In the first 2 weeks of August, Toronto Realtors reported 3,832 sales - up 27 percent compared to the first two weeks of August 2008. The average price for these transactions was up 3 percent year-over-year to $383, 796.
To read the full article, click on the link below. http://communications2.torontomls.net/newstand/news/2009/mn0908/pdf/nr_mid_month_0809.pdf
Best...Dan
Wednesday, August 19, 2009
Sunday, August 09, 2009
July Home Sales Hottest Ever!
Hello,
What a great month July was in Real Estate! Below is an article from the Toronto Star.
If you have any real estate questions or inquiries, please don't hesitate to contact me at Dan@DanCorcoran.ca.
Best...Dan
An unexpected surge in summer deals has sent Toronto board scrambling to revise fall forecast
The renovated, four-bedroom home on Hanna Rd. in the leafy downtown Toronto neighbourhood of Leaside was expected to fetch a good price. The vendor was asking $949,000. Some agents figured it was deliberately under priced.
But no one expected the home to go for $286,000 over list when it sold last week amid multiple offers for a cool $1,235,000.
As a result of the summer surge of home buying, the Toronto Real Estate Board is now scrambling to revise its forecasts upward.
Despite the economic downturn, analysts now expect sales to match or surpass last year's 74,558 sales. The earlier estimate was in the range of 65,000 to 70,000.
Yesterday, the real estate board reported 9,967 sales of existing homes in July, up 28 per cent from the same time last year, the best such month on record. The average price of a home is $395,414, up 6 per cent from the same month last year.
The record sales and buoyant prices caught many realtors and buyers by surprise, especially after a rocky start to the year that saw sales plunge by half in January.
"I thought I would be able to get much more of a deal this year," said first-time buyer Renee Chong, 31.
Chong, who has been looking at condos for the past six months, said low interest rates lured her into the market. But she isn't in a hurry to buy if the price isn't right.
"I really don't want to get stuck in a bidding war and do something that I'm going to regret."
Historically low interest rates have fuelled the market, especially for first-time buyers. But not everyone expects the frenzy to last.
One reason for the healthy price increases in the Toronto market is a lack of listings – down 36 per cent in July compared with the same month last year. Less inventory means buyers have to compete against each other, resulting in multiple offers in popular neighbourhoods. This trend should ease in the fall as more move-up buyers place their homes on the market.
"Some sellers have held off listing their homes thinking they were probably not going to get a good price, but after this summer you will likely see these people back in," said Jason Mercer, the board's senior manager of market analysis.
In terms of listings, the best deals and most selection are in the west GTA neighbourhoods, according to a new Coldwell Banker report. "Buyers' best opportunities to negotiate price will tend to be where inventory is plentiful," said Andrew Zsolt, president of Coldwell Banker Terrequity Realty.
"It's a simple case of supply and demand."
West neighbourhoods such as Mississauga and Brampton had 6,697 units listed in July, twice as many as central and east areas, says Coldwell Banker. Central Toronto, where demand is traditionally high, had the lowest inventory with 2,569 homes on the market.
"There is a lot of immigration and population growth in the west, which has caused a lot of move-up buying and people to list their homes," Zsolt added.
Building permits in the Toronto area were also up by a greater than expected 1.2 per cent.
Developers took out $932 million worth of permits in June, compared with $921 million in May, with most of the bump in non-residential building.
Year-to-date permits are down 22 per cent in the Toronto area. Nationally, permits are up 1 per cent.
Source Tony Wong-Toronto Star
What a great month July was in Real Estate! Below is an article from the Toronto Star.
If you have any real estate questions or inquiries, please don't hesitate to contact me at Dan@DanCorcoran.ca.
Best...Dan
An unexpected surge in summer deals has sent Toronto board scrambling to revise fall forecast
The renovated, four-bedroom home on Hanna Rd. in the leafy downtown Toronto neighbourhood of Leaside was expected to fetch a good price. The vendor was asking $949,000. Some agents figured it was deliberately under priced.
But no one expected the home to go for $286,000 over list when it sold last week amid multiple offers for a cool $1,235,000.
As a result of the summer surge of home buying, the Toronto Real Estate Board is now scrambling to revise its forecasts upward.
Despite the economic downturn, analysts now expect sales to match or surpass last year's 74,558 sales. The earlier estimate was in the range of 65,000 to 70,000.
Yesterday, the real estate board reported 9,967 sales of existing homes in July, up 28 per cent from the same time last year, the best such month on record. The average price of a home is $395,414, up 6 per cent from the same month last year.
The record sales and buoyant prices caught many realtors and buyers by surprise, especially after a rocky start to the year that saw sales plunge by half in January.
"I thought I would be able to get much more of a deal this year," said first-time buyer Renee Chong, 31.
Chong, who has been looking at condos for the past six months, said low interest rates lured her into the market. But she isn't in a hurry to buy if the price isn't right.
"I really don't want to get stuck in a bidding war and do something that I'm going to regret."
Historically low interest rates have fuelled the market, especially for first-time buyers. But not everyone expects the frenzy to last.
One reason for the healthy price increases in the Toronto market is a lack of listings – down 36 per cent in July compared with the same month last year. Less inventory means buyers have to compete against each other, resulting in multiple offers in popular neighbourhoods. This trend should ease in the fall as more move-up buyers place their homes on the market.
"Some sellers have held off listing their homes thinking they were probably not going to get a good price, but after this summer you will likely see these people back in," said Jason Mercer, the board's senior manager of market analysis.
In terms of listings, the best deals and most selection are in the west GTA neighbourhoods, according to a new Coldwell Banker report. "Buyers' best opportunities to negotiate price will tend to be where inventory is plentiful," said Andrew Zsolt, president of Coldwell Banker Terrequity Realty.
"It's a simple case of supply and demand."
West neighbourhoods such as Mississauga and Brampton had 6,697 units listed in July, twice as many as central and east areas, says Coldwell Banker. Central Toronto, where demand is traditionally high, had the lowest inventory with 2,569 homes on the market.
"There is a lot of immigration and population growth in the west, which has caused a lot of move-up buying and people to list their homes," Zsolt added.
Building permits in the Toronto area were also up by a greater than expected 1.2 per cent.
Developers took out $932 million worth of permits in June, compared with $921 million in May, with most of the bump in non-residential building.
Year-to-date permits are down 22 per cent in the Toronto area. Nationally, permits are up 1 per cent.
Source Tony Wong-Toronto Star
Friday, July 31, 2009
Mid-Month Market Report - July 2009
GTA Realtors report sales up first two weeks of July! Click on the link below to view the full article.
Best...Dan
Wednesday, July 29, 2009
Home Maintenance Tips!
Hello. I hope everyone is enjoying their summer. Here is an informative article on summer home maintenance. Protect Your Home — and Your Investment!
Best...Dan
If you're like most Canadians, your home is probably your most important investment. A regular schedule of maintenance and repairs can help you protect that investment — and keep your family healthy and safe and sound — for years to come.
