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Heated housing activity throughout 2009 lends little air to bubble theory in the GTA, says RE/MAX

January 28th, 2010 Categories: Real Estate News, Selling real estate

Despite limited inventory levels in the Greater Toronto Area (GTA) in the latter half of the year, double-digit price appreciation failed to materialize in the single-detached housing category in 2009, says RE/MAX Ontario-Atlantic Canada.

Single-detached housing values remain slightly off peak 2008 levels in 27 per cent of TREB districts

Mississauga, ON (January 28, 2010) – Despite limited inventory levels in the Greater Toronto Area (GTA) in the latter half of the year, double-digit price appreciation failed to materialize in the single-detached housing category in 2009, says RE/MAX Ontario-Atlantic Canada.In fact, an in-depth analysis by RE/MAX of 63 districts within the Toronto Real Estate Board found that detached housing values in 27 per cent of districts remained slightly off 2008 levels, while 57 per cent reported price appreciation of less than five per cent in 2009. Sixteen per cent of districts recorded an increase in average price in excess of five per cent. No double-digit gains were noted. 

“There is simply no evidence of a housing bubble,” says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada.  “While sales were up considerably over one year ago—and supply was tight in many of the city’s hot pocket areas—the expected surge in average price did not occur.  Buyers remained cautious in their pursuit of homeownership—with most unwilling to overpay for the privilege. “ 

While one quarter of all TREB districts saw prices in the detached housing category soften in 2009, just over half declined by less than two per cent.  Those that saw prices fall by more than two per cent were primarily upper-end neighbourhoods—the vast majority located in the central core—which were slower to rebound once the market regained momentum.  By year-end, however, sales in all of these areas posted double-digit growth—a fact that clearly indicates a greater number of transactions at the lower end of the price spectrum.  Inventory may have also played a role as sellers held off listing their luxury properties until market conditions improved.

Leading the GTA in terms of price appreciation was South Pickering (E12) where the average has risen 9.4 per cent to $358,493; Malvern, Hillside, Rouge (E11) takes second place with a 7.3 per cent upswing to $368,095; North Pickering (E13) was ranked third with values climbing 7.2 per cent to $396,973; fourth spot goes to Port Credit (W12) in Mississauga where values have climbed seven per cent to $614,144; and rounding out the top five — the lone downtown Toronto district –was Riverdale, Leslieville (E01) where prices escalated 6.7 per cent to $522,017.  Ballantrae, Cedar Valley (N13) ranked sixth with a reported 6.4 per cent increase to $662,268.  In seventh place is Richmond Hill – North End (N05) with a 6.3 per cent increase in average price to $574,642.  The Applewood, Rathwood neigbhourhoods (W14) in Mississauga ranked eighth in terms of price appreciation, rising 6.1 per cent to $505,994, while Markham (N10) claimed ninth spot with a 5.3 per cent escalation in detached housing values, bringing the average to $510,268.  Bathurst Manor, Armour Heights (C06) in the city’s north end secured tenth place with a 5.1 per cent upswing in average price to $597,025.

The East clearly dominated the top five and affordability factored in heavily, with single-detached homes in both Pickering districts and Malvern, Hillside, Rouge, priced under $400,000. Young families – most buying their first home — were attracted to communities like Riverdale and up-and-coming Leslieville, while move-up buyers looked to Port Credit, which has steadily increased in popularity in recent years.

“First-time buyers were a driving force throughout much of the year, but their role was most noticeable in early 2009,” says Polzler.  “Almost one in every two homes sold was priced under $400,000 in the first quarter of the year.  An entirely different picture emerged in the final quarter when just one-third of homes moved under the $400,000 price point.”

As the move-up segment swelled, so too did demand for more upscale properties across the board.  Yet, despite the upswing, average price registered only a small percentage increase.  In the central core, for example, where the average price ranges from $572,529 in Don Mills to as high as $1,717,190 in Rosedale, overall values rose one per cent to $919,838, compared to 2008.  Unit sales in C-district jumped 31 per cent to close to 4,000 units.

