TORONTO, December 17, 2008 — Greater Toronto REALTORS® reported 1,487 resale transactions during the first half of December, from 2,868 sales recorded in the same period a year ago, Toronto Real Estate Board President Maureen O’Neill announced today.
The average price of a home in the Greater Toronto Area is currently $360,652. This compares to an average of $404,707 recorded during the first half of December 2007 and to an average of $343,048 recorded during the same period in 2006.
Keeping today’s market statistics in perspective, MLS statistics confirm that over the last 10 years the price of homes has increased in value. What this means for the consumer is that real estate continues to hold its value and is a solid choice for long-term investments, said Ms. O’Neill.
In the 416 area, 619 transactions were recorded during the first half of this month, from 1,402 sales that took place during the same timeframe a year ago.
The average price in the 416 area is currently $382,759, from an average of $450,731 a year ago, and $367,650 recorded in the first half of December 2006.
In the 905 region 868 homes changed hands in the first two weeks of this month, from 1,466 transactions that took place in the first half of December 2007.
The 905 region’s current average price is $344,887 from an average of $360,691 recorded during the same timeframe a year ago and $325,477 recorded at mid-December 2006.
The recent C.D. Howe land transfer tax study confirms REALTORS concerns that the second LTT imposed on homebuyers in the City of Toronto has indeed contributed to the economic conditions in the GTA, added Ms. O’Neill.
There are currently 24,708 listings on the TorontoMLS system, from 17,027 a year ago. The average number of days a home now remains on the market is 43, as compared to 33 days a year ago. Sellers are achieving 96 per cent of their listing price, as compared to 98 per cent a year ago.
Location, price and your own personal financial and family situation all play an important role when considering a purchase, said Ms. O’Neill. REALTORS can provide you with information about neighbourhoods, school districts and realistic pricing because of their vast knowledge of the local community.
This mid month release does not provide a year in review analysis. A summary of activity for all of 2008 including the month of December will be provided in the January 2009 Market Watch Report.
Source: Toronto Real Estate Board
For statistics on the Brampton or Georgetown real estate markets drop me an email.
What started as a small village not far from Toronto is now a cosmopolitan city with every conceivable amenity, making Brampton a self contained centre of culture, fine shopping, fine dining, recreation and social life. Brampton ripples outward from a classic small town downtown. The main street features stylish boutique shopping, gourmet dining & several live theatre venues as well as art galleries, museums and parklands.
Gage Park, for example, offers an outdoor skating trail in the winter and a weekly concert series as well as popular weekend festivals throughout the summer.
Historic architecture lines both sides of the streets and stately old homes surround the core area. Downtown Brampton also features a Farmer’s Market and organized community events all year long.
Moving out from the centre of Brampton, you’ll find some of the finest communities and parks in the GTA. Chinguacousy Park features a ski hill, cross-country trails, snowboarding tracks, tubing hill and toboggan runs. Warmer weather yields volleyball, tennis, skateboarding, paddle boating, mini golf, batting cages, several team sports fields, a band shell, picnic areas and botanical garden. This is a park designed for the enjoyment of every citizen of Brampton.
Brampton is fully served by several indoor malls, power centres and big box stores in the outlying areas. Brampton is experiencing a renaissance of economic development is various business sectors. Companies who choose to move here often comment on the special quality of life they find once they’ve made Brampton their home. Brampton quite simply is a great place to live, work and play.
All of these aspects make Brampton a great location to buy a new home. Find out more about Mattamy’s Castlemore Crossing community and their Brampton Homes on their website.Source: Mattamy Homes
Freehold townhouse that has been totally renovated from top to bottom. Convenient area of Brampton, close to mall, groceries, bus stops, schools, and highway 410. Hardwood throughout the main floor and 2nd floor. Laminate in the basement. No carpeting anywhere. 3 washrooms (very rare for this model). All washrooms have been renovated recently. New cupboards and counter in the sink along with stainless steel appliances.
Asking only $249,900! Last month identical house (with no upgrades at all) sold for $249,000.
For more info or to see this house drop me an email.
Gorgeous house in north Brampton (Chinguacousy / Wanless). Approx 1900 sqft with rich dark hardwood on the main floor. Open concept kitchen with a breakfast area leading to the backyard. Family room with an upgraded fireplace. This area of Brampton is attracting a lot of young families. Walking distance to a park.
Closing date is flexible, asking $319,900.
For more pictures and a virtual tour: http://www.myvisuallistings.com/treb/19650
For any other questions regarding Brampton or Georgetown real estate drop me an email.
