Good day everyone;

I typically try to get my weekly message out by late Thursday nights.  Once in a while I’m not able to do so.  Hopefully this Sunday’s communication finds its way to your eyes.

This week in the Market

• Actual sales numbers (not just pricing) are on the increase.  The market should experience its seasonal increase in listings over the next several weeks.
• Homes continue to be gobbled up by buyers at over asking prices as the norm.  Even in situations for properties that were not marketed or expected to receive over asking results. Read the mid-month housing update below.

GREATER TORONTO REALTORS® REPORT LATEST MID-MONTH RESALE MARKET FIGURES

TORONTO, February 19, 2014 – Toronto Real Estate Board President Dianne Usher announced that “sales growth has rebounded so far in February after a slow start to the year in January. While new listings were still down in comparison to last year, the annual rate of decline was less than experienced last month. This may point to an improvement in the listings situation moving forward, which would help alleviate some of the pent-up demand that currently exists in the marketplace.”

Greater Toronto Area REALTORS® reported 2,767 sales through the TorontoMLS system during the first 14 days of February. This result was up by 1.3 per cent in comparison to 2,731 transactions reported during the same period in 2013. New listings were down by 6.1 per cent on a year-over-year basis.

“Price growth well above the rate of inflation will be the norm for the remainder of the year. Over the same period, mortgage rates are expected to remain low, thereby keeping home ownership affordable in the GTA,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

The average selling price during the first two weeks of February 2014 was $547,107 – up 7.8 per cent compared to the average of $507,474 for the first 14 days of February 2013.

Extreme Weather and your Home

• From summer tempests to winter blast freezes and snow squalls this year we have had to endure some extreme weather.  Many of clients have told me about experiencing basement floods, exterior brick walls bowing, roof and structural damage and much more.
  • My own basement has water seepage not only from the foundation walls but from centre of the basement coming in from below!
  • My garage has about 3 inches of water in it!
• If you can safely, ensure that your eaves troughs and down spouts are not clogged with snow, ice or debris.  The melting snow and rain will have no wear to go and may find its way into your home.
• Also if possible, clear snow away from the exterior walls of your home.  We have had so much accumulation and now warmer temps and rain. It can be too much for your home to handle especially if it is older house and does not have modern drainage systems.
• The frost-thaw, frost-thaw cycle may cause cracks in foundation walls, chimneys, warping in exterior walls, doors and windows
• Lastly, when the nicer weather finally arrives, you should have your home inspected for any damage caused from this crazy winter season.

Have a fantastic week, Anthony

Photo by Kiril Strax.