Canada Mortgage and Housing Corporation (CMHC) has a checklist of simple inspections and repairs that can help you put a stop to the most common and costly problems before they occur, often in as little as a few minutes a week, including:
- Check and clean your range hood filters on a monthly basis.
-Use a dehumidifier if necessary to keep the relative humidity level in your basement at or below 60 per cent.
-Check basement pipes for condensation or dripping, and take corrective action if needed.
-Refill the basement floor drain if the trap doesn't have enough water in it.
-Run water briefly in fixtures that aren't used frequently, such as the laundry tub or spare bathroom sink, tub or shower.
-Deep clean carpets and rugs, and vacuum the bathroom fan grille.
-Disconnect the duct connected to your clothes dryer and vacuum lint from the duct, the areas surrounding the dryer and the vent hood outside.
-Check all windows, door hinges and garage door opener hardware for smooth operation, and lubricate as required.
-Replace damaged caulking and weatherstripping around windows and doorways, including the doorway between the garage and the house.
-Inspect electrical service lines for secure attachment where they enter the house, and make sure no water is leaking into your home along the electrical conduit.
-Check the exterior wood siding and clean, replace or refinish it as needed.
-Seal off any holes in the exterior cladding that could become entry points for pests.
-Check your roof for sagging or damaged shingles, and examine all roof flashings at chimney and roof joints for signs of cracks or leaks.
-Inspect and sweep chimneys connected to any woodburning appliance or fireplace.
-Repair the driveway and walkways if needed, and repair any damaged steps, guardrails or handrails that could pose a safety problem.
-Canada Mortgage and Housing Corporation http://www.cmhc.ca/
Best...Dan
If you're like most Canadians, your home is probably your most important investment. A regular schedule of maintenance and repairs can help you protect that investment — and keep your family healthy and safe and sound — for years to come.
Canada Mortgage and Housing Corporation (CMHC) has a checklist of simple inspections and repairs that can help you put a stop to the most common and costly problems before they occur, often in as little as a few minutes a week, including:
- Check and clean your range hood filters on a monthly basis.
-Use a dehumidifier if necessary to keep the relative humidity level in your basement at or below 60 per cent.
-Check basement pipes for condensation or dripping, and take corrective action if needed.
-Refill the basement floor drain if the trap doesn't have enough water in it.
-Run water briefly in fixtures that aren't used frequently, such as the laundry tub or spare bathroom sink, tub or shower.
-Deep clean carpets and rugs, and vacuum the bathroom fan grille.
-Disconnect the duct connected to your clothes dryer and vacuum lint from the duct, the areas surrounding the dryer and the vent hood outside.
-Check all windows, door hinges and garage door opener hardware for smooth operation, and lubricate as required.
-Replace damaged caulking and weatherstripping around windows and doorways, including the doorway between the garage and the house.
-Inspect electrical service lines for secure attachment where they enter the house, and make sure no water is leaking into your home along the electrical conduit.
-Check the exterior wood siding and clean, replace or refinish it as needed.
-Seal off any holes in the exterior cladding that could become entry points for pests.
-Check your roof for sagging or damaged shingles, and examine all roof flashings at chimney and roof joints for signs of cracks or leaks.
-Inspect and sweep chimneys connected to any woodburning appliance or fireplace.
-Repair the driveway and walkways if needed, and repair any damaged steps, guardrails or handrails that could pose a safety problem.
-Canada Mortgage and Housing Corporation http://www.cmhc.ca/
Tuesday, July 07, 2009
June 2009 - Great Month In Real Estate!
GTA Resale Housing Market Posts Best June on Record! Click on the link below to view the June 2009 Market Report from the Toronto Real Estate Board.
http://www.torontorealestateboard.com/consumer_info/market_news/mw2009/pdf/mw0906.pdf
All my best...Dan
http://www.torontorealestateboard.com/consumer_info/market_news/mw2009/pdf/mw0906.pdf
All my best...Dan
Monday, July 06, 2009
Hot Up and Coming Area!
Hello. I hope everyone is enjoying the summer!
Read below an interesting article on the area of Jarvis to Parliament Streeat and from Queen Street south of The Esplanade.
All my best...Dan
In the East End, a hot pocket! Parliament/Queen area has 15,000 new units booked and prices are rising with demand.
If you are one of those people always on the lookout for the next big thing, then as far as new condos go it will likely be that area of the city bound by Jarvis to Parliament Streets and from Queen Street south of the Esplanade, give or take a couple of blocks.
Once characterized by its proliferating used furniture and book stores, rooming houses and small pockets of light industry, there were also a handful of mews streets of wonderful turn-of-the-century row houses but not much else to recommend the area to home buyers.
But as more desirable areas such as downtown west started to fill with condos and rents started to rise for commercial enterprises, canny developers started moving east drawn by relatively inexpensive land prices and great public transit.
“It was a bit of a dead zone,” says Brad Lamb, of Brad J. Lamb Realty Inc., who is developing projects of his own in the area. “But now it is definitely an area to watch.”
One indicator of strong demand is the area's rapid rise in price for square footage, says Jane Renwick, executive vice-president of Urbanation Inc., which tracks the GTA housing market. She says the average for all condos sold to date is about $449 a square foot, while unsold inventory now commands $531 a square foot. What is more, there are nine new condo projects currently under way, plus seven more in the planning stages.
That, however, is only a very tiny tip to the downtown east iceberg. If you include the adjacent west Docklands and waterfront lands, Ms. Renwick says there are 15,597 new condo units in various stages of approval.
“It is the largest area of Toronto for future new development, and because of the city's commitment to the Docklands and waterfront it is certain to include terrific new parks and great public transit,” she says.
If Toronto wins its bid for the 2015 Pan American Games, then the area will really heat up, says John Berman, a partner in the redevelopment of the Distillery District at Mill Street and Parliament Street.
“One of the first things to be built will be 6,000 residential suites to house the athletes,” he says. “That will go up right next to the Distillery District."
“We already have a streetcar loop to Cherry Street going in. This area is really taking off.”
None too soon frankly. In 1980 I bought a 19th century row house on Wascana Avenue, one block north of Queen, running west off River Street. The hope was that the area would soon follow in the path of Cabbagetown. My timing was about 30 years premature.
What the area needed was a new focal point, something so unique that it would draw traffic and interest east.
Eight years ago, Mr. Berman and his partners in Cityscape Development Corp., provided that when they bought the five hectares of land and 45 buildings that ounce housed the Gooderham & Worts distillery.
Today the area boasts 325,000 square feet of commercial space, a quartet of completed condominiums with another two under way. Its restaurants, cafes, theatre and dance companies, boutiques and specialty stores draw in tourists and locals alike. No other neighbourhood in the city looks and feels quite like it.
“There is no question that what we have done had provided a draw for redevelopment,” says Mr. Berman. “We supplied that solid eastern anchor the area needed.”
