Greater Toronto REALTORS® reported 5,770 condominium apartment transactions through the TorontoMLS® system in the third quarter of 2011, representing a 24 per cent increase over the same period in 2010 released its new quarterly condo market report. The average selling price increased by almost nine per cent to $333,352.
"Condominium apartments have accounted for about one-quarter of total existing home sales in the GTA this year. This share is expected to increase moving forward, as new home sales and construction has become increasingly driven by high-rise construction," said Toronto Real Estate Board President Richard Silver.
Sunday, October 30, 2011
Monday, October 17, 2011
Grant Program to Make Your Home More Energy Efficient Extended
The Government of Canada has renewed the popular ecoENERGY Retrofit – Homes program. From June 6, 2011, until March 31, 2012, homeowners are eligible to receive grants of up to $5,000 to make their homes more energy-efficient. Homeowners who participated in the program to date have saved 20 percent on their energy bills.
There are two important changes to the program. First, there is a requirement for participants to register directly with the program before booking their evaluation. Second, homeowners will now be required to provide receipts to their energy advisor at the time of the post-retrofit evaluation to confirm eligibility for the grant.
How to apply
The first step in the renewed ecoENERGY Retrofit – Homes program is to register:
* New participants - If you or a previous owner have not obtained an energy evaluation of the property between April 1, 2007 and June 5, 2011.
* Past participants - Homeowners who participated in the program between April 1, 2007 and June 5, 2011, and who did not receive the maximum amount of $5,000 can submit another application for improvements purchased and installed on or after June 6, 2011.
If you plan to apply for multiple properties, a form must be completed for each one.
Only products purchased on or after June 6, 2011, and installed after a pre-retrofit evaluation are eligible for an ecoENERGY grant. Funds are limited and all energy retrofits and post-retrofit evaluations must be completed by March 31, 2012. The homeowner must also sign the grant application by this date.
For more information:
The Grant Table for ecoENERGY Retrofit – Homes offers an overview of the program and a breakdown of eligible upgrades.
http://www.ecoaction.gc.ca/ecoenergy-ecoenergie/retrofithomes-renovationmaisons-eng.cfm
There are two important changes to the program. First, there is a requirement for participants to register directly with the program before booking their evaluation. Second, homeowners will now be required to provide receipts to their energy advisor at the time of the post-retrofit evaluation to confirm eligibility for the grant.
How to apply
The first step in the renewed ecoENERGY Retrofit – Homes program is to register:
* New participants - If you or a previous owner have not obtained an energy evaluation of the property between April 1, 2007 and June 5, 2011.
* Past participants - Homeowners who participated in the program between April 1, 2007 and June 5, 2011, and who did not receive the maximum amount of $5,000 can submit another application for improvements purchased and installed on or after June 6, 2011.
If you plan to apply for multiple properties, a form must be completed for each one.
Only products purchased on or after June 6, 2011, and installed after a pre-retrofit evaluation are eligible for an ecoENERGY grant. Funds are limited and all energy retrofits and post-retrofit evaluations must be completed by March 31, 2012. The homeowner must also sign the grant application by this date.
For more information:
The Grant Table for ecoENERGY Retrofit – Homes offers an overview of the program and a breakdown of eligible upgrades.
http://www.ecoaction.gc.ca/ecoenergy-ecoenergie/retrofithomes-renovationmaisons-eng.cfm
Friday, October 7, 2011
Preparing your Home for Winter
As the cold weather approaches and the first snowflakes begin to fall, it is important to ensure your home is winter-ready. There are plenty of simple ways to winterize your home without breaking the bank, with a positive effect on lowering your heating bills.
INTERIOR: First, inspect your furnace and replace the filter. Stock up on furnace filters and be sure to change them every month.
Next, have your fireplace cleaned so it will be ready for use. Screen the top of your chimney to keep out rodents and birds and store firewood in a dry place away from the outside of your home. Inspect the mortar between bricks to make sure that your fires remain contained within the hearth. And, ensure all smoke and carbon monoxide detectors have had the battery replaced.
