Real Estate Information

There is rarely as day that goes by without being asked about the market. When I grab my daily coffee at Coffee Time or Starbucks in town (I change it up every day depending on how I'm feeling), I am quizzed on what's going on. So here's a quick update that looks promising if you're thinking of making a move.

1.  Sales are UP!

The Toronto Real Estate Board reported 10,350 firm sales in April 2012, which is nearly 1500 more homes than the 8,778 firm deals during April 2011.  The strongest sales growth was seen amongst the single-detached home market, with sales up by 22 % compared to a year ago.

2. Prices are UP!

Shockingly, the average price for April 2012 transactions was $517,556 – up 8.5 per cent
compared to April 2011. Comparatively, condominium apartment sales has more supply, and thus has only seen a moderate price growth of 4%.

3. Still a Sellers Market

What does this mean for sellers? Since demand has increased, and supply has not kept up, competition between buyers has increased. (The dreaded multiple offer frenzy for buyers is still upon us.) It follows then that the strongest annual price increase was also seen for single-detached homes.

4. Sitting it Out is a Dumb Idea

I have lost a few buyer clients because the thought that the market would collapse a few years back. They sold their homes and began to rent. They have spend thousands of dollars in rent, and their equity is earning close to no interest.  They are further behind at this point than staying in the market and living without fearing the timing of buying and selling.

I love my job...I actually love it so much it doesn't feel like a job at all! So next time you ask me "How's the Market?", upsize the coffee because we've got lots to discuss!

Despite the snow that fell on the GTA today, it's almost spring!

I say: "TGIS: Thank God it's Spring!" It's also garage cleaning season. At my house, it means dragging all the hockey equipment out, sorting out the open house signs and throwing out various boxes that take root over the winter.

For me, cleaning out the garage takes a full day, but I love how it feels when all the thrift shop donations have been delivered, the floor has been swept, and the shelves are sorted.

If you are thinking of selling this year, here's what you need to do in your garage before much longer:

1. Sweep and wash the floors. Cleanliness is very important throughout the home when it's time to sell.

2. Recycle what is no longer being used, and drop off old paint cans and other hazardous materials. No buyer wants to get stuck with a few trips to the dump.

3. Clear a large space for your furniture that will be "pruned" from your inside living space. My trusted stagers will invariably coach my clients to pre-pack their collections and personal items. Storing them in the garage is no problem, and is certainly expected from buyers who are viewing your home.

4.  Stop smoking in the garage, and get outside. Non-smoking buyers can smell a smoker's garage. Although it's an admirable attempt to keep the smoky smell out of the home, smoking should now be moved outside all together due to the warmer weather.

In all my experience of showing countless homes, I have never seen a buyer change their mind about buying a home based on the boxes and extra furnishings in the garage. (We have chuckled at the amount of items squeezed in the space, but this has never been a determining factor for buyers.)

And one last thought...I'm a progressive, modern woman, but for goodness sake, take down the pin-ups and beer can poster girls. How can a husband tell his wife that he loves the garage, when she's seen the Sunshine girl, and is thinking that all his likes in the artwork!!! Very distracting!

Happy cleaning!

Canada will withstand concerns about the housing market because of its relatively strong global position, Bank of Nova Scotia Chief Executive Officer Richard Waugh said.

“The current concerns about Canada’s housing market are reason for caution but not pessimism,” said Waugh, according to the text of his speech at the bank’s 180th annual meeting today in Saskatoon, Saskatchewan. “We can and will manage through any potential problems.”

Waugh goes even further though, and suggests that Canadian family's economics remain solid, and that the housing market is supported by strong fundamentals. I agree with him here: when compared to our American counterparts, there is little for Canadians to grumble about. Unemployment is lower here, and there is no trend of the mortgage defaults as experienced abroad.

The BNS also thinks that it’s up to Canadian banks, and not government or regulators, to manage risks and advise clients appropriately.

Here's where I stop agreeing with ScotiaBank's CEO. The BNS thinks that banks have consumer interests at heart and that the government should leave them alone to keep their clients safe? Who are they kidding? 

Let's look at the facts: ScotiaBank had record annual profit last year of $5.27 billion, driven by increases in domestic and international consumer banking. Last month, the lender said net income in the fiscal first quarter rose 15 percent to C$1.44 billion.

I do not think that the banking sector should be deregulated. Deregulation was the main culprit of the US economic melt down. Lack of government oversight of the banking sector is criminal in my opinion. Certainly, the Canadian government should play a role in lending practices of the major banks in this country. Cautioning consumers to minimize their debt loads and encouraging them to save their equity is best set out by independent, and not-for-profit agencies.

