MAHA Global and IPR: Do Actions Speak Louder Than Words?
James Metcalfe's Real Estate Market Update 11,11
1. MarketNews
JAMES METCALFE’S REAL ESTATE UPDATE NOVEMBER 2011
BRISK MARKET CONTINUES IN OCTOBER
Greater Toronto REALTORS® reported 7,642 sales through the The average selling price through the TorontoMLS® in October
TorontoMLS® system in October 2011, which represented a 17% was $478,137 - which was up by 8% versus the October 2010
increase versus October 2010 sales of 6,504 single family homes. average price of $442,799. Sellers’ market conditions remain
The brisk sales volume continues to be supported by low interest in place in many parts of the GTA. As a result, the market has
rates and an ongoing positive affordability picture. The following witnessed above-average rates of growth for most home types.
is a brief breakdown of volume performance by major dwelling The following is a brief breakdown of price performance by major
types: dwelling types:
Dwelling Units Ann’l % of Dwelling Average Ann’l Index to
Type Sold Growth Total Type Price Growth Avg
Detached 3,578 +15% 46.8% Detached $597,314 +7% 125
Condo Apt 1,902 +19% 24.9% Condo Apt $341,571 +9% 71
Townhouse 1,131 +16% 14.8% Townhouse $370,758 +12% 78
Semi-Detached 881 +26% 11.5% Semi-Detached $441,772 +10% 92
GTA RESALE HOME SALES (UNITS SOLD) - OCTOBER GTA RESALE HOME SALES (AVERAGE PRICE) - OCTOBER
2008 2008
2009 2009
2010 2010
2011 2011
5,000 6,000 7,000 8,000 $300,000 $350,000 $400,000 $450,000
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
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2. Secure your peace of mind
House
Smart
You can make your home less inviting for burglars by following it automatically dials a Central Monitoring Station via a built-
a few simple tips and developing a security-conscious mindset. in telephone communicator. Keypads located near entry doors
Let’s start with the obvious low cost options and then work our allow you to control the system. A system can include the
way up to sophisticated electronic security systems. following components:
• Keep shrubs and bushes well trimmed. This eliminates • Magnetic contacts that protect doors and windows.
hiding places for intruders. • Glassbreak sensors to protect windows and glass doors.
• Use highly visible alarm system decals. These come in “acoustic” or “shock” sensor types.
• Never hide keys outdoors – under ledges, doormats, etc. • Panic switches that can be manually activated.
• Install a peephole in exterior doors. • Sirens and sounders to sound an alarm in the house.
• Consider installing photoelectric lights (which activate at • A PIR sensor (Passive Infrared motion detector) detects
dusk) or motion detector security lights on the exterior. body heat as the intruder passes through the monitored
• Make it look like someone is home – use timers on lights, area (they can be set to disregard pets).
stereos, televisions. • Video surveillance cameras.
• Tell a neighbour if you’re planning to be away. They can • Smoke detectors can also be connected to the control
keep an eye out for suspicious activity. panel which will provide more protection than a stand
• Join the neighbourhood block watch. alone unit.
• If your telephone number is listed, don’t list your address.
It’s important to understand that a security system is only as
• Install deadbolt locks on all exterior doors, additional locks
good as its weakest link. A central monitoring system provides
on windows. They make entry more difficult.
24 hour surveillance of the property – with computers which
• Have emergency numbers on auto-dial on your phone.
keep a record of all your alarms to ensure an optimum level
• Have a neighbour park their car in your driveway when
of protection (every door and window). Statistically, burglars
you’re away.
break into homes without electronic security systems three
• Purchase a home security system or get a dog who likes
times more often. Check to ensure that your alarm company
to bark. A security system may lower insurance premiums
is ULC (Underwriter’s Laboratories of Canada) listed – ULC
(by 20-30%).
is recognized nationally by police and insurance authorities.
A security system consists of a control panel which functions Finally, it is wise to think of the cost of a security system as
as a central computer receiving messages from a number of being a very worthwhile investment.
sensors that act as the “eyes” and “ears” of the system. If
the system is “armed” and a signal is received by the panel,
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3. Condo Act things to know
Condo
The 10-day cooling-off period
Suppose after you’ve signed the Agreement of Purchase and
Corner
would objectively regard as being sufficiently important to affect
the buying decision.
Sale for a newly built condo, you then have a change of heart...
Condo fee basics
what options do you have?
Condo fees are typically calculated from the operating annual
The Condominium Act protects buyers of new condos. It gives cost of the condominium and divided by the percentage of
the purchaser 10 days to rescind on a concluded agreement to your contribution to the common elements (your unit factor), as
purchase a new condo. (This does not apply to resale units.) outlined in the condominium’s governing documents.
However your option to “back out” isn’t carte blanche - there Your condo fees generally include:
are criteria. The rescission must take place before you accept • Day-to-day care and upkeep of the common property
the deed or transfer of title to the unit. The 10-day period starts elements (e.g., snow removal, landscaping, cleaning of
on the date you receive the developer’s Disclosure Statement common elements including carpets and exterior windows,
or the date that you receive a copy of the signed Agreement of heating/cooling system maintenance)
Purchase and Sale, whichever is later. The purchaser must give • Contributions to the reserve fund, which is used to pay for
written notice to the vendor of his intention to rescind within major repairs to (and replacement of) common building
this 10-day period. systems to ensure the condominium is kept in good repair
over the life of the building
What if you have a change of heart after the 10-day period? • Property management fees
The Act also allows for rescission if there has been a material • Building repair and maintenance
change to the project, or where there is a material change to the • Salaries of condominium employees (e.g., superintendent,
information in the Disclosure Statement. security guards, concierge)
• Amenities (e.g., use of pool, recreational facilities, party
The developer has an obligation to give all purchasers notice
room)
of a change to the project… in the appropriate legal manner.
Purchasers must receive said notice within a reasonable time To determine exactly what is included in a specific condominium’s
after the change occurs, not later than 10 days before the deed common element fees, you need to review the corporation’s
is delivered. status certificate.
In these scenarios, the purchaser has the right to rescind within If the Board overestimates the common expenses, the surplus is
10 days of the later of: (1) the date he received the revised wholly applied either to future common expenses or is paid into
Disclosure Statement that reflected the change (or received the reserve fund. Refunds are not given to unit owners. If a unit
notice from the developer); and (2) the date on which he became owner sells a unit before the end of the condominium’s fiscal
aware of the change. To trigger your right to rescind the change year, the owner cannot obtain a refund for common expenses
must be “material” in nature - a change that a reasonable buyer but may add it to the unit’s purchase price.
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