Blog north York Real Estate, TORONTO ONTARIO CANADA HOMES FOR SALE, Specializing in North York, Selling in Toronto, GTA and downtown Toronto

Our Blog will keep you informed on Toronto Real Estate and other interesting items that we come across to share with you.

April 14, 2012

Toronto Real Estate Market up 8% over March 2011-

Tight Market Drives Double-Digit Price Growth

Greater Toronto REALTORS® reported 9,690 sales through the TorontoMLS system in March 2012. This result was up by almost eight per cent in comparison to the 8,986 deals reported during the same period in 2011.

"The GTA resale market has not suffered from a lack of willing buyers this year. Buyers have been spurred on by the positive affordability picture brought about by low mortgage rates," said Toronto Real Estate Board President Richard Silver. "The challenge has been a lack of inventory. Many listings have attracted multiple interested buyers. Strong competition has led to annual rates of price growth well above the long-term average."

The average selling price in the GTA was $501,614 in March – up by 10 per cent in comparison to March 2011.

"The number of new listings was up last month in comparison to March 2011. However, based on the historic relationship between price and listings, the GTA resale market should be better supplied. If competition between buyers remains as strong as it is right now, we will almost certainly see an average selling price above $500,000 for 2012 as a whole," said Jason Mercer, TREB’s Senior Manager of Market Analysis.

March 14, 2012

Competition Bureau Threatens to Dismantle Privacy Safeguards of Home Sales -75% of Ontarians Opposed

Today, the Toronto Real Estate Board (TREB) released the results of an Angus Reid Vision Critical poll. The vast majority of Ontarians clearly expressed their opposition to abandoning the privacy safeguards of the current MLS® System.

When asked about the consequences of the Competition Bureau’s actions, Ontarians expressed concern:

• 75% of Ontarians believe that personal information such as name and final sale price should be kept confidential by REALTOR® professionals. Commissioner Aitken wants to release this information.

• 70% of homeowners do not want their personal contact information released to the public. Commissioner Aitken wants to release this information.

• 67% of Ontarians oppose any measure to make personal contact information such as name and address available to others who are not subject to a professional code of conduct. Commissioner Aitken wants to release this information.

"The results of this poll are overwhelming," said TREB President Richard Silver." TREB strongly believes that REALTORS® have an obligation to protect consumers’ personal information. That’s why TREB and REALTOR® Members are fighting for the privacy rights of consumers."

The Competition Bureau is taking action that would force TREB to abandon the safeguards in the MLS® System and make personal information publicly available on the Internet, threatening the privacy and safety of GTA consumers.

If the Competition Commissioner gets her way, consumers’ private information, which is currently protected on our secure MLS® System, would become freely available on the Internet, including:

• Seller’s name and address

• Property floor plans

• Sensitive Property access information

• Negotiated sale price

• Mortgage details

"Ontarians clearly oppose what Commissioner Aitken is trying to do. They’ve said they want their personal and private information kept confidential," said Von Palmer, Chief Government and Public Affairs Officer and Chief Privacy Officer for TREB.

If Commissioner Aitken gets her way, Ontarians won’t. Privacy matters. TREB is standing up for GTA consumers. Visit www.ProtectYourPrivacy.ca for more information.

Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 34,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada’s largest real estate board.

March 5, 2012

Toronto Sales up 16% over February 2011

March 5, 2012-- Greater Toronto REALTORS® reported 7,032 sales in February 2012 – up 16 per cent compared to February 2011. New listings were also up over the same period, but by a lesser 11 per cent to 12,684. It is important to note that 2012 is a leap year, with one more day in February. Over the first 28 days of February, sales and new listings were up by ten per cent and six per cent respectively.

“With slightly more than two months of inventory in the Toronto Real Estate Board (TREB) market area, on average, it is not surprising that competition between buyers has exerted very strong upward pressure on the average selling price. Price growth will continue to be very strong until the market becomes better supplied,” said Toronto Real Estate Board President Richard Silver.

“It is important to note that both buyers and sellers are aware of current market conditions. This is evidenced by the fact that homes sold, on average, for 99 per cent of the asking price in February,” continued Silver.

The average selling price in the TREB market area was $502,508 in February – up 11 per cent compared to February 2011. The Composite MLS® Home Price Index for TREB, which provides a less volatile measure of price growth compared to the average price, was up by 7.3 per cent compared February 2011.

