FEBRUARY MARKET REPORT
January is off to an expected beginning…not many homes are hitting the market. It’s that time of year when the slow drip of listings begin. In the coming weeks we will see more come on the market. Because of this we are seeing higher sale prices for homes in the core, the pent up demand is really pushing values up, and will continue to all year!
Here is the latest:
In January, the number of homes listed for sale was down quite strongly compared to last year, which means that it was difficult for some buyers to find a home. Greater Toronto Area REALTORS® reported 4,135 sales through the TorontoMLS system in January 2014. This result was down by 2.2 per cent in comparison to January 2013. New listings entered into the system were down over the same period by 16.6 per cent to 8,822.
“Looking forward, it is possible that strong price growth, and therefore an increase in home equity, will act as a trigger for more households to list their homes for sale. This is especially the case for households whose life styles are changing, including those with an expanding family looking for a larger home or empty nesters looking to downsize,” said Dianne Usher, President, Toronto Real Estate Board.
The average selling price for January 2014 sales was $526,528 –up by more than nine per cent compared to $482,080 in January 2013.
“The pace of price growth will remain strong in 2014. Similar to last year, competition between buyers for singles, semis and town homes in the City of Toronto and surrounding regions will continue to exert upward pressure on selling prices. At the same time, mortgage rates will remain near historic lows, so despite strong price growth, home ownership will remain affordable for the average household in the GTA,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
PAINTING
Home improvements can increase your home enjoyment, but they also affect your home’s value – interior and exterior painting can yield a 100% rerun on investment at time of sale. Here are some tips to increase your resale value:
Function:
Determine which rooms need a refresh. Utilize colours that create a smooth transition from one area to another, if using more than one colour.
Colour:
Select classic, neutral tones that match any decor with small accents of bolder colour to outdoor trim and interior decorative accessories.
Finish:
Understand easy-to-clean glossier paints are best in moist, high traffic rooms while flatter paints help hide little imperfections and are best in dry, low traffic rooms.
When in doubt consult a paint specialist.
Also, my favourite shop to get inspiration from is Farrow & Ball at 1054 Yonge St., across from Rosedale TTC station. This has the best colours out there!!
ECO TIP
Drafts can make up 5-30% of our energy loss in the home. A “Draft Snake” or a rolled up towel at the bast of your exterior door can greatly assist in retaining the heat in the winter.
HAPPENINGS IN TO
Grab a ticket to Sting and Paul Simon on stage together at the ACC, March 1st.