Brampton’s Cassie Campbell Community Centre opened its doors in September, as the city’s largest and most modern multi-use community centre. Named after the captain of Canada’s gold medal Olympic women’s hockey team, the 15,800-square-metre-facility houses a twin-pad arena, aquatic centre, gymnasium, running track and fitness centre.
“The building is designed to be an urban landmark that clearly announces itself as a civic building and a hub of community life,†says Davinder Chadha, Senior Project Manager with the Building Construction Division, City of Brampton. “The architecture uses high quality materials with a natural aspect, such as wood and limestone, and offers dramatic roof lines to make a bold urban statement.â€
Some of the materials employed in the structure include Prodema, a phenolic resin panel with an integrated layer of real wood veneer. “The architects, Shore Tilbe Irwin & Partners, were instrumental in obtaining the necessary fire rating approvals from ULC to allow the use of this product in this application,†says Chadha.
The building offers numerous green features. High-efficiency fluorescent fixtures save energy, while outdoor fixtures feature sharp cut-offs to preserve the night sky surrounding the building. The centre also features an Eco-Chill ice surfacing plant, in which heat recovered from the ice rink plant refrigeration system is pumped into a glycol loop set into the concrete floor of the spectator seating area. “This takes waste heat and captures it to provide comfortable radiant heat for the arena spectators at their seats,†says Chadha. “This waste heat is stored in a heat sink and can be used for heating elsewhere in the building as required.â€
The building has been designed to allow for future expansion and integration of other public use space into the existing architecture and landscape.
Construction manager PCL Constructors Canada Inc. began the $44-million Cassie Campbell project in September 2006, one of four projects for the city that have included renovations to the Earnscliffe and Century Gardens Recreation Centres and the construction of the new Brampton Soccer Centre which opened last year.
The Bank of Canada slashed a key interest rate by three-quarters of a percentage point Tuesday as the central bank moved to combat major economic weakness. With the interest rate reduction is the biggest drop since one of a similar size in October 2001 the bank’s overnight rate now stands at 1.5 per cent, a level not seen since 1958.
“While Canada’s economy evolved largely as expected during the summer and early autumn, it is now entering a recession as a result of the weakness in global economic activity,” the bank said.
“The recent declines in terms of trade, real income growth and confidence are prompting more cautious behaviour by households and businesses.”
Most economists had been expecting a cut of half of a percentage point, although some had been calling for the more aggressive reduction the central bank made. In the wake of the Bank of Canada’s decision, the Canadian dollar was trading down 0.83of a cent to 78.91 cents US. Now would be a perfect time for people who had been waiting to buy in Brampton but were unable to qualify.
After the central bank’s move, TD Bank became the first of the country’s big banks to reduce its prime lending rate what it charges its top customers although it didn’t go for the full reduction of 0.75 of a percentage point. TD dropped its prime rate by a half-point to 3.5 per cent. The other top banks followed suit. Economists said the central bank may not be done with interest rate cuts, given the weak condition of the economy.
“Canada is only just entering a recession that will likely get worse before it gets better,” said TD Bank economist James Marple.
“Given the further deterioration in the outlook for inflation, an additional 50-basis-point cut when the Bank of Canada meets again on Jan. 20 is a reasonable expectation.”
Dawn Desjardins, assistant chief economist at Royal Bank, believes the Bank of Canada’s key rate will remain at 1.5 per cent, although she said future cuts could be necessary if the economic downturn is protracted.
Most experts agree that it’s best to sell your home during the spring and summer. Home buyers with children, for example, usually try to move during the summer when the kids are out of school.
That’s one reason to sell a home during the summer. For this and other reasons, selling a home in the winter should be avoided whenever possible.
But sometimes, you just don’t have a choice. Sometimes you have to sell the home in winter for any number of reasons. Maybe you cannot afford the home any more and need to sell it fast. Or maybe you have a job transfer that requires you to move during winter.
Whatever the reason, you need not despair. While selling a home during winter does present certain challenges, it is by no means impossible. On the contrary, if you follow the selling techniques and tips in this article, you should be able to sell your home in the winter nearly as easily as you would in the summer.
And who knows, depending on the market you are in, you may even sell the home fast in spite of it being the winter months.
1. Selling in Winter Requires Patience
Homes don’t sell as quickly in the winter as they do in the warmer months. That’s just a fact you’ll have to live with. Of course, there are always exceptions to the rule, and the speed with which a home sells depends on the local real estate market.
But the bottom line here is that you will have fewer buyers visiting the home when selling in the winter (as opposed to spring or summer). This means the home could be on the home longer, so you will have to be patient with the process.
With that being said, the subsequent tips and techniques for selling during winter may shorten the time on market and help you secure a quick sale! So let’s move on.