EXTERIOR: Examine the exterior of your home for cracks and crevices, which could allow cold air to seep inside. Apply weather-stripping around doors and caulk windows. Homes with basements and attics are prone to cold drafts.
In basements, consider covering window wells with plastic wrap. When the warm weather returns, you can remove the wrap. Warm air rises, so adding extra insulation to your attic will ensure the warmth stays where it's needed. "These small, but important steps can make a huge difference on your heating bill," says Yvonne Ratigan, a senior executive with Royal LePage Canada. "Time and a little money spent in the fall, can pay big dividends in the winter."
GARDEN: Prune trees and shrubs to minimize potential for damage by snow, particularly those that hang close to the home. Clear out planters and store for spring and dust plant bulbs with bone meal. Drain all garden hoses and shut off outside water. If we enjoy a warm day, it may be a good time to seal the driveway or deck.
INTERIOR: First, inspect your furnace and replace the filter. Stock up on furnace filters and be sure to change them every month.
Next, have your fireplace cleaned so it will be ready for use. Screen the top of your chimney to keep out rodents and birds and store firewood in a dry place away from the outside of your home. Inspect the mortar between bricks to make sure that your fires remain contained within the hearth. And, ensure all smoke and carbon monoxide detectors have had the battery replaced.
EXTERIOR: Examine the exterior of your home for cracks and crevices, which could allow cold air to seep inside. Apply weather-stripping around doors and caulk windows. Homes with basements and attics are prone to cold drafts.
In basements, consider covering window wells with plastic wrap. When the warm weather returns, you can remove the wrap. Warm air rises, so adding extra insulation to your attic will ensure the warmth stays where it's needed. "These small, but important steps can make a huge difference on your heating bill," says Yvonne Ratigan, a senior executive with Royal LePage Canada. "Time and a little money spent in the fall, can pay big dividends in the winter."
GARDEN: Prune trees and shrubs to minimize potential for damage by snow, particularly those that hang close to the home. Clear out planters and store for spring and dust plant bulbs with bone meal. Drain all garden hoses and shut off outside water. If we enjoy a warm day, it may be a good time to seal the driveway or deck.
Wednesday, October 5, 2011
What's The Real Story of the Canadian Housing Market
Nationalpost.com, Wednesday October 5, 2011
Byline: Financial Post
Home prices rose during the third quarter of 2011, but the raw numbers may not be telling the whole story of the Canadian housing market, a new survey says.
The Royal LePage House Price Survey released Wednesday found that the average price of a home in Canada increased between 5.7 and 7.8 per cent in the third quarter of 2011 compared to the same period last year.
The average price of a detached bungalow was $349,974, a standard two-storey home was $388,218 and a standard condominium was $239,300, according to the survey.
Royal LePage said that the rise in price defied expectations and suggested that record-low interest rates and a fairly stable Canadian economy have bolstered consumer confidence.
However, the third quarter of 2010 was a relatively weak period for housing prices, which makes the increase this year appear rosier than they are and may mask a decline in prices in the months ahead, it said.
"The strength in Canada's national housing market conceals signs of predictable softening in some regions," Phil Soper, president and chief executive of Royal LePage Real Estate Services, said in a statement.
"A broader slowdown is expected in the months ahead, but fears of a U.S.-style correction are completely unfounded."
Vancouver had the highest priced homes in the country during the third quarter of 2011 and was the only city in the survey where the average bungalow or two-storey home cost more than $1 million.
Halifax, Montreal, Toronto, Saint John, N.B., and Ottawa all saw prices increase between 4.4 and 10.4 per cent.
In Alberta, the volume of homes trading hands increased, but prices stayed soft, the survey found: Detached bungalows in Calgary fell one per cent in the third quarter.
Victoria was similarly weak, with detached bungalows and standard two-storey homes falling two and 1.1 per cent respectively.
