Bathrooms Sell Houses: Some dreamy bathroom ideas

Most real estate professionals will tell you that kitchens and bathrooms sell a house. When people see an off the charts bathroom, they can see themselves in the house. It's an interesting phenomenon. Looking at some of these dream bathrooms, you can see how people see how people can fall in love with a bathtub!

Just Listed: 449 Clinton Street Toronto

Open House:
Saturday March 19th and Sunday March 20th
2 pm until 4 pm

Beautiful newly renovated 2 1/2 story detached home in the Annex/Seaton Village area. With a light filled oversized gourmet kitchen and open concept living spaces, this is the idea home for entertaining. This 4 bedroom home has a spacious master bed room with private spa like bathroom and walk in closet. Enjoy the garden oasis with a walk out to the back deck and easy parking with a new 2 car garage.

Extra's include: Stainless steel gas stove, fridge and double washer, front loading washer dryer, new high efficiency furnace and CAC, ELF's, finished basement, granite counters in kitchen, all centrally located close to TTC, College Street, shopping, and Palmerston School district.

Just us on Saturday March 19th and Sunday March 20th from 2 - 4 pm for an Open House

For more information, contact The Corcoran Team at 416.465.4545
or Dan@DanCorcoran.ca of Keller Williams Advantage Realty.

www.DanCorcoran.ca

449 Clinton Street
Toronto

Getting your house ready to sell: A check list for home sellers

When getting your home ready to sell, you need to look at your house in a new way. Think of your house as a product about to go on the market where it is probably competing with brand new housing. It needs to show well – which means clutter-free and well kept.

Today’s homebuyers lead busy lives and may not be interested in taking on major repairs or improvements upon moving in. You need to make your house a “10”. This document will help you spot what is right and what is not so good about your "product". It will give you the opportunity to take corrective action to ensure your house looks fresh, clean and well maintained when the “For Sale” sign goes up.

Fix It First

If you need to make improvements to your home, do the work before it goes on the market. Potential buyers are not interested in hearing about your good intentions to look after defects before a transfer of ownership takes place. Even if fix-up work is underway, buyers may not be able to visualize what your home will look like when the work is finished. They will just remember it being in a state of disrepair.

Professional Inspection: Yes or No?

A serious buyer may want to have a professional home inspector check your house from top to bottom before making an offer. Even though this guide will help you identify problems on your own, the option of hiring a professional home inspector is open to you as well. If you can afford it, an inspection in advance of putting your home on the market is a good idea. It is your best way of finding and taking care of serious deficiencies before an inspector hired by a potential buyer discovers them.

CMHC's Homeowner’s Inspection Checklist

This practical, easy-to-follow guide for homeowners will help you identify common house problems and deal with them. In it, you will find illustrated how-to tips offering effective solutions for every room of your house. Use the ordering instructions on the back page of this fact sheet.

Let’s Begin Outside

Check Your House’s Curb Appeal

How does your house look from the street? That is where prospective buyers will be when they first see your home; and, that is where they will form that all-important first impression. Stand at the curb in front of your house and note what you see.

- Remove any clutter in your yard.
- Repair cracked or uneven driveway or walkway surfaces.
- If your lawn has bald spots, apply some top dressing and re-seed. Prune trees and shrubs of dead wood. Weed and mulch flower beds, if you have them. If it is the right time of year, consider buying some flower-filled planters to enhance the eye appeal of your property. Make sure your lawn is mowed regularly. Ensure that the composter area is tidy.
- Are your windows and walls clean?
- Does your front door need paint?
- Ensure your eaves and downspouts are clear of debris and in good repair.
- Are your backyard deck and walkways clean? If not, use a power washer and do any necessary painting, staining or sealing.
- If you have a swimming pool, are the deck and pool clean (when in season)?
- Do all outside lights work? Replace any burned out bulbs, and clean fixtures of dirt and cobwebs.
- Is there a shed? Does it look presentable?
- Do windows and exterior doors need recaulking? Even at 6-7 years of age, the caulking may be dried out and in need of replacement.
- Do you have decorative wooden poles on the porch? Is the wood at the bottom in good condition? Overall, does it need a new coat of paint?
- If you have a gate, is it well oiled?

When you have completed the curb appeal inspection, carefully check the rest of your home’s exterior.

Will Your Roof and Chimney Pass Inspection?

