Canadian Home Values Better Than U.S.
A recent real estate survey reveals that home values in Canada are, on average, higher than in the United States. Cities such as Toronto and Winnipeg, though similar in economy and size to Chicago and Minneapolis/St. Paul, boast much stronger and more stable housing markets.
The results are almost the same for Halifax, though its prices are slightly lower than in its counterpart, Boston.
As of the end of March, prices were significantly higher north of the 49th parallel. For instance, in Toronto, the average housing price fell only four percent to $394,099, while in Chicago, the average price plummeted 34 per cent to US$249,901.
Likewise, Toronto homes were on the market for only about three weeks before being sold, substantially shorter than the Chicago homes’ 168-day (or 24-week) turnover.
In Winnipeg, the average selling price rose three per cent to $209,628, while in Minneapolis the average price fell 24 per cent to US$148,317. In St. Paul, the selling price dropped even further (36 per cent), to US$105,858.
Meanwhile, Halifax continues to buck recent real estate trends, posting a notable seven per cent increase in the average selling price (to $282,499), compared to Boston, which posted a 28 per cent plunge (to US$394,550). However, homes in both cities remained on the market for almost the same number of days.
In the nations’ capitals, prices inched upward one percent in Ottawa, while prices in Washington fell three per cent. It also took more than twice as long to sell a home in Washington.
But things are different for Calgary and its “twin”, Houston.
In Calgary, where the prices are significantly higher and selling times much shorter than in Houston, the Stampede city still posted a hefty 11 per cent price drop compared to its American counterpart. Average home prices in Calgary were $380,737 and US$200,233 in Houston.
Toxic Chinese Drywall in Your Home Can Make You Sick
The use of toxic Chinese drywall in newly-built or renovated homes is turning into the largest environmental crisis to hit the North American real estate industry in recent history.
When exposed to humid conditions, the defective drywall gives off toxic gases like hydrogen sulphide, sulphur dioxide and others. Not only do these gases create a noxious odour (comparable to a rotten egg smell), they also cause health problems such as shortness of breath, eye irritation, fatigue, dizziness, insomnia, sore throat, bloody nose, and headaches.
Along with unpleasant smells, other evidence of the presence of the toxic Chinese drywall in new or renovated homes includes blackened and burnt wiring behind wall plugs and switch plates, and corroded evaporator coils on air conditioning units.
Unfortunately, homes containing defective Chinese drywall cannot be repaired. The only course of action is for them to be completely gutted and rebuilt. Experts in the field estimate that it can take as few as three sheets of the toxic drywall to contaminate an entire home to the point of making it uninhabitable.
Between 2001 and 2008, hundreds of millions of sheets of the toxic drywall were imported to the U.S. During the same time period, about a million square metres were shipped to Canada.
America’s Watchdog, a national advocacy group for consumer protection, is taking an active role in tracking down those responsible for the defective drywall. The president of America’s Watchdog, Thomas Martin, says the crisis is “the worst case of sick houses in U.S. history.”
In April of this year, the Drywall Safety Act was introduced in the United States House of Representatives. If approved, the Act would prompt a recall of all Chinese drywall imported into the U.S. between 2004 and 2007.
Meanwhile, the full extent of Chinese drywall installation in Canadian homes is still under investigation. You can read a 9 page report on Chinese Drywall by the U.S. Environmental Protection Agency (EPA) here.
If you suspect your home may contain the defective drywall, contact an environmental engineer or a qualified home inspector.
Looking for no-strings-attached advice about buying or selling in central Toronto? Write to me at rsmithcarr@sympatico.ca or call me at 416-482-8360 ext. 3519
Toronto Real Estate Market Close to Reaching Boiling Point Again
As springtime sales experience an unexpected upswing, parts of the Toronto market go from famine to frenzy. Even bidding wars have returned, to the joy of sellers and annoyance of buyers.
In the first two weeks of May, housing sales in the Greater Toronto Area (GTA) were in positive territory for the first time since the market’s tailspin last fall, chalking up a healthy 3 per cent increase over the same period last year.
Housing analyst and economist, Will Dunning, explains that the current mini-boom is what he calls a return to reality of sorts. “Buyers have returned to the market with the realization that apart from manufacturing and construction, the GTA economy is holding up well.”
