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March Resale Housing Brings Positive News
In March 2009, Greater Toronto REALTORS® reported 6,171 sales – down seven per cent from March 2008, representing the smallest year-over-year decline in the last five months. The average price for March transactions was $362,052 – down less than five per cent from the same month last year.
The Greater Toronto housing market has stood up very well given the challenging economic times the world has experienced in recent months, in fact, over the past two months, the situation in the housing market has improved. |
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Canadian Real Estate Market Relatively Resilient During First Quarter
Consistent with current economic trends, Canadian residential real estate prices declined during the first quarter, according to a quarterly House Price Survey released by Royal LePage Real Estate Services Ltd. As the market correction unfolds, year-over-year home prices were lower, as was expected.
Of the housing types surveyed, the average price of detached bungalows dipped by 6.1 per cent to $319,865, followed by standard condominiums, which decreased by 4.0 per cent to $232,877, year-over-year. The average price of standard two-storey properties fell by 6.5 per cent to $379,636, year-over-year.
"We expected a sharper decline in house prices across Canadian markets during the first quarter," said Phil Soper, president and chief executive officer, Royal LePage Real Estate Services Ltd. With economic hardship dominating our global consciousness, it was predictable that dwindling consumer confidence would continue to drive prices lower. But markets were relatively resilient during the period. Soper continued, "Canadians in most regions should not expect the prices of their homes to begin appreciating again until the overall economy begins to stabilize, likely in the first half of 2010."
Noting recent global efforts to address the economic crisis, Soper commented, "These glimmers of economic hope are coinciding with a time of year that typically brings renewed interest in the housing market ... an increase in purchase activity is likely to follow."
For more information, please see the Royal LePage Survey of Canadian House Prices at www.royallepage.ca.
If you are wondering what your home is worth in today’s market, please contact me and let me put my expertise to work for you!
Survey of Canadian Average House Prices in the First Quarter 2009
Average house prices are based on an average of all sub-markets examined in the area, except for the smaller markets of Charlottetown, Moncton, Fredericton, Saint John and Victoria.
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10 Tips for Turning Your Home into an Income Property
If you're looking for a way to increase your income, you may need to look no further than your own home. These days, more and more Canadians are turning their homes into income properties. An income property is a home that is bought or developed in order to generate income, typically by renting it out in part or in its entirety. Renting can be a financially rewarding experience, either to provide extra income, or to help pay off a mortgage. So if you're thinking of going the income property route, here are 10 important steps you should take:
- Contact your local or municipal government to first determine if you are legally permitted to turn your home into an income property. Work with them to ensure the unit adheres to all existing building and fire codes.
- Get to know the landlord-tenant relationship regulations in your province. These laws will give you a better understanding of your role and responsibilities as a landlord.
- Inform your insurance company about your plans for renting out space in your home and ask them if you require any additional coverage.
- Get your home "renter-ready". From a simple change such as a fresh coat of paint to a major renovation, try and make your home look and feel as spacious, bright, and comfortable as possible. Your home should look appealing inside and out in order to attract potential renters.
- Price and market your unit competitively. Scan the classifieds and visit rental websites to find out how much similar units are being listed for.
- Conduct a screening process for applicants. Consider running a criminal background check, as well as a credit check, on prospective tenants.
- Draft a written tenancy agreement. It may contain information such as: the date the tenant will move into the rental unit, the rent amount, the date rent is to be paid, what services are included in the rent (such as electricity or parking) and any separate charges, as well as the rules that you require the tenant to follow.
- Consult a lawyer to look over the contract. Although not necessary, a lawyer can ensure there are no legal problems or issues with the contract before you present it to your tenant.
- Request a minimum deposit of one month's rent in advance that may be used against any property damage or unpaid bills, depending on the laws in your province.
- Have the tenant sign the contract. Ensure the tenant receives a copy and keep the original for your own records. Happy renting!
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Inside-Out: Creating a Great Outdoor Room with an Interior Sensibility
It's that time of year when Canadians retreat to the great outdoors to enjoy everyday activities like cooking, eating, and entertaining. Nowadays many homeowners are demanding more comfort and convenience when connecting with nature, and that's why "outdoor rooms" are growing in popularity. An outdoor room makes use of an exterior space such as a yard, deck, patio or balcony to extend the living area outside the home. Its purpose is to mix the luxury of indoor living with the fresh air, ambiance, and natural setting of the outdoors.
Whether you're creating a new outdoor room or simply updating an existing space, you may want to try and mirror your home's interior design, extending its comfort and aesthetic appeal to the outside. Think of the project as being two sides of the same door. A consistent design theme allows for a harmonious transition between the interior and exterior of your home and can even make your living space appear bigger. Achieve this flow by using similar colour schemes, flooring types, area rugs, and mats.
Heat, cooking facilities, seating, and lighting are just some of the indoor comforts you might consider bringing to your outdoor room. Start with a hearth product such as a fireplace, firepit or chimney as your focal point, and position your seating and cooking areas accordingly. For those who love to cook there are a variety of options available ranging from all season stainless steel BBQs to complete outdoor kitchens with dual burner cook top grills, refrigerator, and expansive counter space for food preparation. Check with your local municipality to determine what products are safe and allowable for your specific set-up.
When it comes to furniture and accessories, think outside the box. Instead of the standard table, umbrella, and patio chairs, consider things like coffee tables, settees, and sofas with stylish, stain and mildew-resistant fabrics. Many manufacturers build furniture and recreational products specifically designed to be used both inside and out, such as outdoor speakers, game tables, and cocktail bars. For added privacy and sound absorption use large potted plants, such as pyramidal cedars, to act as natural walls.
At the end of the day, your outdoor room will be more than a deck or patio; it will be a cozy, comfortable place to retreat, relax, and have fun. You'll never want to go inside again!
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All offices are independently owned and operated, except those offices marked as "Royal LePage Real Estate Services Ltd." Not intended to solicit currently listed properties. The above information is from sources believed reliable, however, no responsibility is assumed for the accuracy of this information.
©2009 Brookfield Real Estate Services Fund. |
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