If you are uneasy about climbing onto your roof, you can inspect most items from the ground using binoculars. Otherwise, be careful when working or moving about on your roof. Unless roof repair is a simple matter of applying new caulking, you will probably need the services of a professional.

Check the general condition of your roof. Sagging sections, curled shingles, pooled water on flat roofs and corrosion on metal roofing mean it is time for repair or replacement.

Both masonry and metal chimneys need to be straight and structurally sound, have proper capping on top and watertight flashing where they penetrate the roof.

All roofs undergo stress from snow and rain loads, so a truss or rafter may become damaged, resulting in a noticeable small depression. A professional should do this inexpensive repair.


Examine Your Walls

The condition of your exterior walls directly affects the look and curb appeal of your home.

- Replace old caulking. You may have to cut or scrape away old caulking to get a good seal. Do not seal drainage or ventilation gaps.
- Is your exterior paint looking good? If you see faded colours and cracked or peeling surfaces, you need to repaint. Be sure to get competitive bids if you hire professional painters.
- You can clean vinyl siding but defects or damage to it and to metal siding usually means replacement.
- Stucco can be repaired but some skill is required to blend patches with existing stucco.

Now, Let’s Go Indoors

A prospective buyer will usually enter through your front door; so, that is where you should begin your interior inspection. You want your buyer to see a neat, clean, well-lit interior. Get clutter out of sight; ensure that carpets are clean and floors are scrubbed and polished; and that walls and trim show fresh paint (preferably neutral or light colours).

Take a sniff. Are there any unpleasant odours in your home? If so, track them down and eliminate them. Ensure all your lights work and are free of cobwebs. You want your home to look spacious, bright and fresh.

If you have considerable family memorabilia, consider thinning it out. Your objective is to help potential buyers feel as if they could live in your home. That mental leap becomes more difficult for them if your house resembles a shrine your family.

Professional realtors and decorators say the most important areas of your home to upgrade and modernize are the kitchen and bathrooms. Buyers also want to see new or recently installed floor coverings throughout.

General Interior

- Check stairs for loose boards, ripped carpeting, and missing or loose handrails and guards.
- Most problems with interior walls are cosmetic and can be repaired with spackling compound and paint.
- Ensure doors open and shut properly. Minor sticking is normal but excessive binding indicates possible structural problems.
- Open and close all windows to ensure they work properly. Fogging between the panes of a sealed window indicates the seal is broken and the unit needs to be replaced.
- Keep furniture to a minimum so rooms do not appear smaller than they are. Ensure that traffic can flow in or through rooms unimpeded. If they contain bookshelves or cabinets overflowing with books, magazines and knick-knacks, remove some of these items.
- Ensure closets look spacious, organized and uncluttered. Create space by getting rid of old clothes and junk.
- Remove or lock away valuables such as jewellery, coins, currency, cameras and compact discs.


Kitchen and Bathrooms

People splash water around in the kitchen and bathrooms so check around sinks, tubs and toilets for rotting countertops and floors. Problems could be due to poor caulking or plumbing leaks. Fogged windows, molds and sweating toilet tanks indicate high humidity levels, which you can remedy with exhaust fans.

In the kitchen, clean all appliances, including your oven. Clean or replace your greasy stove hood filter. Clean your cabinets inside and out, as well as your countertops and backsplashes. Repair dripping faucets.

Remove anything stored on top of your fridge and remove artwork and magnets.

Remove any items stored on countertops.

Remove items stored under the sink.

In bathrooms, scrub sinks, tubs and toilets, taking care to remove any rust stains. Remove mildew from showers and bathtubs. Fix dripping faucets or trickling toilets, and vacuum your fan grill.

Clean mirrors, light switch plates and cupboard handles.

Consider installing new 6-litre toilets if you currently have water-guzzlers.

If you have ceramic tile in either your kitchen or bathroom, ensure grouting is intact and clean.


Basement

The condition of the foundation and main structural members in the basement are critical to the fitness of any house. The purpose of your inspection is to make sure these are sound and durable.

Look for cracks, water seepage, efflorescence (white powder-like substance), crumbling mortar or concrete, and rotting wood. If any of these problems are present, you need to do further research to learn about causes and possible solutions.

If your basement is damp or musty, consider using a dehumidifier.

Like all other areas of your home, your basement should be organized and clutter-free.

