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MarketNewsJAMES METCALFE’S REAL ESTATE UPDATE AUGUST 2011 VOLUME, PRICE GROWTH CONTINUES IN JULYGreater Toronto REALTORS® reported 7,922 transactions The average selling price of a resale home in the GTA in Julythrough the TorontoMLS® system in July 2011, representing was $459,122 - up by almost 10 percent compared to the Julya whopping 23 percent increase over July 2010. Total sales 2010 average price of $418,675. Tight market conditions inthrough the first seven months of the year amounted to terms of supply have clearly boosted the annual rate of price55,863 - down by 1.3 percent compared to the same period growth to current levels. Having said this, it is widely expectedin 2010. July 2010 sales were negatively impacted by higher that the listing situation will improve in the back half of 2011mortgage rates, new lending guidelines and misconceptions and into 2012. A better supplied market will undoubtedly leadabout the newly introduced HST. With these issues firmly to a more sustainable rate of price growth in the months ahead.behind us and with sales momentum clearly building, it is Homes were on the market for just 26 days on average, downhighly conceivable that 2011 will end up being the second from 33 days last year. This improvement in “days on market”best year ever for the TorontoMLS® system (surpassed only by is yet another indication of an under-supplied inventory2007 when the record total of 93,193 transactions occurred). situation relative to demand. GTA RESALE HOME SALES (UNITS SOLD) - JULY GTA RESALE HOME SALES (AVERAGE PRICE) - JULY 2008 2008 2009 2009 2010 2010 2011 2011 4,000 6,000 8,000 10,000 $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 PAGE 1
Pets and condominiumsCondoCornerLiving in a condominium can be the best of both worlds: Although the court concluded that it had the right to overridea condo owner has outright title to his or her own unit, but at the “no pets” prohibition in the declaration, it could only dothe same time can enjoy the benefits of shared responsibility so in the right combination of circumstances. In particular, thefor the common elements and enjoy the “instant community” court felt that it had to take into account the overall naturethat condo living can provide. of the specific condominium environment, including the following factors:For pet lovers, however, the condominium lifestyle can haveits drawbacks. This is because condominium corporations are 1. The nature of the total development – for example, is it aentitled by law to set restrictions on a unit owner’s right to keep high-rise or townhouses? Does it consist of seniors onlypets – or may prohibit pet ownership outright. The authority or is it mixed residential?to do this comes from the new Ontario Condominium Act, 2. What are the reasonable expectations of the other1998, which clearly allows condominium corporations to occupants of the development?include such restrictions or prohibitions in their declarations. 3. How seriously do other occupants take this particular issue as opposed to other issues?As with most rules, however, there can be exceptions. Thecondominium corporation’s declaration can be amended to In the end, the court was sympathetic to the fact that the unitallow for pets, but only if the owners of at least 80 per cent owner was extremely fond of her dog. Nonetheless, it foundof the units consent in writing. The condominium board must that she had to abide by the condominium corporation’salso approve of the amendment, must hold certain meetings, rules.and must notify the mortgagees of the proposed change. This may seem like an unusually harsh outcome, and oneUnfortunately, if the declaration has not been amended to which will no doubt rub pet-lovers the wrong way. However,allow for pets, there is little that a pet-loving unit owner can do. the court reasoned that, by allowing the “no pets” prohibitionSeveral years ago, a unit owner challenged her condominium to be ignored, the door would be open for other unit ownerscorporation’s “no pets” rule in the Ontario courts, on the to request all kinds of other exemptions. The bottom line isgrounds of unfairness. She wanted her dog “Jazz” to be that condo owners must be prepared to live by the rules ofallowed to live with her in her condominium unit, and pointed the community that they are joining – after all, the rules areout that there were many other owners who kept pets. She designed to benefit all owners as a whole.also relied on the fact that the condominium managementstaff had never complained about pets being on the premises, Adapted from an article contributed by Martin Rumack, a Toronto-based realand had never tried to enforce the prohibition before. estate lawyer. Please visit him online at www.martinrumack.com PAGE 2
