James Metcalfe's real estate market update march 2012
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James Metcalfe's real estate market update march 2012 James Metcalfe's real estate market update march 2012 Document Transcript

  • MarketNewsJAMES METCALFE’S REAL ESTATE UPDATE MARCH 2012 AVERAGE PRICE ECLIPSES $500K IN FEBRUARYWith only slightly more than two months of inventory in the Total unit volume through the TorontoMLS® system in FebruaryToronto Real Estate Board area, competition between buyers was 7,032 - which represented a 16% increase versus Februarycontinues to exert very strong upward pressure on the average 2011 sales of 6,058 single family homes. New listings were alsoresale price. During the month of February, the average resale up over the same period, but by a lesser 11% to 12,684. It isprice eclipsed the $500,000 barrier for the first time ever, important to note that 2012 is a leap year, with one more day inreaching $502,508. This represented a whopping 11% increase February. Over the first 28 days of February, sales and new listingsversus the February 2011 average price of $453,329. The following were up by 10% and 6% respectively. The following is a briefis a brief breakdown of price performance by major dwelling types: breakdown of volume performance by major dwelling types:Dwelling Average Ann’l Index Dwelling Units Ann’l % of Type Price Growth to Avg Type Sold Growth TotalDetached $636,080 +10% 127 Detached 3,427 +24% 46.8%Condo Apt $341,199 +3% 68 Condo Apt 1,726 +10% 24.7%Townhouse $367,937 +10% 73 Townhouse 987 +4% 15.9%Semi-Detached $459,464 +10% 91 Semi-Detached 757 +14% 10.8% GTA RESALE HOME SALES (AVERAGE PRICE) - FEBRUARY GTA RESALE HOME SALES (UNITS SOLD) - FEBRUARY 2009 2009 2010 2010 2011 2011 2012 2012 $350,000 $400,000 $450,000 $500,000 4,000 5,000 6,000 7,000 James Metcalfe BROKER 416-931-4161 Royal LePage Real Estate Services Ltd. www.OurHomeToronto.com Johnston & Daniel Division, Brokerage Service@OurHomeToronto.com 477 Mount Pleasant Rd., Toronto, ON M4S 2L9 PAGE 1
  • Tenants in a condominium setting Condo CornerCondominium tenants have a legal relationship with the corporation’s declaration). The tenant argued that Sectionowner of the unit – the landlord. This relationship is governed 108 of the Landlord and Tenant Act (as it then was) allowedby the tenancy agreement and landlord and tenant law. the tenant to keep the dog. In confirming the decision of the lower court, the Court of Appeal said:In addition, condominium tenants have a completely separaterelationship with the condominium corporation.  This “We are of the view that a declaration registeredseparate relationship is governed by condominium law – under the provisions of the Condominium Act, R.S.O.namely, the Condominium Act (Condominium Act, 1998) 1990, Chap. C.26, does not constitute “an agreement”and the condominium corporation’s declaration, by-laws within the meaning of those words as set forth in s.and rules (collectively: the condominium’s “governing 108 of the Landlord and Tenant Act, R.S.O. 1990, Chap.documents”). L.7. It follows that the provisions of s. 108(1) cannot be relied upon by the appellants (the tenants) in theseCondominium tenants must comply with the condominium’s proceedings.governing documents. But this raises the following question:Can landlord and tenant law serve to reduce or modify the Other Courts have also touched on the issue. For example:tenant’s obligations under a condominium’s governing • In  Carleton Condominium Corporation No. 350 v.documents?  The courts have said that the answer to this Bannerman (1988)  the Court ordered the removal ofquestion is “no”. two cats owned by a tenant (again, based upon a “noSo, tenants of condominium units have the same pets” provision in the condominium’s declaration). Theobligations to comply with the condominium’s Court said that the tenant “could acquire no rights notgoverning documents as do condominium owners available to the owners”.– and landlord  and tenant law does not affect • In Niagara North Condominium Corporation No. 125 v.those obligations. Condominium corporations are Kinslow (2007) the Court ordered removal of two catsnot landlords of the units (unless of course the owned by a tenant (again, based upon a “no pets”condominium corporation actually owns and leases a provision in the condominium’s declaration). The Courtunit) and landlord and tenant law does not apply to a said “the tenancy agreement is silent as to pets and hascondominium’s governing documents. no bearing on this application.”As mentioned above, the courts have confirmed that The bottom line is that no Court has ever said that aa tenant’s obligations under condominium law are tenant can rely upon landlord and tenant law to avoid anyentirely distinct and separate from the tenant’s rights and requirement under a condominium’s governing documents.responsibilities under landlord and tenant law. The leadingcourt decision on this issue is a decision of Ontario’s Court ofAppeal in the case of Metropolitan Toronto CondominiumCorporation No. 949 v. Irvine. In that case, the condominium This article was contributed by James Davidson and Deborah O’Connor. James andcorporation obtained an order for removal of a tenant’s dog Deborah practice condominium law with the law firm Nelligan O’Brien Payne. Please(based upon a “no pets” provision in the condominium visit them at www.nelligan.ca. PAGE 2
