September 2009 Edition: Toronto Real Estate Market Views
PREFERRED CLIENT NEWSLETTER SEPTEMBER 2009
August volume surges, inventory falls Magda Mo
GTA resale sales volume for the month The average price for August resale
of August was a blistering 8,035 units transactions was $387,921 which was
sold, up 27% versus August 2008 up by 6% versus the August 2008
and within a fraction of the previous average price of $364,886. The healthy
best ever August in history (August price increases of the past few months
2007 - 8,059 units sold). This is have brought the 2009 year-to-date
the fourth consecutive month of average price up to match the 2008
renewed volume growth after a very average price for the January-to-August
soft January-to-April period. This period. However, given the very low
significant turnaround has resulted in
year-to-date sales now showing a 2%
supply of listings on the market (i.e.,
active listings of 15,682 at the end of
increase versus the first eight months
of 2008 and, given the current trend,
August are down by a whopping 37%
versus the year ago figure of 25,076),
it is virtually certain that full year resale prices are almost certain to
2009 sales will easily surpass full year escalate at a rapid pace in the months Posted Rates – Sept 8/09
2008 sales. In short, we have witnessed ahead. Consequently, now would
a dramatic volume recovery in recent appear to be an ideal time to list a Closed Mortgages
months. property for resale.
1 year 3.70%
2 year 3.85%
3 year 4.35%
Units Sold GTA Resale Home Sales - August 4 year 4.94%
10,000 5 year 5.49%
8,000 Open Mortgages
6 month 6.35%
1 year 6.35%
The above rates are accurate at the specified date and
have been supplied by a major bank. There may be
Avg Price $338,192 $361,890 $364,886 $387,921 variations in rates between different financial lending
institutions, and rates are negotiable with individual
lenders. To obtain up-to-date posted rates for all financial
2006 2007 2008 2009 institutions, please consult www.cannex.com.
Roof review: trouble overhead?
Summer heat can really beat up your roof. Keeping yours
in tip top shape can mean the difference between a safe
dry house and a collapsed ceiling. Now is a good time to
the existing layer since you’ll benefit from the increased
longevity of the new roof.
look your roof over and make the repairs needed to keep Fix Flashings
leaks out. “Flashing” is the metal or rubber material that makes the
seal between the roof shingles and plumbing pipes, chimneys
Wear & Tear or anything else that sticks through the roof. Loose or
Roof shingles are generally cotton or glass fibre covered deteriorated flashing is responsible for most roof leaks. Check
with an asphalt coating. This asphalt layer is what makes the the area around the chimney and pipes for signs of looseness
roof water repellent. As the sun heats the roof, the asphalt or gaps. If you find any, seal them. Use asphalt roof cement
dries out. To check your roof for signs of wear and tear, look for a temporary fix or consider having the flashing replaced.
for cracked, curled or broken shingles. If the worn section
is limited to a small area, it can be repaired. But, if the Keep in mind that flashing leaks can occur at any time. Never
entire roof looks this way, replacement is best. Shingles that confuse a flashing leak, which is easy to fix, with a worn out
are allowed to deteriorate can start to leak and that spells roof that can cost thousands to replace. Also, watch out
expensive repairs. for unscrupulous contractors who try to turn a minor
flashing repair into an opportunity to sell you a new roof
Roof Replacement you don’t need.
If you need to replace your roof, you can usually add one
additional layer of shingles for a total of two layers. After this, Keep Vents Open
local building inspectors may make you “tear-off” the existing One of the best ways to make sure your roof lasts as long as
layers first. Doing a tear-off is not such a bad idea, even if you it should, is to keep the attic well ventilated. Cool attics help
have only one layer. Second roof layers don’t cool well in the keep the roof cooler and cool roofs last longer. Passive vents
summer due to the increased mass. As a result, these roofs (those that don’t use any energy) are better than active vents
wear out quicker than single layer roofs. For example, if your like attic fans. One of the best is a continuous ridge and soffit
single layer roof lasted 22 years, a second layer will typically vent system. These vents are inexpensive and can usually be
last 15 years or about one-third less. added to a house of any age.
To decide if the increased cost of the tear-off makes sense, As with any work around your house, be careful. Walking on
figure out how long you will live in the house. If you will be a roof can be dangerous. If you don’t have experience, the
there for most of the life of the roof, you may want to remove job is best left to a professional.
Anyone who is an aficionado of the theatre knows how much
lighting – different moods, hues, effects – works with set
If you’re after efficiency, you can’t beat fluorescents. Compact
fluorescents (CFLs) are 3-to-5 times more efficient than
design to contribute to overall staging. Ditto for your home. incandescent lamps, and last up to 20 times longer!
An increasing number of homeowners are putting in fancy State-of-the-art home dimming systems provide a convenient,
lighting systems (whole-house wireless systems). These are one-touch control of all your lighting. Lights can be turned
becoming as common as central air conditioning, security off-and-on from anywhere – including from your car.
systems, or home theatre.
Some lighting ‘scenes’ you might want to pre-program are –
New gadgetry on the market allows you to select various faux candlelight for formal dinners; reading or music listening;
“moods” – allowing you to toggle between “work” and entertainment. You can even customize colour schemes –
“cocktail hour” scenes – from a remote control, or from your everything from terracotta, to sea glass, taupe… to lilac.
laptop computer. The essential lighting design lexicon:
Within a home, light performs four basic functions: decorative, Highlighting: This creates more than five times the brightness
accent, task and ambient illumination. Usually these four on a featured object. Low voltage lighting expands the
functions can’t be performed by a single light source. usefulness of this technique, for example, to focus attention
A chandelier (decorative lighting) above a dining room table on a painting.
often needs to be complemented by wall sconces. Accent Wall washing: This provides an even coverage of relatively
light is directed illumination that highlights objects within uniform brightness on a vertical surface.
an environment. Task lighting handles work-related activities
– from preparing food to reading. Ambient lighting creates Backlighting: This diffuses light through translucent materials
overall illumination and softens shadows. such as stained glass and silkscreen.
MR: Miniature reflectors offer a variety of beam widths from
The THIR lamp (Tungsten-Halogen Infrared-Reflecting)
narrow spot to narrow and wide flood.
provides a new level of energy efficiency. It redirects heat
energy back to the filament through a special coating on a PAR: Parabolic Aluminized Reflector lamps use screw terminals.
quartz shield surrounding the filament. This nearly doubles They come with a filament shield which blocks direct view
the efficiency of the incandescent filament. of the filament and thus provides effective glare control for
fixtures exposed to view.
Low voltage (LV) incandescent lamps operate between 6V
and 75V. The relatively small filament provides a more precise A simple 12V low-voltage exterior lighting system increases
beam control making it the ideal choice to light small objects the usefulness of paths, steps, entrances, driveways, and
at close range or larger objects at greater distances. contributes to home security.