Besides, he says, it is a lot easier to get in and out of this neighbourhood than downtown west. The Bayview extension is five minutes away, a quick route to St. Clair or Eglinton. The King and Queen Street streetcars are close by and Lakeshore Boulevard is a 9-iron shot to the south.
Buyers in this neighbourhood also don't have to put up with the noise and traffic congestion common in downtown west as there are fewer clubs and nightspots. Another appealing feature, says Ms. Renwick, is that, on average, new condos in the southern chunk of downtown east are more like boutique structures – offering smaller and more affordable suites in smaller projects. The average number of suites per building is just 232, she says. “They also tend to pop up in small pockets and usually spark an overall gentrification of the immediate neighbourhood.” And unlike many other areas of the city, these projects continue to sell, says Mr. Berman. “In the first week of June we sold 10 suites in the two we have on sale now.”
-The Globe and Mail: Terrance Belford
Read below an interesting article on the area of Jarvis to Parliament Streeat and from Queen Street south of The Esplanade.
All my best...Dan
In the East End, a hot pocket! Parliament/Queen area has 15,000 new units booked and prices are rising with demand.
If you are one of those people always on the lookout for the next big thing, then as far as new condos go it will likely be that area of the city bound by Jarvis to Parliament Streets and from Queen Street south of the Esplanade, give or take a couple of blocks.
Once characterized by its proliferating used furniture and book stores, rooming houses and small pockets of light industry, there were also a handful of mews streets of wonderful turn-of-the-century row houses but not much else to recommend the area to home buyers.
But as more desirable areas such as downtown west started to fill with condos and rents started to rise for commercial enterprises, canny developers started moving east drawn by relatively inexpensive land prices and great public transit.
“It was a bit of a dead zone,” says Brad Lamb, of Brad J. Lamb Realty Inc., who is developing projects of his own in the area. “But now it is definitely an area to watch.”
One indicator of strong demand is the area's rapid rise in price for square footage, says Jane Renwick, executive vice-president of Urbanation Inc., which tracks the GTA housing market. She says the average for all condos sold to date is about $449 a square foot, while unsold inventory now commands $531 a square foot. What is more, there are nine new condo projects currently under way, plus seven more in the planning stages.
That, however, is only a very tiny tip to the downtown east iceberg. If you include the adjacent west Docklands and waterfront lands, Ms. Renwick says there are 15,597 new condo units in various stages of approval.
“It is the largest area of Toronto for future new development, and because of the city's commitment to the Docklands and waterfront it is certain to include terrific new parks and great public transit,” she says.
If Toronto wins its bid for the 2015 Pan American Games, then the area will really heat up, says John Berman, a partner in the redevelopment of the Distillery District at Mill Street and Parliament Street.
“One of the first things to be built will be 6,000 residential suites to house the athletes,” he says. “That will go up right next to the Distillery District."
“We already have a streetcar loop to Cherry Street going in. This area is really taking off.”
None too soon frankly. In 1980 I bought a 19th century row house on Wascana Avenue, one block north of Queen, running west off River Street. The hope was that the area would soon follow in the path of Cabbagetown. My timing was about 30 years premature.
What the area needed was a new focal point, something so unique that it would draw traffic and interest east.
Eight years ago, Mr. Berman and his partners in Cityscape Development Corp., provided that when they bought the five hectares of land and 45 buildings that ounce housed the Gooderham & Worts distillery.
Today the area boasts 325,000 square feet of commercial space, a quartet of completed condominiums with another two under way. Its restaurants, cafes, theatre and dance companies, boutiques and specialty stores draw in tourists and locals alike. No other neighbourhood in the city looks and feels quite like it.
“There is no question that what we have done had provided a draw for redevelopment,” says Mr. Berman. “We supplied that solid eastern anchor the area needed.”
Besides, he says, it is a lot easier to get in and out of this neighbourhood than downtown west. The Bayview extension is five minutes away, a quick route to St. Clair or Eglinton. The King and Queen Street streetcars are close by and Lakeshore Boulevard is a 9-iron shot to the south.
Buyers in this neighbourhood also don't have to put up with the noise and traffic congestion common in downtown west as there are fewer clubs and nightspots. Another appealing feature, says Ms. Renwick, is that, on average, new condos in the southern chunk of downtown east are more like boutique structures – offering smaller and more affordable suites in smaller projects. The average number of suites per building is just 232, she says. “They also tend to pop up in small pockets and usually spark an overall gentrification of the immediate neighbourhood.” And unlike many other areas of the city, these projects continue to sell, says Mr. Berman. “In the first week of June we sold 10 suites in the two we have on sale now.”
-The Globe and Mail: Terrance Belford
Thursday, May 07, 2009
Home Inspections
Check out this article on the Home Inspection. If you have any further questions on home inspections after reading this report or have any questions regarding real estate in general, please feel free to email me @ Dan@DanCorcoran.ca any time!
Best...Dan
'The time and effort it takes to finally arrive in your new home can be stressful enough without the added anxiety of dealing with unexpected problems after you move in. Failing to take the time to assess the physical condition of a new home is a recipe for disaster. Unexpected repair costs can be crippling to a family on a tight budget. Home inspectors can better inform you of your home's physical condition and make you aware of damage that could potentially cost you thousands of dollars to repair.
You may wonder what a home inspection is, or why you can't simply do it yourself. The reality is that home inspections are extremely thorough and only an extensively trained and experience individual can carry one out effectively. Home inspections are a visual analyses lasting about three hours. The assessment includes roofing, plumbing, heating, electrical, interior and overall structural integrity. The home inspector's goal is to ensure that all physical aspects of the home are structurally sound and to determine the need for repairs, both immediate and in the future. The home inspector's findings will be presented to you in a report within 24 hours. Alan Glushko, of Allmax Home & Property inspectors says that a proper home inspection will not only ensure your home is structurally safe and sound, but we will also save you money.
'For example, it is not unusual for unchecked water leakage to lead to the need for an exterior excavation at the cost at least $5,000' he says.
However, it is important to remember that not all home inspectors and not all home inspections are created equal. In order to undertake a home inspection the new home buyer must first find an appropriate inspector. It is best to choose an RHI, or registered home inspector. This designation can only be passed on to an inspector who is approved by his/her province's inspection association. Aside from seeking an RHI there are a number of other characteristics you should seek in your inspector;
Experience: This is not always easy to determine but choosing an inspector with a lot of experience will help ensure a very thorough and professional inspection.
Qualifications: If you are unsure, ask for proof that your inspector is an RHI and don't hesitate to ask for references.
Educational background: Choose an inspector with an appropriate engineering or related university degree.
Integrity: Choose a prompt and thorough inspector who takes the time to answer your questions and provides a complete report.
New home buyers should be also be very familiar with these guidelines as, according to Glushko, buying a new home doesn't mean that there can't potentially be problems. "The responsibility is on the buyer to hire a suitable inspector and to ask as many questions as possible. A competent inspector will encourage any type of questions and be able to answer everything" he added.'
