New plan for Yonge & Bloor: Shorter tower, no hotel
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Sunday, September 27, 2009
City of Toronto Harmonized Zoning By-law
Do you own or have an interest in land in the City of Toronto? If so, your property rights could be seriously affected.
The City of Toronto has recently released a draft proposed new Zoning By-law for the entire City of Toronto. This proposed Zoning By-law will impact all property within the City’s boundaries. The proposed Zoning By-law is intended to replace the 43 existing, in-force by-laws of the former area municipalities comprising the City of Toronto.
The proposed Zoning By-law makes significant changes to the existing zoning regime which will affect both existing, developed properties and properties slated for redevelopment.
For example, not all of the site-specific zoning by-law amendments previously approved by the City (and/or the Ontario Municipal Board on appeal), have been incorporated into the proposed new Zoning By-law. We also understand that City Staff do not intend to recommend that existing minor variances be incorporated into the new Zoning By-law. This will mean that buildings which were constructed in accordance with previous minor variance approvals will become legal non-conforming upon the new Zoning By-law coming into force and effect. Moreover, those landowners who have not yet obtained building permits in accordance with previous minor variance approvals will lose the additional development rights granted by the Committee of Adjustment and/or Ontario Municipal Board.
It is our recommendation that all landowners should be diligent in ascertaining whether or not the proposed new Zoning By-law will have an impact on lands in which they own or have an interest. City Staff currently intend to prepare a Final Report with respect to the proposed new Zoning By-law in the Fall of 2009, and the new Zoning By-law could be adopted by City Council before the end of this year. Failure to object to By-law changes could result in the loss of existing rights, or present significant hurdles to any redevelopment proposal.
Please note that, under the Planning Act, in order for a landowner to appeal the new Zoning By-law, the landowner or its representatives are required to have made either oral or written submissions to City Council prior to the adoption of the new Zoning By-law.
The City of Toronto has recently released a draft proposed new Zoning By-law for the entire City of Toronto. This proposed Zoning By-law will impact all property within the City’s boundaries. The proposed Zoning By-law is intended to replace the 43 existing, in-force by-laws of the former area municipalities comprising the City of Toronto.
The proposed Zoning By-law makes significant changes to the existing zoning regime which will affect both existing, developed properties and properties slated for redevelopment.
For example, not all of the site-specific zoning by-law amendments previously approved by the City (and/or the Ontario Municipal Board on appeal), have been incorporated into the proposed new Zoning By-law. We also understand that City Staff do not intend to recommend that existing minor variances be incorporated into the new Zoning By-law. This will mean that buildings which were constructed in accordance with previous minor variance approvals will become legal non-conforming upon the new Zoning By-law coming into force and effect. Moreover, those landowners who have not yet obtained building permits in accordance with previous minor variance approvals will lose the additional development rights granted by the Committee of Adjustment and/or Ontario Municipal Board.
It is our recommendation that all landowners should be diligent in ascertaining whether or not the proposed new Zoning By-law will have an impact on lands in which they own or have an interest. City Staff currently intend to prepare a Final Report with respect to the proposed new Zoning By-law in the Fall of 2009, and the new Zoning By-law could be adopted by City Council before the end of this year. Failure to object to By-law changes could result in the loss of existing rights, or present significant hurdles to any redevelopment proposal.
Please note that, under the Planning Act, in order for a landowner to appeal the new Zoning By-law, the landowner or its representatives are required to have made either oral or written submissions to City Council prior to the adoption of the new Zoning By-law.
Saturday, September 26, 2009
to forearm buyers for bidding wars
If you're in the market to buy a
home, you may find yourself in a
bidding war.
Last month, one in every six
houses sold in greater Toronto was
getting multiple offers.
The local real estate market has
come back from a slump earlier
this year.
Sales were up 2 per cent and
average prices up 0.5 per cent
year-to-date compared with the
first eight months of 2008, the
Toronto Real Estate Board says.
In fact, the resale housing market posted record sales in June, July and August.
But the big news hasn't reached sellers yet.
There is a shortage of properties for sale, with listings down 38 per cent in August from a
year ago.
In a bidding war, you may have to submit "clean" offers without conditions and pay well
above the listing price.
How can you protect yourself from paying too much?
Mark Weisleder, a lawyer and real estate instructor, has written a cautionary book for
home buyers and sellers, Put The Pen Down, to be published next month by ECW Press.
Here's his advice on how to stay safe if you get into a bidding war.
Q: What if you suspect the seller hasn't seen your offer?
A: Ask sellers to provide a signed acknowledgement that they have, in fact, looked at
every offer.
This is information they should provide to those who submitted a bid, along with the
names of all real estate firms involved in the process – though it's not required by law.
Q: What if you suspect there were "phantom offers," used to raise the selling
price?
A: Ask your agent to prepare two offers for the property at two different prices.
TheStar.com - Real Estate - Book aims to forearm buyers for bidding wars
Then, stick around to see what happens.
By waiting to present your offer until you see another offer come in you have a chance to
go with the lower price.
Q: Can you put a bidding war clause in your offer?
A: Yes, you can say you're making an offer on the basis that there will be multiple offers.
If you succeed, you want names of the brokerage firms involved for verification. And if no
other offers actually came in, you have one hour to change your offer or withdraw it.
Q: What if the seller asks for offers on a certain date? Can someone else put in
an offer ahead of you?
A: Yes, this is known as a pre-emptive offer or "bully offer."
If a buyer makes a bid before the deadline, the agent must bring this offer to the seller's
attention under requirements of the law.
If the seller accepts, the property will be shown as sold on the multiple listing service
database.
You can ask your agent to call you when things change, so you don't waste your time.
Q: What about getting a home inspection?
A: If you fear losing out with a conditional offer, try to do a home inspection before you
bid – though you may spend $300 and still lose the house.
Some sellers do their own pre-listing home inspection, which gives some comfort.
You can call to ask questions or pay the firm to walk you through the house (cheaper
than a new inspection).
Q: What else can I do to protect myself?
A: Do research in advance on neighbourhoods you like. Know the prices, so you don't pay
too much.
Find an agent who can tell you if the listing price is realistic.
If the asking price is below the actual market value, try to stay calm.
Don't bid more than the property is worth or more than you can afford to pay.
home, you may find yourself in a
bidding war.
Last month, one in every six
houses sold in greater Toronto was
getting multiple offers.
The local real estate market has
come back from a slump earlier
this year.
Sales were up 2 per cent and
average prices up 0.5 per cent
year-to-date compared with the
first eight months of 2008, the
Toronto Real Estate Board says.
In fact, the resale housing market posted record sales in June, July and August.
But the big news hasn't reached sellers yet.
There is a shortage of properties for sale, with listings down 38 per cent in August from a
year ago.
In a bidding war, you may have to submit "clean" offers without conditions and pay well
above the listing price.
How can you protect yourself from paying too much?
Mark Weisleder, a lawyer and real estate instructor, has written a cautionary book for
home buyers and sellers, Put The Pen Down, to be published next month by ECW Press.
Here's his advice on how to stay safe if you get into a bidding war.
Q: What if you suspect the seller hasn't seen your offer?
A: Ask sellers to provide a signed acknowledgement that they have, in fact, looked at
every offer.
This is information they should provide to those who submitted a bid, along with the
names of all real estate firms involved in the process – though it's not required by law.
Q: What if you suspect there were "phantom offers," used to raise the selling
price?
A: Ask your agent to prepare two offers for the property at two different prices.
TheStar.com - Real Estate - Book aims to forearm buyers for bidding wars
Then, stick around to see what happens.
By waiting to present your offer until you see another offer come in you have a chance to
go with the lower price.
Q: Can you put a bidding war clause in your offer?
A: Yes, you can say you're making an offer on the basis that there will be multiple offers.
If you succeed, you want names of the brokerage firms involved for verification. And if no
other offers actually came in, you have one hour to change your offer or withdraw it.
Q: What if the seller asks for offers on a certain date? Can someone else put in
an offer ahead of you?
A: Yes, this is known as a pre-emptive offer or "bully offer."
If a buyer makes a bid before the deadline, the agent must bring this offer to the seller's
attention under requirements of the law.
If the seller accepts, the property will be shown as sold on the multiple listing service
database.
You can ask your agent to call you when things change, so you don't waste your time.
Q: What about getting a home inspection?
A: If you fear losing out with a conditional offer, try to do a home inspection before you
bid – though you may spend $300 and still lose the house.
Some sellers do their own pre-listing home inspection, which gives some comfort.
You can call to ask questions or pay the firm to walk you through the house (cheaper
than a new inspection).
Q: What else can I do to protect myself?
A: Do research in advance on neighbourhoods you like. Know the prices, so you don't pay
too much.
Find an agent who can tell you if the listing price is realistic.
If the asking price is below the actual market value, try to stay calm.
Don't bid more than the property is worth or more than you can afford to pay.
Buyer beware of financing conditions
Before making an offer to
purchase, make sure bank's offer
to finance includes necessary
value appraisal
Most real estate offers are
conditional on the buyer obtaining
the necessary financing to
complete the purchase. This
condition is typically for a period of
three to seven days, to give buyers
the time to confirm with their
mortgage broker or lender that
they are approved for the
necessary funds.
Upon receiving this approval, the buyer then waives the condition in the offer and the
agreement becomes "firm." If the buyer is unable to obtain the financing approval, then
he or she notifies the seller and the agreement is terminated.
However, there are many other important legal rights and obligations that buyers must
understand with respect to a financing condition.
Firstly, just because their lender provides the initial approval, there are typically other
conditions that still have to be satisfied before they will give you the money.
Chiefly, the lender must be satisfied from their own appraiser that the appraised value of
the house or condominium is equal to or greater than the amount that the buyer has
agreed to pay for it.
For example, let's say you sign an agreement for $300,000 for a home and you are
approved for financing of $225,000, which is 75 per cent of the value of the home. If the
bank's own appraiser actually values the same property at only $275,000, then the bank
in most cases will not lend you the full $225,000. They may only lend you 75 per cent of
$275,000, which is $206,250 and then expect you, the buyer, to come up with the
difference of $18,750.
This can occur perhaps just before closing, making it extremely difficult for the buyer to
come up with the extra funds in time.
When buyers start looking for a home, they should first meet with a lender or mortgage
broker to find out how much they can safely afford to borrow. They should also ask what
the lender's appraisal practices are and what other conditions have to be satisfied before
they receive their funds. Ideally, the lender will complete the appraisal and have all
conditions satisfied before you waive your financing condition.
TheStar.com - Real Estate - Buyer beware of financing conditions
It is also important for buyers to understand that when they make a transaction
conditional on financing, they have a legal obligation to act in good faith in trying to
satisfy this condition.
The buyer cannot simply do nothing and then say to the seller that the deal is off because
they could not obtain financing. They must actually apply to a lender in good faith for the
financing and then be turned down, in order to legitimately cancel the agreement. If not,
the seller can claim the buyer has not acted in good faith in trying to satisfy the condition
and can refuse to return the deposit, or sue the buyer for damages for breaching the
contract.
Let's say an agreement is conditional on the buyer obtaining a mortgage for $200,000.
The buyer applies to a bank for the mortgage but is not approved. Can the seller then
offer to take back a mortgage for $200,000 and try to force the buyer to waive the
condition? The answer is no, unless there was an additional clause added to the
agreement that gave the seller the right to provide the financing in the event the buyer
was not approved by the lender.
It is very important for buyers to understand all legal rights and obligations relating to a
financing condition, as well as the complete process, requirements and other conditions
that a lender will require
purchase, make sure bank's offer
to finance includes necessary
value appraisal
Most real estate offers are
conditional on the buyer obtaining
the necessary financing to
complete the purchase. This
condition is typically for a period of
three to seven days, to give buyers
the time to confirm with their
mortgage broker or lender that
they are approved for the
necessary funds.
Upon receiving this approval, the buyer then waives the condition in the offer and the
agreement becomes "firm." If the buyer is unable to obtain the financing approval, then
he or she notifies the seller and the agreement is terminated.
However, there are many other important legal rights and obligations that buyers must
understand with respect to a financing condition.
Firstly, just because their lender provides the initial approval, there are typically other
conditions that still have to be satisfied before they will give you the money.
Chiefly, the lender must be satisfied from their own appraiser that the appraised value of
the house or condominium is equal to or greater than the amount that the buyer has
agreed to pay for it.
For example, let's say you sign an agreement for $300,000 for a home and you are
approved for financing of $225,000, which is 75 per cent of the value of the home. If the
bank's own appraiser actually values the same property at only $275,000, then the bank
in most cases will not lend you the full $225,000. They may only lend you 75 per cent of
$275,000, which is $206,250 and then expect you, the buyer, to come up with the
difference of $18,750.
This can occur perhaps just before closing, making it extremely difficult for the buyer to
come up with the extra funds in time.
When buyers start looking for a home, they should first meet with a lender or mortgage
broker to find out how much they can safely afford to borrow. They should also ask what
the lender's appraisal practices are and what other conditions have to be satisfied before
they receive their funds. Ideally, the lender will complete the appraisal and have all
conditions satisfied before you waive your financing condition.
TheStar.com - Real Estate - Buyer beware of financing conditions
It is also important for buyers to understand that when they make a transaction
conditional on financing, they have a legal obligation to act in good faith in trying to
satisfy this condition.
The buyer cannot simply do nothing and then say to the seller that the deal is off because
they could not obtain financing. They must actually apply to a lender in good faith for the
financing and then be turned down, in order to legitimately cancel the agreement. If not,
the seller can claim the buyer has not acted in good faith in trying to satisfy the condition
and can refuse to return the deposit, or sue the buyer for damages for breaching the
contract.
Let's say an agreement is conditional on the buyer obtaining a mortgage for $200,000.
The buyer applies to a bank for the mortgage but is not approved. Can the seller then
offer to take back a mortgage for $200,000 and try to force the buyer to waive the
condition? The answer is no, unless there was an additional clause added to the
agreement that gave the seller the right to provide the financing in the event the buyer
was not approved by the lender.
It is very important for buyers to understand all legal rights and obligations relating to a
financing condition, as well as the complete process, requirements and other conditions
that a lender will require
Starting July 1, 2010 Ontarians can expect to pay a harmonized sales tax (HST) rate of 13% on a long list goods and services-previously exempt
NO sense of harmony
September 25, 2009 -- Starting July 1, 2010 Ontarians can expect to pay a harmonized sales tax (HST) rate of 13% on a long list goods and services that were previously exempt from the 8% Provincial Sales Tax (PST). While the impact of the tax will be felt by all Ontarians, the province’s 3 million homeowners and the thousands who buy and sell a home every year will be hit particularly hard by this latest tax grab.
As real estate professionals, REALTORS® know how important the dream of homeownership is to Ontario families. Unfortunately, thanks to the forthcoming HST, that dream is going to become much more expensive. After July 1, 2010, every residential real estate transaction in Ontario will face a significant tax increase. Specifically, home buyers and sellers can expect to pay 8% more on legal fees, appraisals, real estate commissions, home inspection fees, moving costs and the provincial government’s forthcoming system of mandatory home energy audits. According to the Ontario Real Estate Association (OREA) Ontarians will pay, on average, an additional $1,449 in new taxes on their next residential real estate transaction.
If it’s not bad enough that the new tax will increase the cost of buying a home, then consider the impact on the costs of owning and living in that home after it’s been purchased. Specifically, a HST will add hundreds, potentially thousands of dollars in additional tax on utility bills, such as gas, electricity and home heating fuel, on home renovation labour, the cost of lawn upkeep or landscaping and the cost of snow removal. Moreover, a HST will increase the cost of living with 8% more tax on gasoline, personal and professional services, meals under $4, dry cleaning, cab fares, magazine subscriptions, plane tickets, vitamins and cell phone charges.
When added together, the impact of a HST on Ontario family’s disposable income will be considerable. In short, a HST will reduce the people of Ontario’s quality of life by taking more of their hard earned money.
While the Government of Ontario plans to compensate homeowners by offering sales tax transition cheques and modest income tax reductions, these measures will in no way offset this new tax. A onetime payment of $1000 (for a family of four) and a modest $368 reduction in income taxes will do very little to offset the burden of an 8% tax increase on a litany of items in perpetuity.
Certain basic needs, like groceries, prescription drugs, and children’s clothing, would be exempt from the new tax. Unfortunately, the provincial government is not proposing to provide a similar exemption for home purchasing costs. Having a roof over one’s head is about as basic as needs get, and the government should recognize this by ensuring that the costs associated with purchasing a home are exempt from the new tax.
Help oppose this latest tax grab. Visit www.TorontoRealEstateBoard.com where you will be able to access a link that will make it easy for you to write to your MPP and tell them that Ontarians do not need higher taxes on homeownership
September 25, 2009 -- Starting July 1, 2010 Ontarians can expect to pay a harmonized sales tax (HST) rate of 13% on a long list goods and services that were previously exempt from the 8% Provincial Sales Tax (PST). While the impact of the tax will be felt by all Ontarians, the province’s 3 million homeowners and the thousands who buy and sell a home every year will be hit particularly hard by this latest tax grab.
As real estate professionals, REALTORS® know how important the dream of homeownership is to Ontario families. Unfortunately, thanks to the forthcoming HST, that dream is going to become much more expensive. After July 1, 2010, every residential real estate transaction in Ontario will face a significant tax increase. Specifically, home buyers and sellers can expect to pay 8% more on legal fees, appraisals, real estate commissions, home inspection fees, moving costs and the provincial government’s forthcoming system of mandatory home energy audits. According to the Ontario Real Estate Association (OREA) Ontarians will pay, on average, an additional $1,449 in new taxes on their next residential real estate transaction.
If it’s not bad enough that the new tax will increase the cost of buying a home, then consider the impact on the costs of owning and living in that home after it’s been purchased. Specifically, a HST will add hundreds, potentially thousands of dollars in additional tax on utility bills, such as gas, electricity and home heating fuel, on home renovation labour, the cost of lawn upkeep or landscaping and the cost of snow removal. Moreover, a HST will increase the cost of living with 8% more tax on gasoline, personal and professional services, meals under $4, dry cleaning, cab fares, magazine subscriptions, plane tickets, vitamins and cell phone charges.
When added together, the impact of a HST on Ontario family’s disposable income will be considerable. In short, a HST will reduce the people of Ontario’s quality of life by taking more of their hard earned money.
While the Government of Ontario plans to compensate homeowners by offering sales tax transition cheques and modest income tax reductions, these measures will in no way offset this new tax. A onetime payment of $1000 (for a family of four) and a modest $368 reduction in income taxes will do very little to offset the burden of an 8% tax increase on a litany of items in perpetuity.
Certain basic needs, like groceries, prescription drugs, and children’s clothing, would be exempt from the new tax. Unfortunately, the provincial government is not proposing to provide a similar exemption for home purchasing costs. Having a roof over one’s head is about as basic as needs get, and the government should recognize this by ensuring that the costs associated with purchasing a home are exempt from the new tax.
Help oppose this latest tax grab. Visit www.TorontoRealEstateBoard.com where you will be able to access a link that will make it easy for you to write to your MPP and tell them that Ontarians do not need higher taxes on homeownership
Friday, September 25, 2009
Immigration a boon to housing market
Immigration a boon to housing market
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Homebuilders have always understood and appreciated the importance of immigration to economic growth including housing demand. But even builders were surprised with the results of a landmark study commissioned by Canada Mortgage and Housing Corp. that analyzes the housing situations of immigrants arriving in Canada six months, two years and four years after arrival.
