Monday, September 15, 2008

GTA Resale Housing Remains Steady Throughout Summer Months

Hello,

I hope everyone had a great summer! Below is an article on the Real Estate Market throughout the summer months.

All the best...Dan


September 4, 2008 --The Greater Toronto resale housing market closed out the last full month of summer at a steady pace, Toronto Real Estate Board President Maureen O’Neill reported today.

The Greater Toronto Area (GTA) average price increased one per cent, to $364,886 when compared to last August’s figure of $361,890. Compared to the $338,192 figure recorded two years ago though, the average GTA has increased eight per cent.

In the City of Toronto the average price declined one per cent to $377,990 from last August’s $381,681. Compared to the August 2006 figure of $344,419 however, the average price in the City of Toronto has increased 10 per cent.

In the 905 Region the average price increased two per cent to $356,657 from last August’s $348,563. Compared to the August 2006 figure of $334,245 the average price in the 905 Region has increased seven per cent.

“These healthy figures substantiate that when undertaken as a long term investment, buying a home is one of the smartest financial moves you can make,” said Ms. O’Neill.

With 6,318 transactions recorded last month, sales in the GTA declined 22 per cent compared to the record August 2007 figure of 8,059. Volumes were off just nine per cent however, from the 6,976 sales recorded in August 2006.

In the City of Toronto, there were 2,437 sales in August, a 25 per cent decline from the 3,243 transactions recorded a year ago. Compared to the 2,706 sales recorded in August 2006 though, this represents a 10 per cent decline. Sales increased 20 per cent between August 2006 and August 2007.

The 905 Region’s 3,881 sales last month were 19 per cent off the August 2007 figure of 4,816 but declined nine per cent from two years ago, when 4,270 sales were recorded.

“Despite August’s moderate sales, the 57,364 transactions that have occurred this year are within 14 per cent of the 67,146 figure recorded a year ago,” said Ms. O’Neill. “In light of the fact that 2007 was a record year, our current market can certainly be characterized as stable.”There are currently 25,076, properties available for sale in the GTA, which represents a 31 per cent increase from the 19,145 active listings a year ago. Increased choice has resulted in properties remaining on the market for an average of 36 days compared to 33 days a year ago.

Several neighbourhoods throughout the GTA experienced increased sales activity last month compared to August 2007.

In Pickering (E13) transactions rose six per cent based primarily on strong semi-detached home sales. In Halton Hills (W27) strong attached/row house sales activity lead to a three per cent increase in transactions overall.

Condominium apartment and detached home transactions drove Rosedale (C09) to an 81 per cent increase in overall sales. Detached home transactions also contributed to an 11 per cent overall increase in sales in Aurora (N06).

Friday, August 22, 2008

Not Time to Sign Home-Heating Contract

Natural gas prices soared earlier this year. This led Ontario's two major utilities to put through hefty rate increases on July 1.

But both Enbridge Gas Distribution and Union Gas say they expect prices to start dropping – at least a little – by Oct. 1.

This is good news for customers who haven't locked into a long-term gas contract at a fixed price.

A 20 per cent boost in gas bills may be tolerable in summer, but can cause great pain when you turn on your furnace in the cooler months.

Natural gas prices had been pushed up by the rising price of crude oil on commodity markets even though the supply and demand for gas is mainly in North America, rather than worldwide.
Gas started falling, along with oil, early last month. But gas has plunged more than oil because of excitement about drilling results in the southern United States.

"There's been very robust natural gas activity and the unlocking of some gas resources, such as shale plays in Texas," says Malini Giridhar, director of energy policy and analysis for Enbridge Gas.

This is causing downward pressure on natural gas prices, she says, since production could increase by up to 5 per cent over the next three to four years.

Mild summer weather and an absence of hurricanes that cut production have also depressed natural gas, with the spot price dropping to $8 (U.S.) a gigajoule from more than $13 in early July.
"I would definitely call it a very bearish outlook," Giridhar said.

Customers won't see the impact of falling commodity prices on their gas bills right away, however.

Utilities bought gas in early July at higher prices to put into storage. They still haven't passed along those increases to customers.

Enbridge's posted gas price is 39.01 cents (Canadian) a cubic metre, while Union Gas charges 37.83 cents. Both utilities have a retroactive adjustment that brings down their prices by about one cent.

This compares with the 30 cents utility customers were paying last spring and 27 cents last winter.

Union Gas also anticipates a decrease in its Oct. 1 rate application that will go to the Ontario Energy Board next week.

"Our storage positions for gas are returning to more normal levels. There was a fear we wouldn't be able to replenish the storage," said Andrea Stass, a Union Gas spokeswoman.

Even at today's rates, which may not last through the winter, the utilities are charging less than what you'd pay for a price protection plan from an unregulated retailer.

