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Hello %FIRSTNAME% %LASTNAME%
Newsletter: January 2012
Resale Homes - Market Watch
Second-Best Year on Record for Sales |
Greater Toronto REALTORS reported 4,718 transactions through the TorontoMLS system in December 2011. The December result capped off the second-best year on record under the current Toronto Real Estate Board (TREB) boundaries. Total sales for 2011 amounted to 89,347 up four per cent in comparison to 2010.
Low borrowing costs kept Buyers confident in their ability to comfortably cover their mortgage payments along with other major housing costs,said TREB President Richard Silver. If Buyers had not been constrained by a shortage of listings over the past 12 months, we would have been flirting with a new sales record in the Greater Toronto Area, added Silver.
The average selling price in December was $451,436 up four per cent compared to December 2010. For all of 2011, the average selling price was $465,412, an increase of eight per cent in comparison to the average of $431,276 in 2010.
Months of inventory remained below the pre-recession norm in 2011. Very tight market conditions meant substantial competition between Buyers and strong upward pressure on selling prices, said Jason Mercer, TREB's Senior Manager of Market Analysis.
TREB's baseline forecast for 2012 is for an average price of $485,000, representing a more moderate four per cent annual rate of price growth. This baseline view is subject to a heightened degree of risk given the uncertain global economic outlook, continued Mercer.
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| Stress Free Renovation Tips |
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If you're thinking about renovating, make sure to consider every detail in advance. Careful planning will not only keep you sane during the upheaval but will also ensure you get the most for your money. Here are a few things to keep in mind:
- Be Flexible - Aside from a lack of privacy, you'll be dealing with dust, noise, mess and disorganization. If you expect delays, you won�t be quite so frustrated when they occur.
- Time Is Money - Make sure you agree (in writing) on a completion date. Consider offering a bonus if the work's done before the date and a penalty for every day beyond.
- Stay In the Loop - Communication is key so schedule regular progress reports that include details on behind the scenes work such as wiring. Contractors don't like to be micromanaged but they shouldn't mind keeping you up date throughout the process.
- Kidding Around - Be sure to set aside some toys for the kids. Also, line up some playdates so you're able to escape the construction zone chaos. Finally, make a list of local outings for fun family getaways.
- Plan Ahead - Prepare and freeze meals in bulk for quick and easy dinners. Also, take this opportunity to donate unwanted items to charity so that your newly renovated home isn't full of unnecessary clutter.
Watching your home transform into something new is an exciting experience but it's also very inconvenient. The secret to making sure everything goes smoothly is to remain calm throughout the process and to plan ahead. If you keep that in mind, your dream home will be a reality before you know it!
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| GTA Average Resale Home Price |
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This Newsletter is brought to you courtesy of:
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:: The Bank of Canada Prime
Lending Rate is 3.00%.
:: Power of Sales Properties.
:: House Sold Price in your area.
:: Free Home Evaluation.
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