Change the filters in the furnace and have it cleaned–this is the number one item purchasers want done after a home inspection.

If you have a pet with a litterbox, ensure the litterbox is clean.


Garage

Get rid of the broken tools, old car parts, discarded bicycles, empty paint cans and the hundreds of other useless items that accumulate in garages. Again, you want a clutter-free zone.

Use cleaning solutions to remove oil stains from the floor.

When It’s Showtime!

You have inspected your house and taken care of problems. Now you are ready for showings. You will need a plan of action that assigns duties to each family member so the place can quickly be whipped into shape.

Open all drapes, blinds, etc. and turn on lights to make the house bright.

Air out the house to get rid of cooking, pet odours, and so on.

Have fresh flowers in view.

Pick up clutter, and empty garbage.

Make sure everything is spotless.

Set your thermostat at a comfortable level.

Remove pets from the house or put them outside.

If you have an agent, leave when the house is being shown. If you are selling it yourself, you need to strike a balance between being helpful and crowding the buyer.

In poor weather, provide a place for boots, overshoes and umbrellas.

Display photos of the house in summer to show landscaping if selling in the winter months.

Leave out heating and hydro bills.

For those on a septic system and/or well, leave out inspection and maintenance information.

Getting your house ready to sell: Declutter 101

By Cynthia EwerEditor, Organized Home

Taking aim on the household clutter problem, you've resolved to work slowly and steadily, and you've carved out blocks of time to declutter. Now what? And how?

Time to consider weigh in with specific methods and strategies for decluttering. These tried-and-tested methods bring different strengths to the fight against clutter. Choose the one that's right for you and your family.

Forcing Decisions: The Four-Box Method
Clutter is evidence of many things: poor habits, lack of organization, sentimental attachment, too much stuff. But, at bottom, each item of clutter is a decision delayed. The mail arrives, replete with circulars and junk mail and catalogs. "Oh, I'll go through that later!" whispers the clutter monster, deferring the simple decision to cull and toss the unwanted paper.

The Four-Box method forces a decision, item by item. To apply it, gather three boxes and a large trash can. Label the boxes, "Put Away", "Give Away/Sell" and "Storage." Items to be thrown away belong in the trash can.

Take the four boxes to the declutter area. One at a time, pick up each piece of clutter. Ask yourself, "Do I want to put this away in another place, donate it (or sell it at a yard sale), store it, or throw it away?" You may not release your grip on the item until you have made a decision.

At the end of the decluttering session, reserve 10 to 15 minutes to empty the boxes. Put Away items are put in more appropriate places. Give Away/Sell items should be stored outside the house, in a garage, or in the trunk of the car for drop-off at a charity donation center. As each Storage box fills, make a brief inventory of the contents and put the box into the storage area. Finally, empty the trash can quickly to prevent second thoughts!

The Four Box method will work for anyone, in any declutter mode. Use it to clear a shelf or drawer each day, or apply it as part of a whole-house weekend assault on clutter. By forcing a decision, it will serve you well as you cull clutter from the home.

Out of Sight, Out of Mind: Box and Banish
Box and Banish is an alternative to the Four Box method. Where the Four Box method nibbles away at clutter bit-by-bit, Box and Banish is a drastic, clear-it-out effort that transports clutter away from living areas, to be dealt with later.

Box and Banish is simple. Gather all clutter from counters, drawers, chairs, tables, floors, ovens, and bathtubs. Place the clutter into boxes or bags, and stack it somewhere outside the living area. Work until all surfaces are clear and clutter free.

Next step: open each box or bag of clutter, one at a time. As with the Four Box method, decide whether each item inside should be thrown away, put away, given away or sold, or stored. In extreme cases, declutterers have been known to throw away Box and Banish boxes, sight unseen!

Box and Banish has one big advantage and two big disadvantages as a declutter method. On the plus side, Box and Banish creates instant results. Often, impending guests or other emergencies force a version of Box and Banish upon the cluttered household. Clearing clutter quickly sparks enthusiasm and motivation.

On the minus side, energies often flag before the Box and Banish declutterer reaches the end of the boxed clutter. The effort stalls, the clutter remains, aging gently in the bags and boxes as it becomes surrounded by new layers of clutter. In a worst-case scenario, the need for some Boxed-and-Banished item can trigger formation of Mt. Cluttermore, as the frantic searcher upends each carefully boxed hillock of clutter, looking for the single missing item.

