Rooftop surfing: Setting sights on stability

There seems to be a lot of focus lately surrounding the 2012 performance of the housing market, particularly the highrise side, which took a bit of time getting out of the gate in January as builders sold off existing inventory.

I thought I would address this issue by looking at the latest housing market statistics released by BILD, while cross-referencing them with some older data provided by our good friends at RealNet Canada Inc.

The 4,819 new homes and condominiums sold in the GTA in April 2012 actually outweigh the April average of 4,026 over the last 10 years. As well, April highrise sales nearly doubled the 10-year average and are second only to 2011 — a record-breaking year.

In fact, if you compare year-to-date sales statistics over the last five years, you will notice that many of them crowd around the 13,500 mark by end of April. The only exceptions here are 2008 and 2009, years affected by global economic hardships, as well as 2011 which was banner year.

Here are some of the trends to watch: new transportation corridors have opened the door to more development opportunities in the 905 regions like York and Peel. Both areas have seen tremendous growth in the last few years.

Peel led the way in April with a 56 per cent increase in total sales, largely thanks to a highly successful month in the highrise sector — up a whopping 320 per cent!

So what does it all mean? To me, it means that the GTA market is on the right path when it comes to building new homes for the 100,000 new residents moving here every year.

Stability may not be great for headlines, but it does wonders for our economy!

By Paul Golini Jr.  Metro Canada

Is there ever a bad time to invest in a rental property?

Record low interest rates coupled with an overly extended bull market for Canadian residential real estate has some investors questioning the validity of investing in a rental property.

Current economic indicators support these fears: mortgage rates scheduled to rise, a global economy not yet out of the recessionary trenches, residential real estate prices in Canada that have clearly outpaced increases in general earnings over the last decade.

From 1992 to 2011 the average sale price for a home in Toronto increased from $214,971 to $465,412

This all paints a compelling picture supporting the hesitation some investors have when dealing with rental properties. But is this hesitation legitimate? Is there ever really a good or bad time to get into the real estate rental market? The answer is yes, and also no; it all depends on your current financial situation.

If the Toronto residential market is used as a barometer we can see that residential real estate has treated us quite well over the past 20 years. During the period from 1992 to 2011 the average sale price for a home in Toronto increased from $214,971 to $465,412 according to the Toronto Real Estate Board (TREB).

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Davenport

Davenport is aptly named: an old, well-worn community, the area has adapted to fit the people, like a well-worn and comfortable sofa. Many of the features of homes in the neighbourhood are a throw-back to earlier days, with the homes themselves a collection of modest single-family homes(detached & semi-detached), as well as bungalows .Many are solid brick structures built in the 1950s.

Backyard gardens often replace lawns, while “cantinas,” or root cellars grace the sub-levels of the homes.  Older homes mix with the new condominiums such as Electric City and Brownstones on the Park

Davenport’s history easily pre-dates the arrival of British Isles settlers in 1906.  Indeed, its history pre-dates Davenport Road, which was a trail used by First Nations people for hundreds of years.  The trail, in fact, follows the coastline of old Lake Iroquois.

Ironically, the Davenport name originates with local officer, Major Davenport, and is French for “the town on the trickling stream.” In 1861, the Northern Railway line opened, and a station was built.  In 1889, Carleton, West Toronto & Davenport merged to form West Toronto. In 1909, West Toronto was annexed to Toronto.

While First Nations, then French fur traders, followed by British labourers can lay claim to starting the community, the Italian community has flourished to the north, followed by an influx of Portuguese residents.  As factories closed in the 1970s and 1980s, new townhomes have sprung up, slowly fading out the industrial elements of the area.

Largely, however, the area still is recognized as the cultural and business centre of the Italian community.  Yet, West Indian, Portuguese, Greek, Mexican and East Indian families have added to the cultural flavour of the area.

On the south side of Davenport Road, convenience-type stores offer shopping alternatives, within walking distance, for locals.  The Galleria Mall, a variety of restaurants and grocery store round out local shopping experiences.

Significant draws for the area include beautiful parks (Earlscourt Park, Hillcrest Park & Melita Park), good public transportation, recreation facilities (Wallace Emerson Community Centre), and proximity to downtown Toronto.

As a tribute and link to Davenport’s history as a link along the old transportation trail, Davenport Road, one of the five original tollgates set uyp along this route has been restored, and, in 2008, opened to the public.  The Tollkeeper’s Cottage, built around 1830, can be found along Davenport Road at Bathurst Street.

