Real Estate Newsletter

Real Estate News:


Greater Toronto REALTORS® reported 6,681 sales through the Multiple Listing Service® (MLS®) in October 2010. This represented a 21 per cent decrease compared to the 8,476 sales recorded in October 2009. Through the first ten months of the year, sales amounted to 75,582 – up one per cent compared to the January through October period in 2009.

"The annual change in sales and average selling prices has been quite uniform across the GTA and by property type as the market has balanced out from record levels of sales in the second half of 2009 and first few months of 2010," said Toronto Real Estate Board (TREB) President Bill Johnston.

"The composition of GTA home sales does differ depending on location. Condominium apartments accounted for 42 per cent of total sales in the City of Toronto and almost 60 per cent of sales in TREB's central districts," Johnston continued. "In regions surrounding the City of Toronto, in contrast, low rise home types accounted for almost 90 per cent of transactions."

The average price for October transactions was $443,729 – up five per cent compared to the average of $423,559 reported in October 2009. The average selling price through the first nine months of the year was $430,802.

"The average selling price in the GTA has continued to grow relative to 2009 because home ownership has remained affordable," said Jason Mercer, the Toronto Real Estate Board's Senior Manager of Market Analysis. "A household earning the average income in the GTA can comfortably afford the mortgage payments associated with the purchase of an average priced home."

"The outlook for mortgage rates and income growth over the next year is favorable. The average home selling price could increase moderately next year and remain affordable for the average GTA household," continued Mercer.

MEDIAN PRICE
In October, the median price was $366,000, from the $357,000 recorded during October of 2009.

Real Estate Topic: Home Preparation Checklist

Inside Your Home
Floor Coverings (carpeting, tile, linoleum, hardwood, etc.)
o Dirt or stains?
o Excessive wear or damage?
o Area rugs clean and stain-free?

Walls and Ceilings
o Dirt, fingerprints or other stains?
o Nail cracks or tape residue?
o Cracks, chips, water damage?
o Need for repainting or new wallpaper?
o Neutral, light colours for roomy environment?


Doors

o Dirt, fingerprints or other stains?
o Need new paint?
o Open/close easily without squeaks?
o Latches/handles secure and working properly?

Windows
o Glass sparkling clean; chip, paint and crack free?
o Open/close easily?
o Latches/handles/locks secure, working properly?
o Dirt and fingerprints on frames or sills?
o Screens clean and without holes?
o Storm windows in good condition?

Window Coverings (curtains, drapes, blinds, etc.)
o Dirt or stains?
o Excessive wear or sun damage?
o Open/close easily; hardware working properly?

Lighting (lighting makes a room feel more inviting)
o All bulbs working and proper wattage?
o Broken switches, exposed wiring?
o Table and floor lamps working properly?

Pet Areas
o Clean, organized, odor-free?

Entryways and Hallways
o Clean and free of clutter or obstructions?
o Welcome mat(s) clean and inviting?

Closets and Storage Areas
o Clean and well organized?
o Clutter and excess junk removed?
o Clothes hung neatly and not jammed together?
o Shoes and boots neatly stored/stacked?

Kitchen
o Every surface sparkling clean?
o Counter-tops organized, all but daily use appliances?
o Refrigerator spotless inside and out?
o Organized? Spoiled food discarded?
o Frost removed? Light bulbs working? (Buyers look!)
o Oven/stove-top clean? Burner trays cleaned?
o Sinks clean; faucets working properly and leak-free?
o Garbage disposal in good working condition?
o Cupboards/pantry spotless, organized?
o Dishwasher clean and stain-free?

Living Room/Dining Room/Bedrooms/Den/Study
o Everything thoroughly vacuumed/dusted?
o Excess furniture removed for roomier atmosphere?
o Remaining furniture clean and in good repair?
o Wood and other surfaces clean and polished?
o Bookshelves neat, organized and clutter-free?
o Children’s games/toys stored neatly?
o Fragile items removed and stored?
o Smaller valuables removed/locked away?
o Window coverings open for views and sunlight?
o Mirrors clean and in good repair?
o Ashtrays cleaned and kept out of sight?
o Fireplace clean, logs/kindling stacked neatly?

Bathrooms/Powder Room
o Every surface sparkling clean?
o Counter-tops organized, free of clutter? Fresh soap?
o Sinks spotlessly clean; faucets working properly?
o Tub and shower surfaces clean?
o Towels stain-free and hanging neatly?
o Shower curtain clean and in good repair?
o Toilet extra-clean and working properly?
o Closets organized and clutter-free?
o Medicine cabinet clean, “personal items” removed?

Basement/Furnace Room/Garage/Attic/Storeroom
o Clean and well organized?
o Clutter and excess “junk” removed?
o Remaining items stored/stacked neatly?
o Everything thoroughly vacuumed/dusted?

Outside Your Home

Structures
o Exterior surfaces clean, in good condition?
o Front door exterior clean, inviting?
o Eaves troughs and downspouts clean, in good repair?
o Gates open/close properly; hardware working?
o Fences/decks in good repair, in good condition?
o Sidewalks and walkways in good repair?
o Driveway clean, in good repair?

Yard and Environment
o Driveways, sidewalks clear of snow, ice?
o Lawns mowed/edged regularly; large bare spots repaired?
o Leaves removed from lawns and flower beds?
o Trees pruned, hedges trimmed?
o Flower beds weeded and tidy; dead plants replaced?
o “Junk” and scrap removed?
o Lawn furniture clean, organized, good repair?
o Bicycles, children’s toys stored neatly, out of way?
o Firewood organized and neatly stacked?
o Yard free of “doggy deposits”?