More important, while Box and Banish can create an instant absence of apparent clutter, the method does nothing to change the underlying problem. More gradual decluttering methods go hand-in-hand with other components of getting organized: building new habits, organizing stored items, creating new household routines. Box and Banish, for many, is a mere cosmetic quick-fix.

Still, if you're fiercely motivated and determined to complete the declutter process, Box and Banish is an option that jumpstarts organization efforts with fast results.

Ellen's Penicillin Method
Often, decluttering efforts chase their tails in an endless loop. The home manager declutters the small table in the hallway and moves on. By the following week, a whole new species of clutter has returned to the cleared area.

The Penicillin method, devised by online declutterer Ellen in MN, uses a Petri dish metaphor to get a grip on clutter. Imagine a Petri dish full of fuzzy brown mold spores. A researcher begins to apply small drops of penicillin to the dish. Each little drop clears a small circular area; soon, drop upon drop, the entire dish is cleared of the distasteful intruder.

So, too, with the Penicillin method of decluttering. Today, the declutterer clears the kitchen table. From this point, no matter how bad the clutter becomes elsewhere, the kitchen table is inoculated with Penicillin. Daily clutter checks make sure no clutter is permitted to return.

Next declutter session, the declutterer attacks the top of the buffet. Thinking "Penicillin!", that clear space joins the kitchen table. Soon, the cleared areas link up, banishing clutter from the entire house.

By devoting declutter energies to retaining the Penicillin effect of each declutter session, the Penicillin method focuses the declutterer on prevention. The method is useful, creative, and works well to bring an entire house under control.

Closet-Go-Round: Whole House Declutter
Sometimes, you simply have to re-invent the wheel. Perhaps you realize, three years into a new house, that household storage needs a complete overhaul. Remodeling, a child's departure for college, or birth of a new baby can all signal a need for a whole-house declutter.

Call it the Closet-Go-Round. It's a two-part process of identifying and assigning storage, while at the same time decluttering and revamping existing areas in the home.

Like a merry-go-round, the Closet-Go-Round turns out, sorts out and relocates all the storage functions of the home. In the initial stage, you'll identify storage needs and match them to available storage areas, regardless of what's being stored where at the moment. You can find more complete information on making a household storage plan in our article Store It! The ABCs of Household Storage Plans.

Once you know what should go where, the active phase begins. You will need boxes, lots of them, and time--quite a bit of time. Starting at the front door, move from room to room placing boxes in front of each storage area: cabinets, drawers, closets, and shelves.

Then begin at the beginning once more. Start, for example, at the table in the hall. Remove any and all items from the table that are not assigned there: gloves, mail, keys, change, handbags. Place them in your box.

When the table is empty, except for the vase of flowers that belongs there, circle the house with your catch. Gloves are placed in the box before the coat closet where they are supposed to live. Mail is dumped into the box in front of the desk area. Handbags and change are delivered to the owner's launch pad area (Tame Morning Madness with Launch Pads). Items to be thrown away are delivered to the garbage can.

When the box is empty, move on to the next storage area in the hall: the coat closet. Empty the coat closet of all unassigned items, while adding the gloves to their assigned area. Again, circle the house with your coat closet box, delivering items to the new storage area where each belongs.

As you work, you're sorting and decluttering in two directions. You're removing clutter and improperly-stored items, while collecting and replacing the things which belong in any given area.

A Closet-Go-Round is a big undertaking, and it doesn't work well if performed in fits and starts. Choose this method if you have a block of two or three days to devote to a major declutter. While you'll work hard during that time, a Closet-Go-Round can take giant strides toward a more efficient, easy-to-manage home.

Decorating a back yard fence: Ideas for your outdoor living space

Whether you are getting your house ready to sell or looking to warm up your back yard living space, there are some cheap and cheerful ways to reenergize your back yard fence.










http://decorateyourfence.com/Ideas-and-Projects.html

Dude-tastic Man Caves

I would suggest that almost every man has man cave envy at one time or another. Our neighbour and good friend has a man cave garage with a big screen, ping pong table, fridge and cool old cars. It's the garage-mahal.

Check out these dude-tastic man cave from HGTV.

