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Archive for the 'Our Home Toronto Real Estate Newsletter' Category

James Metcalfe’s Toronto Real Estate Update October 2013

VOLUME, PRICES SURGE IN SEPTEMBEROCTOBER

2013Greater Toronto REALTORS® reported 7,411 residential sales through the Toronto MLS system in September – a whopping 30% increase versus September 2012 sales of 5,687 units. Double digit volume increases occurred across all four key market segments: single-detached (+34%), semi-detached (+20%), townhomes (+31%) and condo apartments (+29%). This is the third consecutive month of double digit volume growth and demonstrates that the pent-up demand which had built up over a one year period following the July 2012 introduction of stricter mortgage lending criteria is now being satisfied in earnest. The bottom line is that home ownership remains highly affordable given the current mix of prices, interest rates, incomes and lending criteria guidelines. The average price of a GTA resale home in September was $533,797 – a healthy 6% increase versus the September 2012 average price of $501,326. Price growth varied by market segment: single-detached (+8%), semi-detached (+2%), townhomes (+10%) and condo apartments (-2%).   

James Metcalfe's Toronto Real Estate Update Oct 2013 from James Metcalfe

Call me anytime for more detailed market analysis and specifically your free home Opinion of Value …

Best Regards;

Jim Metcalfe  416-931-4161

 

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James Metcalfe`s Toronto Real Estate Market Update August 2013

Total unit volume through the Toronto MLS® system in July was 8,544 – which represented a whopping 16% increase versus July 2012.This was the best July sales result since 2009 and was the third best July result on record. The strong sales performance can be attributed to the re-emergence of first-time buyers into the market. The average price of a GTA resale home in July was $513,246 – a healthy 8% increase versus the July 2012 average price of $475,523.

“Legally Speaking“ Reviews the SPIS (Seller Property Information Statements) as it pertains to risks.

“Personal Finances“  Reviews Mortgage Interest Tax Deductibility.

My take for August is we are in a Balanced … yet leaning to a Sellers Market in Toronto Centre.

…and a teaser from the ever popular “Pearls of Wisdom“ …  “Golf is a game in which you yell ‘fore’, shoot six, and write down five.”

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James Metcalfe’s June Real Estate Update

June has come and gone but the month’s real estate update proves that May was a great month for the resale value of  homes in the GTA. In May we saw a 5% increase in the price of a resale home versus May 2012. In fact, price growth occurred in all major market segments! And all this growth seems on track to meet the Toronto Real Estate Boards price growth forecast of 3.5% as a whole.

In this month’s update we feature 10 home improvement projects that add value to your home including:

  • Painting
  • Kitchen remodeling
  • Finishing unfinished space
  • Home office remodeling

Also, in our “Legally Speaking” segment we discuss the finer points of walking away from a house deal. This can be complicated so make sure to read carefully. We cover important points such as a buyer’s remorse period and who gets the deposit when buyers change their mind.

Featured this month are some of the highlights from the CAAMP (Canadian Association of Accredited Mortgage Professionals) survey as well as the ever popular “Pearls of Wisdom”

Metcalfe june from James Metcalfe

 

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James Metcalfe’s May Real Estate Update

May has been a busy month with some crazy weather. The housing market saw a slight decline in April and a slight rise in the average cost of housing. April saw a slight 2% decline in sales which may be a result of stricter mortgage lending guidelines. The average price of a resale home in the GTA in April was $526,335 which represented a 2% increase versus April 2012. This could mean that price growth in the back half of 2013 may be stronger than originally thought.

This month’s newsletter also features a brand new research tool that is now available to hone buyers. Available to every municipality in Canada, these new home history reports include information on local school rankings, local demographics and insurance claim records for the neighbourhood, among other things. They are published and sold by Teranet which covers land registration and title search services for the province of Ontario.

In this month’s Trendy Corner find out how to design a kitchen. Some of the major questions that you should be asking include: What are your general preferences? Do you need more than one sink? Do you prefer gas, electric or a combination? Do you need a pantry for extra storage? A kitchen can be an expensive and time consuming design process. This month’s kitchen checklist will help make those decisions a little bit easier.

As always our ever popular “Pearls of Wisdom” returns. Here is a preview: “If love is the answer, could you please rephrase the question.”- Lily Tomlin

James Metcalfe’s May Real Estate Update from James Metcalfe

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James Metcalfe’s April Real Estate Update

Spring has finally arrived (sort of) and with it some growth in the average price of a resale home in the GTA. In March, we saw the price of homes increase by 4% versus March 2012 which means the average price of a home increased from $500, 875 to $519, 879. We also saw price growth across all market segments including single- detached homes, semi-detached homes, townhomes and condo apartments. Although we saw price growth there was a 17% decrease in sales versus March 2o12.

This month in our update we look at a case of a couple with two dogs and the importance of examining the building’s certificate of status prior to placing an offer on a unit. Make sure to ask your real estate agent about the certificate of status prior to placing a bid on a resale condo. They should know of any restrictions when it comes to pets and so should you!

We also take a look at some of your electrical questions including examining the electrical capacity of your home and what to do if some of your electrical out lets are not grounded. What are the risks and consequences?

Lastly, and as always we have the popular Pearls of Wisdom. Here is a preview: “Here’s something to think about: how come you never see a headline like ‘Psychic Wins Lottery'” – Jay Leno.

James Metcalfe’s April Real Estate Update from James Metcalfe

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James Metcalfe’s February Real Estate Update

February has almost come to a close and was once again a very successful month. The average price of a resale home increased by 4.3% to an average price of $482,648. The industry saw price growth in many market segments including single-detached homes, semi-detached homes, town homes and condo apartments. This month in our newsletter we focus on personal finance and look at tax issues when selling a condo. This month in personal finance we look at the pros and cons of reverse mortgages: how they work, the advantages and disadvantages and traditional mortgages vs. reverse mortgages. When you are selling a condo (and it is not your primary residence) it is important to realize that half the profit is taxable. Read more about taxes and condo sales in this month’s Condo Corner. Returning this month as always are the ever popular pearls of wisdom. Here is a sneak peak to get you in the spirit. “The secret to staying young is to live honestly, eat slowly and lie about your age.”- Lucille Ball

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