Source: TheStar.com
Best...Dan
'The time and effort it takes to finally arrive in your new home can be stressful enough without the added anxiety of dealing with unexpected problems after you move in. Failing to take the time to assess the physical condition of a new home is a recipe for disaster. Unexpected repair costs can be crippling to a family on a tight budget. Home inspectors can better inform you of your home's physical condition and make you aware of damage that could potentially cost you thousands of dollars to repair.
You may wonder what a home inspection is, or why you can't simply do it yourself. The reality is that home inspections are extremely thorough and only an extensively trained and experience individual can carry one out effectively. Home inspections are a visual analyses lasting about three hours. The assessment includes roofing, plumbing, heating, electrical, interior and overall structural integrity. The home inspector's goal is to ensure that all physical aspects of the home are structurally sound and to determine the need for repairs, both immediate and in the future. The home inspector's findings will be presented to you in a report within 24 hours. Alan Glushko, of Allmax Home & Property inspectors says that a proper home inspection will not only ensure your home is structurally safe and sound, but we will also save you money.
'For example, it is not unusual for unchecked water leakage to lead to the need for an exterior excavation at the cost at least $5,000' he says.
However, it is important to remember that not all home inspectors and not all home inspections are created equal. In order to undertake a home inspection the new home buyer must first find an appropriate inspector. It is best to choose an RHI, or registered home inspector. This designation can only be passed on to an inspector who is approved by his/her province's inspection association. Aside from seeking an RHI there are a number of other characteristics you should seek in your inspector;
Experience: This is not always easy to determine but choosing an inspector with a lot of experience will help ensure a very thorough and professional inspection.
Qualifications: If you are unsure, ask for proof that your inspector is an RHI and don't hesitate to ask for references.
Educational background: Choose an inspector with an appropriate engineering or related university degree.
Integrity: Choose a prompt and thorough inspector who takes the time to answer your questions and provides a complete report.
New home buyers should be also be very familiar with these guidelines as, according to Glushko, buying a new home doesn't mean that there can't potentially be problems. "The responsibility is on the buyer to hire a suitable inspector and to ask as many questions as possible. A competent inspector will encourage any type of questions and be able to answer everything" he added.'
Source: TheStar.com
Monday, April 27, 2009
Signs Of An Early Rebound
Find what homes are selling for where you live! To check out the feature in the Globe and Mail Real Estate section, click on the link below!
http://beta.theglobeandmail.com/globe-investor/early-signs-of-a-rebound/article1061236/
Best,
Dan
http://beta.theglobeandmail.com/globe-investor/early-signs-of-a-rebound/article1061236/
Best,
Dan
Thursday, April 16, 2009
March 2009 Positive Market Report!
Take a look at this article from The Globe and Mail on the spring market report for March!
All my best...Dan
Spring Brings Sales Thaw As Brokers See New Signs Of Life In Housing Market
- Virgina Galt & Josh Wingrove (Globe and Mail)
Looking to get into a bigger home, townhouse owner James VanderLinden decided last month was the time to make a move.
A buyer in a struggling economy, he bought a new home under asking price - paying $1.1-million in midtown Toronto - but hadn't yet sold his first place.
"I wanted to take advantage of the market," said Mr. VanderLinden, 34, who works in online advertising. "I knew also that selling my current house, I would probably not get as much money for it as I would if the market was up."
But his fears were put to rest two days later, when his townhouse sold for $275,000, just $4,000 under his asking price. It's a cautious sign for optimism that's playing out across the country, where sales volumes are up. After a long, harsh winter of woe, a housing sales thaw may be on its way.
The Canadian Real Estate Association said yesterday that the volume of existing home sales was up 7 per cent in March, on the heels of February's 10.3-per-cent gain in activity.
"The story is that price reductions are working as intended. They are stabilizing the market and they are drawing buyers...who are taking advantage of improved affordability," said Gregory Klump, CREA's chief economist.
Toronto real-estate broker Theodore Babiak recently listed a semi-detached home in the city's west end. Within a day, he had three offers for the home, which sold for $10,000 over asking price - a phenomenon all but unheard of two months ago.
"There's more optimism. There's more enthusiasm among buyers. There's definitely more volume," said Mr. Babiak, an agent with Royal LePage Real Estate.
According to the CREA report, the largest monthly increases in activity were in British Columbia, at 13.6 per cent, and Ontario, at 10.5 per cent.
The burst of sales may be nothing more than the annual spring surge, aided by unseasonal warm spells in parts of the country. The more telling year-over-year picture was bleaker, with sales down nationally by 13.7 per cent. The national average resale price also dropped to $288,641 - down 7.7 per cent from a year earlier.
But it was the smallest year-over-year decline in six months, as some sellers resisted demands for further discounts and some buyers waited for further price declines.
"Call it a standoff or whatnot," said Vancouver realtor Shaun Kimmins. "Buyers are wanting tomorrow's prices and sellers are wanting yesterday's prices."
That was the case for Curtis Muir, a 30-year-old looking to take advantage of low interest rates and buy his first home. He's expecting to pay under asking price, but was surprised when a condo in the Toronto area where he's looking recently sold above its asking price.
"I look at that and it makes me [think] I've got to do something right now because it's starting to come back. A bidding war? ... That's crazy," Mr. Muir said. "I just feel like that the market's good enough that I should be able to lowball a little bit and get what I want."
The possible turn in fortunes comes on the heels of the widespread interest-rate cuts - five-year mortgage rates are as low as 4 per cent - that attracted buyers such Mr. Muir, as well as government efforts to stimulate home buying.
"I think [the market] is going to remain strong as long as rates stay in the general range they're in," said Mr. Muir's agent, Dan Ellenberg of Royal LePage.
But economists were reluctant to characterize the increased sales activity as the beginning of a full-fledged recovery. Bank of Montreal economist Robert Kavcic noted that sales activity is still down more than 30 per cent from its 2007 peak.
"Still, the improvement in recent months is an encouraging sign that the Canadian housing market has crossed the halfway point for this downturn," Mr. Kavcic said.
"Affordability is the highest in about four years, which should help fuel a rebound in sales once the job market stabilizes."
Sales of existing homes listed with the industry's MLS service totalled 35,225 units across Canada in March - 18 per cent higher than in January, when activity was at its lowest in a decade.
Mr. Kimmins, of Century 21 In Town Realty, said it's a buyers' market and there is now a sense among buyers "that interest rates are about as low as they are going to go. There is still a question as to how low the market is going to go," he said.
Home prices have been hit hardest in Western Canada and in Ontario manufacturing centres affected by layoffs, but have remained strong in some cities, including Saint John, N.B., and Regina, he said.
The price depreciation appears to be kick-starting the Vancouver market, said real-estate agent Austin Gangur. Mr. Gangur said a couple who balked at the price of a Vancouver loft last August just bought a unit in the same building for $50,000 less.
"They moved in three weeks ago," said Mr. Gangur, an agent with Sutton Group West Coast Reality. "They are happy as flies on a rib roast."
