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Om034335 volume 8 issue 8_treb-a


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Om034335 volume 8 issue 8_treb-a

  1. 1. Toronto Market Takes a BreatherInformation courtesy of the Toronto Real Estate Board.Sales & Average Price By Major Home Typejune 2012 Sales Average Price416 905 Total 416 905 TotalDetached 1,257 3,432 4,689 $803,671 $572,748 $634,652Yr./Yr. % Change -9% 2% -1% 10% 7% 7%Semi-Detached 403 645 1,048 $562,057 $398,366 $461,312Yr./Yr. % Change -15% 7% -3% 6% 8% 5%Townhouse 407 1,081 1,488 $448,993 $357,452 $382,491Yr./Yr. % Change -8% 3% 0% 9% 6% 6%Condo Apartment 1,415 581 1,996 $364,597 $287,118 $342,044Yr./Yr. % Change -18% -20% -18% 2% 2% 2%After a seemingly endless rise inreal estate sales activity, GreaterToronto Area REALTORS®reporteda 5.4 percent drop in overall homesales through the Toronto MultipleListing Service®system in June 2012,compared to June 2011.Especially notable was the 18percent decline in number ofcondominiums sold in the City ofToronto, when comparing June 2012figures to the same time last year.Sales of detached and semi-detachedhomes also fell, although by just oneand three percent, respectively.The average selling price in Juneof this year was $508,622 – up by7.3 percent compared to June 2011.The mortgage payment associatedwith the average priced home inJune, assuming five percent downand a five-year fixed rate mortgageamortized over 25 years, wouldaccount for approximately 35percent of the average household’sincome in the GTA after addingproperty tax and utility payments.“According to new mortgagelending guidelines set out byFinance Minister Jim Flaherty,the GTA housing market remainsaffordable. The share of the averagehousehold’s income going towardmajor homeownership payments forthe average priced home remainsbelow the 39 percent ceilingrecently announced by Mr. Flaherty,”said Jason Mercer, Toronto RealEstate Board Senior Manager ofMarket Analysis.If you’re wondering if the time isright for you to make a move intoday’s market, please call for ano-obligation discussion today!TREBRecine Team ReportCompliments of Melanie & Fabio RE/MAX Premier Inc., BrokerageEach office is independently owned and operated.Melanie Maranda Recine &Fabio RecineSales Representatives"Its your callCall Melanie and Fabio"RE/MAX Premier Inc., Brokerage9100 Jane Street, Bldg. L, Suite #77Vaughan, ON L4K 0A4Office: 416-987-8000Fax: 416-987-8001Direct Melanie: 647-836-4062Direct Fabio: 416-828-5441mmaranda96@hotmail.comfrecine@trebnet.comwww.RecineTeam.caGreetings! You’re receiving thisnewsletter with hopes that you find itinformative and entertaining.If you’re thinking of making a move, orare just curious as to real estate trendsin your area, please feel free to call atany time. It’s always good to hearfrom you!Best wishes,Melanie and FabioVolume 8, Issue 8
  2. 2. 2ColorIn rooms that are already quite busy, betweenornate furniture and baroque moldings, for example,monochromatic wallpaper is a good choice, as it won’tcompete with those features. Keep in mind that light hueswill help a small room appear larger and a dark one lighter,lending such spaces a sense of airiness, while dark shadesdo the opposite, making big rooms look smaller than theyare and lending them a cozy atmosphere. If you want touse dark wallpaper in a small room, consider applying it toonly one “accent” wall.PatternPatterned wallpaper is more challenging to hang, so it’s notthe best choice for first timers. The bigger the pattern, theharder it is to match up. Small patterns are more forgivingand work well in small rooms; large patterns suit largerooms, but a large print on an accent wall in a small roomcan have a dramatic impact. Vertical stripes make wallslook taller and ceilings higher; horizontal ones elongatenarrow walls, widen rooms, and lower ceilings. Stripedwallpaper can be hard to work with, as most rooms aren’tperfectly square.TextureWhether it actually has a three-dimensional finish (asembossed, natural fiber, or flocked papers do) or simplymimics a textured material (like faux stone, marble,or suede papers), textured wallpaper is a great way toadd another dimension to any space. Larger rooms canaccommodate that added dimension more comfortablythan smaller ones. Textured wallpaper (with the exceptionof foil products) is also great for camouflaging a multitudeof sins on the walls underneath, such as minor cracks,rough plaster and paneling.DurabilityYour choice of wallpaper should also depend on whereit’s going. Due to their fragility, paper and fabric are bestsuited for master bedrooms, dining rooms and formalliving rooms. In high-humidity or high-traffic areas –kitchens, bathrooms, family rooms, children’s bedrooms,and hallways – you’ll want vinyl-coated or solid vinylwallpaper. Non-breathable, vinyl paper is stain resistantand easy to clean. It’s also the best choice for beginners,and among the most affordable options. Look for theterms “scrubbable” or “washable”.ApplicationThere are three main categories of wallpaper: pre-pasted,non-pasted and self-adhesive (peel-and-stick). Pre-pastedis the most common; its adhesive is activated with wateror a commercial activator. Non-pasted (dry back) wallpaperrequires a separate paste, applied to the paper’s back or thewall; this is the most difficult type to put up and remove.With self-adhesive wallpaper, you simply peel off thebacking, revealing the adhesive, and smooth it over walls;you can usually lift up and reposition this type of wallpaper.Got it Covered!Wallpaper has had a resurgence in popularity of late, no doubt due, in part, to the fact that today’s offerings areeasier to put up and take down. But the selection is certainly no less overwhelming. To help you sort throughthe seemingly endless options to find the right paper for your walls, here are a few points of consideration.
