Virtually Toronto Real Estate: News and Information
for April 2003
TODAY'S TOPICS
-Toronto Real Estate Board 'MarketWatch'
April 2003
PREPARE NOW TO SELL IN THE SPRING
RIGHT PAINT CHOICES ARE KEY TO RESALE
DISCOVERY WALKS
-MARKET WATCH-April 2003-
Almost 7000 Sales for Second Best March
The Toronto Real Estate Board MLS system saw 6,986 single-family
dwellings change hands in March, the second best figure for
that
month ever recorded, TREB President Ann Bosley announced today.
"While we are down eight per cent from the record of 7,602
sales recorded
during March of 2002, the new figures tell us that the Toronto
residential
market is still in very good health."
Prices stabilized in March, up marginally to $290,185 from
the $289,954
recorded in February, and up five per cent from the $274,874
recorded
last March. "A flood of listings coming onto MLS in March
eased some
of the upward pressure on prices," Mrs. Bosley noted.
"Inventory now stands now at 18,842, up 19 per cent from
February's 15,873.
This is an indicator that we are entering a more equitable spring
market than
last year. This increase in listings can be partially attributed
to sellers holding
off in February because of the bitter winter conditions."
Breaking down the total, 2,623 sales were reported in TREB's
28 West
districts and averaged $266,552; 1,153 sales were reported in
the 14 Central
districts and averaged $392,523; 1,392 sales were reported in
the 23 North
districts and averaged $316,827; and 1,818 sales were reported
in TREB's 21
East districts and averaged $238,981.
Neighbourhood Corner
East York Real Estate
In the first quarter of 2003, sales fell 13 per cent in East
York (E-3) to
333 from 384 in the first three months of last year, while prices
rose
eight per cent to $250,360. Prices for detached homes during
this same
time came in at $290,051. This is a four per cent increase over
last year's
$278,125 figure. Condos averaged $150,841, up five per cent
from the
first quarter of 2002.
TREB Market Watch (April 2003)
-RIGHT PAINT CHOICES ARE KEY TO RESALE-
If people stop dead in their tracks to admire your residence,
your
house has curb appeal.
Curb appeal probably sells more than half of all houses that
go on
the market. At the very least, it makes buyers take notice,
gets them
across the sidewalk or yard and inside the front door.
When you couple curb appeal with pricing the house appropriately
you have the best situation as a seller. Generally, the tidier,
fresher
and cleaner it looks, the more curb appeal it has. And painting
is key.
Sure, choices and tints can vary from region to region, but
a
spanking-new paint job that's crisp and fresh can really bring
in the
buyers no matter where you live.
Painting can be very expensive, but it is the least expensive
way to get
the biggest return on your investment.
In the new-home market, exterior coloration is both art and
science.
For years, builders felt comfortable choosing exterior colors.
However,
in the last 10 years, the architect, designer and, in some cases,
the land
planner are being brought in early on in the process to choose
exterior
coloration.
Sometimes, the type of construction can limit the choice of
paints and
the surfaces to be painted. For example, townhouse communities
don't
give buyers much flexibility in exterior coloration. Generally,
the builder
determines the color of the siding and the trim, in consultation
with the
designer and architect.
How other houses in a neighborhood are painted has a real impact
on
how your house is perceived by a buyer. If the house next door
is loud
and unpleasant-looking, it will affect both saleability and
price.
Even when no one is telling you what to paint your house, the
colors
you choose for your house will elicit an emotional response
in the buyer.
But what will turn a buyer on? If you're a procrastinator,
you can try not painting
your house and pray that prospective buyers will see past it.
That’s not a good
idea. Most buyers can only see what is in front of their faces.
They can't
see one color and change it in their mind's eye to something
they might want.
If you're choosing a color for resale-go conservative.
Whatever your personal preference, you should always keep resale
in mind.
If you go off the deep end of the color spectrum, you could
affect
not only the value of your house but that of the entire neighborhood.
(realty times)
-DISCOVERY WALKS-
Discovery Walks is a program of self guided walks that link
Toronto
city ravines, parks gardens, beaches and neighbourhoods. Informative
signage will help you experience an area's heritage and environment.
http://www.city.toronto.on.ca/parks/recreation_facilities/discovery_walks/discover_index.htm