Indeed, the Toronto real estate market has been more than encouraging of late. A lack of homes on the market and record-low mortgage rates have lured buyers back into the game.
And game they are. In May 2009 in Davisville Village and Leaside, 41 per cent of homes in the 500,000 to 950,000 range sold for the full asking price or above, while a property on the Danforth listed for $549,000 sold for $715,000, or 130 per cent of the asking price.
However, despite these promising signs, some analysts are already warning the mini-boom won’t last and that average existing home prices will drop 5 per cent by the end of the year. And while consumer confidence is buoyed by the more positive economic news, the seas ahead could be choppy.
Once again, the word here is caution. Dunning tempers his enthusiasm over the mini-boom by looking ahead at the long-term implications. “Improved affordability generally results in a short-lived wave of buying. So we may see several good months, but there could be another slowing in the second half of the year. I remain sceptical.”
High demand for housing has already caused a rise in mortgage rates. We are well advised not to experience a second round of Irrational Exuberance, as the title of Robert Shiller’s book so aptly describes it.
Unsure as to what to do in this real estate market? Simply send me an email, or call me: Rosalin Smith-Carr, at my direct line (416) 482-8330 ext. 3519
Survey: Royal LePage Real Estate in the Top Ten Real Estate Companies in North America
Real Trends 500 (or RT500) is the real estate version of Fortune 500. It appears annually and measures the performance of the top 500 most successful residential real estate brokerages in the U.S.
In a recent comparison, Royal LePage Real Estate Services Ltd., including Johnston & Daniel Division, was measured against similarly-sized American companies on the 2009 RT500 list.
In comparable dollar-volume closed sales, Royal Lepage ranked 9th out of 500 firms (or in the top 2 percent), and 22nd overall in closed transaction sides, known as “ends”. Such impressive standings testify to Royal Lepage’s ongoing strength in the real estate market.
In Canada, Royal Lepage remains the #1 brokerage firm in dollar volume, thanks in large part to the success of its Johnston & Daniel Division. Royal Lepage is both the largest and the oldest real estate company in the country, launched in 1913 by Albert Lepage and today boasting more than 14,000 agents.
Over the years, we’ve learned a lot about real estate. Since the mid-1990’s, in response to expanding market conditions, Royal Lepage tripled the size of its sales team and almost doubled its market share.
Today, Royal Lepage offers its sales and services in over 600 cities and towns all across Canada, so wherever you want to live, you’ll find a Royal LePage agent ready to serve you. In addition, we are always updating, streamlining and adding to our services to help our clients realize their dreams faster and easier.
In our steady rise to the top, we have never forgotten our roots: Royal Lepage remains proudly and steadfastly Canadian. We also remain dedicated to helping our clients through the real estate process, from start to finish.
Our commitment to innovation and customer service is as strong as ever and has provided the solid and enduring cornerstone to our success.
Looking for no-strings-attached advice about buying or selling in central Toronto? Write to me at rsmithcarr@sympatico.ca or call me at 416-482-8360 ext. 3519
Woman Uses Children to Steal Valuables at Open House
I have never been fond of doing open houses because the person who benefits most is your agent, not you the seller. And now I have that much less incentive to do them. A 36-year-old woman was arrested recently in connection with thefts at seven open houses in the Toronto area. But even more appalling than the thefts themselves was the woman’s modus operandi.
She would arrive at the open houses with a fashionably large black purse and two cute little boys. The younger boy, around eight, would cling to the woman as she toured the house.
Meanwhile, the older boy, around ten, would linger in a particular area with the realtor, making the kind of charming small-talk any ten-year-old might make.
But while the boy was keeping the agent’s attention fixed on baseball and the latest Disney movie, the woman was beyond viewing range, stuffing digital cameras, Wii video-game consoles, jewellery and even cash into her purse, as reported in the Toronto Star.
In one instance, the two boys started screaming and running around. The woman explained to the startled realtor that they were terrified of cats (there was a small tabby at the home) and the agent did what he could to calm them down.
While he was tending to the children, the woman stashed over $1,000 worth of items into her bag.