The number of homes sold in the city’s north end saw the greatest percentage increase at 32 per cent to 8,843 units.  Average price in North district, which ranges from $398,864 in Newmarket to $700,499 in King City, rose two per cent overall to $555,616.  Housing sales climbed in the west, where values range from $298,136 in Brampton to $790,060 in the Kingsway, by close to 19 per cent to 12,453 units.  West district’s average price rose a nominal 1.5 per cent to $467,227.  The increase in sales was more moderate in the East End (including Scarborough and Pickering, Ajax), where values range from $325,393 in Bendale, Woburn to $691,128 in the Beach.  The number of detached homes sold increased 15 per cent year over year to 6,690.  Average price in East Toronto rose 2.6 per cent overall to $400,813. 

“After a dismal start, the stats confirm that 2009 returned to the healthy, upward trajectory that we have followed for much of the last decade,” says Polzler.  “We see detached homes continuing on that course in 2010, with moderate gains expected.  The detached housing category continues to be a solid gauge of the market’s overall performance, accounting for approximately half of the activity in GTA.” 

RE/MAX is Canada’s leading real estate organization with over 17,000 sales associates situated throughout its more than 677 independently-owned and operated offices across the country.  The RE/MAX franchise network, now in its 36th year, is a global real estate system operating in more than 70 countries.  Over 6,700 independently-owned offices engage nearly 100,000 member sales associates who lead the industry in professional designations, experience and production while providing real estate services in residential, commercial, referral, and asset management.  For more information, visit: www.remax.ca.

###

For more information:

Christine Martysiewicz      
RE/MAX Ontario-Atlantic Canada    
905.542.2400

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Haiti

January 21st, 2010 Categories: Area interest

Dear folks,

 

It is time to tell our story.

We are all OK. Our house still stands. That is a blessing. If that were not the case, we would not have been able to help so many after the quake hit. 

I was in the kitchen, my son Grayden was in his room. Bridgely was in the house but close to the door. We think one of the twins was in her bedroom and one was on the porch. Teagan and Laurens were on the porch. It started as a low hum and shake, then it grew….

My mind thought, “that is strange”, then my mind thought, “what is that?”. In a matter of seconds the house came alive and I was at the end of my kitchen table. The shaking was incredible. I remember seeing the concrete walls moving violently in a wave like at a wave pool. One to my right, one to my left and then one in front of me moving in a different direction. I also remember the ceiling was moving in a wave above me. The floor beneath my feet did not feel attached to me. 

Grayden ran to me screaming. Hysterical screams and I clung him tight to me and instinctively semi crouched. All of this may have only taken a few seconds..i don’t know. The next thing I remember was Laurens running in the house yelling “get out, get out, get out…RUN” As he grabbed my arm, I went into full action. Still clinging to Grayden, I ran to the door grabbing as many of my children as I could. Yelling myself, “RUN, RUN, RUN, GO, GO”. We reached the steps to the garden and I remember how difficult it was to run down them as the concrete steps were moving. I remember running through the front drive with the land still moving. Laurens was still yelling to run further to get away from the building. The dog followed us all. When I got to the end of the driveway, I looked around and counted kids, I could not see Bridgely. I turned back to the building and screamed “BRIDGELY, BRIDGELY, BRIDGELY” as I thought he was still on the upper level at our neighbours. Then there he was in front of me. He had been holding my hand the whole time.

Somewhere between the driveway and the road, the movement stopped. For a moment….. then it started again, smaller but almost as big as the first and long as well. I gathered the kids and instructed them to sit and we huddled until it stopped. Then it started again…….Finally the earth rested for a while. 

Then I stood up and turned around……From our rural hill not far from Port au Prince, we have a few of the whole city. As I looked out towards the city and the ocean, that is when I realized what had just happened. The entire city went up in dust. One huge even dust cloud arose from the entire massive city. It was like a bomb had gone off and it was the smoke rising. I looked to the right and saw a similar smaller cloud over our local village Source Matlas. I looked to the left and saw a large cloud of dust and smoke from the flour factory. I was speechless regarding what all this may have meant.

That may have been enough to deal with except that we realized that we had a team of 53 Canadian’s visiting on a short term mission trip. We went into leader mode. Laurens went to check on a few things and I gathered the team. Grant went to get the ambulance and I gathered the visiting nurses and doc. We jumped into the ambulance and headed down to the clinic. Grant took the team in and I rushed to the front gate of our mission. By the time I got there, the injured started arriving. They came in tap tap (pick up truck taxi) after tap tap. Children, woman and men. 

