It's the Year of the Tiger

Happy New Year! In Chinese astrology, 2010 is the year of the tiger, signifying 'good fortune'. With all the economic doom and gloom of 2009, we could all use some good fortune. Here's to a year of prosperity, safety and happiness! We were told the recession was over in late 2009, but we will have to contend with yet another new tax (HST) in July. This will create an unknown in terms of the Toronto Real Estate Market. The Toronto Real Estate Board was against such a tax but it was passed by our government and so we will have to live around it. Because of that, it looks like the early quarter of 2010 may see a lot of activity in both resale and new homes (as they will be the hardest hit with the Harmonized Sales Tax). Like the introduction of the Toronto Land Transfer Tax in 2007, any new tax sees a peak in real estate buyer activity. Buyers and Sellers want to avoid having to pay any additional taxes for services rendered so it's likely we will see a flurry of activity in this period. As well, the interest rates remain very attractive. A bonus for Buyers. Hopefully we will see more homes listed in this early part of 2010. If not, low supply and high demand may see the continuation of the 'Seller's Market' for the next few months. Food for thought for anyone thinking of selling! Speaking of food, I hope you enjoyed a festive holiday season and I'll see you at the gym!
Until Spring...

Toronto Real Estate Market Sept/October

I could pretty much cut and paste my entry for July/August! Nothing has changed. In fact, the market is hotting up even more if that's possible. The condo market has seen a big rise in buyer interest and multiple offers and over asking prices abound. For houses, we expect it in a hot market, but not SO much for condos. This is a great time for sellers, a little tougher for buyers. While there is a lot of product on the market, the buyers still exceed the supply.
So...if you're thinking of selling, the time is nigh.
No one can predict how long this boom will continue, but as long as interest rates are low and Premier McGuinty still plans to implement the HST taxes in April, 2010 then there is probably no end to the busy market.

July/August 2009 Market Report

Well, who would've thought? July 2009 was a record setting month for sales in the GTA. In less than 1 year, the market has completely bounced back from one of the worst recessions it's seen to the best summer month in history.
This was due largely in part to the interest rates and rumours of a recovering economy. Overall though, this is a sign of consumer confidence, which rules all markets. For Sellers, you are currently in the hotseat as there is a huge demand for properties and limited homes on the market. Bidding wars abound and many homes are fetching $50-$100K over the asking price! Don't despair Buyers! Come fall (a few weeks from now) you will see more and more properties on the market in what is traditionally a peak period for homes being listed in the GTA.
Things will soon balance out and we we can again see happy Sellers and Buyers participating in a great Toronto Real Estate year.

Toronto Real Estate Market June/July

Some said we would not see another '2007' for a long while. They were wrong! June and July of this year has been astounding for real estate sales in the GTA. Both homes and condos have exceeded sales and prices since last year and part of 2007. Despite the government outlook on our economy (gloomy) nothing seems to be stopping buyers from buying - and some paying top dollar (over asking) and entering bidding wars once again. Some people are puzzled and say 'If our economic outlook is so bleak, why the real estate frenzy?'. It's a good question. The current interest rates have a lot to do with booming sales. Today you can get a mortgage for under 3% and a 5 year fixed for just over 4%. It's incredible. Even though we've seen low interest rates in the past few years, these are definitely the lowest. On top of this, some people feel that with their past investments losing up to 45% of their growth on paper, they want something to invest in that's 'tangible'; bricks and mortar, a piece of land, a home. Other aspects helping the bourgeoning market is that in the latter part of last year (when sales came to a standstill) buyers were scared. They were uncertain of where they stood in their workplace. Would they be let go? Was their company downsizing? Would they be retired? Now, those buyers know and are more secure in their job futures. So these are a few answers to the rise in sales. Mainly, buyer confidence is back. And ultimately when the public has confidence, the economy improves.
Hopefully you'll be next!

The 'Darker' Side of Real Estate

Real Estate Market - Hot or Not?

The month of May has seen a surge in real estate activity in the GTA. People are asking me on a daily basis 'What's happening? It doesn't FEEL like we are in a recession.' People are buying; homes and condos are selling fast and many of them over the asking price in a short period of time. Despite the gloomy economic forecast by every media outlet and newscast, there is a rational explanation.
For the first time in history, the interest rates for borrowing are at a record low.
Also, many people who feared the looming crisis back in October/November and into the new year may feel a sense of relief in terms of their job security now and when people feel a sense of security it manifests as confidence. Public confidence plays a huge role in any market, and right now it is showing in the real estate market.
So to answer my own question, yes, the market it HOT! How long it will stay that way is anyone's guess but as the old adage goes...strike while the iron is hot. This is especially true for Sellers right now.