The study, called "Settling In: Newcomers in the Canadian Housing Market," is based on Statistics' Canada's "Longitudinal Survey of Immigrants to Canada." The authors, University of British Columbia professors Daniel Hiebert and Pablo Mendez, looked at immigrant homebuying patterns in the cities of Montreal, Toronto and Vancouver and determined that the degree of homeownership attained by immigrants just six months after landing in Canada was "impressive."
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Homebuilders have always understood and appreciated the importance of immigration to economic growth including housing demand. But even builders were surprised with the results of a landmark study commissioned by Canada Mortgage and Housing Corp. that analyzes the housing situations of immigrants arriving in Canada six months, two years and four years after arrival.
The study, called "Settling In: Newcomers in the Canadian Housing Market," is based on Statistics' Canada's "Longitudinal Survey of Immigrants to Canada." The authors, University of British Columbia professors Daniel Hiebert and Pablo Mendez, looked at immigrant homebuying patterns in the cities of Montreal, Toronto and Vancouver and determined that the degree of homeownership attained by immigrants just six months after landing in Canada was "impressive."
Canadian real estate a world 'bargain': survey
CBC News
Vancouver is home to the most expensive 4-bedroom, single-family homes in Canada with an average price of $1.26 million, says Coldwell Banker. (Canadian Press)
Real estate in Canada is a relative bargain compared to homes in many other parts of the world, according to a global price survey by Coldwell Banker.
The survey also found typical executive homes were still affordable in many Canadian cities.
The real estate firm looks at the average price for a 2,200 square-foot, single-family home with about four bedrooms and 2½ baths - what it calls an "aspirational" home. This is the type of home that middle-management corporate transferees and move-up buyers typically look for, it said.
In Canada, a home like that costs an average of more than $1.26 million in Vancouver, the survey found. That figure topped the 35 markets Coldwell Banker surveyed in Canada.
But it also found that these type of executive homes were still affordable in many Canadian markets, with Charlottetown, Brantford, Ont., Moncton and Halifax among the eight Canadian markets with average executive home prices under $300,000.
"While Canadian home prices have been on the rise again following a brief market downturn, today's historically low interest rates have kept the dream of homeownership within reach for most of today's homebuyers," said John Geha, president of Coldwell Banker's Canadian operations.
"It is particularly interesting to compare the affordability levels now seen across North America and other global centres. Compared to many major markets throughout the world, Canadian real estate looks like a bargain," he said.
On the North American stage, La Jolla, Calif., tops the most-expensive list with an average price of $2.13 million US. Beverly Hills is in second spot, while Vancouver is 10th.
The most affordable move-up homes in North America are generally found in the U.S. Midwest, with Grayling, Mich., offering the cheapest executive real estate, at an average price of $112,675 US. Charlottetown narrowly missed making it into the top 10 most affordable markets in North America.
Outside North America, the range of four-bedroom home prices was wide.
Coldwell Banker surveyed real estate in 30 countries and found one of its "aspirational" homes in Singapore would set a buyer back by a list-topping $1.9 million US, while a similar-sized home in Salinas, Ecuador, would cost just $69,375 US.
Italy was well represented in the "most expensive" list. Milan, Florence and Rome all had average four-bedroom home prices well above the $1 million US mark.
New York was excluded from the survey because of a lack of comparable single-family homes, Coldwell Banker said.
Vancouver is home to the most expensive 4-bedroom, single-family homes in Canada with an average price of $1.26 million, says Coldwell Banker. (Canadian Press)
Real estate in Canada is a relative bargain compared to homes in many other parts of the world, according to a global price survey by Coldwell Banker.
The survey also found typical executive homes were still affordable in many Canadian cities.
The real estate firm looks at the average price for a 2,200 square-foot, single-family home with about four bedrooms and 2½ baths - what it calls an "aspirational" home. This is the type of home that middle-management corporate transferees and move-up buyers typically look for, it said.
In Canada, a home like that costs an average of more than $1.26 million in Vancouver, the survey found. That figure topped the 35 markets Coldwell Banker surveyed in Canada.
But it also found that these type of executive homes were still affordable in many Canadian markets, with Charlottetown, Brantford, Ont., Moncton and Halifax among the eight Canadian markets with average executive home prices under $300,000.
"While Canadian home prices have been on the rise again following a brief market downturn, today's historically low interest rates have kept the dream of homeownership within reach for most of today's homebuyers," said John Geha, president of Coldwell Banker's Canadian operations.
"It is particularly interesting to compare the affordability levels now seen across North America and other global centres. Compared to many major markets throughout the world, Canadian real estate looks like a bargain," he said.
On the North American stage, La Jolla, Calif., tops the most-expensive list with an average price of $2.13 million US. Beverly Hills is in second spot, while Vancouver is 10th.
The most affordable move-up homes in North America are generally found in the U.S. Midwest, with Grayling, Mich., offering the cheapest executive real estate, at an average price of $112,675 US. Charlottetown narrowly missed making it into the top 10 most affordable markets in North America.
Outside North America, the range of four-bedroom home prices was wide.
Coldwell Banker surveyed real estate in 30 countries and found one of its "aspirational" homes in Singapore would set a buyer back by a list-topping $1.9 million US, while a similar-sized home in Salinas, Ecuador, would cost just $69,375 US.
Italy was well represented in the "most expensive" list. Milan, Florence and Rome all had average four-bedroom home prices well above the $1 million US mark.
New York was excluded from the survey because of a lack of comparable single-family homes, Coldwell Banker said.
Thursday, September 24, 2009
Canadian housing markets buck recession and trend upwards,
MISSISSAUGA, ON, Sept. 24 /CNW/ - With the worst of the recession over, residential real estate markets in major Canadian centres are poised for growth in the final quarter of 2009, according to a report released today by RE/MAX.
The RE/MAX Bricks and Mortar Report found the bounce back that began in early Spring has made this recession one of the shortest on record for real estate. Low interest rates, pent-up demand, and improved affordability levels have all played a role in the recovery now well-underway. Percentage increases in sales from January to August 2009 were led by Vancouver, (up a substantial 14 per cent to 23,158), Victoria (up 7.4 per cent to 5,266), Edmonton (up 6.2 per cent to 13,691), Regina (up five per cent to 2,597), Ottawa (up 2.4 per cent to 10,830) and Toronto (up 1.8 per cent to 58,421). Housing values are already ahead of record-breaking 2008 levels in seven of the 11 markets surveyed, including Newfoundland-Labrador (18.1 per cent year to $203,584), Regina (6.4 per cent to $244,088), Halifax-Dartmouth (3.5 per cent to $239,633), Winnipeg (3.5 per cent to $207,006), Ottawa (3.3 per cent to $301,684), and Toronto (up 0.3 per cent to $385,978). Nationally, average price hovers at $312,585, up 0.5 per cent over one year ago.
"Markets are heating up across the country," says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. "Purchasers are clearly taking advantage of affordable prices and rock bottom interest rates. Those who missed the boat in years past have found that sitting on the sidelines can be a costly move. Prices are on the upswing and inventory levels are tightening, so the push toward homeownership is expected to continue throughout the Fall and possibly into early 2010."
The recovery of Canada's resale housing markets speaks to the tremendous value Canadians place on the importance of owning a home. The number of Canadians overall who own a home has increased since 1981 from 62.1 per cent to 68.4 per cent, with some markets posting even higher homeownership rates -- Calgary (74.1), St. John's (71.5), Regina (70.1), and Edmonton (69.2). Significant gains have also been made over the same period in markets such as Ottawa -- where homeownership levels rose from 51.4 per cent to 66.7 per cent -- and Toronto, where levels rose from 57.3 to 67.6 per cent.
"The strength of the residential housing sector cross-country has taken many economists and housing analysts by surprise once again," says Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada. "In terms of its impact on the resale market, by historical standards, this recession was one of the mildest. The resilience of bricks and mortar has been demonstrated time and again. While there may still be some challenges down the road, the worst is definitely behind us in the housing industry."
Over the past thirty years, the Canadian residential real estate market has experienced three major downturns - 1981, 1989, and 2008. While there have also been regional fluctuations throughout the years, return on investment over this period has been substantial, with Vancouver, Victoria, Toronto, Regina and Ottawa leading the country in terms of price appreciation.
The overall stability of real estate as an investment has also played a role. Markets like Halifax-Dartmouth, Regina, Ottawa, Winnipeg and London have provided steady returns (especially in recent years), with minimal fluctuation.
Public sentiment can best be illustrated by a recent Angus Reid Omnibus Survey* that asked the question "In which do you feel more comfortable investing your money? The stock market or real estate." Out of 1,000 respondents from coast-to-coast, 77 per cent chose real estate. The results of the RE/MAX Bricks and Mortar Report are clearly representative of this national dynamic at work.
The RE/MAX Bricks and Mortar Report found the bounce back that began in early Spring has made this recession one of the shortest on record for real estate. Low interest rates, pent-up demand, and improved affordability levels have all played a role in the recovery now well-underway. Percentage increases in sales from January to August 2009 were led by Vancouver, (up a substantial 14 per cent to 23,158), Victoria (up 7.4 per cent to 5,266), Edmonton (up 6.2 per cent to 13,691), Regina (up five per cent to 2,597), Ottawa (up 2.4 per cent to 10,830) and Toronto (up 1.8 per cent to 58,421). Housing values are already ahead of record-breaking 2008 levels in seven of the 11 markets surveyed, including Newfoundland-Labrador (18.1 per cent year to $203,584), Regina (6.4 per cent to $244,088), Halifax-Dartmouth (3.5 per cent to $239,633), Winnipeg (3.5 per cent to $207,006), Ottawa (3.3 per cent to $301,684), and Toronto (up 0.3 per cent to $385,978). Nationally, average price hovers at $312,585, up 0.5 per cent over one year ago.
"Markets are heating up across the country," says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. "Purchasers are clearly taking advantage of affordable prices and rock bottom interest rates. Those who missed the boat in years past have found that sitting on the sidelines can be a costly move. Prices are on the upswing and inventory levels are tightening, so the push toward homeownership is expected to continue throughout the Fall and possibly into early 2010."
The recovery of Canada's resale housing markets speaks to the tremendous value Canadians place on the importance of owning a home. The number of Canadians overall who own a home has increased since 1981 from 62.1 per cent to 68.4 per cent, with some markets posting even higher homeownership rates -- Calgary (74.1), St. John's (71.5), Regina (70.1), and Edmonton (69.2). Significant gains have also been made over the same period in markets such as Ottawa -- where homeownership levels rose from 51.4 per cent to 66.7 per cent -- and Toronto, where levels rose from 57.3 to 67.6 per cent.
"The strength of the residential housing sector cross-country has taken many economists and housing analysts by surprise once again," says Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada. "In terms of its impact on the resale market, by historical standards, this recession was one of the mildest. The resilience of bricks and mortar has been demonstrated time and again. While there may still be some challenges down the road, the worst is definitely behind us in the housing industry."
Over the past thirty years, the Canadian residential real estate market has experienced three major downturns - 1981, 1989, and 2008. While there have also been regional fluctuations throughout the years, return on investment over this period has been substantial, with Vancouver, Victoria, Toronto, Regina and Ottawa leading the country in terms of price appreciation.
The overall stability of real estate as an investment has also played a role. Markets like Halifax-Dartmouth, Regina, Ottawa, Winnipeg and London have provided steady returns (especially in recent years), with minimal fluctuation.
Public sentiment can best be illustrated by a recent Angus Reid Omnibus Survey* that asked the question "In which do you feel more comfortable investing your money? The stock market or real estate." Out of 1,000 respondents from coast-to-coast, 77 per cent chose real estate. The results of the RE/MAX Bricks and Mortar Report are clearly representative of this national dynamic at work.
Canada burns it waste versus recycling?
Ever wonder where your garbage ends up? »
Canada do you really believe in Clean energy from burning garbage? Or do they just want to avoid the issues?
I think it is somewhat misleading that a country that is supposedly as green as Canada incinerates its garbage. So why do Canadian sorts their garbage only to have it incinerated. How does this help reuse materials if they are incinerated? There are NO clean burning coal plants and yet we are suppose to accept these are “clean” burning? In Eastern Canada there are efforts to increase even more incinerators while they continue to ship to garbage to Michigan to be land filled. Yet Canadian really believe their blue bins are solving the recycling problems?
Incineration opposition heats up
Metro Vancouver incinerator plans could affect Chilliwack air quality
Christina Toth, Abbotsford Times
Published: Tuesday, September 08, 2009
Concern over pollution from proposed garbage incinerators in Metro Vancouver is drifting over Fraser Valley communities.
Mission Coun. Heather Stewart has taken a stand against Vancouver burning its trash, and now a group from that community has also started a petition.
Stewart joins Abbotsford Coun. Patricia Ross, also chairwoman of the Fraser Valley Regional District, in speaking out against the proposed incinerators.
Their main argument is that incinerators will create pollution, which historically travels on air currents into the Fraser Valley airshed.
“It’s very clear that the Fraser Valley is a conduit for pollution like that,” said Stewart Monday. “Chilliwack has had poor air quality, even compared to Mission.”
She said when she moved to Mission in 1990, “I had an allergy that mysteriously disappeared.” She has grandchildren living in Chilliwack, and she’s concerned about the effects on their health from airborne particulates and heavy metals released by the incinerators.
There is an argument that it’s clean technology, but Stewart has posted a number of independent studies and reviews on her website (www.heatherstewart.org) that say that is not the case. A Mission group has also begun a petition, which urges Vancouver to rethink its plans.
Metro Vancouver and Abbotsford transport their waste to a Cache Creek landfill site, which is open for another year. While Cache Creek is keen to keep the landfill operating, Metro Vancouver wants to keep their trash close to home.
One option to truck trash to a Washington landfill was dumped last week when the provincial government announced a ban on waste export in its throne speech.
Stewart fears the ban will work in Vancouver’s favour.
“It gives Metro Vancouver another argument to build these incinerators,” she said Monday.
Metro Vancouver proposes to build up to six waste-to-energy incinerators, which would use the area’s trash as fuel to ostensibly then create electric power.
“To keep the monsters, as I call them, fed, you need a lot of garbage,” and that could undermine regional communities’ efforts to recycle, she said.
“Why would Metro communities be motivated to reduce and recycle when they can just pass it off to the incinerators?” she asked.
- To view the petition go to www.petitiononline.com/MRPMEC/petition.html
© Chilliwack Times 2009
Canada do you really believe in Clean energy from burning garbage? Or do they just want to avoid the issues?
I think it is somewhat misleading that a country that is supposedly as green as Canada incinerates its garbage. So why do Canadian sorts their garbage only to have it incinerated. How does this help reuse materials if they are incinerated? There are NO clean burning coal plants and yet we are suppose to accept these are “clean” burning? In Eastern Canada there are efforts to increase even more incinerators while they continue to ship to garbage to Michigan to be land filled. Yet Canadian really believe their blue bins are solving the recycling problems?
Incineration opposition heats up
Metro Vancouver incinerator plans could affect Chilliwack air quality
Christina Toth, Abbotsford Times
Published: Tuesday, September 08, 2009
Concern over pollution from proposed garbage incinerators in Metro Vancouver is drifting over Fraser Valley communities.
Mission Coun. Heather Stewart has taken a stand against Vancouver burning its trash, and now a group from that community has also started a petition.
Stewart joins Abbotsford Coun. Patricia Ross, also chairwoman of the Fraser Valley Regional District, in speaking out against the proposed incinerators.
Their main argument is that incinerators will create pollution, which historically travels on air currents into the Fraser Valley airshed.
“It’s very clear that the Fraser Valley is a conduit for pollution like that,” said Stewart Monday. “Chilliwack has had poor air quality, even compared to Mission.”
She said when she moved to Mission in 1990, “I had an allergy that mysteriously disappeared.” She has grandchildren living in Chilliwack, and she’s concerned about the effects on their health from airborne particulates and heavy metals released by the incinerators.
There is an argument that it’s clean technology, but Stewart has posted a number of independent studies and reviews on her website (www.heatherstewart.org) that say that is not the case. A Mission group has also begun a petition, which urges Vancouver to rethink its plans.
Metro Vancouver and Abbotsford transport their waste to a Cache Creek landfill site, which is open for another year. While Cache Creek is keen to keep the landfill operating, Metro Vancouver wants to keep their trash close to home.
One option to truck trash to a Washington landfill was dumped last week when the provincial government announced a ban on waste export in its throne speech.
Stewart fears the ban will work in Vancouver’s favour.
“It gives Metro Vancouver another argument to build these incinerators,” she said Monday.
Metro Vancouver proposes to build up to six waste-to-energy incinerators, which would use the area’s trash as fuel to ostensibly then create electric power.
“To keep the monsters, as I call them, fed, you need a lot of garbage,” and that could undermine regional communities’ efforts to recycle, she said.
“Why would Metro communities be motivated to reduce and recycle when they can just pass it off to the incinerators?” she asked.
- To view the petition go to www.petitiononline.com/MRPMEC/petition.html
© Chilliwack Times 2009
Wednesday, September 23, 2009
Real Estate Toronto in September 2009
September 18, 2009 --
Recent market statistics show that we’re all continuing to keep very busy schedules
this month.
In the first two weeks of September,
sales increased 23 per cent over the same period a year ago and the average price
was up eight per cent to $393,818.
Recent market statistics show that we’re all continuing to keep very busy schedules
this month.
In the first two weeks of September,
sales increased 23 per cent over the same period a year ago and the average price
was up eight per cent to $393,818.
Date: September 22, 2009
Canadian Retail Sales, July 2009 Release
Source: Statistics Canada
Link to Release:
http://www.statcan.gc.ca/daily-quotidien/090922/dq090922a-eng.htm
Summary:
July retail sales declined, on a seasonally adjusted basis, by 0.6 per
cent compared to June. The decline was driven by a 3.4 per cent drop in
gasoline sales, representing lower gas prices this year versus last. While retail
sales were down in July, it is important to note that gains have been reported in
five out of seven months this year. The retail sector in Ontario performed better
than Canada as a whole, posting a more moderate 0.3 per cent decline. Sales
of many housing-related goods, including furniture, building and outdoor home
supplies, increased in July.
Analysis:
Retail sales are an important indicator when considering the
trajectory of economic recovery in Canada. Over half of Canada’s gross
domestic product (GDP) is driven by personal consumption. With this in mind,
the July retail sales release is not the best news we could have hoped for, but it
is only one month worth of data. The fact that retail sales have increased in the
majority of months reported so far this year after a steep drop-off at the end of
2008 suggests that the retail sector is improving and is having a positive effect
on the economy. A lot of growth still must occur before we revisit the level of
retail spending experienced in the summer and fall of 2008. The resurgent
housing market and improving consumer confidence will continue to help the
retail sector moving forward.
Source: Statistics Canada
Canadian and Ontario Retail Sales
Canadian Retail Sales, July 2009 Release
Source: Statistics Canada
Link to Release:
http://www.statcan.gc.ca/daily-quotidien/090922/dq090922a-eng.htm
Summary:
July retail sales declined, on a seasonally adjusted basis, by 0.6 per
cent compared to June. The decline was driven by a 3.4 per cent drop in
gasoline sales, representing lower gas prices this year versus last. While retail
sales were down in July, it is important to note that gains have been reported in
five out of seven months this year. The retail sector in Ontario performed better
than Canada as a whole, posting a more moderate 0.3 per cent decline. Sales
of many housing-related goods, including furniture, building and outdoor home
supplies, increased in July.