All my best...Dan
Spring Brings Sales Thaw As Brokers See New Signs Of Life In Housing Market
- Virgina Galt & Josh Wingrove (Globe and Mail)
Looking to get into a bigger home, townhouse owner James VanderLinden decided last month was the time to make a move.
A buyer in a struggling economy, he bought a new home under asking price - paying $1.1-million in midtown Toronto - but hadn't yet sold his first place.
"I wanted to take advantage of the market," said Mr. VanderLinden, 34, who works in online advertising. "I knew also that selling my current house, I would probably not get as much money for it as I would if the market was up."
But his fears were put to rest two days later, when his townhouse sold for $275,000, just $4,000 under his asking price. It's a cautious sign for optimism that's playing out across the country, where sales volumes are up. After a long, harsh winter of woe, a housing sales thaw may be on its way.
The Canadian Real Estate Association said yesterday that the volume of existing home sales was up 7 per cent in March, on the heels of February's 10.3-per-cent gain in activity.
"The story is that price reductions are working as intended. They are stabilizing the market and they are drawing buyers...who are taking advantage of improved affordability," said Gregory Klump, CREA's chief economist.
Toronto real-estate broker Theodore Babiak recently listed a semi-detached home in the city's west end. Within a day, he had three offers for the home, which sold for $10,000 over asking price - a phenomenon all but unheard of two months ago.
"There's more optimism. There's more enthusiasm among buyers. There's definitely more volume," said Mr. Babiak, an agent with Royal LePage Real Estate.
According to the CREA report, the largest monthly increases in activity were in British Columbia, at 13.6 per cent, and Ontario, at 10.5 per cent.
The burst of sales may be nothing more than the annual spring surge, aided by unseasonal warm spells in parts of the country. The more telling year-over-year picture was bleaker, with sales down nationally by 13.7 per cent. The national average resale price also dropped to $288,641 - down 7.7 per cent from a year earlier.
But it was the smallest year-over-year decline in six months, as some sellers resisted demands for further discounts and some buyers waited for further price declines.
"Call it a standoff or whatnot," said Vancouver realtor Shaun Kimmins. "Buyers are wanting tomorrow's prices and sellers are wanting yesterday's prices."
That was the case for Curtis Muir, a 30-year-old looking to take advantage of low interest rates and buy his first home. He's expecting to pay under asking price, but was surprised when a condo in the Toronto area where he's looking recently sold above its asking price.
"I look at that and it makes me [think] I've got to do something right now because it's starting to come back. A bidding war? ... That's crazy," Mr. Muir said. "I just feel like that the market's good enough that I should be able to lowball a little bit and get what I want."
The possible turn in fortunes comes on the heels of the widespread interest-rate cuts - five-year mortgage rates are as low as 4 per cent - that attracted buyers such Mr. Muir, as well as government efforts to stimulate home buying.
"I think [the market] is going to remain strong as long as rates stay in the general range they're in," said Mr. Muir's agent, Dan Ellenberg of Royal LePage.
But economists were reluctant to characterize the increased sales activity as the beginning of a full-fledged recovery. Bank of Montreal economist Robert Kavcic noted that sales activity is still down more than 30 per cent from its 2007 peak.
"Still, the improvement in recent months is an encouraging sign that the Canadian housing market has crossed the halfway point for this downturn," Mr. Kavcic said.
"Affordability is the highest in about four years, which should help fuel a rebound in sales once the job market stabilizes."
Sales of existing homes listed with the industry's MLS service totalled 35,225 units across Canada in March - 18 per cent higher than in January, when activity was at its lowest in a decade.
Mr. Kimmins, of Century 21 In Town Realty, said it's a buyers' market and there is now a sense among buyers "that interest rates are about as low as they are going to go. There is still a question as to how low the market is going to go," he said.
Home prices have been hit hardest in Western Canada and in Ontario manufacturing centres affected by layoffs, but have remained strong in some cities, including Saint John, N.B., and Regina, he said.
The price depreciation appears to be kick-starting the Vancouver market, said real-estate agent Austin Gangur. Mr. Gangur said a couple who balked at the price of a Vancouver loft last August just bought a unit in the same building for $50,000 less.
"They moved in three weeks ago," said Mr. Gangur, an agent with Sutton Group West Coast Reality. "They are happy as flies on a rib roast."
Monday, March 30, 2009
Keller Williams Realty Climbs to Third-Largest Real Estate Franchise in United States
Hello,
I’m very excited about my companies growth and wanted to share this with you!
All My Best...Dan
Company outpaces market with financial model, agent-centric initiatives.
Keller Williams® Realty Inc., announced last week at its annual convention in
Orlando, Fla. that it is now the third-largest real estate franchise in the United
States surpassing RE/MAX® International. According to Steve Murray of
REAL Trends, a leading source of analysis and information in the residential
real estate industry, the Austin, Texas-based company claimed the number
three spot with 72,794 U.S. associates at the end of 2008.
“The success of Keller Williams Realty can be directly attributed to the hard
work and perseverance of our associates and the soundness of our economic
and organizational models,” said Mark Willis, CEO of Keller Williams Realty,
Inc. “While others might be looking at this market and seeing fear and
uncertainty, we have always approached it as our opportunity to shine and
grow. And that mindset has paid off.”
The company has been gaining ground for the last three years, outpacing
pervasive downward trends in the real estate industry. Comparing the
average annual performance of the company from 2004 - 2005 (Before the
shift in the U.S. real estate market) to 2006 - 2008, Keller Williams Realty
increased its associate count by 52 percent, while market share for its offices
increased 83 percent and agent gross commission income went up 35
percent. Keller Williams Realty has 679 offices operating in the United States
and Canada. In 2008, the company shared more than $30 million in profits
with its associates through its profit sharing program.
“Through profit share, technology offerings and our phenomenal in house
education, coaching and training systems, we are providing agents exactly
what they need to succeed and thrive in this market.” John Furber, Canada
Director of Keller Williams Realty added, “The new best selling book by Gary
Keller “Shift” helps agents embrace and tackle these tough times”.
Last fall, the company also announced the launch of KW Commercial, a new
division of the company dedicated to providing commercial real estate
associates with specialized technology, marketing tools and resources. KW
Commercial already has more than 220 active brokers across the U.S. and
Canada.
“Our goal is to create synergy between the residential and commercial sides
of our Keller Williams offices, raising the bar for the service we provide to our
clients,” said Ernest Furtado, KW Canada Commercial Director. “We envision
our commercial and residential agents working side-by-side, sharing referrals
and helping our offices grow.”
“Our growth in the last year and now becoming the third-largest real estate
company in the United States was a true team effort and a company-wide
win. We are so grateful for all of the leadership and commitment our
associates have shown to power through this shift,” added Willis.
“Keller Williams is quickly picking up momentum in Canada and it will not be
long before we will mirror the U.S. market share and growth numbers,” said
Furber. “We are committed to our company mission… to build careers worth
having, businesses worth owning and lives worth living”.