Make Your Home 'Appeal' ing

Creating curb appeal!
They say you can’t judge a book by its cover. But when it comes to houses, the exterior can be just as important as the interior if selling or buying.
When selling, it is the outside, or the home’s curb appeal that often determines whether the inside is ever seen. How a house 'shows’ from the street can tell a potential buyer a lot about what it may be like inside. Even if the inside is the sparkling, charming, structurally sound dream home they’ve been searching for, a buyer is not going to forget a cracked driveway, fallen shutters, overgrown grass and flower beds.
That’s why most REALTORS recommend a house not be seen for the first time at night. If you have no choice but to view homes at night, always be sure to drive past them during the daytime before making any final decisions.
For sellers, there are many ways to enhance the exterior of a home to achieve the curb appeal necessary to attract prospective buyers. Start by taking a close, objective look at your home from the curb. Be sure to view it from different angles. Ask friends and neighbors for their unbiased opinions. What are the appealing features? What’s not so appealing? What can you do to improve its appearance?
Are the shrubs untrimmed? Are there broken doors and windows, loose screens and railings? Does the exterior trim, or entire surface, need a paint job?
The interior may be clean, without a leaky faucet, cracked floor or loose door hinge in sight. But if the exterior roof, gutter, walls, driveway, garage and yard look dirty and untidy, chances are you’re not going to get a lot of potential buyers knocking at the door.
Creating curb appeal is making your home inviting from the outside -- where first impressions begin. This doesn’t mean spending a great deal of money remodeling and renovating. Adding a new front verandah might add a lot of curb appeal, but so will a couple of wicker chairs and potted flowers by the front door - at a lot less cost.
Here are some more tips for making the outside of your home attractive and inviting:
Clean up the yard Mow the lawn, trim the hedges, weed the flower beds, get rid of dead trees and shrubs; get rid of any broken lawn furniture; shovel the walk and driveway in winter; rake the yard in the fall.
Repair any problems If the roof is damaged, repair it. Also repair any doors and windows that have loose hinges or other damage; fix storm doors and window screens; caulk window exteriors; clean and repair sidings and other structural flaws.
Eliminate clutter If you have yard and construction debris piled up along the side of the house, or elsewhere, get rid of it. The exterior of your home should be as uncluttered in appearance as the interior. This includes cleaning out the garage - a major breeder of clutter. Be ruthless. If you haven’t used something in a year, give it to charity or recycle it.
Give siding a fresh new look Cleaning the exterior surface is all your home may need for a fresh new face. Before rushing to paint siding, try washing it. For painted wood siding and aluminum siding, use a solution of one cup strong detergent and one quart chlorine bleach in three gallons of water. Be sure to wear rubber gloves, goggles and other protective garments. Work from the bottom up and rinse thoroughly.
To spruce up vinyl siding, hose it down, sponge it with a mild liquid detergent and rinse.
Use paint to brighten, re-proportion exterior A paint job can do wonders for the exterior of a home. A low house can look more graceful and tall from the curb by emphasizing its vertical features. Paint elements such as doors, shutters and corner trim in a color that contrasts with the siding material or color. On a high home, emphasize horizontal by using a contrasting paint color on window sills and fascia boards. You can also make a tall house look lower by painting it a dark color, provided that the roof is dark too. Conversely, a light color will make a home look larger.
Co-ordinate the exterior 'look’ The more co-ordinated your house looks from the outside, the more appealing it will be. Co-ordinate the 'look’ of your home by painting the garage, tool shed, playhouse and other outdoor structures with the same color schemes as the house. If your house is a mixture of conflicting textures - vertical siding, shingles and brick, for instance - try painting them all the same color, or in two related shades of the same color, to create a harmonious look. Dark tones work best when working with conflicting textures.
Use flower power Well-placed flowers, trees and shrubs can really make the outside of a home look inviting. Not only does attractive landscaping invite buyers, it can increase the value of a home. Even without major landscaping, flowers can make a yard look colorful and pleasant. Plant them in garden beds, hang them from railings and porch ceilings, add flower boxes to window sills. There is no limit to the power of flowers.
At night, highlight garden features with spotlights and floodlights. Well-lit paths and entrances promote safety, discourage burglars and are an added feature to any home. A pretty wreath on the door and a welcome mat will finish things off.