Analysis:
Retail sales are an important indicator when considering the
trajectory of economic recovery in Canada. Over half of Canada’s gross
domestic product (GDP) is driven by personal consumption. With this in mind,
the July retail sales release is not the best news we could have hoped for, but it
is only one month worth of data. The fact that retail sales have increased in the
majority of months reported so far this year after a steep drop-off at the end of
2008 suggests that the retail sector is improving and is having a positive effect
on the economy. A lot of growth still must occur before we revisit the level of
retail spending experienced in the summer and fall of 2008. The resurgent
housing market and improving consumer confidence will continue to help the
retail sector moving forward.
Source: Statistics Canada
Canadian and Ontario Retail Sales
Tuesday, September 22, 2009
Tech and Real Estate May Lead the Way
Survey: Firms' Economic Recovery Spending Could Flow to Information
Technology, Real Estate
TORONTO, Sept. 22 /CNW/ - Nearly two-thirds (64 per cent) of chief financial officers (CFOs) surveyed plan on making investments once the economy improves, and the top areas they are targeting include information technology and real estate. Twenty-one per cent of respondents said they will be sourcing new or upgraded information technology systems and 20 per cent plan to invest in new locations or real estate. More than one-quarter (27 per cent) do not plan on making any investments.
The survey was developed by Robert Half Management Resources, the world's premier provider of senior-level accounting and finance professionals on a project and interim basis. It was conducted by an independent research firm and includes responses from 270 CFOs across Canada.
CFOs were asked, "In which one of the following areas are you most likely to invest once the economy improves?" Their responses:
Will invest ................................................ 64%
New or upgraded IT systems.............................. 21%
New locations or real estate............................ 20%
New products or service lines........................... 16%
Mergers or acquisitions................................. 6%
Other .................................................. 1%
None, will not invest ...................................... 27%
Don't know/refused...................................... 9%
----
100%
"As companies emerge from the downturn, previously postponed investments will again be considered, including technology infrastructure, new office locations and new product or service offerings," said David King, executive vice president for Robert Half Management Resources' Canadian operations. "Although finance executives may remain cautious when making large expenditures, they understand that these initiatives will help the company emerge stronger and more profitable."
King added, "When making new investments in areas such as technology, companies will need to secure the right mix of specialized talent necessary to manage complex initiatives. Creating a staffing plan can help businesses maintain efficiency and effectiveness through periods of growth and transition."
Technology, Real Estate
TORONTO, Sept. 22 /CNW/ - Nearly two-thirds (64 per cent) of chief financial officers (CFOs) surveyed plan on making investments once the economy improves, and the top areas they are targeting include information technology and real estate. Twenty-one per cent of respondents said they will be sourcing new or upgraded information technology systems and 20 per cent plan to invest in new locations or real estate. More than one-quarter (27 per cent) do not plan on making any investments.
The survey was developed by Robert Half Management Resources, the world's premier provider of senior-level accounting and finance professionals on a project and interim basis. It was conducted by an independent research firm and includes responses from 270 CFOs across Canada.
CFOs were asked, "In which one of the following areas are you most likely to invest once the economy improves?" Their responses:
Will invest ................................................ 64%
New or upgraded IT systems.............................. 21%
New locations or real estate............................ 20%
New products or service lines........................... 16%
Mergers or acquisitions................................. 6%
Other .................................................. 1%
None, will not invest ...................................... 27%
Don't know/refused...................................... 9%
----
100%
"As companies emerge from the downturn, previously postponed investments will again be considered, including technology infrastructure, new office locations and new product or service offerings," said David King, executive vice president for Robert Half Management Resources' Canadian operations. "Although finance executives may remain cautious when making large expenditures, they understand that these initiatives will help the company emerge stronger and more profitable."
King added, "When making new investments in areas such as technology, companies will need to secure the right mix of specialized talent necessary to manage complex initiatives. Creating a staffing plan can help businesses maintain efficiency and effectiveness through periods of growth and transition."
Monday, September 21, 2009
Vertical City – The GTA is growing up and going green
September 18, 2009 -- In a recent column I talked about how the Greater Toronto Area is becoming a vertical city, with almost one in every three homes that changes hands being a condominium.
There’s no doubt that homebuyers are drawn to the luxury and in many cases, affordability, that condominiums offer. As a result, the GTA’s population is booming; it currently ranks as the fifth largest city region in North America behind Mexico City, New York City, Los Angeles and Chicago. And it’s interesting to note that as the GTA grows up, it’s also going green.
From schools to office buildings, municipal facilities to retail outlets, buildings throughout the GTA are working to earn Leadership in Energy and Environmental Design (LEED) certification.
It is a rating system in which points are awarded for environmentally friendly building characteristics in five key areas: sustainable site development, water efficiency, energy efficiency, materials selection, and indoor environmental quality.
An internationally accepted third-party certification program, it provides building operators with tools to have an immediate and measurable impact on their buildings’ performance.
According to recent reports, the Canadian Green Building Council (CaGBC), the non-profit organization that implements LEED, has more than one thousand projects registered, with approximately one-third of all projects located in Ontario.
In Canada for only five years, the LEED program has been widely embraced and certainly by no one more than condominium developers.
To qualify for this coveted status today’s condominiums are built with energy efficient heating and cooling systems, low VOC paints and finishes, and low-E argon-filled windows.
You’ll also find innovative energy-saving ideas like rainwater collection facilities, motion sensor lighting in stairwells, and two-chute disposal systems for convenient recycling on every floor.
LEED condos feature individual suite controls that allow you to monitor and limit energy usage, all off switches, programmable thermostats and energy-efficient appliances.
Building amenities include lush rooftop gardens, individual storage units, covered parking for bicycles, close proximity to transit lines and direct access to car sharing company services.
If you’re drawn to the idea of owning a green home you’re not alone. In a Nielson Canada-wide survey of attitudes towards green homes 85 per cent of respondents claimed that certification of the home would play an important role in their buying decision and 82 per cent said they would be willing to invest more money in a home purchase if it was certified.
Beyond helping the environment, there are a number of other benefits to buying a LEED certified condominium. You’ll enjoy better indoor air quality, lower costs for water and electricity usage and likely, a more active lifestyle. You might even enjoy a lower home insurance premium and achieve higher resale value.
If you’re interested in finding out about the many benefits of LEED-certified condos, talk to a Greater Toronto REALTOR®.
Toronto Real Estate Board Members not only have access to up-to-the-minute data on resale housing, they also have special access to a database that contains detailed information on 95 per cent of all new construction developments in the GTA that are greater than 15 units in size.
Some REALTORS® have even pursued special training offered by the National Association of Green Agents and Brokers. Look for the ACCREDITED GREENAGENT™ and ACCREDITED GREENBROKER™ designations.
For more information on the home buying and selling process, neighbourhood profiles and the latest market statistics visit www.TorontoRealEstateBoard.com
There’s no doubt that homebuyers are drawn to the luxury and in many cases, affordability, that condominiums offer. As a result, the GTA’s population is booming; it currently ranks as the fifth largest city region in North America behind Mexico City, New York City, Los Angeles and Chicago. And it’s interesting to note that as the GTA grows up, it’s also going green.
From schools to office buildings, municipal facilities to retail outlets, buildings throughout the GTA are working to earn Leadership in Energy and Environmental Design (LEED) certification.
It is a rating system in which points are awarded for environmentally friendly building characteristics in five key areas: sustainable site development, water efficiency, energy efficiency, materials selection, and indoor environmental quality.
An internationally accepted third-party certification program, it provides building operators with tools to have an immediate and measurable impact on their buildings’ performance.
According to recent reports, the Canadian Green Building Council (CaGBC), the non-profit organization that implements LEED, has more than one thousand projects registered, with approximately one-third of all projects located in Ontario.
In Canada for only five years, the LEED program has been widely embraced and certainly by no one more than condominium developers.
To qualify for this coveted status today’s condominiums are built with energy efficient heating and cooling systems, low VOC paints and finishes, and low-E argon-filled windows.
You’ll also find innovative energy-saving ideas like rainwater collection facilities, motion sensor lighting in stairwells, and two-chute disposal systems for convenient recycling on every floor.
LEED condos feature individual suite controls that allow you to monitor and limit energy usage, all off switches, programmable thermostats and energy-efficient appliances.
Building amenities include lush rooftop gardens, individual storage units, covered parking for bicycles, close proximity to transit lines and direct access to car sharing company services.
If you’re drawn to the idea of owning a green home you’re not alone. In a Nielson Canada-wide survey of attitudes towards green homes 85 per cent of respondents claimed that certification of the home would play an important role in their buying decision and 82 per cent said they would be willing to invest more money in a home purchase if it was certified.
Beyond helping the environment, there are a number of other benefits to buying a LEED certified condominium. You’ll enjoy better indoor air quality, lower costs for water and electricity usage and likely, a more active lifestyle. You might even enjoy a lower home insurance premium and achieve higher resale value.
If you’re interested in finding out about the many benefits of LEED-certified condos, talk to a Greater Toronto REALTOR®.
Toronto Real Estate Board Members not only have access to up-to-the-minute data on resale housing, they also have special access to a database that contains detailed information on 95 per cent of all new construction developments in the GTA that are greater than 15 units in size.
Some REALTORS® have even pursued special training offered by the National Association of Green Agents and Brokers. Look for the ACCREDITED GREENAGENT™ and ACCREDITED GREENBROKER™ designations.
For more information on the home buying and selling process, neighbourhood profiles and the latest market statistics visit www.TorontoRealEstateBoard.com
Commercial Real Estate Toronto> Almost 600,000 Square Feet Leased In August
Almost 600,000 Square Feet Leased In August
September 9, 2009 —
Last month, TREB Members reported 571,751 square
feet of leased space, down 31% from the 830,317 square feet recorded in August
of 2008, Commercial Council Chair Garry Lander announced today.
“The amount of leased space continues to be lower than last year’s levels as
companies are waiting to re-negotiate current leases or negotiate agreements on
new space until they are more confident as to when economic recovery will take
hold,” Mr. Lander noted. “The outlook on the economy will determine availability
and pricing.”
Rental rates for IC&I properties were mixed compared to year-ago levels. Industrial
space (all size categories) leased for $5.20 sfn, down 9% from the $5.70 recorded
in August of 2008. Commercial space traded for $19.75 sfn, up 4% from the $18.98
figure seen during the same month last year. Finally, office space traded for $12.34,
up 3% from the $11.98 sfn figure recorded during August, 2008.
Sales Market Highlights
TREB Members recorded 50 sales of IC&I properties in June, including 24 industrial
buildings of all size categories which averaged $91.66 per square foot. This compare
to the $66.97 per square foot obtained from non-MLS sources.
September 9, 2009 —
Last month, TREB Members reported 571,751 square
feet of leased space, down 31% from the 830,317 square feet recorded in August
of 2008, Commercial Council Chair Garry Lander announced today.
“The amount of leased space continues to be lower than last year’s levels as
companies are waiting to re-negotiate current leases or negotiate agreements on
new space until they are more confident as to when economic recovery will take
hold,” Mr. Lander noted. “The outlook on the economy will determine availability
and pricing.”
Rental rates for IC&I properties were mixed compared to year-ago levels. Industrial
space (all size categories) leased for $5.20 sfn, down 9% from the $5.70 recorded
in August of 2008. Commercial space traded for $19.75 sfn, up 4% from the $18.98
figure seen during the same month last year. Finally, office space traded for $12.34,
up 3% from the $11.98 sfn figure recorded during August, 2008.
Sales Market Highlights
TREB Members recorded 50 sales of IC&I properties in June, including 24 industrial
buildings of all size categories which averaged $91.66 per square foot. This compare
to the $66.97 per square foot obtained from non-MLS sources.
Sunday, September 20, 2009
GTA REALTORS® Report Sales and Price Growth in September
NEWS RELEASE FOR IMMEDIATE RELEASE
For Media/Public Inquiries:
GTA REALTORS® Report Sales and Price Growth in September
TORONTO, September 16, 2009 - In the first two weeks of September, Greater Toronto
REALTORS® reported 3,361 sales – up 23 per cent compared to the first two weeks of
September 2008. The average price for these transactions was up eight per cent year-over-year to $393,818.
"An increasing number of positive reports pointing to economic recovery coupled with low interest rates have kept households confident in purchasing a home."
Year-to-date sales, at 61,676 are up three per cent compared to 59,971 in 2008. Average price,at $386,302, is up by one per cent from $383,776.
"Tighter market conditions since May, as evidenced by rising sales relative to listings and declining average days on the market, have resulted in stronger average price growth."
Summary Of September Sales And Average Price
September
2009 2008
Sales Average Price Sales Average Price
City of Toronto ("416") 1,280 $415,126 998 $386,524
Rest of GTA ("905") 2,081 $380,712 1,728 $354,395
GTA 3,361 $393,818 2,726 $366,158
Source: Toronto Real Estate Board
Greater Toronto REALTORS® are passionate about their work.
They adhere to a strict Code of Ethics and share a state-of-the-art Multiple Listing Service.
Serving over 28,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada’s largest real estate board.
For Media/Public Inquiries:
GTA REALTORS® Report Sales and Price Growth in September
TORONTO, September 16, 2009 - In the first two weeks of September, Greater Toronto
REALTORS® reported 3,361 sales – up 23 per cent compared to the first two weeks of
September 2008. The average price for these transactions was up eight per cent year-over-year to $393,818.
"An increasing number of positive reports pointing to economic recovery coupled with low interest rates have kept households confident in purchasing a home."
Year-to-date sales, at 61,676 are up three per cent compared to 59,971 in 2008. Average price,at $386,302, is up by one per cent from $383,776.
"Tighter market conditions since May, as evidenced by rising sales relative to listings and declining average days on the market, have resulted in stronger average price growth."
Summary Of September Sales And Average Price
September
2009 2008
Sales Average Price Sales Average Price
City of Toronto ("416") 1,280 $415,126 998 $386,524
Rest of GTA ("905") 2,081 $380,712 1,728 $354,395
GTA 3,361 $393,818 2,726 $366,158
Source: Toronto Real Estate Board
Greater Toronto REALTORS® are passionate about their work.
They adhere to a strict Code of Ethics and share a state-of-the-art Multiple Listing Service.
Serving over 28,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada’s largest real estate board.
Friday, September 18, 2009
Existing home sales in the GTA rose 27 per cent in August
A sold sign on a Toronto home.
Existing home sales in the GTA rose 27 per cent in August, helping boost Ontario sales to 15.9 per cent compared to the same time last year, according to the Canadian Real Estate Association.
The group reported that 18,067 homes traded hands. Average prices were also up by 7.5 per cent to $313,512.
"Low interest rates and affordability continue to attract homebuyers to the housing market. Consumer confidence continues to rise, which bodes well for activity in the coming months," said CREA president Dale Ripplinger.
Seasonally adjusted sales were also up slightly from July by 0.5 per cent, thanks to the strong Toronto market.
"The balance of sentiment making big ticket purchases pushed into positive territory in August for the first time since early last year," said CREA chief economist Gregory Klump.
Nationally, Canadian existing home sales increased 18.5 per cent in August compared to the same time last year.
Prices also rose by 11.3 per cent from year ago levels to $324,779. This represents the highest average price for the month of August.
CREA said the high prices were the result of demand in the more expensive housing markets skewing figures upward.
Improved demand combined with fewer listings is drawing down inventory in the market. Listings were down by 13.3 per cent in August from a year earlier.
The number of months of inventory was up slightly in August to five months, from 4.4 months in July. That is well below the recessionary peak of 12.8 months in January of this year.
Existing home sales in the GTA rose 27 per cent in August, helping boost Ontario sales to 15.9 per cent compared to the same time last year, according to the Canadian Real Estate Association.
The group reported that 18,067 homes traded hands. Average prices were also up by 7.5 per cent to $313,512.
"Low interest rates and affordability continue to attract homebuyers to the housing market. Consumer confidence continues to rise, which bodes well for activity in the coming months," said CREA president Dale Ripplinger.
Seasonally adjusted sales were also up slightly from July by 0.5 per cent, thanks to the strong Toronto market.
"The balance of sentiment making big ticket purchases pushed into positive territory in August for the first time since early last year," said CREA chief economist Gregory Klump.
Nationally, Canadian existing home sales increased 18.5 per cent in August compared to the same time last year.
Prices also rose by 11.3 per cent from year ago levels to $324,779. This represents the highest average price for the month of August.
CREA said the high prices were the result of demand in the more expensive housing markets skewing figures upward.
Improved demand combined with fewer listings is drawing down inventory in the market. Listings were down by 13.3 per cent in August from a year earlier.
The number of months of inventory was up slightly in August to five months, from 4.4 months in July. That is well below the recessionary peak of 12.8 months in January of this year.
Number One Bloor, Toronto , Canada - Sept 2009
Number One Bloor, Canada`s Most Prestigious Real Estate Development is Now in Trusted Hands
TORONTO -
The acquisition of Number One Bloor by Tuscany Ridge Developments Inc. -- an affiliate of Toronto-based Great Gulf Group of Companies-becomes official today,
paving the way for Toronto`s most prestigious address to soon boast a new
landmark building.
"We are very excited that we are able to bring our expertise in developing
iconic structures encompassing the highest standards of design to this superb
location," said Jerry Patava, President and CEO of Great Gulf.
At the heart of Bloor-Yorkville`s upscale shops, fine dining and entertainment
district, Number One Bloor will be a mixed use project consisting of luxury
condominium residences anchored by high-end retail uses at street level. Further
details regarding this exciting development from one of the industry`s most
trusted builders will be released this fall, as they become available.
Great Gulf Group is a fully integrated real estate organization with an
established history of creating distinctive communities in the GTA and beyond.
High-rise developments of note include 18 Yorkville, the "X" condos (Charles at
Jarvis) and "Charlie" (King Street West at Spadina).
About Great Gulf Group of Companies
The Great Gulf Group (www.greatgulfhomes.com/ggg/index.html) includes Great Gulf
Homes, Great Gulf Condominiums, First Gulf, Ashton Woods Homes, and Taboo
Resort. Since 1975, Great Gulf Homes has been building residential communities
that offer privacy, prestige and richly rewarding lifestyles. The company`s
award-winning homes are designed to provide lasting beauty and value.
Great Gulf Group of Companies
Jerry Patava, President and CEO, (416) 449-1340
jerry@greatgulfhomes.com
TORONTO -
The acquisition of Number One Bloor by Tuscany Ridge Developments Inc. -- an affiliate of Toronto-based Great Gulf Group of Companies-becomes official today,
paving the way for Toronto`s most prestigious address to soon boast a new
landmark building.
"We are very excited that we are able to bring our expertise in developing
iconic structures encompassing the highest standards of design to this superb
location," said Jerry Patava, President and CEO of Great Gulf.
At the heart of Bloor-Yorkville`s upscale shops, fine dining and entertainment
district, Number One Bloor will be a mixed use project consisting of luxury
condominium residences anchored by high-end retail uses at street level. Further
details regarding this exciting development from one of the industry`s most
trusted builders will be released this fall, as they become available.
Great Gulf Group is a fully integrated real estate organization with an
established history of creating distinctive communities in the GTA and beyond.
High-rise developments of note include 18 Yorkville, the "X" condos (Charles at
Jarvis) and "Charlie" (King Street West at Spadina).