The current price is 39.9 cents to 45.9 cents a cubic metre for a five-year deal, according to Energyshop.com.

The best deal is from Canadian RiteRate Energy, which sells gas on the Internet and not door to door, at 37.4 cents for five years.

The utilities have not noticed an increase yet in customers opting for contracts.

"Maybe in the winter, when gas consumption is higher, we'll see more," Stass said.

The risks of hedging energy prices in a fast-moving market became clear last month when SemGroup LP went bankrupt.

It was the parent of Wholesale Energy Group Ltd., which had been an active licensed retailer of gas and electricity contracts in Ontario.

Universal Energy Group bought Wholesale Energy's contracts and is now administering them.
With gas prices starting to come down again, I'd advise staying with your utility.

Make sure you're on an equal billing plan that spreads your payments throughout the year – and look for incentives on products that improve your home's energy efficiency.

You'll save more money that way than by locking in a gas price at a high level for years to come.

Tuesday, July 08, 2008

GTA Resale Housing More Balanced in June

The trend toward more balanced market conditions continued in June with 8,600 properties changing hands, Toronto Real Estate Board President Maureen O’Neill announced today.

It is important to note that in this release you will also find market numbers specific to the resale
housing activity in 2006 and 2007. This comparison is provided to help present a more accurate
perspective of the resale housing market of 2008.

At $395,866, the Greater Toronto Area average price for last month increased by four per cent
compared to June 2007 when it was $381,963. The City of Toronto’s average price of $433,082 last month increased three per cent from $421,139 in June 2007. In the 905 Region, last month’s average was $370,559, an increase of four per cent, from $355,240 in June 2007.

In the first two quarters of 2008, the average GTA price increased four per cent to $390,054 from $373,719 during the same time period in 2007, and up 9 per cent from the $356,977 recorded in the same period in 2006.

In the City of Toronto, the average price in 2008 increased four per cent to $427,198 from $411,530 in 2007, and up 10 per cent from $389,313 during the same period in 2006. In the 905 Region the increase was five per cent to $365,536 from $347,852 a year ago, up 9 per cent from$334,220 in 2006.

“Although June 2008 sales in the Greater Toronto Area (GTA) have declined 18 per cent to
8,600 from the June 2007 total of 10,451, June 2007 was the best performance ever for that month,”said Ms. O’Neill.

“This year we’re seeing a return to calmer conditions but the market remains healthy. When
compared to the 8,730 transactions in June 2006, GTA sales activity in June 2008 decreased by
only one per cent.” Record month June 2007 saw a 20 per cent increase over June 2006.

In the City of Toronto there were 3,481 transactions last month, a decline of 18 per cent from June
2007 with 4,238 sales but down 4 per cent over the 3,641 transactions in June 2006. When you compare record month June 2007 with June 2006, a period before the Toronto Land Transfer Tax went into effect, sales increased 16 per cent.

The 905 Region experienced an equivalent decline of 18 per cent, with 5,119 sales last month
compared to 6,213 transactions in June 2007 but a one per cent increase over the 5089 properties sold in June 2006. When you compare record month June 2007 with June 2006, sales in the 905 Region increased by 22 per cent.

In the first two quarters of 2008, GTA sales declined 14 per cent to 43,685 transactions from
50,648 during the same time a year ago and down five per cent from the 45,797 recorded in the
same period in 2006. When you compare the first two quarters of 2007 with the same period in
2006, GTA sales increased by 11 per cent.

In the City of Toronto, sales for the first two quarters declined 15 per cent to 17,370 from 20,574in 2007 and down 8 per cent from 18,917 in 2006. In the 905 Region sales declined 12 per centto 26,315 from 30,074 in 2007 and down 2 per cent from 26,880 in 2006. However, when youcompare the first two quarters of 2007 with the same period in 2006, sales increased by 9 percent in the City of Toronto and by 12 per cent in the 905 Region.

“The increase in listings we have seen in recent months has resulted in a slightly longer period
during which homes are on the market, from 29 days a year ago to 34 days currently,” said Ms.
O’Neill. “This has given buyers and sellers a little more time to make well-considered decisions.”

In certain pockets however, the pace of sales remained brisk this June.

Brooklin (E19) experienced a 35 per cent increase in overall sales based on strong detached
home transactions.

Burlington (W25) saw a 65 per cent increase in activity, driven by detached home transactions
and even more robust attached/row house sales.

In Downtown East (C08), activity was up four per cent due to attached/row house and
condominium apartment sales.

“We expect to see balanced market conditions continue in the coming months,” said Ms. O’Neill.
“When you look at it from a long-term perspective real estate invariably provides stable returns.”