Paint application tips House SmartGood painting weather job and the brush will last longer.What kind of weather can you paint in? The answer varieswith the product and whether you are painting indoors or out. Using a rollerA general rule is that latex paints and primers should not be Load the roller by rolling it back and forth in the paint trayapplied below 10°C (unless the product is specifically designed several times into the “shoreline” of the paint, to saturate itfor low temperature application). Alkyd/oil-based paints evenly. Then remove the excess paint by rolling it along theshould be applied when the air and surface temperatures ridges at the shallow end several times. Paint a large “W”are above 4°C. Do not paint when the temperature is over (about 2 feet square) on the wall, then cross the roller back35°C or the relative humidity is above 85%. It is best to paint and forth to obtain solid coverage. Finish with light, verticalwest or north sides during the morning, east or south in the strokes to eliminate a “streak” effect. Work the roller atafternoon. Avoid painting in the hot summer sun. Paint on moderate speed. Too fast or too heavy pressure causesthe shady side. The paint will be less apt to blister and peel bubbles or spatters.– as will you! Maintain a “wet” edgeBrush vs. roller Whether using a brush or roller, it is very important to maintainThere are rollers available now that do most every kind of a “wet” edge as you paint to help eliminate lap marks. Alwaysspecialized work, so it is possible to do most of a paint job brush or roll into the wet edge, not away from it. When youwithout a brush. The decision whether to use a brush or roller stop painting, always stop at a corner. Maintaining a wetis yours. But remember, with a brush you will get a thicker edge is even more important when staining, as lap marks arepaint film. With a roller, you will get a more even coating, but more prominent. If you have to start a new can in the middleyou can also stretch the paint too thin over the surface. You of a wall, mix some of the new paint with the last of the oldmay use either natural bristle or synthetic bristle brushes with in the old can to ensure blending of colours.alkyd/oil paints. Use only synthetic bristle brushes with latexor acrylic paints. (The water in latex or acrylic paints takes the Clean-upoils out of natural bristles and they become unmanageable). Clean your brushes and equipment immediately and store them properly. With latex or acrylic paints, clean yourUsing a brush equipment with warm soapy water and let dry. For alkyd/oil-Dip the brush about halfway into the paint. Withdraw it and based paints, clean with thinner, then soap and water. Storetap it lightly against the inside of the can to remove excess brushes in the paper or cardboard sleeves that they came in,paint from both sides of the brush. (“Scraping” the brush on to maintain their shape. Seal the remaining paint carefully.the edge removes too much paint). Keep the brush well filled A sheet of plastic wrap laid across the top of the can beforebut not overloaded. Always use the flat side, never the edge replacing the lid helps seal the can.of the brush. This will give a better appearance to the paint PAGE 3
TO MY VALUED FRIENDS AND CLIENTS Considering a home renovation in the near future? While from recycled glass, concrete, and steel rather than selecting you’re rolling up your sleeves, it may be wise to maximize non-sustainable materials like granite, quartz or marble. your efforts and your investment by “going green.” Visit the Appraisal Institute of Canada’s RENOVA, an According to the Appraisal Institute of Canada, upgrading interactive web-based guide to the value of home kitchens and bathrooms are a smart choice, potentially improvements. RENOVA is designed to give consumers a offering a 75 to 100 percent return on your investment. better idea of the return on investment they can expect for Energy efficient lighting, appliances, faucets, toilets and a variety of home improvements. Painting can return 50 to shower heads are a few of the options for increasing 100 per cent of your investment and in this case, be sure the green factor in these two essential rooms. Making to consider low VOC paints, which reduce the number of environmentally conscious choices with respect to floors, unstable, carbon-containing compounds that enter the air cabinets, and countertops can have an even greater impact. and react with other elements. When it comes to flooring, cork and bamboo are among Here’s wishing you an excellent summer! As usual, your the greenest options, as they are derived from renewable client referrals are both highly valued and much appreciated. resources. While bamboo is also an excellent choice for Until next time, take care! cabinets, wood that is certified by the Forest Stewardship Council of Canada is another responsible option. When choosing countertops, you may consider surfaces made PEARLS OF WISDOM “It doesn’t matter what he does, he will never amount to anything.” – Albert Einstein’s teacher to his father, 1895 “We don’t like their sound, and guitar music is on the way out.” – Decca Recording Co. rejecting The Beatles, 1962 “We don’t need you. You haven’t gone through college yet.” – Hewlett Packard’s rejection of Steve Jobs, who went on to found Apple Computers “YOUR REFERRALS ARE SINCERELY APPRECIATED! THANK YOU!” 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 2L9In accordance with PIPEDA, to be removed from this mailing list please e-mail or phone this request to the REALTOR ® Not intended to solicit buyers or sellers currently under contract with a broker. Theinformation 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 damages resultingfrom 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 © 2011Mission Response Inc. 416.236.0543 All Rights Reserved. D191 PAGE 4