Virtually Toronto Real Estate: News and Information
for May 2003
TODAY'S TOPICS
-Toronto Real Estate Board 'MarketWatch'
May 2003
RECIPE FOR A SUCCESSFUL KITCHEN REMODEL
TORONTO DOWNTOWN JAZZ FESTIVAL
-MARKET WATCH-May 2003-
7,300 Sales for Second Best April Ever
As the temperature heated up and the war as well and as our
health
crisis took a positive turn the local Real Estate market reacted
with the
second best April ever recorded. The Toronto Real Estate Board
MLS
system recorded 7,307 sales last month, up four per cent from
the 6,986
sales recorded in March, but off 11 per cent from the record
8,181 sales
in April of last year. "The real estate market remained
stable over the
cold winter months and now that warmer weather is on its way,
we can
expect to see a very vibrant spring selling season."
Prices climbed marginally in April, the President noted, to
$292,783 from
March's figure of $290,185, an increase of one per cent. The
median also rose
marginally, to $253,000 from the figure of $252,500 recorded
in March.
"While prices are still on the rise, the rate of increase
has slowed to less than
one per cent a month. This is due to a flood of inventory that
has come onto
MLS as the weather improved. There were 20,184 active listings
on the TREB
system at the end of April, a seven per cent increase over March.
More homes
for sale means more choice for purchasers, and an easing of
upward pressure
on home prices."
Breaking down the total, 2,799 sales were reported in TREB's
28 West districts
and averaged $272,036; 1,255 sales were reported in the 14 Central
districts and
averaged $393,127; 1,358 sales were reported in the 23 North
districts and
averaged $317,178; and 1,895 sales were reported in TREB's 21
East districts
and averaged $239,488.
TREB Market Watch (May 2003)
- RECIPE FOR A SUCCESSFUL KITCHEN REMODEL
An increasing number of homeowners are remodeling, upgrading,
and
uplifting their kitchens. But if you're like many in the early
phases, you have
no clue how to get started. Experts say the most important thing
you can
do is give yourself plenty of time to plan and budget your project.
If you're remodeling your kitchen, understanding your budget
is vital.
It's crucial to begin the process with a complete handle on
your budget. It's
important to understand the main reason that you're planning
to invest in a
new kitchen-does your new kitchen represent an investment in
the home
you plan to stay in for a while or are you just looking to spruce
it up for resale?
You should always set aside some extra cash-unexpected costs
often crop
up at some point in the process.
Cabinetry is an important component. Don't underestimate the
importance of
cabinets. They typically account for half of the budget for
a new kitchen. Your cabinets'
door style and color will have the most impact on your new kitchen's
palette
by making the strongest visual statement.
And finally, patience is key. In fact, some materials and products
require up
to nine months of lead time. Custom cabinets usually arrive
in 12 to 16 weeks;
semi-custom in eight to ten weeks; and stock cabinets four weeks
or less.
Installation, she says can take two to 12 weeks, depending on
the complexity
and extent of the remodel.
Plan for your lifestyle - the way you cook and live in the
kitchen.
Have an efficient floor plan. Most designers recommend grouping
common
elements in a work triangle or station. Also consider how traffic
flows through the room.
Visualize it. Visit a showroom to see what real-life (versus
photos) items,
colors, and textures look like. Or ask your contractor if he
or she can
supply a 3-D CAD (computer aided design) drawing.
Learn about your options. Find out the pros and cons of items
you are considering.
Don't forget storage. If extra storage is something you've
always needed,
now's your chance to add it. Or, if you're adding appliances
or items
that will inherently require additional storage - be sure to
integrate
storage into your plans.
Keep safety in mind. You must carefully consider the potential
safety hazards
in your kitchen design. For instance, you should not place an
oven next to a
hallway where someone could easily stumble over a hot, open
oven door.
Light up the kitchen. Lighting is one of the most important
- but often
under-used - design elements in the home. And plan your lighting
needs
before walls and cabinets are installed - the wiring needs to
be placed
in the walls behind the cabinets.
Prioritize. Make a list of your wants and needs. Determine
which items
are most important.
Prepare for two phases - the construction phase and the inconvenience
of not having your kitchen available.
Minimize any changes. Changes usually add extra time and money
to the project.
And again, allow yourself and your contractor plenty of time
for the remodel.
Don't plan the construction close to a big family event like
a wedding or
holiday - there are never guarantees that your kitchen will
be finished in time.
There are sometimes delays in getting materials or products,
and changes
in the project or unexpected delays can occur, so there's no
reason to
add pressure and increase your stress level.
(realty times)
-TORONTO DOWNTOWN JAZZ FESTIVAL-
Visit and enjoy this Internationally known event June 20-29,
2003.
For the calendar of events see the website-
http://www.tojazz.com/index.asp