I’m very excited about my companies growth and wanted to share this with you!
All My Best...Dan
Company outpaces market with financial model, agent-centric initiatives.
Keller Williams® Realty Inc., announced last week at its annual convention in
Orlando, Fla. that it is now the third-largest real estate franchise in the United
States surpassing RE/MAX® International. According to Steve Murray of
REAL Trends, a leading source of analysis and information in the residential
real estate industry, the Austin, Texas-based company claimed the number
three spot with 72,794 U.S. associates at the end of 2008.
“The success of Keller Williams Realty can be directly attributed to the hard
work and perseverance of our associates and the soundness of our economic
and organizational models,” said Mark Willis, CEO of Keller Williams Realty,
Inc. “While others might be looking at this market and seeing fear and
uncertainty, we have always approached it as our opportunity to shine and
grow. And that mindset has paid off.”
The company has been gaining ground for the last three years, outpacing
pervasive downward trends in the real estate industry. Comparing the
average annual performance of the company from 2004 - 2005 (Before the
shift in the U.S. real estate market) to 2006 - 2008, Keller Williams Realty
increased its associate count by 52 percent, while market share for its offices
increased 83 percent and agent gross commission income went up 35
percent. Keller Williams Realty has 679 offices operating in the United States
and Canada. In 2008, the company shared more than $30 million in profits
with its associates through its profit sharing program.
“Through profit share, technology offerings and our phenomenal in house
education, coaching and training systems, we are providing agents exactly
what they need to succeed and thrive in this market.” John Furber, Canada
Director of Keller Williams Realty added, “The new best selling book by Gary
Keller “Shift” helps agents embrace and tackle these tough times”.
Last fall, the company also announced the launch of KW Commercial, a new
division of the company dedicated to providing commercial real estate
associates with specialized technology, marketing tools and resources. KW
Commercial already has more than 220 active brokers across the U.S. and
Canada.
“Our goal is to create synergy between the residential and commercial sides
of our Keller Williams offices, raising the bar for the service we provide to our
clients,” said Ernest Furtado, KW Canada Commercial Director. “We envision
our commercial and residential agents working side-by-side, sharing referrals
and helping our offices grow.”
“Our growth in the last year and now becoming the third-largest real estate
company in the United States was a true team effort and a company-wide
win. We are so grateful for all of the leadership and commitment our
associates have shown to power through this shift,” added Willis.
“Keller Williams is quickly picking up momentum in Canada and it will not be
long before we will mirror the U.S. market share and growth numbers,” said
Furber. “We are committed to our company mission… to build careers worth
having, businesses worth owning and lives worth living”.
Our Weekly Thought
"Competition Does Not Mean War...It Means Learn, It Means Prepare, It Means Be Your Best!"
- Jeffrey Gitomer
- Jeffrey Gitomer
Monday, March 02, 2009
Home Renovation Tax Credit
Hello,
Please read below to learn more about the Home Renovation Tax Credit. If you would like further information on this or any other topic, please don’t hesitate to contact me.
All the best…Dan
1. What is the Home Renovation Tax Credit (HRTC)?
The proposed HRTC is a non-refundable tax credit for work performed or goods acquired in respect of an eligible dwelling.
2. What is meant by eligible dwelling?
An eligible dwelling is a housing unit that is eligible to be an individual's principal residence or that of one or more of their family members, at any time between January 27, 2009 and February 1, 2010. In general, a housing unit is considered eligible to be an individual's principal residence where it is owned by the individual and ordinarily inhabited by the individual, the individual's spouse or common-law partner, or their children. This means that any dwelling that you own and use personally could qualify, including your home or your cottage.
3. What is the eligibility period?
The credit will be based on eligible expenditures for work performed or goods acquired after January 27, 2009, and before February 1, 2010. Expenditures incurred pursuant to an agreement that was entered into before January 28, 2009, will not be eligible for the credit.
4. Who will be eligible for the credit?
Eligibility for the HRTC will be family based. A family will generally be considered to consist of an individual or an individual and his or her spouse or common-law partner, including children who will be under 18 years of age, at the end of 2009. A family will be allowed a single credit that may be shared within the family. If two or more families share the ownership of an eligible dwelling, each family will be eligible for their own separate credit (i.e. each up to $1,350) that will be calculated on their respective eligible expenditures.
5. How will the credit be calculated?
The credit will only be available for the 2009 tax year and applies to eligible expenditures of more than $1,000, but not more than $10,000, resulting in a maximum credit of $1,350 ($9,000 x 15%).
6. What are eligible expenditures?
To be eligible, expenditures incurred in relation to a renovation or alteration to an eligible dwelling (or the land that forms part of the eligible dwelling) must be of an enduring nature and integral to the dwelling, and includes the cost of labour and professional services, building materials, fixtures, rentals, and permits.Eligible expenditures must be supported by acceptable documentation.
7. What does the CRA consider to be acceptable documentation?
Documentation, such as agreements, invoices, and receipts, must clearly identify the type and quantity of goods purchased or services provided, including, but not limited to, the following information: information that clearly identifies the vendor/contractor, their business address and, if applicable, the GST/HST registration number; a description of the goods and the date when the goods were purchased; The date when the goods were delivered (keep your delivery slip as proof) and/or when the work or services were performed; A description of the work performed including the address where the work was performed; the amount of the invoice; and
proof of payment. Receipts or invoices must indicate paid in full or be accompanied by other proof of payment, such as a credit card slip or cancelled cheque. Please consult our Underground Economy Web page, for tips to protect yourself when hiring a contractor.
To verify whether someone is registered for GST/HST, please consult the GST/HST Registry.
8. If I own both a house and a cottage and incur eligible expenditures for both, are both sets of expenditures eligible for the HRTC?
If you own and use your home and cottage personally, eligible expenditures incurred for both properties will normally qualify for the HRTC. Please note that the maximum amount of eligible expenditures you can claim in respect of the HRTC is $10,000 per family.
9. I am planning to replace my windows in 2009: can I hire my brother-in-law to help me out and still be eligible?
It depends. Expenditures will not be eligible if the related goods or services are provided by a person not dealing at arm's length with the individual, unless that person is registered for the Goods and Services Tax/Harmonized Sales Tax under the Excise Tax Act. So, in your case, if your brother-in-law is registered for GST/HST and if all other conditions are met, the expenditure will be eligible for the credit.
10. Will expenditures for the common areas of condominiums and co-operative housing corporations qualify for the credit?
In the case of condominiums and co-operative housing corporations, the individual's share of the cost of eligible expenditures for common areas will qualify.
11. I rent out my basement. If I renovate the basement for my tenant, will I be allowed to claim the credit?
No. Individuals who earn business or rental income from part of their principal residence will be allowed to claim the credit only for expenditures made for the personal-use areas of the residence. For expenditures made for common areas or that benefit the housing unit as a whole (such as re-shingling a roof), you must divide the expense between personal use and income-earning use. For further information, please consult the Business and Professional Income Guide or the Rental Income Guide, as applicable.