Banks are in the business of earning profits for the benefit of their shareholders. They are motivated to make as much money from their clients and customers. We should never forget that they are not altruistic organizations.

Here's something to really keep in mind when you are considering a New Build as an investment property.

Give me a call to discuss this or other aspects of buying investment properties!

Is your dream home a former “grow op”?

Before you’re sold on the granite countertops and stainless steel appliances, consider that a previous homeowner may have been cooking up a lot more in the basement, bedrooms and even the family room, than a yummy dinner.

Buyers need to know that a home, formerly used for a grow-op, may hold a stigma when it comes to resale. There is an obligation to forever carry the "grow op" label with the property regardless of any remediation. Further, quick repairs made to cover up damage that occurred in the marijuana growing process may in fact, leave the home unsafe. Even the smallest amount of mold re-establish itself and grow to be a very serious problem.

On source of information on buying former grow ops is the Real Estate Council of Ontario's (RECO) website – www.reco.on.ca. Here you will learn more about grow-ops and how they can be identified. Their Marijuana Grow Houses publication provides some helpful tips for home buyers.  RECO Registrar Allan Johnston sits on the Provincial Advisory Group on Marijuana Grow-Ops and Clandestine Labs. He says reports to the group suggest grow ops continue to be a concern.

When working with a broker or salesperson in Ontario, remember that they are obligated to disclose any material fact about a property or its history they are aware of that could affect a person's decision to buy. That is why it is important to work with an registered salesperson who is competent and trusted.

Here are some tell-tale signs to watch for when considering a home purchase:
• Mold in corners where the walls and ceilings meet
• Unusual number of roof vents or signs of roof vents
• Fresh paint on window frames to cover damage caused by the high levels of humidity
• Painted concrete floors in the basement with circular marks where pots once stood
• Evidence of tampering with the electric meter (damaged or broken seals) or the ground around it

While buying and refurbishing grow ops can be a lucrative real estate venture, there are some significant issues to balance before beginning a project. Keep in mind also that the vast majority of lenders will not consider giving a mortgage without up to 50% down on the property. That often turns investors off. 

I'd love to hear about your experiences with grow ops! Drop me a comment and I'd be glad to share it with others!

My shopping trip to ELTE Outlet Store in Vaughan almost cost me a small fortune...Thank goodness I used this on-line tool to avoid a costly mistake.

Hope you enjoy this tool as much as I do! It's great for people who want to plan out their living spaces! Enjoy!

Most people do spring cleaning in, well, spring. I'm not crazy about spending hours doing chores...In fact it's something I avoid where possible! That being said, I love the feeling of being organized and having a clean environment in which to work. For me, January is the month when I prepare for the New Year, and I try to make room for new adventures and opportunities in my life.

Here's what I do first: Clean Up My Schedule

I have started freeing up my time. This means that I limit my time watching TV in the evenings. In fact, if you ask my husband, he'll confirm that I don't watch TV anymore. (He's good with this, as he can watch all the UFC he wants!). Further, I try to limit computer time in the evenings as it always turns into working at home! Now that I have made the conscious decision not to watch TV and surf at night, I have found more time for reading, catching up with friends, and getting organized for the next day.

Next: Out with the Old

I'm clearing out the old "stuff" and making physical space in my life. I don't keep knick-knacks as I consider them dust collectors. I'm trying to file the pile of bills on my desk more regularly. And I have resolved to pitch out old, unworn clothes as soon as I purchase new ones. I like the feeling of plenty of space in my closets. It gives me "peace" of mind. These simple acts of cleaning out seem to help me achieve my goals as they translates into calm, openness, and simplicity. After all, in a freshly weeded garden, new ideas can sprout and take root.

Trim the Dead Wood


On her 75th birthday one month ago, my mom told me that she doesn't have enough time to waste it with people she doesn't love to be with. Hummm I thought, very insightful. It left me asking “Who fuels my energy and enthusiasm and who must be left?” I have resolved to spend more time that make me feel good about life and the future. Those who always seem to be struggling and battling with themselves are seeing less of me. I have been blessed with a great group of friends and clients. I get so much back by being a trusted friend and advisor that I find the more energy I give out, the more I get back. I have found that my circle of friends has morph into a community that supports your goals and fuels my enthusiasm.

I'm making room for the New Year; it is here and it's going to be great!

