The Toronto Real Estate Board released the mid February 2009 statistics for the GTA. The number of sales to date was 2,044 compared to 2,775 in mid-February of 2008. The average price for the GTA was $385,735 in mid-February of last year compared to $364,748 this year.
In the Central District of Toronto, the average price was $400,467 compared to $434,914 last year. The number of sales to date was 816 compared to 1,066 in mid-February of 2008.
Source: TREB Market Watch
Posted in Market Information, Muddy York Quick Tip
Tagged Toronto Real Estate Market
By Roslyn Avery
This is a question often asked by our Buyers. When one buys into an existing condominium building one discovers the complete picture of this building since it has been in place for some time. The maintenance fees, any special assessments, the performance of the Property Management in running the building and certainly an overall picture of the financial stability of the condo corporation- all these factors provide for a well thought-out decision. The Buyer can get a feel for the building and its location; and also can physically appreciate the actual size of the suite. That being the case, the Buyer knows exactly what is being purchased. You know that expression “What you see is what you get.”
When buying a brand new condominium you often buy from floor plans. That being the case, it is often difficult to visualize the space that the final product will offer. It is important to be aware that these floor plans can be subject to change and you must accept that. In addition, when you move into your unit some deficiencies may not be addressed until a later date. Therefore, you must expect not to have a fully finished suite.
When buying new be aware that your occupancy date can be changed and the wait to take possession may extend for a longer period of time. Delays make your moving plans very tenuous and this can be rather frustrating as time goes on.
If you are unsure in deciding on “resale” or “new” do take your time to weigh and measure exactly what you think will work for you.
Roslyn Avery is a Sales Representative with Royal LePage R.E.S./JOHNSTON & DANIEL DIVISION. Roslyn is a regular contributor to the Muddy York Blog. Roslyn’s web site is located at www.condotoronto.net.
By Carson Dunlop & Associates
A fireplace is a much admired house feature. It’s not hard to understand that it’s best to install one while the house being built. But what can you do if your home doesn’t have one? Luckily, you have a few options….
Since the caveman era, humans have reaped the benefits of having a fire within the home. In the early days, it was essential for heating, cooking and warding off nasty predators. These days, the benefits of the home fire are not nearly as pragmatic, although one could hardly argue about the life affirming benefits of a late night, a bottle of wine, a bearskin rug, and a blazing fire.
Whatever the motivation, a fireplace is a much admired house feature. It’s not hard to understand that it’s best to install one while the house being built. But what can you do if your home doesn’t have one? Luckily, you have a few options.
Retrofit Options
Of course the traditional fuel for a fireplace is wood. A few decades ago, natural or propane gas became a fireplace option. Nowadays, more gas fireplaces are installed than wood.
Gas Fireplaces
A gas fireplace is modern, convenient, relatively easy to install, not too expensive, and can actually be used as a heat source. One of the great attractions to a retrofit gas fireplace is that it can be installed just about anywhere. The chief installation factors are the location of the gas supply, and where the fumes will be vented to the outside.
Recently, gas supply pipe options include flexible copper or plastic coated corrugated stainless steel tubing. These pipes can be bent to go around corners and such, making it usually a relatively simple installation. The biggest challenge is often a finished basement, as a common strategy is to run the pipe across the basement until it needs to go up to the fireplace. For a basement with a finished ceiling, this may require removal of some drywall.
Again, fairly recently, the most common option for getting rid of the burned gas (the exhaust fumes) is to go straight through the wall directly to outside. This is referred to as direct venting, and is as easy to do as making a hole in the house, and most simple if the fireplace is located on an outside wall. But, if the unit absolute HAS to be under the full-size photo of Aunt Agnes on an interior wall, a metal vent pipe can be run up and across to the nearest outside wall, or straight up and through the roof.
Gas fireplaces usually have sealed doors. If you pine for the romance of the fireplace in the bedroom, you need to make sure the unit you buy is “rated for use in a bed or bed-sitting room”, to quote the code.
For a basic gas fireplace installation, one can expect to pay a minimum of $2500. The costs go up if other damage is done to the house to enable its installation, and if fancy materials are used to create the hearth extension (the floor in front), to surround or frame the wall around the unit, and if a mantle is desired.
