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MarketNewsJAMES METCALFE’S REAL ESTATE UPDATE NOVEMBER 2011 BRISK MARKET CONTINUES IN OCTOBERGreater Toronto REALTORS® reported 7,642 sales through the The average selling price through the TorontoMLS® in OctoberTorontoMLS® system in October 2011, which represented a 17% was $478,137 - which was up by 8% versus the October 2010increase versus October 2010 sales of 6,504 single family homes. average price of $442,799. Sellers’ market conditions remainThe brisk sales volume continues to be supported by low interest in place in many parts of the GTA. As a result, the market hasrates and an ongoing positive affordability picture. The following witnessed above-average rates of growth for most home types.is a brief breakdown of volume performance by major dwelling The following is a brief breakdown of price performance by majortypes: dwelling types:Dwelling Units Ann’l % of Dwelling Average Ann’l Index to Type Sold Growth Total Type Price Growth AvgDetached 3,578 +15% 46.8% Detached $597,314 +7% 125Condo Apt 1,902 +19% 24.9% Condo Apt $341,571 +9% 71Townhouse 1,131 +16% 14.8% Townhouse $370,758 +12% 78Semi-Detached 881 +26% 11.5% Semi-Detached $441,772 +10% 92 GTA RESALE HOME SALES (UNITS SOLD) - OCTOBER GTA RESALE HOME SALES (AVERAGE PRICE) - OCTOBER 2008 2008 2009 2009 2010 2010 2011 2011 5,000 6,000 7,000 8,000 $300,000 $350,000 $400,000 $450,000 James Metcalfe BROKER 416-931-4161 Royal LePage Real Estate Services Ltd. www.OurHomeToronto.com Johnston & Daniel Division, Brokerage Service@OurHomeToronto.com 477 Mount Pleasant Rd., Toronto, ON M4S 2L9 PAGE 1
Secure your peace of mindHouse SmartYou can make your home less inviting for burglars by following it automatically dials a Central Monitoring Station via a built-a few simple tips and developing a security-conscious mindset. in telephone communicator. Keypads located near entry doorsLet’s start with the obvious low cost options and then work our allow you to control the system. A system can include theway up to sophisticated electronic security systems. following components:• Keep shrubs and bushes well trimmed. This eliminates • Magnetic contacts that protect doors and windows. hiding places for intruders. • Glassbreak sensors to protect windows and glass doors.• Use highly visible alarm system decals. These come in “acoustic” or “shock” sensor types.• Never hide keys outdoors – under ledges, doormats, etc. • Panic switches that can be manually activated.• Install a peephole in exterior doors. • Sirens and sounders to sound an alarm in the house.• Consider installing photoelectric lights (which activate at • A PIR sensor (Passive Infrared motion detector) detects dusk) or motion detector security lights on the exterior. body heat as the intruder passes through the monitored• Make it look like someone is home – use timers on lights, area (they can be set to disregard pets). stereos, televisions. • Video surveillance cameras.• Tell a neighbour if you’re planning to be away. They can • Smoke detectors can also be connected to the control keep an eye out for suspicious activity. panel which will provide more protection than a stand• Join the neighbourhood block watch. alone unit.• If your telephone number is listed, don’t list your address. It’s important to understand that a security system is only as• Install deadbolt locks on all exterior doors, additional locks good as its weakest link. A central monitoring system provides on windows. They make entry more difficult. 24 hour surveillance of the property – with computers which• Have emergency numbers on auto-dial on your phone. keep a record of all your alarms to ensure an optimum level• Have a neighbour park their car in your driveway when of protection (every door and window). Statistically, burglars you’re away. break into homes without electronic security systems three• Purchase a home security system or get a dog who likes times more often. Check to ensure that your alarm company to bark. A security system may lower insurance premiums is ULC (Underwriter’s Laboratories of Canada) listed – ULC (by 20-30%). is recognized nationally by police and insurance authorities.A security system consists of a control panel which functions Finally, it is wise to think of the cost of a security system asas a central computer receiving messages from a number of being a very worthwhile investment.sensors that act as the “eyes” and “ears” of the system. Ifthe system is “armed” and a signal is received by the panel, PAGE 2
Condo Act things to know CondoThe 10-day cooling-off periodSuppose after you’ve signed the Agreement of Purchase and Corner would objectively regard as being sufficiently important to affect the buying decision.Sale for a newly built condo, you then have a change of heart... Condo fee basicswhat options do you have? Condo fees are typically calculated from the operating annualThe Condominium Act protects buyers of new condos. It gives cost of the condominium and divided by the percentage ofthe purchaser 10 days to rescind on a concluded agreement to your contribution to the common elements (your unit factor), aspurchase a new condo. (This does not apply to resale units.) outlined in the condominium’s governing documents.However your option to “back out” isn’t carte blanche - there Your condo fees generally include:are criteria. The rescission must take place before you accept • Day-to-day care and