Good morning everyone, I hope your weekend is off to a fantastic start!
This afternoon I will be conducting an open house at 121 Royal West Drive, Brampton. It is a spectacular home as seen on the video link below. Share it with anyone who loves stately exteriors and gorgeous interiors!
If you are in the neighbourhood, please feel free to drop by and say hello.
GREATER TORONTO REALTORS® REPORT Q2 CONDO MARKET FIGURES (See full Report)
TORONTO, July 18, 2014 – Toronto Real Estate Board President Paul Etherington announced robust results for the condominium apartment market in the second quarter of 2014. Q2 sales were up by 10.4 per cent compared to the same period in 2013. New listings were up over the same period, but by a lesser 4.4 per cent. “Condominium apartments represent an affordable entry point into the market for first time buyers. On top of this, some condo properties cater to households looking to move out of their traditional low-rise home, and we are increasingly seeing households choose condos as the place where they will raise a family. This diversity of buyers explains why sales more than kept up with increased listings in the second quarter,” said Toronto Real Estate Board President Paul Etherington.
The average selling price for condominium apartments in the second quarter was up by 5.5 per cent year-over-year to $367,010. In the City of Toronto, which accounted for 71 per cent of total sales, the average selling price was $392,739, representing an increase of 5.3 per cent. “Even though inventory levels for condo apartments have been higher compared to inventory of low-rise home types like singles, semis and towns, there has been enough demand relative to supply to see strong price growth. Even as inventory levels increase due to record occupancies in 2013, we should see enough demand to sustain price growth above the rate of inflation in the second half of this year,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
GTA REALTORS® Report Q2 Rental Market Figures (See Full Report)
July 17, 2014 — Toronto Real Estate Board President Paul Etherington announced that Greater Toronto REALTORS® reported 7,342 rental transactions through the TorontoMLS system in the second quarter of 2014. This result was up by 25.7 per cent compared to Q2 2013. The number of units listed for rent in the second quarter was up by 22.2 per cent on a year-over-year basis to 12,510
It’s what’s behind the scenes that could cost you in the end.
Anyone looking at a home knows the seller is doing all they can to put on their best game face. But it’s what’s behind the scenes that could cost you in the end.
“Most feel confident about being able to change what they see,” says HGTV television host and Canadian real estate specialist Scott McGillivray. “But they’re unaware of the costs associated with the things they can’t see.”
Here are some of the things that could turn your dream home purchase to a money nightmare.
With the majority of Toronto homes being of an older vintage it is very common to run into “surprises”. Home inspections help identify many potential problems but they will never identify EVERYTHING . Inspections for the most part are limited to what can be seen. Having said that I feel that inspections are important and valuable to flag many potential problems.
You can’t see all the wires in homes and where they go, McGillivray says. “Lines need to be tested to make sure everything is hooked up properly at the receptacles.
That goes for the electrical panel as well. If it’s a 60 amp service and/or there’s aluminum or knob and tube wiring, chances are home insurance companies won’t cover you and
it will have to be replaced. “If there are lot of different styles of wiring or junction boxes, that’s a warning sign.”
Make sure you do a perimeter check inside and out to look for signs of cracks or water damage. Don’t forget to look around the windows.
“Be concerned if an exterior crack extends to the roofline,” McGillivray says. “If you can stick a quarter into a crack, it needs to be addressed – and quadruple check the inside walls for moisture damage.”
A handy tool is a moisture detector which can be rented. (An inspector should have one if you are using a professional.)
The cost to repair a foundation issue: $15,000 to $30,000
An easy way to check if the walls are properly insulated is an infrared camera. Keep in mind that with older homes, a stuccoed exterior can serve as an insulator.
Many older homes may still have asbestos – and that’s a big problem because you will be required to get rid of it.
“A quick way to check for asbestos is to open a vent register cover to look for what’s wrapped around the ductwork,” says Adam Marzec, a Toronto-based home inspector.
Cost to remove asbestos and/or reinsulate: Up to $5,000 to 10,000.
Cost to stucco the outside: $10,000 and up.
It’s not easy to see if the proper traps are in place. But you can at least check to see if water flows properly. So feel free to turn on taps and flush toilets.
Many older homes may still have lead piping for their incoming service lines which could mean a major upgrade bill.
Cost to replace an entire plumbing system: Up to $10,000.
A roof can appear perfectly fine from the ground. But make sure you’ve looked at it from all angles.
McGillivray suggests paying careful attention to the south and west facing shingles because they’re exposed to the most stress from sun and wind. “Those ones will be worn out before north and east.”
Also check inside the attic for rusty nails, watermarks or mould.
Cost to replace a roof: Up to $10,000 depending on size and type.
Heating and cooling systems
Always check the age of the furnace and air condition systems. Don’t be afraid to ask for confirmation of maintenance schedules and sample utility bills.
Cost to replace a furnace or boiler: $8,000 to $10,000.
Concrete and Brickwork
Water penetration is a common problem with older houses. Be sure the cement has been parged properly and tuck pointing of the brick is up to date.
It they’re not, you could be looking at water damage and a big bill for repair costs inside and out.
Cost to parge or tuck point exterior surfaces: $3,000 to $4,000.
There are some telling warning signs when checking out windows. Fog between window panes means seals are broken and need replaced. If you’re concerned about the age of the windows, the year of manufacture is written between the panes of glass on the side.
Open and close windows to make sure they slide easily. If they’re tight that could mean there’s no lintel above it and the load of the house is resting on it. That’s not good.
Cost for windows: $750 to $1000 per window depending on the size.
Every little thing can add up. Dishwashers, washing machines and hot water heaters should all be checked out.
Look at the eaves troughs and downspouts to make sure there are no signs of overflow. And don’t forget the grading around the home to make sure that nothing is sloping in.
While each item might seem like a small deal, it can all add up.
If you are hiring an inspector (which is a good idea), “Don’t go with the cheapest one out there,” McGillivray warns. “And be sure to check their references.”
Cost for a house inspection: $300 to $1000.
Have an amazing weekend and fabulous week, Anthony