Wood Fireplaces
For some, a gas fireplace is about as alluring as simulated wood paneling. These purists require the smell of wood smoke and the crackle of burning sap. The really expensive way to retrofit one of these is to make a big hole in the side of the house, and add a tall brick chimney, complete with foundation. Fortunately, there is an easier way. For a wood-burning fireplace, the most cost effective option is a “factory-built” fireplace. These are basically insulated steel boxes into which a fire is made, and with a hole on top to let out the smoke. Because of the insulation, the steel box is relatively cool, enabling the unit to be installed on a wooden floor, and within a few inches of walls. We used to call them “zero-clearance” fireplaces.
Since the owner carries the fuel to the unit- the felled maple from the neighbor’s yard, for example – the biggest challenge is get rid of the smoke. Smoke likes to go up, so think vertical. A factory built fireplace comes complete with insulated metal chimney sections that screw together. These attach to the top of the firebox, and need to go basically straight up through the roof. It is allowable to make small bends, usually about 15 degrees at a time. Since getting to the roof usually means passing through obstacles like, say, the second floor of the house, holes will often need to be made in a floor. Once we get to the attic, another hole gets the chimney to the roof, and yet another hole allows the chimney to exit to the sky. Many holes need to be made. These need to made properly, by someone accustomed to making holes in the house, in order to avoid the nasty side effects of burning the house down or letting wind, rain and raccoons in.
The floor in front of the fireplace needs to be protected from sparks by a material that doesn’t burn, like ceramic or slate tile. The wall around the fireplace opening is also covered with a surround of some variety. And again, a mantle can be installed, either for the traditional look, or in order to provide a suitable location for hanging stockings, with care. While the cost will vary quite dramatically, one should expect to pay a minimum of $3500 for a basic factory built fireplace installation.
Carson & Dunlop Associates is a consulting engineering firm which has been devoted exclusively to building inspections since 1978. Their website is located www.carsondunlop.com and they can be reached at (416) 964-9415.
By Sandra Pate
If you haven’t heard yet, there is a fascinating mystery unfolding at the Grange House, which is now attached to our newly revamped AGO. The house was built for the Boultons, circa 1817, a wealthy family with eight children and ten servants. Over the years, it has been beautifully restored and is now a National Historic Site, the oldest remaining brick house in Toronto. In 1910, it was donated to the City of Toronto and became our first art gallery.
Just last year, the AGO received a unique gift from a Boston gentleman who is a descendent of a long serving butler at The Grange, Henry Whyte. Apparently Henry kept a diary of sorts, including a hand drawn map of the home and the gardens – complete with several areas dated and marked with an ‘X’!
After analysis and cross-referencing, these marked locations were excavated, revealing various artifacts made of beeswax. It seems that the butler, Henry, had observed a young maid, Mary O’Shea, creating and hiding wax globules throughout the property, during her almost thirty years of service in the Grange home. Henry aptly nicknamed her ‘Amber’, and kept a record of her ‘wax creations’ in his diary and on his map.
Mary O’Shea (‘Amber’) was an Irish immigrant who arrived in Canada in 1828, at the young age of seventeen, and was taken on probation by the Boultons as their third maid. Soon after she began her maid service, she started to make molded wax items, in secret, often inserting an object or two into their centre. These items together have created a ‘time capsule’ of the Grange House: a peek into the past of a prominent family, from the perspective of their maid. One of Mary’s creations is a ball of beeswax approximately 4” in diameter, containing a tiny porcelain baby doll – perhaps a discarded toy from one of the daughters? Another is a very large, long triangular wax form, embedded in the cellar floor, enclosing a large bone from a deer and a red braid of human hair!
And the most amazing discovery: behind a false wall, there is a small chamber containing a workshop! Inside are fabric bundles hanging above a worktable laden with various pieces of beeswax both raw and sculpted. The whole workspace – including a small, very old wooden door (believed to be the original entryway) – was hidden from view behind a hastily erected plaster wall, and only discovered recently during renovation work in the cellar.
Mary and Henry, through the butler’s diary and map, have left us an amazing glimpse into the history of the Grange, immigration to Canada and the life of the wealthy and the poor in the early days of York. See it all for yourself by touring the Grange House. The tours are free, every hour on the half hour, during the regular hours of the AGO. Just sign up in the tour book in the main hall of the Grange, and prepare to take a fascinating 45 minute trip into Muddy York’s mysterious past.
Sandra Pate is a Broker with Royal LePage Real Estate Services Ltd./JOHNSTON & DANIEL DIVISION. Sandra’s website is located at www.postcardhomes.com.
By: Valerie Logaridis
Few people are aware of the possibility of fraud against their home. But people with substantial equity in their homes or who spend more time out of their home become easy prey for sophisticated fraudsters who have the means to perpetrate this kind of crime.