upkeep of the common propertythe deed or transfer of title to the unit. The 10-day period starts elements (e.g., snow removal, landscaping, cleaning ofon the date you receive the developer’s Disclosure Statement common elements including carpets and exterior windows,or the date that you receive a copy of the signed Agreement of heating/cooling system maintenance)Purchase and Sale, whichever is later. The purchaser must give • Contributions to the reserve fund, which is used to pay forwritten notice to the vendor of his intention to rescind within major repairs to (and replacement of) common buildingthis 10-day period. systems to ensure the condominium is kept in good repair over the life of the buildingWhat if you have a change of heart after the 10-day period? • Property management feesThe Act also allows for rescission if there has been a material • Building repair and maintenancechange to the project, or where there is a material change to the • Salaries of condominium employees (e.g., superintendent,information in the Disclosure Statement. security guards, concierge) • Amenities (e.g., use of pool, recreational facilities, partyThe developer has an obligation to give all purchasers notice room)of a change to the project… in the appropriate legal manner.Purchasers must receive said notice within a reasonable time To determine exactly what is included in a specific condominium’safter the change occurs, not later than 10 days before the deed common element fees, you need to review the corporation’sis delivered. status certificate.In these scenarios, the purchaser has the right to rescind within If the Board overestimates the common expenses, the surplus is10 days of the later of: (1) the date he received the revised wholly applied either to future common expenses or is paid intoDisclosure Statement that reflected the change (or received the reserve fund. Refunds are not given to unit owners. If a unitnotice from the developer); and (2) the date on which he became owner sells a unit before the end of the condominium’s fiscalaware of the change. To trigger your right to rescind the change year, the owner cannot obtain a refund for common expensesmust be “material” in nature - a change that a reasonable buyer but may add it to the unit’s purchase price. PAGE 3
TO MY VALUED FRIENDS AND CLIENTS Just over three years ago, federal regulations intended to The Money Laundering and Terrorist Financing Act was first fight money laundering and terrorist financing created new enacted in 2002, but was updated with new requirements in obligations for REALTORS® to collect additional information June 2008. The Act requires REALTORS® to ask their clients for from their clients. This legislation was needed because money certain information. For example, under the new regulations, launderers and terrorists often use seemingly legal transactions REALTORS® are required to verify the identity of clients and to camouflage their true purpose. As a result, governments keep client information records. As a result, homebuyers may around the world have had to take steps to filter out legal need to provide their REALTOR® with valid identification, such activity from illegal activity. as a driver’s license. Canada’s efforts have focused on the Proceeds of Crime Additional information on this topic is available from the (Money Laundering) and Terrorist Financing Act. Among other Financial Transactions and Reports Analysis Centre of Canada things, this law requires certain professions and businesses, (FINTRAC) at www.fintrac.gc.ca which could potentially be used as vehicles for money laundering or terrorism financing, to keep records and submit As usual, your client referrals are both highly valued and much reports to the federal government. These requirements apply appreciated. Until next time, take care! to REALTORS® because, often, in the course of regular real estate transactions, they act as financial intermediaries, such as when they hold deposit funds for a property transaction. PEARLS OF WISDOM “The world potential market for copying machines is 5,000 at most.” - IBM, to the eventual founders of Xerox, saying the photocopier had no market large enough to justify production, 1959. “Television won’t last because people will soon get tired of staring at a plywood box every night.” - Darryl Zanuck, movie producer, 20th Century Fox, 1946. “Nuclear-powered vacuum cleaners will probably be a reality in 10 years.” - Alex Lewyt, president of vacuum cleaner company Lewyt Corp., in the New York Times in 1955. “YOUR REFERRALS ARE SINCERELY APPRECIATED! THANK YOU!” James Metcalfe BROKER 416-931-4161 Royal LePage Real Estate Services Ltd. www.OurHomeToronto.com Johnston & Daniel Division, Brokerage Service@OurHomeToronto.com 477 Mount Pleasant Rd., Toronto, ON M4S 2L9In accordance with PIPEDA, to be removed from this mailing list please e-mail or phone this request to the REALTOR ® Not intended to solicit buyers or sellers currently under contract with a broker. Theinformation and opinions contained in this newsletter are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for damages resultingfrom using the published information. This newsletter is provided with the understanding that it does not render legal, accounting or other professional advice. Statistics are courtesy of the Toronto Real Estate Board. Copyright © 2011Mission Response Inc. 416.236.0543 All Rights Reserved. D191 PAGE 4