Tuesday, June 10, 2008

CREATING CURB APPEAL

They say you can’t judge a book by its cover. But when it comes to houses, the exterior can be just as important as the interior if selling or buying.

When selling, it is the outside, or the home’s curb appeal that often determines whether the inside is ever seen. How a house 'shows’ from the street can tell a potential buyer a lot about what it may be like inside. Even if the inside is the sparkling, charming, structurally sound dream home they’ve been searching for, a buyer is not going to forget a cracked driveway, fallen shutters, overgrown grass and flower beds.

That’s why most Realtors recommend a house not be seen for the first time at night. If you have no choice but to view homes at night, always be sure to drive past them during the daytime before making any final decisions.

For sellers, there are many ways to enhance the exterior of a home to achieve the curb appeal necessary to attract prospective buyers. Start by taking a close, objective look at your home from the curb. Be sure to view it from different angles. Ask friends and neighbors for their unbiased opinions. What are the appealing features? What’s not so appealing? What can you do to improve its appearance?

Are the shrubs untrimmed? Are there broken doors and windows, loose screens and railings? Does the exterior trim, or entire surface, need a paint job?

The interior may be clean, without a leaky faucet, cracked floor or loose door hinge in sight. But if the exterior roof, gutter, walls, driveway, garage and yard look dirty and untidy, chances are you’re not going to get a lot of potential buyers knocking at the door.

Creating curb appeal is making your home inviting from the outside -- where first impressions begin. This doesn’t mean spending a great deal of money remodeling and renovating. Adding a new front verandah might add a lot of curb appeal, but so will a couple of wicker chairs and potted flowers by the front door - at a lot less cost.

Here are some more tips for making the outside of your home attractive and inviting:

CLEAN UP THE YARD
Mow the lawn, trim the hedges, weed the flower beds, get rid of dead trees and shrubs; get rid of any broken lawn furniture; shovel the walk and driveway in winter; rake the yard in the fall.

REPAIR ANY PROBLEMS
If the roof is damaged, repair it. Also repair any doors and windows that have loose hinges or other damage; fix storm doors and window screens; caulk window exteriors; clean and repair sidings and other structural flaws.

ELIMINATE CLUTTER
If you have yard and construction debris piled up along the side of the house, or elsewhere, get rid of it. The exterior of your home should be as uncluttered in appearance as the interior. This includes cleaning out the garage - a major breeder of clutter. Be ruthless. If you haven’t used something in a year, give it to charity or recycle it.

GIVE SIDING A FRESH NEW LOOK
Cleaning the exterior surface is all your home may need for a fresh new face. Before rushing to paint siding, try washing it. For painted wood siding and aluminum siding, use a solution of one cup strong detergent and one quart chlorine bleach in three gallons of water. Be sure to wear rubber gloves, goggles and other protective garments. Work from the bottom up and rinse thoroughly.
To spruce up vinyl siding, hose it down, sponge it with a mild liquid detergent and rinse.

USE PAINT TO BRIGHTEN, RE-PROPORTION EXTERIOR
A paint job can do wonders for the exterior of a home. A low house can look more graceful and tall from the curb by emphasizing its vertical features. Paint elements such as doors, shutters and corner trim in a color that contrasts with the siding material or color. On a high home, emphasize horizontal by using a contrasting paint color on window sills and fascia boards. You can also make a tall house look lower by painting it a dark color, provided that the roof is dark too. Conversely, a light color will make a home look larger.

CO-ORDINATE THE EXTERIOR 'LOOK’
The more co-ordinated your house looks from the outside, the more appealing it will be. Co-ordinate the 'look’ of your home by painting the garage, tool shed, playhouse and other outdoor structures with the same color schemes as the house. If your house is a mixture of conflicting textures - vertical siding, shingles and brick, for instance - try painting them all the same color, or in two related shades of the same color, to create a harmonious look. Dark tones work best when working with conflicting textures.

USE FLOWER POWER
Well-placed flowers, trees and shrubs can really make the outside of a home look inviting. Not only does attractive landscaping invite buyers, it can increase the value of a home. Even without major landscaping, flowers can make a yard look colorful and pleasant. Plant them in garden beds, hang them from railings and porch ceilings, add flower boxes to window sills. There is no limit to the power of flowers.
At night, highlight garden features with spotlights and floodlights. Well-lit paths and entrances promote safety, discourage burglars and are an added feature to any home. A pretty wreath on the door and a welcome mat will finish things off.

Wednesday, June 04, 2008

101 Streetsmart Condo Buying Tips for Canadians

Location:
One of the prime considerations is the location. How close is the property to schools, cultural attractions, shopping centres, recreational facilities, work and transportation? How attractive is the present and future development of the area surrounding the property?