Susan Lawrence is a Toronto victim of real estate fraud. Her home was mortgaged for almost $300,000 by fraudsters who forged her signature and walked away with the money early in 2005. She says, “Until I was defrauded, I was not aware that if I had title insurance, I would have been protected.”
The Ontario government plans to introduce legislation this fall to enhance existing protection from real estate fraud. If passed, the proposed legislation would ensure that ownership of a property couldn’t be lost as a result of the registration of a falsified mortgage, fraudulent sale or a counterfeit power of attorney. Instead, innocent homeowners will have their titles restored to them and the fraudulent document will be nullified, the government says.
Minister of Government Services Gerry Phillips said, “While individual cases are of concern to me and are upsetting, I can reassure homeowners that real estate fraud is limited in comparison to the more than two million real estate transactions that occur each year in this province. However, we will continue to build on today’s proposals because even one case of fraud is too many.”
Title insurance is one inexpensive way that homeowners can protect themselves from mortgage fraud.
Fraud protection
For many buyers, the fraud coverage provided by title insurance is particularly reassuring. Title insurance can protect homeowners if they are the victim of fraud, and may also pay the costs involved in defending their ownership in the property and restoring their title to the home.
Title insurance provides protection against title-related problems; it is not home warranty insurance, and will not protect homebuyers if the fridge breaks down or the furnace gets old. As with any insurance purchase, the homebuyer should consult the policy for full details of the actual terms and conditions and seek advice from a real estate lawyer. A real estate lawyer can help a buyer or a homeowner sort out the various protections offered by different title insurance companies in order to get an idea of which risks are covered and which are excluded.
One company that sells title insurance, commissioned a survey that found nearly half of homeowners over the age of 45 said they do not have title insurance or are unaware if they do. The survey also found that 63 per cent of Canadian homeowners without title protection had “absolutely no understanding of title insurance – a number that rose to 66 per cent for those over the age of 60,” says the company.
Court of Appeal Decision Protects the Homeowner-victim
In February, the Ontario Court of Appeal reversed a decision that held defrauded home owners on the hook for a fraudulent sale. In a unanimous 5-0 ruling, the court’s decision said that banks and lending institutions had “to be vigilant when making mortgages, and places the burden of fraud on the party that has the opportunity to avoid it – rather than on the innocent homeowner who played no role in the perpetration of the fraud.”
In this Court of Appeal decision, Lawrence v. Maple Trust Company, the homeowner won, was able to keep her home, and was not required to repay the illegally-obtained mortgage.
The Court of Appeal decision is a reversal of a lower court decision made in the fall of 2005, which held that fraudulent mortgages are binding once registered.
Valerie Logaridis is a Sales Representative with Royal LePage R.E.S./JOHNSTON & DANIEL DIVISION. Val is a regular blogger with Muddy York.
By Jane Mooy
What is a competing or multiple offer situation? Typically multiple offers occur in a sellers’ market where the demand is high and the supply is low. However, even in a balanced or buyers market there is always the possibility that more than one buyer will be interested in the same property at the same time. It is important that both sellers and buyers know how to respond when presented with competing offers.
In Ontario, the salesperson or broker representing a seller is required to disclose the number of competing offers to all buyers who have submitted written offers for consideration. However, the terms and conditions of those offers must remain confidential to the seller and their salesperson or broker.
Ultimately, the seller makes the decision about how the offers are presented and responded to, as well as which offer is accepted. The buyer, on the other hand, makes the final decisions related to the offer, including whether or not they want to participate in a competing offer situation.
In this type of situation, buyers are often tempted to offer more for a property than they had initially planned and quite often remove conditions from offers that were intended to protect them. When faced with a multiple offer situation buyers should consider all factors such as:
Offering a higher amount could result in success, but is it the best long-term financial decision. Competing offers does not mean the property will sell for more than the asking price, nor does it mean that an offer that exceeds the asking price will guarantee that the buyer’s offer is accepted.
Buyers should be aware that a financing condition allows for final financing qualifications to be solidified; and a condition for home inspection will hopefully protect against any unforeseen defects in property, immediate repairs required or any urgent upgrades needed. Forgoing a home inspection is a risk and should always be considered carefully.
Sellers have several choices when faced with a multiple offer situation, such as:
Conversely, buyers can choose not to compete for the property. Sellers can try to negotiate with one buyer only to find that the buyer has already presented their best offer and the other buyers have gone and found other properties they are interested in.
