James Metcalfe's Toronto Real Estate Update Oct 2013

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James Metcalfe's Toronto Real Estate Update Oct 2013

  1. 1. REAL ESTATE UPDATE OCTOBER 2013 VOLUME, PRICES SURGE IN SEPTEMBER Greater Toronto REALTORS® reported 7 ,411 residential sales through the TorontoMLS system in September - a whopping 30% increase versus September 2012 sales of 5,687 units. Double digit volume increases occurred across all four key market segments: single-detached (+34%), semi-detached (+20%), townhomes (+31%) and condo apartments (+29%). This is the third consecutive month of double digit volume growth and demonstrates that the pent-up demand which had built up over a one year period following the July 2012 introduction of stricter mortgage lending criteria is now being satisfied in earnest. The bottom line is that home ownership remains highly affordable given the current mix of prices, interest rates, incomes and lending criteria guidelines. The average price of a GTA resale home in September was $533,797 - a healthy 6% increase versus the September 2012 average price of $501,326. Price growth varied by market segment: single-detached (+8%), semi-detached (+2%), townhomes (+10%) and condo apartments (-2%). In addition, the MLS® Home Price Index composite benchmark (which factors out price changes based on sales mix) was up by 4% on a year-over-year basis. The price growth story in September continued to be about strong demand for lowrise home types, coupled with a short supply of listings. Even with moderately lower price growth and the month-to-month volatility of the condo apartment market, overall price growth has remained well above the rate of inflation. GTA AVERAGE RESALE PRICE GTA RESALE HOME SALES 12,000 2011 2012 2013 $560,000 10,500 9,000 $480,000 4,500 $460,000 3,000 2013 $500,000 6,000 2012 $520,000 7,500 2011 $540,000 $440,000 $420,000 1,500 JAN MAR MA Y JU L SP E NO V JAN MAR MA Y JU L SP E NO V for more detailed GTA statistics: JAMESMETCALFE.INFO James Metcalfe 416-931-4161 w w w.OurHomeT oronto.com BROKER Royal LePage Real Estate Services Ltd. Johnston & Daniel Division, Brokerage 477 Mount Pleasant Rd., Toronto, ON M4S 2L9 | Service@OurHomeT oronto.com 1
  2. 2. CONDO CORNER OPPRESSIVE BEHAVIOUR — DO WE HAVE A SOLUTION? There is a big difference between a neighbour w ho might be irritating In a preliminary matter, M s. Korolekh’s law yers attempted to convince and a neighbour w hose behaviour is so overw helming or oppressive the Court that the issue(s) were required to be mediated pursuant to that the entire condominium community is held hostage. Sections 132 and 134 of the Act). The Court held that an application Over the past ten years, there have been several reported Ontario for compliance w ith the Act does not have to be firstly mediated. Court Applications by condominium corporations attempting to The Judge went over the affidavit materials and the cross examination restrict or deal w ith very difficult ow ners. of same. By the time the case was before the Judge, over a year had In the recent case of M etropolitan Toronto Condominium Corporation been spent in legal steps. No. 747 v. Natalia Korolekh, the Ontario Court dealt w ith the problem At the end of the hearing, the Judge decided that, in fact, Ms. in a very decisive manner. This decision is important for several Korolekh was clearly in breach of Section 117 of the Act but it was reasons that w ill be set out in this article. the consequence of this non compliance w hich is so interesting. The M s. Korolekh ow ned a condominium unit in a two level complex Judge ordered that: in the Y onge and Bay Street area of downtown Toronto. It was a 1 . M s. Korolekh must list and sell her unit w ithin three months after courtyard type of development. M s. Korolekh also owned a large the order; Rottweiler dog that was not always kept on a leash. 2 . M s. Korolekh must not purchase, lease or reside in any other unit The affidavit w ithin the condominium corporation; evidence by the condominium corporation was considerable and was certainly accepted by the Judge as being 3.In the meantime, M s. Korolekh must comply w ith the Act as well truthful. as the condominium declaration, bylaw s and rules and was restrained For a period of over two years, Ms. Korolekh subjected the condominium residents and their guests to a consistent steam of harassment, racial slurs, obscene remarks and threats. M s. Korolekh apparently was often intoxicated and would allow her dog to roam freely throughout the courtyard area w ithout a leash. She would