Schools in the area include Earlscourt Junior, General Mercer Jr., Hughes Jr., Oakwood Collegiate Institute, Pope Paul and Richard W. Scott Catholic schools.  Far removed from the labourer origins of the old Davenport Village, these schools boast alumni that include Jully Black, Kardinal Offishall, Ivan Reitman and Bob Ezrin – all well known in the arts and entertainment fields.

Brockton Village

Like many of the villages and small communities that have their origins in the early- and mid 1800s, Brockton Village was named after a well-known Loyalist  commander. The dispute, however, is whether it was named after Sir Isaac Brock or Captain James Brock, his first cousin.  The land, however, was owned by James Fitzgibbon’s widow, Lucy, and John Dunn just prior to being subdivided into village lots in 1860.  Colonels Dundas, Givens and O’Hara also held considerable land in the area. In 1884, it was annexed by the City of Toronto.

While land owners of some fame lend their names to the history of such communities, it is the influx of new residents that provide its flavour and character.  Brockton Village’s flavour derives from the early Portuguese, then Brazilian, and, today, even Vietnamese residents. Its earliest settlers, though, were Irish immigrants, arriving during the great potato famine of Ireland in the 1840s.

The old village town hall, erected in 1882, was converted, at the request of the village council at amalgamation by Toronto, to a fire hall, police headquarters, public hall and free library.  It still stands, converted to commercial use.

Today, home buyers can choose from a diverse array of housing.  A large number of the homes have older, brick exteriors, wrought iron railings and font porches.  These houses date back to 1880-1920.  Many served time as rooming houses, before finding their way back to individual homes. With narrow homes and lots, the houses rub shoulders with each other.  However, newer developments offer more contemporary looks.

Schools in the area include Brock Jr., Kent Sr., Shirley St. Jr., or City View Alternative School Sr.

Brockton Village residents choose from a wide variety of shopping experiences, and are close by many malls and different retail and restaurant options. High Park (a 399-acre park well-known in Ontario) is within easy walking distance.  The lakeshore is comfortably close, where a beach, outdoor pool, waterfront trail, and home of the Canadian National Exhibition beckon. The Ricoh Coliseum, Direct Energy Centre, Medieval Times Dinner Theatre, and other unique entertainment experiences are close at hand, as well.

Because of its key location, residents are moments away from downtown Toronto, and have easy access to Lakeshore Boulevard and the Gardiner Expressway.  Excellent bus and streetcar access is also available.

While Brockton Village lacks the local fame of other nearby communities, like Roncesvalles Village, or the distinctive cultural identity of Corso Italia, it provides a very welcoming, eclectic mix of experiences for residents that is helping to drive its reputation as an affordable, attractive community in which to live.

 

Bloor West Village

If Roncevalles Village boasts a past that recalls the name of a famous gorge in the Battle of the Pyrenees, Toronto’s Bloor Street West boasts that its rise can be traced to the beer of the Bloore Brewery.

If the appeal of a history of a British-rooted pub and brewery isn’t intoxicating enough, today’s residents can soak up nature in any of the myriad of green spaces and parks that complement the hundreds of shops and eateries.

While the parks entice young families and seniors, the growth of the shopping district can be, in large measure, attributed to the TTC subway system, that penetrated the Bloor West Village area in the late 1960s.  In turn, the arrival of the subway network saw the establishment of Toronto’s and the world’s first NPO Business Improvement Area in 1970.  The Bloor West Business Improvement Area is determined to keep the retail/restaurant areas vibrant, unique and attractive to locals and visitors, and has been instrumental in the design and operation of the area.  400 distinct shops set in an European village design capture the distinctive flavour of the area.

Several other residential neighbourhoods border Bloor West Village, including High Park North (with its many semi-detached early 1900s homes & newer high-rises), Runnymede-Bloor West Village with its mix of myriad 2-storey brick homes intermingled with newer, larger homes. Bloor West Village, itself, is home to a concentration of younger families, who enjoy the world-class parks such as High Park, playgrounds, the High Park Zoo, and the numerous public & private schools located in the area. Today, homes are a mix of the 1920s style detailed European classics with oak accents and craftsman quality, and more modern efficient and open styles.

Students move from King George Junior Public School, Runnymeade Public School, or the Catholic private St Pious X Elementary or James Culnan Catholic School through Runnymeade Collegiate Institute or Humberside Collegiate Institute (high schools). Technical and career schools include Ursala Franklin Academy or Western Technical Commercial School.

Historically, Bloor West Village began, in the 1850s, as the property of Lieutenant Colonel William Smith Durie, of the Queen’s Own Rifles. In 1909, the district became part of the city of Toronto.