Their arms and legs were crushed, their bones sticking out of their bodies, their heads gashed open. Some crying in pain, some barely alive. 5, 6, 7, people per truck. 

 After a few minutes I left the gate and security took over letting them all in and I rushed back to the hospital. For the next 33 hours straight we worked on the traumatic cases that lie before us. It looked like war. We did not know the integrity of the clinic yet so we could not go inside. The aftershocks started to come and were frequent but less in intensity. We had to get supplies in side but ran back out every aftershock we got. The injured were lying all over our outside walk way. Grant, our visiting nurses and myself worked on triaging the worst patients. We are not a full service hospital, we are just a clinic…..we started to get reports that the biggest hospital in PAP, General hospital had crashed down, Doctors without Borders had crashed (the only 2 main ER’s in the entire city!). We got further reports that other hospitals were down. We started to realize, that we were all there was for miles and miles and miles. 

 At the 20th hour, we told the gate we could not accept anymore patients as we still had to get through many many more. We sent our nurses (except for a few) and our helpers to work in shifts and Grant and I worked on. We reduced (tractioned bones back in place) open compound fractures…….putting tibia bones, back into people’s legs that were sticking out. We reduced and set many many femur fractures, lower leg fractures, arm fractures. We sutured arms, legs, heads. We put scalps back together and we cleaned concrete out of wounds for hours. We stabilized pelvic fractures and we helped babies with head trauma breath on oxygen. 

 We had 3 die. 1 baby, 1 two year old and 1 ten year old. We had 4 others on the brink of death. We saved a lot. Because we had no other choice (as there was no where to send them), at the end of 33 hours, we had discharged all but 5 to follow up. The last few we attempted to take to hospitals. 3 refused and wanted to go home to die. 

The other 2 Grant and Laurens tried to find somewhere that would take them in Port Au Prince. It was true, most hospital’s were not functioning and those that were, were full of bodies, inside and out. Everywhere, some alive and some dead. Bodies were pilled up in the parking lots as there was no where to put them. Most of the doctors that used to work at the hospital’s were dead or not heard of. Families had no where to take their loved one’s bodies because their houses were crashed down, they still were missing family members or the funeral homes were destroyed….so they left them.

 We went home and slept 6 hours. Then opened the clinic again. We worked another 10 hours, seeing the same things. Finally it stopped. There were no more tap tap’s running as there was no more diesel for their vehicles. 

 That same night, our president of Mission of Hope arrived. We started into disaster relief planing with some partner organizations. By this time reports of what the damage in the country looked like were becoming clear. We had US and CAN doctors start to come in through the dominican to help. We have had doctors coming now since Sat. We have been coordinating a grand scale disaster relief plan for the 100’s of thousands of people that have not yet got into the hospital and for food distribution. It is to say the least, no small task.

 We have hardly slept, we have not been able to communicate with you. Tonight it was time.

The capital is devastated. The national palace is on the ground (white house), the ministry of transportation is on the ground, the huge justice palace (the whole judicial system) is on the ground, the ministry of health is on the ground, the ministry of finance is not down but destroyed, the entire downtown core has almost every building down to rubble, the insurance bureau is on the ground, every national bank headquarters are crashed to the ground except one that stands severely damaged, the head police headquarters is in rubble, the hospital that Laurens was in after his accident (the best in the country) is severely damaged and non functional, the building that has all the adoption papers in the country is destroyed, the only grocery store that all the missionaries shop at (that I almost was at that day) is rubble on the ground killing and trapping everyone inside, the Montana hotel where we had lunch not so long ago is completely rubble killing everyone inside, many collages and schools and crashed down, Digicel world headquarters (cell phone) and the tallest building in PAP is to the ground (hence we have no cell communications and on…..and on…..and on.

 We have 160 staff on our mission and we already know of one that has died and we still have not heard from about 100 staff. Everyday that someone shows up is joyous to see that they are alive. Most everyone has a family member that has died. One security guard has 4 children that died. Many of our Haitian staff suffer severe post traumatic stress after what they have been through or seen. One of our friends was trapped in his school next to 50 of his classmates that were crushed by the building. He heard them screaming but could not save them. He watched them die, as he was trapped inside for 3 hours with a dead man on his chest. He was pulled out eventually. 