“If tight market conditions continue to result in higher than expected price growth as we move into the spring, expectations for 2012 as a whole will have to be revised upwards,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “While price growth remains strong, the average selling price remains affordable from a mortgage lending perspective for a household earning the average income in the GTA.”

Feb 3, 2012

Housing Market in the GTA Fantastic – January

February 3, 2012 -- Greater Toronto REALTORS® reported 4,567 sales through the TorontoMLS® system in January 2012. This number was 8.8 per cent higher than the 4,199 sales reported in January 2011. Sales growth was strongest for low-rise home types in the regions surrounding the City of Toronto.

“A favourable affordability picture bolstered by very low posted fixed mortgage rates has kept home buyers confident in their ability to achieve the Canadian goal of home ownership,” said Toronto Real Estate Board President Richard Silver.

“The buyer pool remains diverse in the GTA with strong interest in home types across the pricing spectrum,” continued Silver.

The average selling price for January 2012 transactions was $463,534 – up by almost nine per cent compared to January 2011.

“Low inventory levels have kept competition between buyers strong, resulting in robust annual rates of price growth over the last year. Strong price growth is expected to attract more listings. A better supplied market should result in a slower rate of price growth, especially in the second half of 2012,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.
Toronto is a great palce to live in and invest in!!!!!

Feb 2012

SOLD 70 Shallmar Blvd. Toronto-in 6 days

Sold in 6 days with a bully offer.

This house set a new high in the Upper Forest Hill Village for an unrenovated house.

It was also a very difficult deal because it was an assignment with a March 15th closing. Assigment offers should be done with the lawyer's involved, otherwise it is too hard to make the Buyer and Seller understand what needs to be done in the wording of an offer. The negotiation started out as an assignment but ended with a regular offer of and Agreement of Purchase and Sale. Always best to use a "real estate " lawyer for this kind of deal.

February 2012

What is a "bully" offer

I wrote a blog on my SOLD 70 Shallmar Blvd and got a comment that she did not know what a bully offer is.

Simply put-it is an offer that comes in to the listing agent in advance of an offer acceptance date.

Toronto is a very HOT HOT HOT real estate market. There a very few listings on the MLS, but there are hungry buyers chomping at the bit for anything new that comes out. Consequently agents hold off on taking offers until a specified date. The listing will say "offers welcome on xyz date by such and such time. " Usually the request is to register the offer then fax it. More often than not listing agents to not have the Buyer's agent present in person.

If a buyer really wants the property they will put an offer in prior to the "offer acceptance date". This is called a “bully offer”. It is usually at full asking or over. The listing agent is not allowed to refuse the offer but must ask their Seller if they want to look at it/work with it? If the Seller wants to see it the LA will have it faxed in for the Seller to review. The Seller can either keep the offer and wait until the acceptance date arrives (if the expiration date and time are not the same date as it was faxed in) or they can work with the offer if they feel it is really good.

It is always a good idea for any agent who has a buyer that is ready to make an offer, proceed with the offer and register with the LA Brokerage. This way the LA must advise all agents who have registered an offer that other offers have been registered and how many offers there are. The LA and Seller might in fact look at all offers before the “offer acceptance date”. In this way the Buyer does not lose out in presenting.

Beware of Ontario Comsumers Home Services Inc-Bait and Switch Scam

I had a very interesting experience yesterday. Know that I am a very cautious person when it comes to answering my door to strangers.

Two men, with official looking tags rang the bell. My son answered through the window. He thought I should speak to these people because they seemed to be dealing with one of the services connected to our home.

I looked at their tags and felt that this was safe-it was-but in fact they were scammers. We have Enbridge gas as our supplier and Direct Energy for our hot water tank rental. (Ontario Consumers Home Services is an approved hot water tank supllier to Enbridge). No one really takes the two as separate because the bill comes in together-gas charge and rental so it is just Enbridge that we think of as our provider.

One of the men explained to me that I might be eligible for an upgrade to an energy efficient water heater at no extra charge to what I was already paying. Well that sounds great to me. He gave me a pamphlet. He asked if he could see me current water heater and he assess it that because I had it installed in January 2010 I was eligible to get a newer one, energy efficient at not extra cost. He said that the piping was good and no replacement was needed.

He took all the information from me, explained that the water heater rental agreement would be for 120 months, he specifically did not say 10 years-that would have sounded too long. He also said that if I sold the home it would transfer to the new owners. I told him that was not my problem and that they were not involved in the deal.

