Virtually Toronto Real Estate: News and Information
for May 2002
TODAY'S TOPICS
-Toronto Real Estate Board 'MarketWatch'
May 2002
-Selling? Turn Your House Into A Home
-Tackle Your Home Improvement Project
Yourself or Hire a Pro?
-Ontario Place
-MARKET WATCH-MAY 2002-
Over 8,000 Existing Home Sales In A Single Month
In April, for the first time in its 82-year history, the Toronto
Real Estate Board reported over 8,000 existing home sales in a
singlemonth, TREB President David Pearce reported today. The 8,181
figure exceeded March's 7,602 sales, the previous all time record,
by 8%, and was up 33% from the 6,163 sales recorded in April of
last year.
"Although Spring is the busiest season for the housing market
and April's result came as no surprise, we are of course delighted
that the market is demonstrating sustained strength. Historically
low interest rates, strong employment and immigration numbers
are all contributing to this trend, which we expect will continue
into 2003."
Prices continued to rise in April, with the average going to
277,664 from March's $274,874, a 1% increase, and up 11% from
April of 2001.
Breaking down the total, 3,120 sales were reported in TREB's
28 West districts and averaged $254,343; 1,300 sales were reported
in the 14 Central districts and averaged $399,449; 1,618 sales
were reported in the 23 North districts and averaged $299,449;
and 2,143 sales were reported in TREB's 21 East districts and
averaged $221,367.
Neighbourhood Corner Forest Hill
Average prices in Forest Hill (from St. Clair to Eglinton, Bathurst
to Avenue) fell last month, coming in at $1,008,531, a 15% decline
over the $1,194,622 recorded in April 2001. Despite the hefty
price
tag, the average time-on-market for these homes was 31 days, a
little less than the city-wide 32 day figure.
Somewhat more affordable were the co-op apartments in the Spadina/
Lonsdale area of Forest Hill , which sold for an average price
of $188,000. These, on average, took 28 days to sell.
TREB Market Watch (May 2002)
SELLING? TURN YOUR HOUSE INTO A HOME-
If you are getting ready to sell a home in Canada this spring,
take some time to apply some elbow grease and you could pocket
some serious extra cash. The first thing to do is change it from
a house into a home.
Many vendors simply put their home on the market, via a realtor,
without realizing that they must play an active role in the marketing.
Yet, by getting involved early a vendor can greatly increase the
profit.
The advice is to spruce up – get the home looking as good
as possible to make an irresistible package for a prospective
buyer.
Whatever its current value, your home can be worth much, much
more. With a minimum of effort and expense you can increase the
value of your property.
It will take a determined effort to turn your home into a house,
but the place to start is on the ‘curb appeal.’ This
cannot be stressed too highly. There are many sad tales of expectant
vendors waiting for a buyer to show up – only to see the
savior slow down and then speed away after a glance.
With your new critical eye, walk out on the street and look at
the house, the roof, the siding, the landscaping, the walks and
the clutter. Look at your car in the driveway and that kids’
swimming pool, both of which you have been planning to clean up.
What you want to depict is a well-kept house and yard that is
easy to maintain. The lawn and garden are important. Many people
buy resale houses rather than new simply because of well-established
lawns and mature plantings.
This critical appraisal should be done weeks before you call
in a realtor and put the home on the market. A dose of fertilizer
on a worn lawn will take that much time to make a difference.
If the house needs a coat of paint – probably the single
most effective equity booster – it will take awhile to choose
and apply the paint.
If you can’t afford to paint the entire house, concentrate
on the front entrance including steps and the front door. Virtually
any potential buyer will pause here to look around before they
make the commitment to walk across the threshold.
(inman news)
TACKLE YOUR HOME IMPROVEMENT PROJECT YOURSELF
OR HIRE A PRO?
Whether your goal is to increase energy efficiency, bring your
1970s-décor kitchen into the new century, or add some much-needed
space, you'll face the crucial question of whether to join the
ranks of the do-it-yourselfer or hire a general contractor to
handle your job.
As home values continue to appreciate in tight markets and Baby
Boomers reach their peak earning years, home and nesting are in
the spotlight, resulting in an emphasis on home improvement projects.
If you're pursuing a project, you'll want to carefully assess
its requirements and your abilities in determining whether you
want to undertake it yourself or hire a professional.
As you weigh the two possibilities, you'll want to think about:
Whether you have a clear understanding of what you want your
project to look like. Do you have a picture of something you've
seen in a magazine, or do you need someone to help you define
the vision of your project?
Time. If you work full-time, you'll need to factor in how many
weekends it will take to finish the project. And, nine times out
of ten, it will take you longer than you think it will.
Your experience with similar projects.
What materials you'll need to complete the project. Are you sure
you know about all of the materials involved?
Building codes. Will your project fall under building code requirements?
Are you familiar with the codes?
The extent of the physical labor involved.
The tools involved. Do you have all that are required?
The required skills. If you don't have the necessary skills,
are you willing to take the time and money to acquire the skills
to complete the project?
Assistance. If you do the project yourself, do you need someone
to help you? Is someone with the appropriate skills available?
Safety issues.
The architectural structure of your home. Do you know what will
happen if you knock down a wall? How will it affect the rest of
the house?
The hidden costs - time, tools, and the possibility that you
may actually decrease the value of your house if your work doesn't
measure up to professional standards.
In summary, you'll want to factor in every aspect of the project
when deciding whether to pursue it yourself or hire a general
contractor. It's easy to look only at the price of labor and materials.
But you should also consider the supplementary services that a
general contractor provides - the experience, the right tools
for your project, a network of suppliers and subcontractors, and
an understanding of legal and code issues, as well as the latest
industry techniques - when weighing your options.
Or, you may decide that you want to take a few classes or do
some extra research, perhaps even call on a friend who has embarked
upon a similar project. Whichever route you decide to take, make
sure you feel comfortable and confident, particularly if you're
making a big financial investment.
(realty times)
ONTARIO PLACE -
Ontario Place is an internationally acclaimed cultural, leisure
and entertainment parkland located in Toronto, Ontario, Canada.
The complex extends throughout three man-made islands along the
Lake Ontario waterfront.
Ontario Place opened in May 1971 and featured a five pod pavilion
complex, The Forum, pedal boats, a marina, restaurants, the W.W.II
& Korean War Destroyer H.M.C.S. Haida, and the world's first
permanent IMAX® theatre, the Cinesphere
http://www.ontarioplace.com/en/.
