Toronto Real Estate and Homes For Sale

Toronto Resale Housing Market Moderate in May

Moderate sales and healthy price increases continued to characterize the Greater Toronto Area resale housing market during the first half of May, Toronto Real Estate Board President Maureen O’Neill announced today.

“With 4,422 sales throughout the GTA in the first two weeks of this month, activity has declined 12 per cent compared to the 5,003 homes sold during the first half of May 2007,” said Ms. O’Neill.

“Prices however, continue to be strong, averaging $400,817 in the GTA, up six per cent from the $377,612 reported a year ago.”

In the City of Toronto, there were 1,734 sales, representing a 15 per cent decline from the 2,053 homes sold during the first half of May 2007 and an 11 per cent decline from the 1,941 homes sold during the same period in 2006. The average price in the 416 is $437,205, up six per cent from $412,701 a year ago. In the Annex (C02) transactions rose 39 per cent compared to the same period a year ago, driven by strong condominium apartment and detached home sales.

“Now though, inventory is up 11 per cent compared to a year ago, which has resulted in more choice for home buyers and will a positive effect on the quality of available listings.”

A wider selection from which to choose has also resulted in increased Days on Market, which has risen to 35 from last year’s 28.

What Advice From Your Real Estate Agent You Can and Cannot Rely on When Buying a Home

I love the internet for all the wonderful tips and information I can find in a few minutes. The other day I ran into an article (see link below) where the author had very little good to say about dealing with a real estate agent. He decided that ALL agents are selfish, dishonest and will not give you the advice you need.
I found most of his advice impractical and unrealistic. For example, he begins by telling you not to trust anyone when putting an offer on a house.

“Thinking about putting in an offer - Trust no one! The point when the buyer submits an offer on a house is a time when a lot of house buyers - particularly first timers feel out of their element and defer to their agent for advice. This is the worst thing you can do. Your agent gets paid when the deal gets done and only when it gets done.” 

What a way to begin a successful and delicate relationship! If you do not trust the agent, find one you do trust. What is the point of beginning such important negotiations with an agent you do not trust in the first place? The real estate profession is no different than any other profession. You will run into some highly professional individuals and you will also meet some of the bad apples.

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Globe and Mail Numbers About Toronto Real Estate Off as Much as 84%!

This was much worse than a bad hair day for the Globe and Mail. Upon closer inspection of the figures the newspaper published on April 25, 2008, I now realize that the Globe’s numbers in some areas are so far off as to be ridiculous.

In Rosedale the actual average price given by the Globe is off by a monstrous 84 percent! This is a lot worse than I ever imagined when I first looked at the Globe’s numbers a few days ago.

I have received dozens of emails asking me to provide average prices for other neighbourhoods. In response, I decided to invest more time and publish the correct prices in a few more neighbourhoods.

As I review these new figures, I continue to get comments and requests asking me to provide correct housing prices for other neighbourhoods in Toronto.

Since there is no software available to produce neighbourhood average prices from the Toronto Real Estate Board figures, I have to compile it myself. Even though it is a time consuming task, I will try to find some additional time to do this.

* Toronto Real Estate Board

What You Don’t Tell the Buyer May Come Back to Haunt You When Selling Your Home

The trouble is that what you do tell the buyer may come back to haunt you as well!

In over twenty eight years in the real estate industry, I have never found a more challenging issue for the seller, the agent and the buyer as this one.

You want to sell your home and proceed to tell me what improvements you have made over the years. I take very good notes because I want to pass this information on to my colleagues and to potential buyers.

When we start going over the need for repairs, we usually find some ”dirty little secrets” about your homes condition. Things such as the leak in the ceiling on the second bedroom upstairs, the wet basement during heavy rains, or the noisy pipes in the bathroom.

Are you better off not telling your agent and keeping quiet about any of these issues, or will they come back to haunt you after the new buyers find out?

Most lawyers acting on your behalf will advise you not to sign a Seller Property Information Statement (SPIS) form. This form deals with issues such as the above. It is a voluntary form in Ontario and you are not required by law to sign it.

So what should you do?

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Will Having an Open House Help You Sell Your Home?

As I was driving home last week-end I noticed there were more open house sings than usual. A quick bit of market research confirmed my suspicion. On a two block section in central Toronto I counted nine open house signs.

This is a clear sign the Toronto market has begun to slow down.

The question I am often asked by my clients is¦are open houses effective and will it help sell my house? The answer is yes and no. Having an open house will create awareness about your property with neighbours and passers by.

Some of them may take the initiative and pass this information on to a friend or relative who would like to live on that particular street or in that neighbourhood.

The odds are very low that any of those potential buyers are first of all ready to buy right now.

The open house is probably not exactly what they are looking for, the price may not be within their budget and all the terms and conditions being asked by the seller may not be acceptable to them.

What many real estate agents may never tell you!

So why do some many agents still hold open houses? Truthfully, in the majority of cases having an open house is of greatest benefit to your agent, not to you. 

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Davisville Village Homes for Sale and Sold - May 2008

41 Hoyle Av		239 Manor Rd		580 Balliol St

Not Staging Your Home for Sale Can Cost You Big Dollars!

My partner and I have worked together in residential real estate sales for over 25 years. In the mid nineties my partner had an opportunity to join a large commercial real estate broker, which he did. After five years he decided he would rather work with residential consumers and rejoined me in residential real estate sales in central Toronto.

One of the first comments he made was how much the market had changed and how all homes for sale were so much more  ’staged compared to only a few years earlier. This was about the time the ‘Martha Stewart school of proper living was just beginning. Since then, it has become a prerequisite to have your home staged for sale prior to placing the for sale sign on the lawn.

Todays demanding and short-for-time buyers will simply turn around and go look at the next home if the home they are previewing does not match their preconceived ideas of the perfect home.

According to Stagedhomes.com unstaged homes spent an average of 22 days on the market. Those staged by a professional lasted only an average of 11 days on the market.
 
The staging industry also makes big claims for staging: Unstaged home prices averaged $518,820. Comparable staged homes sold on average for $557,271, a 7.4 percent difference. 

In a way, staging a home becomes a free expense since, in the majority of cases, the seller recoups all the money spent and receives a significantly higher selling price.

Barb Schwartz, author of Home Staging: The Winning Way to Sell Your House for More Money, makes an even bolder claim. According to Schwartzs recent figures, staged homes priced under $1 million sell for 10 percent more than comparable unstaged homes. Staged homes listed for $1 million-plus sell for a 20 percent premium, she says.
Staging expert Peggy Selinger-Eaton offers these tips to do-it-yourself stagers:

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Leaside Homes for Sale and Sold - May 2008

88 Vanderhoof		253 McRae

The homes shown here are MLS listings by various broker companies, sales representatives and broker members of the Toronto Real Estate Board. For more information on any of these homes send us an email.