Every time a plane passes over, or a car drives up, we all brace ourselves and jump until we realize that it is not another quake. Aftershocks are stressful. We often have a false sense that the ground is moving. People have a fear to go in buildings. Our building is structurally OK but I do not like to be in my bedroom for long….it is too far from the door. Laurens sleeps on the couch. A protective move I know to be closer to the kids for evacuation. We sleep with the front door open for quick escape…baby steps. It is better than the tents we slept in at first to make sure the building was safe. 

 This earthquake was like no other. Mainly because it hit a country with such poor infrastructure. It was completely unexpected. It is like kicking a baby down before it knows how to stand. 

 But we are moving on. We are alive and our house is fine. Mission of Hope is an oasis compared to the city. The kids are good. They are resilient and they started back to school today. Diana has been amazing and the Canadian team was amazing being there for them too. We have a great team on staff at Mission of Hope. 

 Despite the destruction, we are seeing hope, we know that God will use this to show his light. We know many people that have come to Christ already because of this event and now is the body of Christ’s time to shine. So many things destroyed….yet most of the Christian missions survived. God has big things planned for this country. God has used us in mighty ways this past week. He has used us for the Haitian people, He has used us in the media, He has used us to bond with each other and He will continue to use us mightily.

 I have learned more in one week than most in a lifetime. I now know how to reduce compound open wound fractures, I know how to cast, I know how to suture and have become proficient enough that I sutured the flap of someone’s nose back on (quite good too I might add ), I know how to handle cases when there is no other option, I know how to stab an attempt at coordinating disaster relief and to run functional field clinics. I have been on TV and am part of meetings at the UN logistic base with the World Health Organization, UN, military and other NGO’s. I am one of the few North American doc’s on the ground right now that lived in Haiti and I am visiting and coordinating inside many field and broken down hospital set ups. It is strange. It is surreal.

 Rachel (missionary here) and I were just saying today that if someone had told us that this is what we would have had to do this week prior to this event, we would have “quit”. We would have said no way God! I can’t do all of that. We would have underestimated our abilities based on what we were comfortable with. We have learned that God knows more than we do, that He knows what we can handle and He has more faith in us than we have in ourselves. 

 We thank you for your prayers this past week. This is not over, it is a long road ahead. Please pray for the Haitian people. Every person was affected by this. Please pray for supply chains to open up, pray for the port to be fixed, pray for timely food and water distributions, pray for organization of relief organizations and military. Pray that now eyes will be opened to the need we had prior to this earthquake…our clinic and hospital, and that funding will come in. Pray for our family and the other staff. 

Cheryl 

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GTA Realtors Reporting January Mid-Month Housing Statistics

January 19th, 2010 Categories: Ajax, Oshawa, Pickering, Pickering Village, Real Estate News, Whitby

Toronto, January 18, 2010 - Greater Toronto Realtors reported 1,749 existing h0me sales on the Multiple Listing Service (MLS) during the first two weeks of January.   This result was almost double the 888 sales reported for the same period in 2009, when sales had dipped to a recessionary low.

“We have had a strong start to 2010,” said Toronto Real Estate Board President Tom Lebour.  “Widespread sales growth in terms of geography and housing type indicates that many households remain confident in their ability to purchase and pay for a home over the long term.”

The average price for transactions in the first two weeks of January was $395,307, compared to an average $332,495 for the same period in 2009.

“Double-digit average annual price growth will continue through the first quarter of 2010 as sales remain high relative to listings and we continue to make comparisons to last year’s winter downturn,”  said Jason Percer, TREB’s Senior Manager of Market Analysis.

Summary of January Sales and Average Price
	January
	2010		2009
	Sales	Average Price	Sales	Average Price
City of Toronto	708	$401,120	369	$350,835
Rest of GTA	1,041	$391,353	519	$319,455
GTA	1,749	$395,307	888	$332,495

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Orphans from the Haitian Earthquake

January 14th, 2010 Categories: Area interest

There is no one in this feeling world who is not moved by the images for devastation in Haiti.  As a supporter of World Vision, I am urging you to donate to the charity that touches your heart.

World Vision, Red Cross, Doctors without Borders, Oxfam. They are all in need.

