Virtually Toronto Real Estate: News and Information
for Oct. 2003
TODAY'S TOPICS
-Toronto Real Estate Board 'MarketWatch'
October 2003
-Spruce Up Your Kitchen In A Weekend
-Canadian Report Rejects Mandatory
Home Inspections
-Toronto Public Library
-MARKET WATCH-OCTOBER 2003-
Another Record Set in August
The Toronto resale home market continued its winning ways in
August,
chalking up 6,549 sales, the best-ever figure for that month
ever recorded,
TREB President Cynthia Lai announced today. "Sales were
up 12 per cent
from the 5,845 figure of August 2001, which was our previous
record, and
up 21 per cent from last August. With 22,666 sales in the past
three months
we are on pace for our best summer market ever and a record-breaking
year."
Prices continued to decline in August, down another one per
cent to $285,772
from the $289,880. "Even though sales have surged in the
second half of the
year, prices have begun to moderate," noted Ms. Lai. "This
is because we
have a fairly healthy supply of inventory. The 19,134 active
listing figure is
up 16 per cent from the 16, 535 number recorded in August of
2002."
Breaking down the total, 2,401 sales were reported in TREB's
28 West
districts and averaged $265,244; 1,062 sales were reported in
the 14 Central
districts and averaged $368,473; 1,388 sales were reported in
the 23 North
districts and averaged $317,050; and 1,698 sales were reported
in TREB's
21 East districts and averaged $235,941.
TREB Market Watch (October 2003)
-SPRUCE UP YOUR KITCHEN IN A WEEKEND-
Whether you're getting ready to sell or are just craving a decorative
change,
the kitchen is always a great target for a weekend project.
It is, after all, the
heart of the home -- a place to cook, entertain, hang out, pay
bills and
do homework. Whether you're aiming for a dramatic change or
want to
make your kitchen more personal, there are many projects you
can do in
a weekend to create an impact.
Paint your world. If you're looking for the most bang for your
buck, think
paint. Nothing will change the look of your kitchen more than
paint.
Sage green and soft yellows are popular kitchen colors, but
go with
whatever works best with your flooring, countertops, and appliances.
Or, if
you have dinnerware that you love that will be around for a
while, choose
a complementary color.
Light up. Lighting is another way to dramatically change the
look of the
kitchen. For example, adding lighting over your sink or stove
to brings
the area to life. A decorative pendant with a dimmer control
over the dining table
can also accent the area. Or, replacing your fixtures with recessed
lights over your work areas is another bright idea.
Personalize with tile. Embellishing your backsplash with tile
is a great way
to bring your personality to the kitchen. For a great look on
a budget, you
can tile the entire backsplash. You don't need to use expensive
tile ... standard
six-by-six tiles in two colors make an interesting design without
costing a lot.
Go window treatment shopping. Go pick out a great fabric and
make -- or hire
someone to make -- some great curtains or valances for your
windows. Or if
your budget allows, perhaps go for the shutters you've always
dreamed about.
Change your hardware. There are tons of artistic designs available
from painted
knobs to stainless steel poles that can immediately change the
feel of the kitchen.
Replace your faucet. Copper adds a warm touch. Pull-out faucets
are also
popular, adding a touch of convenience to the kitchen. Or you
may opt
for a more decorative look whether it's a vintage look, satin
nickel or oil-rubbed
bronze.
Give your refrigerator a new look. If you're unhappy or bored
with the look of
your refrigerator you should try adding a chalkboard or decorative
magnetic panel.
If your cabinets are looking a little dingy, you could remove
them and give them
a deep cleaning using something like TSP. If cleaning doesn't
do the trick,
then you may want to strip and paint them.
You could also dress up your cabinets by adding molding in
a contrasting
color or finish.
Other things that work well would be changing out panel cabinet
doors for
glass cabinet doors or mix open shelves with cabinets.
And if you're looking for a finishing touch, there are plenty
of options.
Incorporate one-of-a-kind pieces such as an antique farm table
for an island or
an heirloom hutch for cabinets, or add a sculpted or decorative
hood ... or move
your microwave off the counter.
(realty times)
-CANADIAN REPORT REJECTS MANDATORY HOME
INSPECTIONS-
If you're buying real estate, you're thinking location, location,
location.
But for vendors and their real estate agents, the mantra is
disclose,
disclose, disclose.
In recent years, Canadian courts have dealt with many cases
in which
buyers sued vendors, real estate agents and home inspectors
for not
disclosing problems with properties. Increased pressure to protect
consumers prompted Canada Mortgage and Housing Corp. to study
whether
mandatory home inspections should be required on all resale
homes in the
province of Ontario.
The survey consulted government officials, the home building
industry,
insurance companies, the real estate industry, lending institutions
and
assorted consumer associations.
The majority said that mandatory home inspections should not
be
implemented.
The study determined that about 55 per cent of sales are currently
being inspected, and that "the relatively modest cost of
an inspection is well
worth the investment compared to the risk of paying more than
necessary
for a home with major problems and needing to invest in repairs."
But
legislating mandatory inspections would open up a number of
regulatory
and legal issues that those consulted for the study determined
were
unworkable.
The first problem is determining standards, for both the inspection
and
the inspectors. There are currently no licencing requirements
for home
inspectors in Canada; anyone can call themselves a home inspector.
Some
belong to a professional home inspection organization such as
the
Canadian Association of Home and Property Inspectors (CAHPI),
which
is working to set national standards, but legislating the standards
would involve a long and costly consultation process.
CAHPI standards determine that home inspections are "non-intrusive,
visual
examinations of accessible areas of the home at the time of
inspection."
That means the home inspector will not move furniture or personal
items
to inspect the house, and will not open up finished walls to
see what's inside.
With this kind of inspection, the home inspector cannot be
expected to
see something that isn't visible.
The CMHC study says the current voluntary system provides "a
reasonable degree of consumer protection at a reasonable cost.
The home
inspection process also encourages upgrading of Canada's housing
stock
to meet current requirements and expectations concerning health,
safety, maintenance and use."
However, the study also sees room for improvement in the home
inspection
industry. "Inspection reports vary in their level of detail,
with some providing
insufficient information while others are far too detailed and
complicated, resulting
in confusion and even alarm for the purchaser," it says.
"More standardized
reporting would be helpful, and inspectors should ensure they
discuss their
reports with their clients."
But the report says the profession is maturing, and that "most
practitioners
entering the field are demonstrating a high level of commitment
to
their academic training."
It concludes: "Purchasers should be encouraged, not legislated,
to use
inspection services to get valuable information on the condition
of their
home."
(realty times)
-TORONTO PUBLIC LIBRARY-
Visit the Toronto Public Library, the largest public library
system in Canada, with 98
branches and more than 11 million items to borrow or use in
the library.
http://www.tpl.toronto.on.ca/abo_index.jsp