also hold the dog on its leash and taunt the residents w ith threats that she would release the dog and direct it to attack the resident(s). After over a year of this type of behaviour, the condominium corporation instructed its law yer to w rite a letter advising that the dog had been declared a nuisance and had to be removed w ithin a two-week period as provided in the corporation’s bylaw s. This was ignored. from assaulting, threatening, using profane racist or homophobic language and committing any acts of mischief in relation to any residents of the condominium corporation or their property; 4 . M s. Korolekh must remove her dog from her unit and common elements w ithin ten days after the order; 5.Non compliance w ith the order could be enforced by the condominium corporation immediately; M s. Korolekh had to pay the condominium corporation’s legal costs of $35,000 w ithin thirty days after the order. The good new s about the Korolekh case is that it establishes a further precedent for the Ontario Courts to deal w ith oppressive and abusive behavior in a very decisive manner. No longer is a person’s home his/her “ castle”. With the right evidence, the Courts will order the Ultimately, the condominium corporation brought an application pursuant to Section 134 of the Condominium Act, 1998 (the “Act” ) for a compliance order requiring M s. Korolekh to comply w ith Section 117 of the Act (No person shall permit a condition or activity to exist in a unit or on the common elements if such condition or activity is likely to damage the property or cause injury to an individual). home sold and the offending ow ner removed from the condominium complex. The bad new s is that condominium residents must still be subject to extreme abuse for a considerable period of time before there is enough evidence to convince a Court that there has been a contravention of Section 117 of the Act and something must be done to stop it. 2 This article was contributed by John D. Peart. John practices condominium law with the law firm Nelligan O’Brien Payne. Please visit them at nelligan.ca.
  3. 3. HOUSE SMART t FALL FURNACE PRIM ER The outside w inter air is cold and dry. The inside w inter air is dry. Our chapped lips, dry skin and static zaps from doorknobs remind us What do I do? If you have a drum style unit, the tray of sitting water is your nemesis. of that all season long. Homes like the dry environment, but dry air Ponding water w ill cause scale build-up and bacterial grow th. Every makes people uncomfortable. While an ideal humidity for homes can spring, the water supply pipe valve should be turned off, the tray and be as low as 5% , people prefer about 60% humidity. And because sponge should be cleaned, and the humidistat should be set to OFF . people are more powerful than homes, we add humidifiers to have In the fall, turn on the water valve, and set the humidistat to 35% . it our way. We recommend a mid-w inter cleaning as well. Do I need a humidifier? If your house is new, you may not have a humidifier. Y may not ou If you have a cascade style unit, turn off the water supply and turn need one because the foundation and wood framing are still drying and soak the pad in de-scaling solution. If it is damaged or too out, releasing moisture into the air. Also, new houses are “ tight”, clogged to clean, the pad can be replaced. Once the pad is back in w hich means the air w ithin them hangs around for a w hile before place, the water supply pipe valve can be turned back on, and the being replaced by dry exterior air. It hangs around long enough to humidistat set to 35% . This unit w ill not need cleaning again until pick up moisture from things like showers, cooking, drying clothes next year. and breathing. By comparison, old houses are drafty. Cold, dry air is creeping in all the time, drying out the home as it flushes the warm How much is too much? As we said, people like about 60% relative humidity. Unfortunately, moist air out. houses have a hard time coping w ith this in cold weather. Too little Do I have one? If there is a small box like the one in the picture hanging from the humidity makes people feel uncomfortable. Too much can cause furnace or ductwork beside the furnace w ith a small electrical w ire cool surfaces. What confuses many people is that as the weather and a small water hose attached, then YES. Y may also see the ou gets colder, we have to LOWER the humidistat setting, even though humidistat, a dial that looks like the thermostat but is used to control we want to raise it. This is because the colder it is outside, the easier