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Why 2013 has been a Good Year for Toronto Housing

By: Mark Weisleder

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A year ago many pundits were predicting a real estate collapse in 2013. My view was different. I expected the market to stay strong and prices to hold up, which is what has happened.

By the end of September, 68,909 total homes had changed hands in the GTA, 1,000 units less than the same period last year. But the first half of October was strong – about 20 per cent higher than a year ago. So, it seems that sales for the year will exceed 2012′s 82,200 units. Average prices are also almost 5 per cent higher than a year ago and there are still bidding wars in many areas, because there are more buyers than listings.

Here’s why this is happening:

Low interest rates

Events like the U.S. fiscal cliff, civil war in Syria and instability in the Middle East, have had little impact here. Canada remains an island of stability. Things will only improve as economies in the US and European Union continue to improve. Interest rates may rise a little over the coming year, but the moves are unlikely to have a serious impact on the market..

Canada’s appeal to immigrants

We continue to be the envy of the world when it comes to quality of life and the fact that so many cultures and communities can live in harmony. That is why over 150,000 people come to Ontario each year, with the majority in the GTA. They have to live somewhere.

Low rental vacancy rates

The Toronto condo market has slowed somewhat, but prices haven’t crashed. The reason is that the vacancy rate for rental condominium units in downtown Toronto is 1.7 per cent. As a result, the average rent for a two bedroom condominium is about $2,500, which is also the amount an investor needs to carry an average two bedroom condominium, even if it costs $500,000. If you can carry your condo, you are in no rush to sell or lower your asking price.

People have been predicting the real estate market crash in the GTA for the past 13 years. It hasn’t happened yet and won’t happen next year either.

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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 Real Estate Update January 2013

Welcome to 2013! Another year has come to a close and January seems to be speeding by. 2012 saw the average home price increase strongly and with 85,731 homes sold in the GTA in 2012 the average homeowner made $32,000 in equity. 2012 saw an increase of 7% in the average price of a home in the GTA increasing the cost to an average of $497,298. Along with a look back at house prices in 2012, this month our newsletter takes a look at whether or not you are legally responsible to disclose the fact that you have noisy neighbors. Most lawyers say no but caution you to be truthful if you are asked direct questions about noise. Your home is your safe haven and this month in our ‘House Smart segment we look at how to test for Radon gas as well as some winter safety precautions. And, back for 2013 the ever popular Pearls of Wisdom. Here is a sneak peek: “It’s such a pity that youth is wasted on the young.” – George Bernard Shaw

James Metcalfe’s Real Estate Update January 2013 from James Metcalfe

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James Metcalfe’s Real Estate Update June 2012 … In Our Home Toronto

Here’s our June Real Estate Update for Our Home Toronto: You’ll note Toronto home sales volumes (+11% vs LY) and prices (+6% vs LY) remain strong in May; an interesting article on Fixtures vs Chattels … what constitutes each and why you should be specific when preparing your listing or offer; an article on simplifying Mortgage Speak;  and the ever popular Pearls of Wisdom … here’s a teaser “I used to be Snow White, but I drifted.” – Mae West

Enjoy and do let us know if you would like to receive this update by email.

For loads of Listings and free information on buying or selling Visit OurHomeToronto

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James Metcalfe’s Real Estate Update May 2012 … In Our Home Toronto

Here is our May Real Estate Update for Our Home Toronto: You’ll note average April prices are up 9% vs 2011 for a new all time high average GTA price of  $517,556 & volumes are up 18% vs 2011 for April sales of  10,350 homes sold, an interesting article on How To Optimize Curb Appeal, Personal Finance … HST and your Real Estate investment, a MUST read … How and Why it’s less expensive to buy a home today than it was 20 years ago! and the ever popular Pearls of Wisdom … Enjoy and do let us know if you would like to receive this update by email.

For loads of Listings and free information on buying or selling  Visit OurHomeToronto

View more documents from James Metcalfe.

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