Buyer’s are often excited to find the perfect home. I understand and share in their enthusiasm. However, before I help you find the home of your dreams, here are 5 issues that we need to address first:

1. Making an offer on a home without being pre-approved.

It is as simple as filling out an on-line pre-approval form from a bank or mortgage brokers, and typically, you will have an answer within a few days. The pre-approval will indicate a maximum purchase price given your income, down payment, and current credit commitments.

2. Not having a home inspection.

When I write an offer on behalf of my clients, a home inspection condition is always included. In the case of multiple offers, my clients may consider removing the condition to improve their offer to the sellers.  I will always caution my buyers on this action as there is little recourse after the condition is removed, and structural or mechanical deficiencies are found.

3. Limiting your search to open houses, ads or the Internet.

As you will have realized, the good homes fly, and are sold really quickly—even before the open house happens! If you are constantly on Realtor.ca, you may think that you are watching as the new listings hit the market. However, what you might not know, is that there is a delay in what is shown on Realtor.ca, and often, real estate agents see properties before they are listed for sale. If you work with one agent as your buyer agent, their first priority is finding you a home and being pro-active on your behalf. If you are doing all the leg work yourself, you may be missing the perfect property.

4. Not considering long-term needs.

A funky two-bedroom studio will not accommodate a growing family for long, and a large 4 bedroom 2 storey home might not been the right choice for a couple that is looking to retire. Typically, people stay in their first home 5-7 years, then look to buy something that will accommodate a family. Once children leave home, downsizing to a bungalow or condominium might be in the  plan. I recently helped an older couple sell their condo because the husband hated the apartment-style living. It’s really important to explore different options with an agent, as there are many possible solutions that will meet your short and long term goals.

5. Not knowing the total costing involved.

Before you begin your search, you will need to know that buying a home requires some up-front money. First, you will need to produce a certified deposit cheque that is submitted once you have reached a deal with the sellers. This amount varies depending on the purchase price of the home. Also, at closing day, you will need at least 5% of the purchase price as a down payment, and there are closing costs on top of that. Closing costs vary depending on your area, but on average legal fees are around $1200. 

As a Buyer, you may  have questions about the buying process. Give me a call to discuss any of your concerns about buying your next home! Always remember, I love to work with buyers during this exciting time!

Exterior Appearance

• Keep lawns cut
• Trim hedges and shrubs
• Weed and edge gardens
• Clear driveway and clean up oil spills
• Clean out garage
• Power wash
• Touch up paint
• Plant colorful, inexpensive flowers in pots if necessary

At the Front Door

• Clean porch and foyer
• Ensure door bell works
• Repair any broken screens
• Fresh paint or varnish front door
• Repair door locks and key access

Create a Buying Mood

• Make sure your home smells fresh and clean
• Turn on lights
• Turn on air conditioner/heater
• Open the drapes
• Light the fireplace

Create Space

• Clear halls and stairs of clutter
• Store surplus furniture
• Clear kitchen counter and stove top
• Clear closets of unnecessary clothing and stuff
• Remove empty boxes and containers
• Put away personal photos so buyers can envision the house as theirs

Maintenance

• Repair leaking taps and toilets
• Clean furnace and filters
• Tighten door knobs and latches
• Repair cracked plaster
• Apply fresh coat of pain or touch up where necessary
• Clean and repair windows
• Repair seals around tubs and basins
• Replace defective light bulbs
• Oil squeaking doors
• Repair squeaking floor boards

Squeaky Clean

• Clean and freshen bathrooms
• Clean fridge and stove (in and out)
• Clean around heating vents
• Clean washer and dryer
• Clean carpets, drapes and window blinds
• Eliminate pet odors and stains

When it's time to sell your home, I provide a complimentary Home Staging Consultation. During your consultation with an accredited home stager, much of this information will be discussed. Give me a call if this is of interest to you!

Some of you know that I love sparkly accessories. Tracy, one of my friends, sells Stella and Dot jewellery and I do my part to support her growing business. Rings, bracelets, earrings and necklaces are fun ways to change a look and spruce up an outfit.

The same concept applies to fixtures in a house. In my opinion, lighting, faucets and tiles are the jewellery of the home. These items take a builder grade, standard feature house, and pump it up to the next level of style. With a few main items, buyers will be struck with the feeling of upscale living. The trick is that these well placed items do not have to cost an arm and a leg.

The difference in cost for builder grade light fixtures and more elaborate, ornate light fixtures maybe as little as $100. But I have seen buyers reactions during open houses and when showing my clients various homes. These subtle details signal to buyers that the current owners have paid extra attention to the home. It sets the expectation of buyers for higher end finishes.