Monthly Archives: July 2009

Muddy York Update – TREB Market Update – Mid July 2009

Posted on July 21, 2009 | Leave a comment

trebThe Toronto Real Estate Board released the mid July 2009 statistics for the Greater Toronto Area.  The number of sales to date was 4,437 in the first half of the month compared to 3,497 in mid-July of 2008.   The average price for the GTA was $379,072 mid-July of last year compared to $394,750 this year.

In the Central District of Toronto, the average price was $419,754 compared to $419,199 last year.  The number of sales to date was 1,703 compared to 1,369 in mid-July of 2008.  The year-to-date total sales are down 4% compared to last year with the average price just down 1%.

Source: Toronto Real Estate Board

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Caribana 2009 in Toronto!!!

Posted on July 21, 2009 | 1 Comment

Caribana is celebrating its 42nd anniversary and is the largest festival in North America. Toronto will be blazing with the excitement of calypso, steel pan and intricate masquerade costumes during the annual Toronto Caribbean Carnival Festival – otherwise known as Caribana.caribana

Caribana is presented to you by the Festival Management Committee and is a three-week festival which attracts millions of people every year. This includes hundreds of thousands of American tourists as well.

Caribana 2009 started on July 14th, allowing you to have 2 weeks to enjoy yourself at this remarkable festival where it will officially close on August 2nd.

Some events you can look forward to are the King and Queen Show, Toronto Caribana Parade 2009 and the many Nightlife parties that happen every day of the week.

Tickets to most events, not to mention hotel packages are available for sale now. You should not miss your opportunity to get the ticket to see the shows that are going on.

As I mentioned before, the Toronto Caribana Parade 2009 is one of the most notable events and should not be missed. This is the main event of Caribana 2009 and it will feature an incredible display of color and pageantry. The Caribana Parade will commence at the Exhibition Place and proceed west along Lake Shore Boulevard.

To enter the Exhibition Place, you are required to purchase a ticket which will cost $20 – $25, however most of the parade is held on Lakeshore Boulevard and that show is free for you to enjoy.

The Caribana parade will be held on August 1st, 10:00 AM – 6:00 PM giving you plenty of time to plan and prepare for this event.

Another event you should look out for is the De Caribana Lime – Island Festival. This event will feature a full day of performances from a variety of artists which highlight the diverse culture of all Caribbean people.

Some activities too look forward to would be food competitions, theatrical drama and storytelling.

One of the most interesting parts about this event is that it will be located on the Olympic Island in Toronto. The only cost will be the ferry transportation from mainland to the island – this is $5.

The De Caribana Lime will be held on Sunday August 2nd, from noon to 8:00 PM.

These are just a small portion of the many events being held in Caribana 2009. Take a look at Caribbean culture; most importantly have some fun. There is always something happening during the weeks it is occurring, do not miss out.

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Heritage Toronto Walks: Lambton Mills – July 25th

Posted on July 20, 2009 | Leave a comment

Lambton MillsStart: Jul 25 2009 – 1:30pm
End: Jul 25 2009 – 3:30pm

Leaders:  Madeleine McDowell
Start Point: Dundas St W and Jane St
Finish Point: Lambton House, 4066 Old Dundas St on the east bank of the Humber River
Length:  Approx. 2 hours

Walk Difficulty:

  • some hills
  • long walk on sidewalks

Focus:

  • historical
  • architectural
  • natural

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Tips on Painting your House

Posted on July 19, 2009 | Leave a comment

paint cans

By Susan Eickmeier

One of the best and easiest methods to add value to your house and make it look great is to simply paint it. Any room with a fresh coat of paint will look amazing and with these few steps you will be on your way to getting a great finished product.

1.Choose a Colour
Painting is definitely a great way to refresh a room, also an inexpensive way, but it is not one of the easiest things to decide on. You will have to look at different paint chips in both artificial and natural light; you should then buy some good quality paint to test around the room you are painting. Test your colour in several areas in the room, and wait until it is dry to determine whether it is the colour for you.