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TREB: Signs of recovery? More listings in 2010

January 11th, 2010 Categories: Ajax, Pickering, Pickering Village, Real Estate News, Whitby

As seen in the National Post:

January 9, 2009 — I would like to take this opportunity to wish you all a Happy New Year. We have just crossed the threshold into 2010 and I think it is important to look back on the events that impacted the GTA housing market in 2009 and also consider what the future holds.

Last Thursday, the Toronto Real Estate Board (TREB) released MLS® figures for December resale home transactions in the GTA. There were 5,541 total transactions, with an average price of $411,931. The December results capped off what turned out to be a very impressive year. Sales increased 17 per cent annually to 87,308 – the second highest level of sales under the current TREB boundaries (the record of 93,193 was reached in 2007). Average price for the year climbed to $395,460 – a four per cent increase over 2008. However, simply looking at these numbers on their own masks the interesting ride we took over the last year.

In the first quarter of 2009, Canada was in a recession and existing home sales and prices suffered. In fact, sales had been dropping throughout 2008. According to Jason Mercer, TREB’s Senior Manager of Market Analysis, the balance of the housing downturn in the GTA actually took place in 2008:
“The housing market was and is a leading indicator of changing economic conditions. As we moved through 2008, Canadian consumers were hearing more and more bad news regarding the deteriorating state of the US economy and the problems this would pose for Canada. Households, unsure of what the future would hold in terms of employment and income, put their home purchasing plans on hold well in advance of reported GDP and employment declines. Essentially, downward trending home sales reflected eroding consumer confidence,” said Mercer.

With this back-drop, many people were surprised to see a strong rebound in resale housing demand commence in the late spring of 2009 when unemployment was still rising. Mercer further suggests that the quick recovery made a lot of sense and, in fact, was a key driver to broader economic recovery:
“The Bank of Canada reduced interest rates to record lows in response to the economic downturn. This monetary stimulus had the desired effect. Households that were confident in their employment situation moved quickly to take advantage of the affordable housing market in the GTA. The spin-off consumer spending on housing-related items like furniture, home improvement products and renovation services certainly helped economic recovery,” continued Mercer.

With broader economic recovery seemingly in place, what will the future hold for residential real estate in 2010? I asked Jason Mercer to comment both on the short-term and the long-term prospects in the Toronto area. Here is what he had to say: “The big story in 2010 will be listings. Homes available for sale were in short supply during much of 2009. As home owners react to strong sales and price increases seen in 2009, listings will increase over the next year. With more choice in the market, annual average price growth should moderate into the single digits,” said Mercer.

“Long-term prospects remain positive. Sustained demand for ownership housing is based on population growth, which in Canada comes from immigration. The GTA remains Canada’s single greatest beneficiary of immigration. With Toronto’s ethnic, cultural and labour market diversity, this should continue. Many newcomers will eventually find their way into the home ownership market, helping sustain long-term growth in sales and prices,” continued Mercer.

I know we will all be watching the economic situation closely in the coming year, including changes in the housing market. I look forward to discussing housing market trends with you throughout 2010.

Tom Lebour is President of the Toronto Real Estate Board, a professional association that represents 28,000 REALTORS® in the Greater Toronto Area.

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GTA Realtors® Report December Resale Housing Market Figures

January 7th, 2010 Categories: Ajax, Durham Region, Pickering, Pickering Village, Real Estate News

TORONTO, January 6, 2010 — Greater Toronto REALTORS® reported 87,308 MLS® transactions in 2009 – a 17 per cent increase over 2008. This result included 5,541 sales in December. The 2009 result was in line with the healthy levels of sales experienced between 2004 and 2006, but lower than the record of 93,193 set in 2007.

“After a slow start to the year, existing home sales rebounded during the second half of 2009,” said TREB President Tom Lebour. “As consumer confidence improved, many households moved to take advantage of affordable home ownership opportunities in the GTA. The strong residential real estate sector was a key contributor to overall economic recovery in Canada.”

The average home price in 2009 climbed four per cent to $395,460. The average price for December transactions was $411,931.7

 “Market conditions became very tight in the latter half of 2009. Sales climbed strongly relative to the number of homes listed for sale, resulting in robust price growth that more than offset average price declines in the winter,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “A greater supply of listings in 2010 will see home prices grow at a sustainable pace.”

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Dress Up Your Home For A Successful Sale

December 22nd, 2009 Categories: Selling real estate

by Michelle Warren, Bankrate.com

Homeowners have two primary goals when selling a house: Do it quickly and for the highest amount possible. They are obvious objectives, but not always easy to achieve.

