August 2007 - Posts
Toronto Home Sales in August are well above expected numbers in terms of volume. As of August 17th there were 3,838 homes sold, up 17% from Aug 2006, and the average sale price across the Toronto MLS® system was $355,829.
So it looks like the summer market is doing very well with the lower priced home and condo sales. I, for one, am looking forward to see how the upper priced home sale come back in September.
The Tenant Protection Act is no longer the act that governs residential rental agreement in Ontario, Canada. It has now been replaced with the
Residential Tenancies Act with a few significant changes.
First, in the old act tenants were entitled to 6% interest on there last months rent per year payable each year. Now the interest has been reduced to the same as the consumer price index which will also be used in determining the rent increase amounts that landlords can charge yearly. This will, within reason , make a last months rent always equal the last months rent no matter how long you stay in the unit.
Landlords will now be allowed to inspect the unit for maintenance problems with 24 hours and the process for evicting tenants that have damaged their rental property ( either themselves or their guests) have been made easier. So be kind to your rental unit.
The Ontario Rental Housing Tribunal has been given a new name and there are supposed to be improvements to the process of dealing with issues between landlords and tenants. This new entity is called the Landlord and Tenant Board.
If you are, or want to be, a landlord or tenant you should read the new act and know your rights. Get your copy at
http://www.e-laws.gov.on.ca/html/statutes/english/elaws_statutes_06r17_e.htm its free and updated online if there are any amendments. Or at
http://www.mah.gov.on.ca/userfiles/HTML/nts_1_26923_1.htmlIf you are looking to buy or sell your home or investment property call me or contact me through my website at
www.YourAreaHomeTeam.ca
York Region's real estate markets were hot in July 2007 as were all of the Northern districts on the Toronto MLS® system. Sales this year were up 27.7% with 1,797 homes sold compared to 1,407 homes sold in July 2007. The year to date home sales numbers are also up 16.3% to 12,232 homes sold in York Region, the Uxbridge area of Durham and parts of Simcoe County.
Over all average sold prices increased by 5% from $373,573 to $392,360 in July 2007. There were some very active markets in York Region including the 3
Richmond Hill Ontario real estate districts (N03, N04 and N05), Aurora (N06) and Vaughan (N08).
In Richmond Hill there was an increase of 47.1% in the total number of homes sold, going from 291 (July 2006) to 428 (July 2007) homes. Most of this increase was in the South end in the N03 and N04 districts. Richmond Hill seems to have been hit by the summer market effect resulting from higher price range buyers going on vacation. The result was a decrease in the average sold price but an increase in the median home sold price where they were very close to one another. The largest effect was in the detached home market where, in the N03 district, the average home price dropped from $601,645 to $556,140 while the median home sold price increased from $537,000 to $557,750, not that that is chump change or anything but there were definitely fewer million plus dollar homes sold in July 2007.
Aurora Ontario's real estate market saw an increase in home sales of 26.3% from 57 to 72 and an increase in average sale price from $392,658 (July 2006) to $454,512 (July 2007).
In the N08 district (Vaughan) and the N11 district (Markham) both saw increases in sales volume between 27% and 30%.
Happy house hunting.
Toronto's real estate markets keep motoring along. In July 2007 there were 1,590 homes sold in the central districts on the Toronto MLS® system. This would account for the down town core and everything between Dufferin and Victoria Park, South of Steeles, with the DVP as the eastern boundary south of Eglinton Ave. That is an increase of 24.3% over last year's 1,279 Toronto homes sold.
The average sold price in the Toronto Central districts was $470,464 up 9.9% from July 2006's $428,031 and the median home sale prices in central Toronto raised from last years $313,200 to $334,500. The one thing that Toronto still has is variety. The average home sold prices vary widely from district to district. The lowest average sold price was $329,339 in the C8 district which is predominantly condominiums. Where as the highest average home sold price was in the C12 district with and average home sale price of $1,442,216.
So far, in 2007, there have been 10,591 homes sold in the central
Toronto real estate markets which is up 12% from last years 9,450. Even with the potential new land transfer tax, that may get the go ahead if the City or Toronto does not figure another way to fix their budget issues, the real estate markets are booming with a sales to active listings ratio of 64.7% in July 2007 for the central Toronto districts.
It is still a great time to buy or sell Toronto real estate. Please let me know if you are looking for
Toronto, Ontario, homes for sale or if you want to
sell you Toronto home or condo fast.
The home inspection industry is currently not a regulated industry, which means that anyone can call themselves a home inspector and charge a fee to look at homes and give you a report or opinion on the condition of the home. So until the home inspection industry gets its own version of REBBA making it illegal to charge a fee for a home inspection related service, without first being registered and insured, how do you choose the right home inspector?
I think we would all recognize that this picture would be of someone you would not like to have inspecting your home, yet home inspectors are rarely this obviously unqualified. So, always make sure that they are a member of the Canadian Association of Home and Property Inspectors (CAHPI) and in Ontario, Canada, they should also belong to the Ontario Association of Home Inspectors (OAHI). These two organizations have their own rules, regulations, ethics codes and training qualifications that must be met in order to remain a member.
Make sure that they have errors and omission insurance that is up to date and paid for, just in case they do miss something that should have been detected. I believe that Insurance coverage is a requirement for both of the above organizations, however it is best to ask and even to see an insurance policy "slip" stating that the insurance coverage is valid and active.
In Ontario, Canada, all REALTORS® must advise their clients that a home inspection is recommended service. Most will even give you a few names to choose from. You should call at least 2-3 home inspectors and interview them to find out what they do and how much they charge. Some may provide extra services for a premium or use specialized equipment that goes beyond a basic home inspection. You can expect to pay close to $400 for a home inspection on a home up to 2,500sq ft if it is not too old. Older homes may cost more as they often need to be home thoroughly inspected and my have crawl spaces and awkward spaces that the home inspector needs to get into to inspect the home. Larger homes will often cost more as there is more home to inspect and it will take longer and may even involve multiple heating and ventilation systems or other home systems that are included in the inspection.
As Part of my
York Region real estate service I have several home inspectors that I recommend to my clients based on how thorough they are. They do not work for me, so they are responsible to my clients to provide the information that they need even if it means the client does not want to close on that home because of it. I would rather we all know that a home is in poor condition and move on to finding a home that is good than to have an unhappy client in the future when the problems become more obvious.