About Great Gulf Group of Companies
The Great Gulf Group (www.greatgulfhomes.com/ggg/index.html) includes Great Gulf
Homes, Great Gulf Condominiums, First Gulf, Ashton Woods Homes, and Taboo
Resort. Since 1975, Great Gulf Homes has been building residential communities
that offer privacy, prestige and richly rewarding lifestyles. The company`s
award-winning homes are designed to provide lasting beauty and value.
Great Gulf Group of Companies
Jerry Patava, President and CEO, (416) 449-1340
jerry@greatgulfhomes.com
Thursday, September 17, 2009
Buyers and Sellers
What I am presenting to Buyers and Sellers:
1.People: That is, my own skills and competence, as well as my understanding of consumers’ needs and desires and my capacity to help them achieve their goals.
2.Ideas: The American Dream of homeownership, the importance of having private property, the house as an investment, etc.
3.Hardware: The homes, the features therein, and the outdoor surroundings; it can also refer to the physical tools I am using to market a property and execute transactions.
1.People: That is, my own skills and competence, as well as my understanding of consumers’ needs and desires and my capacity to help them achieve their goals.
2.Ideas: The American Dream of homeownership, the importance of having private property, the house as an investment, etc.
3.Hardware: The homes, the features therein, and the outdoor surroundings; it can also refer to the physical tools I am using to market a property and execute transactions.
Update: Bank Of America Tower, Greenest Skyscraper In The U.S. | Green Idea Lab:Green Buildings,Green Building Architects,Green Architecture,Energy Efficient Buildings,Green Building Consultant
Wednesday, September 16, 2009
Income Investment Property in Central Toronto
Peter Tarshis
Income Property,
Central Toronto,
5 apartments,
5 fireplaces,
9 washrooms,
5000 sq.ft. Annex,
Virtual Tour
www.142BedfordRoad.com
Income Property,
Central Toronto,
5 apartments,
5 fireplaces,
9 washrooms,
5000 sq.ft. Annex,
Virtual Tour
www.142BedfordRoad.com
Toronto. North York www.41stafford.com New Listing
Peter Tarshis
New Listing
- check out the Virtual tour
- 2 bedroom , total reno, ground up.
Finished basement , 2 walk outs , huge private yard, 3 car parking. Quiet residential street
- walk to Yonge/Sheppard subway41 Stafford Road, Toronto, ON M2R1V1 |
Obeo Virtual Tour
Source: www.41stafford
New Listing
- check out the Virtual tour
- 2 bedroom , total reno, ground up.
Finished basement , 2 walk outs , huge private yard, 3 car parking. Quiet residential street
- walk to Yonge/Sheppard subway41 Stafford Road, Toronto, ON M2R1V1 |
Obeo Virtual Tour
Source: www.41stafford
A controversial 42-storey condo building
A controversial 42-storey condo building that will be built without permanent parking spots
FILE PHOTO The Royal Canadian Military Institute on University Ave. was built in 1907. The new building would provide space for 1500 members
ON A CLEAR DAY, YOU CAN SEE METRO
What does it take to live car-less-ly? Schlepping groceries and other stuff home on foot can take some effort, especially in a downtown area that's less residential than some.
From 426 University Ave., site of a proposed condo building with no parking, it is:
• 10 blocks to the nearest supermarket (Metro at Gould and Jarvis Sts.)
• 4 blocks to the nearest LCBO (595 Bay St.)
• 4 blocks to the nearest Canadian Tire (Bay and Dundas Sts.)
• 6 blocks to the nearest mall (Eaton Centre)
On the other hand, it's:
• A few steps to St. Patrick's subway station
• 2 blocks to the opera house
• 3 blocks to major hospitals
· 5 blocks to Queen's Park
--------------------------------------------------------------------------------
University Ave. project with 315 bicycle spots touted as green model
City Hall Toronto
A controversial 42-storey condo building that will be built without permanent parking spots cleared a key hurdle yesterday.
The Toronto-East York community council overruled city staff skeptical about the dearth of parking to allow a plan that provides for only nine car-share rental spots, plus 315 spaces for bicycles.
The condominium would go up on the site of the century-old Royal Canadian Military Institute on University Ave. near Dundas St., which would be demolished, with elements of its facade preserved at the base and a thin tower above.
"If you look at the evidence of what sells downtown, the majority of units under 750 square feet in the downtown core sell without parking,'' said Stephen Deveaux, a vice-president with the developer, Tribute Communities. Parking spots typically add $20,000 or more to the cost of a downtown condo.
Deveaux called the project, which still needs approval from full city council, an opportunity to design and market an "environmentally progressive building." With so many jobs and handy transit nearby, the units will sell, Deveaux said.
A staff report on the condo plan in May gave it thumbs-down, citing, for one, the lack of parking. It stated the car-free plan "runs counter to expert study and experience."
The idea materialized when Tribute realized the narrow site would provide "challenges" to constructing a parking garage.
Councillor Adam Vaughan, who represents the ward, called the car-free building "an interesting experiment and statement about the future of downtown living.''
It also won praise yesterday from Franz Hartmann, co-executive director of the Toronto Environmental Alliance, who said such buildings are uncommon - if they exist at all. "In the past it was natural to allocate parking spots, but in 21st century Toronto, where we're battling climate change, we don't need that any more,'' he said.
The few parking spots in the plan will be devoted to car-share arrangements, whereby residents can rent a car as needed by the hour.
The plan involves tearing down the decaying Royal Canadian Military Institute building, a private club constructed in 1907 that is on the city's inventory of heritage properties, and replacing it with a 6 1/2-storey structure that maintains elements of the façade. Above would rise a 35 1/2-storey condo tower with about 315 units, mostly one-bedroom.
The $65 million project is the fruit of a partnership between Tribute and the 1,500-member club. Construction could begin as early as next year and be done by 2013.
The building will continue to provide space for the club, its library and its extensive archival collection of military artifacts - including the seat of Baron von Richthofen's Fokker Triplane, its most famous item.
Though the institute's board has approved the project, several members at large oppose it.
Member Brian Lawrie told the community council that in 2007 Vaughan had "enthusiastically endorsed" keeping the building intact, calling it a "rare remnant of University Avenue's early days as a quiet boulevard dominated by trees, not highrises." He noted that the councillor had done a "180-degree turn" the next year by endorsing the demolition and condo project.
Normally, building plans follow a formula for how much parking space should be allowed; current standards, if applied to the building, would provide approximately 140 parking spaces for residents.
"To assume a residential development of the project's scale might be totally car-free runs counter to expert study and experience," the staff report stated. "Although there are many households in the downtown (area) without cars, it would be highly unlikely to find 315 of them permanently concentrated in one building."
It also stated that, "exempting the project from the city's parking standards would create a negative precedent that undermines the integrity of the parking provisions of the zoning bylaw."
But the project got the green light after Vaughan suggested a series of amendments to bring the building into what he later described as "better conformity" with the area.
The only way to save its museum and artifacts is to redevelop the site, Vaughan told the meeting.
The project goes to city council later this month for final approval.
FILE PHOTO The Royal Canadian Military Institute on University Ave. was built in 1907. The new building would provide space for 1500 members
ON A CLEAR DAY, YOU CAN SEE METRO
What does it take to live car-less-ly? Schlepping groceries and other stuff home on foot can take some effort, especially in a downtown area that's less residential than some.
From 426 University Ave., site of a proposed condo building with no parking, it is:
• 10 blocks to the nearest supermarket (Metro at Gould and Jarvis Sts.)
• 4 blocks to the nearest LCBO (595 Bay St.)
• 4 blocks to the nearest Canadian Tire (Bay and Dundas Sts.)
• 6 blocks to the nearest mall (Eaton Centre)
On the other hand, it's:
• A few steps to St. Patrick's subway station
• 2 blocks to the opera house
• 3 blocks to major hospitals
· 5 blocks to Queen's Park
--------------------------------------------------------------------------------
University Ave. project with 315 bicycle spots touted as green model
City Hall Toronto
A controversial 42-storey condo building that will be built without permanent parking spots cleared a key hurdle yesterday.
The Toronto-East York community council overruled city staff skeptical about the dearth of parking to allow a plan that provides for only nine car-share rental spots, plus 315 spaces for bicycles.
The condominium would go up on the site of the century-old Royal Canadian Military Institute on University Ave. near Dundas St., which would be demolished, with elements of its facade preserved at the base and a thin tower above.
"If you look at the evidence of what sells downtown, the majority of units under 750 square feet in the downtown core sell without parking,'' said Stephen Deveaux, a vice-president with the developer, Tribute Communities. Parking spots typically add $20,000 or more to the cost of a downtown condo.
Deveaux called the project, which still needs approval from full city council, an opportunity to design and market an "environmentally progressive building." With so many jobs and handy transit nearby, the units will sell, Deveaux said.
A staff report on the condo plan in May gave it thumbs-down, citing, for one, the lack of parking. It stated the car-free plan "runs counter to expert study and experience."
The idea materialized when Tribute realized the narrow site would provide "challenges" to constructing a parking garage.
Councillor Adam Vaughan, who represents the ward, called the car-free building "an interesting experiment and statement about the future of downtown living.''
It also won praise yesterday from Franz Hartmann, co-executive director of the Toronto Environmental Alliance, who said such buildings are uncommon - if they exist at all. "In the past it was natural to allocate parking spots, but in 21st century Toronto, where we're battling climate change, we don't need that any more,'' he said.
The few parking spots in the plan will be devoted to car-share arrangements, whereby residents can rent a car as needed by the hour.
The plan involves tearing down the decaying Royal Canadian Military Institute building, a private club constructed in 1907 that is on the city's inventory of heritage properties, and replacing it with a 6 1/2-storey structure that maintains elements of the façade. Above would rise a 35 1/2-storey condo tower with about 315 units, mostly one-bedroom.
The $65 million project is the fruit of a partnership between Tribute and the 1,500-member club. Construction could begin as early as next year and be done by 2013.
The building will continue to provide space for the club, its library and its extensive archival collection of military artifacts - including the seat of Baron von Richthofen's Fokker Triplane, its most famous item.
Though the institute's board has approved the project, several members at large oppose it.
Member Brian Lawrie told the community council that in 2007 Vaughan had "enthusiastically endorsed" keeping the building intact, calling it a "rare remnant of University Avenue's early days as a quiet boulevard dominated by trees, not highrises." He noted that the councillor had done a "180-degree turn" the next year by endorsing the demolition and condo project.
Normally, building plans follow a formula for how much parking space should be allowed; current standards, if applied to the building, would provide approximately 140 parking spaces for residents.
"To assume a residential development of the project's scale might be totally car-free runs counter to expert study and experience," the staff report stated. "Although there are many households in the downtown (area) without cars, it would be highly unlikely to find 315 of them permanently concentrated in one building."
It also stated that, "exempting the project from the city's parking standards would create a negative precedent that undermines the integrity of the parking provisions of the zoning bylaw."
But the project got the green light after Vaughan suggested a series of amendments to bring the building into what he later described as "better conformity" with the area.
The only way to save its museum and artifacts is to redevelop the site, Vaughan told the meeting.
The project goes to city council later this month for final approval.
Real Estate Terms You Should Know
Real Estate Terms You Should Know
Buying or selling real estate can be a tricky process. There are hundreds of commonly used terms that could make up a language of their own. Here are some home buying terms that you will most likely encounter when you purchase your home.
Amenities
Features that enhance and add to the value or desirability of real estate. Common amenities include swimming pools, professional landscaping, gourmet kitchen and so on.
Amortization
This is a schedule that outlines your loan payments for the duration of the home buying loan. It details how much of each monthly payment goes toward the principal and how much goes toward the loan interest. Initially, the bulk of your payments will be applied toward the interest.
Appraisal
An estimate of the value of property, made by a qualified professional called an “appraiser”.
Bungalow
A one-story house, cottage, or cabin.
Breach
Violation of an obligation in a contract.
Broker
A real estate professional who has acquired a higher level of training and experience than a sales agent. A minimum number of classes must be taken along with passing a state exam to acquire a broker’s license. Generally they are a legal representative or a proprietor of the office. Brokers usually charge a fee or receive a commission for their services.
Building Code
A set of stringent laws that control the construction of buildings, design, materials and other similar factors.
Condominium
A large property complex that is divided into individual units and sold. Ownership usually includes a non-exclusive interest in certain "common properties" controlled by the condominium management.
Close
The final procedure in a home sale in which documents are signed and recorded. This is the time when the ownership of the property is transferred.
Closing Costs
Expenses in addition to the purchase price for buying and selling a property.
CMA
Comparative Market Analysis. A CMA is a report that shows prices of properties that are comparable to a subject property and that were recently sold, are currently on the market or were on the market, but not sold within the listing period.
Conventional Mortgage
A first mortgage issued for up to 75% of the property’s appraised value or purchase price, whichever is lower.
Counter Offer
An offer made by the seller back to the buyer altering one or several terms and/or conditions of the offer as originally written.
Deed
A legal document that conveys (transfers) ownership of a property to a buyer.
Earnest Money
Along with an offer, buyers can make a deposit on the home to demonstrate the seriousness of the offer. When an earnest money deposit is made, it is held by an escrow until closing. It is then added to the down payment.
Escrow
Funds held before closing by a third party, usually including the earnest money deposit. Future taxes and homeowners insurance, held by the mortgage company after closing, are also considered escrow.
FSBO, For Sale By Owner
This term refers to property that is being sold without a real estate agent. FSBO is also used to refer to the home owner who is selling the property.
Foreclosure
The process after home buying is complete by which a lender repossesses and resells a property after the owner has defaulted.
Investment Real Estate
Real estate that generates income or is otherwise intended for investment purposes rather than as a primary residence. It is common for investors to own multiple pieces of real estate, one of which serves as a primary residence, while the others are used to generate rental income and profits through price appreciation. The tax implications for investment real estate are often different than those for residential real estate.
Land
Property or real estate, not including buildings or equipment that does not occur naturally. Depending on the title, land ownership may also give the holder the rights to all natural resources on the land. These may include water, plants, human and animal life, fossils, soil, minerals, electromagnetic features, geographical location, and geophysical occurrences.
Land Value
The total value of the land, including any upgrades or improvements to the land.
Land Transfer Tax
Payment to the provincial government for transferring property from the seller to the buyer.
Lien
This is a legal claim that keeps the property from being sold until the lien is paid off.
MLS - Multiple Listing Service
An organization that collects, compiles, and distributes information about properties listed for sale by its members, who are real estate brokers. Membership isn’t open to the general public, although selected MLS data may be sold to real estate listing websites. MLS’s can be local or regional.
Real Estate Agent
A person with a state/provincial license to represent a buyer or a seller in a real estate transaction in exchange for commission. Most agents work for a real estate broker or realtor.
Title Insurance
An insurance policy that protects a lender’s or owner’s interest in real estate property from assorted types of unexpected or fraudulent claims of ownership. It’s customary for the buyer to pay for the lender’s title insurance policy.
Zoning
Government (usually municipal) laws that control the use of land within a jurisdiction
Buying or selling real estate can be a tricky process. There are hundreds of commonly used terms that could make up a language of their own. Here are some home buying terms that you will most likely encounter when you purchase your home.
Amenities
Features that enhance and add to the value or desirability of real estate. Common amenities include swimming pools, professional landscaping, gourmet kitchen and so on.
Amortization
This is a schedule that outlines your loan payments for the duration of the home buying loan. It details how much of each monthly payment goes toward the principal and how much goes toward the loan interest. Initially, the bulk of your payments will be applied toward the interest.
Appraisal
An estimate of the value of property, made by a qualified professional called an “appraiser”.
Bungalow
A one-story house, cottage, or cabin.
Breach
Violation of an obligation in a contract.
Broker
A real estate professional who has acquired a higher level of training and experience than a sales agent. A minimum number of classes must be taken along with passing a state exam to acquire a broker’s license. Generally they are a legal representative or a proprietor of the office. Brokers usually charge a fee or receive a commission for their services.
Building Code
A set of stringent laws that control the construction of buildings, design, materials and other similar factors.
Condominium
A large property complex that is divided into individual units and sold. Ownership usually includes a non-exclusive interest in certain "common properties" controlled by the condominium management.
Close
The final procedure in a home sale in which documents are signed and recorded. This is the time when the ownership of the property is transferred.
Closing Costs
Expenses in addition to the purchase price for buying and selling a property.
CMA
Comparative Market Analysis. A CMA is a report that shows prices of properties that are comparable to a subject property and that were recently sold, are currently on the market or were on the market, but not sold within the listing period.
Conventional Mortgage
A first mortgage issued for up to 75% of the property’s appraised value or purchase price, whichever is lower.
Counter Offer
An offer made by the seller back to the buyer altering one or several terms and/or conditions of the offer as originally written.
Deed
A legal document that conveys (transfers) ownership of a property to a buyer.
Earnest Money
Along with an offer, buyers can make a deposit on the home to demonstrate the seriousness of the offer. When an earnest money deposit is made, it is held by an escrow until closing. It is then added to the down payment.
Escrow
Funds held before closing by a third party, usually including the earnest money deposit. Future taxes and homeowners insurance, held by the mortgage company after closing, are also considered escrow.
FSBO, For Sale By Owner
This term refers to property that is being sold without a real estate agent. FSBO is also used to refer to the home owner who is selling the property.
Foreclosure
The process after home buying is complete by which a lender repossesses and resells a property after the owner has defaulted.
Investment Real Estate
Real estate that generates income or is otherwise intended for investment purposes rather than as a primary residence. It is common for investors to own multiple pieces of real estate, one of which serves as a primary residence, while the others are used to generate rental income and profits through price appreciation. The tax implications for investment real estate are often different than those for residential real estate.
Land
Property or real estate, not including buildings or equipment that does not occur naturally. Depending on the title, land ownership may also give the holder the rights to all natural resources on the land. These may include water, plants, human and animal life, fossils, soil, minerals, electromagnetic features, geographical location, and geophysical occurrences.
Land Value
The total value of the land, including any upgrades or improvements to the land.
Land Transfer Tax
Payment to the provincial government for transferring property from the seller to the buyer.
Lien
This is a legal claim that keeps the property from being sold until the lien is paid off.
MLS - Multiple Listing Service
An organization that collects, compiles, and distributes information about properties listed for sale by its members, who are real estate brokers. Membership isn’t open to the general public, although selected MLS data may be sold to real estate listing websites. MLS’s can be local or regional.
Real Estate Agent
A person with a state/provincial license to represent a buyer or a seller in a real estate transaction in exchange for commission. Most agents work for a real estate broker or realtor.
Title Insurance
An insurance policy that protects a lender’s or owner’s interest in real estate property from assorted types of unexpected or fraudulent claims of ownership. It’s customary for the buyer to pay for the lender’s title insurance policy.
Zoning
Government (usually municipal) laws that control the use of land within a jurisdiction
Home Sales Brightest Light in Economy Toronto, Canada
Market Watch - September 2009
With summer coming to a close, it is a good time to reflect on the local resale market. August numbers continued the positive trend set in July with sales and average prices up, year over year. 2009 has thus far continued to surprise market watchers.
"We are seeing an upward revision of our housing market forecasts at the national level," says Bonnie Wegerich, President of the Calgary Real Estate Board. "I think it is fair to say the recovery in the market has been a little brisker than first expected-and all signs indicate the rebound, all be it gradual, will have some longevity."
The increase in demand for existing homes has been widespread across different housing types and price ranges. This suggests many categories of home buyers have chosen to make a long-term investment in housing, from first-time buyers to move-up buyers or buyers who are seeking a lifestyle change.