Whether a buyer or a seller it is important to seek advice and guidance from your real estate broker or salesperson. They will ensure that the obligations and options available to you are fully understood.
Jane Mooy is a Sales Representative with Royal LePage R.E.S. Ltd./Johnston & Daniel Division. Jane is a regular contributor to the Muddy York Blog. Jane can be reached at janemooyis@rogers.com or via the web at www.janemooy.com.
Posted in General Information
Tagged Central Toronto Real Estate, Toronto Real Estate Market
Yes, there is indeed such an organization, however membership is voluntary. The good news is that there is a push to make all home inspectors’ involvement a requirement. This initiative is called the National Certification Program. The program was established to allow home and property inspectors to be certified as competent and qualified professionals. The National Certification Program is managed and administered by the National Certification Authority.
The National Certification Authority is comprised of individuals appointed by the Canadian Association of Home and Property Inspectors (CAHPI) and individuals elected by National Certificate Holders from all provinces. The National Certification Council will undertake certification assessments and make recommendations to the National Certification Authority as to what stage an individual fits within the National Certification process. The National Certification Council is appointed by the National Certification Authority and its membership is comprised of home inspectors and respected members of the community.
The National Accreditation Council is responsible for reviewing and granting accreditation to training providers and/or associations for their courses and programs. The National Accreditation Council is appointed by the National Certification Authority and its membership is comprised of home inspectors and respected members of the community.
To find out more information, visit http://www.nca-anc.com/index.php?lang=en .
By Bess Stathopoulos
It will save you money to trim your trash!
The following is some information regarding the new Toronto garbage bin fee and explains where all the money is going.
The new user-fee garbage system will raise $54 million a year for the city, says Geoff Rathbone, general manager of solid waste. That money will be used to divert more garbage from the dump. The city now diverts about 42 per cent of its waste through reducing, recycling, reusing and composting, but wants to divert 70 per cent by the end of 2010. If the city can hit its 70 per cent target, the newly purchased Green Lane landfill will be able to take Toronto’s garbage until 2034. At the current diversion rate, the dump will only last until the early 2020s.
The annual garbage fee will be based on the bin size selected. If you pick a small garbage bin, you’ll get a refund of $10 a year. A medium bin that holds about the same as 1.5 garbage bags – costs $39 a year. The large bin (equal to three garbage bags) – $133 a year. Using the extra-large bin will cost $190 a year. You’ll pay on the City Water Bill, at the current frequency. That’s usually 2 or 3 times a year for single-family homes. Apartments and condos are generally billed monthly.
Large apartment and condominium buildings will pay by volume. The city will measure the tonnage of garbage coming out of each building and assess whether it is putting out a small, medium, large or extra-large volume of trash. All units will then be assessed an equal share of the total bill, ranging from a refund of $7 per unit for buildings that use the equivalent of a small bin, to a fee of $78 per unit for a large bin.
The fees have been set low enough that they should not trigger an automatic rent increase under Ontario law. If landlords want to recover the cost, they’ll have to apply for a rent increase. That means there will be an incentive for landlords to make it easy for their tenants to recycle and compost! Residents of duplexes and triplexes who pay a common water bill will normally get one bin for the building, billed to the building owner.
Single-family home residents will get four free garbage bag stickers that will allow them to put out extra trash occasionally, for example if they have a lot of guests or are cleaning house. If that’s not enough, extra bag tags can be purchased for $3.10 each under the proposal. However, you won’t be allowed to refuse a bin and simply buy bag tags.
If you change your mind about the size of your bin, you can get a smaller bin for no charge. For the first three months of the new system, you can get a larger bin for a $10 fee. After that, getting a larger bin will cost $20.
Bess Stathopoulos is a Sales Representative with Royal LePage R.E.S. Ltd – Johnston & Daniel Division. Bess’s website is located at www.myblissfulhome.com
Reference Source: John Spears, City Hall Bureau
The Toronto Real Estate Board released the January 2009 statistics for the GTA. The number of sales to date was 2,670 compared to 5,075 in January of 2008. The number of days on the market increased from 36 in 2008 to 49 in 2009. The listing inventory grew to 20,450 units from 15,911 units during the same time last year. The median price for the GTA was $319,000 in January of last year compared to $303,000 this year.
In the Central District of Toronto, the median price was $352,875, the average price was $444,661. The average percent to list came in at 95%. The average number of days on the market was 44 days compared to the GTA average of 49 days. Overall, over $200 Million worth of real estate traded in the central core of Toronto during the month of January.
Source: TREB Market Watch
