Toronto Real Estate: July Markets Off to Hot Start

July has started swiftly, with 3,947 sales to date, TREB President Donald Bentley announced today. This mid-month total is up 21 per cent over last July’s 3,251 sales.

“While it is too early to speak of a July record (currently the record is 8,084 sales recorded in 2003), this month should certainly end as one of our best summer performances,” said Mr. Bentley. “And in terms of year-to-date activity (54,457 sales), 2007 is 11 per cent ahead of 2006 (48,961 sales). It is also up 13 per cent over the 2005 figure (47,956 sales), and when 2005 was finished it produced an all time annual sales record.”

While transactions continued at an accelerated pace despite the onset of Summer, price increases remained moderate. At $374,254, the average was up eight per cent over the first half of July 2006. The year-to-date average, at $373,572, was up five per cent over 2006’s figure of $356,207.

Meanwhile, time-on-market came in at 31 days and the list-to-sale price ratio was 98 per cent.

In Oshawa (E16) sales rose 63 per cent over July 2006 due large to a large increase in the number of semi-detached houses sold.

Sales in Rexdale (W10) increased 97 per cent over last year due to a 133 per cent increase in transactions of detached homes.

North York Center (C14) saw a 57 per cent increase in sales based on large increases in both condo apartment and detached home sales.

Sales in Vaughan (N02) were up 68 per cent, with strong increases in almost all house types.

Source: Toronto Real Estate Board

Free Home Evaluation

Set the Stage for a Quick Home Resale

In this buyer’s market, how do you make your home stand out in a sea of “For Sale” signs? According to the International Association of Home Stagers, investing in small improvements that make your home look more inviting and appealing to prospective buyers can increase its ultimate sale price by 7 percent and make it move up to 100 days faster.

Experts say that it’s the little touches — like a fresh coat of paint, updated window coverings or a new floor — that make all the difference. And since the decision to purchase a home often is made within eight seconds of walking in the front door, it’s crucial that spaces where the eye automatically rests (such as walls, windows and floors) are impeccable.

Follow these quick and simple tips from the experts to increase your home’s chances of selling sooner rather than later:

Lighten Up Light is the second most cited reason — behind location — for a buyer to choose a property. One easy way to illuminate your home’s interior is through paint. Neutrals always make a safe choice, but nothing says sunshine and warmth like yellow. While this shade won’t work for every area, it can be beautifully incorporated into public spaces like living and dining rooms.

According to Barbara Richardson, director of color marketing for ICI Paints (maker of the Glidden brand), yellow has the natural ability to elevate our mood and make us think of opportunities and possibilities. Richardson suggests pairing yellow hues with complementary shades of blue-violet on a home’s walls to make the color truly sing. Combined with dark woods or white accents, the color takes on a classic look and adds a sunny disposition to an interior. And for an even quicker way to inject a touch of vibrancy to any room, Richardson recommends yellow accessories — such as pillows, artwork, rugs and vases.

Create a Clearer View Prospective buyers are curious to know how a new home will change their perspective on the world. Don’t obscure the view of a beautiful natural landscape or a charming street with heavy curtains. Consider replacing draperies with sheer or solar shades. For instance, LightWeaves from Graber allow light to be filtered and diffused, while maintaining a clear view to the outside and reducing glare on television and computer screens.

And once you’ve installed shades that let the sun shine in, don’t forget to make sure all of your windows are sparkling and dust free prior to an open house. It also helps to add a breath of fresh air and reduce stuffiness by opening up windows an hour before visitors are expected to arrive.
Put Your Foot DownScuffs, stains and scratches under foot can make a home appear older and unkempt.Cover worn carpet and torn vinyl with laminate flooring. According to Don Cybalski director of design for Pergo, laminate is inexpensive, durable and easy to install in just a weekend. Not only does it closely replicate the look of real woods — from cherry to oak to maple, and even the hottest exotics like merbau, jatoba and bamboo — but it also maintains a “like new” appearance for longer. Laminate is guaranteed to effectively stand up to the wear and tear of hundreds of footsteps that may track through your home while it’s on the market.

Courtesy of ARAcontent

Free Home Evaluation

June Market Very Strong, East York Area up 32%.

In June, the Toronto Area resale housing market was nearly 20 per cent more active than a year ago, Toronto Real Estate Board President Donald Bentley announced. The 10,451 sales recorded in the month were also just shy of the 11,146 sales that made May TREB’s most active single month ever.

“This market is very healthy and shows no signs of letting up,” Mr. Bentley said. “The strong spring we’ve seen is carrying through to the summer months, and that has helped to push this year’s total activity past 2006 bynearly 11 per cent.”

Toronto’s Danforth / Woodbine Heights area (E03) saw overall transactions jump by 32 per cent compared to last June, with gains across most housing types.

Strong sales of condominium apartments and town homes in Mississauga’s Northwest Cooksville (W15) area contributed to an overall increase in activity of 57 per cent compared to June 2006.
Detached home sales in Bayview / Hillcrest Village (C15) nearly doubled as overall transactions increased by 39 per cent compared to June of last year.

Just north of the city, Richmond Hill’s southern portion (N03) saw a 48 per cent increase in transactions compared to the same timeframe one year ago.

“The current market is exceeding expectations because it has very solid fundamentals to build upon,” TREB’s President added. “We have seen good returns on investment, and a strong economy and low borrowing costs have kept homes accessible. It’s a great time to be in the market.”

Source: Toronto Real Estate Board

Free Home Evaluation