Peel police, who are investigating several of the thefts, admitted yesterday they’d never heard before of someone using children to steal at open houses. They also warned that there are likely home owners who have had open houses and haven’t yet noticed that things are missing.
The truth is - open houses are good for agents but not necessarily for sellers. Less than one percent of buyers find their home by visiting an open house. The majority of attendees show up either out of curiosity or to kill time. And some, apparently, show up just to steal.
So, if you do decide to hold an open house, make sure you put away (or better still, lock up) your valuables. And keep an eye on anyone who arrives with a fashionably large purse!
Home Buying Lessons From a Canadian Geese Family
Sometimes by observing our animal friends, we can learn lessons from nature that apply to our own lives. For some animals, finding a place to live is not a static thing, but changes according to the needs of their growing offspring.
Recently, a pair of Canadian Geese decided that their starter home was going to be in a flower bed, at the Toronto Real Estate Board’s (TREB) office, on Don Mills Road.
Your Starter Home
Your starter home will fulfill the needs of your family depending on things such number of bedrooms and bathrooms, the size of your kitchen, and proximity to different schools.
A couple with no children but planning to have one, may be happy with a 2 bedroom home.
Another couple with young children, and more on the way, will want a starter home with more bedrooms.
Our Canadian Geese couple, only needed their nest or “starter home” for about 30 days, until their seven goslings hatched, and they needed to move to their next home. Hopefully, changes to your own family needs will not happen so quickly.
On to Your Next Home
Once the goslings hatched, a nest was no longer necessary, so father goose lead his family towards open water. Living on open water keeps the goslings safe from predators, and provides a source of food.
You will also need to make changes to your housing situation to accommodate the growing needs of your family. Will you need a home with more bedrooms and bathrooms, better access to schools, or just more space in general? The point is … a lot of us tend to believe that our lives will unfold as they have in the past. Often we do not give much thought to impending changes that will make a profound impact on our housing needs and family life.
Goose Family Thanks TREB Members
Real estate agents work hard to try and accommodate different kinds of families. A good and caring real estate agent will stay in touch with you over time, and try to anticipate your family’s ever changing housing needs.
The Toronto Real Estate Board thanks all members who gave the nesting couple their space, while they waited for their goslings to hatch, before moving to a new home on open water.
Delightful Newly Renovated Home in Wanless Park for Sale
In a delightful quiet enclave! Nestled on a quiet child-safe street in Wanless Park, this home has recently undergone a meticulous renovation. The main floor offers an expansive, light-filled space with gleaming hardwood floors and cozy fireplace … perfect for entertaining.
The new fully-applianced kitchen overlooks the formal dining room while the family room ensures quiet enjoyment with its view overlooking the private rear garden … delightful for a quiet BBQ.
The current owners have enjoyed the many amenities of Wanless Park, the easy access to bus and Subway, highly regarded schools, and the renowned neighbourhood shops, restaurants and boutiques on nearby Yonge Street.
Wanless Park
In 1912, Toronto Suburbs Ltd., guided by George Kappele and D.F. Crowagen registered a plan of subdivision for the old Waverley farm at Mount Pleasant Road and Lawrence Avenue. The developers named this new subdivision Waverley Park.
Like other Toronto neighbourhoods from this era, the actual building of homes in Waverley Park was stalled initially by the First World War and then by the depression.
In 1931 the City of Toronto expropriated the properties in the centre of Waverley Park for the creation of a public park. The Park was named Wanless Park, and eventually the entire neighbourhood adopted this name.
Wanless Park, Wanless Road, Wanless Avenue, and Wanless Crescent are all named after John Wanless, a former Toronto alderman and educator.
For more information or to view this delighful Wanless Park home email Rosalin Smith-Carr or call 416-482-8330 ext. 3519
Lawrence Park Home on Ample 50 Foot Lot Offers Abundant Space for a Growing Family
This traditional Lawrence Park home on an ample 50′ foot lot offers abundant space for a growing family. The attractive centre-hall design with generously proportioned formal living and dining rooms allows for easy entertaining. The spacious renovated kitchen opens to a delightful sun-filled sitting room.
A sunken family room with a “Muskoka” style opens to the south deck. The private garden with a concrete pool ensures the new owners recreation and tranquility in the summer sun.