House hunters are increasingly savvy and, with the huge popularity of home makeover shows and decorating magazines, expectations are getting higher and higher when it comes to the design and maintenance of a prospective house. Does yours have what it takes to pique interest and spark a bidding war?

Not everyone is born with great taste or the vision to create a model home, but everyone wants to make top dollar when it’s time to sell. That’s where professional house dressing or staging comes in.

The practice — which involves everything from tweaking décor to completely reinventing a house with new furniture, paint and accessories — wasn’t prevalent a decade ago, but today stagers, primpers or fluffers, as they’re also known, are the demigods of real estate, as homeowners seek higher returns on their biggest investment.

Kathy Wardle, a realtor with Bosley Real Estate in Toronto, swears by house dressing. “Sometimes it’s added up to $100,000 (to the closing price). For others, it just makes it sellable.”

When clients haven’t the time or inclination to ready their own houses for the market, she directs them to Jeffrey Trafford, owner of Toronto-based Dressed To Sell.

“People are putting more and more into selling their homes,” says Trafford, who has charged anywhere from $1,000 to $18,000 for his services.

Not only does he advise on what needs to be done, but he also does the work, whether it’s purging a cluttered interior or renovating a tired kitchen. “I’ve never had anyone say to me, ‘I didn’t get a return on my money.’”

Set the stage

“That first 15 seconds upon entering a home, people will form an impression,” explains Brenda Paul, an agent with Irena Bell Real Estate in St. Catharines, Ont. “In a slower market, staging will help sell a home more quickly. In a busy market, it’ll help sell for more money.”

Paul knows of what she speaks. She also owns House Primping, a Niagara-area realtor-to-realtor staging company, and is writing a book, House Primping: The Art of the Real Estate Deal.

“You’re selling more than a house and four walls,” she says. “You’re selling a dream and a perception of a lifestyle.” Using decorating techniques and a variety of tools, from stock furniture to experienced handy people, primpers bring the dream to life and set the stage for potential buyers to envision themselves and their belongings in a house.

However, ambitious sellers can adopt a variety of trade secrets to make their house more marketable on their own.

Prepare to purge

The objective is to neutralize the space in order to widen its appeal. House hunters are not interested in sellers’ bowling trophies, family photos or antique teacup collections. Eliminating clutter is key to readying a house for the market.

“People can get distracted by who the owners are and not see the house,” says Wardle. “It’s not about dulling it down but giving it more of a universal appeal.”

Sometimes preparation is as easy as cleaning up the basement or purging items long destined for the garbage. But often, family heirlooms, over-the-top art and that comfy, but rather shabby, couch are banished to a storage locker.

“You want a house to feel open,” says Trafford, adding that storage is a primary concern for buyers and a cluttered house gives the impression that space is an issue.

10 easy and inexpensive projects

“There are certain things that potential buyers don’t want to see,” he stresses. When Trafford scrutinizes a house, he’s on the lookout for scuffed walls, stained ceilings, chipped sinks — the little things he insists make a big difference.

“It’s a lot of common sense stuff that people often don’t see for themselves.”

Trafford has 10 tips for do-it-yourself primpers:

1. Touch up scuffed or chipped walls and staircases.

2. Ensure windows are spotless.

3. Shampoo all carpets.

4. Make sure every light switch has a matching plate.

5. Cover outdated kitchen and bathroom floors with peel-and-stick tiles.

6. Update kitchen cabinets with new handles.

7. Re-caulk around tubs and sinks.

8. Give old tiles a facelift by scrubbing grout.

9. Invest in a new shower curtain.

10. Paint, paint and then paint some more.

Handy hints

“Paint is the No. 1 thing to improve the look of a property, inside and out,” seconds Paul. Warm, neutral walls have wide appeal, but why stop there? Give a concrete basement floor new life and update kitchen or bathroom cupboards without the expense of new cabinetry.

“Dated for a home buyer spells work and it spells money,” warns Paul.

Trafford also recommends replacing stained countertops and worn broadloom, while Wardle advises returning a converted room to its expected use. The third bedroom may function as an office, but buyers want to see a bedroom — oust the computer in favour of a bed and night table.