12. If an eligible expenditure also qualifies for the Medical Expense Tax Credit (METC), will I be allowed to claim both the HRTC and METC?
Yes. Where an eligible expenditure qualifies for the METC the individual will be permitted to claim both the METC and the HRTC for that expenditure.
13. Will the credit be reduced by other government grants or credits that I may receive for the same expenditures?
No. Eligible expenditures will not be reduced by other government tax credits or grants that the individual may be entitled to.
14. Does work performed by electricians, plumbers, carpenters, architects, etc. qualify?
Generally, work performed by electricians, plumbers, carpenters, architects, etc. in respect of an eligible expenditure will qualify. See below for examples of eligible expenditures. If you're planning on hiring a contractor to do construction, renovation, or repair work on your home, the Get it in Writing! Web site has information that will help you.
15. Could you provide me with some examples of eligible and ineligible expenditures?
Yes, some examples are:
Eligable: Renovating a kitchen, bathroom or basement; New carpet or hardwood floors; Building an addition, garage, deck, garden/storage shed, fence; Re-shingling a roof; A new furnace, woodstove, boiler, fireplace, water softener or water heater; A new driveway or resurfacing a driveway ;Painting of interior or exterior of a house ;Window coverings directly attached to the window frame and whose removal would alter the nature of the dwelling; Laying new sod; Swimming Pools (Permanent - in ground and above ground); Fixtures – lights, fans, etc.; Associated costs such as permits, professional services, equipment rentals and incidental expenses.
Ineligable: Furniture, appliances, and audio and visual electronics; Purchasing of tools; Cleaning carpets; House cleaning; Maintenance contracts (e.g. furnace cleaning, snow removal, lawn care, and pool cleaning); Financing costs.
16. What types of expenditures will not qualify?
The following expenditures will not be eligible for the HRTC:
the cost of routine repairs and maintenance normally performed on an annual or more frequent basis; expenditures that are not integral to the dwelling, and other indirect expenditures that retain a value independent of the renovation; expenditures for appliances and audio-visual electronics; and financing costs.
17. Do I have to submit any supporting documents with my income tax return?
No. However, you must ensure that this information is available, should it be requested by the CRA.
18. How will I claim the HRTC?
A new line will be incorporated in the 2009 personal income tax return to allow you to claim the credit.
19. Where can I get more information about this new tax credit?
Additional information will be posted on the CRA's Web site as it becomes available. In the meantime, please see the Department of Finance's Budget 2009 documents for details.
Please read below to learn more about the Home Renovation Tax Credit. If you would like further information on this or any other topic, please don’t hesitate to contact me.
All the best…Dan
1. What is the Home Renovation Tax Credit (HRTC)?
The proposed HRTC is a non-refundable tax credit for work performed or goods acquired in respect of an eligible dwelling.
2. What is meant by eligible dwelling?
An eligible dwelling is a housing unit that is eligible to be an individual's principal residence or that of one or more of their family members, at any time between January 27, 2009 and February 1, 2010. In general, a housing unit is considered eligible to be an individual's principal residence where it is owned by the individual and ordinarily inhabited by the individual, the individual's spouse or common-law partner, or their children. This means that any dwelling that you own and use personally could qualify, including your home or your cottage.
3. What is the eligibility period?
The credit will be based on eligible expenditures for work performed or goods acquired after January 27, 2009, and before February 1, 2010. Expenditures incurred pursuant to an agreement that was entered into before January 28, 2009, will not be eligible for the credit.
4. Who will be eligible for the credit?
Eligibility for the HRTC will be family based. A family will generally be considered to consist of an individual or an individual and his or her spouse or common-law partner, including children who will be under 18 years of age, at the end of 2009. A family will be allowed a single credit that may be shared within the family. If two or more families share the ownership of an eligible dwelling, each family will be eligible for their own separate credit (i.e. each up to $1,350) that will be calculated on their respective eligible expenditures.
5. How will the credit be calculated?
The credit will only be available for the 2009 tax year and applies to eligible expenditures of more than $1,000, but not more than $10,000, resulting in a maximum credit of $1,350 ($9,000 x 15%).
6. What are eligible expenditures?
To be eligible, expenditures incurred in relation to a renovation or alteration to an eligible dwelling (or the land that forms part of the eligible dwelling) must be of an enduring nature and integral to the dwelling, and includes the cost of labour and professional services, building materials, fixtures, rentals, and permits.Eligible expenditures must be supported by acceptable documentation.
7. What does the CRA consider to be acceptable documentation?
Documentation, such as agreements, invoices, and receipts, must clearly identify the type and quantity of goods purchased or services provided, including, but not limited to, the following information: information that clearly identifies the vendor/contractor, their business address and, if applicable, the GST/HST registration number; a description of the goods and the date when the goods were purchased; The date when the goods were delivered (keep your delivery slip as proof) and/or when the work or services were performed; A description of the work performed including the address where the work was performed; the amount of the invoice; and
proof of payment. Receipts or invoices must indicate paid in full or be accompanied by other proof of payment, such as a credit card slip or cancelled cheque. Please consult our Underground Economy Web page, for tips to protect yourself when hiring a contractor.
To verify whether someone is registered for GST/HST, please consult the GST/HST Registry.
8. If I own both a house and a cottage and incur eligible expenditures for both, are both sets of expenditures eligible for the HRTC?
If you own and use your home and cottage personally, eligible expenditures incurred for both properties will normally qualify for the HRTC. Please note that the maximum amount of eligible expenditures you can claim in respect of the HRTC is $10,000 per family.
9. I am planning to replace my windows in 2009: can I hire my brother-in-law to help me out and still be eligible?
It depends. Expenditures will not be eligible if the related goods or services are provided by a person not dealing at arm's length with the individual, unless that person is registered for the Goods and Services Tax/Harmonized Sales Tax under the Excise Tax Act. So, in your case, if your brother-in-law is registered for GST/HST and if all other conditions are met, the expenditure will be eligible for the credit.
10. Will expenditures for the common areas of condominiums and co-operative housing corporations qualify for the credit?
In the case of condominiums and co-operative housing corporations, the individual's share of the cost of eligible expenditures for common areas will qualify.
11. I rent out my basement. If I renovate the basement for my tenant, will I be allowed to claim the credit?
No. Individuals who earn business or rental income from part of their principal residence will be allowed to claim the credit only for expenditures made for the personal-use areas of the residence. For expenditures made for common areas or that benefit the housing unit as a whole (such as re-shingling a roof), you must divide the expense between personal use and income-earning use. For further information, please consult the Business and Professional Income Guide or the Rental Income Guide, as applicable.
12. If an eligible expenditure also qualifies for the Medical Expense Tax Credit (METC), will I be allowed to claim both the HRTC and METC?
Yes. Where an eligible expenditure qualifies for the METC the individual will be permitted to claim both the METC and the HRTC for that expenditure.