2. Contrast the Cold With the Warmth
Believe it or not, you can actually take advantage of winter conditions to help sell your home during the colder months. The best way to do this is by showcasing the warmth and coziness of your home.
Picture this scenario. Potential home buyers John and Jane visit your home with their real estate agent. It’s cold and windy outside, the kind of weather that makes you want to hunker down someplace warm. They open the front door and walk inside. The house is warm and well lit. A fire crackles softly in the fireplace. The smell of gingerbread cookies — recently baked on offered up on a glass plate — fills the air.
Now doesn’t that make you want to say “Aaaaaah”? It will do the same for buyers. So simply by showcasing the warmth of your home you have a better chance of selling during the winter cold.
You can think about it in terms of both psychology and physiology. The first physical impression will be one of warmth and relaxation, just as soon as the buyers walk in. This will lead to a favorable mental impression as well, and the buyers will carry this impression with them through the rest of the home.
3. Protect Floors From Winter Elements
When selling a home in winter it’s perfectly acceptable to ask people to remove their shoes upon entering. This is especially important if you live in a snowy region of the country. Slush, gravel and salt (from those de-icing trucks) can wreak havoc on carpets and wood floors.
This will help you in two ways. First, it shows buyers that you care about the cleanliness of your home. And if your floors are noteworthy in some way (new carpet, nice wood floors, etc.), the buyers will immediately notice this feature. You can be sure the first thing they will do when seeing a “remove shoes” sign is to examine the floors.
You can almost hear them saying: “Oh yeah, this house does have nice carpet / floors … let’s remove our shoes. Who knows, they might be our floors someday soon.”
This technique is easily put into practice. Simply use an attractive welcome mat inside the front door, and put a sign someplace visible that says: “Please remove shoes when entering.” Or, if you’re the creative type, you could say something like this: “The weather outside is frightful. Removing your shoes would be delightful.”
However you handle it, this is a practical and useful tip for selling your home in winter — especially in an area with snow or rain outside.
Picture this. A couple pulls up in front of the home you are selling. They are potential buyers, and they are out with their real estate agent shopping for homes. The roll the windows down, take one look at the yard and the front of the home, and then they drive away without even getting out.
This is an example of curb appeal (or the lack of it) turning away potential buyers before they’ve even seen the inside of the home. And it happens all the time. So when you are staging your home for sale you must include the home’s outer appearance, including the yard.
In other words, you must strive for the kind of curb appeal that makes a great first impression and pulls people into the home. The curb appeal tips and ideas below will help you get started. But first, let’s cover a bit of terminology…
Curb Appeal Defined
When potential buyers pull up to the curb in front of your home, you want the home to appeal to them as much as possible. This gives a good first impression, so it should part of your home staging checklist.
Here are some tips to help you stage your home’s exterior for maximum curb appeal (and a better chance of selling the home).
Staging Your Home’s Exterior
- Begin the process by creating a list of items that need your attention. The best way to do this is to stand out by the curb in front of your home (much like a buyer would). Take a notepad with you, and jot down any issues that “leap” out right away.
- Pay particular attention to the health and status of your lawn, the paint on your home’s exterior, flowers and shrubs, and the home’s entryway.
- Now have a friend or family member perform a similar inspection. Tell them to be as honest and objective as possible. It should only take them about ten minutes to spot areas that need attention. Combine their list with your list.
- Keep the lawn mowed and neatly edged. A nicely mowed lawn does wonders for curb appeal, so you might have to mow every few days while the home is on the market (depending on where you live, season, etc.).
- Have your windows professionally cleaned. Windows that sparkle add a nice finishing touch to your overall curb appeal “package.”
- Paint schemes are a big part of curb appeal. So if your home’s exterior paint is faded, chipped or otherwise in bad shape, give it a fresh coat. Give special attention to doors, shutters and trim.
- The paint scheme should be cohesive. So if the shutters and doors are different colors, you should probably make them the same. When standardizing the color scheme, choose the more neutral color of the two.
Start Early With the Lawn
It’s important to remember that lawn improvements take time. If, for example, your lawn is patchy, brown or weedy, you may need to call in the professionals to get it back to beautiful as quickly as possible. Unlike a paint touch-up or a faucet upgrade, there are no quick fixes with a lawn. So start your lawn treatment as early as possible before listing the home for sale.
Curb Appeal Conclusion
Remember, potential home buyers will see the exterior of your home before they see the interior. If the outside of the home (the yard, the paint, the entryway) makes a bad first impression on buyers, they will bring that negativity inside the home with them. So when staging your home for sale be sure to work on the home’s exterior as well.
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