Noise:
Assess the levels of noise. Consider such factors as nearby highways or busy streets, driveways, parking lots, playgrounds and businesses. Consider the location of the garage doors, elevators, garbage chutes and the heating and air-conditioning plant or equipment, in relation to the unit you are interested in.

Privacy:
Privacy is an important consideration and has to be thoroughly explored. Make sure that the sound insulation between the walls, floors and ceilings of your property is sufficient. Consider the distance between your unit and other common areas, including walkways, roads and fences.

Pricing:
The pricing of the property you are considering should be competitive with that of other, similar offerings. You may decide that you do not want extra facilities, in which case paying an extra price for the unit because of these features would not be economical. On the other hand, you have to look at the resale potential.

Common Elements and Facilities:
Review all the common elements in the development and consider these from the perspective of the relevance to your needs, as well as the maintenance or operational costs that might be required to service these features.

Parking Facilities:

Are the facilities outdoors or underground? Is there sufficient lighting for security protection? Is there ample visitor parking?

Storage Facilities:
Does there appear to be sufficient storage space for your needs, or will you have to rent a mini-locker?

Quality of Construction Materials:

Thoroughly look at your building and the surrounding development to make an assessment of the overall quality of the development. Hire a contractor whom you trust, or a building inspector, to give you an opinion on the quality and condition of the building or unit.

Design and Layout:
Consider your present and future needs. Are there restrictions relating to the exterior of your unit or any structural changes that you may make to the unit? If you are intending to have a separate room for an expanded family, in-laws or an office, you should consider the implications beforehand.

Neighbourhood:
Look at the surrounding neighbourhood and make an assessment as to whether the value of the residences in the neighbourhood will affect the value of your property.

Owner/Occupiers vs. Tenants:
Ask how many tenants as opposed to owners there are currently in the complex, and the maximum number of tenants allowed. The higher the percentage of owners/occupiers, the more pride of ownership.

Management:
Inquire whether the condo building is being operated by a professional management company, a resident manager or is self-managed. Check out the condominium unit or property in order to give you a better profile of noise factors, children or parties, and the effectiveness of the management control.

Property Taxes:
Compare the costs of taxes in the area that you are considering with those of other areas equally attractive to you. Also inquire as to whether there is any anticipated tax increase and why.

Wednesday, March 05, 2008

GTA Resale Housing Down but Healthy

March 5, 2008 -- President Maureen O'Neill announced today, Toronto Real Estate Board Members recorded 6,015 resale home transactions last month, down 11 per cent in the Greater Toronto Area overall , 14 per cent in the City of Toronto and 9 per cent in the 905 suburbs compared to February 2007.

“To get an accurate perspective of current market conditions, a number of factors have to be considered,” said Ms. O’Neill. “With 18,018 properties available for sale, inventory has decreased seven per cent from last February."

“This indicates that despite moderate sales, there is not an over-supply of homes on the market. Generally, properties that are listed are selling fairly quickly and with a list to sale price ratio of 99 per cent, for the most part, sellers are realizing their asking price,” O’Neill added.

Despite the decrease in the number of sales from this time last year, there was positive news with respect to prices in February. At $382,048 in the Greater Toronto Area and $424,235 in the City of Toronto, the average price increased four and two per cent respectively compared to February 2007. As well, the time on market in February was 30 days compared to 35 days a year ago.

Despite the overall decline, some GTA neighbourhoods experienced strong sales in February.
In Pickering (E13) sales rose 28 per cent overall compared to a year ago due to a strong increase in condo townhouse and condo-apartment transactions.

Strong condo-apartment sales also drove transactions in Rexdale (W10) to an overall increase of 18 per cent compared to February 2007.

Richmond Hill North (N05) experienced a 19 per cent sales increase compared to a year ago primarily as a result of strong detached home transactions.

“All economic indicators are in place for an active year in the GTA, and as the weather improves sales are expected to increase as well,” said Ms. O’Neill.March 5, 2008 -- President Maureen O'Neill announced today, Toronto Real Estate Board Members recorded 6,015 resale home transactions last month, down 11 per cent in the Greater Toronto Area overall , 14 per cent in the City of Toronto and 9 per cent in the 905 suburbs compared to February 2007.

Friday, January 25, 2008

Annoucement

I’m excited to announce that I have joined Keller Williams Advantage Realty. Keller Williams is the fastest growing real estate company in North America and I am thrilled to be joining this dynamic organization!

With the support of Keller Williams, this change will translate into superior results for my clients.

My new coordinates are Dan@DanCorcoran.ca and encourage your to visit my web site at www.DanCorcoran.ca

I look forward to working with you under the Keller Williams banner and I want to extend my heart felt thanks for your continued support!

Warm Regards,

Dan