13. Will the credit be reduced by other government grants or credits that I may receive for the same expenditures?
No. Eligible expenditures will not be reduced by other government tax credits or grants that the individual may be entitled to.
14. Does work performed by electricians, plumbers, carpenters, architects, etc. qualify?
Generally, work performed by electricians, plumbers, carpenters, architects, etc. in respect of an eligible expenditure will qualify. See below for examples of eligible expenditures. If you're planning on hiring a contractor to do construction, renovation, or repair work on your home, the Get it in Writing! Web site has information that will help you.
15. Could you provide me with some examples of eligible and ineligible expenditures?
Yes, some examples are:
Eligable: Renovating a kitchen, bathroom or basement; New carpet or hardwood floors; Building an addition, garage, deck, garden/storage shed, fence; Re-shingling a roof; A new furnace, woodstove, boiler, fireplace, water softener or water heater; A new driveway or resurfacing a driveway ;Painting of interior or exterior of a house ;Window coverings directly attached to the window frame and whose removal would alter the nature of the dwelling; Laying new sod; Swimming Pools (Permanent - in ground and above ground); Fixtures – lights, fans, etc.; Associated costs such as permits, professional services, equipment rentals and incidental expenses.
Ineligable: Furniture, appliances, and audio and visual electronics; Purchasing of tools; Cleaning carpets; House cleaning; Maintenance contracts (e.g. furnace cleaning, snow removal, lawn care, and pool cleaning); Financing costs.
16. What types of expenditures will not qualify?
The following expenditures will not be eligible for the HRTC:
the cost of routine repairs and maintenance normally performed on an annual or more frequent basis; expenditures that are not integral to the dwelling, and other indirect expenditures that retain a value independent of the renovation; expenditures for appliances and audio-visual electronics; and financing costs.
17. Do I have to submit any supporting documents with my income tax return?
No. However, you must ensure that this information is available, should it be requested by the CRA.
18. How will I claim the HRTC?
A new line will be incorporated in the 2009 personal income tax return to allow you to claim the credit.
19. Where can I get more information about this new tax credit?
Additional information will be posted on the CRA's Web site as it becomes available. In the meantime, please see the Department of Finance's Budget 2009 documents for details.
Thursday, February 12, 2009
Hello,
I hope the beginning of 2009 has been great! The break in temperature has sure been nice! Keeping that in mind, below is an article on avoiding basement flooding as the snow begins to melt!
All the best…Dan
Avoiding Basement Flooding
Protect Your Home — and Your Investment
Cleaning debris from your eavestrough is one way of preventing flooding in your basement.
With up to 40,000 reported cases in Canada each year, basement flooding is a serious problem in many parts of the country. Damages resulting from a flooded basement average between $3,000 to $5,000. These costs will likely be higher for basements with extensive finishings. Plus, in addition to the mess and inconvenience, flooding can cause health hazards, and lead to structural damage.
To help you protect your basement, the health of your family and your pocketbook, Canada Mortgage and Housing Corporation (CMHC) has a number of practical steps you can take to avoid basement flooding in your home, including:
Clean debris from your eavestroughs on a regular basis, and make sure your downspouts extend at least 1.8 metres (six feet) away from your basement wall, and drains away from your house toward the street, rear yard or back lane. If your downspouts are connected to your home’s sewer system or weeping tile, disconnect them.
If the land around your home slopes inward, fill in and grade the ground so that it slopes away from your house for at least 1.8 metres (six feet) out from the foundation. Also, examine sidewalks, patios, decks and driveways to be sure they aren’t causing water to drain back towards your basement walls.
If your drainage system tends to overload, consider installing one or more floodproofing devices, such as a sump pump or back flow valve. Some devices may require a plumbing permit, so check with your municipal office or a qualified plumber before carrying out any installation. Plus, keep all floodproofing devices and plumbing fixtures clean and well maintained, and have a qualified plumber inspect them regularly to ensure that they’re operating properly.
For severe storms or power blackouts, you may want to invest in a battery-powered backup sump pump, or a water-powered pump that runs by city water flowing through the pump impeller.
Install impermeable floor finishes such as ceramic tile to lessen the potential damage from flooding in your basement, and to make clean-up easier and less expensive. Use wall finishes that can be easily removed or are not susceptible to mold growth. In addition, make sure any furniture in the basement has legs to keep the fabric off the floor, and consider using area rugs as an alternative to broadloom for easier removal and cleaning.
Finally, check with your insurance agent or broker to ensure that you have adequate coverage against flood damage. Keep your insurance policies and related records in a safe location that is easily accessible after an emergency, and maintain a detailed inventory of everything in your residence for use in the event of a loss.
I hope the beginning of 2009 has been great! The break in temperature has sure been nice! Keeping that in mind, below is an article on avoiding basement flooding as the snow begins to melt!
All the best…Dan
Avoiding Basement Flooding
Protect Your Home — and Your Investment
Cleaning debris from your eavestrough is one way of preventing flooding in your basement.
With up to 40,000 reported cases in Canada each year, basement flooding is a serious problem in many parts of the country. Damages resulting from a flooded basement average between $3,000 to $5,000. These costs will likely be higher for basements with extensive finishings. Plus, in addition to the mess and inconvenience, flooding can cause health hazards, and lead to structural damage.
To help you protect your basement, the health of your family and your pocketbook, Canada Mortgage and Housing Corporation (CMHC) has a number of practical steps you can take to avoid basement flooding in your home, including:
Clean debris from your eavestroughs on a regular basis, and make sure your downspouts extend at least 1.8 metres (six feet) away from your basement wall, and drains away from your house toward the street, rear yard or back lane. If your downspouts are connected to your home’s sewer system or weeping tile, disconnect them.
If the land around your home slopes inward, fill in and grade the ground so that it slopes away from your house for at least 1.8 metres (six feet) out from the foundation. Also, examine sidewalks, patios, decks and driveways to be sure they aren’t causing water to drain back towards your basement walls.
If your drainage system tends to overload, consider installing one or more floodproofing devices, such as a sump pump or back flow valve. Some devices may require a plumbing permit, so check with your municipal office or a qualified plumber before carrying out any installation. Plus, keep all floodproofing devices and plumbing fixtures clean and well maintained, and have a qualified plumber inspect them regularly to ensure that they’re operating properly.
For severe storms or power blackouts, you may want to invest in a battery-powered backup sump pump, or a water-powered pump that runs by city water flowing through the pump impeller.
Install impermeable floor finishes such as ceramic tile to lessen the potential damage from flooding in your basement, and to make clean-up easier and less expensive. Use wall finishes that can be easily removed or are not susceptible to mold growth. In addition, make sure any furniture in the basement has legs to keep the fabric off the floor, and consider using area rugs as an alternative to broadloom for easier removal and cleaning.
Finally, check with your insurance agent or broker to ensure that you have adequate coverage against flood damage. Keep your insurance policies and related records in a safe location that is easily accessible after an emergency, and maintain a detailed inventory of everything in your residence for use in the event of a loss.
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