The current owners enjoy the easy access to downtown, highly regarded schools and the much-enjoyed stores, boutiques and restaurants on Mt Pleasant and Bayview.
Lawrence Park
Lawrence Park is one of Toronto’s most exclusive residential neighbourhoods. It is located in a very peaceful and safe setting that includes gently rolling hills, winding roads, and a lush blanket of mature trees. The beautiful setting, and exceptional private and public schools, keeps Lawrence Park in high demand as an excellent place to raise a family.
Most of this neighbourhood’s recreational facilities centre around Lawrence Park, east of Yonge Street, and south of Lawrence. This park has three clay surface tennis courts, a lawn bowling club, and the Alexander Muir Memorial Gardens, an award winning multi level strolling garden. This park also provides access to the Lawrence Park Ravine footpath that is popular with fitness and nature enthusiasts.
Shopping
Lawrence Park’s shops, schools, and recreational facilities are located on its periphery, keeping traffic on the residential streets to a minimum. There are three wonderful parks which make life very enjoyable for children.
Another thing that draws families to Lawrence Park is The Granite Club, which is located two minutes north on Bayview Avenue. The Granite Club is a family, athletic, dining, and social club. It offers a range of services and activities that are too numerous to mention, but include something for every member of the family, ranging from five-pin bowling to computer classes, and from ballet and dance classes to art and wine societies.
Offerd at $1,595.000
For more information or to view this gracious Lawrence Park home email Rosalin Smith-Carr or call 416-482-8330 ext. 3519
This Lawrence Park home has been sold.
Traditional Large Four Bedroom Home Available in Toronto’s Moore Park
This traditional Moore Park home on a wide 40′ foot lot offers abundant space for a growing family. The attractive side centre-hall design with generously proportioned formal living and dining rooms, allows for easy entertaining.
The spacious eat-in kitchen opens to a delightful private garden with many flowering shrubs. The current owners enjoy the easy access to downtown, highly regarded schools and the much enjoyed stores, boutiques and restaurants on Mount Pleasant and Bayview in Toronto.
Featuring four bedrooms, two and half baths and a perfect teen retreat in the lower level, this very attractive home is perfect for a growing family. The large third floor attic affords great possibilities for an ideal new master suite.
Extras included in this sale: Slate foyer, Dacor dual range, Bosch dishwasher, refrigerator, built-in microwave oven, second refrigerator in basement, all window treatments, all electric light fixtures, broadloom where laid, water softener, washer and dryer, furnace rental from Enbridge at $58.71/month.
Avail of this great opportunity- Moore Park four bedroom with private drive and generous lot.
This traditional side centre-hall home boasts excellent curb-appeal.
Offered at $899,000.
This home Moore Park home has been sold.
For more information or to view this traditional Moore Park home email Rosalin Smith-Carr or call 416-482-8330 ext. 3519
Sought-After St Andrew’s Neighbourhood Home Now for Sale
Set amidst million-dollar homes in the sought-after Saint Andrew’s neighbourhood, this spacious home on a generous 70′ foot lot offers abundant space for a growing family.
The well proportioned living and dining rooms with doors out to the patio allow for easy entertaining.
This home is situated on a tree-lined winding street. Features gleaming hardwood floors, an inviting log-burning fireplace, and a much sought-after main floor family and powder rooms.
A modern kitchen opens to the family room overlooking the rear garden, and there is direct access to the attached garage.
The second level with its walk-out over the existing garage affords an easy possibility to create a new spacious master suite. Excellent opportunity to locate in Toronto’s desirable Saint Andrews neighbourhood.
The current owners enjoy the easy access to the subway, 401, and highly regarded area schools. Extras included in the sale of this home: built-in convection and microwave ovens, gas cook top, refrigerator, Maytag dishwasher, washer, dryer, freezer in garage, broadloom where laid, ADT security system (Monitoring Fee $25/Month), gas line to Barbeque and two automatic door openers to garage.
Well maintained home on generous ‘Saint Andrews’ Lot. Priced at $699,000.