the humidity level, and is often mounted to the basement ductwork. it is for condensation to form on cool surfaces like window s. We can A drum type humidifier has a tray of water w ith a sponge barrel or reduce condensation by lowering the interior humidity level. the humidistat to OFF in the spring. Before use in the fall, remove condensation, mould, mildew, and rot as the warm moist air hits drum rotating through it. The tray is kept full with a float switch, w hich allow s water from the house plumbing to enter the tray w hen the water level drops. When the humidistat is turned up or the humidity level drops, a small electric motor rotates the sponge drum through the tray, absorbing water. Some of the air moving through the ductwork blow s across the sponge, picking up moisture. This moist air moves through the ducts and into the rooms. Cascade type humidifiers have no tray of water. A small electric valve at the top controls the water supply to the humidifier. When the humidistat calls for water, the valve opens, trickling water dow n a honeycomb-like metal pad. Air blow s across the pad, picking up moisture. Excess water is drained through a hose to a floor drain, laundry tub, or condensate pump. Keeping an eye on the amount of condensation on your w indow s is another great way to gauge your house humidity level. Y can ou also track things w ith a room temperature and humidity monitor, available at hardware and building supply stores. This article was contributed by Carson Dunlop Boulevard, a leading home inspection company. Please visit them at www.boulevardinspection.com 3
  4. 4. If you have conducted a real estate transaction in recent years, you Once the ability to use e-signatures in real estate transactions have undoubtedly noticed at least a few of the many technological throughout the province becomes a reality, the transition to doing advancements that are now part of the process. You can now view so should be sw ift thanks to the efforts of the Canadian Real Estate properties on realtor.ca from your mobile phone, advertise your listing Association (CREA). It recently announced that it has finalized on a range of real estate websites from coast to coast, and so on. agreements w ith two providers - DocuSign and Authentisign - w hich w ill enable signatures to be executed securely online on forms How ever there is one step in the process that remains as traditional know n as “ WebForms”. as ever: the need for signatures in every real estate transaction. Current Ontario legislation prohibits the use of electronic signatures This technology lets you easily sign documents anytime, anyw here, on agreements that create an interest in land. w ithout the time-consuming process of printing, faxing, or arranging meetings simply to provide signatures. In a world w here efficiency How ever this too may soon become a thing of the past. A proposal by is key to successful outcomes, and w here we all need to be more the Ontario Real Estate Association (OREA) to amend the Electronic conscious of our carbon footprint, e-signatures w ill undoubtedly be a Commerce Act, 2000 was included in the recent provincial budget. welcome alternative for homebuyers and sellers across the province. If passed, it w ill provide electronic Agreements of Purchase and Sale As usual, your referrals are both highly valued and much appreciated. w ith the same legal protections as other forms of e-commerce. Until next time, take care! James Metcalfe BROKER “ YOUR REFERRALS ARE SINCEREL APPRECIATED! THANK YOU!” Y 416-931-4161 w w w.OurHomeT oronto.com | Service@OurHomeT oronto.com Royal LePage Real Estate Services Ltd. Johnston & Daniel Division, Brokerage 477 Mount Pleasant Rd., Toronto, ON M4S 2L9 “ My theory is that all of Scottish cuisine is based on a dare. – Mike Myers ” “Give me golf clubs, fresh air and a beautiful partner, and you can keep the clubs and the fresh air” – Jack Benny . “The other night I ate at a real nice family restaurant. Every table had an argument going. – George Carlin “New ” Y is an exciting town where something is happening all the time, most unsolved. – Johnny Carson ork ” In accordance with PIPEDA, to be removed from this mailing list please e-mail or phone this request to the REAL TOR® Not intended to solicit buyers or sellers currently under contract with a broker. The 4 information 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 resulting from 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 © 2013 Mission Response Inc. 416.236.0543 All Rights Reserved. K0191

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