2.Preparing the Room
Before you start painting, you have to prepare the room you are going to be working in. Strip everything from that room, cover any furniture you cannot move, and cover the floor. You have to start cleaning the walls in order to put the paint on nicely. Remember to remove light switch plate covers, door knobs, etc., in order to have a clean paint job.

Remember to mask any edges with painter’s tape so as to not get any paint on places you do not want to get paint on.

3.Priming
To get the best results you should begin with a primer. A primer is a preliminary coating put on materials before you paint.  It ensures better adhesion and increases the paint durability.

4.Painting
When you finish putting on the primer, you can begin painting the colour you have spent so much time deciding upon. You will need to have several brushes, rollers and blades when you begin to paint.   You should always start from the middle of the wall.  This way, any excess paint can be rolled out.  When painting the windows, tap the edges with a small amount of paint. If you are painting the doors, use a
three-inch brush and a two-inch brush for the baseboard and trim.

You should apply at least two coats of paint for the best results.

5.Cleaning Up
Take your brushes and rinse with a solvent.  Then place them in soapy water until the water runs clear. For rollers you should submerge the covers in solvent and rinse until the water runs clear. Remember to wash the frames of the rollers as well.

With these tips you should be on your way to making any room in your house look great with ease and adding some value to your house.

Susan Eickmeier is a Sales Representative with Royal LePage R.E.S. Ltd/Johnston & Daniel Division working in the Central Toronto market.  Susan is also a regular contributor to the Muddy York Blog. Susan’s website is located at www.susaneickmeier.com

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How do I become a Residential Realtor in Toronto?

Posted on July 18, 2009 | Leave a comment

orea-college2

Years ago, to be licensed to trade in real estate, you just needed to complete a form and pay a small fee and you were ready to sell real estate. Things sure have changed when we look at the new registration requirements and enrolment process for new Realtors in Ontario. The following is the registration sequence of events for anyone wishing to sell real estate in this province, as coordinated by the Ontario Real Estate Association:

  • Complete Course 1: This course is offered via e-learning or correspondence and it addresses the challenges and responsibilities of selling real estate in Ontario. It is an overview and a foundation for subsequent courses. The cost is $440.
  • Complete Course 2: This course is offered via e-learning, correspondence or 60 hours in-class. It is very intensive and covers such items as land and property registration, municipal planning and land use regulations, elements of a home and building, property valuation, representation relationships and the process of trading in real estate and REBBA 2002 legislation.  The cost is $470.
  • Complete General & Course 3 Advanced (Residential OR Commercial): This course will provide a detailed overview of the real estate transaction, from the listing agreement through to the final sale. The cost is $330 for the general course and $330 for the advanced course, BOTH are required for pre-registration.

You then have one year upon completion of your Course 3 Advanced exam to sign up with a Brokerage and register under the Real Estate Council of Ontario (RECO) and the corresponding local district board (i.e. Toronto Real Estate Board).


START OF ARTICLING STAGE (2 Years): During this period, the individual must complete the Real Estate Property Law course and the remaining Advanced Course 3 that they have not already completed (Residential or Commercial), as well as one elective before the expiration of a two year window.
Complete missing Course 3 – (Residential OR Commercial that has not already been completed): This course will provide a detailed overview of the real estate transaction, from listing agreement through to the final sale. The cost is $330.

Complete Real Property Law: This course will provide students with a clear understanding of legal issues concerning property ownership and in-depth knowledge of a number of legislative acts. The cost is $430.

Complete One Elective:
Principles of Mortgage Financing: $430
Principles of Appraisal: $430
Real Estate Investment Analysis: $430
Principles of Property Management: $430

ON-GOING CONTINUING EDUCATION
After the completion of the articling period which lasts two years, the salesperson must then take mandatory continuing education courses (CEUs) to maintain their registration with RECO.  The RECO update course MUST be taken every two years and is equivalent to six CEU’s.  Another 18 credits must be achieved through electives of your choice, totalling 24 credits every two years.
Most brokerages offer in-house training, mentoring programs and Broker guidance to further support and educate their salespeople. The educational standard for the industry is continually being raised along with a strict adherence to the RECO Code of Ethics.
Here are just a few good questions to think about when selecting a broker are:

  • Does the company have a strong brand image?
  • Do they have a good reputation in the community?
  • Is the broker selling or non-selling?
  • What kind of support services are offered?
  • How long have they been in business?
  • Are they financially viable?
  • Do have a relocation component?
  • Do they have luxury property marketing capability?
  • What kind of training do they offer?
  • What are the facilities equipped with?

