HERE IS THE LATEST MARKET UPDATE:
Wow! The market has picked up again! It is the first year where the spring actually brought our real estate ‘spring’ market (normally this market arrives in winter, roughly mid February). It has been a welcome relief for some buyers as they actually have some good homes to chose from again. That being said multiple offers are still the order of the day for homes. It isn’t easy to secure the purchase of thee homes. But, it is nice to see a selection. Condos are still much easier to purchase the market is not as hot as housing.
Toronto Real Estate Board President Dianne Usher announced that Greater Toronto Area REALTORS® reported strong year-over-year increases in TorontoMLS home sales and the average selling price in March 2014. Home ownership affordability, backstopped by low borrowing costs, continued to be a key factor underlying this growth.
A total of 8,081 sales were reported in March 2014 – up by 7.2 per cent in comparison to March 2013. Sales growth was much stronger in March compared to the first two months of the first quarter. Sales for Q1 as a whole were up by three per cent compared to the first three months of 2013.
“Sales activity in the GTA accelerated last month. Compared to last year, a greater number of buyers found affordable home ownership options, as evidenced by sales growth for all major home types. Against this backdrop, however, overall inventory at the end of March remained lower than last year. This means competition between buyers increased, which is why the average selling price continued to climb,” said Ms. Usher.
The average selling price for March 2014 sales was $557,684 – an increase of almost eight per cent compared to the average reported for March 2013. The average price for the first quarter of 2014 was up by 8.5 per cent year-over-year.
LANDSCAPING INSIGHTS:
Home improvements increase your home enjoyment, but they also effect your home’s value – a properly installed and maintained landscape can yield a 100-200% ROI. Here are some tips to help you focus on resale value.
Function:
Showcase your home’s exterior with a manicured assortment of healthy grasses, trees, shrubs, plants and ornamental features.
Design:
Plan to best utilize space and environmental conditions with consideration for changing lifestyle needs, maintenance requirements and your home’s exterior aesthetic.
Ornamentation:
Strategically place a subtle few complimentary features like arbours, decorative stone, planters, privacy screens, bird bath and other decor items.
Outdoor Rooms:
Create and furnish distinctive spaces in your landscape for a variety of purposes including meal preparation, dining, socializing, relaxing and family play time
