square footage, says Jane Renwick, executive vice-president of Urbanation Inc., which tracks the GTA housing market. She says the average for all condos sold to date is about $449 a square foot, while unsold inventory now commands $531 a square foot. What is more, there are nine new condo projects currently under way, plus seven more in the planning stages.

That, however, is only a very tiny tip to the downtown east iceberg. If you include the adjacent west Docklands and waterfront lands, Ms. Renwick says there are 15,597 new condo units in various stages of approval.

“It is the largest area of Toronto for future new development, and because of the city's commitment to the Docklands and waterfront it is certain to include terrific new parks and great public transit,” she says.

If Toronto wins its bid for the 2015 Pan American Games, then the area will really heat up, says John Berman, a partner in the redevelopment of the Distillery District at Mill Street and Parliament Street.

“One of the first things to be built will be 6,000 residential suites to house the athletes,” he says. “That will go up right next to the Distillery District."

“We already have a streetcar loop to Cherry Street going in. This area is really taking off.”

None too soon frankly. In 1980 I bought a 19th century row house on Wascana Avenue, one block north of Queen, running west off River Street. The hope was that the area would soon follow in the path of Cabbagetown. My timing was about 30 years premature.

What the area needed was a new focal point, something so unique that it would draw traffic and interest east.

Eight years ago, Mr. Berman and his partners in Cityscape Development Corp., provided that when they bought the five hectares of land and 45 buildings that ounce housed the Gooderham & Worts distillery.

Today the area boasts 325,000 square feet of commercial space, a quartet of completed condominiums with another two under way. Its restaurants, cafes, theatre and dance companies, boutiques and specialty stores draw in tourists and locals alike. No other neighbourhood in the city looks and feels quite like it.

“There is no question that what we have done had provided a draw for redevelopment,” says Mr. Berman. “We supplied that solid eastern anchor the area needed.”

Besides, he says, it is a lot easier to get in and out of this neighbourhood than downtown west. The Bayview extension is five minutes away, a quick route to St. Clair or Eglinton. The King and Queen Street streetcars are close by and Lakeshore Boulevard is a 9-iron shot to the south.

Buyers in this neighbourhood also don't have to put up with the noise and traffic congestion common in downtown west as there are fewer clubs and nightspots. Another appealing feature, says Ms. Renwick, is that, on average, new condos in the southern chunk of downtown east are more like boutique structures – offering smaller and more affordable suites in smaller projects. The average number of suites per building is just 232, she says. “They also tend to pop up in small pockets and usually spark an overall gentrification of the immediate neighbourhood.” And unlike many other areas of the city, these projects continue to sell, says Mr. Berman. “In the first week of June we sold 10 suites in the two we have on sale now.”

-The Globe and Mail: Terrance Belford

Home Inspections

Check out this article on the Home Inspection. If you have any further questions on home inspections after reading this report or have any questions regarding real estate in general, please feel free to email me @ Dan@DanCorcoran.ca any time!

Best...Dan


'The time and effort it takes to finally arrive in your new home can be stressful enough without the added anxiety of dealing with unexpected problems after you move in. Failing to take the time to assess the physical condition of a new home is a recipe for disaster. Unexpected repair costs can be crippling to a family on a tight budget. Home inspectors can better inform you of your home's physical condition and make you aware of damage that could potentially cost you thousands of dollars to repair.

You may wonder what a home inspection is, or why you can't simply do it yourself. The reality is that home inspections are extremely thorough and only an extensively trained and experience individual can carry one out effectively. Home inspections are a visual analyses lasting about three hours. The assessment includes roofing, plumbing, heating, electrical, interior and overall structural integrity. The home inspector's goal is to ensure that all physical aspects of the home are structurally sound and to determine the need for repairs, both immediate and in the future. The home inspector's findings will be presented to you in a report within 24 hours. Alan Glushko, of Allmax Home & Property inspectors says that a proper home inspection will not only ensure your home is structurally safe and sound, but we will also save you money.

'For example, it is not unusual for unchecked water leakage to lead to the need for an exterior excavation at the cost at least $5,000' he says.

However, it is important to remember that not all home inspectors and not all home inspections are created equal. In order to undertake a home inspection the new home buyer must first find an appropriate inspector. It is best to choose an RHI, or registered home inspector. This designation can only be passed on to an inspector who is approved by his/her province's inspection association. Aside from seeking an RHI there are a number of other characteristics you should seek in your inspector;

Experience: This is not always easy to determine but choosing an inspector with a lot of experience will help ensure a very thorough and professional inspection.

Qualifications: If you are unsure, ask for proof that your inspector is an RHI and don't hesitate to ask for references.

Educational background: Choose an inspector with an appropriate engineering or related university degree.

Integrity: Choose a prompt and thorough inspector who takes the time to answer your questions and provides a complete report.