There are many more questions, but these should get you started.

Anyone interested in exploring a real estate career can visit www.orea.com.

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Why Complete a Pre-List Home Inspection?

Posted on July 17, 2009 | 1 Comment

By Carson Dunlop & Associates

The following is a list of reasons for completing a pre-list home inspection before you put your house on the market:

  • Home may sell faster!
  • Home may sell for more money!
  • No more buyers walking away because there may be a problem with the house.
  • No more 11th-hour re-negotiations based on the inspector’s findings.
  • No more helpless feelings that an inspector has raised an issue that is not a big problem.
  • No more buyers getting cold feet when they find out the home is not perfect.
  • No more buyers walking away because they don’t have time for an inspection.
  • No more parade of inspectors through your home before a multiple-offer situation.
  • You choose the inspector based on reputation and credentials.
  • You resolve any differences of opinion about the house before it goes on the market.
  • All homes have room for improvement. Disclosing the condition of the home allows you to reflect the condition in the listing price, rather than have to negotiate again later when the issues are discovered.
  • You fix any conditions identified (if you choose to) or simply reflect it in the purchase price. This takes it off the table as a negotiating point against you.

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.

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Renting vs. Buying a Home in Toronto

Posted on July 16, 2009 | Leave a comment

By Evan Sage

Outlined below are 12 benefits to buying as compared to renting a Toronto home:
1.    Buying a Toronto home is a great investment. Homes tend to increase in value in Toronto over time, in the past 20 years the average Toronto home has increased 11% per year.
2.    You are in complete control. You can make any changes or improvements you want, and when you do spend the time and money to improve the house it is for your betterment not your landlord’s.
3.    You can leverage your money. You can put down as little as 5% and the bank comes up with the rest, yet you are still in full control. That is as long as you maintain your mortgage payments.
4.    You have the ability to step up to a better home by leveraging your current home equity. This can happen without significant increases in monthly expenses.
5.    You monthly mortgage payments are like forced savings. In the early days the majority of the payment is interest but you are still increasing you equity position bit by bit.
6.    Protect against inflation. Assuming you have a fixed rate mortgage your payments will not change over the life of your commitment even if inflation goes up.
7.    You have the ability to live how you want to live, decorate how you want to decorate. You get to be the king/queen of your castle.
8.    You do not have to pay capital gains when you sell your primary Toronto residence.
9.    Typically when you buy you get more space than when you rent.
10.    It is usually quieter in a Toronto home that you bought than an Toronto apartment that you rent.
11.    The monthly costs (including carrying the mortgage) of owning a place are often just a little bit more than what you would pay in rent for an equivalent space.
12.    There are great tax benefits on investment properties. Even if the property is not your primary residence there are some significant tax deductions that that make this a very favourable investment strategy.

Outlined below are 8 benefits to renting as compared to buying a Toronto home:
1.    If you tend to like to move around than buying may not make sense since there are some decent size expenses associated with buy and selling a property. The expenses associated with moving from one rented apartment to another are much less.
2.    You may not be able to afford the down payment. If you rent usually you just have to come up with first and last months rent.
3.    If there is a possibility that you will loose your job and not be able to make your mortgage payments. The downsides of missing your rent are much less than if you miss mortgage payments.
4.    If you think you may be getting divorced you should wait to purchase a home as it is unlikely that you home will have appreciated by the time you are forced to sell.
5.    If you have had bad credit you will need to reestablish your credit before you apply for a mortgage.
6.    You may not be able to afford buying. There is nothing wrong with that, don’t make yourself house poor, just wait.
7.    If you think the housing market is going down you may want to wait until it hits bottom and starts to bounce back.
8.     You may just not want to have to deal with the inevitable maintenance of a home. As a renter all you have to do is call the landlord.