Populated largely by Ukrainian settlers arriving as part of the great 1909-1912 immigration initiative, the community continues to celebrate its eastern European roots with an annual festival – the world’s largest Ukrainian Street Festival.

Bloor Street is a street name instantly recognized by almost every Canadian, as an iconic part of Toronto. But locals know Bloor West Village as an eclectic community, with cultural depth and a safe, welcoming place for families to grow, thrive, mature and retire.  It truly provides a village feel in the heart of Canada’s most vibrant and populous city.  The Bloore Brewery may no longer be the feature of the community, but we can all raise a glass to the founding father of this great “village.”

Get the Good Moves

There is a strong bond between a home and its owners and it is sometime very difficult for someone selling to see any of the changes or decor choice as anything less than fantastic. In fact they sometimes are baffled by the fact that others don’t see it exactly the same way. Often the house is associated with memories and letting go can be not so easy. The first step is to stop seeing your house as your home and to start to think of it as simply a product on the market.

Start with the front of the house-­‐ “curb appeal.” It is the first impression that people get when they arrive at the house. Ensure that the house is well painted, gardens look manicured and lawns are cut and neat. It is a smart idea to paint the front door a stronger colour (red, yellow, orange, black, blue) as it helps people remember your house in the myriad of houses they will have seen. It is also nice to have urns that clarify the walk way and the front door. I think it is best to have flowers that are in bloom in the urns and gardens as they instantly give people a positive feeling about the house. Remember that houses are usually bought and sold on emotion. It is a big purchase for most people and they want to feel happy about the choice, like it is the beginning of a new life!

Inside the house the first step is to make sure that everything is incredibly clean and in good repair. You want the house to seem very well cared for. Clean all of the windows inside and out as light is important to most buyers. Make sure that you have vacuumed and dusted every day as they house is being shown and that you remove all the tell tale signs of your life. No notes on the fridge, no kid’s dental appointments and sports schedules, no pile of mail or that cup filled with pens on the counter. Also remove any collection of family photos that adorn table tops or are taped to cupboards. Buyers want to feel as though they are seeing their new home, not intruding on yours. Make the space neutral. Next clean out the closets and the drawers in the kitchen. People will want to see how much space is available for them to store their things so drawers filled with junk or over flowing closets leave the impression that the house lacks decent storage. Clean and organized closets are everyone’s fantasy home, so give them that impression! Now make sure that everything in the house is in good repair. If they lock on the front door doesn’t work well or the door sticks, repair it. If there are holes in a wall from a kids wrestling session, repair it. Make sure that every light bulb that is burnt out is replaced as people don’t know the difference between bad bulbs and bad electrical work. If the paint in the house needs to be touched up or if the interior needs to be repainted, then do it. Use neutral colours like off whites, grays and beiges to make sure that you won’t offend the taste of any potential buyer. It can seem like a big expense however it is worth the effort and the return on investment is great. The paint on the walls is far more valuable to the sale than it is in the can.

Next, any piece of furniture that has fallen into disrepair has to be either repaired, recovered or replaced. We are trying to create the “model” home experience so even if you have to borrow or rent a sofa for the time of the sale, we want to make sure the shopping experience is perfect for the buyer. Next make sure that you use every room as it is intended. Bedrooms, used as a storage room give the impression that the house is one bedroom short of what the listing says. In fact make sure that every space in the house is used for some purpose. If you don’t know what to do with a space the buyer will also be confused about how to use it. If you are truly confused, hire someone to figure it out for you.

Now find places in the house for fresh cut flowers. I think it is best to use more exotic flowers where possible as they attract attention and give the house a ‘special’ feel. Not only can they smell great but they also bring a natural element into the house and the beauty of flowers makes an impression on everyone regardless of who you are. Find ways of making the house smell pleasant. When you are selling is not the time to try out that new baked fish recipe you have been thinking about. Sometimes a combination of cloves and orange peels in a pan of water and boiled slowly on the stove can give the house the smell of fresh baking or essentially a sense of ‘home’. I also think it is smart to have soft music playing while people are viewing your space. Easy jazz or classical music gives the impression of value and class to the house. Never forget that it is an emotional experience for the buyer so creating a positive experience for sight sound and smell can only serve you well as the seller.

Selling your house is unsettling and is a bit of an interruption to your own life, not to mention a major change for you. If you prepare the house well before you hit the market, will get you the best possible price and it will only interrupt for a short time while you are having showings. Then you can go back to living and planning your own move.

Good luck with it all!!