  • All about smart metersHouse SmartIf you think a ‘Smart Meter’ is a device that will fool your Generating electricity during these ‘on peak’ times is veryelectricity provider into thinking you are using less electricity expensive, but there is no real incentive for people to cut backthan you actually are you would be wrong. However, if you on the amount of electricity they are using during these times.think a Smart Meter is a device that will save you money on As a consequence, we increasingly face black-out or brown-your electricity bill, you are right! out situations when the generators reach or exceed capacity. In addition, the extra electricity generation required to meetA regular electricity meter tracks the amount of electricity used the peak demands is typically achieved using environmentallyover a period of time. The electricity provider charges the home unfriendly sources such as coal generation which creates aor business owner based on the difference in the meter readings significant amount of greenhouse gas emissions and createsover a one or two month period. The term ‘Smart Meter’ refers poor air quality. The installation of Smart Meters will maketo one that is capable of recording more sophisticated data. consumers more conscious of when and how much electricitySmart Meters not only record the amount of electricity used they are using and reward them by charging lower rates for theover a period of time, they also record the time of day the electricity if it is used during off peak times, which will in turnelectricity was used. help with the environment.There are two types of meters; Time-of-Use (TOU) and Interval When a Smart Meter is installed, the home owner is billed at ameters. TOU Meters record the total amount of electricity used higher rate for electricity used during peak times and a lowerduring the billing period, as well as the amount used during rate for electricity used during off peak hours. With peoplepeak hours. Interval meters record the amount of electricity used reducing the amount of electricity they use during peak hoursduring shorter time periods (one hour intervals, for example) (due to higher rates), the peak demand is smaller, the requiredand collects more data than Time of Use meters. The data from capacity of generators is reduced, and the risk of black-out orinterval meters is typically transmitted to the billing company brown-outs is also reduced. Electricity generators also benefitthrough transmission lines or wirelessly, while the data from from the implementation of Smart Meters since their systemsTime of Use meters is collected monthly or bi-monthly similar to are designed to accommodate demand during peak hours. Theregular meters. The peak hours to be recorded by TOU meters total amount of electricity generated over the course of a dayhave to be manually programmed into the meter and if those may not be different, however the amount of electricity requiredpeak hours change, the meters require re-programming. The at any one time would likely be lower thereby eliminating thesame information can be remotely changed on an interval requirement to use environmentally unfriendly sources ofmeter and there is more flexibility in the number of rates electricity generation.charged during a day and over the billing period. Information that can be provided to homeowners by Smart MetersThe time of day that the electricity is used is significant because includes the cost of the electricity per kilo Watt hour (kWh) andthe cost of electricity generation varies depending on how the amount of electricity being used. This data can be provided viamuch demand there is on the system. For example, on a hot a website or by phone to allow the homeowner to decide whensummer afternoon when homeowners and businesses are to wash a load of laundry or run the dishwasher, for example.running air conditioners, the demand for electricity is highand the electricity generating facilities must work as hard This article was contributed by Amerispec, a leading home inspection company.as possible to produce sufficient electricity for everyone. Please visit them at www.en.amerispec.ca. PAGE 3
  • TO MY VALUED FRIENDS AND CLIENTS If you buy a home with your spouse or any other person, you her share of the property to him or herself, thereby setting will have to decide how to take title together. It can be either as up a “tenancy in common” situation. Courts in Ontario have a “joint tenancy” or as a “tenancy in common”. It is important generally upheld the principle that this can only be possible if that you first understand the main difference between these both joint tenants are in agreement. In other words, it cannot two options before making your decision. be done on a ‘sleight of hand’ basis. In a “tenancy in common”, if one of the owners passes away, So the real lesson here is that before you agree to ever take they can leave their share of the property to anyone they title as joint tenants, fully understand the consequences, so choose. However, in a “joint tenancy”, there is a principal that you do not have to try and figure out how to break it later called survivorship. What this means is that if two owners are if you change your mind! joint tenants and one dies, their share automatically passes to the surviving joint tenant upon death. They cannot leave it As usual, your client referrals are both highly valued and much to anyone else in their will. There are some tax advantages in appreciated. Until next time, take care! holding property as joint tenants as it can reduce estate taxes. There have been some cases of people attempting to switch from “joint tenancy” to “tenancy in common” after-the-fact. For example, one joint tenant may attempt to transfer his or PEARLS OF WISDOM Best “Out-of-Office” Automatic Email Replies “I will be unable to delete all the emails you send me, until I return from vacation. Please be patient, and your email will be deleted in the order it was received.” “Thank you for your email. Your credit card has been charged $5.99 for the first 10 words and $1.99 for each additional word in your message.” “The email server is unable to verify your server connection. Your message has not been delivered. Please restart your computer and try sending again.” “YOUR REFERRALS ARE SINCERELY APPRECIATED! THANK YOU!” James Metcalfe BROKER 416-931-4161 Royal LePage Real Estate Services Ltd. www.OurHomeToronto.com Johnston & Daniel Division, Brokerage Service@OurHomeToronto.com 477 Mount Pleasant Rd., Toronto, ON M4S 2L9In accordance with PIPEDA, to be removed from this mailing list please e-mail or phone this request to the REALTOR ® Not intended to solicit buyers or sellers currently under contract with a broker. Theinformation 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 resultingfrom 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 © 2012Mission Response Inc. 416.236.0543 All Rights Reserved. D191 PAGE 4