Market Views
                                           Magda Mo’s

 PREFERRED CLIENT NEWSLETTER                       ...
Roof review: trouble overhead?

Summer heat can really beat up your roof. Keeping yours
in tip top shape ca...
Bright ideas

Anyone who is an afici...
To My Valued Clients
Update on Bill 150                                                                                   ...
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September 2009 Edition: Toronto Real Estate Market Views


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September 2009 Edition: Toronto Real Estate Market Views

  1. 1. Market Views Magda Mo’s PREFERRED CLIENT NEWSLETTER SEPTEMBER 2009 August volume surges, inventory falls Magda Mo Sales Representative 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 416-483-8000 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 Mortgage 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), Rate Watch 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 6,000 6 month 6.35% 4,000 1 year 6.35% 2,000 The above rates are accurate at the specified date and 0 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
  2. 2. Roof review: trouble overhead? House Smart 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.
  3. 3. Bright ideas Trendy Anyone who is an aficionado of the theatre knows how much lighting – different moods, hues, effects – works with set Corner 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.
  4. 4. To My Valued Clients Update on Bill 150 New CREA Study Provincial legislation, Bill 150, making home energy audits According to a recent study by the Canadian Real Estate mandatory for home sellers, unless waived by buyers, Association, one out of every 100 jobs depends on has now been passed. As originally proposed, Bill 150 spending associated with resale housing transactions. This would have required home sellers to provide information, spending primarily relates to items such as renovations, through standardized energy audits, about the home’s furniture and appliances. This study also found that the energy efficiency to a buyer before they could sell the average resale housing transaction in Ontario generates property to them. However, after REALTORS® worked to more than $47,000 in economic spinoffs. Of course, as raise concerns about this proposal, Bill 150 was amended more people benefit from the economic “ripple effect” of to allow buyers to waive this requirement. a healthy resale housing market, more people will end up participating in the housing market itself! Now that Bill 150 has been passed, the Ministry of Energy and Infrastructure is working on preparing regulations Until next time, take care and please remember that all of that will outline the details on how the home energy audit your real estate referrals are both highly valued and greatly requirement will be implemented. The home energy audit appreciated. requirement will not take effect until these regulations are finalized, expected sometime in 2010. Magda Mo Your referrals are sincerely Sales Representative appreciated! 416-483-8000 Sutton Group Bayview Realty Inc., Brokerage 1820 Bayview Avenue, Toronto, ON M4G 4G7 “Pearls of Wisdom” Money will buy a fine dog, but only kindness will make him wag his tail. A good time to keep your mouth shut is when you are in deep water. Why is it that at class reunions you feel younger than everyone else looks. There are worse things than getting a call for a wrong number at 4 a.m. It could be a right number. In accordance with PIPEDA, to be removed from this mailing list please email or phone this request to the Realtor ®. Not intended to solicit buyers or sellers currently under contract with a brokerage. The information and opinions contained in this newsletter are obtained from sources believed to be reliable, but their accuracy can- not 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 © 2008 Mission Response Inc. (416) 236-0543 All Rights Reserved. D114