Update: The full Market watch Report was not accessible from the TREB website when the original Weekly Communication was posted. I have been able to download it today and would like to make it available. Click here for the report, or browse all of the reports here.
Good evening everyone;
Sorry for the long break since the last communication. It has been hectic period and the market is still craving quality homes.
Many homes are still coming to market with “stalled offer dates”. Even homes without offer nights are attracting competing bids and are being snapped up quick!
A colleague in my office listed a home in the Danforth which was thought to be at an overpriced asking price of $969,000. Because of the inflated ask price the listing was not holding back and inviting offers anytime. The sellers had bought the home only 2 years earlier for 795k and due to a separation were selling the home again without any major improvements to the home from since they bought. It was a 6 year new modern 2 bedroom home. In 3 days the home attracted two competing offers and the property sold firm (no conditions) for $1,010,000.
As nice as the home was that end result was not expected.
In the Market – Positive Start to 2013 view the summary report at www.YouTube.com/TREBChannel
February 5, 2013 — Greater Toronto Area REALTORS® reported 4,375 transactions through the TorontoMLS system in January 2013. This number represented a slight decline compared to 4,432 transactions reported in January 2012.
“The January sales figures represent a good start to 2013. While the number of transactions was down slightly compared to last year, the rate of decline was much less than what was experienced in the second half of 2012. This suggests that some buyers, who put their decision to purchase on hold last year due to stricter mortgage lending guidelines, are once again becoming active in the market,” said Toronto Real Estate Board (TREB) President Ann Hannah.
“It is interesting to note that sales were up for many home types in the GTA regions surrounding the City of Toronto. This is due, at least in part, to the additional upfront land transfer tax in the City of Toronto,” added Ms. Hannah.
The average selling price for January 2013 sales was $482,648 – up by 4.3 per cent compared to $462,655 in January 2012. The MLS® Home Price Index (HPI) Composite Benchmark price was up by 3.8 per cent over the same period.
“There will be enough competition between buyers in the marketplace to prompt continued growth in home prices in 2013. Expect annual average price growth in the three to five per cent range this year,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
CTV BC: Vancouver housing 2nd-most costly in world
Vancouver is the second-most unaffordable city in the world for housing, according to an international survey released by a U.S. think-tank.
Legal Corner – By Mark Weisleder
Should seller disclose a death in the home?
There have been headlines recently about situations where a seller did not disclose that there had been a murder on the property in the past, or that a previous homeowner had been murdered near the home that she owned. The question legally is whether a seller or any real estate salesperson has any legal obligation to disclose this to any potential buyer.
In addition, there are situations where a seller is aware of certain neighbourhood conditions, such as for example, a home is owned by a registered pedophile. Should this be disclosed to a potential buyer? See the attached article where I try to summarize the issues and the applicable law in Canada.
Have a great weekend, and be safe driving, Anthony