For more information or to view email Rosalin Smith-Carr or call 416-482-8330 ext. 3519
Cape Cod Home Available In Prestigious Old Millside-Baby Point
This Cape Cod home will appeal to those who have an appreciation for a prestigious Old Millside address. The sun-filled living
room with its open plan design enjoys a hill-top vista over the treed front garden. Privacy and tranquility abound in the rear
garden - a special place to relax after a busy day!
Ideally located in a quiet enclave, yet moments from Etienne Brule Park and the trails along the Humber River, Old Mill subway
and the renowned neighbourhood stores and boutiques of Bloor West Village.
Offered at $749,900
For more information or to view email Rosalin Smith-Carr or call 416-482-8330 ext. 3519.
This home has been sold.
Have You Had Enough Fear-Mongering?
It would have to happen sooner or later. Someone has already coined a term for all of this pessimistic news that we are being bombarded with daily; “pessimism porn”. Psychologists have long held the belief that it is human nature to feel a sort of magnetic attraction towards gloom and doom.
The way I see it is, the more we allow ourselves to focus on the bad news, the more we blur our perspective with negative input. In Canada we now have an unemployment rate of seven per cent, not a good number. But what we fail to focus on is that 93 percent of us have jobs. Our glass is 93 percent full!
How is this changing our buying habits? Having been involved in residential real estate for more than two decades, I naturally focus a lot of my attention on the state of the real estate market. Sales in Toronto have dropped by close to 50 percent. However, neither of the most critical components necessary to sustain a healthy housing market - employment figures or mortgage rates - justify such a dramatic decline in home sales.
I do not know how long this recession will last, nor do I know how much more home prices will decrease - if at all. However, I do know that there are individuals and families buying homes under these market conditions.
I have written about this before. We are still seeing buyers paying the full asking price and in some cases more than the asking price, even under these market conditions!
So what’s going on? Are some of those buyers aware of something which the rest of us are not? I do not believe that this is the case. Perhaps instead, most of those who are still getting into homeownership are simply taking it all in good stride and refusing to join “the negative masses”. They are simply carrying on with their lives.
The sky has not yet fallen and I humbly believe it will not fall any time soon. Yes, it is going to be a bumpy ride. We should remember that by staying out of the market and watching from the sidelines while waiting for things to get better, we are all potentially contributing to our own demise.
If we all decided to simultaneously put all of our major buying decisions on hold, we might just create our own apocalypse and then truly have the sky fall on all of us.
Would love to hear your comments. Do you agree, disagree or have no opinion. Let us know.
Are You Paying Too Much for Your Property Taxes?
When home values were going through the roof, so were real estate tax assessments. Today the value of many homes has dropped.
Therefore, the assessments on some of these homes are no longer accurate. That means that you may be overpaying for your property taxes.
If you believe the assessment you recently received from the Municipal Property Assessment Corporation (MPAC) is inaccurate or excessive, you have the right to challenge it. Believe it or not, there is some good news these days, and this one you can take to the bank. Furthermore, this is a free service.
You can ask for a review of your property assessment through the “Request for Reconsideration (RFR) and Appeals” process. The form is available at www.mpac .ca, or you can call them at 1-866-296-6722.
Go on line and link to the MPAC web site, http://www.mpac.ca/ (then go to: About my property, at the center of the page Click here to login), check your property specifics such as lot size, room dimensions, age, etc. Your next step is to find similar houses in your community with the same specs.
You can get information on up to 24 additional properties of your choice and up to 6 properties selected by MPAC, FREE OF CHARGE. Be prepared to prove to the assessment office that your home has a lower value.
The process is simple and you are able to see the assessed values of similar houses in your neighbourhood.
Your “Request for Reconsideration” form must be filed before March 31 2009. By getting a new assessment of your home value, you could save hundreds and often thousands of dollars each year. A little bit of work on your part can help you put more than a few more loonies in your pocket.
Do you need more information to help you cut your property taxes? Send me an email. Or call me at 416-482-8330 ext. 3519.
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Saying No to a Client is Hard to Do
Yesterday I met with a client who wants to move out of town. Her plans had changed and she would like to go back to the town where she grew up. She has lived in her home for two years and has had major work done to her house.
She paid what was then market value, then put in a new kitchen and finished the basement.
We had a very pleasant chat as we examined the value of her home in today’s market. Her goal was to recover the price she paid for the house two years ago, plus the cost of renovations and some profit for her efforts.
