Although real estate activity dipped late in 2012, it was the fourth-best yearever for sales in the GTA.The year finished ...
Working from your home has many benefits, bothpersonal and financial. Whether you areself-employed or your employer suppor...
• You use the space only to earn your business income, and you useit on a regular, ongoing basis to meet your clients, cus...
Not intended to solicit buyers or sellers currently under contract with a brokerage.The information and opinions contained...
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Magda Mo's Marketviews Newsletter for Toronto Real Estate: February 2013

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Magda Mo's Marketviews Newsletter for Toronto Real Estate: February 2013

  1. 1. Although real estate activity dipped late in 2012, it was the fourth-best yearever for sales in the GTA.The year finished with 85,731 sales, a decrease from89,096 in 2011. Prices were up by 6.5 per cent in December 2012 comparedto a year ago. Detached homes lead the way, with the average home selling for 2.4 percent more in the City of Toronto and a healthy 8.1 per cent more in the 905 regions.Semi-detached homes sold for 4 per cent more than a year ago.The average price for all types of properties sold in 2012 was $497,298. Pricespeaked in April at $515,869 and in December, the average price was $478,739.Detached homes in the city sold for just over $720,000, while in the 905 regions theaverage price was about $565,000.Condo sales were down by more than 25 per cent in both the city and the 905regions. Prices continue to hold steady in the GTA. Year over year prices were down byless than 2 per cent in the city andprices were up by just over 2 percent in the 905 regions.After a real estate boom thatlasted for a decade, it seems that acombination of higher prices,changes to mortgage qualificationrules and Toronto’s double landtransfer tax has cooled the realestate market. Most economistsbelieve the market is stabilizing$520$490$460$430$340Units Sold5,541 4,395 4,585 3,690Resale Home Sales - Decemberin the Greater Toronto AreaSource:TREB$400$3702009201020112012AveragePrice(in000s)real estatereal estatecontinued....Page 2Your Greater Toronto Real Estate NewsletterFebruary 2013UPDATEMarket slows late in 2012Prices still up year over yearMAGDA MOsales representative
  2. 2. Working from your home has many benefits, bothpersonal and financial. Whether you areself-employed or your employer supports workingfrom home, it is great to skip the commute, avoiding traffic jams orcrowded public transit and get right to work in the morning.But it is important that you have a dedicated workspace in yourhome, both to keep you focussed on your job and to take advantageof tax deductions.The CanadaRevenue Agency(CRA) allows youto deduct ex-penses for thebusiness use of aworkspace in yourhome if you meetone of the follow-ing conditions:•It is your princi-pal place of busi-ness; orHome office benefitsNo traffic, lower taxesDecember 2012Central ...........650 $582,861East................846 368,854North..............750 570,650West............1,444 448,510November 2012Central ........1,003 612,603East.............1,407 378,502North...........1,144 547,825West............2,239 463,511October 2012Central ........1,214 634,288East.............1,642 385,549North...........1,362 568,952West............2,678 483,189September 2012Central ........1,012 658,196East.............1,453 386,097North...........1,180 578,792West............2,234 470,440August 2012Central ........1,005 576,960East.............1,588 376,764North...........1,257 566,787West............2,568 461,152July 2012Central ........1,172 579,837East.............1,811 378,671North...........1,527 561,461West............3,060 453,542Source: TREBand average priceby areaMonthly salesand experiencing a “soft landing.”Moderate job growth, strong immigration into the GTA and lowmortgage interest rates until at least 2014 continue to support thereal estate market.Market slows late in 2012Cont from front pageDec ‘11 4,585 4,774Dec ’12 3,690 4,295Change - 19.5% - 10.0%Housing marketindicatorsSingle-family dwellingsNewListingsSource: TREB Sales
  3. 3. • You use the space only to earn your business income, and you useit on a regular, ongoing basis to meet your clients, customers orpatients.To determine how much you can deduct,calculate the percentageof your home that is used by the workspace.“Use a reasonable basissuch as the area of the workspace divided by the total area of youhome,” suggests CRA.That’s the percentage you can deduct from house expenses suchas heat,home insurance,electricity and cleaning materials,says CRA.You can also deduct part of your property taxes and mortgageinterest payments, but not payments on the mortgage principal.If you use part of your home for both business and personalliving,such as for a day-care centre,you can figure out your deductionbased on the number of hours per day that the space is used forbusiness.If you are an employee, before you can deduct expenses for yourhome office your employer must sign a form certifying that theyrequire you to work from home.2013 RatesAt January 14, 20136-month . . . . . . . .4.00%1-year . . . . . . . . .3.00%2-year . . . . . . . . .3.00%3-year . . . . . . . . . 2.79%4-year . . . . . . . . .3.15%5-year . . . . . . . . .3.08%Prime rate .......3.00%MortgagesGTA ’12totalsSales activityof single-familyhomesMost recent month,year to dateActive listingsDec ....................13,241YTD........................N/ANew listingsDec ......................4,295YTD..................158,927SalesDec ......................3,690YTD....................85,731Average priceDec.................$478,739YTD ................$497,298Median priceDec.................$405,000YTD ................$420,000Source: TREB
  4. 4. Not intended to solicit buyers or sellers currently under contract with a brokerage.The information and opinions contained in this newsletter are obtained from various sources believed to be reliable.The Publisher assumes no responsibility for errors or omissions or for damages resulting from using the published information and opinions. Whole or partial reproduction is forbidden withoutwritten permission from the publisher. © Clear Communications 416-422-5754Referrals are an important part of mybusiness. Anyone you refer will receive special attentionand the finest service possible. For professional real estateadvice please call, any time.Thank you!MAGDA MOsales representativeKeeping youinformedOff: 416.483.8000Dir: 416.526.8732sales@magdamo.comwww.magdamo.comSageRealEstateLtd.,Brokerage1820 Bayview AvenueToronto, ON M4G 4G7

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