  3. 3. Volume 8, Issue 8 3You’ve received an offer on your home. But shouldyou accept it? To help you figure that out, below aresome questions you should ask yourself and discusswith your real estate representative.After the Inspection Buying the property as-is. In fact, this may bea condition of the sale, as stated in the purchasecontract. Regardless, providing the flaws are minor,this might be your best option (especially if themarket favors sellers), as after you move in, you canmake minor repairs in whatever way you (not theseller) see fit. Asking the seller to make repairs. It would be greatto have all problems fixed before you move in, and atthe seller’s expense, but keep in mind that sellers aren’tincentivized (particularly if it’s a seller’s market) to doanything more than the quickest, cheapest repairs, andyou’ll have no say in how the work is done. Renegotiating the terms. If the inspection revealsflaws significant enough to affect the home’s value,renegotiating the price or asking the seller to pay forrepairs via a closing credit, for example, may be theway to go (especially in a buyer’s market). This way,you can supervise repairs instead of the seller. Walking away. If the problems are too numerous,significant, complicated or expensive for you to feelcomfortable in proceeding with the purchase (e.g.structural, plumbing, or electrical problems), you canrescind your offer and void the contract, providingyour offer included an inspection contingency.For help determining which option is best for yougiven your circumstances, consult with your real estaterepresentative today!You’re buying a home and have had it professionallyinspected; the inspector’s report has revealed flaws.As the buyer, what options are available to you? Can you live with the price of the offer? Is it fair(i.e. close to market value), or is it a lowball offer?While your representative can’t answer the formerquestion for you, they can certainly address the latterone: just ask them to present you with informationon comparable sales. Are the terms agreeable? Price is important, but itisn’t everything. For example, if you need to moveright away, but the buyer doesn’t want to close fora few months or their offer is contingent on sellingtheir current home first, the offer may not workfor you. What are market conditions like in your area? Howlikely is it that you’ll get more offers on your home?That depends largely on whether it’s a buyer’s marketor seller’s market where you live. Again, these arequestions your real estate representative can answerfor you. Has the buyer been pre-approved for a mortgage?An offer is one thing; an offer from a pre-approvedbuyer is another, as such buyers have been qualifiedto obtain the financing needed to close the deal,meaning you won’t lose selling time to buyers whocan’t afford your property. How quickly do you need to sell? Maybe you’vealready bought your next home and are carrying twomortgages, or you’ve accepted a job requiring you torelocate by a certain date. Whatever the reason, it willbe a factor in your decision.OFFEr UP
  4. 4. Some home repairs can be deferred indefinitely withoutconsequence. Others, however, can result in a great deal ofdamage and expense, even posing a safety threat, if ignored.Watch for the following red flags: Shingles that are curling, blistering, buckling, cracked, ormissing; large amounts of granules in your gutters. Your roofdirects water away from your house; when its shingles aredamaged, they can allow water to permeate the protectivelayer underneath and rot the subroof, necessitating extensiveand pricey repairs. Gutters and downspouts that are clogged, have leaks (usuallyfound where sections join) or holes, are improperly fastened,or sag. A compromised gutter system allows rainwater tocollect around your home’s foundation and seep into yourbasement, instead of channeling it away from your house. Foundation cracks. No crack should go ignored, no matter itssize. Even small ones can grow into large ones, providing anentry point for groundwater, and even leading to bucklingwalls and other problems. Likely caused by stresses on yourfoundation, cracks should be professionally examined. Stained walls and ceilings, soft and crumbly drywall,peeling paint, spongy flooring around toilets, buckledhardwood, rotting wood, and mold: these are all signsof moisture or water damage, whether due to a leak orinadequate ventilation. When in the wrong places, wateris a homeowner’s worst nightmare. Flickering or dim lights; outlets that are hot to the touch,spark, or are surrounded by discoloration on the wall; circuitbreakers that trip frequently: these are symptoms of aproblem with the electrical system. Ignore them and theycould cause bodily harm to you or a family member and/orspark a house fire.Ignorance is RemissTerminology TipLOAN TO VALUE (LTV) — LTV is the ratiobetween the mortgage amount and thevalue of the property, usually expressed asa percentage, used by lenders as one ofthe key ratios to assess the risk of a loan.An example of the calculation is as follows:Purchase price = $300,000Mortgage amount = $210,000Loan to Value ratio = 70%4The 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 any damages resulting from the use of the publishedinformation. This newsletter is provided with the understanding that it does not render legal, accounting, or other professional advice. Not intended to solicit properties or businesses listed for sale and agency agreements in place with other real estate brokers. Whole orpartial reproduction of this newsletter is forbidden without the written permission of the publisher. © Market Connections Inc.® 2012, Phone: (800) 387-6058.www.RecineTeam.caMelanie Direct647-836-4062Fabio Direct416-828-5441Fabio and Melanie RecineSales RepresentativesCompliments of Fabio Melanie Recine RE/MAX Premier Inc., Brokerage