"We have heard more positive economic news lately. The improved housing market has played a key role," explained Jason Mercer, TREB's Senior Manager of Market Analysis. "Home sales have helped other sectors of the economy through home buyers' spending on things like financial and legal services, moving, renovations and home furnishings.
Low mortgage rates, government incentives and realistic pricing on the part of sellers are contributing to healthy sales numbers-as is the recent boost in consumer confidence on news that the worst of the economic slowdown is over.
"After 12 months of significant volatility in the housing market, greater stability is expected through 2010," said Cameron Muir, BCREA (British Columbia Real Estate Association) Chief Economist. "Robust housing demand is a strong signal that the economy is coming out of the recession, with a recovery in the broader economy expected to develop over the next three quarters."
With summer coming to a close, it is a good time to reflect on the local resale market. August numbers continued the positive trend set in July with sales and average prices up, year over year. 2009 has thus far continued to surprise market watchers.
"We are seeing an upward revision of our housing market forecasts at the national level," says Bonnie Wegerich, President of the Calgary Real Estate Board. "I think it is fair to say the recovery in the market has been a little brisker than first expected-and all signs indicate the rebound, all be it gradual, will have some longevity."
The increase in demand for existing homes has been widespread across different housing types and price ranges. This suggests many categories of home buyers have chosen to make a long-term investment in housing, from first-time buyers to move-up buyers or buyers who are seeking a lifestyle change.
"We have heard more positive economic news lately. The improved housing market has played a key role," explained Jason Mercer, TREB's Senior Manager of Market Analysis. "Home sales have helped other sectors of the economy through home buyers' spending on things like financial and legal services, moving, renovations and home furnishings.
Low mortgage rates, government incentives and realistic pricing on the part of sellers are contributing to healthy sales numbers-as is the recent boost in consumer confidence on news that the worst of the economic slowdown is over.
"After 12 months of significant volatility in the housing market, greater stability is expected through 2010," said Cameron Muir, BCREA (British Columbia Real Estate Association) Chief Economist. "Robust housing demand is a strong signal that the economy is coming out of the recession, with a recovery in the broader economy expected to develop over the next three quarters."
Tuesday, September 15, 2009
Go site-seeing in Toronto
September 11, 2009 -- As a GTA resident, chances are you've enjoyed visits to the city's major landmarks. This summer though, you may want to skip those in favour of a different kind of sightseeing tour.
Our city's new condominium developments offer a glimpse into the height of luxury and modern design. And these steel and glass monoliths aren't just breathtaking to behold from outside. In an effort to distinguish their projects in this burgeoning market, developers are in a seemingly limitless pursuit to offer the finest features and amenities.
You'll find stunning three storey lobbies that feature an awe-inspiring mix of glass, exotic wood and marble.
For a mere $30 million, a luxury 9,000 square foot penthouse on the 55th floor of the Four Seasons Private Residences can be yours.
Condos are not a one-room box with a view of the nearest brick wall. Today's condominium developers are offering two and three bedroom units with panoramic views high atop the city.
And when I say high, I mean really, really high. Due to an increased focus on urban intensification in recent years, GTA condos are growing taller, with the some of the highest reaching 65 storeys.
Higher density living is of course, beneficial to the environment but again developers haven't rested on their laurels when it comes to being green. Many have pursued the coveted LEED certification, involving an independent audit of a building's sustainable characteristics. Condo owners have benefited by enjoying features like suite controls that allow them to monitor and limit energy usage, energy saving appliances and separate bicycle storage. As an alternative to owning a vehicle, many condo owners use the services of car sharing companies like AutoShare.
Convenience is a huge factor in condominium living. Several downtown projects are mixed-use developments, with commercial space on the lower levels and in some cases hotels are integrated into the mix. This means that condo dwellers have the opportunity to enjoy the services of the finest luxury hotels like room service, housekeeping and laundry service. Even pet services and grocery delivery are available upon request.
While such services aren't yet widely available, standard features like security, entertainment and fitness facilities have all been taken up a notch. Lush rooftop gardens feature gas barbeques and fire pits. Fitness facilities include current pools and spas. Concierge and valet services are available around the clock. With libraries, theatres, billiard lounges, wireless Internet and more, you never have to leave the comfort of your building.
It's no wonder that a strong sense of community has sprung up around each new development. Developers celebrate the heritage and the location of their communities, each designed with an identity to appeal to specific lifestyles. Owners in fact, identify so strongly with their condo communities that specific groups on social networking sites like Facebook have developed around them.
With all that today's condo have to offer, it's not surprising that condominium transactions now constitute almost one in every three homes that changes hands in the GTA and 60 per cent of resale transactions in central Toronto.
If you're interested in learning more about trends in GTA real estate, contact a Greater Toronto REALTOR®.
Our city's new condominium developments offer a glimpse into the height of luxury and modern design. And these steel and glass monoliths aren't just breathtaking to behold from outside. In an effort to distinguish their projects in this burgeoning market, developers are in a seemingly limitless pursuit to offer the finest features and amenities.
You'll find stunning three storey lobbies that feature an awe-inspiring mix of glass, exotic wood and marble.
For a mere $30 million, a luxury 9,000 square foot penthouse on the 55th floor of the Four Seasons Private Residences can be yours.
Condos are not a one-room box with a view of the nearest brick wall. Today's condominium developers are offering two and three bedroom units with panoramic views high atop the city.
And when I say high, I mean really, really high. Due to an increased focus on urban intensification in recent years, GTA condos are growing taller, with the some of the highest reaching 65 storeys.
Higher density living is of course, beneficial to the environment but again developers haven't rested on their laurels when it comes to being green. Many have pursued the coveted LEED certification, involving an independent audit of a building's sustainable characteristics. Condo owners have benefited by enjoying features like suite controls that allow them to monitor and limit energy usage, energy saving appliances and separate bicycle storage. As an alternative to owning a vehicle, many condo owners use the services of car sharing companies like AutoShare.
Convenience is a huge factor in condominium living. Several downtown projects are mixed-use developments, with commercial space on the lower levels and in some cases hotels are integrated into the mix. This means that condo dwellers have the opportunity to enjoy the services of the finest luxury hotels like room service, housekeeping and laundry service. Even pet services and grocery delivery are available upon request.
While such services aren't yet widely available, standard features like security, entertainment and fitness facilities have all been taken up a notch. Lush rooftop gardens feature gas barbeques and fire pits. Fitness facilities include current pools and spas. Concierge and valet services are available around the clock. With libraries, theatres, billiard lounges, wireless Internet and more, you never have to leave the comfort of your building.
It's no wonder that a strong sense of community has sprung up around each new development. Developers celebrate the heritage and the location of their communities, each designed with an identity to appeal to specific lifestyles. Owners in fact, identify so strongly with their condo communities that specific groups on social networking sites like Facebook have developed around them.
With all that today's condo have to offer, it's not surprising that condominium transactions now constitute almost one in every three homes that changes hands in the GTA and 60 per cent of resale transactions in central Toronto.
If you're interested in learning more about trends in GTA real estate, contact a Greater Toronto REALTOR®.
Monday, September 14, 2009
7 Tips for First-Time Home Buyers
Daily Real Estate News | September 14, 2009 |
A year after the financial collapse of 2008, the housing market is very different than it was before the foreclosure crisis.
Here are seven bits of wisdom from economists and financial planners for anyone contemplating a home purchase today:
Old-fashioned basics are more important than ever.
The safest way to purchase a home is to put down 20 percent on a fixed-rate, 30-year (or less) mortgage.
Don’t become overconfident about income growth.
Even though buyers in their 20s and 30s will likely see their incomes grow more quickly than previous generations, it is important to act sensibly when borrowing.
Anyone contemplating adding children to the family should calculate whether they could live on one income because having both halves of a couple work may turn out to be impractical.
Include a maintenance budget.
Even new homes need upkeep and repairs.
Buyers who can't afford their dream home now should opt for a starter home where they can save money each month for what they really want.
Consider a property that can be expanded and improved down the road when money is available.
No two buyers are the same, but they should all feel confident with the loan they enter into, no matter the size of the mortgage.
A year after the financial collapse of 2008, the housing market is very different than it was before the foreclosure crisis.
Here are seven bits of wisdom from economists and financial planners for anyone contemplating a home purchase today:
Old-fashioned basics are more important than ever.
The safest way to purchase a home is to put down 20 percent on a fixed-rate, 30-year (or less) mortgage.
Don’t become overconfident about income growth.
Even though buyers in their 20s and 30s will likely see their incomes grow more quickly than previous generations, it is important to act sensibly when borrowing.
Anyone contemplating adding children to the family should calculate whether they could live on one income because having both halves of a couple work may turn out to be impractical.
Include a maintenance budget.
Even new homes need upkeep and repairs.
Buyers who can't afford their dream home now should opt for a starter home where they can save money each month for what they really want.
Consider a property that can be expanded and improved down the road when money is available.
No two buyers are the same, but they should all feel confident with the loan they enter into, no matter the size of the mortgage.
Strike stalled Toronto building permits
- A wet July, a civic workers' strike and the emergence of some kind of summer in August all set the stage for a mixed collection of housing numbers in Toronto.
Housing starts for Toronto rose 19.7% to a seasonally adjusted annual rate of 23,700 units in August compared with July, according to this week's numbers released by Canada Mortgage and Housing Corp
Housing starts for Toronto rose 19.7% to a seasonally adjusted annual rate of 23,700 units in August compared with July, according to this week's numbers released by Canada Mortgage and Housing Corp
Agent of the Future: How to stay successful
We've all seen sales associates who entered the business during the boom years only to choose another career when times got tough.
The sales associates who hung in there and found success can weather any market. Times are changing quickly and so is real estate.
Last year, REAL Trends and Anne Randolph did a study on the Agent of the Future.
The study identified five characteristics that successful agents need to stay successful in the future.
They must: improve the fundamentals, become the expert desired by consumers in a particular niche, use technology to increase effectiveness and efficiency, manage the business professionally and manage a work/life balance.
REAL Trends spoke with sales associates and brokers around the country to find out what they think the agent of the future will need to succeed.
The sales associates who hung in there and found success can weather any market. Times are changing quickly and so is real estate.
Last year, REAL Trends and Anne Randolph did a study on the Agent of the Future.
The study identified five characteristics that successful agents need to stay successful in the future.
They must: improve the fundamentals, become the expert desired by consumers in a particular niche, use technology to increase effectiveness and efficiency, manage the business professionally and manage a work/life balance.
REAL Trends spoke with sales associates and brokers around the country to find out what they think the agent of the future will need to succeed.
Saturday, September 12, 2009
www.142BedfordRoad.com ...virtual tour
www.142BedfordRoad.com ...virtual tour
Peter Tarshis
www.142BedfordRoad.com ...virtual tour
National Post article http://bit.ly/mRu80
Peter Tarshis
www.142BedfordRoad.com ...virtual tour
National Post article http://bit.ly/mRu80
Friday, September 11, 2009
Living and green walls are growing in popularity
Living and green walls are growing in popularity
The YVR Canada Line's living wall is a vertical tapestry of plants located on one side of the new facility.
Green building
Living and green walls are growing in popularity
Green building has taken on a more literal meaning recently as living and green walls become more common.
However, keeping its design simple is the best way to keep costs down, said a landscape architect and horticulturist.
Senga Lindsay maintained that cost has been a major drawback for these greenscapes and contractors have been wary.
"When I suggest green walls to developers, they say - no, no, that's too expensive," she said, but she maintains that there are some lower cost options.
Green walls, where plants grow from the ground, differ from living walls, which have plants growing from a container, located off the ground.
Living walls can be expensive, agreed Randy Sharp of Sharp & Diamond Landscape Architects.
Depending upon the system, they can run about $70 to $150 per vertical square foot.
By comparison, a green facade costs only about $10 to $30 for the same area coverage.
Living walls offer greenhouse-grown container plants, while those started at ground level need to green in.
The Lower Mainland is seeing a boom in the number of green and living walls.
There are essentially three different ways of accomplishing a greenscape on mechanisms placed close to, but not touching the building.
Green walls grow on a trellis, frame or cables, while living walls uses either a modular system of squares.
These are roughly a foot square and three-inches deep.
They are pieced together with each unit having a nursery grown plant, plus an irrigation system for easy replacement of plants or a stainless steel frame onto which pots and an irrigation system are installed.
These different systems can be mixed to gain greater heights, as most ground-based foliage will only grow up 30 metres.
Sharp has installed two of Metro Vancouver's most significant living walls.
"The aquarium was the first modular living wall in North America. The one at the (Vancouver International) airport is the largest living wall in North America," he said.
A new wing at the Vancouver Aquarium has one wall covered with native plant species.
As well, his company was involved with installing a large facade on three sides of the River Rock Casino.
"It's an effective screen for the parking area and once you are inside it, there is a filigree effect," he explained.
Sharp said that he uses G-Sky, a B.C. based company, and MUBI for his living walls.
"They provide complete service supplying the components and doing all the nursery vegetation, all the frames and irrigation and they also can provide maintenance," he said.
G-Sky and Sharp did both the aquarium and YVR Canada Line wall.
Other Sharp projects include the Como Lake Village shopping centre.
Lindsay said she isn't sold on living walls since they often come with too many moving parts, maintenance and associated plant health problems.
Downstream they exhaust their soil base and need replanting.
"I'm looking at it from a horticulturist's point of view," she said.
However, modular units can be switched over easily if plants die, while ground based plants need to be re-grown.
Developers also want a system that is maintenance free.
"I tell them there is no such thing," she said, adding that selecting the proper plants and system, though, can reduce it.
Ground based plants don't need irrigation systems and if the correct plants are used - like grapevines, their roots can extend l00 feet into the soil minimizing the amount of water needed.
Bruce Hemstock with PWL Partnership Landscape Architects Inc. uses a green screen system, which is like a three-dimensional trellis with inserted plants.
Projects using the method have been completed at the Dockside Green development in Victoria and also columns on the Canada Line No. 3 Road guideway.
"The plants do not grow on the columns, as the green screen holds them away," he said, adding the greenery conceals what would otherwise be eyesores.
Another project is being proposed at the University of British Columbia, where a three-storey system with planters at intervals is being discussed.
Hemstock said the popularity of green walls is tied to a move to go back to a more green setting with issues of global warming, a need to purify air in large urban areas, energy conservation (walls provide shade in summer) and lack of space as more condominiums replace single family dwellings.
"The cost is way up there," admitted Hemstock.
However, many are realizing their ecological as well as visual benefits.
The good news, he said, is that technology is catching up to costs, as more developers install the systems.
The British Columbia Institute of Technology also has a green roof and green wall experimental project, with information on these two types of greenscapes available
The YVR Canada Line's living wall is a vertical tapestry of plants located on one side of the new facility.
Green building
Living and green walls are growing in popularity
Green building has taken on a more literal meaning recently as living and green walls become more common.
However, keeping its design simple is the best way to keep costs down, said a landscape architect and horticulturist.
Senga Lindsay maintained that cost has been a major drawback for these greenscapes and contractors have been wary.
"When I suggest green walls to developers, they say - no, no, that's too expensive," she said, but she maintains that there are some lower cost options.
Green walls, where plants grow from the ground, differ from living walls, which have plants growing from a container, located off the ground.
Living walls can be expensive, agreed Randy Sharp of Sharp & Diamond Landscape Architects.
Depending upon the system, they can run about $70 to $150 per vertical square foot.
By comparison, a green facade costs only about $10 to $30 for the same area coverage.
Living walls offer greenhouse-grown container plants, while those started at ground level need to green in.
The Lower Mainland is seeing a boom in the number of green and living walls.
There are essentially three different ways of accomplishing a greenscape on mechanisms placed close to, but not touching the building.
Green walls grow on a trellis, frame or cables, while living walls uses either a modular system of squares.
These are roughly a foot square and three-inches deep.
They are pieced together with each unit having a nursery grown plant, plus an irrigation system for easy replacement of plants or a stainless steel frame onto which pots and an irrigation system are installed.
These different systems can be mixed to gain greater heights, as most ground-based foliage will only grow up 30 metres.
Sharp has installed two of Metro Vancouver's most significant living walls.
"The aquarium was the first modular living wall in North America. The one at the (Vancouver International) airport is the largest living wall in North America," he said.
A new wing at the Vancouver Aquarium has one wall covered with native plant species.
As well, his company was involved with installing a large facade on three sides of the River Rock Casino.
"It's an effective screen for the parking area and once you are inside it, there is a filigree effect," he explained.
Sharp said that he uses G-Sky, a B.C. based company, and MUBI for his living walls.
"They provide complete service supplying the components and doing all the nursery vegetation, all the frames and irrigation and they also can provide maintenance," he said.
G-Sky and Sharp did both the aquarium and YVR Canada Line wall.
Other Sharp projects include the Como Lake Village shopping centre.
Lindsay said she isn't sold on living walls since they often come with too many moving parts, maintenance and associated plant health problems.
Downstream they exhaust their soil base and need replanting.
"I'm looking at it from a horticulturist's point of view," she said.
However, modular units can be switched over easily if plants die, while ground based plants need to be re-grown.
Developers also want a system that is maintenance free.
"I tell them there is no such thing," she said, adding that selecting the proper plants and system, though, can reduce it.
Ground based plants don't need irrigation systems and if the correct plants are used - like grapevines, their roots can extend l00 feet into the soil minimizing the amount of water needed.
Bruce Hemstock with PWL Partnership Landscape Architects Inc. uses a green screen system, which is like a three-dimensional trellis with inserted plants.
Projects using the method have been completed at the Dockside Green development in Victoria and also columns on the Canada Line No. 3 Road guideway.
"The plants do not grow on the columns, as the green screen holds them away," he said, adding the greenery conceals what would otherwise be eyesores.
Another project is being proposed at the University of British Columbia, where a three-storey system with planters at intervals is being discussed.
Hemstock said the popularity of green walls is tied to a move to go back to a more green setting with issues of global warming, a need to purify air in large urban areas, energy conservation (walls provide shade in summer) and lack of space as more condominiums replace single family dwellings.
"The cost is way up there," admitted Hemstock.
However, many are realizing their ecological as well as visual benefits.
The good news, he said, is that technology is catching up to costs, as more developers install the systems.
The British Columbia Institute of Technology also has a green roof and green wall experimental project, with information on these two types of greenscapes available
Thursday, September 10, 2009
Holding or using a cell phone while driving in Ontario Canada is now phohibited
The Legislative Assembly of Ontario carried Bill 118, an amendment to the Highway Traffic Act now bans drivers from using handheld devices with display screens while operating a vehicle on the road. The bill has undergone several revisions during its consideration, but the new rules of the road will be as follows:
- Holding or using a wireless communication device (a cell phone) or a portable electronic entertainment device (iPod) while driving is prohibited.
- Commercial GPS units along with similar dashboard-mounted devices that provide gauges and displays relating to logistical or navigation uses are fine.
- Using a cell phone or wireless communication device in hands-free mode, as long as you're not holding it during use, is fine.
- Using any device while pulled-over or parked in a way that you are not disrupting traffic, is fine.
- The systems used by Ambulances, Fire Departments, and Law Enforcement are exempt.
The ban, according to legislation is in effect as of September 1 2009 and will carry a fine of $500. Demerit points will not be included, but depending upon the violation, police will have the option to also use existing careless driving laws for additional penalties. However, after a brief discussion with the OPP, it appears that the police have not yet been informed of how this is going to be managed. The OPP spokesperson thinks it will probably be in October the ban will be enforced.
