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TO Homes Under $1Million Popular in October
Greater Toronto Area REALTORS® reported 8,000 home sales through the TorontoMLS system in October 2013 – up from 6,713 transactions reported in October 2012. Over the same period, new listings on the TorontoMLS system were down.
“The GTA home ownership market has been broadly characterized by a rebound in sales since the summer. Market conditions have been tighter in some market segments more so than others. Ground-oriented homes listed for below one million dollars in some areas of the GTA have been especially popular with buyers, while listings for these home types have been constrained,” said Toronto Real Estate Board President Dianne Usher.
“The supply of listings for many home types and price points has either been down year- over-year or at least not up by the same annual rate as sales. The additional Land Transfer Tax in the City of Toronto and the removal of the government guarantee on high ratio mortgages for home purchases over one million dollars have arguably led many homeowners not to list,” continued Ms. Usher.
The average selling price for TorontoMLS sales in October 2013 was $539,058– up by more than seven per cent in comparison to the average price of $502,127 in October 2012. The MLS® Home Price Index (MLS® HPI) Composite Benchmark was up by 4.5 per cent year-over- year.
“Growth in the average selling price and the MLS® HPI Composite Benchmark will continue through 2014. Inventory levels for ground-oriented home types will be low from a historic perspective and home ownership demand will stay strong as affordability remains in check due to the continuation of accommodative borrowing costs,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.
TORONTO LIFE'S "THE BEST PLACE TO LIVE IN THE CITY"
The September 2013 edition of Toronto Life has stirred up controversy over it's "...(mostly) scientific ranking of all 140 neighbourhoods in Toronto. The magazine examined 10 criteria for each neighbourhood across Toronto: housing, crime, transit, shopping, health and environment, entertainment, community engagement, diversity, schools and employment. Then they had a team at U of T's Martin Prosperity Institute think tank help evaluate the data. The data was pulled from a variety of sources including: Statistics Canada, the Toronto Police Service, The Centre for Research on Inner City Health and the Fraser Institute.
Where does your neighbourhood stack up? My neighbourhood is not even mentioned - last year the Toronto Real Estate Board revamped Toronto's neighbourhood boundaries so we no longer in live in Deer Park but in live in Yonge-St. Clair.
The number one position went to Rosedale-Moore Park. Number two is listed as Banbury-Don Mills. While in third position is High Park-Swansea. Now I don't know what you think, but to be these three neighbourhoods are as different in composition as they are in location. So how did they get ranked. Turns out Toronto Life also conducted an on-line poll of Toronto Life readers, who told them what they prioritize when choosing where to live. Then Toronto Life adjusted the rankings accordingly: with housing weighted highest at 15 per cent, crime at 13 per cent, transit and shopping at 11 each, etc.
So the question is: do you agree with these research methods and their results?
Buying an old home? Check these things first
April 3, 2012 Kevin's Blog
Buying an old home can simultaneously be one of the most exciting yet daunting experiences in real estate. Nothing can compare to the character and charm of a home that has stood the test of time...
Homeowners are pretty well informed when it comes to interiors, says Kennedy McRae, a partner in the Toronto landscape design firm Earth Inc.
“Then,” he says, “they get outside and have no idea.”
Reshaping an underperforming backyard into an attractive, useful part of one’s house is an involved process
A hot market is a "seller’s market". During a seller’s market, properties can sell within a few days of being listed and there are often multiple offers. Sometimes homes even sell above the asking price. Though most buyers want to get a "deal" on a home, reducing your offer by even a few thousand dollars could mean that someone else will get the home you desire.
There are many television shows today that focus on home staging. If you have not watched any, do yourself a favor and tune in. They all say the same thing: do not even consider putting your house on the market until you have taken a close look at its condition. Experienced sales people know that you only have one shot at impressing potential buyers, so take some time to prepare your home for showings. You will be rewarded with a faster sale and a higher offer.
A very accurate saying is that "Any home will sell once you get the price right." Of course, this is usually said from the perspective of dropping a price until it's too attractive to pass up. Actually, the accurate pricing of your home prior to listing is as much an art as it is a science.
A great many moves in our lives are to larger residences to accommodate growing families. Or, perhaps our financial development allows us to move up to a larger home with more features and amenities. There is no stress involved in trying to reduce our life’s stuff to fit into a smaller place. If anything, we just need to shop for some more furniture for the new larger place.
You may have lived in your home for many years. The location factors that you considered when making your purchase decision may not apply to today’s buyers. The task is to identify the current positive aspects of your home’s location and market them aggressively. When it comes to positive locations, people’s different attitudes and preferences will determine if a location is a “good” one.