After looking at comparable homes that have sold on her street and in her immediate neighbourhood in the last three months, it became clear to me that she would not be able to do this.
Based on my experience, I knew that in a best-case scenario she might be able to walk out with a fifty thousand dollar shortfall. We went over a few other options she could consider but none of them satisfied her.
Read the rest of this article »
5 Tips to Ensure Success When Selling Your Home in a Soft Housing Market
It’s on the news everyday. The sky is falling and housing prices continue to sag. But remember, no matter how downbeat the reports, the doomsayers love to exaggerate even farther.
This January my office has had several homes sold at the full asking price or above. There are buyers out there and they will buy your home if you make all the right moves.
So here are the tips…
1. Dress for success.
It was important when the market was hot. Today it’s crucial. Get rid of all clutter to make your home more spacious and highlight its best features. Get tips and ideas from your real estate agent or a professional stager. Rent storage if necessary to hold your excess possessions. This is a great time to get rid of some your excess stuff.
2. Price it to sell, not to sit.
Buyers have sharpened their pencils (I almost said swords) and expect great value. Don’t turn them off by “trying it at a higher price” for now. It may appear counter-intuitive, but asking for the highest price in today’s market may have the opposite result. Today’s buyers have done their homework before they venture out to see your home. If you are too ambitious in your pricing, they will not come back.
3. Give it maximum exposure.
If your home is not listed through the Multiple Listing Service, you are missing as many as 98% of all buyers. The MLS is the most powerful way of exposing your home to buyers all over the world. Do not fall into the temptation of having a “secret listing” by saying to your agent … “when you have a buyer for my house, show them through.”
4. Offer buyer financing.
In a soft market you may want to sweeten the pot by offering a small Vendor Take Back mortgage. Or you may offer to pay part or all of the buyer’s mounting Land Transfer Tax for the city of Toronto.
5. Look at all offers.
When the market is soft, you need an extra dose of patience. Don’t be insulted by an initial low offer. Take all offers seriously. Make a counter offer and try to entice the buyer back to the table. If they are from out of town, remind them that Toronto is considered the second most liveable city in the Americas.
Why Home Owners Want to Throw New Toronto Recycling Rules in the Garbage
Cartoon courtesy TownCrier newspaper
Confused about what can and cannot be recycled in Toronto? The job is about to get even more confusing. Under the City of Toronto new rules you can put retail and grocery bags in the recycling bin, but you cannot put your clear bags, or those used to hold fruits and vegetables.
Styrofoam cups and egg cartons can be recycled as well, same for foam takeout containers, but only if they have been rinsed out first.
When putting grocery bags in the blue bin, the city wants you to place all the bags into one bag and then tie a knot, but not to use a twist tie or an elastic band. “Don’t be naughty, tie the knotty!”
These new rules are causing headaches and confusion for many Toronto residents. “You need a list of do’s and don’ts, and what can go in which recycling bin and what can go in a bag,” one shopper told 680News.
“Everything needs to be itemized now, so you know how to throw out your garbage properly; it’s too much work.”
Like most of us I want to be a good citizen and do my bit to help save the planet, but I am afraid that if the city keeps this up, we may all have to go back to school and get a Masters in “Green Eco Disposal Studies.”
Go to the City of Toronto site for more information on how to recycle the new items. The city hasn’t yet updated its “what goes in the bin” section.
What is your comment? We want to hear your rants and raves! Send us an email
Is There Light at the End of Toronto’s Housing Tunnel?
If you have been watching the news lately there seems to be little hope for things in our Toronto housing market to get better for a long time. The barrage of cataclysmic forecasting is simply more than most of us can bear. But not all of us see the future as bleak as most of these forecasters do.
Case in point - my office keeps a board where all monthly home sales are displayed. In the last 30 days we have had 3 homes sold above the asking price. All three homes are located in central Toronto neighbourhoods.
The first home was listed in the high five hundred thousand range and sold for ten thousand dollars over the asking price. The second one was listed in the low five hundred thousand range and was sold in the mid-five hundreds. The third home was on the market in the low eight hundred thousand and it sold for twenty five thousand dollars more than the asking price.