- Holding or using a wireless communication device (a cell phone) or a portable electronic entertainment device (iPod) while driving is prohibited.
- Commercial GPS units along with similar dashboard-mounted devices that provide gauges and displays relating to logistical or navigation uses are fine.
- Using a cell phone or wireless communication device in hands-free mode, as long as you're not holding it during use, is fine.
- Using any device while pulled-over or parked in a way that you are not disrupting traffic, is fine.
- The systems used by Ambulances, Fire Departments, and Law Enforcement are exempt.
The ban, according to legislation is in effect as of September 1 2009 and will carry a fine of $500. Demerit points will not be included, but depending upon the violation, police will have the option to also use existing careless driving laws for additional penalties. However, after a brief discussion with the OPP, it appears that the police have not yet been informed of how this is going to be managed. The OPP spokesperson thinks it will probably be in October the ban will be enforced.
Wednesday, September 9, 2009
First Algae-Powered Car Attempts to Cross US on 25 Gallons
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September 9, 2009
Just yesterday San Francisco saw the unveiling of the world's first algae fuel-powered vehicle, dubbed the Algaeus. The plug-in hybrid car, which is a Prius tricked out with a nickel metal hydride battery and a plug, runs on green crude from Sapphire Energy - no modifications to the gasoline engine necessary. The set-up is so effective, according to FUEL producer Rebecca Harrell, that the Algaeus can run on approximately 25 gallons from coast to coast!
September 9, 2009
Just yesterday San Francisco saw the unveiling of the world's first algae fuel-powered vehicle, dubbed the Algaeus. The plug-in hybrid car, which is a Prius tricked out with a nickel metal hydride battery and a plug, runs on green crude from Sapphire Energy - no modifications to the gasoline engine necessary. The set-up is so effective, according to FUEL producer Rebecca Harrell, that the Algaeus can run on approximately 25 gallons from coast to coast!
New government incentives help but market fundamentals more important
.... Canadians say
TORONTO,2009– Canadians who are considering purchasing their first home are primarily motivated by lower home prices and very low interest rates, but some require confidence in the economy and their employment prospects before they will enter the market, according to a report released today by Royal LePage Real Estate Services. Eighty-six per cent of potential first-time buyers say low interest rates make them more likely to purchase a home; 81 per cent cite lower housing prices as a motivating factor; while 76 per cent cite job security and 64 per cent say a stable economy is an important factor in their decision to buy.
Potential buyers were asked to rank their top incentives for purchasing a first property. While home prices and interest rates took the number one and two rankings, respectively, the third most popular incentive was the First-Time Home Buyers’ Tax Credit. The recently introduced Home Renovation Tax Credit for 2009 was cited by 42 per cent of potential first-time buyers as either ‘very likely’ or ‘somewhat likely’ to impact their purchasing decision.
“When first time buyers stepped out of the market in the fourth quarter of 2008, at the height of the global recession, their absence was profoundly felt. Without significant volumes of entry-level homes trading hands, the entire market limped through the winter months. First time buyers are back in force this spring, and with them the beginnings of a market recovery. While these consumers appreciate government incentives such as tax credits, greater RSP deduction limits and rebates on home renovations, it is markedly improved affordability that is proving to be the powerful drawing card," said Phil Soper, president and chief executive of Royal LePage Real Estate Services. “Our survey demonstrates how important affordability factors such as interest rates and house prices are in stimulating demand."
Across the country, potential first-time homebuyers agreed that affordability was their top consideration, however the survey also revealed differences amongst buyers in various regions of Canada. In provinces such as British Columbia where high housing prices have kept some buyers out of the market in recent years, 92 per cent of potential first-time buyers are now motivated by low interest rates and 96 per cent say lower home prices are likely to prompt them to buy.
In Atlantic Canada, where local economies have been resilient in the face of a worldwide recession and housing markets remain stable, 43 per cent of first-time buyers say they that job security is a factor in their decision to buy, while 84 per cent of buyers in British Columbia and Alberta said job security will influence them.
Atlantic Canadians were less motivated than other Canadians by declining interest rates, with only 72 per cent saying it will likely prompt a buying decision, compared to 86 per cent of Canadians overall. Buyers in Ontario and Quebec rated the Home Renovation Tax Credit as a bigger factor in their buying decision, compared to the Canadian average.
Mr Soper continued, "The significant response differences from region to region show how closely the residential real estate market is tied to broader economic trends and consumer confidence. Buying your first home is a major life decision, and people are more likely to purchase a home if they feel comfortable about the state of the economy and confident that they will have a job to support their new mortgage obligation.”
TORONTO,2009– Canadians who are considering purchasing their first home are primarily motivated by lower home prices and very low interest rates, but some require confidence in the economy and their employment prospects before they will enter the market, according to a report released today by Royal LePage Real Estate Services. Eighty-six per cent of potential first-time buyers say low interest rates make them more likely to purchase a home; 81 per cent cite lower housing prices as a motivating factor; while 76 per cent cite job security and 64 per cent say a stable economy is an important factor in their decision to buy.
Potential buyers were asked to rank their top incentives for purchasing a first property. While home prices and interest rates took the number one and two rankings, respectively, the third most popular incentive was the First-Time Home Buyers’ Tax Credit. The recently introduced Home Renovation Tax Credit for 2009 was cited by 42 per cent of potential first-time buyers as either ‘very likely’ or ‘somewhat likely’ to impact their purchasing decision.
“When first time buyers stepped out of the market in the fourth quarter of 2008, at the height of the global recession, their absence was profoundly felt. Without significant volumes of entry-level homes trading hands, the entire market limped through the winter months. First time buyers are back in force this spring, and with them the beginnings of a market recovery. While these consumers appreciate government incentives such as tax credits, greater RSP deduction limits and rebates on home renovations, it is markedly improved affordability that is proving to be the powerful drawing card," said Phil Soper, president and chief executive of Royal LePage Real Estate Services. “Our survey demonstrates how important affordability factors such as interest rates and house prices are in stimulating demand."
Across the country, potential first-time homebuyers agreed that affordability was their top consideration, however the survey also revealed differences amongst buyers in various regions of Canada. In provinces such as British Columbia where high housing prices have kept some buyers out of the market in recent years, 92 per cent of potential first-time buyers are now motivated by low interest rates and 96 per cent say lower home prices are likely to prompt them to buy.
In Atlantic Canada, where local economies have been resilient in the face of a worldwide recession and housing markets remain stable, 43 per cent of first-time buyers say they that job security is a factor in their decision to buy, while 84 per cent of buyers in British Columbia and Alberta said job security will influence them.
Atlantic Canadians were less motivated than other Canadians by declining interest rates, with only 72 per cent saying it will likely prompt a buying decision, compared to 86 per cent of Canadians overall. Buyers in Ontario and Quebec rated the Home Renovation Tax Credit as a bigger factor in their buying decision, compared to the Canadian average.
Mr Soper continued, "The significant response differences from region to region show how closely the residential real estate market is tied to broader economic trends and consumer confidence. Buying your first home is a major life decision, and people are more likely to purchase a home if they feel comfortable about the state of the economy and confident that they will have a job to support their new mortgage obligation.”
Tuesday, September 8, 2009
ENN: Environmental News Network
-- New York launches green building program
New York is the latest in a growing list of state and city governments mandating green building for government-owned facilities. Governor David A. Paterson has signed the State Green Building Construction Act and all new construction and major renovations must meet green building guidelines.
Although the U.S. Green Building Council’s LEED certification system is one of the most popular green building standards in the world, New York’s State Green Building Construction Act will be based off of as of yet unwritten guidelines. The state’s Office of General Services (OGS) will be crafting new green building standards for state buildings.
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New York is the latest in a growing list of state and city governments mandating green building for government-owned facilities. Governor David A. Paterson has signed the State Green Building Construction Act and all new construction and major renovations must meet green building guidelines.
Although the U.S. Green Building Council’s LEED certification system is one of the most popular green building standards in the world, New York’s State Green Building Construction Act will be based off of as of yet unwritten guidelines. The state’s Office of General Services (OGS) will be crafting new green building standards for state buildings.
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Tankless water heater
A conventional, storage-type water heater has an insulated tank and a relatively small gas burner or electric heating element (often two elements) to heat the water. Water is heated slowly and remains "thermally stratified" so that water drawn off from the top remains hot even after 90% of the hot water is used up. There is the risk of running out of hot water, however, because the rate of heating may not keep up with the hot water draw from typical uses, such as showers.
Tankless water heaters-often called demand or instantaneous water heaters-heat water as it is used. The main advantage is that hot water doesn't sit in a tank all the time, losing energy through the tank walls, which occurs even with insulation.
As with storage water heaters, tankless models can be either gas-fired or electric. For very small loads, such as a remote lavatory that has only a sink with a low-flow aerator, an electric tankless water heater can make a lot of sense since it obviates the need for running a gas line. But for more extensive hot-water needs, such as an entire home, a gas-fired tankless water heater is almost always a better choice than electric because an electric model able to supply that much hot water requires very high current draw-often 40-60 amps.
With a whole-house, gas-fired, tankless water heater, the burner is very large-typically 150,000-200,000 Btu/hour (44-60 kW), compared with 40,000 Btu/hour (12 kW) for a typical gas-fired storage water heater. This means that larger-diameter gas lines are required (usually 3⁄4" instead of 5⁄8"), and a lot of combustion air is required, necessitating large ducts and potentially resulting in significant air leakage if not properly installed.
Gas-fired, tankless water heaters used to all have pilot lights, which burned gas all the time-as much as 5,000 Btu/hour (1,500 W), nearly equivalent to the heat lost through the insulated walls of a storage water heater. Today, most gas-fired tankless water heaters have electronic (pilotless) ignition. These models offer the highest efficiency of any water heater, except electric heat-pump and solar water heaters.
A few gas-fired tankless water heaters made by the Korean companies Takagi and Navien use condensing technology with an Energy Factor (a measure of efficiency) of up to .98. Non-condensing, electronic-ignition models have Energy Factors of .82 to .87, while conventional gas-fired storage water heaters have energy factors of .58 to about .67 (up to .80 for condensing models).
While providing significantly higher efficiency, electronic-ignition tankless water heaters are a lot more expensive than storage water heaters, and they are somewhat more prone to failure (especially with hard water). They also don't work well in every application (with the most water-conserving lavatory faucets the burner may not turn on), and by providing unlimited hot water, tankless water heaters don't encourage shorter showers as do storage water heaters
Tankless water heaters-often called demand or instantaneous water heaters-heat water as it is used. The main advantage is that hot water doesn't sit in a tank all the time, losing energy through the tank walls, which occurs even with insulation.
As with storage water heaters, tankless models can be either gas-fired or electric. For very small loads, such as a remote lavatory that has only a sink with a low-flow aerator, an electric tankless water heater can make a lot of sense since it obviates the need for running a gas line. But for more extensive hot-water needs, such as an entire home, a gas-fired tankless water heater is almost always a better choice than electric because an electric model able to supply that much hot water requires very high current draw-often 40-60 amps.
With a whole-house, gas-fired, tankless water heater, the burner is very large-typically 150,000-200,000 Btu/hour (44-60 kW), compared with 40,000 Btu/hour (12 kW) for a typical gas-fired storage water heater. This means that larger-diameter gas lines are required (usually 3⁄4" instead of 5⁄8"), and a lot of combustion air is required, necessitating large ducts and potentially resulting in significant air leakage if not properly installed.
Gas-fired, tankless water heaters used to all have pilot lights, which burned gas all the time-as much as 5,000 Btu/hour (1,500 W), nearly equivalent to the heat lost through the insulated walls of a storage water heater. Today, most gas-fired tankless water heaters have electronic (pilotless) ignition. These models offer the highest efficiency of any water heater, except electric heat-pump and solar water heaters.
A few gas-fired tankless water heaters made by the Korean companies Takagi and Navien use condensing technology with an Energy Factor (a measure of efficiency) of up to .98. Non-condensing, electronic-ignition models have Energy Factors of .82 to .87, while conventional gas-fired storage water heaters have energy factors of .58 to about .67 (up to .80 for condensing models).
While providing significantly higher efficiency, electronic-ignition tankless water heaters are a lot more expensive than storage water heaters, and they are somewhat more prone to failure (especially with hard water). They also don't work well in every application (with the most water-conserving lavatory faucets the burner may not turn on), and by providing unlimited hot water, tankless water heaters don't encourage shorter showers as do storage water heaters
The Living Planet City
“Welcome to the Living Planet. It’s clean, it’s efficient — and it’s doable. Today.” This blurb appears on the front page of WWF Canada’s new website, the Living Planet City, which launched on Tuesday. The Living Planet City’s bright animation of thriving urbanism (pictured right, in a screen shot) illustrates 20 big ideas to make any city more sustainable.
In the “west end,” a combined heat and power plant uses “waste” heat energy to provide chilled water for a nearby supermarket. In the “east end,” a municipal waste station feeds into a biofuel plant, complete with solar, green roofs on top. At the waterfront, wave, tidal and wind energy power the city while a rapid transit station ferries people back and forth: all this with plenty of park space.
Clicking around brings up summaries of the technology and provides links to learn more. Once properly informed and inspired, visitors are encouraged to get the ideas out there by sending a link to elected officials, friends, and business owners. You can even send a suggested message to your slated Copenhagen representative.
Good start! But is it good enough?
Maybe, maybe not. Take away the windmills, dull the colors, and it looks just like my pollution-steeped hometown. On one hand, it’s important that WWF wants to promote the Living Planet City as “doable,” suggesting that every city, without changing drastically in function or appearance, can be sustainable and clean. Normal city-dwellers can get behind it, and that is the point.
On the other hand, the Living Planet City could be bigger, bolder, and more beautiful. For instance, although promoting EVs, the cityscape is still a maze of roads. Where are the bike lanes? Where are the inner-city walking-only zones? With 350 ppm as our goal, we have to completely re-imagine our way of life, not simply find alternative ways to power our current one.
As one of the first people on the comment board pointed out, there's no single right answer out there. Toronto is a whole lot different than Copenhagen, the commenter says, and so its future of sustainability will look a whole lot different, and maybe include more cars. How do you adapt and perfect a Living Planet City when there are so many varying starting points, and thus, varying challenges? One solution would be to make the city as interactive as its sister site, “the Living Planet Community.”
In the Living Planet Community, you can commit to any number of thousands of climate-friendly actions or add your own, and the site will calculate the GHG reduction you achieve. You can even create groups -- of friends, coworkers, or strangers -- and set a goal for GHG reduction while engaging in planet-friendly competition.
Why not merge this community and the city? Why not provide a menu of tools, such as wind farms, solar panels, green roofs and bike-sharing programs with which you can remodel your own city? Why not allow users to add their own tools, such as third-place studios or greywater systems? Why not take it further, with a sustainable Sim City-esque program, where, after creating your city, you get realistic feedback on its CO2 output? A well-designed simulation could train leaders (and future leaders) to see the changes necessary to achieve emissions reduction goals in their unique cities.
The Living Planet City is a great idea that will no doubt serve to spread knowledge and inspiration, and for this reason, WorldChanging applauds WWF Canada: it’s only a matter of taking a great idea to its full potential.
In the “west end,” a combined heat and power plant uses “waste” heat energy to provide chilled water for a nearby supermarket. In the “east end,” a municipal waste station feeds into a biofuel plant, complete with solar, green roofs on top. At the waterfront, wave, tidal and wind energy power the city while a rapid transit station ferries people back and forth: all this with plenty of park space.
Clicking around brings up summaries of the technology and provides links to learn more. Once properly informed and inspired, visitors are encouraged to get the ideas out there by sending a link to elected officials, friends, and business owners. You can even send a suggested message to your slated Copenhagen representative.
Good start! But is it good enough?
Maybe, maybe not. Take away the windmills, dull the colors, and it looks just like my pollution-steeped hometown. On one hand, it’s important that WWF wants to promote the Living Planet City as “doable,” suggesting that every city, without changing drastically in function or appearance, can be sustainable and clean. Normal city-dwellers can get behind it, and that is the point.
On the other hand, the Living Planet City could be bigger, bolder, and more beautiful. For instance, although promoting EVs, the cityscape is still a maze of roads. Where are the bike lanes? Where are the inner-city walking-only zones? With 350 ppm as our goal, we have to completely re-imagine our way of life, not simply find alternative ways to power our current one.
As one of the first people on the comment board pointed out, there's no single right answer out there. Toronto is a whole lot different than Copenhagen, the commenter says, and so its future of sustainability will look a whole lot different, and maybe include more cars. How do you adapt and perfect a Living Planet City when there are so many varying starting points, and thus, varying challenges? One solution would be to make the city as interactive as its sister site, “the Living Planet Community.”
In the Living Planet Community, you can commit to any number of thousands of climate-friendly actions or add your own, and the site will calculate the GHG reduction you achieve. You can even create groups -- of friends, coworkers, or strangers -- and set a goal for GHG reduction while engaging in planet-friendly competition.
Why not merge this community and the city? Why not provide a menu of tools, such as wind farms, solar panels, green roofs and bike-sharing programs with which you can remodel your own city? Why not allow users to add their own tools, such as third-place studios or greywater systems? Why not take it further, with a sustainable Sim City-esque program, where, after creating your city, you get realistic feedback on its CO2 output? A well-designed simulation could train leaders (and future leaders) to see the changes necessary to achieve emissions reduction goals in their unique cities.
The Living Planet City is a great idea that will no doubt serve to spread knowledge and inspiration, and for this reason, WorldChanging applauds WWF Canada: it’s only a matter of taking a great idea to its full potential.
Monday, September 7, 2009
For Sale Toronto Annex Mansion - 5000sq.ft- virtual tour
Peter Tarshis
5000 sq.ft. Annex historical home for sale -priced at 3.4 million,
rarely offered -stunning inside, restored Victorian built 1893
- one of a kind. 5 fireplaces, 2 decks, private courtyard, parking for 6 + 9 washrooms....
check out the virtual tour -
www.142BedfordRoad.com142 Bedford Road, Toronto, ON M5R2K2 | Obeo Virtual Tour
Source: www.142BedfordRoad
5000 sq.ft. Annex historical home for sale -priced at 3.4 million,
rarely offered -stunning inside, restored Victorian built 1893
- one of a kind. 5 fireplaces, 2 decks, private courtyard, parking for 6 + 9 washrooms....
check out the virtual tour -
www.142BedfordRoad.com142 Bedford Road, Toronto, ON M5R2K2 | Obeo Virtual Tour
Source: www.142BedfordRoad
Sunday, September 6, 2009
A political obituary for a cynical green bribe Energy Star
SHADES OF GREEN
Sep 05, 2009 04:30 AM Peter Gorrie
It passed into history this week with barely a murmur.
As of midnight last Monday, the Ontario government no longer offers a sales tax rebate on Energy Star appliances.
The quiet departure was in sharp contrast to the noise accompanying the announcement of the rebate's birth, with a provincial election looming, on June 20, 2007.
"We want to drill right into people's homes and make it financially wise for them to go out and buy energy-efficient appliances," Premier Dalton McGuinty proclaimed.
"This is really a win-win situation," said then-finance minister Greg Sorbara. "For consumers, they will pay less for these appliances... They will be consuming less energy in the home. For all of us, it means we are consuming less energy, and that's part of the battle on climate change."