New home buyers should be also be very familiar with these guidelines as, according to Glushko, buying a new home doesn't mean that there can't potentially be problems. "The responsibility is on the buyer to hire a suitable inspector and to ask as many questions as possible. A competent inspector will encourage any type of questions and be able to answer everything" he added.'

Source: TheStar.com

Signs Of An Early Rebound

Find what homes are selling for where you live! To check out the feature in the Globe and Mail Real Estate section, click on the link below!

http://beta.theglobeandmail.com/globe-investor/early-signs-of-a-rebound/article1061236/

Best,

Dan

March 2009 Positive Market Report!

Take a look at this article from The Globe and Mail on the spring market report for March!

All my best...Dan

Spring Brings Sales Thaw As Brokers See New Signs Of Life In Housing Market
- Virgina Galt & Josh Wingrove (Globe and Mail)

Looking to get into a bigger home, townhouse owner James VanderLinden decided last month was the time to make a move.

A buyer in a struggling economy, he bought a new home under asking price - paying $1.1-million in midtown Toronto - but hadn't yet sold his first place.

"I wanted to take advantage of the market," said Mr. VanderLinden, 34, who works in online advertising. "I knew also that selling my current house, I would probably not get as much money for it as I would if the market was up."

But his fears were put to rest two days later, when his townhouse sold for $275,000, just $4,000 under his asking price. It's a cautious sign for optimism that's playing out across the country, where sales volumes are up. After a long, harsh winter of woe, a housing sales thaw may be on its way.

The Canadian Real Estate Association said yesterday that the volume of existing home sales was up 7 per cent in March, on the heels of February's 10.3-per-cent gain in activity.

"The story is that price reductions are working as intended. They are stabilizing the market and they are drawing buyers...who are taking advantage of improved affordability," said Gregory Klump, CREA's chief economist.

Toronto real-estate broker Theodore Babiak recently listed a semi-detached home in the city's west end. Within a day, he had three offers for the home, which sold for $10,000 over asking price - a phenomenon all but unheard of two months ago.

"There's more optimism. There's more enthusiasm among buyers. There's definitely more volume," said Mr. Babiak, an agent with Royal LePage Real Estate.

According to the CREA report, the largest monthly increases in activity were in British Columbia, at 13.6 per cent, and Ontario, at 10.5 per cent.

The burst of sales may be nothing more than the annual spring surge, aided by unseasonal warm spells in parts of the country. The more telling year-over-year picture was bleaker, with sales down nationally by 13.7 per cent. The national average resale price also dropped to $288,641 - down 7.7 per cent from a year earlier.

But it was the smallest year-over-year decline in six months, as some sellers resisted demands for further discounts and some buyers waited for further price declines.
"Call it a standoff or whatnot," said Vancouver realtor Shaun Kimmins. "Buyers are wanting tomorrow's prices and sellers are wanting yesterday's prices."

That was the case for Curtis Muir, a 30-year-old looking to take advantage of low interest rates and buy his first home. He's expecting to pay under asking price, but was surprised when a condo in the Toronto area where he's looking recently sold above its asking price.

"I look at that and it makes me [think] I've got to do something right now because it's starting to come back. A bidding war? ... That's crazy," Mr. Muir said. "I just feel like that the market's good enough that I should be able to lowball a little bit and get what I want."

The possible turn in fortunes comes on the heels of the widespread interest-rate cuts - five-year mortgage rates are as low as 4 per cent - that attracted buyers such Mr. Muir, as well as government efforts to stimulate home buying.

"I think [the market] is going to remain strong as long as rates stay in the general range they're in," said Mr. Muir's agent, Dan Ellenberg of Royal LePage.

But economists were reluctant to characterize the increased sales activity as the beginning of a full-fledged recovery. Bank of Montreal economist Robert Kavcic noted that sales activity is still down more than 30 per cent from its 2007 peak.

"Still, the improvement in recent months is an encouraging sign that the Canadian housing market has crossed the halfway point for this downturn," Mr. Kavcic said.
"Affordability is the highest in about four years, which should help fuel a rebound in sales once the job market stabilizes."

Sales of existing homes listed with the industry's MLS service totalled 35,225 units across Canada in March - 18 per cent higher than in January, when activity was at its lowest in a decade.

Mr. Kimmins, of Century 21 In Town Realty, said it's a buyers' market and there is now a sense among buyers "that interest rates are about as low as they are going to go. There is still a question as to how low the market is going to go," he said.

Home prices have been hit hardest in Western Canada and in Ontario manufacturing centres affected by layoffs, but have remained strong in some cities, including Saint John, N.B., and Regina, he said.

The price depreciation appears to be kick-starting the Vancouver market, said real-estate agent Austin Gangur. Mr. Gangur said a couple who balked at the price of a Vancouver loft last August just bought a unit in the same building for $50,000 less.

"They moved in three weeks ago," said Mr. Gangur, an agent with Sutton Group West Coast Reality. "They are happy as flies on a rib roast."