Finishing touches — such as new towels in the bathroom, a mirror strategically placed to open up a narrow hallway or fresh flowers in a drab room — all play a role in selling a house.

Consider the curb appeal

Pay equal attention to a home’s exterior. Keep it tidy (i.e., don’t clutter the front porch with garbage and recycling bins) and take on simple projects to set the house apart.

Red cedar chips transform a boring front garden, while flowerpots, a new mailbox and a freshly painted front door send house hunters the right message.

Spend money to make money

Whether following these tips yourself or hiring a stager for a thorough makeover, prepare to spend money to make money.

Investing 1 percent of the asking price into fixing up a house is a general guide, says Paul, who charges anywhere from $150 for a consultation and five-page report to $3,000 to dress a house fully with furniture and accessories. (Painting and repairs done by a third-party contractor cost extra.)

While no one can guarantee a house will fetch a specific price or sell within a certain time frame, experts insist primping has a positive influence. Paul cites a Victorian house in Toronto that sat on the market for six months at $569,000, but sold for $612,000 within a week ofa detailed overhaul that included staging the dining room for an elegant (but imaginary) dinner party.

It goes back to encouraging house hunters to buy into a dream, and in the process, buy the house.

Michelle Warren is a writer in Toronto

Copyright 2009 © Yahoo! Inc. All rights reserved.

Inserted from <http://ca.finance.yahoo.com/print/personal-finance/article/bankratecanada/1364/dress-up-your-house-for-a-successful-sale>

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11 Reasons To List Your Home Now

December 16th, 2009 Categories: Area interest, Selling real estate

With all this talk of a housing bubble, maybe now is the time to take advantage.  Here are 11 reasons why now to the time:

1. People who look for a home during the Holidays are more serious buyers!
2. Serious buyers have fewer houses to choose from during the Holidays and less competition means more money for you!
3. Since the supply of listings will dramatically increase in January, there will be less demand for your particular home! Less demand means less money for you!
4. Houses show better when decorated for the Holidays!
5. Buyers are more emotional during the Holidays, so they are more likely to pay your price!
6. Buyers have more time to look for a home during the Holidays than they do during a working week!
7. Some people must buy before the end of the year for tax reasons!
8. January is traditionally the month for employees to begin new jobs. Since transferees cannot wait until Spring to buy, you must be on the market now to capture that market! 
9. You can still be on the market, but you have the option to restrict showings during the six or seven days during the Holidays!
10. You can sell now for more money and we will provide for a delayed closing or extended occupancy until early next year!
11. By selling now, you may have an opportunity to be a non-contingent buyer during the Spring, when many more houses are on the market for less money! This will allow you to sell high and buy low!

From MikeFerry.com

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When to buy or sell? Is Now a Good Time, or Not?

December 10th, 2009 Categories: Buying real estate, Selling real estate

All over the United States, realtors and home owners are looking at the recovery of the Canadian real estate market and are wondering how we did it.  Some areas in the US are still experiencing the bust that the market became since 2007.  Canada’s housing market has recovered with such rabid fervor, it has left many of us scratching our heads.

With seasonally adjusted monthly sales hitting an all-time record and prices five percent higher than the peak in 2007, homeowners selling now are flush with Christmas cash.

“Extrapolating this trend echoes Buzz Lightyear’s mantra, ‘to infinity and beyond!’  Back here on earth, however, this latest housing cycle raises a number of concerns,” says Pascal Gauthier, an economist at TD Bank Financial Group.

The challenge with the run in a market like this is that homes become over-valued and increase faster than personal income.  That pushes affordability beyond many consumers.

“In all likelihood, as affordability declines in response to higher prices and rates, demand will soften and price increases will moderate,”  says Sal Guatieri, senior economist for BMO Capital Markets. “However, if prices continue to leap-frog incomes in coming years, the odds of a market correction will escalate, especially if interest rates exceed neutral levels.”

Mr Gauthier responds saying that the danger isn’t that the real estate market will coast more than expected in the near future, but “the risk is rather that the market remains as hot as it currently is for too long, eventually running head-on into monetary policy tightening (and longer term bond yields rising).  There is more than adequate time for the housing market to cool before then, but history suggests that if it fails to do so, the ensuing adjustment would be a rude awakening.”