So my question is … given what we all know about the housing market, why do some buyers still decide to pay more than the asking price for a home in Toronto?
Couple of reasons. Buyers are mightily relieved to see more homes available to chose from, thereby alleviating the pressure to buy right away.
Perhaps the simplest answer is that deep inside, most of us know that the world will not end and that all economic slowdowns do come to an end. Today there is even more reason to be optimistic when we look at the approach most developed countries are taking. For the first time in history there is a coordinated effort by governments to act in sync in trying to stimulate their own economies.
Let’s begin the process in Toronto and show the world that - in the words of Barack Obama - Yes, We Can.
Want to receive best home buying opportunities in Toronto by email? Send me an email.
Buying a Second House Before Selling Your Home is a Recipe for Disaster in Today’s Toronto Market
David and Wendy Scott (not their real names) had been thinking of moving to a larger home ever since the birth of their second baby in the spring of 2008. They wanted a larger backyard where Wendy could watch the toddlers from inside the house.
They looked at several homes and fell in love with a lovely detached home on a quiet street in one of Toronto’s central neighbourhoods. Once they found this home, they wanted to put an offer in immediately and bought the house at almost the full asking price. They gave no thought to the sale of their current home until after they had purchased the new house.
The next day when they sat down to list their house for sale, they assumed they could ask the same price as those of similar homes that had been selling a few months earlier in their neighbourhood.
The reality that unfolded over the first couple weeks of their listing was that prices had come down and their home did not sell. David and Wendy even refused an offer feeling that it was too low.
They now own two homes which they can not afford to keep.
Moral of the story:
What was standard procedure for almost ten years, does not work today. Do not buy before you sell … unless you make your offer conditional on the sale of your home.
Need some no-strings-attached advice about buying or selling in central Toronto? Write to me at rsmithcarr@sympatico.ca or call me at 416-482-8360 ext. 3519
Fewer Sales and High Number of Listings Benefit Toronto Home Buyers
On January 19, 2009 TREB President Maureen O’Neill announced that Greater Toronto REALTORS® reported 888 sales during the first half of January 2009, compared to 1,776 in the first 15 days of 2008.
Back in January 2000 there were 2,690 homes sold. In January 2005, TREB reported that sales had broken the 4000 level. Only five times in history had TREB January sales reached such high levels.
When we compare the 888 sales for the first half of January 2009 to a more balanced year, such as 2000 with about 1340 sales in mid-January, then the first half of January 2009 does not look so catastrophic. After all, we all expected and hoped for a return to more “normal market conditions.”
In January 2009, stronger declines in sales and prices were experienced in the City of Toronto. “Sales for January a year ago may have been elevated by the flurry of transactions completed before the city’s land transfer tax went into effect,” added Ms. O’Neill.
The average GTA price mid-way through January is $332,495 from $367,574 during the same period in 2008. The median GTA price was $301,000 compared to 316,000 last year.
What does it all mean? With prices continuing to adjust and a higher number of homes for sale, Toronto home buyers are able to relax for the first time in many years.
Now Available MoZo Condo with Amazing Views in Toronto
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Noted for its innovative smart architecture, this mid-rise building is clad in brick, steel and mostly glass, with double-height glass panels at the exterior grade level. This unit with south and west spectacular views has had a complete interior rebuild with meticulous attention to detail using the highest standard of interior finishes.
The flooring has been replaced with dark hardwood and with honed statuario marble in bathrooms and kitchen. Designer lighting punctuates the white ceiling.
A zone controlled entertainment speaker system with theatre sound ensure the ultimate in enjoyment.
Thirteen hundred plus square feet, two bedrooms, two and a half baths, and thirty five foot-long living room-dining room of continuous views over Lake Ontario and the Toronto Island await the new owner.
Two terraces, clear skyline, lake views!
The Feeling of New York, Miami and Paris! Steps to restaurants, the Market and financial district.
The TriBeCa of Toronto!
Priced at $695,000
Want to see all restaurants, pubs, coffee shops, grocery stores and more close to 333 Adelaide Street East?
Simply click here
For more information about this amazing unit call me, Rosalin Smith-Carr at 416-482-8330 ext.3519 or send me an email,