Evan Sage is a Sales Representative with Royal LePage R.E.S./Johnston & Daniel Division. Evan is also a regular contributor to the Muddy York Blog.  Evan’s web site is located at www.evansage.com.

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YAHOO: Canadian existing home sales, prices jump in June

Posted on July 15, 2009 | Leave a comment

yahooOTTAWA (Reuters) – Sales of existing homes in Canada jumped 31.5 percent in the second quarter from the first and saw their first year-over-year quarterly increase since before the peak of the financial crisis, the Canadian Real Estate Association said on Tuesday.

The industry group said actual home sales totaled 147,351 units in the second quarter of 2009, up 1.4 per cent from the same quarter of 2008.

Home sales rose 8.7 percent in June from May on a seasonally adjusted basis. They were up 17.9 percent from June 2008, using nonseasonally adjusted figures.

“This is on par with the record for the month of June set in 2007 and is the fourth highest ever for activity in any month on record,” CREA said in a report.

A total of 41,304 homes changed hands in the month.

The report is the latest piece of evidence showing that consumers are venturing back into the home market, encouraged by low mortgage rates and signs that the worst of the recession is over.

“The recovery in the Canadian housing market continued in earnest in June …,” said Millan Mulraine, economics strategist at TD Securities.

“With prices remaining quite favorable and low borrowing rates enhancing affordability, it is likely that this uptick in sale activity may continue for some time as the recovery in the housing sector takes hold,” he said.

The average home price rose 3.6 percent year-over-year to a record high C$326,613 (about $287,000) in June.

On a quarterly basis, the average price was up 0.5 percent from a year earlier to C$318,696.

But CREA said strong sales activity in a handful of very expensive markets was distorting the national average to make prices look unusually high.

Sales growth in Vancouver, Toronto, Montreal, Calgary and Edmonton contributed the most to the national increase.

The inventory of unsold resale homes — measured as the number of months it would take to sell the stock of houses at current sales rate — fell to its lowest level since August 2007 at 4.2 months.

“Clearing out excess resale inventories is an important step toward witnessing a more material recovery in new housing construction, which is value-added and does impact GDP growth,” said Derek Holt, economist at Scotia Capital.

($1=$1.14 Canadian)

(Reporting by Louise Egan; editing by Peter Galloway)

Source:  Yahoo

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The Summer Central Toronto Real Estate Market Update

Posted on July 15, 2009 | Leave a comment

Many economic forecasters are in a state of bewilderment as their predictions of dramatic market corrections in the Canadian real estate market witnessed the fourth consecutive month of strong resale results, especially in the Central Toronto market.   The results from the Toronto Real Estate Board revealed that June 2009 was the best June on record with 10,955 sales.  This number represented a 27% increase over the sales recorded in June 2008.

The average price for June transactions was $403,972, which represented a 2% increase when compared to June of last year.  The median price increased to $345,000 from $335,250 recorded in June of last year.  The number of days on the market for a property to sell dropped to 33 days from 34 last year.

In Central Toronto, the average price was substantially higher than the GTA average residing at $518,423, with a median price coming in at $379,000.  The number of days on the market was only 29 days compared to 33 days in the overall GTA.  In the month of June, over $1,062 Million, basically $1 Trillion worth of real estate traded hands in the Central Toronto region.

One of the biggest adjustments in the market was the amount of inventory on the market with 18,704 active listing compared to 26,697 last year, representing a 30% decline in available properties.  The reality is that multiple offers are very common, however proper pricing is still key to ensure a successful sale.  Even with many multiple offers, overpriced properties are often left high and dry and subject to possible stagnation.   The condominium market has been very active in the downtown core, which is creating a ripple effect across the entire market in all price categories.

The anticipated slowdown after the active spring market does not appear to be on the horizon yet, as early July sales and appointment activity do not show signs of relenting.  With mixed economic news in the media, the current Toronto real estate market appears to be immune to the negative forces at play in other sectors.  The impact of the impending Harmonized Sales Tax is not yet clear. Even though the global economic picture is somewhat fragile, Toronto is unique based on our demographics, migration, political state and business infrastructure.  We are well poised to ride the storm out on the top of the wave.

Source:  Royal LePage R.E.S/Johnston & Daniel Division

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