The real estate market could slow for a number of reasons:  pent-up demand from the earlier stall is erased; an increase in the supply of listings will help to moderate prices; and buyers waiting for the flurry to die down or trying to cash in while interest rates are still low.

Both economists are concerned about rising household debt in Canada (it was in the paper again today).  Guatieri has watched household credit grow twice as fast as personal income since 2002.  Gauthier warns that the cost of debt will be rising during the next few years, and “while most households can handle this rebalancing act, those already overstretched or getting into homeownership on th margins of affordability would do well to plan ahead by building up equity and saving through other means.”

Nothing is certain.  And the crystal ball is cloudy.  Deciding to buy or sell a home is a personal decision. Whatever the market is doing, educate yourself and make the best decision for you.

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GTA Home Sales Remain Strong in November

December 4th, 2009 Categories: Ajax, Pickering, Pickering Village, Real Estate News

December 3, 2009 — Greater Toronto REALTORS® reported 7,446 sales in November – slightly more than double the November 2008 result when GTA home sales had dipped markedly due to the economic downturn. Year-to-date sales were up 14 per cent compared to the first 11 months of 2008.

“This year in the GTA home sales will be in line with the healthy levels experienced between 2004 and 2006,” said Toronto Real Estate Board President Tom Lebour. “Increased resale home transactions in the Toronto area and country-wide played a key role in pushing the Canadian economy out of recession in the third quarter.”

The average price for November transactions was up 14 per cent year-over-year to $418,460. The average price year-to-date was up four per cent to $394,464.

“Very strong annual growth rates for sales and average price should be expected through the first quarter of 2010, because we will be comparing the current recovery to the housing market decline experienced last winter,” according to Jason Mercer, TREB’s Senior Manager of Market Analysis. “As we move into the spring, growth rates will move to more sustainable levels.” have been high relative to listings,” according to Jason Mercer, TREB’s Senior Manager of Market Analysis. “Watch for listings to rebound in 2010 as home owners react to the strong sales and price growth experienced in the latter half of this year.”

Median Price
In November, the median price was $353,800, from the $312,250 recorded during November of 2008.

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Determining The Market Value of Your Home

November 25th, 2009 Categories: Selling real estate

There has been a fair amount of press lately about the possibility of the housing market currently experiencing a bubble.  The Toronto Real Estate Board recently stated that prices were up 10% over last year.  The US, and in some areas of Canada, prices are falling or stable.  I often stress that your housing market is local, and you need to look at specifics to see what is happening to the market price of your home.

The New York Times wrote

Even in the best of times, it’s hard for individuals to objectively value their homes, which often reflect their sense of self and personal style.  Making things even more difficult has been general market inactivity lately, if not paralysis, which has provided little in the way of pricing guidance.  But by using online resources, investigating neighbourhood trends, consulting real estate experts and perhaps even asking the opinions of brutally honest friends, homeowners can arrive at a reasonably accurate appraisal even in these uncertain times.

Although we are not experiencing the paralysis in our market, we do have uncertainty regarding how long this increase will last, what is going to happen to the economy, and so on.

Putting all factors in the mix, makes the sale of a house complex and downright tricky to negotiate for both the buyer and the seller.

Being inside the real estate market, I look at a couple of different things when I am looking at setting the listing price of a home for sale.

I look at price changes.  I look at the price that the person paid for the home when they bought it all those years ago.  Using statistics that I have collected, I can look at the change in house prices in general, in that area, over the period between the purchase and the potential sale.  It will give me a ball park to look at for the price.

I also look at the tax assessment price.  I look at other homes in the area that have sold and compare their assessed value to the sale price.  I use the same ratio to get an approximation for current value on the home that I am working up.

The last area to look is comparable sales.  In most areas, I find homes that have sold recently that are similar to the home in question.  It can be considered that the last price is close to the market price. 

Buyer agents can do the same research when helping their clients to select an offer price.  Buyers, in general, are not going to spend a lot more than other buyers who bought in the area.  We also need to consider that the banks look at comparable homes when they are deciding on how big a mortgage they will allow the buyer to carry on any particular home.

Looking at all of this information, the homeowner and I will set a price that is our best guess for what buyers will be willing to pay.  Sometimes, we need to make adjustments to the list price to find the true market value.

The bottom line is that the only time we know the true market value of your home is when you accept an offer from a willing buyer.  That price is your market value.

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