Sorbara estimated it would cost the provincial treasury a suspiciously precise $51 million to exempt energy-saving refrigerators, washing machines, freezers, air conditioners and other major household goods from the 8 per cent tax by the rebate's original expiry date, July 20, 2008.
A year later it was extended for another year and a bit.
There are no plans to give the rebate further life, although at least one major retailer is maintaining the measure, at its own expense, until early October.
There's no particular reason to mourn the rebate's passing: It was always more about politics than the environment.
The measure was originally introduced by the previous Conservative government late in 2002 - again, with an election on the horizon. Soon after their victory, the Liberals cancelled it. Three years later, they deemed it popular enough to be added to their list of ballot-box bribes.
And the rebate would have disappeared next summer with the arrival of the harmonized sales tax.
This is a moment, though, to consider better policies, and the need for a more coherent, longer-term energy-efficiency strategy.
While the rebate certainly raised the profile of Energy Star appliances, its impact on how many were purchased is far less certain.
"As this is a point-of-sale exemption, the ministry does not track individual sales transactions," a Finance spokesperson replied when asked if there's any way to determine whether the tax break rewarded consumers for something they would have done anyway.
The same problem afflicts many of the current myriad incentives, including cash for fuel-efficient cars: How do you ascertain whether they alter behaviour from business as usual?
Like the other giveaways, it also raises the fairness of shuffling tax dollars to those who can afford major purchases.
If the government was really serious about efficient appliances, it would, for example, require that all those sold here meet Energy Star standards, and it would make those standards increasingly stringent - just as it would ratchet up the mandatory energy-saving requirements for new homes. Economies of scale and competitive forces would likely bring prices below those the rebate produced.
The Energy Ministry ambiguously promises its new Green Energy Act will include measures "establishing North American-leading energy efficiency standards for household appliances, making energy-efficient products more available to more consumers." Details are to emerge over the next while.
But judging by the promise's cautious wording, a full-scale effort seems too much to expect.
Sep 05, 2009 04:30 AM Peter Gorrie
It passed into history this week with barely a murmur.
As of midnight last Monday, the Ontario government no longer offers a sales tax rebate on Energy Star appliances.
The quiet departure was in sharp contrast to the noise accompanying the announcement of the rebate's birth, with a provincial election looming, on June 20, 2007.
"We want to drill right into people's homes and make it financially wise for them to go out and buy energy-efficient appliances," Premier Dalton McGuinty proclaimed.
"This is really a win-win situation," said then-finance minister Greg Sorbara. "For consumers, they will pay less for these appliances... They will be consuming less energy in the home. For all of us, it means we are consuming less energy, and that's part of the battle on climate change."
Sorbara estimated it would cost the provincial treasury a suspiciously precise $51 million to exempt energy-saving refrigerators, washing machines, freezers, air conditioners and other major household goods from the 8 per cent tax by the rebate's original expiry date, July 20, 2008.
A year later it was extended for another year and a bit.
There are no plans to give the rebate further life, although at least one major retailer is maintaining the measure, at its own expense, until early October.
There's no particular reason to mourn the rebate's passing: It was always more about politics than the environment.
The measure was originally introduced by the previous Conservative government late in 2002 - again, with an election on the horizon. Soon after their victory, the Liberals cancelled it. Three years later, they deemed it popular enough to be added to their list of ballot-box bribes.
And the rebate would have disappeared next summer with the arrival of the harmonized sales tax.
This is a moment, though, to consider better policies, and the need for a more coherent, longer-term energy-efficiency strategy.
While the rebate certainly raised the profile of Energy Star appliances, its impact on how many were purchased is far less certain.
"As this is a point-of-sale exemption, the ministry does not track individual sales transactions," a Finance spokesperson replied when asked if there's any way to determine whether the tax break rewarded consumers for something they would have done anyway.
The same problem afflicts many of the current myriad incentives, including cash for fuel-efficient cars: How do you ascertain whether they alter behaviour from business as usual?
Like the other giveaways, it also raises the fairness of shuffling tax dollars to those who can afford major purchases.
If the government was really serious about efficient appliances, it would, for example, require that all those sold here meet Energy Star standards, and it would make those standards increasingly stringent - just as it would ratchet up the mandatory energy-saving requirements for new homes. Economies of scale and competitive forces would likely bring prices below those the rebate produced.
The Energy Ministry ambiguously promises its new Green Energy Act will include measures "establishing North American-leading energy efficiency standards for household appliances, making energy-efficient products more available to more consumers." Details are to emerge over the next while.
But judging by the promise's cautious wording, a full-scale effort seems too much to expect.
Saturday, September 5, 2009
May You Be Blessed - the movie link
http://www.blessyoumovie.com/
Source: www.blessyoumovie.com
Short inspirational film based on the book May You Be Blessed by Kate Nowak
Source: www.blessyoumovie.com
Short inspirational film based on the book May You Be Blessed by Kate Nowak
We need approximately 12 laughs a day to stay healthy!
peter-is-a-Newfoundlover,
You know, sometimes life just gets too serious...too busy...and too complicated. We don't mean for it to happen, but we wake up one morning to discover the fun has slipped away.
A few years ago a health study determined there are 3 main reasons people can't cope in life:
They live in the past.
They have a low self-esteem.
They can't laugh at themselves.
In fact, the study indicated that we need approximately 12 laughs a day to stay healthy!
I heard a story not long ago about a guy who sent flowers to his friend who was opening a new restaurant. When he arrived at the grand opening, he looked for his flowers. Well, when he found them, he saw that he had sent a white wreath that said, "May you rest in peace." He panicked, of course, and called the florist who said, "Bob, I'm not worried about you because as we speak, there's a guy being buried who got a dozen roses that said, "Good luck in your new location!"
Ah yes...life throws us curve balls when we least expect it! And sometimes, just to stay sane, we need to sit back and laugh!
You know, sometimes life just gets too serious...too busy...and too complicated. We don't mean for it to happen, but we wake up one morning to discover the fun has slipped away.
A few years ago a health study determined there are 3 main reasons people can't cope in life:
They live in the past.
They have a low self-esteem.
They can't laugh at themselves.
In fact, the study indicated that we need approximately 12 laughs a day to stay healthy!
I heard a story not long ago about a guy who sent flowers to his friend who was opening a new restaurant. When he arrived at the grand opening, he looked for his flowers. Well, when he found them, he saw that he had sent a white wreath that said, "May you rest in peace." He panicked, of course, and called the florist who said, "Bob, I'm not worried about you because as we speak, there's a guy being buried who got a dozen roses that said, "Good luck in your new location!"
Ah yes...life throws us curve balls when we least expect it! And sometimes, just to stay sane, we need to sit back and laugh!
Friday, September 4, 2009
Here’s what I found out about Labor Day:
You gotta love Wikipedia! Next to The Internet Movie Database (IMDb), it’s my favorite resource “book.”
•The first Labor Day celebration was in New York City in 1882.
•The holiday concept originated in Canada (thank you to our neighbors to the north).
•Its inception as a U.S. national holiday flowed out of the tragic Pullman Strike in 1894.
•Proposed celebrations included a street parade to “exhibit to the public ‘the strength and esprit de corps of the trade and labor organizations’ followed by a festival for the workers and their families.”
•The law making Labor Day a national holiday was proposed and signed six days after the end of the Pullman strike. (That kind of lawmaking speed these days would make a legislator’s head spin.)
Somewhere along the way, I think Labor Day has lost its significance to us as a nation. Don’t get me wrong; I love a three-day weekend just as much as the next guy, but Labor Day was not just intended as a day of rest. It was a day to celebrate the worker and his/her labors - to confirm that the workforce of this great nation is what keeps America moving and growing, economically and in harmony within its citizenry.
This Labor Day, after you’ve had that last piece of watermelon, take a few minutes to reflect on the labor of those - past and present - who made/make it possible for you to lie down your head for a peaceful night’s sleep in preparation for your labor come Tuesday. Here’s to a great Labor Day celebration!
TALK BACK: How do you plan to celebrate Labor Day? Post your comments below.
•The first Labor Day celebration was in New York City in 1882.
•The holiday concept originated in Canada (thank you to our neighbors to the north).
•Its inception as a U.S. national holiday flowed out of the tragic Pullman Strike in 1894.
•Proposed celebrations included a street parade to “exhibit to the public ‘the strength and esprit de corps of the trade and labor organizations’ followed by a festival for the workers and their families.”
•The law making Labor Day a national holiday was proposed and signed six days after the end of the Pullman strike. (That kind of lawmaking speed these days would make a legislator’s head spin.)
Somewhere along the way, I think Labor Day has lost its significance to us as a nation. Don’t get me wrong; I love a three-day weekend just as much as the next guy, but Labor Day was not just intended as a day of rest. It was a day to celebrate the worker and his/her labors - to confirm that the workforce of this great nation is what keeps America moving and growing, economically and in harmony within its citizenry.
This Labor Day, after you’ve had that last piece of watermelon, take a few minutes to reflect on the labor of those - past and present - who made/make it possible for you to lie down your head for a peaceful night’s sleep in preparation for your labor come Tuesday. Here’s to a great Labor Day celebration!
TALK BACK: How do you plan to celebrate Labor Day? Post your comments below.
A changing shade of grey
September 04, 2009 -- More than most other descriptors, associations with the word ‘grey’ continue to evolve.
In recent years for example, rather than being considered drab, grey has emerged as a chic new colour in interior design.
Back in 1981 when 9.6 per cent of Canada’s population was age 65 years and older, ‘grey’ had connotations of a more sedate lifestyle.
By the time of the last Census though, in 2006, the senior share of the population rose to 13.1 per cent and associations with the word ‘grey’ began to change. Today, 60 is regarded as the new 50.
Toronto seniors incidentally, were tallied in the 2006 census to an even greater number, comprising 14 per cent on the population. Nearly 95 per cent of this group lives in private residences, with a diminishing number living in senior living centres.
Given that seniors are more likely than other age groups to own their homes, it’s easy to see that they represent a key component of the Greater Toronto Area real estate market.
As a result of low fertility rates, longer life expectancies and our aging baby boomer population, in a little more than 25 years from now, seniors will comprise almost 25 per cent of the national population.
In recent years a special designation became available to Canadian REALTORS® to help them prepare for the emergence of our city’s senior population.
Recognized throughout North America, Seniors Real Estate Specialists® have acquired unique expertise to counsel clients age 50-plus through major lifestyle transitions such as selling the family home, relocating and refinancing. They can also offer insight into trends in senior real estate transactions, and provide referrals to other professional who specialize senior clientele.
Compared to generations before them, today’s seniors are a well-heeled group. Many are seasoned homeowners who prefer to spend their time free on routine property maintenance. Rather than choosing to live with their children or move into a retirement home, our aging population now has more options.
Given that in most cases it makes more economic sense to make a purchase rather than rent, many seniors are now choosing condo living with design features and amenities that are catered to their needs.
Suites include extra lighting, countertops with rounded edges and wide doorways to name just a few design specifics. Seniors’ condo communities now feature access to on-site healthcare professionals including physicians, nurses, nutritionists and massage therapists, allowing owners to remain at home and live life to its fullest.
Resort-style luxury is the focus with spas, theatres, cafés and gourmet restaurants included in the amenities. Cooking instructors, personal trainers and dog walkers are often also on hand. Condominium developments for seniors don’t just include standard fitness facilities anymore either; you’ll also find reading rooms, greenhouses and salons on the premises as well.
With these attractive features it’s no wonder that condominium sales in the GTA have grown to constitute nearly one third of all transactions. As development in the GTA intensifies, our city’s seniors can look forward to even more condominium communities that cater to their interests. In most every way, grey now suggests a chic lifestyle in which quality is never compromised.
For information on properties available for sale in the Greater Toronto Area, both new and resale, talk to a REALTOR® and to get the latest market updates visit www.TorontoRealEstateBoard.com
In recent years for example, rather than being considered drab, grey has emerged as a chic new colour in interior design.
Back in 1981 when 9.6 per cent of Canada’s population was age 65 years and older, ‘grey’ had connotations of a more sedate lifestyle.
By the time of the last Census though, in 2006, the senior share of the population rose to 13.1 per cent and associations with the word ‘grey’ began to change. Today, 60 is regarded as the new 50.
Toronto seniors incidentally, were tallied in the 2006 census to an even greater number, comprising 14 per cent on the population. Nearly 95 per cent of this group lives in private residences, with a diminishing number living in senior living centres.
Given that seniors are more likely than other age groups to own their homes, it’s easy to see that they represent a key component of the Greater Toronto Area real estate market.
As a result of low fertility rates, longer life expectancies and our aging baby boomer population, in a little more than 25 years from now, seniors will comprise almost 25 per cent of the national population.
In recent years a special designation became available to Canadian REALTORS® to help them prepare for the emergence of our city’s senior population.
Recognized throughout North America, Seniors Real Estate Specialists® have acquired unique expertise to counsel clients age 50-plus through major lifestyle transitions such as selling the family home, relocating and refinancing. They can also offer insight into trends in senior real estate transactions, and provide referrals to other professional who specialize senior clientele.
Compared to generations before them, today’s seniors are a well-heeled group. Many are seasoned homeowners who prefer to spend their time free on routine property maintenance. Rather than choosing to live with their children or move into a retirement home, our aging population now has more options.
Given that in most cases it makes more economic sense to make a purchase rather than rent, many seniors are now choosing condo living with design features and amenities that are catered to their needs.
Suites include extra lighting, countertops with rounded edges and wide doorways to name just a few design specifics. Seniors’ condo communities now feature access to on-site healthcare professionals including physicians, nurses, nutritionists and massage therapists, allowing owners to remain at home and live life to its fullest.
Resort-style luxury is the focus with spas, theatres, cafés and gourmet restaurants included in the amenities. Cooking instructors, personal trainers and dog walkers are often also on hand. Condominium developments for seniors don’t just include standard fitness facilities anymore either; you’ll also find reading rooms, greenhouses and salons on the premises as well.
With these attractive features it’s no wonder that condominium sales in the GTA have grown to constitute nearly one third of all transactions. As development in the GTA intensifies, our city’s seniors can look forward to even more condominium communities that cater to their interests. In most every way, grey now suggests a chic lifestyle in which quality is never compromised.
For information on properties available for sale in the Greater Toronto Area, both new and resale, talk to a REALTOR® and to get the latest market updates visit www.TorontoRealEstateBoard.com
6 Reasons Why Some Homes Sell.
Why do some houses sell and others don’t?
There’s no ultimate answer to this question.
Here are my six top reasons properties linger on the market:
Lousy pictures on the Web.
Priced too high for the neighborhood.
Blah interior; ho-hum landscaping.
Little online marketing and hard-to-find MLS listings.
Low commissions. Practitioners make sure their customers see properties that offer a payoff.
Miserable maintenance, including ceiling stains, leaky faucets, and ancient furnaces.
"HELPING YOU IS WHAT I DO"
I Believe in building relationships.
I am here to meet your needs
- to Serve & Protect - Your Investment.
As a Real Estate Consultant I am dedicated to the Real Estate Investor & Home Owner
- who is willing to work for one of the most precious things in the World
- Freedom.
Peter Tarshis
Royal LePage Real Estate
416.921.1112 office/pager
416.921.7424 fax
416.705.1181 cell
PeterTarshisRealtor@gmail.com
Check out my blog
http://petertarshistorontorealtor.blogspot.com/
Why do some houses sell and others don’t?
There’s no ultimate answer to this question.
Here are my six top reasons properties linger on the market:
Lousy pictures on the Web.
Priced too high for the neighborhood.
Blah interior; ho-hum landscaping.
Little online marketing and hard-to-find MLS listings.
Low commissions. Practitioners make sure their customers see properties that offer a payoff.
Miserable maintenance, including ceiling stains, leaky faucets, and ancient furnaces.
"HELPING YOU IS WHAT I DO"
I Believe in building relationships.
I am here to meet your needs
- to Serve & Protect - Your Investment.
As a Real Estate Consultant I am dedicated to the Real Estate Investor & Home Owner
- who is willing to work for one of the most precious things in the World
- Freedom.
Peter Tarshis
Royal LePage Real Estate
416.921.1112 office/pager
416.921.7424 fax
416.705.1181 cell
PeterTarshisRealtor@gmail.com
Check out my blog
http://petertarshistorontorealtor.blogspot.com/
The Ocean Habitat
Design & Architecture, REALTOR® Magazine
This weekend REALTOR® magazine Editor in Chief Stacey Moncrieff and I entered Biosphere 2, the 7.2 million cubic ft., sealed glass structure where eight Biospherians famously spent two years growing their own food, recycling their own water and waste, and, according to media accounts, getting on each other’s nerves. The experiment, which started in 1991, was intended to increase understanding of the feasibility of space colonization, by recreating Earth’s natural environments under a series of giant lattice-windowed domes.
While the United States isn’t quite ready to develop a subdivision on Mars, our 90-minute tour of the enclosed rainforest, desert, ocean, and residences revealed how prescient the Biospherians and their funders were. Biosphere 2 (Earth itself was considered the original Biosphere) was a shining example of the potential for sustainable, eco-friendly living back in the day when “green” was nothing more than a color. The facility seemed far more expansive than what I remember from TV and is well worth a visit if you’re in the Tucson area.
Ownership of the three-acre facility has changed hands several times since the experiments ended, and Biosphere 2 is now being leased by the University of Arizona for further research on climate change and other Earthly matters.
One thing that hasn’t changed is its next-door neighbor. The sprawling ranch adjacent to Biosphere 2 is owned by 2009 NAR President-Elect Vicki Cox Golder and her husband Lloyd Golder, who we were visiting for an upcoming magazine feature.
It really is a small world.
This weekend REALTOR® magazine Editor in Chief Stacey Moncrieff and I entered Biosphere 2, the 7.2 million cubic ft., sealed glass structure where eight Biospherians famously spent two years growing their own food, recycling their own water and waste, and, according to media accounts, getting on each other’s nerves. The experiment, which started in 1991, was intended to increase understanding of the feasibility of space colonization, by recreating Earth’s natural environments under a series of giant lattice-windowed domes.
While the United States isn’t quite ready to develop a subdivision on Mars, our 90-minute tour of the enclosed rainforest, desert, ocean, and residences revealed how prescient the Biospherians and their funders were. Biosphere 2 (Earth itself was considered the original Biosphere) was a shining example of the potential for sustainable, eco-friendly living back in the day when “green” was nothing more than a color. The facility seemed far more expansive than what I remember from TV and is well worth a visit if you’re in the Tucson area.
Ownership of the three-acre facility has changed hands several times since the experiments ended, and Biosphere 2 is now being leased by the University of Arizona for further research on climate change and other Earthly matters.
One thing that hasn’t changed is its next-door neighbor. The sprawling ranch adjacent to Biosphere 2 is owned by 2009 NAR President-Elect Vicki Cox Golder and her husband Lloyd Golder, who we were visiting for an upcoming magazine feature.
It really is a small world.
Green standards must be uniform in province of Ontario
Aug 29, 2009 04:30 AM
When it comes to sustainable development and green building, everybody wants to do the right thing but sometimes doing the right thing can be done the wrong way. Recent attempts by individual municipalities to mandate green building standards would be a good example.
Municipal mandating of their own or other green building programs or labels is not only redundant, but runs completely contrary to the concept of a uniform provincial building code, says BILD chair Leith Moore, who delivered that pointed message to Ontario's local political leaders gathered at the annual conference of the Association of Municipalities of Ontario.
Moore explained that while the Ontario Building Code is a minimum standard, when it comes to energy conservation, it is anything but minimal.
