Virtually Toronto Real Estate: News and Information
for March 2002
TODAY'S TOPICS
-Toronto Real Estate Board 'MarketWatch'
March 2002
-Canadians Love Their Homes
-Home Maintenance: Why, What, Who
and How
-Toronto City Centre Airport
-MARKET WATCH-MARCH 2002-
Multiple Records Set in February
The GTA residential Real Estate Market put in an astounding performance
in February, with sales setting a new high for that month and
prices reaching levels not seen in over a decade, TREB President
David Pearce announced today. "TREB Members reported 6,866
sales in February, up 44% from the 4,761 sales recorded last year,
and up 22% from the 5,604 sales recorded in our previous best
February, which occurred in 1987."
"In additition, the average price for single-family dwellings
was $270,883 in February," Mr. Pearce continued. "This
is up 7% from the February 2001, and up 4% from the $262,919 recorded
just last month. It is also the first time since 1990 that prices
have broken the $270,000 level."
"We are in a a classic "seller's market," Pearce
noted. "For the first time since figures have been kept,
the list-to-sale price ratio (the ratio between the listing and
selling price) reached 100% in
our Central Area. That means that sellers within the new City
of Toronto were getting pretty much the price they asked for."
Breaking down the total, 2,613 sales were reported in TREB's
28 West districts and averaged $248,617; 1,091 sales were reported
in the 14 Central districts and averaged $389,093; 1,330 sales
were reported in the 23 North districts and averaged $288,425;
and 1,832
sales were reported in TREB's 21 East districts and averaged $219,513.
TREB Market Watch (March 2002)
-CANADIANS LOVE THEIR HOMES-
Canadians love their homes and are spending more time there than
ever before, says a wide-ranging survey by one of Canada's largest
real estate companies. The Royal LePage National Home Attitude
Poll also says more than six out of 10 Canadians would consider
adding an in-law apartment to their homes to allow older family
members to live with them.
The poll of more than 1,000 Canadians was conducted between Jan.
20 and Feb. 4, by research company Ipsos-Reid
The poll says 76 per cent of Canadians feel an emotional attachment
to their homes, and 55 per cent say their home has become more
important to them because of recent events in the United States
and elsewhere. While 61 per cent say they would consider adding
an apartment to their home for a parent or older family member,
only 41 per cent think it's very likely or likely to happen.
"The poll findings illustrate the importance that Canadians
place on home life, and that our home is our sanctuary, where
we create priceless memories," says Sherry Chris, vice-president,
network
services for Royal LePage
Despite this emotional connection to their homes, 74 per cent
of those surveyed said they are likely to purchase a different
home within the next two or three years. However, only 59 per
cent said they will sell their current home within that time frame.
Canada's new and resale housing markets both set sales records
in 2001 and indications are that the housing markets are still
booming at a
record pace.
When asked what are important features in the homes, the answers
were predictable. Location ranks as number one, followed by the
quality of construction/condition of the home, the size of the
home, and the price. The kitchen is the most important room in
the house, say 59 per cent of the survey respondents, but 22 per
cent say the living room is becoming more of a focal point.
The top three reasons why people are thinking of moving: they
are move-up buyers looking to upgrade their homes; they are moving
to a new city; or they are downsizing.
Some of the questions reflected the lighter side of home ownership.
For example, while 68 per cent of Canadians surveyed have a garage,
43 per cent say it's so full of stuff that there's no room in
it for their car. Not surprisingly, 85 per cent said that if they
were looking for a new home, it would be important that it have
a garage.
Another question involves a popular Canadian pastime for children,
playing street hockey. There was recently a court case in Hamilton,
Ontario, where the legality of playing street hockey was tested
(the hockey players won). In the LePage survey, 68 per cent of
Canadians said that children should be allowed to play street
hockey or other sports on residential streets. That's not good
news for front-yard gardeners.
Asked to describe their financial situation, 44 per cent of survey
respondents said they are getting ahead -- an increase from the
36 per cent who said they were getting ahead in a survey held
last year.
Those looking for a new home said they would use a real estate
agent (49 per cent), the Internet (46 per cent) and newspapers
(32 per cent) to conduct their research.
Ninety-nine per cent of Canadians surveyed said their home was
the place where they feel safe and comfortable, and 96 per cent
say they take personal pride in their homes. Eighty per cent say
they think of their home as their castle. Three-quarters of those
asked said they socialized with their neighbours, and 62 per cent
would trust a neighbour with a key to their home.
Ipsos-Reid says a national sample of this size produces results
that can be considered accurate to within plus or minus 3.1 per
cent or better, 19 times out of 20.
(realty times)
-HOME MAINTENANCE: WHY, WHAT, WHO AND HOW-
Like most privileges, homeownership comes with both joys and responsibilities.
In addition to the financial burden of mortgage payments, homeowners'
association dues, property taxes and other fees and assessments,
homeowners face the costs of home maintenance and repairs. These
funds aren't money ill spent because a home is an asset and keeping
it attractive and in good working order is part and parcel of
protecting the value of that asset. Over a long period of time,
most homes appreciate in value, but a home that needs attention
will not hold its value as well as a home that's in good condition.
Owning a home differs from renting in the greatly expanded scope
of maintenance responsibilities. Home maintenance is more than
just cleaning. Components must be kept in good working order.
Many routine maintenance tasks can be organized on an annual
schedule that serves as a reminder and helps the homeowner budget
time and money for maintenance throughout the year. A diligent
maintenance program can eliminate many big problems before they
occur.
The homeowner's maintenance schedule depends on the style and
age of the home. Keep in mind that a maintenance program should
be designed to protect the home against damage from insects, animals,
weather and system failures, such as leaky plumbing. Summer is
the time for intensive lawn and garden work, while spring is traditionally
the season for cleaning. Other tasks include checking and replacing
furnace and air-conditioning filters monthly, checking air-conditioning
and heating equipment prior to first use each year, draining water
heaters semi-annually, inspecting and possibly replacing or recaulking
windows and doors annually and painting the interior and exterior
of the home as needed.
Bigger jobs require an assessment of whether the homeowner can
do the work personally or should hire a home-repair professional.
When the skills and time are available, homeowner repairs can
be rewarding. The owner not only saves money, but also learns
how the home is constructed. Other factors that should be considered
include whether a special permit or license is required to make
the repairs, whether replacement parts or equipment are difficult
to obtain or require a license to purchase or install and whether
a professional guarantee would be of value to the homeowner.
A wealth of resources are available today for homeowners who
are inclined to do their own maintenance and repairs. In addition
to free advice from the local hardware store, homeowners can rely
on do-it-yourself books, community college classes and a long
list of Web sites, many of which are sponsored by commercial vendors.
The Web sites can be found in any search engine.
(realty times)
-TORONTO CITY CENTRE AIRPORT-
The Toronto City Centre Airport ("TCCA") is located
on the
doorsteps of Toronto's business and financial centre and the city's
thriving commercial, industrial and residential core.
http://www.torontoport.com/TCCA.htm