Getting ready to sell? Wall Murals are cheap and cheerful

Wall murals start at $35 and can really brighten up a room. Check out some cheap and cheerful designs that can add real wow whether your are selling or staying.

http://www.artapplique.ca/

No Pantry? 8 Tips for Keeping Counters Clutter-Free

Many of us who live in apartments or small houses are pantry-less, which means all of those bags of rice and cans of tomatoes must find a home somewhere. We don't mind leaving small appliances on the counter, but boxes of crackers or canisters of baby munchies are another story. Here's how we stash it all in limited cabinet space.



Here are some tips that help me keep everything under control:

1. Lose the boxes. If something is packaged individually, then in a larger box (like instant oatmeal), take out the packets and put them in a plastic bag. Or just wrap a rubber band around them. If you use half a box of pasta, put the other half in a zip-top bag. It will take up less space and stay fresher, too.

2. Don't overbuy. Simple, but true. Don't buy what you don't need and don't have room to store. That means this is probably out of the question.

3. Look for unlikely storage places. Do you have a couch with a skirt? Store non-perishables under it. Or look for unused nooks in cabinets where you normally store pots and pans or your food processor. If you're afraid you'll forget where things are, make a master list.

4. Use your refrigerator. Canned goods don't need to go in the fridge, but they, ahem, can. If you aren't using all of your shelf space in the fridge, shove some non-perishables in the back.

5. Get a basket. You might already have a fruit basket, but a basket that holds small boxes or bags of grains, cereals, and pasta can also keep your counters looking neat.

6. Leave out the stuff you use often. Don't use precious cabinet space to store your olive oil if you use it every day (yes, it should be in a place that's cool and dark, but if it's a small bottle that you use up fairly quickly, and you can keep it in a dark corner on the counter, it should be fine). I am planning to put the big box of Diamond Crystal Kosher salt on my countertop because I am constantly refilling my salt bowl, it's taking up a lot of cabinet space, and honestly I think it's kind of cool-looking. I'll use that empty shelf space for things I use less often.

7. Toss the old stuff. You likely have things hiding in the back of your cabinets that are past their prime. It stinks to throw away food, but if you'll never use it, toss it. Make room.

8. Don't get frustrated trying to store tonight's dinner. What I mean is: If you come home from the grocery at noon and are making chili at 6 p.m., don't sweat stacking cans of tomatoes and beans in your cabinets. This sounds silly, but I've been there, thinking, "Argh! I can't even put my groceries away!" Only to realize three hours later that I'm using half of them.

And it goes without saying that the more organized your cabinets, the more you can fit in them. Stack neatly and use dividers, racks, and storage boxes to help.

What are your tips for storing pantry items when you don't have a pantry?

Looking for more ideas on storage and design? Check out http://www.thekitchn.com/

TREB: Some home improvements will pay off big

Bill Johnston

SPECIAL TO THE STAR

The Greater Toronto Area’s spring real estate market is just a few week away.

If you’re planning on making a foray into the market this year, now could be the time to undertake improvements, which if carefully planned, can increase the value of your home considerably.

Most of us know that kitchens, bathrooms and a fresh coat of paint inside and out offer the best return on investment. According to the Appraisal Institute of Canada, you can expect to get back 75 to 100 per cent of what you put into kitchens and bathrooms. Painting can return 50 to 100 per cent of your investment.

While these are typically low-risk investments, a number of factors can influence the gains you achieve with other types of renovations. Location is one such consideration. The completion of a basement recreation room, for example, can generally return 50 to 75 per cent of expenses, depending on the preferences of future buyers in your area. In a predominantly seniors community, its value could be considerably limited.

It’s also important to consider your home’s most crucial needs. Window and door replacement may offer a return of 50 to 75 per cent, but if your existing units are broken, this home improvement should take priority on your project list. Where glaring needs are concerned, the value associated with your home’s overall impression outweighs specific project returns.

When deciding whether to proceed with functional renovations though, it’s also important to consider that significant government rebates are available for many energy efficiency improvements.

There are some improvements that we undertake simply for our own enjoyment, like a swimming pool, from which you can get back up to 40 per cent of your investment, or landscaping, which is likely to offer a 25 to 50 per cent return. Despite the limited gains they may offer individually, these types of improvements can also make an important contribution to your property’s overall image.

Consider as well that not all of your renovations need to be sizable. Even minor improvements like new light fixtures, cabinet hardware or faucets can give your home a contemporary look

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

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