Byline: Financial Post
Home prices rose during the third quarter of 2011, but the raw numbers may not be telling the whole story of the Canadian housing market, a new survey says.
The Royal LePage House Price Survey released Wednesday found that the average price of a home in Canada increased between 5.7 and 7.8 per cent in the third quarter of 2011 compared to the same period last year.
The average price of a detached bungalow was $349,974, a standard two-storey home was $388,218 and a standard condominium was $239,300, according to the survey.
Royal LePage said that the rise in price defied expectations and suggested that record-low interest rates and a fairly stable Canadian economy have bolstered consumer confidence.
However, the third quarter of 2010 was a relatively weak period for housing prices, which makes the increase this year appear rosier than they are and may mask a decline in prices in the months ahead, it said.
"The strength in Canada's national housing market conceals signs of predictable softening in some regions," Phil Soper, president and chief executive of Royal LePage Real Estate Services, said in a statement.
"A broader slowdown is expected in the months ahead, but fears of a U.S.-style correction are completely unfounded."
Vancouver had the highest priced homes in the country during the third quarter of 2011 and was the only city in the survey where the average bungalow or two-storey home cost more than $1 million.
Halifax, Montreal, Toronto, Saint John, N.B., and Ottawa all saw prices increase between 4.4 and 10.4 per cent.
In Alberta, the volume of homes trading hands increased, but prices stayed soft, the survey found: Detached bungalows in Calgary fell one per cent in the third quarter.
Victoria was similarly weak, with detached bungalows and standard two-storey homes falling two and 1.1 per cent respectively.
Friday, September 30, 2011
Housing Market Should Remain Stable in 2012
Byline: Kim Covert, Edmonton Journal
Housing sales and prices should remain fairly steady into next year as a slowing economy is balanced by low mortgage rates and relatively low unemployment, a report from BMO Capital Markets suggests.
"Low interest rates have fuelled Canada's housing market in the past decade, pushing prices to new highs in most regions," senior economist Sal Guatieri said Thursday. "However, a weaker economy and new mortgage rules have dimmed activity recently."
Resales have slowed to their past-decade norm under tougher mortgage rules introduced by the federal government in March, and prices have flattened in the last six months on a seasonally adjusted basis, Guatieri said in the report.
The slowing global economy should hold the Bank of Canada from raising its benchmark interest rate - now a near-record low of one per cent - before 2013. As well, an unemployment rate expected to remain around 7.3 per cent through next year should mean continued confidence on the part of homebuyers.
Just as the economies in resource-rich provinces such as Alberta and Saskatchewan are expected to out-perform other regions next year, so too is the housing market in those provinces, Guatieri said.
Housing sales and prices should remain fairly steady into next year as a slowing economy is balanced by low mortgage rates and relatively low unemployment, a report from BMO Capital Markets suggests.
"Low interest rates have fuelled Canada's housing market in the past decade, pushing prices to new highs in most regions," senior economist Sal Guatieri said Thursday. "However, a weaker economy and new mortgage rules have dimmed activity recently."
Resales have slowed to their past-decade norm under tougher mortgage rules introduced by the federal government in March, and prices have flattened in the last six months on a seasonally adjusted basis, Guatieri said in the report.
The slowing global economy should hold the Bank of Canada from raising its benchmark interest rate - now a near-record low of one per cent - before 2013. As well, an unemployment rate expected to remain around 7.3 per cent through next year should mean continued confidence on the part of homebuyers.
Just as the economies in resource-rich provinces such as Alberta and Saskatchewan are expected to out-perform other regions next year, so too is the housing market in those provinces, Guatieri said.
Thursday, September 29, 2011
Home Safety Tips for Seniors
More than half of all injuries experienced by Canadian seniors are due to falls. According to the Public Health Agency of Canada, nearly half of all injuries among seniors occur in the home, and 15 per cent of falls occur in the bathroom or stairs.