By way of example, he pointed out that the 2007 changes to the OBC brought about a 12 per cent increase in wall insulation, a 29 per cent increase in ceiling insulation, a 50 per cent increase in basement wall insulation, and a 67 per cent increase in the energy efficiency of windows. As well, gas and propane furnaces moved from a minimum of 78 per cent energy efficiency to a minimum of 90 per cent efficiency.
Continuing the evolution of the code, at the beginning of this year, full height basement insulation became mandatory. Moreover, by 2011, every new home built in Ontario will have to meet an EnerGuide 80 standard, which is a healthy stretch goal for builders, but one which many are already meeting, if not exceeding.
Meanwhile, the recently passed Green Energy Act contained amendments to the Ontario Building Code, under which energy and water conservation are now purposes of the code, which is a clear indication of further code-driven leadership on the green front.
"Each generation of newly built homes has been much more energy efficient than the previous generation as the building code has continually evolved. The energy efficiency of new homes and condos is not our biggest problem – it's the relative inefficiency of all the older homes and buildings out there," Moore told the mayors.
Notwithstanding the continuous evolution of the building code, some municipalities have been mandating their own or other green labels which is where Moore draws the line. "Our biggest concern with municipal mandating revolves around fragmentation of the Ontario Building Code. The whole point of a uniform provincial code is to ensure that developers, new home builders and professional renovators don't have to operate in a fragmented regulatory environment where each municipality has different rules," he stated.
"The building code is the only standard that is legally binding. Labels are just that — they are not building standards, they are definitely not codes, and while they are all generally well conceived, they have no place in any municipally-mandated regulatory scheme," Moore asserted.
"The code is developed through an open consultation process lead by government and that's the key distinction between the Ontario Building Code and the various label programs, which are not accountable to anyone but their own governing bodies. We need to acknowledge that we already work within an overly complex environment and neither the industry, nor municipalities, can afford to risk positive outcomes through a patchwork quilt implementation of green aspirations," he added.
Moore acknowledges that if the code is to be "king," it has to continually evolve, which is why he welcomes the Green Energy Act. "We as an industry have to be open to regular review of the Ontario Building Code to capture new innovations and best green practices," he concluded.
When it comes to sustainable development and green building, everybody wants to do the right thing but sometimes doing the right thing can be done the wrong way. Recent attempts by individual municipalities to mandate green building standards would be a good example.
Municipal mandating of their own or other green building programs or labels is not only redundant, but runs completely contrary to the concept of a uniform provincial building code, says BILD chair Leith Moore, who delivered that pointed message to Ontario's local political leaders gathered at the annual conference of the Association of Municipalities of Ontario.
Moore explained that while the Ontario Building Code is a minimum standard, when it comes to energy conservation, it is anything but minimal.
By way of example, he pointed out that the 2007 changes to the OBC brought about a 12 per cent increase in wall insulation, a 29 per cent increase in ceiling insulation, a 50 per cent increase in basement wall insulation, and a 67 per cent increase in the energy efficiency of windows. As well, gas and propane furnaces moved from a minimum of 78 per cent energy efficiency to a minimum of 90 per cent efficiency.
Continuing the evolution of the code, at the beginning of this year, full height basement insulation became mandatory. Moreover, by 2011, every new home built in Ontario will have to meet an EnerGuide 80 standard, which is a healthy stretch goal for builders, but one which many are already meeting, if not exceeding.
Meanwhile, the recently passed Green Energy Act contained amendments to the Ontario Building Code, under which energy and water conservation are now purposes of the code, which is a clear indication of further code-driven leadership on the green front.
"Each generation of newly built homes has been much more energy efficient than the previous generation as the building code has continually evolved. The energy efficiency of new homes and condos is not our biggest problem – it's the relative inefficiency of all the older homes and buildings out there," Moore told the mayors.
Notwithstanding the continuous evolution of the building code, some municipalities have been mandating their own or other green labels which is where Moore draws the line. "Our biggest concern with municipal mandating revolves around fragmentation of the Ontario Building Code. The whole point of a uniform provincial code is to ensure that developers, new home builders and professional renovators don't have to operate in a fragmented regulatory environment where each municipality has different rules," he stated.
"The building code is the only standard that is legally binding. Labels are just that — they are not building standards, they are definitely not codes, and while they are all generally well conceived, they have no place in any municipally-mandated regulatory scheme," Moore asserted.
"The code is developed through an open consultation process lead by government and that's the key distinction between the Ontario Building Code and the various label programs, which are not accountable to anyone but their own governing bodies. We need to acknowledge that we already work within an overly complex environment and neither the industry, nor municipalities, can afford to risk positive outcomes through a patchwork quilt implementation of green aspirations," he added.
Moore acknowledges that if the code is to be "king," it has to continually evolve, which is why he welcomes the Green Energy Act. "We as an industry have to be open to regular review of the Ontario Building Code to capture new innovations and best green practices," he concluded.
Thursday, September 3, 2009
Condo Associations Seek Legal Action
Angry condo associations are turning to the courts for help forcing owners behind on their fees to pay up. The courts are responding by holding owners who don’t pay in contempt of cour, and some could face arrest.
The problem of no payment is particularly acute in Florida where condo values have fallen dramatically. For instance, in the Orlando area, the median price of a condo has fallen about 70 percent in the last two years from $156,500 in August 2007 to $49,800, according to the Orlando Regional REALTOR® Association.
Without court enforcement, the associations are likely to go under, leaving the remaining owners with few options beyond abandoning their own properties.
"The current economic downturn and foreclosure crisis have placed many associations on the brink of disaster," says Donna Berger, executive director of the Community Advocacy Network, a nonprofit group representing more than 1,500 condo and homeowner associations.
The problem of no payment is particularly acute in Florida where condo values have fallen dramatically. For instance, in the Orlando area, the median price of a condo has fallen about 70 percent in the last two years from $156,500 in August 2007 to $49,800, according to the Orlando Regional REALTOR® Association.
Without court enforcement, the associations are likely to go under, leaving the remaining owners with few options beyond abandoning their own properties.
"The current economic downturn and foreclosure crisis have placed many associations on the brink of disaster," says Donna Berger, executive director of the Community Advocacy Network, a nonprofit group representing more than 1,500 condo and homeowner associations.
Wednesday, September 2, 2009
A Guide to Selling Your Home Privately !
With the market going through a Downturn, it is natural that Sellers would be thinking about selling privately to maximize their profit.
This is a tough market and you have to be primed to sell, so here are some suggestions that might help:
1) Make sure that everything in you house, construction-wise is perfect or close to it. 99% of homes in this market will be inspected for flaws, so you need a knowledgeable 3rd party to go through your home to make sure it will pass a home inspection. You might even want to hire a pre-selling Home Inspection by a certified Home Inspector.
2) I suggest that you disclose in writing what the Home Inspector finds. Certain issues could prove to be an out for a Buyer at or before closing time, if you knew them and did not disclose them at the time of the Offer.
3) Have a 3rd party with a design background advise you on de-personalizing your home and make it stand out in the marketplace. I pay for a professional Stager to visit all my listings and give them a lengthy report before bringing them to the market and I know that it gives my listings an advantage.
4) Follow their advice especially if it entails storing a lot of clutter. I would suggest off-site storage rather than filling the basement or garage to the brim. This just broadcasts to the Buyer one of the shortcomings of your home.
5) Once your home looks great, the number one step in marketing is correct pricing. Make sure that you know what the most recent sales are (not listings, as they may be overpriced) and then reduce your house to reflect that you are not using an agent.. If you are offering your house privately, the buyer must perceive a benefit to them. The biggest mistake private sellers make is pricing their house within the market range and not reflecting that there is no commission.
6) Develop a web presence for your home. Very few people buy anything today without searching on the Internet so your home-sale web site must be viewable by the largest market out there. Remember that your competition is National, Regional and Local MLS that have spent years and thousands of dollars to be in the top positions, not to mention the Brokers and Franchises.
7) Make sure that you hire a professional photographer who offers Virtual Tours or Video. Buyers want as much information as possible before they even view the property. I believe in these photo formats so strongly that I even pay for these photos for vacant houses or ones needing major renovations. Don’t waste your time or the Buyers by alluding to qualities that are not there or could-be-maybe-potentially there…Let the buyer decide.
8) Post the site on www.kijiji.com or on www.CraigsList.com. Both offer great visibility. However, make sure that you re-post often as they keep the newer posts at the top or on Kijiji you can pay to have your post on the front page for a period of time.
9) Make sure that any contact phone numbers or emails will be answered by you or someone else immediately. Unless I am in a business meeting, I respond as soon as I can. Buyers, mostly come from a generation that views microwaves as slow cooking….you must be prepared to respond ASAP.
10) Realize that you will get a lot of phone calls from Buyer-agents who will tell you that they have clients that would be perfect for your property. They may be right, so allow them to show your house. Remember they, like you, will not work for free so your pricing should take that into account.
11) Open Houses are the way that a lot of Buyers surf the marketplace to buy. Make sure that you use proper signage. The City of Toronto mandates that all Open House sign show the address and time of the Open House. Make sure that you have visited the local stock of houses in your area with a Buyer’s eye. To be noticed you will have to be the best on the market that day.
12) If you receive an Offer on your property you should have a knowledgeable 3rd party (Lawyer) lined up and ready to take you through the contract, explain the clauses and watch for conditions or timing that could pose future problems. When I sit down with clients, their first thought is price, mine is the terms and conditions. I have seen too many times when sellers became so obsessed with price that they forgot other “small” issues that by closing became “huge” ones. The job of the 3rd party is to make sure that those issues are not missed in all the excitement. Make sure that if that 3rd party is also giving you pricing advise that they know the market and have a grasp of negotiation skills and can view the issues from the Buyers side., when needed, to give you a dash of realism when you have a flight of fancy.
Note: when I have bought or sold for myself I have always run through my offer with an Office Manager or Lawyer for that important 3rd party viewpoint. Sometimes they have presented my own offer for me so I can have the proper emotional distance to make the right decisions.
13) The Toronto Real Estate Board has a consumer info page that shows 6 of the major Forms that are used in Ontario with the plain language explanations. Follow this link for more information.
14) Put all communication that occur between Buyer and Seller, after the Agreement of Purchase and Sale has been accepted through the 3rd Party, by email rather than phone. Make sure that all is kept in an online folder until closing and up to 6 years after just in case.
15) Do not use the same lawyer to close the transaction for the Buyer and Seller so that you can “save” money. Make sure that all parties in the transaction disclose, in writing, their relationship to either you or the Buyer. REALTORS must always disclose their fiduciary duty in writing at the time of the offer.
16) The Agreement will usually allow for the Buyer to visit your property for a Building inspection and visits to measure. Make sure these are stipulated in the contract by both the number of visits and the length or you could be in for a big surprise when all the 20 long-lost buyers’ family members visit with three contractors looking to compete for quotes. I usually suggest two or three visits of no more than one hour at mutually agreeable times. I would suggest you not be there and .that all questions and answers be done in writing so there are no misinterpretations later…the old he said-she said.
17) Ask for a substantial deposit, 5-10% of the Purchase Price to be held by your lawyer in Trust. The amount of deposit gives you a sense of the seriousness of the Buyer.
18) Conditions on Financing and Building Inspection: Most offers in this market will have conditions that must be met within a specified time period. Keep the time as short as you can. For a Building Inspection or Financing, I suggest no more than three Business days. Hopefully your Buyer will have been pre-approved by the Bank and then there is little to do but a quick appraisal of your property. Building Inspectors should be able to complete a full inspection within 3 Banking days and give the report to the Buyer. Be aware that the Buyer may try to renegotiate the price if the Inspection is of poor quality.
19) Conditional on the Sale of the Purchaser’s Property: This is a tough one, made tougher because you have no control of the asking price of the Buyer’s Property. You may have sold your property conditionally for a great price and find that the Buyer decides to overprice their home. In essence, your home is pulled from the marketplace with little guarantee that the Buyer will get a satisfactory offer and start the ball rolling. You might want to ask the Buyer to have a Professional appraisal of his property before agreeing to this Condition.
20) Do not accept any cash as part of the transaction. FINTRACÂ (Financial Transactions and Reports Analysis Centre of Canada) is keeping an eye on suspicious movements of cash and I am authorized to ask for and retain the personal information of all Sellers and Buyers.
21) Be careful of Scam artists. They sometimes hunt for Private Sellers because they think that there will be less scrutiny in the transaction. A client of mine whose brother helped her sell privately accepted a long conditional offer. A week after it fell through we listed at $399000. Imagine our surprise when a Bank called to say they had an offer sitting on the desk of their fraud department for $540,000 of the property. The conditional Buyer was trying to finance a house for $150,000 more than the value. Thankfully, the transfer was held up by the Bank’s scrutiny.
Hopefully, some of these suggestions will hep you sell privately but if not know that there are a number of excellent hard-working Realtors in the marketplace every day to help you.
If you have any further ideas, please feel free to comment!
This is a tough market and you have to be primed to sell, so here are some suggestions that might help:
1) Make sure that everything in you house, construction-wise is perfect or close to it. 99% of homes in this market will be inspected for flaws, so you need a knowledgeable 3rd party to go through your home to make sure it will pass a home inspection. You might even want to hire a pre-selling Home Inspection by a certified Home Inspector.
2) I suggest that you disclose in writing what the Home Inspector finds. Certain issues could prove to be an out for a Buyer at or before closing time, if you knew them and did not disclose them at the time of the Offer.
3) Have a 3rd party with a design background advise you on de-personalizing your home and make it stand out in the marketplace. I pay for a professional Stager to visit all my listings and give them a lengthy report before bringing them to the market and I know that it gives my listings an advantage.
4) Follow their advice especially if it entails storing a lot of clutter. I would suggest off-site storage rather than filling the basement or garage to the brim. This just broadcasts to the Buyer one of the shortcomings of your home.
5) Once your home looks great, the number one step in marketing is correct pricing. Make sure that you know what the most recent sales are (not listings, as they may be overpriced) and then reduce your house to reflect that you are not using an agent.. If you are offering your house privately, the buyer must perceive a benefit to them. The biggest mistake private sellers make is pricing their house within the market range and not reflecting that there is no commission.
6) Develop a web presence for your home. Very few people buy anything today without searching on the Internet so your home-sale web site must be viewable by the largest market out there. Remember that your competition is National, Regional and Local MLS that have spent years and thousands of dollars to be in the top positions, not to mention the Brokers and Franchises.
7) Make sure that you hire a professional photographer who offers Virtual Tours or Video. Buyers want as much information as possible before they even view the property. I believe in these photo formats so strongly that I even pay for these photos for vacant houses or ones needing major renovations. Don’t waste your time or the Buyers by alluding to qualities that are not there or could-be-maybe-potentially there…Let the buyer decide.
8) Post the site on www.kijiji.com or on www.CraigsList.com. Both offer great visibility. However, make sure that you re-post often as they keep the newer posts at the top or on Kijiji you can pay to have your post on the front page for a period of time.
9) Make sure that any contact phone numbers or emails will be answered by you or someone else immediately. Unless I am in a business meeting, I respond as soon as I can. Buyers, mostly come from a generation that views microwaves as slow cooking….you must be prepared to respond ASAP.
10) Realize that you will get a lot of phone calls from Buyer-agents who will tell you that they have clients that would be perfect for your property. They may be right, so allow them to show your house. Remember they, like you, will not work for free so your pricing should take that into account.
11) Open Houses are the way that a lot of Buyers surf the marketplace to buy. Make sure that you use proper signage. The City of Toronto mandates that all Open House sign show the address and time of the Open House. Make sure that you have visited the local stock of houses in your area with a Buyer’s eye. To be noticed you will have to be the best on the market that day.
12) If you receive an Offer on your property you should have a knowledgeable 3rd party (Lawyer) lined up and ready to take you through the contract, explain the clauses and watch for conditions or timing that could pose future problems. When I sit down with clients, their first thought is price, mine is the terms and conditions. I have seen too many times when sellers became so obsessed with price that they forgot other “small” issues that by closing became “huge” ones. The job of the 3rd party is to make sure that those issues are not missed in all the excitement. Make sure that if that 3rd party is also giving you pricing advise that they know the market and have a grasp of negotiation skills and can view the issues from the Buyers side., when needed, to give you a dash of realism when you have a flight of fancy.
Note: when I have bought or sold for myself I have always run through my offer with an Office Manager or Lawyer for that important 3rd party viewpoint. Sometimes they have presented my own offer for me so I can have the proper emotional distance to make the right decisions.
13) The Toronto Real Estate Board has a consumer info page that shows 6 of the major Forms that are used in Ontario with the plain language explanations. Follow this link for more information.
14) Put all communication that occur between Buyer and Seller, after the Agreement of Purchase and Sale has been accepted through the 3rd Party, by email rather than phone. Make sure that all is kept in an online folder until closing and up to 6 years after just in case.
15) Do not use the same lawyer to close the transaction for the Buyer and Seller so that you can “save” money. Make sure that all parties in the transaction disclose, in writing, their relationship to either you or the Buyer. REALTORS must always disclose their fiduciary duty in writing at the time of the offer.
16) The Agreement will usually allow for the Buyer to visit your property for a Building inspection and visits to measure. Make sure these are stipulated in the contract by both the number of visits and the length or you could be in for a big surprise when all the 20 long-lost buyers’ family members visit with three contractors looking to compete for quotes. I usually suggest two or three visits of no more than one hour at mutually agreeable times. I would suggest you not be there and .that all questions and answers be done in writing so there are no misinterpretations later…the old he said-she said.
17) Ask for a substantial deposit, 5-10% of the Purchase Price to be held by your lawyer in Trust. The amount of deposit gives you a sense of the seriousness of the Buyer.
18) Conditions on Financing and Building Inspection: Most offers in this market will have conditions that must be met within a specified time period. Keep the time as short as you can. For a Building Inspection or Financing, I suggest no more than three Business days. Hopefully your Buyer will have been pre-approved by the Bank and then there is little to do but a quick appraisal of your property. Building Inspectors should be able to complete a full inspection within 3 Banking days and give the report to the Buyer. Be aware that the Buyer may try to renegotiate the price if the Inspection is of poor quality.
19) Conditional on the Sale of the Purchaser’s Property: This is a tough one, made tougher because you have no control of the asking price of the Buyer’s Property. You may have sold your property conditionally for a great price and find that the Buyer decides to overprice their home. In essence, your home is pulled from the marketplace with little guarantee that the Buyer will get a satisfactory offer and start the ball rolling. You might want to ask the Buyer to have a Professional appraisal of his property before agreeing to this Condition.
20) Do not accept any cash as part of the transaction. FINTRACÂ (Financial Transactions and Reports Analysis Centre of Canada) is keeping an eye on suspicious movements of cash and I am authorized to ask for and retain the personal information of all Sellers and Buyers.
21) Be careful of Scam artists. They sometimes hunt for Private Sellers because they think that there will be less scrutiny in the transaction. A client of mine whose brother helped her sell privately accepted a long conditional offer. A week after it fell through we listed at $399000. Imagine our surprise when a Bank called to say they had an offer sitting on the desk of their fraud department for $540,000 of the property. The conditional Buyer was trying to finance a house for $150,000 more than the value. Thankfully, the transfer was held up by the Bank’s scrutiny.
Hopefully, some of these suggestions will hep you sell privately but if not know that there are a number of excellent hard-working Realtors in the marketplace every day to help you.
If you have any further ideas, please feel free to comment!
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