OCTOBER MARKET REPORT
Another strong month, still not enough homes for the glut of buyers ready to pounce out there! The mortgage rule changes over the last few years have driven the sub 1 million prices up to the point where it is very challenging to find houses in the core for less than 700K. The opportunity to buy “value” is to spend more than 1.5 million (I know this sounds ridiculous). But when you spend over 1 million you must put 20% down, this is partly why the sub one million category is so strong!
There were 8,000 home sales through the TorontoMLS system in October 2013 – up from 6,713 transactions reported in October 2012. Over the same period, new listings on the TorontoMLS system were down.
“The GTA home ownership market has been broadly characterized by a rebound in sales since the summer. Market conditions have been tighter in some market segments more so than others. Ground-oriented homes listed for below one million dollars in some areas of the GTA have been especially popular with buyers, while listings for these home types have been constrained,” said Toronto Real Estate Board President Dianne Usher.
“The supply of listings for many home types and price points has either been down year over- year or at least not up by the same annual rate as sales. The additional Land Transfer Tax in the City of Toronto and the removal of the government guarantee on high ratio mortgages for home purchases over one million dollars have arguably led many homeowners not to list,” continued Ms. Usher.
The average selling price for TorontoMLS sales in October 2013 was $539,058– up by more than seven per cent in comparison to the average price of $502,127 in October 2012. The MLS® Home Price Index (MLS® HPI) Composite Benchmark was up by 4.5 per cent year-overhear.
It is very important to be proactive and prepared to keeping your house in tip top shape during the winter months. It will keep you warmer and save you money.
Prevent ice damming – this is large pieces of ice that collect on roofs, either where two different angles meet or where the eaves troughs meet the roof line. If this gets out of control the ice can push under the shingles and begin to enter your attic leading to a big headache and required repairs.
Inspect your attic for leaks, animal and insect infestation. Also ensure that your insulation is evenly covering the square footage and the correct R rating for your area. Seal any gaps in the building envelope with the appropriate sealant.
Keep snow away from basement windows, exhaust vents, and gas metres. Keep sidewalks and paths free of snow and ice. Consider using eco friendly ice melter like EcoTraction versus road salt (which is corrosive and harmful to the environment and Pets!!).
In the case of a burst pipe be sure you know where your water shut-off valve is! Turn your outside outside taps off – many people neglect this one!
Have your furnace inspected by a certified servicer. Most gas furnaces last between 15-20 years. The last thing you want is to find out on the coldest day of the year that your furnace has died leaving you in the cold!
HAPPENINGS IN T.O
David Bowie is at the AGO…a great exhibit showing the many sides of Bowie. It is tough to know who he actually is because he is truly a performer who withholds the “real” David Bowie persona.
Use a programmable thermostat and set the heating to the appropriate temperature for when you are around, but don’t make it too cool when you are away as the cost to heat up the space again can use more energy!