We agreed to have the new heater put in Saturday. He phoned it in to his dispatch and then handed the phone to me so the dispatcher could verify I was the home owner and that the rental was going to be for 120 months. A "bell went off" in my head. Why were they emphasizing this 120 months. I looked at the guy standing next to me and said “You aren't my provider right now, are you"? He answered no. I was infuriated. I told him he should have said at the very outset that his company was not my provider and this is what they would like to offer me. His answer “I gave you a pamphlet" My answer "I was talking with you-I have not had a chance to read it" He shrugged his shoulders.

I took the water heater contract agreement from him and ripped it up. When he left I called Direct Energy to ask if my water heater was energy efficient. It turns out that all water heaters from 2009 are.

So beware Torontonians, Ontarians, Canadians, when Ontario Consumers Home Service Inc comes knocking at your door beware of the scam-almost bait and switch.

Home sales in Toronto up 21% over June 2010

Toronto, July 6, 2011 - Greater Toronto REALTORS® reported 10,230 home sales through the TorontoMLS® system in June 2011 - up 21 per cent compared to June 2010. This number represented the third best June result on record behind 2007 and 2009. The number of transactions during the first six months of 2011 amounted to 48,189 - down by 4.5 per cent compared to the first half of 2010.

"The strong June result capped off an interesting first half of 2011," said Toronto Real Estate Board President Richard Silver. "The pace of sales was a bit sluggish at the beginning of the year, but rebounded in May and June. Because of the positive affordability picture, home buyers remained confident in their ability to purchase and pay for a home over the long term."

The average price for June transactions was $476,371 - a 9.5 per cent increase over June 2010. Through the first six months of the year, the average selling price was $467,169 - almost an eight per cent increase compared to the same period in 2010.

"While sales have been strong, we would be on track for a record number of transactions in 2011 if not for the decline in listings so far this year," said Jason Mercer, the Toronto Real Estate Board's Senior Manager of Market Analysis. "Tight supply meant more competition between home buyers and an accelerating annual rate of price growth in the second quarter."

"Home owners will likely react to the stronger price growth by listing their homes in greater numbers. A better supplied market would result in more moderate price increases," continued Mercer.

May Housing figures surpass May 2010

June 3, 2011 -- Greater Toronto REALTORS® reported 10,046 sales in May 2011 - up six per cent compared to May 2010. This result was the second best on record for May under the current Toronto Real Estate Board service area. The number of new listings in May, at 16,076, was down 15 per cent compared to last year.

WHAT IS DUAL AGENCY ?

It may be on a particular transaction involving real estate that both the vendor and purchaser are represented by the same Firm. This is known as dual agency. In dual agency, there is effectively only one agent, or Firm, in a situation where there are two principals. In this case, duties to principals can become conflicting given that one agent is acting for more than one principal. When REALTORS seek a Listing Agreement from a vendor, or REALTORS seek confirmation of agency relationships from a purchaser, it will be normal for the REALTOR to ask the party signing the agreement to acknowledge that dual agency may occur, and that conflicts and duty of confidentiality are waived.

Some tips to maintain your home

Do a quarterly home inspection. You can save big on repair costs by detecting a problem before it becomes an emergency. "It comes down to being proactive," says Chris Seman, director of operations for Mr. Handyman. "Your house is like your car. When you first hear the noise, the repair will be less expensive than when it becomes a massive shriek."

Walk your house top to bottom, looking for loose nails, holes, cracks, sags, soft spots and bulges in the walls. Run your finger around the caulk and grout in your bathroom and kitchen to see if it's chalky; if it is, it needs to be redone.

Also, be attuned to early signs of water damage, including bubbling paint, mold or drips at visible plumbing connections. Outside, look for dampness on the roof, gutters, siding, windows and doors. While you're at it, check furnace and air-conditioner filters.

Don't want to do it yourself? Hire a handyman to do a walk-through; this relatively new service runs from $100 to $500. But your seasonal savings could exceed that.

Check the warranty. No need to pay for something you can get for free. Most appliance warranties are oh too short - six months to a year - but home-security systems are often covered longer. Read the documentation that came with the now-broken appliance.

Also, go to the company's Web site and run an Internet search to see if your break is common. If so, call customer service and explain that though the warranty has run out, your problem is a known defect. Ask if they can fix the item for free, replace it or, at the very least, give you a discount on a new one.

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