Article courtesy of Glen Peloso of Glen Peloso Interiors
http://www.glenpelosointeriors.com
Twitter: @Peloso1

YOUR TIME TO JUMP INTO THE MARKET

by Paul Golini Jr.

I read an article on the weekend that was written by a lawyer, who has worked in the real estate industry for 28 years, and in his first line he said he believes there has never been a better time to buy a home.

That sure got my attention.

And I agreed with all of his points: low mortgage rates have opened the door for many first-time and single homebuyers to take the plunge; in Canada, the banks have our backs, not lending homeowners more than they can handle; and evidently, the GTA condo boom has provided an affordable choice for homeownership.

This really is a great time to buy, and it’s a great time to buy a new home, whether it’s a condominium suite, a townhome or a single-detached house.

In addition to the above reasons, a new home also comes with the ability to personalize and choose the features in your space.

My favourite is the natural light and comfort you get thanks to larger energy efficient windows, but with the design and construction of new homes today, you’re bound to reap the benefits of a number of energy efficient features.

A new home also comes with consumer protection packaged in a comprehensive mandatory new home warranty, which covers everything from your deposit to delayed closings to workmanship and major structural defects. To find out more visit tarion.com

Advocating for future home buyers is a huge part of what we do at BILD. We are not only the voice of the building and land development industry, but of our consumers as well.

We have been at the table as changes to the Ontario Building Code, with respect to energy efficiency, were being hammered out, and we are at many different tables discussing affordable housing with our municipal and provincial partners, as well as with sister agencies and association.

We want you to have confidence in our industry whenever you’re ready to jump into the market.

• Paul Golini Jr. is Chair of the Building Industry and Land Development Association (BILD) and can be found on Twitter (twitter.com/bildgta), Facebook (facebook.com/bildgta), Youtube (youtube.com/bildgta) and BILD’s  online blog (bildblogs.ca).

REMAX 2000 ANNUAL GENERAL MEETING – MONDAY FEBRUARY 13th, 2012

RE/MAX 2000 Toronto proudly presents its Annual General Meeting on Monday February 13th, 2012

at Montecassino Hotel and Venue

3710 Chesswood Drive, Toronto Ontario

9:30am-1:00pm

Guest Speaker includes Mark Weisleder as well as, presentations on Re/Max tools and digital marketing updates.

Please RSVP with Diana by January 23rd, 2012 at diana@remax2000.ca

**For RE/MAX 2000 Toronto Agents and Staff Only!

RE/MAX: Fit To Sell – Flooring

Will an open house help sell your home?

I am often asked whether a seller should agree to open houses when they put their home up for sale. Some say it helps the agent find new clients and does nothing to sell the home. Others say it is necessary to find the largest number of potential buyers. Which is correct?

In practice, there are two kinds of open houses. One is limited to real estate agents, so they can conduct research in the area and be able to recommend the right homes to their buyer clients. The second is open to the general public. This can include nosy neighbours who just want to see your home, buyers who don’t have nearly enough money to consider putting in an offer and even criminals who are there to either steal something from the home during the open house or check out the security system so they can come back later.

Open houses will lead to more exposure for your home and more feedback from potential buyers. On the other hand, since we have so much information available to buyers on the Internet, such as video tours of the entire home, wouldn’t it make more sense to wait for a truly interested buyer to schedule a private appointment to see your home? That shows more commitment.

Still, in a seller’s market, where there are more buyers than available properties, open houses are a good idea so the maximum number of buyers can see the property in a very short time period.

If you do agree to conduct an open house, here are some tips:

• Make sure proper home staging is done in advance so your home appeals to the maximum number of potential buyers.

Shutterstock

• Do not stay in the house during the open house. You are more than likely to volunteer too much information, including why you are selling. This will hurt your negotiating position later.

• Make sure your agent will be there the entire time.

• It is not against the law to ask for identification in order to allow someone to enter your home. If they refuse to provide it, tell your agent to refuse them entry.

• Sometimes criminals will come in pairs; while one distracts the salesperson, the other is going through drawers. If a lot of people are expected make sure your agent brings an assistant.

• Ask your agent to check all windows and doors before they leave your home to make sure everything is properly secured.

• Remove all valuables or store them in a safe, if you have one in the home. This includes your laptop and any discs that may have your personal information on them.

• Keep all of your bank and credit card statements out of view, as this could lead to identity theft if someone takes them.

• Take pictures of each room so you can check later if something is missing or damaged during the open house. Whatever you decide regarding an open house, make sure you are properly prepared in advance.

Author  Mark Weisleder is a lawyer, author and speaker to the real estate industry. Email him at mark@markweisleder.com