Since the likelihood of serious injury, or even death, increases as you age, take steps to increase safety in the home. Many seniors limit their daily activities and, ultimately, their quality of life to avoid getting injured," says Kelly McCain, a senior director at Royal LePage Canada, "However, a few safety measures at home can improve life all around for Canadian seniors."
To stay safe while maintaining your independence, McCain offers these suggestions:
Ensure all rooms and hallways in your home are well lit and clear of obstacles.
Reduce slipping hazards by removing non-rubber-backed throw rugs and mats on hard flooring surfaces, such as hardwood or ceramic floors.
Install nightlights near stairs and eliminate all clutter.
Make sure that there are solid handrails on both sides of the stairway.
If you have wood stairs, consider installing a carpet runner down the middle or adding traction strips to provide steadier footing.
In the bathroom, make sure that your tub and shower surfaces are non-slip. Install grab bars in your bathtub or shower and purchase rubberized or non-skid bath mats.
Increase safety in the shower by purchasing or renting a bath seat. Some are designed specifically to make your entrance and exit from the tub easier. If you require the use of a bath seat, a hand-held shower head will work best.
Consider purchasing a wireless phone set that allows for a phone on each floor of the home, and populate the digital phone book on all telephones with emergency contact numbers.
Follow these simple safety tips and spend less time worrying, and more time enjoying your home. More information is available at www.royallepage.ca.
Since the likelihood of serious injury, or even death, increases as you age, take steps to increase safety in the home. Many seniors limit their daily activities and, ultimately, their quality of life to avoid getting injured," says Kelly McCain, a senior director at Royal LePage Canada, "However, a few safety measures at home can improve life all around for Canadian seniors."
To stay safe while maintaining your independence, McCain offers these suggestions:
Ensure all rooms and hallways in your home are well lit and clear of obstacles.
Reduce slipping hazards by removing non-rubber-backed throw rugs and mats on hard flooring surfaces, such as hardwood or ceramic floors.
Install nightlights near stairs and eliminate all clutter.
Make sure that there are solid handrails on both sides of the stairway.
If you have wood stairs, consider installing a carpet runner down the middle or adding traction strips to provide steadier footing.
In the bathroom, make sure that your tub and shower surfaces are non-slip. Install grab bars in your bathtub or shower and purchase rubberized or non-skid bath mats.
Increase safety in the shower by purchasing or renting a bath seat. Some are designed specifically to make your entrance and exit from the tub easier. If you require the use of a bath seat, a hand-held shower head will work best.
Consider purchasing a wireless phone set that allows for a phone on each floor of the home, and populate the digital phone book on all telephones with emergency contact numbers.
Follow these simple safety tips and spend less time worrying, and more time enjoying your home. More information is available at www.royallepage.ca.
Monday, September 19, 2011
GTA REALTORS® September Mid-Month Resale Housing Figures
Greater Toronto REALTORS® reported 3,149 transactions during the first 14 days of September, representing an increase of more than 25 per cent in comparison to the first two weeks of September 2010.
New listings over the same period, at 6,890, were up by 14 per cent compared to last year.
The average selling price in the first half of September was $454,194 – an increase of 11 per cent compared to the same period in September 2010.
“Strong price growth in the GTA continues to be mitigated by a solid affordability picture. Mortgage rates will remain at or near current levels until the second half of 2012 if not into 2013,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.
“In response to strong price growth, more households chose to list their homes for sale in comparison to last August. Growth in listings is expected to continue. Increased choice will result in more sustainable rates of price growth,” continued Mercer.
New listings over the same period, at 6,890, were up by 14 per cent compared to last year.
The average selling price in the first half of September was $454,194 – an increase of 11 per cent compared to the same period in September 2010.
“Strong price growth in the GTA continues to be mitigated by a solid affordability picture. Mortgage rates will remain at or near current levels until the second half of 2012 if not into 2013,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.
“In response to strong price growth, more households chose to list their homes for sale in comparison to last August. Growth in listings is expected to continue. Increased choice will result in more sustainable rates of price growth,” continued Mercer.
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